0000820892
2023-06-01
2024-05-31
0000820892
nifi:C000015134Member
2019-06-01
2024-05-31
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2019-06-01
2024-05-31
0000820892
nifi:C000015135Member
2019-06-01
2024-05-31
0000820892
nifi:C000015136Member
2019-06-01
2024-05-31
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2019-06-01
2024-05-31
0000820892
nifi:C000015138Member
2019-06-01
2024-05-31
0000820892
nifi:C000015139Member
2019-06-01
2024-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2019-06-01
2024-05-31
0000820892
nifi:C000015141Member
2019-06-01
2024-05-31
0000820892
nifi:C000015145Member
2019-06-01
2024-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2019-06-01
2024-05-31
0000820892
nifi:C000015146Member
2019-06-01
2024-05-31
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2019-06-01
2024-05-31
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2019-06-01
2024-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2019-06-01
2024-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2019-06-01
2024-05-31
0000820892
nifi:LipperMinnesotaMunicipalDebtFundsClassificationAverageMember
2019-06-01
2024-05-31
0000820892
nifi:LipperOtherStatesIntermediateMunicipalDebtFundsClassificationAverageMember
2019-06-01
2024-05-31
0000820892
nifi:LipperOtherStatesMunicipalDebtFundsClassificationAverageMember
2019-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2019-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2019-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2019-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2019-06-01
2024-05-31
0000820892
nifi:C000015134Member
2023-06-01
2024-05-31
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2023-06-01
2024-05-31
0000820892
nifi:C000015135Member
2023-06-01
2024-05-31
0000820892
nifi:C000015136Member
2023-06-01
2024-05-31
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2023-06-01
2024-05-31
0000820892
nifi:C000015138Member
2023-06-01
2024-05-31
0000820892
nifi:C000015139Member
2023-06-01
2024-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2023-06-01
2024-05-31
0000820892
nifi:C000015141Member
2023-06-01
2024-05-31
0000820892
nifi:C000015145Member
2023-06-01
2024-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2023-06-01
2024-05-31
0000820892
nifi:C000015146Member
2023-06-01
2024-05-31
0000820892
nifi:C000137678Member
2023-06-01
2024-05-31
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2023-06-01
2024-05-31
0000820892
nifi:C000137679Member
2023-06-01
2024-05-31
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2023-06-01
2024-05-31
0000820892
nifi:C000137680Member
2023-06-01
2024-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2023-06-01
2024-05-31
0000820892
nifi:C000137681Member
2023-06-01
2024-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2023-06-01
2024-05-31
0000820892
nifi:LipperMinnesotaMunicipalDebtFundsClassificationAverageMember
2023-06-01
2024-05-31
0000820892
nifi:LipperOtherStatesIntermediateMunicipalDebtFundsClassificationAverageMember
2023-06-01
2024-05-31
0000820892
nifi:LipperOtherStatesMunicipalDebtFundsClassificationAverageMember
2023-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2023-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2023-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2023-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2023-06-01
2024-05-31
0000820892
nifi:C000015134Member
2014-06-01
2024-05-31
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2014-06-01
2024-05-31
0000820892
nifi:C000015135Member
2014-06-01
2024-05-31
0000820892
nifi:C000015136Member
2014-06-01
2024-05-31
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2014-06-01
2024-05-31
0000820892
nifi:C000015138Member
2014-06-01
2024-05-31
0000820892
nifi:C000015139Member
2014-06-01
2024-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2014-06-01
2024-05-31
0000820892
nifi:C000015141Member
2014-06-01
2024-05-31
0000820892
nifi:C000015145Member
2014-06-01
2024-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2014-06-01
2024-05-31
0000820892
nifi:C000015146Member
2014-06-01
2024-05-31
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2014-06-01
2024-05-31
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2014-06-01
2024-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2014-06-01
2024-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2014-06-01
2024-05-31
0000820892
nifi:LipperMinnesotaMunicipalDebtFundsClassificationAverageMember
2014-06-01
2024-05-31
0000820892
nifi:LipperOtherStatesIntermediateMunicipalDebtFundsClassificationAverageMember
2014-06-01
2024-05-31
0000820892
nifi:LipperOtherStatesMunicipalDebtFundsClassificationAverageMember
2014-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2014-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2014-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2014-06-01
2024-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2014-06-01
2024-05-31
0000820892
nifi:C000015134Member
2014-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2014-05-01
0000820892
nifi:C000015135Member
2014-05-01
0000820892
nifi:C000015136Member
2014-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2014-05-01
0000820892
nifi:C000015138Member
2014-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2014-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2014-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2014-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2014-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2014-05-01
0000820892
nifi:C000015139Member
2014-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2014-05-31
0000820892
nifi:C000015141Member
2014-05-31
0000820892
nifi:C000015145Member
2014-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2014-05-31
0000820892
nifi:C000015146Member
2014-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2014-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2014-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2014-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2014-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2014-05-31
0000820892
nifi:C000015134Member
2015-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2015-05-01
0000820892
nifi:C000015135Member
2015-05-01
0000820892
nifi:C000015136Member
2015-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2015-05-01
0000820892
nifi:C000015138Member
2015-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2015-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2015-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2015-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2015-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2015-05-01
0000820892
nifi:C000015139Member
2015-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2015-05-31
0000820892
nifi:C000015141Member
2015-05-31
0000820892
nifi:C000015145Member
2015-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2015-05-31
0000820892
nifi:C000015146Member
2015-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2015-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2015-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2015-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2015-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2015-05-31
0000820892
nifi:C000015134Member
2016-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2016-05-01
0000820892
nifi:C000015135Member
2016-05-01
0000820892
nifi:C000015136Member
2016-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2016-05-01
0000820892
nifi:C000015138Member
2016-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2016-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2016-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2016-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2016-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2016-05-01
0000820892
nifi:C000015139Member
2016-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2016-05-31
0000820892
nifi:C000015141Member
2016-05-31
0000820892
nifi:C000015145Member
2016-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2016-05-31
0000820892
nifi:C000015146Member
2016-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2016-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2016-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2016-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2016-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2016-05-31
0000820892
nifi:C000015134Member
2017-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2017-05-01
0000820892
nifi:C000015135Member
2017-05-01
0000820892
nifi:C000015136Member
2017-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2017-05-01
0000820892
nifi:C000015138Member
2017-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2017-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2017-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2017-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2017-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2017-05-01
0000820892
nifi:C000015139Member
2017-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2017-05-31
0000820892
nifi:C000015141Member
2017-05-31
0000820892
nifi:C000015145Member
2017-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2017-05-31
0000820892
nifi:C000015146Member
2017-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2017-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2017-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2017-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2017-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2017-05-31
0000820892
nifi:C000015134Member
2018-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2018-05-01
0000820892
nifi:C000015135Member
2018-05-01
0000820892
nifi:C000015136Member
2018-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2018-05-01
0000820892
nifi:C000015138Member
2018-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2018-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2018-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2018-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2018-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2018-05-01
0000820892
nifi:C000015139Member
2018-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2018-05-31
0000820892
nifi:C000015141Member
2018-05-31
0000820892
nifi:C000015145Member
2018-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2018-05-31
0000820892
nifi:C000015146Member
2018-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2018-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2018-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2018-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2018-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2018-05-31
0000820892
nifi:C000015134Member
2019-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2019-05-01
0000820892
nifi:C000015135Member
2019-05-01
0000820892
nifi:C000015136Member
2019-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2019-05-01
0000820892
nifi:C000015138Member
2019-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2019-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2019-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2019-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2019-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2019-05-01
0000820892
nifi:C000015139Member
2019-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2019-05-31
0000820892
nifi:C000015141Member
2019-05-31
0000820892
nifi:C000015145Member
2019-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2019-05-31
0000820892
nifi:C000015146Member
2019-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2019-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2019-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2019-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2019-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2019-05-31
0000820892
nifi:C000015134Member
2020-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2020-05-01
0000820892
nifi:C000015135Member
2020-05-01
0000820892
nifi:C000015136Member
2020-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2020-05-01
0000820892
nifi:C000015138Member
2020-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2020-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2020-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2020-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2020-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2020-05-01
0000820892
nifi:C000015139Member
2020-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2020-05-31
0000820892
nifi:C000015141Member
2020-05-31
0000820892
nifi:C000015145Member
2020-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2020-05-31
0000820892
nifi:C000015146Member
2020-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2020-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2020-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2020-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2020-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2020-05-31
0000820892
nifi:C000015134Member
2021-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2021-05-01
0000820892
nifi:C000015135Member
2021-05-01
0000820892
nifi:C000015136Member
2021-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2021-05-01
0000820892
nifi:C000015138Member
2021-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2021-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2021-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2021-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2021-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2021-05-01
0000820892
nifi:C000015139Member
2021-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2021-05-31
0000820892
nifi:C000015141Member
2021-05-31
0000820892
nifi:C000015145Member
2021-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2021-05-31
0000820892
nifi:C000015146Member
2021-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2021-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2021-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2021-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2021-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2021-05-31
0000820892
nifi:C000015134Member
2022-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2022-05-01
0000820892
nifi:C000015135Member
2022-05-01
0000820892
nifi:C000015136Member
2022-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2022-05-01
0000820892
nifi:C000015138Member
2022-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2022-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2022-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2022-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2022-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2022-05-01
0000820892
nifi:C000015139Member
2022-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2022-05-31
0000820892
nifi:C000015141Member
2022-05-31
0000820892
nifi:C000015145Member
2022-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2022-05-31
0000820892
nifi:C000015146Member
2022-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2022-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2022-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2022-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2022-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2022-05-31
0000820892
nifi:C000015134Member
2023-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2023-05-01
0000820892
nifi:C000015135Member
2023-05-01
0000820892
nifi:C000015136Member
2023-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2023-05-01
0000820892
nifi:C000015138Member
2023-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2023-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2023-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2023-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2023-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2023-05-01
0000820892
nifi:C000015139Member
2023-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2023-05-31
0000820892
nifi:C000015141Member
2023-05-31
0000820892
nifi:C000015145Member
2023-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2023-05-31
0000820892
nifi:C000015146Member
2023-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2023-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2023-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2023-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2023-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2023-05-31
0000820892
nifi:C000015134Member
2024-05-01
0000820892
nifi:C000015134Member
oef:WithoutSalesLoadMember
2024-05-01
0000820892
nifi:C000015135Member
2024-05-01
0000820892
nifi:C000015136Member
2024-05-01
0000820892
nifi:C000015136Member
oef:WithoutSalesLoadMember
2024-05-01
0000820892
nifi:C000015138Member
2024-05-01
0000820892
nifi:C000137678Member
oef:WithoutSalesLoadMember
2024-05-01
0000820892
nifi:C000137679Member
oef:WithoutSalesLoadMember
2024-05-01
0000820892
nifi:SAndPMunicipalBondIndexMember
2024-05-01
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2024-05-01
0000820892
nifi:SAndPMunicipalBondMinnesotaIndexMember
2024-05-01
0000820892
nifi:C000015134Member
2024-05-31
0000820892
nifi:C000015134Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000015134Member
2024-05-31
0000820892
nifi:C000015134Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000015134Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000015134Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000015134Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000015134Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000015135Member
2024-05-31
0000820892
nifi:C000015135Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000015135Member
2024-05-31
0000820892
nifi:C000015135Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000015135Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000015135Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000015135Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000015135Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000015136Member
2024-05-31
0000820892
nifi:C000015136Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000015136Member
2024-05-31
0000820892
nifi:C000015136Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000015136Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000015136Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000015136Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000015136Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000015138Member
2024-05-31
0000820892
nifi:C000015138Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000015138Member
2024-05-31
0000820892
nifi:C000015138Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000015138Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000015138Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000015138Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000015138Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000015139Member
2024-05-31
0000820892
nifi:C000015139Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000015139Member
2024-05-31
0000820892
nifi:C000015139Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000015139Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000015139Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000015139Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000015139Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000015139Member
oef:WithoutSalesLoadMember
2024-05-31
0000820892
nifi:C000015141Member
2024-05-31
0000820892
nifi:C000015141Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000015141Member
2024-05-31
0000820892
nifi:C000015141Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000015141Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000015141Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000015141Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000015141Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000015145Member
2024-05-31
0000820892
nifi:C000015145Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000015145Member
2024-05-31
0000820892
nifi:C000015145Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000015145Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000015145Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000015145Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000015145Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000015145Member
oef:WithoutSalesLoadMember
2024-05-31
0000820892
nifi:C000015146Member
2024-05-31
0000820892
nifi:C000015146Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000015146Member
2024-05-31
0000820892
nifi:C000015146Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000015146Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000015146Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000015146Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000015146Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000137678Member
2024-05-31
0000820892
nifi:C000137678Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000137678Member
2024-05-31
0000820892
nifi:C000137678Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000137678Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000137678Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000137678Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000137678Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000137679Member
2024-05-31
0000820892
nifi:C000137679Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000137679Member
2024-05-31
0000820892
nifi:C000137679Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000137679Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000137679Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000137679Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000137679Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000137680Member
2024-05-31
0000820892
nifi:C000137680Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000137680Member
2024-05-31
0000820892
nifi:C000137680Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000137680Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000137680Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000137680Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000137680Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000137680Member
oef:WithoutSalesLoadMember
2024-05-31
0000820892
nifi:C000137681Member
2024-05-31
0000820892
nifi:C000137681Member
nifi:BBOrLowerMember
2024-05-31
0000820892
us-gaap:MunicipalBondsMember
nifi:C000137681Member
2024-05-31
0000820892
nifi:C000137681Member
nifi:NRNotRatedMember
2024-05-31
0000820892
nifi:C000137681Member
srt:StandardPoorsAAARatingMember
2024-05-31
0000820892
nifi:C000137681Member
srt:StandardPoorsAARatingMember
2024-05-31
0000820892
nifi:C000137681Member
srt:StandardPoorsARatingMember
2024-05-31
0000820892
nifi:C000137681Member
srt:StandardPoorsBBBRatingMember
2024-05-31
0000820892
nifi:C000137681Member
oef:WithoutSalesLoadMember
2024-05-31
0000820892
nifi:SAndPMunicipalBondIndexMember
2024-05-31
0000820892
nifi:SAndPMunicipalBondIntermediateIndexMember
2024-05-31
0000820892
nifi:SAndPMunicipalBondNebraskaIndexMember
2024-05-31
iso4217:USD
iso4217:USD
shares
pure
shares
utr:D
nifi:Holding
1
10326
10000
11574
10400
10000
1.000
0.144
1.000
0.165
1.000
0.165
0.144
0.165
0.144
1.000
1.000
10697
10744
11253
11335
10552
10894
10613
10874
10963
10915
10915
10873
11404
11088
11980
11520
10979
11088
10828
11868
10762
11407
11268
12369
11342
10748
12042
10843
11227
10000
11004
11521
11906
11227
11659
11767
12407
11908
13051
11441
11586
12865
12235
11908
12169
10243
11321
10778
11927
11467
11782
12119
11656
11923
10796
12369
11187
12369
12046
12099
11948
10981
12950
12950
11743
12271
11030
12258
11295
10000
12177
11023
11290
12177
12564
11946
11478
11221
11543
12311
12191
12312
11915
11729
11320
12200
11531
12568
12200
12160
11544
11191
10284
12551
11835
9973
10010
11598
12551
10347
12232
10347
10347
12686
10000
10589
10000
10881
10000
10881
10800
9700
10447
10881
12093
11176
12627
12807
1
10358
0.324
0.020
0.326
0.326
0.020
10150
0.020
0.324
0.324
0.326
0.035
0.035
10243
11938
10943
10543
10358
10943
10830
10418
10358
10943
9925
10796
11101
10973
12063
10552
10973
11101
10780
10376
11101
10907
10981
11750
11571
11066
11750
11750
11123
10439
12303
11123
11369
10425
12010
12010
11180
12010
11253
11023
11406
11865
10000
11253
10981
11900
12654
12899
11900
12899
11729
12899
12325
11900
10326
10982
11873
12000
11128
12000
12232
12518
12518
11422
10915
12000
11765
11540
12187
12686
12908
11088
11736
12908
12292
11396
12292
12292
11793
10951
12581
12394
12091
12091
12581
11938
12581
11227
11593
12093
12551
11795
11562
12063
12551
11908
10981
12303
12093
12551
10908
11250
10347
10347
12303
12369
10311
12384
10284
12384
10284
10311
11435
11068
11729
11928
0.261
0.619
0.669
0.194
0.619
0.261
0.619
0.261
0.194
0.669
10529
0.194
10000
10000
10800
10775
10775
10881
10881
10800
12950
10819
10943
10830
10326
12177
10830
10943
10819
10326
10928
11101
10907
12200
11101
10915
10915
10928
10907
12551
11548
11088
11548
11571
11750
11750
11571
11088
10796
12010
11865
11795
11227
12010
1.000
11865
11227
11795
12899
12571
11908
12654
12899
12654
12571
0.035
11908
11878
12369
11765
11790
12369
12000
0.669
11790
11765
12000
0.118
12950
12024
12187
12292
12292
12950
12024
12187
12394
12235
12581
12581
0.054
12177
12394
12177
12235
12551
12200
12173
12303
12173
0.024
12200
12303
12551
1
0.090
0.118
0.09
0.118
0.048
0.048
10507
0.258
0.048
0.258
0.090
0.258
12551
12551
10311
0.100
10347
11132
10881
10775
11429
10943
10819
12518
11101
10928
11750
11548
12010
11795
12899
12571
11790
12000
11079
12024
12292
12235
12581
10801
0.057
0.071
0.054
0.016
0.054
0.057
10406
0.016
0.016
0.071
0.057
0.071
12551
12173
10567
12256
12232
10973
10427
0.150
10874
0.011
0.011
0.011
0.150
0.024
0.170
0.150
0.024
0.17
0.170
10851
11728
10000
10000
10213
11229
10367
0.076
0.100
0.076
10449
0.100
10277
10468
10295
0.076
10915
11234
1
11739
9578
11123
11097
10000
10616
10000
10875
10815
11053
11440
10765
10000
10000
12686
12303
12091
12950
11023
10243
10815
12908
11253
10232
11072
10326
11006
10492
10805
10736
10751
10584
10326
10250
12405
10000
11033
11227
11672
10601
10705
11938
12551
11260
12063
10317
10953
1
11651
1
10721
9962
10000
12177
11908
12384
12200
11144
12095
11086
11088
11847
10857
11635
0000820892
N-1A
true
NUVEEN INVESTMENT FUNDS INC
N-CSR/A
2024-05-31
We are filing an amendment to Form N‑CSR for the following funds, originally filed on August 6, 2024.
1.
Nuveen Minnesota Intermediate Municipal Bond Fund
2.
Nuveen Minnesota Municipal Bond Fund
3.
Nuveen Nebraska Municipal Bond Fund
4.
Nuveen Oregon Intermediate Municipal Bond Fund We have amended the original filing because the voting results of matters submitted to fund shareholders for approval at a special meeting held on November 20, 2023 were omitted from Item 9. These results have been included in the amended filing. No other amendments to the original filing have been made.
Nuveen Minnesota Intermediate Municipal Bond Fund
Class A Shares
FAMAX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Minnesota Intermediate Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$81</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.81%</td> </tr> </table>
81
0.0081
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Minnesota Intermediate Municipal Bond Fund returned 2.27% for Class A shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond Intermediate Index, which returned 1.99%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, specifically an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and an overweight to bonds rated A and below, which benefited from narrowing credit spreads.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, especially an overweight exposure to bonds with the shortest (zero to two years) and longest (10 years and longer) durations, which benefited from the yield curve flattening, and an underweight to bonds with two- to eight-year durations, which lagged.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Allocation to state general obligation (GO) bonds with six- to eight-year durations, a segment that underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to appropriation-backed bonds, which underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Security selection across a range of holdings.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Short- and long-duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> State GOs</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Appropriation-backed bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Security selection</div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g00x01.jpg" style="width: 7.12111in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.27</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.64</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.77</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.81</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.04</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.46</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.96</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.09</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.84</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.31</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0227
0.0064
0.0177
Class A Shares at maximum sales charge (Offering Price)
-0.0081
0.0004
0.0146
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Intermediate Index
0.0199
0.0096
0.0209
Lipper Other States Intermediate Municipal Debt Funds Classification Average
0.0184
0.0031
0.0129
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">321,326,007</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">286</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">21%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,721,106</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
321326007
286
0.21
1721106
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g44c83.jpg" style="width: 4.93403in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager updates: </span>Effective October 13, 2023, Michael Hamilton and Stephen Candido, CFA were added as portfolio managers of the Fund. Effective April 1, 2024, Christopher Drahn retired from Nuveen Asset Management, LLC and no longer serves as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Minnesota Intermediate Municipal Bond Fund
Class I Shares
FAMTX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Minnesota Intermediate Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment</span></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$61</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.61%</td> </tr> </table>
61
0.0061
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Minnesota Intermediate Municipal Bond Fund returned 2.47% for Class I shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond Intermediate Index, which returned 1.99%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, specifically an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and an overweight to bonds rated A and below, which benefited from narrowing credit spreads.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, especially an overweight exposure to bonds with the shortest (zero to two years) and longest (10 years and longer) durations, which benefited from the yield curve flattening, and an underweight to bonds with two- to eight-year durations, which lagged.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Allocation to state general obligation (GO) bonds with six- to eight-year durations, a segment that underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to appropriation-backed bonds, which underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Security selection across a range of holdings.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Short- and long-duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> State GOs</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Appropriation-backed bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Security selection</div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g00p06.jpg" style="width: 7.12112in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.47</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.84</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.98</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.96</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.09</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.84</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.31</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class I Shares at NAV
0.0247
0.0084
0.0198
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Intermediate Index
0.0199
0.0096
0.0209
Lipper Other States Intermediate Municipal Debt Funds Classification Average
0.0184
0.0031
0.0129
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">321,326,007</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">286</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">21%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,721,106</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
321326007
286
0.21
1721106
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g44c83.jpg" style="width: 4.93403in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager updates: </span>Effective October 13, 2023, Michael Hamilton and Stephen Candido, CFA were added as portfolio managers of the Fund. Effective April 1, 2024, Christopher Drahn retired from Nuveen Asset Management, LLC and no longer serves as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Minnesota Intermediate Municipal Bond Fund
Class C Shares
NIBCX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Minnesota Intermediate Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment</span></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$161</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.61%</td> </tr> </table>
161
0.0161
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Minnesota Intermediate Municipal Bond Fund returned 1.45% for Class C shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 1.99%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Allocation to state general obligation (GO) bonds with six- to eight-year durations, a segment that underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to appropriation-backed bonds, which underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Security selection across a range of holdings.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, specifically an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and an overweight to bonds rated A and below, which benefited from narrowing credit spreads.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, especially an overweight exposure to bonds with the shortest (zero to two years) and longest (10 years and longer) durations, which benefited from the yield curve flattening, and an underweight to bonds with two- to eight-year durations, which lagged.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> State GOs</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Appropriation-backed bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Security selection</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Short- and long-duration bonds</div> <div style="font-size: 14pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g00p11.jpg" style="width: 7.12112in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.45</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.16</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.13</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.96</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.09</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.84</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.31</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0145
-0.0016
0.0113
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Intermediate Index
0.0199
0.0096
0.0209
Lipper Other States Intermediate Municipal Debt Funds Classification Average
0.0184
0.0031
0.0129
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">321,326,007</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">286</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">21%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1,721,106</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
321326007
286
0.21
1721106
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g44c83.jpg" style="width: 4.93403in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager updates: </span>Effective October 13, 2023, Michael Hamilton and Stephen Candido, CFA were added as portfolio managers of the Fund. Effective April 1, 2024, Christopher Drahn retired from Nuveen Asset Management, LLC and no longer serves as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 12pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 12pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Minnesota Municipal Bond Fund
Class A Shares
FJMNX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Minnesota Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$79</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.79%</td> </tr> </table>
79
0.0079
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Minnesota Municipal Bond Fund returned 2.99% for Class A shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond Minnesota Index, which returned 2.10%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, particularly an underweight to bonds with four- to eight-year durations and an overweight to the longest-duration bonds.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, specifically an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and overweight to bonds rated A and lower (especially non-rated), which benefited from narrowing credit spreads.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Sector and security selection across a diverse group of positions.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight to zero to two-year duration bonds, a segment that performed well.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Hospital bonds in the six- to eight-year duration range, which underperformed.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Four- to eight-year bonds and long-duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Sector and security selection</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Zero to two-year bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Hospital bonds</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g00x02.jpg" style="width: 7.12111in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.48</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.10</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(1.35</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.38</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.66</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Minnesota Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.10</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.82</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Minnesota Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.45</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.25</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.57</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0299
0.0048
0.0210
Class A Shares at maximum sales charge (Offering Price)
-0.0135
-0.0038
0.0166
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Minnesota Index
0.0210
0.0082
0.0199
Lipper Minnesota Municipal Debt Funds Classification Average
0.0245
0.0025
0.0157
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">603,793,151</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">375</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">26%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,827,072</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
603793151
375
0.26
2827072
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g00n19.jpg" style="width: 4.93404in; height: 1.43759in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager updates: </span>Effective October 13, 2023, Michael Hamilton and Stephen Candido, CFA were added as portfolio managers of the Fund. Effective April 1, 2024, Christopher Drahn retired from Nuveen Asset Management, LLC and no longer serves as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Minnesota Municipal Bond Fund
Class I Shares
FYMNX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Minnesota Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$59</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.59%</td> </tr> </table>
59
0.0059
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Minnesota Municipal Bond Fund returned 3.29% for Class I shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond Minnesota Index, which returned 2.10%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, particularly an underweight to bonds with four- to eight-year durations and an overweight to the longest-duration bonds.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, specifically an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and overweight to bonds rated A and lower (especially non-rated), which benefited from narrowing credit spreads.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Sector and security selection across a diverse group of positions.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight to zero to two-year duration bonds, a segment that performed well.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Hospital bonds in the six- to eight-year duration range, which underperformed.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Four- to eight-year bonds and long-duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Sector and security selection</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Zero to two-year bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Hospital bonds</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g00p21.jpg" style="width: 7.12112in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">3.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.69</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.31</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Minnesota Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.10</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.82</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Minnesota Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.45</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.25</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.57</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class I Shares at NAV
0.0329
0.0069
0.0231
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Minnesota Index
0.0210
0.0082
0.0199
Lipper Minnesota Municipal Debt Funds Classification Average
0.0245
0.0025
0.0157
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">603,793,151</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">375</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">26%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,827,072</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
603793151
375
0.26
2827072
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g00n19.jpg" style="width: 4.93404in; height: 1.43759in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager updates: </span>Effective October 13, 2023, Michael Hamilton and Stephen Candido, CFA were added as portfolio managers of the Fund. Effective April 1, 2024, Christopher Drahn retired from Nuveen Asset Management, LLC and no longer serves as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Minnesota Municipal Bond Fund
Class C Shares
NTCCX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Minnesota Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment</span></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$159</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.59%</td> </tr> </table>
159
0.0159
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Minnesota Municipal Bond Fund returned 2.16% for Class C shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund performed in line with the S&P Municipal Bond Minnesota Index, which returned 2.10%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, particularly an underweight to bonds with four- to eight-year durations and an overweight to the longest-duration bonds.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, specifically an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and overweight to bonds rated A and lower (especially non-rated), which benefited from narrowing credit spreads.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Sector and security selection across a diverse group of positions.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight to zero to two-year duration bonds, a segment that performed well.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Hospital bonds in the six- to eight-year duration range, which underperformed.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Four- to eight-year bonds and long-duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Sector and security selection</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Zero to two-year bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Hospital bonds</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g00x03.jpg" style="width: 7.12112in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.16</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.32</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.45</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Minnesota Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.10</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.82</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Minnesota Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.45</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.25</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.57</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0216
-0.0032
0.0145
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Minnesota Index
0.0210
0.0082
0.0199
Lipper Minnesota Municipal Debt Funds Classification Average
0.0245
0.0025
0.0157
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">603,793,151</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">375</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">26%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2,827,072</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
603793151
375
0.26
2827072
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g00n19.jpg" style="width: 4.93404in; height: 1.43759in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager updates: </span>Effective October 13, 2023, Michael Hamilton and Stephen Candido, CFA were added as portfolio managers of the Fund. Effective April 1, 2024, Christopher Drahn retired from Nuveen Asset Management, LLC and no longer serves as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Nebraska Municipal Bond Fund
Class A Shares
FNTAX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Nebraska Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment</span></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; text-align: right;">$81</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; text-align: right;">0.81%</div> </td> </tr> </table>
81
0.0081
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Nebraska Municipal Bond Fund returned 1.75% for Class A shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund underperformed the S&P Municipal Bond Nebraska Index, which returned 2.41%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to long-duration life care bonds, which underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight to the industrial development revenue (IDR) sector, which outperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to six- to eight-year duration bonds, which underperformed as the yield curve flattened.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, especially an overweight to bonds with eight years and longer durations, which benefited from the yield curve flattening.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, primarily an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and an overweight to bonds rated A and below, including non-rated, which benefited from narrowing credit spreads.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Long-duration life care bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> IDR sector</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Six- to eight-year duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Eight+ year duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g31a01.jpg" style="width: 7.12111in; height: 4.07264in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.75</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.16</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.53</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(2.56</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(1.01</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.09</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Nebraska Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.41</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.80</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.16</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.59</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.56</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0175
-0.0016
0.0153
Class A Shares at maximum sales charge (Offering Price)
-0.0256
-0.0101
0.0109
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Nebraska Index
0.0241
0.0080
0.0216
Lipper Other States Municipal Debt Funds Classification Average
0.0259
0.0029
0.0156
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">73,612,168</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">90</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">447,722</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
73612168
90
0.20
447722
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g25p10.jpg" style="width: 4.93404in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update: </span>Effective October 13, 2023, Stephen Candido, CFA was added as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 12pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 12pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Nebraska Municipal Bond Fund
Class I Shares
FNTYX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Nebraska Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment</span></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$61</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.61%</td> </tr> </table>
61
0.0061
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Nebraska Municipal Bond Fund returned 1.95% for Class I shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund underperformed the S&P Municipal Bond Nebraska Index, which returned 2.41%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to long-duration life care bonds, which underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight to the industrial development revenue (IDR) sector, which outperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to six- to eight-year duration bonds, which underperformed as the yield curve flattened.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, especially an overweight to bonds with eight years and longer durations, which benefited from the yield curve flattening.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, primarily an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and an overweight to bonds rated A and below, including non-rated, which benefited from narrowing credit spreads.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Long-duration life care bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> IDR sector</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Six- to eight-year duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Eight+ year duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g48z10.jpg" style="width: 7.12111in; height: 4.14491in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.95</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.05</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.74</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Nebraska Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.41</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.80</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.16</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.59</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.56</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class I Shares at NAV
0.0195
0.0005
0.0174
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Nebraska Index
0.0241
0.0080
0.0216
Lipper Other States Municipal Debt Funds Classification Average
0.0259
0.0029
0.0156
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics</span></span><span style="font-family: arial;"> (as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">73,612,168</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">90</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">447,722</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
73612168
90
0.20
447722
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g66w17.jpg" style="width: 4.93404in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Portfolio manager update: </span>Effective October 13, 2023, Stephen Candido, CFA was added as a portfolio manager of the Fund.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 2%; vertical-align: top; text-align: left;">•</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 9pt; text-align: left;"><span style="font-weight: bold;">Management fees: </span>As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.</div> </td>
<td style="width: 1%;"> </td> </tr> </table>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Nebraska Municipal Bond Fund
Class C Shares
NAAFX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Nebraska Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment</span></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$161</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.61%</td> </tr> </table>
161
0.0161
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Nebraska Municipal Bond Fund returned 0.93% for Class C shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund underperformed the S&P Municipal Bond Nebraska Index, which returned 2.41%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to long-duration life care bonds, which underperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight to the industrial development revenue (IDR) sector, which outperformed.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to six- to eight-year duration bonds, which underperformed as the yield curve flattened.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, especially an overweight to bonds with eight years and longer durations, which benefited from the yield curve flattening.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Credit ratings allocation, primarily an underweight to the highest credit quality (AAA and AA rated) bonds, which underperformed, and an overweight to bonds rated A and below, including non-rated, which benefited from narrowing credit spreads.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Long-duration life care bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> IDR sector</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Six- to eight-year duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Eight+ year duration bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Credit ratings allocation</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g81n41.jpg" style="width: 7.12111in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.93</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.95</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.87</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Nebraska Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.41</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.80</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.16</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.59</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.56</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0093
-0.0095
0.0087
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Nebraska Index
0.0241
0.0080
0.0216
Lipper Other States Municipal Debt Funds Classification Average
0.0259
0.0029
0.0156
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">73,612,168</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">90</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">447,722</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
73612168
90
0.20
447722
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g69a77.jpg" style="width: 4.93404in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Oregon Intermediate Municipal Bond Fund
Class A Shares
FOTAX
This annual shareholder report contains important information about the Class A Shares of the Nuveen Oregon Intermediate Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment</span></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$84</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.84%</td> </tr> </table>
84
0.0084
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Oregon Intermediate Municipal Bond Fund returned 2.45% for Class A shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond Intermediate Index, which returned 1.99%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Security selection across a diverse group of holdings.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, particularly an overweight to bonds with zero to two-year durations and an underweight to bonds with six- to eight-year durations.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight allocation to AAA rated bonds, which underperformed, and an overweight allocation to non-rated bonds, which outperformed as credit spreads narrowed.</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to AA rated bonds, which underperformed, and underweight allocation to A rated bonds, which outperformed as credit spreads contracted.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to the local general obligation (GO) sector, which underperformed.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Security selection</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Duration positioning</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> AAA rated bonds and non-rated bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> AA rated bonds and A rated bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Local GO sector</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g46a01.jpg" style="width: 7.12111in; height: 4.14491in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.45</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.48</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.49</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class A Shares at maximum sales charge (Offering Price)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.64</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.12</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.18</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.96</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.09</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.84</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.31</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class A Shares at NAV (excluding maximum sales charge)
0.0245
0.0048
0.0149
Class A Shares at maximum sales charge (Offering Price)
-0.0064
-0.0012
0.0118
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Intermediate Index
0.0199
0.0096
0.0209
Lipper Other States Intermediate Municipal Debt Funds Classification Average
0.0184
0.0031
0.0129
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">182,137,946</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">153</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">964,313</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
182137946
153
0.20
964313
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g33m68.jpg" style="width: 4.93404in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 12pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 12pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Oregon Intermediate Municipal Bond Fund
Class I Shares
FORCX
This annual shareholder report contains important information about the Class I Shares of the Nuveen Oregon Intermediate Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment</div> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$64</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.64%</td> </tr> </table>
64
0.0064
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Oregon Intermediate Municipal Bond Fund returned 2.64% for Class I shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund outperformed the S&P Municipal Bond Intermediate Index, which returned 1.99%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Security selection across a diverse group of holdings.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, particularly an overweight to bonds with zero to two-year durations and an underweight to bonds with six- to eight-year durations.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight allocation to AAA rated bonds, which underperformed, and an overweight allocation to non-rated bonds, which outperformed as credit spreads narrowed.</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to AA rated bonds, which underperformed, and underweight allocation to A rated bonds, which outperformed as credit spreads contracted.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to the local general obligation (GO) sector, which underperformed.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Security selection</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Duration positioning</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> AAA rated bonds and non-rated bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> AA rated bonds and A rated bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Local GO sector</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g27l66.jpg" style="width: 7.12111in; height: 4.14491in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class I Shares at NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.64</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.68</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.70</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.96</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.09</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.84</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.31</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class I Shares at NAV
0.0264
0.0068
0.0170
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Intermediate Index
0.0199
0.0096
0.0209
Lipper Other States Intermediate Municipal Debt Funds Classification Average
0.0184
0.0031
0.0129
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">182,137,946</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">153</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">964,313</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
182137946
153
0.20
964313
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g29c25.jpg" style="width: 4.93404in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
Nuveen Oregon Intermediate Municipal Bond Fund
Class C Shares
NAFOX
This annual shareholder report contains important information about the Class C Shares of the Nuveen Oregon Intermediate Municipal Bond Fund for the period of June 1, 2023 to May 31, 2024.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;" title="oef:ExpensesTextBlock"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Cost of a<br/>$10,000 investment</span></td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment</span></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$164</td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">1.64%</td> </tr> </table>
164
0.0164
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance?</span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 72%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 27%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• The Nuveen Oregon Intermediate Municipal Bond Fund returned 1.52% for Class C shares at net asset value (NAV) for the 12 months ended May 31, 2024. The Fund underperformed the S&P Municipal Bond Intermediate Index, which returned 1.99%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top detractors from relative performance</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to AA rated bonds, which underperformed, and underweight allocation to A rated bonds, which outperformed as credit spreads contracted.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Overweight to the local general obligation (GO) sector, which underperformed.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.50em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">• Top contributors to relative performance</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Security selection across a diverse group of holdings.</div> <div style="font-size: 3pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Duration positioning, particularly an overweight to bonds with zero to two-year durations and an underweight to bonds with six- to eight-year durations.</div> <div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.00em; text-indent: -1.50em; font-size: 8.5pt; font-family: arial;">» Underweight allocation to AAA rated bonds, which underperformed, and an overweight allocation to non-rated bonds, which outperformed as credit spreads narrowed.</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 1.11em 0pt 1.11em;">Performance Attribution</div> <div style="font-size: 16pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> AA rated bonds and A rated bonds</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55b55.jpg"/> Local GO sector</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Security selection</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> Duration positioning</div> <div style="font-size: 20pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 3.30em; text-indent: -1.50em; font-size: 9pt; font-family: arial;">
<img alt="LOGO" src="g324948g55a55.jpg"/> AAA rated bonds and non-rated bonds</div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g324948g81n56.jpg" style="width: 7.12111in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;" title="oef:AvgAnnlRtrTableTextBlock">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 73%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">10‑Year</span></td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Class C Shares at NAV (excluding maximum sales charge)</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.52</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.32</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.84</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.88</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.06</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.30</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Intermediate Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.99</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.96</td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">2.09</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Lipper Other States Intermediate Municipal Debt Funds Classification Average</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.84</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">0.31</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">1.29</td>
<td style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
Class C Shares at NAV (excluding maximum sales charge)
0.0152
-0.0032
0.0084
S&P Municipal Bond Index
0.0288
0.0106
0.0230
S&P Municipal Bond Intermediate Index
0.0199
0.0096
0.0209
Lipper Other States Intermediate Municipal Debt Funds Classification Average
0.0184
0.0031
0.0129
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of May 31, 2024)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100px; border: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 2%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">182,137,946</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">153</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">20%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total advisory fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">964,313</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
182137946
153
0.20
964313
<div style="margin: 0pt 2% 0pt 2%;">
<img alt="LOGO" src="g324948g71u38.jpg" style="width: 4.93404in; height: 1.43757in;"/> </div> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;"><sup style="font-size: 75%; vertical-align: middle;">(1)</sup> The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div>
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2024 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/mutual‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/mutual‑funds/prospectuses
(800) 257‑8787
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.