# EDGAR Filing Document

**Accession Number:** 0000820892
**File Stem:** 0001193125-26-038834
**Filing Date:** 2026-2
**Character Count:** 264628
**Document Hash:** 045a1a920593a9b0ced68aa2c4e3ced5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-038834.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001193125-26-038834

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN INVESTMENT FUNDS INC
- **CENTRAL INDEX KEY:** 0000820892

**ORGANIZATION NAME:**
- **EIN:** 411418224
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05309
- **FILM NUMBER:** 26601344

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST AMERICAN INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SECURAL MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19910627

## Series and Classes Contracts Data

### Nuveen Minnesota Intermediate Municipal Bond Fund (Series ID: S000005558)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000015134 | Class A                                                   | FAMAX           |
| C000015135 | Class I                                                   | FAMTX           |
| C000137678 | Nuveen Minnesota Intermediate Municipal Bond Fund Class C | NIBCX           |

### Nuveen Minnesota Municipal Bond Fund (Series ID: S000005559)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000015136 | Class A                                      | FJMNX           |
| C000015138 | Class I                                      | FYMNX           |
| C000137679 | Nuveen Minnesota Municipal Bond Fund Class C | NTCCX           |

### Nuveen Nebraska Municipal Bond Fund (Series ID: S000005560)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000015139 | Class A                                     | FNTAX           |
| C000015141 | Class I                                     | FNTYX           |
| C000137680 | Nuveen Nebraska Municipal Bond Fund Class C | NAAFX           |

### Nuveen Oregon Intermediate Municipal Bond Fund (Series ID: S000005562)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000015145 | Class A                                                | FOTAX           |
| C000015146 | Class I                                                | FORCX           |
| C000137681 | Nuveen Oregon Intermediate Municipal Bond Fund Class C | NAFOX           |

?xml version='1.0' encoding='ASCII'? Nuveen Investment Funds, Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>312) 917-7700</u>

Date of fiscal year end: <u>May 31</u>

Date of reporting period: <u>November 30, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Minnesota Intermediate Municipal Bond Fund

Class A Shares/FAMAX

Semi-Annual Shareholder Report

This semi-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, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $41 | 0.81% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 364936250 |
|  Total number of portfolio holdings |  | 292 |
|  Portfolio turnover (%) |  | 6% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g01b01.jpg)

![LOGO](g47081g1g01b02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678713_SAR_1125<br> 5035667 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Minnesota Intermediate Municipal Bond Fund

Class C Shares/NIBCX

Semi-Annual Shareholder Report

This semi-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, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $82 | 1.61% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 364936250 |
|  Total number of portfolio holdings |  | 292 |
|  Portfolio turnover (%) |  | 6% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g06z65.jpg)

![LOGO](g47081g1g45e83.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670693100_SAR_1125<br> 5035667 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Minnesota Intermediate Municipal Bond Fund

Class I Shares/FAMTX

Semi-Annual Shareholder Report

This semi-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, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.61% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 364936250 |
|  Total number of portfolio holdings |  | 292 |
|  Portfolio turnover (%) |  | 6% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g09o25.jpg)

![LOGO](g47081g1g99l87.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678689_SAR_1125<br> 5035667 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Minnesota Municipal Bond Fund

Class A Shares/FJMNX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Minnesota Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $40 | 0.78% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 685307702 |
|  Total number of portfolio holdings |  | 390 |
|  Portfolio turnover (%) |  | 4% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g18c05.jpg)

![LOGO](g47081g1g07b02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678184_SAR_1125<br> 5035672 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Minnesota Municipal Bond Fund

Class C Shares/NTCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Minnesota Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $81 | 1.58% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 685307702 |
|  Total number of portfolio holdings |  | 390 |
|  Portfolio turnover (%) |  | 4% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g23y57.jpg)

![LOGO](g47081g1g04v14.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670693209_SAR_1125<br> 5035672 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Minnesota Municipal Bond Fund

Class I Shares/FYMNX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Minnesota Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $30 | 0.58% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 685307702 |
|  Total number of portfolio holdings |  | 390 |
|  Portfolio turnover (%) |  | 4% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g27p57.jpg)

![LOGO](g47081g1g51z69.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678192_SAR_1125<br> 5035672 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Nebraska Municipal Bond Fund

Class A Shares/FNTAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Nebraska Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $41 | 0.80% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 70426180 |
|  Total number of portfolio holdings |  | 97 |
|  Portfolio turnover (%) |  | 10% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g28e50.jpg)

![LOGO](g47081g1g13b02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678499_SAR_1125<br> 5035683 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Nebraska Municipal Bond Fund

Class C Shares/NAAFX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Nebraska Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $82 | 1.60% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 70426180 |
|  Total number of portfolio holdings |  | 97 |
|  Portfolio turnover (%) |  | 10% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g35e78.jpg)

![LOGO](g47081g1g22g08.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670693308_SAR_1125<br> 5035683 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Nebraska Municipal Bond Fund

Class I Shares/FNTYX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Nebraska Municipal Bond Fund for the period of June 1, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.60% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 70426180 |
|  Total number of portfolio holdings |  | 97 |
|  Portfolio turnover (%) |  | 10% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g37m96.jpg)

![LOGO](g47081g1g05u89.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678523_SAR_1125<br> 5035683 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Oregon Intermediate Municipal Bond Fund

Class A Shares/FOTAX

Semi-Annual Shareholder Report

This semi-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, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $41 | 0.80% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 207541980 |
|  Total number of portfolio holdings |  | 166 |
|  Portfolio turnover (%) |  | 9% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g49x79.jpg)

![LOGO](g47081g1g19b02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678242_SAR_1125<br> 5035696 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Oregon Intermediate Municipal Bond Fund

Class C Shares/NAFOX

Semi-Annual Shareholder Report

This semi-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, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $82 | 1.60% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 207541980 |
|  Total number of portfolio holdings |  | 166 |
|  Portfolio turnover (%) |  | 9% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g99n31.jpg)

![LOGO](g47081g1g79w57.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670693407_SAR_1125<br> 5035696 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g47081g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>November 30, 2025  |

---

Nuveen Oregon Intermediate Municipal Bond Fund

Class I Shares/FORCX

Semi-Annual Shareholder Report

This semi-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, 2025 to November 30, 2025. 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $31 | 0.60% |

---

\* Annualized for period less than one year.

Fund Statistics (as of November 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 207541980 |
|  Total number of portfolio holdings |  | 166 |
|  Portfolio turnover (%) |  | 9% |

---

What did the Fund invest in? (as of November 30, 2025)

![LOGO](g47081g1g97m81.jpg)

![LOGO](g47081g1g66j94.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678408_SAR_1125<br> 5035696 | ![LOGO](g47081g1g85u20.jpg) |

---

2.0 ------

**Item 2.** **Code of Ethics.** <br>

Not applicable to this filing.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

Portfolio of Investments November 30, 2025

Minnesota Intermediate

See Notes To Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 96.1%

X

350,650,047

MUNICIPAL BONDS - 96.1%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 16.1%

$

130,000

Baytown Township, Minnesota Charter School Lease Revenue

Bonds, Saint Croix Preparatory Academy, Refunding Series

2016A

4.000 %

08/01/28

$

128,467

1,160,000

Brooklyn Center, Minnesota, Charter School Lease Revenue

Bonds, Tesfa International dba Twin Lakes STEM Academy

Project, Series 2021A

5.000 06/15/37

924,959

100,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project, Series 2016A

5.000 07/01/31

100,151

1,000,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5.000 07/01/36

978,641

190,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5.000 07/01/30

190,148

710,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5.250 07/01/37

710,429

195,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2016A

4.000 07/01/26

194,884

300,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2016A

4.000 07/01/27

299,960

370,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2016A

4.000 07/01/28

369,728

645,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2014A

5.500 08/01/36

645,449

230,000

Greenwood, Minnesota, Charter School Lease Revenue Bonds,

Main Street School of Performing Arts Project, Series 2016A

4.500 07/01/26

229,052

40,000

Greenwood, Minnesota, Charter School Lease Revenue Bonds,

Main Street School of Performing Arts Project, Series 2016A

5.000 07/01/36

37,841

395,000

Ham Lake, Minnesota Charter School Lease Revenue Bonds,

Parnassus Preparatory School Project, Series 2016A

4.000 11/01/26

393,742

975,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5.000 07/01/44

931,671

1,000,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

4.750 07/01/31

996,200

500,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

5.000 07/01/36

494,107

1,405,000

(a) Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Twin Cities International Schools Project, Series 2017A

5.000 12/01/32

1,411,594

1,160,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6.000 07/01/33

1,161,252

1,040,000

Minneapolis, Minnesota, Revenue Bonds, University Gateway

Project, Refunding Series 2015

4.000 12/01/28

1,041,039

4,000,000

Minneapolis, Minnesota, Revenue Bonds, University Gateway

Project, Refunding Series 2025

5.000 12/01/36

4,671,334

1,230,000

Minneapolis, Minnesota, Revenue Bonds, University Gateway

Project, Refunding Series 2025

5.000 12/01/45

1,327,009

2,800,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5.000 05/01/32

2,810,657

655,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5.000 05/01/37

654,253

1,600,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Refunding Series 2017

4.000 03/01/33

1,614,934

2,380,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Series 2023

5.000 03/01/41

2,612,664

620,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Gustavus Adolfus College, Series 2013-7W

4.250 10/01/28

620,146

160,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunidng Series 2021

4.000 03/01/31

169,317

1,250,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Series 201528J

3.250 03/01/29

1,250,309

1,235,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Catherine University, Refunding Series 2018A

5.000 10/01/31

1,277,812

Portfolio of Investments November 30, 2025

(continued)

Minnesota Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

200,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint John's University, Refunding Series 2021

4.000 %

10/01/34

$

205,893

700,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint John's University, Series 2015-8I

3.375 10/01/30

700,024

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2021

3.000 10/01/38

918,232

825,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Green Series 2022A

4.000 10/01/38

834,375

775,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2013-7U

4.000 04/01/26

775,405

300,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2013-7U

4.000 04/01/27

300,162

750,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2017A

4.000 10/01/34

759,163

850,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2017A

4.000 10/01/36

859,280

1,250,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2019

5.000 10/01/40

1,310,845

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4.125 10/01/41

1,005,949

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

5.000 10/01/47

1,023,301

705,000

Minnesota Office of Higher Education, Supplemental Student

Loan Program Revenue Bonds, Senior Series 2018, (AMT)

5.000 11/01/26

713,968

980,000

Moorhead, Minnesota, Educational Facilities Revenue Bonds, The

Concordia College Corporation Project, Series 2016

4.000 12/01/30

979,999

1,060,000

Moorhead, Minnesota, Educational Facilities Revenue Bonds, The

Concordia College Corporation Project, Series 2016

4.000 12/01/32

1,055,445

860,000

Otsego, Minnesota, Charter School Lease Revenue Bonds,

Kaleidoscope Charter School Project, Series 2014A

5.000 09/01/34

851,354

70,000

Saint Cloud, Minnesota, Charter School Lease Revenue Bonds,

Stride Academy Project, Series 2016A

5.000 04/01/36

65,111

710,000

(a) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Great River School Project,

Series 2017A

5.500 07/01/38

713,802

3,005,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

5.250 09/01/31

3,030,111

325,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Nova Classical Academy,

Series 2016A

4.000 09/01/31

324,849

1,000,000

(b) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities Academy

Project, Refunding Series 2025A

4.625 07/01/35

1,000,467

1,000,000

(b) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities Academy

Project, Refunding Series 2025A

5.750 07/01/45

1,002,842

595,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School, Series 2013A

5.000 07/01/33

595,270

160,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Lease Revenue Bonds, Saint Paul Conservatory for Performing

Artists Charter School Project, Series 2013A

4.000 03/01/28

155,214

2,770,000

Savage, Minnesota Charter School Lease Revenue Bonds, Aspen

Academy Project, Series 2016A

5.000 10/01/36

2,738,175

500,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5.000 12/01/43

485,820

700,000

University of Minnesota, General Obligation Bonds, Refunding

Series 2024A

5.000 01/01/39

789,958

5,460,000

University of Minnesota, General Obligation Bonds, Series 2019A

5.000 04/01/44

5,657,363

30,000

Winona Port Authority, Minnesota, Charter School Lease Revenue

Bonds, Bluffview Montessori School Project, Refunding Series

2016

3.750 06/01/26

29,803

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

10,000

Winona Port Authority, Minnesota, Charter School Lease Revenue

Bonds, Bluffview Montessori School Project, Refunding Series

2016

4.500 %

06/01/36

$

9,103

1,000,000

(a) Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Math and Science Academy Building Company, Refunding Series

2025A

4.500 06/01/35

995,502

895,000

Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Woodbury Leadership Academy, Series 2021A

4.000 07/01/31

867,608

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

59,002,142

HEALTH CARE - 12.9%

3,370,000

Chippewa County, Minnesota, Gross Revenue Hospital Bonds,

Montevideo Hospital Project, Refunding Series 2016

4.000 03/01/29

3,373,611

1,140,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

4.000 04/01/29

1,140,951

1,040,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

4.000 04/01/32

1,041,880

1,150,000

Crookston, Minnesota, Health Care Facilities Revenue Bonds,

RiverView Health Project, Refunding Series 2017A

4.000 05/01/32

736,703

1,045,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5.000 02/15/33

1,086,507

675,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

4.000 06/15/37

693,093

240,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022A, Forward Delivery

4.000 06/15/35

251,047

1,400,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022B

5.250 06/15/42

1,506,690

400,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

4.000 04/01/26

399,991

2,000,000

Maple Grove, Minnesota, Health Care Facilities Revenue

Refunding Bonds, North Memorial Health Care, Series 2015

5.000 09/01/28

2,001,995

495,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5.000 05/01/31

502,661

405,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5.000 05/01/32

411,003

470,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4.000 11/15/37

472,960

1,500,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4.000 11/15/38

1,504,514

3,000,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4.000 11/15/39

2,996,955

595,000

(c) Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2023A, (Mandatory Put 11/15/28)

5.000 11/15/52

627,395

1,100,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

5.000 11/15/29

1,100,793

2,200,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

5.000 11/15/33

2,201,417

2,390,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

5.000 11/15/35

2,473,990

2,850,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

5.000 11/15/36

2,940,990

1,000,000

Minneapolis-Saint Paul Housing and Redevelopment Authority,

Minnesota, Health Care System Revenue Bonds, Children's

Health Care, Series 2025

5.000 08/15/41

1,083,021

2,000,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, HealthPartners Obligated

Group, Series 2024

5.000 01/01/44

2,089,844

2,060,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Refunding Series 2016B

5.000 11/15/29

2,246,471

1,000,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Refunding Series 2016B

5.000 11/15/33

1,159,981

Portfolio of Investments November 30, 2025

(continued)

Minnesota Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2016A

5.000 %

05/01/46

$

1,001,239

1,575,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2019

5.000 05/01/48

1,601,839

1,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

5.000 05/01/39

1,102,188

1,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2015A

4.000 07/01/35

1,000,145

2,585,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2025

5.000 07/01/33

2,902,029

1,560,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5.000 11/15/26

1,585,125

1,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5.000 11/15/34

1,026,419

1,745,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4.000 11/15/35

1,748,474

1,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4.000 11/15/37

983,158

TOTAL HEALTH CARE

46,995,079

HOUSING/SINGLE FAMILY - 0.6%

50,000

Dakota County Community Development Agency, Minnesota,

Single Family Mortgage Revenue Bonds, Mortgage Backed

Securities Program, Series 2011A

4.400 12/01/26

50,011

120,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2014C

3.100 07/01/26

119,849

670,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020E

1.850 01/01/29

629,960

400,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020E

1.900 07/01/29

378,732

1,000,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

4.600 07/01/40

1,038,772

TOTAL HOUSING/SINGLE FAMILY

2,217,324

INDUSTRIALS - 0.2%

625,000

Minneapolis, Minnesota, Limited Tax Supported Development

Revenue Bonds, Common Bond Fund Series 2013-1

4.000 06/01/28

625,426

TOTAL INDUSTRIALS

625,426

LONG-TERM CARE - 8.4%

250,000

Anoka, Minnesota, Housing Revenue Bonds, The Homestead at

Anoka, Inc. Project, Refunding Series 2017

5.000 11/01/46

220,039

865,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase III Project,

Series 2025A

5.000 09/01/35

906,077

1,000,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds,

PHS Apple Valley Senior Housing, Inc. Orchard Path Project,

Refunding Series 2018

4.250 09/01/38

956,314

750,000

Bethel, Minnesota, Housing and Health Care Facilities Revenue

Bonds, Ecumen Obligated Group Series 2024A

5.250 03/01/34

766,822

800,000

Brainerd, Minnesota, Senior Housing and Healthcare Revenue

Bonds, Pinecrest of Country Manor Project, Series 2025A

5.000 05/01/35

832,551

300,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5.000 11/01/34

334,822

315,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5.000 11/01/35

349,455

335,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5.000 11/01/36

368,614

280,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5.000 11/01/37

305,539

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4.000 %

09/01/29

$

97,564

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4.000 09/01/30

97,139

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4.000 09/01/31

96,610

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4.000 09/01/32

95,751

155,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4.000 09/01/33

147,059

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4.000 09/01/34

93,971

815,000

Chisago City, Minnesota, Housing and Health Care Revenue

Bonds, CDL Homes, LLC Project, Series 2013B

6.000 08/01/33

815,467

325,000

City of Vergas, Minnesota, Housing and Health Care Revenue

Bonds, CDL Homes, LLC Project, Refunding Series 2016

4.000 08/01/31

301,776

235,000

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,

Assumption Home, Inc., Refunding Series 2017

4.450 03/01/31

232,746

200,000

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,

Assumption Home, Inc., Refunding Series 2018

4.500 09/01/33

196,923

350,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

4.600 01/01/27

344,545

500,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

5.000 01/01/34

457,613

1,000,000

Cuyuna Range Hospital District, Minnesota, Health Care Facilities

Revenue Bonds, Crosby Senior Service Care Center, Series 2023

5.500 05/01/43

1,014,737

2,385,000

(a) Dakota County Community Development Agency, Minnesota,

Senior Housing Revenue Bonds, Walker Highview Hills LLC

Project, Refunding Series 2016A

3.875 08/01/29

2,365,976

1,100,000

(a) Dakota County Community Development Agency, Minnesota,

Senior Housing Revenue Bonds, Walker Highview Hills LLC

Project, Refunding Series 2016A

5.000 08/01/36

1,100,305

500,000

Dennison, Minnesota, Senior Housing Revenue Bonds, Villages

of Lonsdale, LLC Project, Series 2019

4.200 05/01/35

442,917

200,000

Maple Plain, Minnesota Senior Housing and Healthcare Revenue

Bonds, Haven Homes, Inc. Project, Series 2019

4.000 07/01/32

195,252

100,000

Mapleton, Minnesota, Healthcare Facility Revenue Bonds,

Mapleton Community Home, Refunding Series 2019

3.750 05/01/34

91,045

425,000

Minneapolis, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015

4.750 11/01/28

423,826

750,000

Minneapolis, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015

5.250 11/01/45

711,838

775,000

Rochester, Minnesota, Health Care and Housing Revenue Bonds,

Samaritan Bethany, Inc. Project, Refunding Series 2017A

3.875 08/01/26

767,893

805,000

Rochester, Minnesota, Health Care and Housing Revenue Bonds,

Samaritan Bethany, Inc. Project, Refunding Series 2017A

4.000 08/01/27

788,479

2,000,000

Rochester, Minnesota, Health Care and Housing Revenue Bonds,

Samaritan Bethany, Inc. Project, Refunding Series 2017A

4.000 08/01/30

1,896,296

405,000

Saint Joseph, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Woodcrest of Country Manor Project, Series

2019 A

4.000 07/01/33

395,569

1,000,000

(c) Saint Louis Park, Minnesota, Health Care Facilities Revenue

Bonds, Mount Olivet Careview Home Project, Series 2016B

4.350 06/01/36

947,863

2,190,000

Saint Paul Housing and Redevelopment Authority Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Homes Project, Series 2013

5.000 05/01/33

2,160,771

1,015,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5.000 12/01/26

1,026,725

Portfolio of Investments November 30, 2025

(continued)

Minnesota Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

1,575,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5.000 %

12/01/36

$

1,636,260

160,000

(a) Saint Paul Housing and Redevelopment Authority, Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Church Homes Project, Refunding Senior Series 2021A

3.100 11/01/31

147,463

625,000

(a) Saint Paul Housing and Redevelopment Authority, Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Church Homes Project, Refunding Senior Series 2021A

3.150 11/01/32

568,870

550,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

3.700 09/01/28

541,427

350,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

3.800 09/01/29

344,638

565,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

3.900 09/01/30

557,564

320,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4.125 09/01/34

315,637

685,000

Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country

Manor Campus LLC Project, Refunding Series 2017

5.000 09/01/27

689,265

2,295,000

Sauk Rapids, Minnesota, Health Care and Housing Facilities

Revenue Bonds, Good Shepherd Luthran Home, Refunding

Series 2013

5.125 01/01/39

2,048,523

60,000

Scanlon, Minnesota, Health Care Facilities Revenue Bonds,

Duluth Health Services Project, Refunding Series 2020

2.700 03/01/26

59,418

335,000

Scanlon, Minnesota, Health Care Facilities Revenue Bonds,

Duluth Health Services Project, Refunding Series 2020

2.950 03/01/28

315,334

175,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

3.000 08/01/27

172,424

300,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

3.125 08/01/28

294,288

300,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

3.250 08/01/29

293,585

225,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

3.375 08/01/30

220,313

TOTAL LONG-TERM CARE

30,551,898

TAX OBLIGATION/GENERAL - 34.1%

355,000

Alexandria, Minnesota, General Obligation Bonds, Tax

Abatement Series 2024A

5.000 02/01/40

391,897

530,000

Alexandria, Minnesota, General Obligation Bonds, Tax

Abatement Series 2024A

5.000 02/01/41

578,497

280,000

Alexandria, Minnesota, General Obligation Bonds, Tax

Abatement Series 2024A

5.000 02/01/42

302,120

1,355,000

Anoka-Hennepin Independent School District 11, Coon Rapids,

Minnesota, General Obligation Bonds, School Building Series

2020A

3.000 02/01/34

1,340,832

1,405,000

Benson Independent School District 777, Minnesota, General

Olibation Bonds, School Building Series 2018A

4.000 02/01/32

1,429,691

3,280,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4.000 02/01/30

3,325,015

2,145,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4.000 02/01/35

2,167,774

1,720,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4.000 02/01/37

1,733,573

2,000,000

Buffalo, Minnesota, Water and Sewer Revenue Bonds, Refunding

Series 2014A - BAM Insured

4.000 11/01/28

2,000,383

2,380,000

City of Rosemount, Minnesota, General Obligation Bonds, Street

Reconstruction and Capital Improvement Plan Series 2023A

4.000 02/01/45

2,358,911

1,515,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building Facilities

Maintenance Series 2023A

4.000 02/01/42

1,531,842

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,450,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building Facilities

Maintenance Series 2023A

4.000 %

02/01/45

$

1,446,726

1,270,000

Duluth Independent School District 709, Saint Louis County,

Minnesota, General Obligation Bonds, Capital Appreciation

Series 2021C

0.000 02/01/30

1,110,230

2,590,000

Edgerton Independent School District 581, Minnesota, General

Obligation Bonds, School Building Series 2024A

5.000 02/01/38

2,862,089

2,460,000

Forest Lake, Washington County, Minnesota, General Obligation

Bonds, Series 2019A

4.000 02/01/32

2,566,235

1,725,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

5.000 02/01/43

1,827,298

1,485,000

Goodhue Independent School District 253, Minnesota, General

Obligation Bonds, School Building Series 2019A

4.000 02/01/30

1,516,710

1,345,000

Greenway Independent School District 316, Itasca County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2019F

0.000 02/01/28

1,251,448

2,000,000

Hennepin County Regional Railroad Authority, Minnesota,

General Obligation Bonds, Limited Tax Series 2019A

5.000 12/01/37

2,114,236

5,295,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2021A

5.000 12/01/33

5,987,080

2,000,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2024A

5.000 12/01/43

2,191,965

3,000,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2025A

5.000 12/01/37

3,508,008

1,555,000

Independent School District No. 2397 (Le Sueur-Henderson),

Minnesota, General Obligation School Building Bonds, Series

2022A

5.000 02/01/35

1,724,746

1,200,000

Jordan Independent School District 717, Scott County,

Minnesota, General Obligation Bonds, School Building Series

2023A

5.000 02/01/37

1,309,124

1,000,000

Jordan Independent School District 717, Scott County,

Minnesota, General Obligation Bonds, School Building Series

2023A

5.000 02/01/39

1,072,279

210,000

Medicine Lake, Minnesota, General Obligation Bonds, Series

2024A

5.000 02/01/35

223,271

330,000

Medicine Lake, Minnesota, General Obligation Bonds, Series

2024A

5.000 02/01/39

344,357

2,595,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Long-Term Facilities

Maintenance Series 2017B

4.000 02/01/32

2,659,375

1,480,000

Minneapolis, Minnesota, General Obligation Bonds,

Improvement & Various Purpose Series 2018

4.000 12/01/33

1,498,992

500,000

Minneapolis, Minnesota, General Obligation Bonds,

Improvement & Various Purpose Series 2018

4.000 12/01/35

504,659

3,520,000

Minneapolis, Minnesota, General Obligation Bonds, Series 2025

5.000 12/01/38

4,042,723

10,000,000

Minnesota State, General Obligation Bonds, Various Purpose Bid

Groups 1 & 2 Series 2025A

5.000 08/01/42

11,156,851

5,100,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2021A

4.000 09/01/38

5,296,501

5,000,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2024A

5.000 08/01/31

5,678,352

210,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5.000 02/01/38

231,464

500,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5.000 02/01/44

528,673

225,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5.000 01/01/41

245,568

300,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5.000 01/01/42

324,878

400,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5.000 01/01/43

429,410

Portfolio of Investments November 30, 2025

(continued)

Minnesota Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,050,000

North Branch Independent School District 138, Chisago County,

Minnesota, General Obligation Bonds, School Building Series

2017A

4.000 %

02/01/30

$

2,088,329

850,000

North Saint Paul-Maplewood-Oakdale Independent School

District 622, Ramsey County, Minnesota, General Obligation

Bonds, Facilities Maintenance Series 2018A

3.375 02/01/35

851,823

1,500,000

Osseo Independent School District 279 Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018B

4.000 02/01/34

1,518,818

3,680,000

Pequot Lakes Independent School District 186, Minnesota,

General Obligation Bonds, School Building Series 2025A

5.000 02/01/40

4,092,841

1,565,000

Pequot Lakes Independent School District 186, Minnesota,

General Obligation Bonds, School Building Series 2025A

5.000 02/01/43

1,691,557

1,035,000

Perham Dent Independent School District 549, Minnesota,

General Obligation Bonds, School Building Series 2016A

3.000 02/01/30

1,033,296

880,000

Plainview-Elgin-Millville Independent School District 2899,

Minnesota, General Obligation Bonds, School Building Series

2019A

4.000 02/01/32

908,394

2,665,000

Ramsey County, Minnesota, General Obligation Bonds, Capital

Improvement Plan, Series 2023B

4.000 02/01/41

2,714,327

1,250,000

Robbinsdale Independent School District 281, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

3.000 02/01/30

1,248,428

4,535,000

Roseville Independent School District 623, Ramsey County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4.000 02/01/34

4,591,894

1,070,000

Round Lake-Brewster Independent School District 2907,

Minnesota, General Obligation Bonds, School Building Series

2023A

5.000 02/01/40

1,161,144

1,100,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, General Obligation Bonds, Series 2015A

4.000 02/01/30

1,101,032

1,145,000

Saint Louis County, Minnesota, General Obligation Bonds,

Transportation Sales & Use Tax Series 2025A

5.000 12/01/37

1,303,631

1,075,000

Saint Louis Park Independent School District 283, Hennepin

County, Minnesota, General Obligation Bonds, School Building

Series 2022A

5.000 02/01/37

1,167,405

1,225,000

Saint Michael Independent School District 885, Wright County,

Minnesota, General Obligation Bonds, School Building Series

2017A

3.200 02/01/32

1,226,094

435,000

Sartell Independent School District 748, Stearns County,

Minnesota, General Obligation Bonds, School Building Series

2025A

5.000 02/01/43

468,358

1,700,000

Sartell, Minnesota, General Obligation Bonds, Series 2022A

4.000 02/01/39

1,737,309

1,330,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

4.000 02/01/31

1,347,131

2,000,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2022A

4.000 02/01/35

2,070,286

5,215,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Refunding Facilities

Maintenance Series 2024A

4.000 02/01/42

5,248,707

2,000,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, School Building Series

2016A

4.000 02/01/29

2,002,904

975,000

Todd Morrison and Stern Counties, Minnesota, Independent

School District, General Obligation Bonds, Facilities Maintenance

and Refunding Series 2024A

5.000 02/01/35

1,089,328

2,415,000

Watertown-Mayer Independent School District 111, Carver,

Hennepin and Wright Counties, Minnesota, General Obligation

Bonds, School Building Series 2020A

0.000 02/01/31

2,003,727

1,000,000

(b) Yellow Medicine East Independent School District 2190,

Minnesota, General Obligation Bonds, Series 2025A

4.125 02/01/47

983,275

TOTAL TAX OBLIGATION/GENERAL

124,463,821

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED - 11.6%

$

55,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2017A

4.000 %

12/15/37

$

52,565

2,570,000

Marshall, Minnesota, Education Services Facility, Lease Revenue

Bonds, Southwest West Central Service Cooperatives, Series

2024A

5.000 02/01/37

2,656,306

1,000,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, Certificates of Participation, Full Term Series 2017C

4.000 02/01/30

1,025,377

500,000

Minneapolis, Minnesota, Tax Incriment Revenue Bonds, Ivy Tower

Project, Series 2015

5.000 03/01/29

500,166

1,485,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5.000 10/01/42

1,613,042

2,000,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Revenue Bonds, Series 2024A

5.000 10/01/43

2,155,936

960,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2018D

4.000 08/01/34

985,372

3,105,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2020B

4.000 08/01/32

3,254,509

205,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021B

3.000 08/01/37

194,552

3,295,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4.000 08/01/39

3,345,462

2,385,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4.000 08/01/40

2,404,630

2,000,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2022C

5.000 08/01/42

2,130,892

1,375,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2023A

5.000 08/01/43

1,464,135

1,185,000

Minnesota Housing Finance Agency, Nonprofit Housing Bonds,

State Appropriation Series 2011

5.250 08/01/27

1,191,520

445,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

5.000 02/01/27

451,239

470,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

5.000 02/01/28

481,758

605,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015B

3.125 02/01/29

605,092

350,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015B

3.250 02/01/30

350,053

1,045,000

Otsego Economic Development Authority, Minnesota, Lease

Revenue Bonds, Series 2024A

4.000 02/01/42

1,047,518

1,215,000

Roseville Independent School District 623, Ramsey County,

Minnesota, Certificates of Participation, Series 2021A

5.000 04/01/30

1,285,706

2,000,000

Rum River Special Education Cooperative, Minnesota,

Certificates of Participation, Series 2025A

5.000 02/01/40

2,060,106

630,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

5.000 02/01/30

631,031

725,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

4.000 02/01/38

725,172

1,685,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2018B

3.250 02/01/33

1,691,872

290,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2020C

3.000 02/01/36

285,955

1,000,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2024A

5.000 02/01/37

1,137,665

500,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2024A

5.000 02/01/38

564,836

1,000,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2024A

5.000 02/01/39

1,120,709

2,500,000

Saint Paul, Minnesota, Sales Tax Revenue Bonds, Neighborhood

and Economic Development Projects, Refunding Series 2024C

5.000 11/01/42

2,732,237

Portfolio of Investments November 30, 2025

(continued)

Minnesota Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

3,500,000

Virginia Housing and Redevelopment Authority, Minnesota,

Health Care Facility Lease Revenue Bonds, Refunding Series

2018A

4.000 %

10/01/29

$

3,499,931

280,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4.000 02/01/32

279,305

250,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4.000 02/01/34

246,722

175,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4.000 02/01/38

166,358

TOTAL TAX OBLIGATION/LIMITED

42,337,729

TRANSPORTATION - 7.5%

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019A

5.000 01/01/33

1,073,153

1,250,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/28

1,301,474

1,735,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/30

1,834,752

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/32

1,057,001

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/44

1,009,528

3,580,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/49

3,602,507

1,050,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5.000 01/01/34

1,072,356

1,130,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5.000 01/01/41

1,144,507

2,980,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5.000 01/01/29

3,155,702

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5.000 01/01/32

1,106,360

2,325,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5.000 01/01/33

2,563,018

855,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5.000 01/01/35

935,504

2,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5.250 01/01/47

2,067,729

3,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Series 2024A,

(AMT)

5.000 01/01/43

3,138,991

1,020,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Parking Enterprise Revenue Bonds, Refunding Series 2025A

5.250 12/01/41

1,112,137

1,020,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Parking Enterprise Revenue Bonds, Refunding Series 2025A

5.250 12/01/42

1,103,205

TOTAL TRANSPORTATION

27,277,924

UTILITIES - 4.7%

580,000

(b) Blue Earth, Minnesota Electric Revenue Bonds, Series 2025A

4.000 06/01/35

591,680

475,000

Brainerd, Minnesota, Electric Utility Revenue Bonds, Series

2014A

4.000 12/01/28

475,532

495,000

Brainerd, Minnesota, Electric Utility Revenue Bonds, Series

2014A

4.000 12/01/29

495,549

250,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

5.250 07/01/42

267,686

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

580,000

Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding

Series 2012A

5.000 %

12/01/25

$

580,000

670,000

Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding

Series 2012A

5.000 12/01/26

671,128

100,000

Luverne, Minnesota, Electric Revenue Bonds, Series 2018A

4.000 12/01/33

102,499

500,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014

5.000 10/01/29

500,882

500,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014

5.000 10/01/30

500,846

285,000

(b) Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5.000 12/01/39

305,315

200,000

(b) Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5.000 12/01/42

208,744

260,000

(b) Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5.000 12/01/45

265,188

750,000

Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding

Series 2015E

3.000 12/01/29

750,107

1,000,000

Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding

Series 2017A

5.000 12/01/33

1,021,631

1,070,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2017-4, (AMT)

4.000 10/01/40

1,009,172

100,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2021-1. 501 C3

3.000 10/01/27

99,334

1,620,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2024-1

5.000 10/01/42

1,723,607

500,000

Sauk Centre Public Utilities Commission, Minnesota, Electric

Revenue Bonds, Series 2024A - AGM Insured

4.000 12/01/37

516,619

2,500,000

Southern Minnesota Municipal Power Agency Power Supply

System Revenue Bonds, Series 2015A

4.000 01/01/30

2,502,677

330,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5.000 01/01/36

384,664

450,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5.000 01/01/37

521,450

750,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5.000 01/01/38

859,733

425,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5.000 01/01/39

485,241

1,335,000

Western Minnesota Municipal Power Agency, Minnesota, Power

Supply Revenue Bonds, Refunding Series 2015A

5.000 01/01/31

1,337,527

1,000,000

Western Minnesota Municipal Power Agency, Minnesota, Power

Supply Revenue Bonds, Refunding Series 2015A

5.000 01/01/33

1,001,893

TOTAL UTILITIES

17,178,704

TOTAL MUNICIPAL BONDS

(Cost $349,522,927)

350,650,047

TOTAL LONG-TERM INVESTMENTS

(Cost $349,522,927)

350,650,047

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 3.1%

X

11,470,000

MUNICIPAL BONDS - 3.1%

X

–

HEALTH CARE - 2.3%

$

2,000,000

(c),(d)

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

2.900 11/15/48

$

2,000,000

5,100,000

(c),(d)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic Series 2008B

2.850 11/15/38

5,100,000

1,300,000

(c),(d)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2025D

2.000 11/15/64

1,300,000

TOTAL HEALTH CARE

8,400,000

HOUSING/SINGLE FAMILY - 0.8%

2,950,000

(c),(d)

Minnesota Housing Finance Agency, Residential Housing Finance

Bonds, Series 2017F

2.770 01/01/41

2,950,000

TOTAL HOUSING/SINGLE FAMILY

2,950,000

Portfolio of Investments November 30, 2025

(continued)

Minnesota Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL - 0.0%

$

120,000

(c),(d)

Hennepin County, Minnesota, General Obligation Bonds, Series

2017B

2.740 %

12/01/41

$

120,000

TOTAL TAX OBLIGATION/GENERAL

120,000

TOTAL MUNICIPAL BONDS

(Cost $11,470,000)

11,470,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $11,470,000)

11,470,000

TOTAL INVESTMENTS - 99.2%

(Cost $360,992,927)

362,120,047

OTHER ASSETS & LIABILITIES, NET - 0.8%

2,816,203

NET ASSETS - 100%

$

364,936,250

AMT

Alternative Minimum Tax

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $7,303,512 or 2.0% of Total Investments.

(b) When-issued or delayed delivery security.

(c) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(d) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term

investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the

reporting period. This rate changes periodically based on market conditions or a specified market index.

Portfolio of Investments November 30, 2025

Minnesota

See Notes To Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 95.2%

X

652,350,609

MUNICIPAL BONDS - 95.2%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 16.4%

$

130,000

Baytown Township, Minnesota Charter School Lease Revenue

Bonds, Saint Croix Preparatory Academy, Refunding Series

2016A

4.250 %

08/01/46

$

108,832

290,000

Bethel, Minnesota, Charter School Lease Revenue Bonds,

Spectrum High School Project, Series 2024

5.000 07/01/59

270,010

3,500,000

Brooklyn Center, Minnesota, Charter School Lease Revenue

Bonds, Tesfa International dba Twin Lakes STEM Academy

Project, Series 2021A

5.250 06/15/56

2,340,720

100,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5.000 07/01/36

97,864

2,000,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5.000 07/01/47

1,727,074

675,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5.250 07/01/37

675,408

250,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5.250 07/01/40

250,090

500,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5.500 07/01/50

500,004

3,000,000

(a) Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Seven Hills Preparatory Academy Project, Series 2024A

6.125 06/15/61

2,759,923

1,025,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2014A

5.750 08/01/44

1,025,263

1,000,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2019A

5.375 08/01/50

978,097

100,000

Greenwood, Minnesota, Charter School Lease Revenue Bonds,

Main Street School of Performing Arts Project, Series 2016A

5.000 07/01/36

94,601

5,350,000

Ham Lake, Minnesota Charter School Lease Revenue Bonds,

Parnassus Preparatory School Project, Series 2016A

5.000 11/01/47

5,095,261

490,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5.000 07/01/29

490,214

1,000,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5.000 07/01/34

1,000,400

525,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5.000 07/01/44

501,669

4,150,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

5.000 07/01/46

3,635,267

1,415,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Paladin Career & Technical High School Project, Series

2021A

4.000 06/01/51

1,004,723

1,450,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Hiawatha Academies Project, Series 2022A

5.375 07/01/42

1,304,949

410,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Northeast College Prep Project, Series 2020A

5.000 07/01/40

352,876

100,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Northeast College Prep Project, Series 2020A

5.000 07/01/55

74,121

415,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6.000 07/01/33

415,448

3,815,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6.000 07/01/43

3,816,469

1,260,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6.125 07/01/48

1,260,451

4,930,000

Minneapolis, Minnesota, Revenue Bonds, University Gateway

Project, Refunding Series 2025

5.000 12/01/45

5,318,825

2,345,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5.000 05/01/37

2,342,327

2,200,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5.000 05/01/47

1,992,101

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Refunding Series 2017

4.000 03/01/37

1,005,233

5,135,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Series 2023

5.000 03/01/48

5,418,290

Portfolio of Investments November 30, 2025

(continued)

Minnesota

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

3,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Series 2023

5.000 %

03/01/53

$

3,148,148

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

College of Saint Scholastica, Inc., Refunding Series 2019

4.000 12/01/40

448,319

125,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunidng Series 2021

4.000 03/01/35

130,253

155,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunidng Series 2021

4.000 03/01/36

160,730

100,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunidng Series 2021

4.000 03/01/37

103,225

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Series 201528J

3.250 03/01/30

1,000,238

675,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Catherine University, Refunding Series 2018A

5.000 10/01/45

662,978

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint John's University, Refunding Series 2021

4.000 10/01/32

518,101

350,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint John's University, Series 2015-8I

5.000 10/01/33

350,360

385,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint John's University, Series 2015-8I

5.000 10/01/34

385,399

2,300,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2016-8-N

4.000 10/01/34

2,314,100

975,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2016-8-N

4.000 10/01/35

980,254

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2021

3.000 10/01/38

918,232

2,820,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2021

4.000 10/01/50

2,575,976

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Green Series 2022A

4.000 10/01/38

1,011,363

575,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Green Series 2022A

4.125 10/01/41

578,421

2,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Green Series 2022A

5.000 10/01/47

2,046,602

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2016-8L

5.000 04/01/27

1,007,479

100,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2017A

4.000 10/01/36

101,092

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2019

4.000 10/01/31

1,030,484

2,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2019

5.000 10/01/40

2,097,351

2,125,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

5.000 10/01/39

2,259,850

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4.000 10/01/40

503,069

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4.125 10/01/42

499,472

1,490,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4.125 10/01/42

1,488,426

4,170,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2024A

5.000 10/01/49

4,300,721

645,000

Minnesota Office of Higher Education, Supplemental Student

Loan Program Revenue Bonds, 2020 Senior Series, (AMT)

2.650 11/01/38

598,162

1,130,000

Otsego, Minnesota, Charter School Lease Revenue Bonds,

Kaleidoscope Charter School Project, Series 2014A

5.000 09/01/44

987,646

155,000

Saint Cloud, Minnesota, Charter School Lease Revenue Bonds,

Stride Academy Project, Series 2016A

5.000 04/01/46

125,571

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community of Peace

Academy Project, Refunding Series 2015A

5.000 12/01/46

974,753

1,600,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community of Peace

Academy Project, Series 2019

4.000 12/01/49

1,325,893

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

240,000

(a) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Great River School Project,

Series 2017A

5.500 %

07/01/38

$

241,285

685,000

(a) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Great River School Project,

Series 2017A

5.500 07/01/52

646,220

2,500,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Refunding Series 2020A

5.000 09/01/55

2,284,811

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

5.750 09/01/46

1,002,420

500,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

6.000 09/01/51

501,309

4,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hope Community

Academy Project, Series 2020A

5.000 12/01/55

2,909,270

1,000,000

(a) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Metro Deaf School Project,

Series 2018A

5.000 06/15/48

889,844

1,615,000

(a) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Metro Deaf School Project,

Series 2018A

5.000 06/15/53

1,403,596

730,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Nova Classical Academy,

Refunding Series 2021A

4.000 09/01/31

725,957

2,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Nova Classical Academy,

Series 2016A

4.125 09/01/47

1,694,931

1,530,000

(b) Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities Academy

Project, Refunding Series 2025A

5.875 07/01/50

1,534,316

1,230,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School Project, Series 2019

5.000 07/01/49

1,116,747

2,620,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School Project, Series 2019

5.000 07/01/55

2,320,000

420,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School, Series 2013A

5.000 07/01/33

420,191

1,450,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School, Series 2013A

5.000 07/01/44

1,356,459

2,135,000

Savage, Minnesota Charter School Lease Revenue Bonds, Aspen

Academy Project, Series 2016A

5.000 10/01/41

2,011,954

380,000

Savage, Minnesota Charter School Lease Revenue Bonds, Aspen

Academy Project, Series 2016A

5.125 10/01/48

342,128

1,595,000

Spring Lake Park, Minnesota, Charter School Lease Revenue

Bonds, Excell Academy for Higher Learning Inc., Series 2019A

5.000 06/15/54

1,423,169

500,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5.000 12/01/43

485,820

500,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5.125 12/01/49

476,720

1,750,000

University of Minnesota, General Obligation Bonds, Refunding

Series 2024A

5.000 01/01/43

1,906,819

3,505,000

University of Minnesota, General Obligation Bonds, Series 2019A

5.000 04/01/44

3,631,696

20,000

Winona Port Authority, Minnesota, Charter School Lease Revenue

Bonds, Bluffview Montessori School Project, Refunding Series

2016

4.750 06/01/46

16,505

Portfolio of Investments November 30, 2025

(continued)

Minnesota

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

2,000,000

(a) Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Math and Science Academy Building Company, Refunding Series

2025A

5.250 %

06/01/45

$

1,891,347

300,000

Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Woodbury Leadership Academy, Series 2021A

4.000 07/01/31

290,818

660,000

Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Woodbury Leadership Academy, Series 2021A

4.000 07/01/51

489,077

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

112,502,587

HEALTH CARE - 16.4%

500,000

Chippewa County, Minnesota, Gross Revenue Hospital Bonds,

Montevideo Hospital Project, Refunding Series 2016

4.000 03/01/32

500,137

2,000,000

Chippewa County, Minnesota, Gross Revenue Hospital Bonds,

Montevideo Hospital Project, Refunding Series 2016

4.000 03/01/37

1,957,394

280,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

3.000 04/01/26

278,707

485,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

5.000 04/01/41

486,788

500,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5.000 02/15/37

516,566

580,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

4.250 02/15/43

566,951

13,115,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5.000 02/15/48

13,250,287

3,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5.000 02/15/53

3,025,370

1,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5.250 02/15/53

1,008,213

2,590,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5.250 02/15/58

2,605,351

400,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

4.000 06/15/34

417,371

175,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

4.000 06/15/38

178,748

175,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

4.000 06/15/39

177,889

570,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

3.000 06/15/44

477,585

450,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022A, Forward Delivery

4.000 06/15/38

461,688

1,250,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022B

5.250 06/15/47

1,306,600

500,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

4.000 04/01/27

499,989

760,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

4.000 04/01/31

760,013

1,000,000

Maple Grove, Minnesota, Health Care Facilities Revenue

Refunding Bonds, North Memorial Health Care, Series 2015

4.000 09/01/35

991,953

425,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5.000 05/01/31

431,578

430,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5.000 05/01/32

436,373

2,725,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4.000 11/15/37

2,742,162

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

10,360,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4.000 %

11/15/39

$

10,349,483

1,000,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4.000 11/15/40

989,658

525,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

5.000 11/15/26

525,380

485,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

4.000 11/15/40

460,993

1,000,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

5.000 11/15/35

1,035,142

3,465,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

4.000 11/15/48

2,982,048

2,000,000

Minneapolis-Saint Paul Housing and Redevelopment Authority,

Minnesota, Health Care System Revenue Bonds, Children's

Health Care, Series 2025

5.000 08/15/41

2,166,043

1,250,000

Minneapolis-Saint Paul Housing and Redevelopment Authority,

Minnesota, Health Care System Revenue Bonds, Children's

Health Care, Series 2025

5.000 08/15/43

1,327,145

6,415,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2024A

5.250 01/01/54

6,671,709

4,660,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, HealthPartners Obligated

Group, Series 2024

5.250 01/01/47

4,922,539

2,600,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Refunding Series 2016B

5.000 11/15/36

3,070,143

2,500,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2022

5.000 11/15/57

2,580,038

4,895,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2016A

5.000 05/01/46

4,901,067

9,410,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2019

5.000 05/01/48

9,570,355

2,500,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

4.000 05/01/50

2,255,533

3,450,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

5.000 05/01/54

3,549,346

4,075,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2015A

4.000 07/01/35

4,075,589

5,645,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2025

5.000 07/01/32

6,281,596

2,135,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5.000 11/15/27

2,203,222

600,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4.000 11/15/36

598,083

640,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4.000 11/15/37

629,221

2,830,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4.000 11/15/43

2,536,076

2,500,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5.000 11/15/47

2,475,420

1,100,000

Saint Paul Port Authority, Minnesota, Lease Revenue Bonds,

Regions Hospital Parking Ramp Project, Series 2007-1

5.000 08/01/36

1,100,796

1,900,000

Wadena, Minnesota, Revenue Bonds, Wadena Cancer Center

Project, Series 2024A

5.000 12/01/45

1,985,012

TOTAL HEALTH CARE

112,319,350

Portfolio of Investments November 30, 2025

(continued)

Minnesota

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 0.4%

$

2,285,000

Rochester, Minnesota, Multifamily Housing Revenue Bonds,

Essex Place Apartments Project, Series 2012A

3.750 %

06/01/29

$

2,285,340

TOTAL HOUSING/MULTIFAMILY

2,285,340

HOUSING/SINGLE FAMILY - 1.0%

35,000

Minneapolis-Saint Paul Housing Finance Board, Minnesota,

Single Family Mortgage Revenue Bonds, City Living Series

2007A-2, (AMT)

5.520 03/01/41

35,001

365,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2016A, (AMT)

3.200 01/01/33

348,602

370,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020A, (AMT)

1.700 07/01/26

364,992

220,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020D, (AMT)

1.625 01/01/26

219,559

205,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020D, (AMT)

1.650 07/01/26

202,135

460,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020H, (AMT)

1.100 07/01/26

452,285

460,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020H, (AMT)

1.350 07/01/27

438,881

380,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1.550 01/01/28

359,784

390,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1.600 07/01/28

368,044

485,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1.750 01/01/29

445,600

485,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1.800 07/01/29

440,345

245,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1.900 01/01/30

219,770

240,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1.950 07/01/30

213,485

100,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2024L

4.150 07/01/38

101,902

1,385,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

4.850 07/01/45

1,410,778

1,355,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

4.900 07/01/48

1,384,216

TOTAL HOUSING/SINGLE FAMILY

7,005,379

INDUSTRIALS - 0.3%

2,250,000

(a) Saint Paul Port Authority, Minnesota, Solid Waste Disposal

Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-

7, (AMT)

4.500 10/01/37

2,206,488

TOTAL INDUSTRIALS

2,206,488

LONG-TERM CARE - 7.2%

2,090,000

Anoka, Minnesota, Health Care and Housing Facility Revenue

Bonds, The Homestead at Anoka, Inc. Project, Series 2014

5.125 11/01/49

1,831,938

225,000

Apple Valley, Minnesota Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase II Project,

Series 2021

4.000 09/01/26

224,643

240,000

Apple Valley, Minnesota Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase II Project,

Series 2021

4.000 09/01/28

239,214

270,000

Apple Valley, Minnesota Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase II Project,

Series 2021

4.000 09/01/31

268,368

475,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase III Project,

Series 2025A

5.375 09/01/45

481,981

1,000,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds,

PHS Apple Valley Senior Housing, Inc. Orchard Path Project,

Refunding Series 2018

5.000 09/01/43

988,289

1,000,000

Bethel, Minnesota, Housing and Health Care Facilities Revenue

Bonds, Ecumen Obligated Group Series 2024A

6.125 03/01/49

970,729

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

2,500,000

Brainerd, Minnesota, Senior Housing and Healthcare Revenue

Bonds, Pinecrest of Country Manor Project, Series 2025A

5.500 %

05/01/45

$

2,514,768

1,165,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5.000 11/01/44

1,203,180

1,000,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5.000 11/01/47

1,022,199

500,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

5.000 09/01/44

452,500

1,500,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

5.000 09/01/52

1,266,775

1,500,000

Chisago City, Minnesota, Housing and Health Care Revenue

Bonds, CDL Homes, LLC Project, Series 2013B

6.000 08/01/43

1,500,087

1,500,000

City of West Saint Paul, Minnesota Housing and Health Care

Facilities Revenue Refunding Bonds, Walker Westwood Ridge

Campus Project, Series 2017

5.000 11/01/49

1,348,640

250,000

Cloquet, Minnesota, Housing Facilities Revenue Bonds, HADC

Cloquet LLC Project, Refunding Series 2021

3.400 08/01/36

218,052

700,000

Cloquet, Minnesota, Housing Facilities Revenue Bonds, HADC

Cloquet LLC Project, Refunding Series 2021

4.000 08/01/41

586,441

200,000

Cloquet, Minnesota, Housing Facilities Revenue Bonds, HADC

Cloquet LLC Project, Refunding Series 2021

4.000 08/01/48

147,348

1,180,000

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,

Assumption Home, Inc., Refunding Series 2013

5.200 03/01/43

1,098,492

575,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

5.250 01/01/40

494,813

1,175,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

5.250 01/01/46

933,599

500,000

Cuyuna Range Hospital District, Minnesota, Health Care Facilities

Revenue Bonds, Crosby Senior Service Care Center, Series 2023

5.500 05/01/43

507,369

1,250,000

Cuyuna Range Hospital District, Minnesota, Health Care Facilities

Revenue Bonds, Crosby Senior Service Care Center, Series 2023

5.500 05/01/48

1,250,771

1,195,000

(a) Dakota County Community Development Agency, Minnesota,

Senior Housing Revenue Bonds, Walker Highview Hills LLC

Project, Refunding Series 2016A

5.000 08/01/46

1,114,997

500,000

Dennison, Minnesota, Senior Housing Revenue Bonds, Villages

of Lonsdale, LLC Project, Series 2019

4.600 05/01/44

384,890

400,000

Maple Plain, Minnesota Senior Housing and Healthcare Revenue

Bonds, Haven Homes, Inc. Project, Series 2019

4.100 07/01/34

389,773

1,250,000

Maple Plain, Minnesota Senior Housing and Healthcare Revenue

Bonds, Haven Homes, Inc. Project, Series 2019

5.000 07/01/54

1,118,356

200,000

Mapleton, Minnesota, Healthcare Facility Revenue Bonds,

Mapleton Community Home, Refunding Series 2019

4.000 05/01/39

172,874

1,500,000

Minneapolis, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015

5.250 11/01/45

1,423,676

300,000

Morris, Minnesota, Health Care Facilities Revenue Bonds,

Farmington Health Services Project, Refunding Series 2019

3.400 08/01/28

287,692

2,000,000

North Oaks, Minnesota, Senior Housing Revenue Bonds, Waverly

Gardens Project, Refunding Series 2016

5.000 10/01/47

1,930,565

1,285,000

Saint Joseph, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Woodcrest of Country Manor Project, Series

2019 A

5.000 07/01/55

1,162,972

2,000,000

(c) Saint Louis Park, Minnesota, Health Care Facilities Revenue

Bonds, Mount Olivet Careview Home Project, Series 2016B

4.900 06/01/49

1,749,011

25,000

Saint Louis Park, Minnesota, Health Care Facilities Revenue

Bonds, Mount Olivet Careview Home Project, Series 2016C

3.150 06/01/28

24,132

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Revenue Bonds, Rossy & Richard Shaller Family Sholom East

Campus, Series 2018

5.000 10/01/43

910,489

4,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota

Senior Housing and Health Care Revenue Bonds, Carondelet

Village Project, Series 2016A

5.000 12/01/41

4,009,358

Portfolio of Investments November 30, 2025

(continued)

Minnesota

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

1,175,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5.000 %

12/01/29

$

1,231,407

300,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5.000 12/01/30

317,781

1,750,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5.000 12/01/36

1,818,067

450,000

(a) Saint Paul Housing and Redevelopment Authority, Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Church Homes Project, Refunding Senior Series 2021A

4.000 11/01/34

424,600

1,015,000

(a) Saint Paul Housing and Redevelopment Authority, Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Church Homes Project, Refunding Senior Series 2021A

4.000 11/01/42

853,485

400,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4.000 09/01/32

394,814

500,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4.100 09/01/33

495,440

315,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4.200 09/01/36

305,752

300,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4.250 09/01/37

289,631

1,000,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

5.000 09/01/42

999,930

600,000

Sartell, Minnesota, Health Care and Housing Facilities Revenue

Bonds, Country Manor Campus LLC Project, Series 2022A

5.000 09/01/35

601,668

2,295,000

Sauk Rapids, Minnesota, Health Care and Housing Facilities

Revenue Bonds, Good Shepherd Luthran Home, Refunding

Series 2013

5.125 01/01/39

2,048,523

650,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

5.000 08/01/49

639,547

5,000,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

5.000 08/01/54

4,832,838

TOTAL LONG-TERM CARE

49,482,464

TAX OBLIGATION/GENERAL - 24.9%

1,355,000

Anoka-Hennepin Independent School District 11, Coon Rapids,

Minnesota, General Obligation Bonds, School Building Series

2020A

3.000 02/01/43

1,117,513

2,105,000

Bemidji, Minnesota, General Obligation Bonds, Refunding Sales

Tax Series 2017A - AGM Insured

4.000 02/01/29

2,163,795

5,000,000

Bird Island-Olivia-Lake Lillian Independent School District 2534,

Minnesota, General Obligation Bonds, School Building Series

2024A

5.000 02/01/49

5,279,204

5,630,000

Bird Island-Olivia-Lake Lillian Independent School District 2534,

Minnesota, General Obligation Bonds, School Building Series

2024A

5.000 02/01/54

5,906,321

200,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4.000 02/01/42

200,435

3,600,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4.000 02/01/43

3,602,429

1,090,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4.000 02/01/36

1,099,150

1,880,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4.000 02/01/38

1,893,972

2,715,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4.000 02/01/41

2,722,943

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,260,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4.000 %

02/01/42

$

2,263,260

3,000,000

Carlton County, Minnesota, General Obligation Bonds,

Minnesota State Credit Enhancement Program Series 2022A

4.000 02/01/47

2,889,670

1,160,000

Chisago Lakes, Minnesota, Independent School District 2144,

General Obligation Bonds, School Building Series 2017A

3.000 02/01/32

1,165,136

1,050,000

Cold Spring, Minnesota, General Obligation Bonds, Capital

Improvement Plan Series 2024A - BAM Insured

4.000 02/01/54

974,680

625,000

Corcoran, Minnesota, General Obligation Bonds, Series 2023A -

BAM Insured

4.000 02/01/40

638,927

3,605,000

Corcoran, Minnesota, General Obligation Bonds, Series 2023A -

BAM Insured

4.000 02/01/48

3,461,677

1,145,000

Dawson-Boyd Independent School District 378, Yellow Medicine

County, Minnesota, General Obligation Bonds, School Building

Series 2019A

4.000 02/01/31

1,176,211

1,145,000

Dawson-Boyd Independent School District 378, Yellow Medicine

County, Minnesota, General Obligation Bonds, School Building

Series 2019A

4.000 02/01/32

1,173,890

1,225,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building Facilities

Maintenance Series 2023A

4.000 02/01/44

1,227,750

500,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building Facilities

Maintenance Series 2023A

4.000 02/01/45

498,871

1,325,000

Duluth Independent School District 709, Saint Louis County,

Minnesota, General Obligation Bonds, Capital Appreciation

Series 2021C

0.000 02/01/31

1,120,777

1,480,000

Duluth Independent School District 709, Saint Louis County,

Minnesota, General Obligation Bonds, Capital Appreciation

Series 2021C

0.000 02/01/32

1,206,924

535,000

Duluth Independent School District 709, Saint Louis County,

Minnesota, General Obligation Bonds, Capital Appreciation

Series 2021C

0.000 02/01/33

419,147

1,115,000

Edgerton Independent School District 581, Minnesota, General

Obligation Bonds, School Building Series 2024A

4.000 02/01/43

1,119,512

480,000

Fridley, Minnesota, General Obligation Bonds, Capital

Improvement Plan, Series 2017

3.250 02/01/34

480,014

1,090,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

5.000 02/01/41

1,170,908

2,450,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

5.000 02/01/48

2,555,176

700,000

Greenway Independent School District 316, Itasca County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2019F

0.000 02/01/30

607,440

705,000

Hawley Independent School District 150, Clay County,

Minnesota, General Obligation Bonds, School Building Series

2023A

5.000 02/01/39

748,185

2,000,000

Hennepin County, Minnesota, General Obligation Bonds,

Refunding Series 2022B

5.000 12/01/39

2,222,476

3,000,000

Hennepin County, Minnesota, General Obligation Bonds, Sales

Tax Series 2020C

5.000 12/15/38

3,211,176

1,000,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2020A

5.000 12/01/36

1,096,556

3,000,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2024A

5.000 12/01/42

3,319,585

7,755,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2024A

5.000 12/01/43

8,499,346

1,250,000

Independent School District 621, Mounds View, Minnesota,

General Obligation Bonds, School Building Series 2018A

4.000 02/01/42

1,253,854

1,935,000

Independent School District No. 115, Cass Lake-Bena Public

Schools, Minnesota, Cass Beltrami and Hubbard Counties,

General Obligation School Building Bonds, Series 2023A

5.000 02/01/37

2,120,648

Portfolio of Investments November 30, 2025

(continued)

Minnesota

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,145,000

Independent School District No. 2397 (Le Sueur-Henderson),

Minnesota, General Obligation School Building Bonds, Series

2022A

5.000 %

02/01/36

$

1,263,843

600,000

Jordan Independent School District 717, Scott County,

Minnesota, General Obligation Bonds, School Building Series

2023A

5.000 02/01/38

648,597

1,585,000

Kerkoven, Murdock, and Sunburg Independent School District

775, Swift County, Minnesota, General Obligation Bonds, School

Building Series 2024A

5.000 02/01/41

1,748,840

500,000

La Crescent-Hokah Independent School District 300, Houston

and Winona Counties, Minnesota, General Obligation Bonds,

School Building & Maintenance Series 2019A

4.000 02/01/30

508,932

660,000

Madison, Minnesota, General Obligation Bonds, Refunding

Series 2015A - AGM Insured

3.600 01/01/35

660,054

500,000

Madison, Minnesota, General Obligation Bonds, Refunding

Series 2015A - AGM Insured

4.000 01/01/45

489,455

1,315,000

Maple River Independent School District 2135, Minnesota,

General Obligation Bonds, School Building Series 2020A

4.000 02/01/38

1,350,323

3,500,000

Maple River Independent School District 2135, Minnesota,

General Obligation Bonds, School Building Series 2020A

4.000 02/01/50

3,327,936

1,590,000

Medicine Lake, Minnesota, General Obligation Bonds, Series

2024A

5.000 02/01/54

1,547,570

1,430,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Building Series 2023A

5.000 02/01/43

1,537,033

2,645,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Long Term Facilities

Maintenance Series 2023B

5.000 02/01/43

2,842,974

2,780,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Long Term Facilities

Maintenance Series 2023B

5.000 02/01/44

2,976,206

1,430,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, School Building Series

2022A

5.000 02/01/43

1,520,530

2,195,000

Minneapolis, Minnesota, General Obligation Bonds,

Improvement & Various Purpose Series 2018

4.000 12/01/35

2,215,451

2,000,000

Minneapolis, Minnesota, General Obligation Bonds, Series 2023

5.000 12/01/39

2,193,651

9,895,000

Minnesota State, General Obligation Bonds, Various Purpose Bid

Groups 1 & 2 Series 2025A

5.000 08/01/43

10,928,168

2,975,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2018A

5.000 08/01/35

3,150,221

4,705,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2021A

5.000 09/01/30

5,249,330

2,000,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2023A

5.000 08/01/41

2,209,875

7,500,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2024A

5.000 08/01/44

8,156,908

325,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5.000 02/01/40

353,248

500,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5.000 02/01/42

536,032

300,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5.250 01/01/46

321,988

340,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5.250 01/01/47

363,982

1,290,000

Moorhead Independent School District 152, Clay County,

Minnesota, General Obligation Bonds, School Building Series

2020A

3.000 02/01/43

1,078,821

1,100,000

Moorhead Independent School District 152, Clay County,

Minnesota, General Obligation Bonds, School Building Series

2020A

3.000 02/01/44

903,360

2,000,000

North Saint Paul-Maplewood-Oakdale Independent School

District 622, Ramsey County, Minnesota, General Obligation

Bonds, Facilities Maintenance Series 2018A

3.375 02/01/35

2,004,290

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

530,000

Pillager Independent School District 116, Cass and Morrison

Counties, Minnesota, General Obligation Bonds, School Building

Series 2019A

3.000 %

02/01/33

$

532,094

1,245,000

Ramsey County, Minnesota, General Obligation Bonds, Capital

Improvement Plan, Series 2023B

4.000 02/01/40

1,276,871

1,795,000

Red Lake County, Minnesota, General Obligation School Building

Bonds, Independent School District No. 2906, Series 2022A

4.000 02/01/38

1,862,497

4,000,000

Richfield Independent School District 280, Hennepin County,

Minnesota, General Obligation Bonds, School Buildings Series

2018A

4.000 02/01/40

4,026,829

1,250,000

Robbinsdale Independent School District 281, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

3.000 02/01/30

1,248,428

4,000,000

Roseville Independent School District 623, Ramsey County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4.000 02/01/34

4,050,182

1,020,000

Round Lake-Brewster Independent School District 2907,

Minnesota, General Obligation Bonds, School Building Series

2023A

5.000 02/01/39

1,113,553

1,285,000

Round Lake-Brewster Independent School District 2907,

Minnesota, General Obligation Bonds, School Building Series

2023A

4.000 02/01/42

1,295,992

1,700,000

Russell-Tyler-Ruthton Public Schools Independent School District

2902, Minnesota, General Obligation Bonds, Series 2019A

4.000 02/01/31

1,782,596

800,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2022B

4.000 02/01/43

801,597

1,000,000

Saint James Independent School District 840, Minnesota,

General Obligation Bonds, School Building Series 2015B

4.000 02/01/45

980,917

1,340,000

Saint Michael Independent School District 885, Wright County,

Minnesota, General Obligation Bonds, School Building Series

2017A

4.000 02/01/28

1,343,249

1,400,000

Saint Michael Independent School District 885, Wright County,

Minnesota, General Obligation Bonds, School Building Series

2017A

4.000 02/01/30

1,403,514

1,885,000

Saint Michael Independent School District 885, Wright County,

Minnesota, General Obligation Bonds, School Building Series

2017A

3.200 02/01/32

1,886,683

465,000

Sartell Independent School District 748, Stearns County,

Minnesota, General Obligation Bonds, School Building Series

2025A

5.000 02/01/42

505,408

1,840,000

Sartell, Minnesota, General Obligation Bonds, Series 2022A

4.000 02/01/41

1,860,972

1,180,000

Sartell, Minnesota, General Obligation Bonds, Series 2022A

4.000 02/01/43

1,183,256

250,000

Shakopee Independent School District 720, Scott County,

Minnesota, General Obligation Bonds, Capital Facilities Series

2020A

4.000 02/01/33

253,667

425,000

Shakopee Independent School District 720, Scott County,

Minnesota, General Obligation Bonds, Capital Facilities Series

2020A

4.000 02/01/34

430,332

2,500,000

Sibley East Independent School District 2310, Sibley, Minnesota,

General Obligation Bonds, School Building Series 2015A

4.000 02/01/40

2,500,177

1,330,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

4.000 02/01/31

1,347,132

670,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

4.000 02/01/33

677,669

1,000,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2022A

4.000 02/01/34

1,038,232

2,030,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2022A

4.000 02/01/35

2,101,341

Portfolio of Investments November 30, 2025

(continued)

Minnesota

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,000,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, School Building Series

2016A

4.000 %

02/01/29

$

1,001,452

825,000

Waconia Independent School District, Minnesota, General

Obligation Bonds, School Building Series 2015B

3.000 02/01/28

824,255

1,315,000

Waseca Independent School District 829, Steele, Rice, and

Waseca Counties, Minnesota, General Obligation Bonds, School

Buidling Series 2015A

4.000 02/01/27

1,318,010

1,410,000

(b) Yellow Medicine East Independent School District 2190,

Minnesota, General Obligation Bonds, Series 2025A

4.000 02/01/46

1,373,066

TOTAL TAX OBLIGATION/GENERAL

170,715,147

TAX OBLIGATION/LIMITED - 11.6%

475,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2017A

4.200 12/15/43

418,817

1,000,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2023A

4.875 12/15/42

1,015,132

500,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2023A

5.000 12/15/44

506,799

1,000,000

Hennepin County, Minnesota, Sales Tax Revenue Bonds, Ballpark

Project, Refunding First Lien Series 2017A

5.000 12/15/30

1,021,835

675,000

Marshall, Minnesota, Education Services Facility, Lease Revenue

Bonds, Southwest West Central Service Cooperatives, Series

2024A

5.125 02/01/41

691,076

725,000

Marshall, Minnesota, Education Services Facility, Lease Revenue

Bonds, Southwest West Central Service Cooperatives, Series

2024A

5.375 02/01/45

734,744

310,000

Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village

at St. Anthony Falls Project, Refunding Series 2015

4.000 03/01/27

310,011

1,970,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5.000 10/01/40

2,174,100

2,515,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5.000 10/01/41

2,756,189

2,880,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5.000 10/01/43

3,099,545

1,090,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2015C

3.250 08/01/30

1,090,346

200,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2017A

4.000 08/01/30

202,886

475,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2017A

4.000 08/01/34

479,865

325,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2017A

4.000 08/01/35

328,533

1,125,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2018D

4.000 08/01/38

1,135,932

500,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021B

3.000 08/01/38

465,552

500,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021B

3.000 08/01/39

460,280

500,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021B

3.000 08/01/40

449,703

2,810,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4.000 08/01/35

2,946,114

2,925,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4.000 08/01/36

3,031,511

3,045,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4.000 08/01/37

3,122,447

3,165,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4.000 08/01/38

3,232,036

1,000,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4.000 08/01/43

990,961

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,780,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2022A

5.000 %

08/01/40

$

1,926,869

2,000,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2022C

5.000 08/01/42

2,130,892

1,280,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2023A

5.000 08/01/42

1,374,597

1,200,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2023A

5.000 08/01/44

1,267,926

5,800,000

Minnesota State, Certificates of Participation, State Office

Building Project, Series 2023

5.000 11/01/43

6,294,992

1,480,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

5.000 02/01/38

1,493,694

2,790,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

5.125 02/01/43

2,804,945

1,470,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015A

3.625 02/01/34

1,470,441

580,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015A

3.750 02/01/36

580,156

4,600,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015B

4.000 02/01/42

4,599,771

1,000,000

Plymouth Intermediate District 287, Minnesota, Certificates of

Participation, Refunding Series 2017A

4.000 02/01/36

1,007,232

175,000

Plymouth Intermediate District 287, Minnesota, Facilities

Maintence Bonds, Series 2017B

4.000 05/01/29

177,932

200,000

Plymouth Intermediate District 287, Minnesota, Facilities

Maintence Bonds, Series 2017B

4.000 05/01/32

203,350

100,000

Plymouth Intermediate District 287, Minnesota, Facilities

Maintence Bonds, Series 2017B

4.000 05/01/33

101,546

4,500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

4.500 07/01/34

4,501,262

6,077,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

5.000 07/01/58

5,924,867

1,155,000

Roseville Independent School District 623, Ramsey County,

Minnesota, Certificates of Participation, Series 2021A

5.000 04/01/29

1,207,089

1,000,000

Rum River Special Education Cooperative, Minnesota,

Certificates of Participation, Series 2025A

5.500 02/01/46

1,022,170

355,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

5.000 02/01/32

355,573

520,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

5.000 02/01/34

520,834

385,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Multifamily Housing Revenue Bonds, 2700 University at Westgate

Station, Series 2015B

4.875 04/01/30

385,108

1,405,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Multifamily Housing Revenue Bonds, 2700 University at Westgate

Station, Series 2015B

5.250 04/01/43

1,370,301

2,670,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2018B

3.375 02/01/35

2,679,022

5,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2019B

4.000 02/01/36

5,145

1,000,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2019B

4.000 02/01/37

1,024,984

500,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2024A

5.000 02/01/43

539,642

1,810,000

Saint Paul, Minnesota, Sales Tax Revenue Bonds, Neighborhood

and Economic Development Projects, Refunding Series 2024C

5.000 11/01/41

1,999,380

375,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4.000 02/01/26

375,016

320,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4.000 02/01/28

320,281

Portfolio of Investments November 30, 2025

(continued)

Minnesota

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

330,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4.000 %

02/01/30

$

330,199

435,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4.000 02/01/41

387,988

TOTAL TAX OBLIGATION/LIMITED

79,047,618

TRANSPORTATION - 7.6%

1,560,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019A

5.000 01/01/49

1,588,814

1,540,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/31

1,629,705

1,235,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/39

1,276,063

5,600,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/44

5,653,359

7,370,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5.000 01/01/49

7,416,334

8,145,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5.000 01/01/46

8,207,087

6,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022A

5.000 01/01/52

6,164,549

2,510,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5.000 01/01/40

2,655,820

13,300,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5.000 01/01/47

13,540,437

4,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Series 2024A,

(AMT)

5.250 01/01/49

4,166,674

TOTAL TRANSPORTATION

52,298,842

U.S. GUARANTEED - 0.2% (d)

1,530,000

Worthington Independent School District 518, Nobles County,

Minnesota, Certificates of Participation, Series 2017A, (Pre-

refunded 2/01/26)

4.000 02/01/42

1,532,919

TOTAL U.S. GUARANTEED

1,532,919

UTILITIES - 9.2%

2,610,000

(b) Blue Earth, Minnesota Electric Revenue Bonds, Series 2025A

5.000 06/01/51

2,580,565

1,240,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5.000 01/01/46

1,240,937

135,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

5.000 01/01/50

136,156

250,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

5.500 07/01/43

270,352

2,275,000

(c) Minnesota Municipal Gas Agency, Commodity Supply Revenue

Bonds, Series 2022A, (Mandatory Put 12/01/27)

4.000 12/01/52

2,305,171

5,000,000

(c) Minnesota Municipal Gas Agency, Commodity Supply Revenue

Bonds, Series 2022B, (Mandatory Put 12/01/27) (SOFR\*0.67%+

1.000%)

3.714 12/01/52

5,010,585

1,000,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014A

4.000 10/01/31

1,001,165

1,000,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014A

4.000 10/01/32

1,001,114

4,650,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Series 2016

5.000 10/01/47

4,659,785

535,000

(b) Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5.000 12/01/50

537,317

400,000

(b) Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5.000 12/01/54

400,014

5,555,000

Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding

Series 2017A

5.000 12/01/47

5,590,421

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

390,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

District Energy Revenue Bonds, Refunding Series 2017A

4.000 %

10/01/28

$

396,454

1,610,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

District Energy Revenue Bonds, Refunding Series 2017A

4.000 10/01/33

1,628,034

355,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

District Energy Revenue Bonds, Refunding Series 2017B

4.000 10/01/28

360,684

270,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

District Energy Revenue Bonds, Refunding Series 2017B

4.000 10/01/29

274,263

2,500,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2017-3

4.000 10/01/42

2,412,613

1,180,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2017-4, (AMT)

4.000 10/01/40

1,112,919

300,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2021-1. 501 C3

3.000 10/01/34

290,287

1,100,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2021-2, (AMT)

4.000 10/01/40

1,037,466

1,250,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2023-3, (AMT)

5.250 10/01/42

1,302,968

1,325,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2024-1

5.000 10/01/45

1,383,981

1,250,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2024-1

5.000 10/01/46

1,303,489

4,905,000

Saint Paul, Minnesota, Water Revenue Bonds, Series 2023A

4.000 12/01/47

4,803,191

1,175,000

Sauk Centre Public Utilities Commission, Minnesota, Electric

Revenue Bonds, Series 2024A - AGM Insured

4.375 12/01/49

1,161,084

6,230,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 1994A - NPFG Insured

0.000 01/01/26

6,212,359

715,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5.000 01/01/43

785,258

1,205,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5.000 01/01/44

1,307,818

500,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5.000 01/01/46

536,000

230,000

Thief River Falls, Minnesota, Electric Revenue Bonds, Series

2018A - AGM Insured

4.000 02/01/35

230,264

260,000

Thief River Falls, Minnesota, Electric Revenue Bonds, Series

2018A - AGM Insured

4.000 02/01/38

260,077

11,265,000

Western Minnesota Municipal Power Agency, Minnesota, Power

Supply Revenue Bonds, Series 2018A

5.000 01/01/49

11,421,684

TOTAL UTILITIES

62,954,475

TOTAL MUNICIPAL BONDS

(Cost $661,276,229)

652,350,609

TOTAL LONG-TERM INVESTMENTS

(Cost $661,276,229)

652,350,609

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 3.1%

X

21,295,000

MUNICIPAL BONDS - 3.1%

X

–

HEALTH CARE - 3.1%

$

5,395,000

(c),(e)

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

2.900 11/15/48

$

5,395,000

4,900,000

(c),(e)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic Series 2008B

2.850 11/15/38

4,900,000

11,000,000

(c),(e)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2025D

2.000 11/15/64

11,000,000

TOTAL HEALTH CARE

21,295,000

TOTAL MUNICIPAL BONDS

(Cost $21,295,000)

21,295,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $21,295,000)

21,295,000

TOTAL INVESTMENTS - 98.3%

(Cost $682,571,229)

673,645,609

OTHER ASSETS & LIABILITIES, NET - 1.7%

11,662,093

NET ASSETS - 100%

$

685,307,702

Portfolio of Investments November 30, 2025

(continued)

Minnesota

See Notes To Financial Statements

AMT

Alternative Minimum Tax

SOFR

Secured Overnight Financing Rate

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $12,431,785 or 1.8% of Total Investments.

(b) When-issued or delayed delivery security.

(c) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(d) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely

payment of principal and interest.

(e) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term

investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the

reporting period. This rate changes periodically based on market conditions or a specified market index.

Portfolio of Investments November 30, 2025

Nebraska

See Notes To Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 100.5%

X

70,755,937

MUNICIPAL BONDS - 100.5%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 10.4%

$

1,000,000

Douglas County, Nebraska, Educational Facilities Revenue

Bonds, Creighton University Projects, Refunding Series 2017

5.000 %

07/01/47

$

1,007,582

500,000

Douglas County, Nebraska, Educational Facilities Revenue

Bonds, Creighton University Projects, Refunding Series 2025

5.250 07/01/49

534,889

1,195,000

Nebraska State Colleges Facilities Corporation, Nebraska,

Revenue Bonds, Facilities Program Series 2022B - AGM Insured

5.000 07/15/37

1,297,726

1,000,000

Nebraska State Colleges, Student Fees and Facilities Revenue

Bonds, Board of Trustees, Wayne State College Series 2023 -

AGM Insured

5.000 07/01/48

1,042,232

445,000

Saline County, Nebraska, Educational Facilities Revenue Bonds,

Doane College Project, Refunding Series 2020A

3.000 02/15/35

431,158

500,000

Southeast Community College Area, Nebraska, Facilities

Revenue Bonds, Series 2020 - AGM Insured

3.000 03/15/45

401,190

500,000

University of Nebraska Facilities Corporation, Nebraska, Facilities

Bonds, Refunding Series 2017B

4.000 05/15/37

503,526

2,000,000

University of Nebraska Facilities Corporation, Nebraska, Facilities

Program Bonds, Green Series 2021B

5.000 07/15/51

2,082,153

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

7,300,456

HEALTH CARE - 9.7%

575,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Refunding

Series 2020A

4.000 11/15/40

572,237

300,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Refunding

Series 2020A

4.000 11/15/41

294,356

180,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Series

2017

5.000 11/15/37

183,512

500,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Series

2017

5.000 11/15/47

504,083

440,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Nebraska Methodist Health System, Series 2025

5.000 11/01/32

491,225

585,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Nebraska Methodist Health System, Series 2025

5.500 11/01/49

633,648

775,000

Douglas County Hospital Authority 2, Nebraska, Hospital

Revenue Bonds, Madonna Rehabilitation Hospital Project, Series

2014

5.000 05/15/44

774,994

260,000

Douglas County Hospital Authority 3, Nebraska, Health Facilities

Revenue Bonds, Nebraska Methodist Health System, Refunding

Series 2015

4.125 11/01/36

260,034

1,085,000

Douglas County Hospital Authority 3, Nebraska, Health Facilities

Revenue Bonds, Nebraska Methodist Health System, Refunding

Series 2015

5.000 11/01/45

1,085,341

250,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project,

Refunding Series 2017A

5.000 07/01/30

255,288

500,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project, Series

2018

5.000 07/01/34

500,179

435,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project, Series

2018

5.000 07/01/35

435,155

875,000

Scotts Bluff County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Regional West Medical Center Project,

Refunding & Improvement Series 2016A

5.250 02/01/37

847,644

TOTAL HEALTH CARE

6,837,696

Portfolio of Investments November 30, 2025

(continued)

Nebraska

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/SINGLE FAMILY - 1.1%

$

660,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Refunding Series 2016A

3.500 %

09/01/36

$

652,093

100,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Series 2021A

1.850 09/01/35

82,350

45,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Series 2021A

1.950 09/01/37

36,806

TOTAL HOUSING/SINGLE FAMILY

771,249

LONG-TERM CARE - 1.5%

1,200,000

Nebraska Educational, Health, Cultural and Social Services

Finance Authority, Revenue Bonds, Immanuel Retirement

Communities Obligated Group, Series 2019A

4.000 01/01/49

1,086,824

TOTAL LONG-TERM CARE

1,086,824

TAX OBLIGATION/GENERAL - 45.5%

500,000

Adams County, Nebraska, General Obligation Bonds, Series

2023A

5.000 12/15/42

512,461

750,000

Bellevue, Nebraska, Tax Supported Municipal Improvement

Bonds, Series 2024

4.000 09/15/49

702,558

500,000

Buffalo County School District 007 Kearney Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2016

3.000 12/15/36

481,446

270,000

Cass County School District 56 Conestoga Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2025A

5.000 12/15/39

282,568

380,000

Cass County School District 56 Conestoga Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2025B

4.000 12/15/39

384,093

750,000

City of Omaha, Nebraska, Special Tax Revenue Redevelopment

and Refunding Bonds, Series 2024A

5.000 04/15/44

807,998

1,000,000

Custer County School District 025 Broken Bow Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2024 - BAM Insured

5.000 12/15/41

1,036,709

750,000

Dodge County School District 1 Fremont, Nebraska, General

Obligation Bonds, Series 2023 - AGM Insured

5.000 12/15/48

794,650

840,000

Douglas County School District 059, Nebraska, General

Obligation Bonds, Bennington Public Schools, School Building

Series 2019

4.000 06/15/33

840,429

1,000,000

Douglas County School District 059, Nebraska, General

Obligation Bonds, Bennington Public Schools, Series 2016

3.375 12/15/41

887,816

1,500,000

Douglas County School District 1, Nebraska, General Obligation

Bonds, Omaha Public Schools Series 2020

3.000 12/15/43

1,259,029

1,000,000

Douglas County School District 10 Elkhorn, Nebraska, General

Obligation Bonds, Series 2018

4.000 12/15/38

1,006,255

1,000,000

Douglas County School District 10 Elkhorn, Nebraska, General

Obligation Bonds, Series 2024 - AGM Insured

4.000 12/15/45

960,487

1,000,000

Douglas County School District 10 Elkhorn, Nebraska, General

Obligation Bonds, Series 2025

5.000 06/15/45

1,057,191

405,000

Douglas County School District 54, Ralston, Nebraska, General

Obligation Bonds, Series 2023

5.000 12/15/43

430,394

1,000,000

Douglas County School District 54, Ralston, Nebraska, General

Obligation Bonds, Series 2023

5.000 12/15/48

1,048,815

635,000

Douglas County School District 66, Westside, Nebraska, General

Obligation Bonds, Series 2023

5.000 12/01/41

678,436

425,000

Douglas County School District 66, Westside, Nebraska, General

Obligation Bonds, Series 2025B

5.000 12/01/44

450,947

350,000

Gretna, Nebraska, Tax Supported Municipal Improvement Bonds,

Refunding Series 2025B

4.375 12/15/41

355,922

250,000

Hall County, Nebraska, Limited Tax Bonds, Building Series 2024

5.000 12/15/40

261,837

250,000

Hall County, Nebraska, Limited Tax Bonds, Building Series 2024

4.000 12/15/44

240,661

375,000

Kearney County School District 501, Nebraska, General

Obligation Bonds, Axtell Community Schools School Building

Series 2024

5.000 12/15/39

395,003

375,000

Kearney County School District 501, Nebraska, General

Obligation Bonds, Axtell Community Schools School Building

Series 2024

4.000 12/15/44

362,889

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

965,000

Kearney County, Nebraska, General Obligation Bonds,

Recreational Facilities Series 2022

4.000 %

05/15/42

$

954,027

1,000,000

La Vista, Nebraska, General Obligation Bonds, Highway

Allocation Pledge Series 2023

5.000 09/15/43

1,034,106

1,000,000

La Vista, Sarpy County, Nebraska, Tax Supported Bonds, Taxable

Refunding Series 2022 - AGM Insured

5.000 09/15/42

1,024,158

1,000,000

Lancaster County School District 1, Lincoln, Nebraska, General

Obligation Bonds, Series 2020

3.000 01/15/43

849,009

500,000

Nance County School District 30, Nebraska, General Obligation

Bonds, Twin River Public School School Building Series 2024 -

BAM Insured

4.125 12/15/49

472,880

300,000

North Platte Airport Authority, Nebraska, General Obligation

Bonds, Series 2024

4.750 12/15/44

291,913

500,000

Omaha, Nebraska, General Obligation Bonds, Refunding &

Various Purpose Series 2018A

4.000 01/15/37

504,160

500,000

Omaha, Nebraska, General Obligation Bonds, Refunding &

Various Purpose Series 2019

4.000 04/15/37

509,764

610,000

Omaha, Nebraska, General Obligation Bonds, Series 2025A

5.000 04/15/45

651,663

1,000,000

Omaha, Nebraska, General Obligation Bonds, Various Purpose

Series 2022

5.000 04/15/41

1,083,171

500,000

Omaha, Nebraska, Special Tax Redevelopment Bonds, Series

2018A

5.000 01/15/33

513,841

1,000,000

Omaha, Nebraska, Special Tax Redevelopment Bonds, Series

2024C

4.000 04/15/49

929,995

1,000,000

Otoe County School District 0501 Palmyra District OR-1,

Nebraska, General Obligation Bonds, School Building Series

2022

5.000 12/15/42

1,017,209

1,000,000

Papillion-LaVista School District 27, Sarpy County, Nebraska,

General Obligation Bonds, Series 2023

4.250 12/01/43

1,009,783

1,000,000

Papillion-LaVista School District 27, Sarpy County, Nebraska,

General Obligation Bonds, Series 2025

5.000 12/01/45

1,071,214

1,000,000

Sarpy County School District 037 Gretna Public Schools,

Nebraska, General Obligation Bonds, Series 2019

5.000 06/15/40

1,045,267

1,000,000

Southeast Community College Area, Nebraska, Certificates of

Participation, Series 2018

5.000 12/15/47

1,017,711

500,000

Southeast Community College Area, Nebraska, Certificates of

Participation, Series 2025

5.000 12/15/45

525,391

1,000,000

Wayne County School District 17, Nebraska, General Obligation

Bonds, Wayne Community Schools, School Building Series 2023

4.250 12/15/48

972,584

530,000

Wayne County School District 17, Nebraska, General Obligation

Bonds, Wayne Community Schools, School Building Series 2024

5.000 12/15/43

547,975

750,000

York County School District 12, Nebraska, General Obligation

Bonds, School Building Series 2024

5.000 12/15/45

781,065

TOTAL TAX OBLIGATION/GENERAL

32,045,480

TAX OBLIGATION/LIMITED - 8.6%

500,000

Blair, Nebraska, Highway Allocation Fund Pledge Bonds, Series

2023

4.000 06/15/43

493,780

500,000

Columbus, Nebraska, Sales Tax Revenue Bonds, Police & Fire

Project, Series 2018

4.000 09/15/27

500,435

1,250,000

Douglas County Nebraska, Sanitary and Improvement, District

Number 608, General Obligation Bonds, North Streams, Series

2022

6.000 12/15/47

1,137,132

450,000

Douglas County Sanitary and Improvement District 607 Deer

Crest, Nebraska, General Obligation Bonds, Series 2024

5.000 09/15/44

445,413

1,060,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5.000 10/01/28

1,091,561

500,000

Omaha Public Facilities Corporation, Nebraska, Lease Revenue

Bonds, Omaha Baseball Stadium Project, Refunding Series

2016A

4.000 06/01/36

501,379

1,950,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

5.000 07/01/58

1,901,183

TOTAL TAX OBLIGATION/LIMITED

6,070,883

Portfolio of Investments November 30, 2025

(continued)

Nebraska

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION - 3.7%

$

1,000,000

Lincoln, Nebraska, Airport Revenue Bonds, Series 2021, (AMT)

4.000 %

07/01/36

$

1,010,987

550,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2017A, (AMT)

5.000 12/15/36

556,005

1,000,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2024, (AMT)

5.250 12/15/49

1,047,182

TOTAL TRANSPORTATION

2,614,174

U.S. GUARANTEED - 0.7% (a)

450,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2017A, (Pre-refunded 12/15/26), (AMT)

5.000 12/15/36

458,570

TOTAL U.S. GUARANTEED

458,570

UTILITIES - 19.3%

465,000

Central Plains Energy Project, Nebraska, Gas Project 3 Revenue

Bonds, Refunding Crossover Series 2017A

5.000 09/01/37

510,217

1,000,000

(b) Central Plains Energy Project, Nebraska, Gas Project 4 Revenue

Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29)

5.000 05/01/54

1,071,162

1,930,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

5.000 07/01/40

1,958,323

500,000

Guam Power Authority, Revenue Bonds, Refunding Series 2022A

5.000 10/01/43

515,660

500,000

Metropolitan Utilities District Omaha, Nebraska, Water Revenue

Bonds, Series 2015

3.250 12/01/32

500,053

1,000,000

Nebraska Public Power District, General Revenue Bonds, Series

2016A

5.000 01/01/41

1,000,548

1,200,000

Nebraska Public Power District, General Revenue Bonds, Series

2023A

5.000 07/01/28

1,257,875

1,000,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2018A

5.000 02/01/39

1,035,837

750,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2022B

5.000 02/01/47

780,729

1,000,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2024A

5.500 02/01/49

1,086,117

500,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2025A

5.000 02/01/43

543,048

1,000,000

(c) Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2025B

5.000 02/01/47

1,065,733

320,000

Omaha Public Power District, Nebraska, Separate Electric System

Revenue Bonds, Nebraska City 2, Refunding Series 2015A

3.500 02/01/42

294,535

1,500,000

Public Power Generation Agency, Nebraska, Whelan Energy

Center Unit 2 Revenue Bonds, Refunding Series 2016A

5.000 01/01/40

1,510,572

100,000

Wheat Belt Public Power District, Nebraska, Electric System

Revenue Bonds, Series 2025

4.625 09/01/41

100,439

340,000

Wheat Belt Public Power District, Nebraska, Electric System

Revenue Bonds, Series 2025

5.000 09/01/45

339,757

TOTAL UTILITIES

13,570,605

TOTAL MUNICIPAL BONDS

(Cost $71,437,013)

70,755,937

TOTAL LONG-TERM INVESTMENTS

(Cost $71,437,013)

70,755,937

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.3%

X

200,000

MUNICIPAL BONDS - 0.3%

X

–

HEALTH CARE - 0.3%

$

200,000

(b),(d)

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Refunding

Series 2008A

2.850 08/15/32

$

200,000

TOTAL HEALTH CARE

200,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $200,000)

200,000

TOTAL INVESTMENTS - 100.8%

(Cost $71,637,013)

70,955,937

OTHER ASSETS & LIABILITIES, NET - (0.8)%

(529,757)

NET ASSETS - 100%

$

70,426,180

AMT

Alternative Minimum Tax

See Notes To Financial Statements

(a) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely

payment of principal and interest.

(b) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(c) When-issued or delayed delivery security.

(d) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term

investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the

reporting period. This rate changes periodically based on market conditions or a specified market index.

Portfolio of Investments November 30, 2025

Oregon Intermediate

See Notes To Financial Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 94.5%

X

196,066,401

MUNICIPAL BONDS - 94.5%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 6.6%

$

1,095,000

Forest Grove, Oregon, Campus Improvement Revenue Bonds,

Pacific University Project, Refunding Series 2015A

5.000 %

05/01/30

$

1,095,798

1,525,000

Forest Grove, Oregon, Campus Improvement Revenue Bonds,

Pacific University Project, Refunding Series 2022A

5.000 05/01/32

1,601,448

420,000

Oregon Facilities Authority, Oregon, Revenue Bonds, Southern

Oregon Goodwill project, Series A

5.000 12/01/40

428,335

95,000

(a) Oregon Facilities Authority, Revenue Bonds, Howard Street

Charter School Project, Series 2019A

5.000 06/15/29

96,215

920,000

(a) Oregon Facilities Authority, Revenue Bonds, Metro East Web

Academy Project, Series 2019A

5.000 06/15/34

928,034

2,190,000

Oregon Facilities Authority, Revenue Bonds, University of

Portland Projects, Refunding Series 2025A

5.000 04/01/38

2,377,031

2,025,000

Oregon Facilities Authority, Revenue Bonds, University of

Portland Projects, Refunding Series 2025A

5.000 04/01/40

2,177,329

490,000

(a) Oregon State Facilities Authority, Oregon, Charter School

Revenue Bonds, Academy for Character Education, Series 2022A

6.750 06/15/42

514,399

455,000

(a) Oregon State Facilities Authority, Oregon, Charter School

Revenue Bonds, Redmond Proficiency Academy Project, Series

2025A

5.500 06/15/45

456,892

1,000,000

Yamhill County, Oregon, Revenue Bonds, George Fox University

Project, Refunding Series 2021

4.000 12/01/36

1,026,253

1,875,000

Yamhill County, Oregon, Revenue Bonds, George Fox University

Project, Refunding Series 2021

4.000 12/01/41

1,886,202

1,000,000

Yamhill County, Oregon, Revenue Bonds, Linfield University

Project, Refunding Series 2020A

5.000 10/01/35

1,033,321

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

13,621,257

HEALTH CARE - 11.0%

455,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5.250 08/01/39

494,798

1,000,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5.250 08/01/40

1,074,273

375,000

Deschutes County Hospital Facility Authority, Oregon, Hospital

Revenue Bonds, Saint Charles Health System, Inc., Series 2016A

4.000 01/01/33

375,124

1,000,000

Deschutes County Hospital Facility Authority, Oregon, Hospital

Revenue Bonds, Saint Charles Health System, Inc., Series 2016A

5.000 01/01/33

1,001,467

715,000

Deschutes County Hospital Facility Authority, Oregon, Hospital

Revenue Bonds, Saint Charles Health System, Inc., Series 2020A

4.000 01/01/34

731,524

3,985,000

Oregon Facilities Authority, Revenue Bonds, Peacehealth System,

Refunding Series 2014A

4.125 11/15/32

3,986,263

600,000

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services Project, Refunding Series 2020A

5.000 10/01/30

639,542

485,000

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services, Refunding Series 2016A

5.000 10/01/29

487,016

1,325,000

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services, Refunding Series 2016A

5.000 10/01/30

1,329,688

4,105,000

(b) Oregon Health and Science University, Revenue Bonds, Green

Series 2021B-1, (Mandatory Put 2/01/30)

5.000 07/01/46

4,395,572

1,000,000

Oregon Health and Science University, Revenue Bonds, Series

2019A

5.000 07/01/29

1,076,957

560,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem

Health Projects, Refunding Series 2016A

5.000 05/15/30

565,172

1,000,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem

Health Projects, Refunding Series 2016A

5.000 05/15/31

1,008,890

1,200,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem

Health Projects, Refunding Series 2016A

5.000 05/15/46

1,203,004

2,235,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem

Health Projects, Series 2019A

5.000 05/15/32

2,382,230

1,230,000

Union County Oregon, Hospital Facility Authority Revenue

Bonds, Grande Ronde Hospital Incorporated, Series 2022

5.000 07/01/33

1,320,581

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

695,000

Union County Oregon, Hospital Facility Authority Revenue

Bonds, Grande Ronde Hospital Incorporated, Series 2022

5.000 %

07/01/34

$

743,341

TOTAL HEALTH CARE

22,815,442

HOUSING/MULTIFAMILY - 0.6%

340,000

Home Forward, Oregon, Multifamily Housing Revenue Bonds,

Lovejoy Station Apartments, Refunding Series 2016

4.000 07/15/29

342,411

1,000,000

(b) Oregon Housing and Community Services Department, Oregon,

Multifamily Housing Revenue Bonds, Hollywood Hub Apartments

Project, Series 2024R, (Mandatory Put 1/01/29)

4.000 01/10/48

1,015,361

TOTAL HOUSING/MULTIFAMILY

1,357,772

HOUSING/SINGLE FAMILY - 0.7%

935,000

Oregon Housing and Community Services Department, Single

Family Mortgage Program Revenue Bonds, Series 2021A

1.900 01/01/33

820,842

825,000

Oregon Housing and Community Services Department, Single

Family Mortgage Program Revenue Bonds, Series 2021A

1.950 07/01/33

719,714

TOTAL HOUSING/SINGLE FAMILY

1,540,556

INFORMATION TECHNOLOGY - 1.0%

2,000,000

(b) Oregon State Business Development Commission, Recovery

Zone Facility Revenue Bonds, Intel Corporation Project, 232

Series 2010, (Mandatory Put 6/15/28)

3.800 12/01/40

2,014,892

TOTAL INFORMATION TECHNOLOGY

2,014,892

LONG-TERM CARE - 5.0%

385,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5.000 11/15/27

390,018

300,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5.000 11/15/28

303,989

315,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5.000 11/15/29

319,348

330,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5.000 11/15/30

334,775

200,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

4.000 05/15/26

199,603

400,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

4.000 11/15/26

398,371

350,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

4.000 05/15/27

348,120

350,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

4.000 11/15/27

347,419

930,000

Multnomah County Hospital Facilities Authority, Oregon,

Revenue Bond, Terwilliger Plaza, Inc., Refunding Series 2012

5.000 12/01/29

930,404

325,000

Multnomah County Hospital Facilities Authority, Oregon,

Revenue Bond, Terwilliger Plaza, Inc., Refunding Series 2016

5.000 12/01/30

328,088

1,005,000

Multnomah County Hospital Facilities Authority, Oregon,

Revenue Bonds, Terwilliger Plaza-Parkview Project, Refunding

Green Series 2021A

4.000 12/01/36

964,221

1,040,000

Polk County Hospital Facility Authority, Oregon, Revenue Bonds,

Dallas Retirement Village Project, Series 2015A

5.125 07/01/35

1,040,346

1,540,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds,

Capital Manor, Inc., Refunding Bonds, Series 2022

4.000 05/15/40

1,456,498

1,150,000

Yamhill County Hospital Authority, Oregon, Revenue Bonds,

Friendsview Retirement Community, Refunding Series 2016A

5.000 11/15/31

1,156,242

1,820,000

Yamhill County Hospital Authority, Oregon, Revenue Bonds,

Friendsview Retirement Community, Refunding Series 2021A

5.000 11/15/36

1,836,229

TOTAL LONG-TERM CARE

10,353,671

TAX OBLIGATION/GENERAL - 40.5%

750,000

Aurora, Marion County, Oregon, General Obligation Bonds,

Taxable Series 2024 - BAM Insured

5.250 06/01/45

802,279

2,400,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Current Interest

Series 2017C

5.000 06/15/35

2,471,090

2,000,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Deferred Interest

Series 2017B

0.000 06/15/33

1,486,703

Portfolio of Investments November 30, 2025

(continued)

Oregon Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,000,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Series 2025A

0.000 %

06/15/41

$

1,001,879

820,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Series 2025B

5.000 06/15/36

963,438

1,380,000

Bend, Oregon, General Obligation Bonds, Full Faith & Credit

Series 2023

5.000 06/01/36

1,598,744

350,000

Benton and Linn Counties District School District 509J Corvallis,

Oregon, General Obligation Bonds, Series 2018A

5.000 06/15/26

354,572

2,835,000

Benton and Linn Counties District School District 509J Corvallis,

Oregon, General Obligation Bonds, Series 2018A

5.000 06/15/27

2,940,952

350,000

Benton County, Oregon, Full Faith and Credit Obligations, Series

2023

5.000 06/01/37

394,248

250,000

Benton County, Oregon, Full Faith and Credit Obligations, Series

2023

5.000 06/01/38

279,248

1,000,000

Boardman, Morrow County, Oregon, General Obligation Bonds,

Series 2021 - BAM Insured

4.000 06/15/35

1,029,776

680,000

Chemeketa Community College District, Oregon, General

Obligation Bonds, Series 2025B

5.000 06/15/38

785,361

1,000,000

Chemeketa Community College District, Oregon, General

Obligation Bonds, Series 2025B

5.000 06/15/42

1,107,611

1,665,000

Clackamas and Multnomah Counties School District 7J Lake

Oswego, Oregon, General Obligation Bonds, Series 2017

4.000 06/01/32

1,690,402

1,000,000

Clackamas and Multnomah Counties School District 7J, Lake

Oswego, Oregon, General Obligation Bonds, Series 2025

5.000 06/01/42

1,107,260

875,000

Clackamas Community College District, Oregon, General

Obligation Bonds, Refunding Series 2025

5.000 06/15/42

966,192

3,575,000

Clackamas County School District 12, North Clackamas, Oregon,

General Obligation Bonds, Deferred Interest Series 2017A

0.000 06/15/41

1,769,798

585,000

Clackamas County School District 12, North Clackamas, Oregon,

General Obligation Bonds, Series 2018

5.000 06/15/31

620,250

550,000

Clackamas County School District 12, North Clackamas, Oregon,

General Obligation Bonds, Series 2018

5.000 06/15/32

582,699

1,225,000

Clackamas County School District 62, Oregon City, Oregon,

General Obligation Bonds, Series 2025B

5.000 06/15/44

1,332,816

1,135,000

David Douglas School District 40, Multnomah County, Oregon,

General Obligation Bonds, Series 2023A

0.000 06/15/34

844,937

2,000,000

David Douglas School District 40, Multnomah County, Oregon,

General Obligation Bonds, Series 2023A

0.000 06/15/35

1,413,894

1,210,000

David Douglas School District 40, Multnomah County, Oregon,

General Obligation Bonds, Series 2023A

0.000 06/15/37

760,084

1,000,000

David Douglas School District 40, Multnomah County, Oregon,

General Obligation Bonds, Series 2023A

0.000 06/15/38

590,162

1,000,000

Deschutes and Jefferson Counties School District 2J Redmond,

Oregon, General Obligation Bonds, Series 2025

5.000 06/15/42

1,094,956

1,335,000

Deschutes County Administrative School District 1, Bend-La Pine,

Oregon, General Obligation Bonds, Series 2023

5.000 06/15/36

1,514,065

2,000,000

Deschutes County Administrative School District 1, Bend-La Pine,

Oregon, General Obligation Bonds, Series 2025

5.000 06/15/41

2,223,255

605,000

Hoodland Rural Fire Protection District 74, Oregon, General

Obligation Bonds, Series 2025

5.000 06/15/38

683,806

1,845,000

Jackson County School District 5 Ashland, Oregon, General

Obligation Bonds, Series 2019

5.000 06/15/34

1,980,285

190,000

Keizer, Oregon, General Obligation Assessment Bonds, Keizer

Station Area A Local Improvement District, Series 2008

5.200 06/01/31

190,203

1,000,000

Lane Community College, Lane, Linn, Benton and Douglas

Counties, Oregon, General Obligation Bonds, Series 2020A

4.000 06/15/33

1,047,724

1,750,000

Lane Community College, Lane, Linn, Benton and Douglas

Counties, Oregon, General Obligation Bonds, Series 2020A

4.000 06/15/34

1,826,035

3,900,000

Lane County School District 4J Eugene, Oregon, General

Obligation Bonds, School Bond Guaranty Series 2019

4.000 06/15/35

4,008,211

500,000

(c) Lincoln County School District, Oregon, General Obligation

Bonds, Conv Deferred Interest, Series 2025

0.000 06/15/37

553,961

500,000

(c) Lincoln County School District, Oregon, General Obligation

Bonds, Conv Deferred Interest, Series 2025

0.000 06/15/39

545,295

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,000,000

Marion and Polk Counties School District 24J, Salem-Kreizer,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2020B

5.000 %

06/15/34

$

2,191,796

2,145,000

Marion and Polk Counties School District 24J, Salem-Kreizer,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2020B

5.000 06/15/35

2,342,535

2,000,000

Marion and Polk Counties School District 24J, Salem-Kreizer,

Oregon, General Obligation Bonds, Series 2018

5.000 06/15/33

2,114,934

1,050,000

Marion and Polk Counties School District 24J, Salem-Kreizer,

Oregon, General Obligation Bonds, Series 2018

5.000 06/15/38

1,097,546

1,000,000

Marion County School District 15 North Marion, Oregon, General

Obligation Bonds, Series 2018B

5.000 06/15/31

1,058,991

2,500,000

Metro, Oregon, General Obligation Bonds, Series 2020A

4.000 06/01/34

2,626,477

1,590,000

Metro, Oregon, General Obligation Bonds, Series 2025

5.000 06/01/41

1,794,186

1,060,000

Mount Hood Community College District, Oregon, General

Obligation Bonds, Series 2025

5.000 06/15/42

1,156,222

450,000

Oregon Coast Community College District, Lincoln County,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2024

5.000 06/15/39

509,264

350,000

Oregon Coast Community College District, Lincoln County,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2024

5.000 06/15/41

387,816

1,250,000

Oregon State, General Obligation Bonds, Article XI-Q State

Projects, Series 2025K

5.000 11/01/42

1,390,026

770,000

Oregon State, General Obligation Bonds, Series 2024A

5.000 05/01/37

885,726

145,000

Port of Alsea, Lincoln County, Oregon, General Obligation

Bonds, Series 2018

3.750 06/15/28

145,173

180,000

Port of Alsea, Lincoln County, Oregon, General Obligation

Bonds, Series 2018

4.000 06/15/33

181,450

900,000

Portland Community College District, Multnomah County,

Oregon, General Obligation Bonds, Refunding Series 2016

5.000 06/15/29

911,273

1,455,000

Portland Community College District, Multnomah County,

Oregon, General Obligation Bonds, Series 2023

5.000 06/15/38

1,627,565

500,000

Redmond Area Park and Recreation District, Deschutes County,

Oregon, General Obligation Bonds, Series 2023

5.000 06/15/34

571,787

1,850,000

Redmond, Oregon, Full Faith and Credit Obligations, Airport

Expansion Project, Series 2025A, (AMT)

5.000 06/01/37

2,061,875

500,000

Redmond, Oregon, Full Faith and Credit Obligations, Airport

Expansion Project, Series 2025A, (AMT)

5.000 06/01/39

548,743

630,000

Redmond, Oregon, Full Faith and Credit Obligations, Series

2019B-1

5.000 06/01/36

664,149

2,285,000

Saint Helens, Oregon, Full Faith and Credit Obligations, Series

2021

4.000 08/01/41

2,304,031

1,000,000

Tillamook County School District 009, Oregon, General

Obligation Bonds, Series 2025

5.000 06/15/39

1,129,124

245,000

Umatilla County School District 6R Umatilla, Oregon, General

Obligation Bonds, Series 2017

5.000 06/15/27

253,968

340,000

Umatilla County School District 6R Umatilla, Oregon, General

Obligation Bonds, Series 2017

5.000 06/15/29

352,196

315,000

Umatilla County School District 6R Umatilla, Oregon, General

Obligation Bonds, Series 2017

5.000 06/15/31

326,353

500,000

Washington and Clackamas Counties School District 23J Tigard-

Tualatin, Oregon, General Obligation Bonds, Series 2025

5.000 06/15/37

582,291

750,000

Washington and Clackamas Counties School District 23J Tigard-

Tualatin, Oregon, General Obligation Bonds, Series 2025

5.000 06/15/38

866,207

750,000

Washington and Clackamas Counties School District 23J Tigard-

Tualatin, Oregon, General Obligation Bonds, Series 2025

5.000 06/15/39

860,002

6,000,000

Washington County School District 13, Oregon, General

Obligation Bonds, Series 2024A

0.000 06/15/44

2,523,581

1,320,000

Washington County, Oregon, General Obligation Bonds, Full

Faith & Credit Obligation Series 2016B

4.000 03/01/31

1,324,299

2,000,000

Washington County, Oregon, General Obligation Bonds, Full

Faith & Credit Obligation Series 2025

5.000 06/01/42

2,214,520

1,010,000

Washington Multnomah & Yamhill Counties School District 1J

Hillsboro, Oregon, General Obligation Bonds, Series 2017

5.000 06/15/31

1,044,854

Portfolio of Investments November 30, 2025

(continued)

Oregon Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,450,000

Washington Multnomah & Yamhill Counties School District 1J

Hillsboro, Oregon, General Obligation Bonds, Series 2017

5.000 %

06/15/34

$

1,496,046

1,000,000

Yamhill County School District 40, McMinnville, Oregon, General

Obligation Bonds, Refunding Series 2016

4.000 06/15/31

1,006,409

1,000,000

Yamhill County School District 40, McMinnville, Oregon, General

Obligation Bonds, Refunding Series 2016

4.000 06/15/32

1,005,788

TOTAL TAX OBLIGATION/GENERAL

84,119,394

TAX OBLIGATION/LIMITED - 8.9%

1,000,000

Beaverton, Oregon, Special Revenue Bonds, Series 2020A

4.000 06/01/37

1,028,707

200,000

Cannon Beach, Clatsop County, Oregon, General Obligation

Bonds, Full Faith Credit Series 2024

5.000 06/01/37

227,756

250,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

5.250 01/01/37

277,203

1,635,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5.000 10/01/28

1,683,682

460,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5.000 10/01/32

486,111

1,000,000

Oregon Department of Administrative Services, State Lottery

Revenue Bonds, Projects and Refunding Series 2025A

5.000 04/01/38

1,153,892

2,000,000

Oregon State Department of Transportation, Highway User Tax

Revenue Bonds, Refunding Subordinate Lien Series 2019A

5.000 11/15/35

2,154,921

5,470,000

Oregon State Department of Transportation, Highway User Tax

Revenue Bonds, Subordinate Lien Series 2020A

4.000 11/15/39

5,583,685

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4.329 07/01/40

975,381

1,600,000

Seaside, Clatsop County, Oregon, Transient Lodgings Tax

Revenue Bonds, Series 2018

5.000 12/15/30

1,688,769

1,000,000

Tri-County Metropolitan Transportation District, Oregon, Capital

Grant Receipt Revenue Bonds, Series 2018A

5.000 10/01/31

1,042,336

2,060,000

Tri-County Metropolitan Transportation District, Oregon, Capital

Grant Receipt Revenue Bonds, Series 2018A

4.000 10/01/33

2,085,595

TOTAL TAX OBLIGATION/LIMITED

18,388,038

TRANSPORTATION - 6.3%

350,000

Jackson County, Oregon, Airport Revenue Bonds, Refunding

Series 2016 - AGM Insured

4.000 12/01/34

351,135

1,000,000

(a) Port of Morrow, Morrow County Oregon, Full Faith and Credit

Obligations, Series 2024A

5.150 10/01/26

1,000,095

3,745,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Green Series 2023-29, (AMT)

5.000 07/01/29

4,000,173

2,400,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Green Series 2024-30A, (AMT)

5.000 07/01/37

2,659,688

1,690,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Series 2017-24B, (AMT)

5.000 07/01/35

1,715,720

3,040,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Series 2022-28, (AMT)

5.000 07/01/34

3,359,493

TOTAL TRANSPORTATION

13,086,304

U.S. GUARANTEED - 0.1% (d)

425,000

Clackamas County School District 12, North Clackamas, Oregon,

General Obligation Bonds, Deferred Interest Series 2017A, (Pre-

refunded 6/15/27)

0.000 06/15/41

216,541

TOTAL U.S. GUARANTEED

216,541

UTILITIES - 13.8%

2,140,000

Beaverton, Oregon, Water Revenue Bonds, Series 2020

5.000 04/01/40

2,274,027

2,090,000

Beaverton, Oregon, Water Revenue Bonds, Series 2022

4.000 04/01/35

2,218,406

2,150,000

Beaverton, Oregon, Water Revenue Bonds, Series 2022

4.000 04/01/36

2,261,465

350,000

Central Lincoln Peoples Utility District, Oregon, Electric Revenue

Bonds, Refunding Series 2025

5.000 12/01/42

385,482

250,000

Clackamas River Water, Oregon, Water Revenue Bonds,

Refunding Series 2025

5.000 11/01/37

285,336

300,000

Clackamas River Water, Oregon, Water Revenue Bonds,

Refunding Series 2025

5.000 11/01/42

326,567

1,000,000

Emerald Peoples Utility District, Oregon, Electric System Revenue

Bonds, Series 2025

5.000 06/01/42

1,102,808

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,135,000

Eugene, Oregon, Electric Utility Revenue Bonds, Refunding

Series 2024

5.000 %

08/01/42

$

1,247,407

250,000

Eugene, Oregon, Water Utility System Revenue Bonds, Series

2023

5.000 08/01/36

285,240

250,000

Eugene, Oregon, Water Utility System Revenue Bonds, Series

2023

5.000 08/01/37

283,330

250,000

Eugene, Oregon, Water Utility System Revenue Bonds, Series

2023

5.000 08/01/38

281,280

1,065,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5.000 07/01/28

1,075,104

1,120,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5.000 07/01/29

1,130,648

1,180,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5.000 07/01/30

1,191,153

500,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

5.000 10/01/36

551,396

1,250,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

5.000 10/01/38

1,356,880

1,595,000

Portland, Oregon, Sewer System Revenue Bonds, Second Lien

Refunding Series 2023A

5.000 12/01/36

1,807,717

500,000

Portland, Oregon, Sewer System Revenue Bonds, Second Lien

Refunding Series 2025A

5.000 10/01/42

550,321

2,500,000

Portland, Oregon, Water System Revenue Bonds, Refunding First

Lien Series 2016A

4.000 04/01/33

2,503,666

3,000,000

Portland, Oregon, Water System Revenue Bonds, Refunding First

Lien Series 2022A

4.000 04/01/35

3,145,200

1,000,000

(a) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

5.000 07/01/33

1,045,032

1,000,000

Tigard, Washington County, Oregon, Water System Revenue

Bonds, Refunding Series 2025 - BAM Insured

5.000 08/01/43

1,091,667

1,525,000

(a) Warm Springs Reservation Confederated Tribes, Oregon,

Hydroelectric Revenue Bonds, Tribal Economic Development

Bond Pelton Round Butte Project, Taxable Refunding Green

Series 2019B

5.000 11/01/33

1,624,193

500,000

(a) Warm Springs Reservation Confederated Tribes, Oregon,

Hydroelectric Revenue Bonds, Tribal Economic Development

Bond Pelton Round Butte Project, Taxable Refunding Green

Series 2019B

5.000 11/01/36

528,209

TOTAL UTILITIES

28,552,534

TOTAL MUNICIPAL BONDS

(Cost $193,486,609)

196,066,401

TOTAL LONG-TERM INVESTMENTS

(Cost $193,486,609)

196,066,401

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 4.2%

X

8,690,000

MUNICIPAL BONDS - 4.2%

X

–

HEALTH CARE - 2.6%

$

2,100,000

(b),(e)

Oregon Facilities Authority, Revenue Bonds, Peacehealth System,

Refunding Series 2018A

2.800 08/01/34

$

2,100,000

3,385,000

(b),(e)

Oregon Facilities Authority, Revenue Bonds, Peacehealth System,

Refunding Series 2018B

2.850 08/01/34

3,385,000

TOTAL HEALTH CARE

5,485,000

Portfolio of Investments November 30, 2025

(continued)

Oregon Intermediate

See Notes To Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL - 1.6%

$

2,000,000

(b),(e)

Oregon State, General Obligation Bonds, Department of

Veterans Affairs Series 105B of 2020J

2.800 %

06/01/39

$

2,000,000

1,205,000

(b),(e)

Oregon State, General Obligation Bonds, Veteran's Welfare

Series 110 Series 2022E

2.850 06/01/45

1,205,000

TOTAL TAX OBLIGATION/GENERAL

3,205,000

TOTAL MUNICIPAL BONDS

(Cost $8,690,000)

8,690,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $8,690,000)

8,690,000

TOTAL INVESTMENTS - 98.7%

(Cost $202,176,609)

204,756,401

OTHER ASSETS & LIABILITIES, NET - 1.3%

2,785,579

NET ASSETS - 100%

$

207,541,980

AMT

Alternative Minimum Tax

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $6,193,069 or 3.0% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(c) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.

The rate shown is the coupon as of the end of the fiscal period.

(d) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely

payment of principal and interest.

(e) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term

investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the

reporting period. This rate changes periodically based on market conditions or a specified market index.

Statement of Assets and Liabilities

See Notes to Financial Statements.

November 30, 2025 (Unaudited)

Minnesota

Intermediate

Minnesota

Nebraska

Oregon

Intermediate

ASSETS

Long-term investments, at value

†

$

350,650,047

$

652,350,609

$

70,755,937

$

196,066,401

Short-term investments, at value

◊

11,470,000

21,295,000

200,000

8,690,000

Cash

427,615

8,385,559

–

–

Receivables:

Interest

4,371,445

9,031,938

1,116,753

2,690,500

Investments sold

2,445,095

1,694,573

–

590,875

Reimbursement from Adviser

–

–

7,793

1,896

Reverse repurchase agreements sold

600,101

–

–

–

Shares sold

333,174

584,610

4,453

47,352

Other

35,225

41,352

14,557

13,782

Total assets

370,332,702

693,383,641

72,099,493

208,100,806

LIABILITIES

Cash overdraft

–

–

412,180

27,885

Payables:

Management fees

147,604

269,316

29,345

84,524

Dividends

267,263

297,965

26,581

169,106

Interest

3,325

1,414

Investments purchased - when-issued/delayed-delivery settlement

4,353,037

6,398,162

1,066,100

–

Shares redeemed

460,041

838,395

64,385

171,908

Accrued expenses:

Custodian fees

51,737

78,430

23,849

35,860

Directors fees

18,388

24,254

2,134

5,933

Professional fees

25,581

31,522

22,577

24,158

Shareholder reporting expenses

16,146

23,110

11,395

11,189

Shareholder servicing agent fees

32,324

63,095

6,443

20,749

12b-1 distribution and service fees

17,308

46,061

5,959

5,499

Other

3,698

4,215

2,213

1,618

Total liabilities

5,396,452

8,075,939

1,673,313

558,826

Net assets

$

364,936,250

$

685,307,702

$

70,426,180

$

207,541,980

NET ASSETS CONSIST OF:

Paid-in capital

$

381,994,847

$

748,843,520

$

85,138,951

$

219,199,810

Total distributable earnings (loss)

(17,058,597)

(63,535,818)

(14,712,771)

(11,657,830)

Net assets

$

364,936,250

$

685,307,702

$

70,426,180

$

207,541,980

†

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

349,522,927

$

661,276,229

$

71,437,013

$

193,486,609

◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

11,470,000

$

21,295,000

$

200,000

$

8,690,000

Minnesota

Intermediate

Minnesota

Nebraska

Oregon

Intermediate

CLASS A:

Net assets

$

80,406,831

$

236,705,181

$

32,346,002

$

26,275,654

Shares outstanding

8,203,263

22,046,443

3,312,007

2,661,320

Net asset value ("NAV") per share

$

9.80 $

10.74 $

9.77 $

9.87 Maximum sales charge

3.00%

4.20%

4.20%

3.00%

Offering price per share (NAV per share plus maximum sales charge)

$

10.10 $

11.21 $

10.20 $

10.18 CLASS C:

Net assets

$

4,749,983

$

9,448,656

$

740,765

$

1,419,645

Shares outstanding

487,855

880,748

75,942

144,598

NAV and offering price per share

$

9.74 $

10.73 $

9.75 $

9.82 CLASS I:

Net assets

$

279,779,436

$

439,153,865

$

37,339,413

$

179,846,681

Shares outstanding

28,667,731

40,961,345

3,816,571

18,177,997

NAV and offering price per share

$

9.76 $

10.72 $

9.78 $

9.89 Authorized shares - per class

2 billion

2 billion

2 billion

2 billion

Par value per share

$

0.0001 $

0.0001 $

0.0001 $

0.0001 Statement of Operations

See Notes to Financial Statements.

Six Months Ended November 30, 2025 (Unaudited)

Minnesota

Intermediate

Minnesota

Nebraska

Oregon

Intermediate

INVESTMENT INCOME

Interest

$

6,535,172

$

13,828,398

$

1,404,128

$

3,575,677

Total investment income

6,535,172

13,828,398

1,404,128

3,575,677

EXPENSES

–

–

–

–

Management fees

862,553

1,601,067

177,144

491,905

12b-1 service fees - Class A

81,999

223,876

32,106

25,759

12b-1 distribution and service fees - Class C

24,263

49,672

3,764

7,471

Shareholder servicing agent fees - Class A

13,952

37,934

6,226

4,220

Shareholder servicing agent fees - Class C

825

1,678

Shareholder servicing agent fees - Class I

44,937

72,022

7,198

27,703

Interest expense

16,094

35,423

1,298

1,621

Directors fees

6,216

11,362

1,218

3,404

Custodian expenses, net

28,590

44,541

13,518

20,211

Registration fees

22,347

23,852

14,069

10,410

Professional fees

32,644

41,571

25,767

29,539

Shareholder reporting expenses

19,989

24,126

16,685

18,611

Other

5,550

5,876

4,274

4,167

Total expenses before fee waiver/expense reimbursement

1,159,959

2,173,000

303,413

645,265

Fee waiver/expense reimbursement

—

—

(54,764)

(17,573)

Net expenses

1,159,959

2,173,000

248,649

627,692

Net investment income (loss)

5,375,213

11,655,398

1,155,479

2,947,985

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(61,893)

(89,570)

(264,454)

(207,431)

Net realized gain (loss)

(61,893)

(89,570)

(264,454)

(207,431)

Change in unrealized appreciation (depreciation) on:

Investments

8,912,663

20,750,068

2,913,407

6,150,333

Net change in unrealized appreciation (depreciation)

8,912,663

20,750,068

2,913,407

6,150,333

Net realized and unrealized gain (loss)

8,850,770

20,660,498

2,648,953

5,942,902

Net increase (decrease) in net assets from operations

$

14,225,983

$

32,315,896

$

3,804,432

$

8,890,887

Statement of Changes in Net Assets

See Notes to Financial Statements.

Minnesota Intermediate

Minnesota

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

$

5,375,213

$

10,062,382

$

11,655,398

$

22,456,242

Net realized gain (loss)

(61,893)

(574,864)

(89,570)

(1,379,737)

Net change in unrealized appreciation (depreciation)

8,912,663

(915,782)

20,750,068

(12,637,969)

Net increase (decrease) in net assets from operations

14,225,983

8,571,736

32,315,896

8,438,536

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,267,552)

(2,427,910)

(3,945,065)

(7,703,482)

Class C

(55,858)

(129,309)

(135,520)

(319,594)

Class I

(4,309,349)

(7,526,314)

(7,988,734)

(15,344,750)

Total distributions

(5,632,759)

(10,083,533)

(12,069,319)

(23,367,826)

FUND SHARE TRANSACTIONS

Subscriptions

84,179,391

101,144,757

119,744,185

223,789,873

Reinvestments of distributions

3,988,100

6,876,703

10,252,503

19,788,678

Redemptions

(50,905,200)

(108,754,935)

(112,278,048)

(185,099,927)

Net increase (decrease) from Fund share transactions

37,262,291

(733,475)

17,718,640

58,478,624

Net increase (decrease) in net assets

45,855,515

(2,245,272)

37,965,217

43,549,334

Net assets at the beginning of period

319,080,735

321,326,007

647,342,485

603,793,151

Net assets at the end of period

$

364,936,250

$

319,080,735

$

685,307,702

$

647,342,485

See Notes to Financial Statements.

#### Statement of Changes in Net Assets
(continued)

Nebraska

Oregon Intermediate

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

Unaudited

Six Months Ended

11/30/25

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

$

1,155,479

$

2,275,479

$

2,947,985

$

5,500,192

Net realized gain (loss)

(264,454)

(814,269)

(207,431)

(196,819)

Net change in unrealized appreciation (depreciation)

2,913,407

(970,304)

6,150,333

(1,069,173)

Net increase (decrease) in net assets from operations

3,804,432

490,906

8,890,887

4,234,200

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(523,000)

(1,007,002)

(367,673)

(715,796)

Class C

(9,195)

(20,661)

(15,335)

(27,356)

Class I

(637,765)

(1,247,237)

(2,560,421)

(4,834,067)

Total distributions

(1,169,960)

(2,274,900)

(2,943,429)

(5,577,219)

FUND SHARE TRANSACTIONS

Subscriptions

6,250,747

12,676,112

39,708,971

61,281,389

Reinvestments of distributions

1,008,792

1,981,776

1,998,432

3,940,334

Redemptions

(8,921,902)

(17,031,991)

(23,730,722)

(62,398,809)

Net increase (decrease) from Fund share transactions

(1,662,363)

(2,374,103)

17,976,681

2,822,914

Net increase (decrease) in net assets

972,109

(4,158,097)

23,924,139

1,479,895

Net assets at the beginning of period

69,454,071

73,612,168

183,617,841

182,137,946

Net assets at the end of period

$

70,426,180

$

69,454,071

$

207,541,980

$

183,617,841

Financial Highlights

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Minnesota Intermediate

Class

A

11/30/25

(d) $

9.56 $

0.14 $

0.25 $

0.39 $

(0.15)

$

—

$

(0.15)

$

9.80 5/31/25

9.61 0.29 (0.05)

0.24 (0.29)

—

(0.29)

9.56 5/31/24

9.68 0.28 (0.06)

0.22 (0.29)

—

(0.29)

9.61 5/31/23

9.86 0.25 (0.18)

0.07 (0.25)

—

(0.25)

9.68 5/31/22

10.65 0.20 (0.80)

(0.60)

(0.19)

—

(0.19)

9.86 5/31/21

10.48 0.22 0.17 0.39 (0.22)

—

(0.22)

10.65 Class

C

11/30/25

(d) 9.50 0.10 0.25 0.35 (0.11)

—

(0.11)

9.74 5/31/25

9.55 0.21 (0.04)

0.17 (0.22)

—

(0.22)

9.50 5/31/24

9.62 0.20 (0.06)

0.14 (0.21)

—

(0.21)

9.55 5/31/23

9.80 0.18 (0.19)

(0.01)

(0.17)

—

(0.17)

9.62 5/31/22

10.58 0.12 (0.80)

(0.68)

(0.10)

—

(0.10)

9.80 5/31/21

10.41 0.13 0.17 0.30 (0.13)

—

(0.13)

10.58 Class

I

11/30/25

(d) 9.52 0.15 0.25 0.40 (0.16)

—

(0.16)

9.76 5/31/25

9.57 0.31 (0.05)

0.26 (0.31)

—

(0.31)

9.52 5/31/24

9.64 0.30 (0.07)

0.23 (0.30)

—

(0.30)

9.57 5/31/23

9.82 0.27 (0.18)

0.09 (0.27)

—

(0.27)

9.64 5/31/22

10.60 0.22 (0.80)

(0.58)

(0.20)

—

(0.20)

9.82 5/31/21

10.43 0.24 0.16 0.40 (0.23)

—

(0.23)

10.60 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) Unaudited.

(e) Annualized.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c) Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

.11

%

$

80,407

.81

%

(e) 0

.80

%

(e) 2

.94

%

(e) 6

%

.54

79,842

.81

.79

.02

.27

87,301

.83

.81

.91

.71

85,313

.81

.81

.62

(5

.75)

113,097

.80

.80

.96

.71

138,393

.79

.79

.05

.71

4,750

.61

(e) 1

.60

(e) 2

.14

(e) 6

.73

5,127

.61

.59

.22

.45

6,364

.63

.61

.10

(0

.11)

8,829

.61

.61

.82

(6

.46)

11,621

.60

.60

.16

.91

13,672

.59

.59

.25

.22

279,779

.61

(e) 0

.60

(e) 3

.15

(e) 6

.74

234,112

.61

.59

.22

.47

227,661

.63

.61

.10

.90

245,297

.61

.61

.82

(5

.52)

272,534

.60

.60

.16

.90

306,289

.59

.59

.25

Financial Highlights

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Minnesota

Class

A

11/30/25

(d) $

10.41 $

0.18 $

0.34 $

0.52 $

(0.19)

$

—

$

(0.19)

$

10.74 5/31/25

10.63 0.36 (0.20)

0.16 (0.38)

—

(0.38)

10.41 5/31/24

10.68 0.36 (0.05)

0.31 (0.36)

—

(0.36)

10.63 5/31/23

11.08 0.33 (0.41)

(0.08)

(0.32)

—

(0.32)

10.68 5/31/22

12.11 0.24 (1.06)

(0.82)

(0.21)

—

(0.21)

11.08 5/31/21

11.78 0.25 0.34 0.59 (0.26)

—

(0.26)

12.11 Class

C

11/30/25

(d) 10.40 0.14 0.33 0.47 (0.14)

—

(0.14)

10.73 5/31/25

10.62 0.27 (0.20)

0.07 (0.29)

—

(0.29)

10.40 5/31/24

10.67 0.27 (0.04)

0.23 (0.28)

—

(0.28)

10.62 5/31/23

11.07 0.24 (0.41)

(0.17)

(0.23)

—

(0.23)

10.67 5/31/22

12.10 0.15 (1.06)

(0.91)

(0.12)

—

(0.12)

11.07 5/31/21

11.77 0.15 0.34 0.49 (0.16)

—

(0.16)

12.10 Class

I

11/30/25

(d) 10.40 0.19 0.33 0.52 (0.20)

—

(0.20)

10.72 5/31/25

10.62 0.38 (0.20)

0.18 (0.40)

—

(0.40)

10.40 5/31/24

10.66 0.38 (0.04)

0.34 (0.38)

—

(0.38)

10.62 5/31/23

11.07 0.34 (0.41)

(0.07)

(0.34)

—

(0.34)

10.66 5/31/22

12.10 0.26 (1.05)

(0.79)

(0.24)

—

(0.24)

11.07 5/31/21

11.77 0.27 0.34 0.61 (0.28)

—

(0.28)

12.10 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) Unaudited.

(e) Annualized.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c) Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

.00

%

$

236,705

.78

%

(e) 0

.77

%

(e) 3

.42

%

(e) 4

%

.41

220,043

.77

.76

.35

.99

214,252

.80

.79

.36

(0

.73)

206,858

.79

.79

.03

(6

.83)

225,930

.77

.77

.03

.02

277,598

.77

.77

.07

.59

9,449

.58

(e) 1

.57

(e) 2

.62

(e) 4

.59

10,609

.57

.56

.55

.16

13,274

.60

.59

.56

(1

.51)

17,824

.59

.59

.22

(7

.58)

25,848

.57

.57

.23

.19

33,134

.57

.57

.28

.03

439,154

.58

(e) 0

.57

(e) 3

.62

(e) 4

.61

416,691

.57

.56

.56

.29

376,267

.60

.59

.56

(0

.61)

317,275

.59

.59

.21

(6

.64)

392,073

.57

.57

.23

.23

421,865

.57

.57

.27

Financial Highlights

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Nebraska

Class

A

11/30/25

(e) $

9.41 $

0.15 $

0.37 $

0.52 $

(0.16)

$

—

$

(0.16)

$

9.77 5/31/25

9.65 0.30 (0.24)

0.06 (0.30)

—

(0.30)

9.41 5/31/24

9.72 0.26 (0.09)

0.17 (0.24)

—

(0.24)

9.65 5/31/23

10.03 0.20 (0.32)

(0.12)

(0.19)

—

(0.19)

9.72 5/31/22

11.11 0.17 (1.09)

(0.92)

(0.16)

—

(0.16)

10.03 5/31/21

10.98 0.20 0.13 0.33 (0.20)

—

(0.20)

11.11 Class

C

11/30/25

(e) 9.40 0.11 0.36 0.47 (0.12)

—

(0.12)

9.75 5/31/25

9.64 0.22 (0.24)

(0.02)

(0.22)

—

(0.22)

9.40 5/31/24

9.71 0.18 (0.09)

0.09 (0.16)

—

(0.16)

9.64 5/31/23

10.01 0.12 (0.31)

(0.19)

(0.11)

—

(0.11)

9.71 5/31/22

11.08 0.08 (1.08)

(1.00)

(0.07)

—

(0.07)

10.01 5/31/21

10.95 0.11 0.13 0.24 (0.11)

—

(0.11)

11.08 Class

I

11/30/25

(e) 9.42 0.16 0.37 0.53 (0.17)

—

(0.17)

9.78 5/31/25

9.67 0.32 (0.25)

0.07 (0.32)

—

(0.32)

9.42 5/31/24

9.74 0.27 (0.08)

0.19 (0.26)

—

(0.26)

9.67 5/31/23

10.05 0.22 (0.32)

(0.10)

(0.21)

—

(0.21)

9.74 5/31/22

11.13 0.19 (1.09)

(0.90)

(0.18)

—

(0.18)

10.05 5/31/21

11.00 0.22 0.13 0.35 (0.22)

—

(0.22)

11.13 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(e) Unaudited.

(f) Annualized.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

5.53 %

$

32,346

0.96 %

(f) 0.96 %

(f) 0.80 %

(f) 0.80 %

(f) 3.21 %

(f) 10

%

0.53 31,520

0.96 0.93 0.82 0.79 3.04 19

1.75 35,597

0.94 0.91 0.84 0.81 2.66 20

(1.20)

44,057

0.89 0.89 0.82 0.82 2.05 18

(8.34)

55,101

0.88 0.88 0.87 0.87 1.57 26

3.03 62,259

0.88 0.88 0.87 0.87 1.79 4

5.00 741

1.76 (f) 1.76 (f) 1.60 (f) 1.60 (f) 2.40 (f) 10

(0.31)

822

1.76 1.73 1.62 1.59 2.23 19

0.93 991

1.74 1.71 1.64 1.61 1.83 20

(1.89)

1,985

1.69 1.69 1.62 1.62 1.25 18

(9.03)

2,650

1.68 1.68 1.67 1.67 0.77 26

2.20 3,110

1.68 1.68 1.67 1.67 1.00 4

5.62 37,339

0.76 (f) 0.76 (f) 0.60 (f) 0.60 (f) 3.41 (f) 10

0.62 37,113

0.76 0.73 0.62 0.59 3.24 19

1.95 37,025

0.74 0.71 0.64 0.61 2.82 20

(0.99)

55,289

0.69 0.69 0.62 0.62 2.25 18

(8.12)

64,848

0.68 0.68 0.67 0.67 1.77 26

3.24 66,647

0.68 0.68 0.67 0.67 1.99 4

Financial Highlights

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Oregon Intermediate

Class

A

11/30/25

(e) $

9.58 $

0.14 $

0.29 $

0.43 $

(0.14)

$

—

$

(0.14)

$

9.87 5/31/25

9.64 0.27 (0.06)

0.21 (0.27)

—

(0.27)

9.58 5/31/24

9.65 0.25 (0.02)

0.23 (0.24)

—

(0.24)

9.64 5/31/23

9.83 0.22 (0.19)

0.03 (0.21)

—

(0.21)

9.65 5/31/22

10.70 0.17 (0.88)

(0.71)

(0.16)

—

(0.16)

9.83 5/31/21

10.61 0.18 0.10 0.28 (0.19)

—

(0.19)

10.70 Class

C

11/30/25

(e) 9.53 0.10 0.29 0.39 (0.10)

—

(0.10)

9.82 5/31/25

9.58 0.19 (0.05)

0.14 (0.19)

—

(0.19)

9.53 5/31/24

9.60 0.17 (0.02)

0.15 (0.17)

—

(0.17)

9.58 5/31/23

9.77 0.14 (0.18)

(0.04)

(0.13)

—

(0.13)

9.60 5/31/22

10.64 0.09 (0.88)

(0.79)

(0.08)

—

(0.08)

9.77 5/31/21

10.55 0.10 0.10 0.20 (0.11)

—

(0.11)

10.64 Class

I

11/30/25

(e) 9.60 0.15 0.29 0.44 (0.15)

—

(0.15)

9.89 5/31/25

9.66 0.29 (0.06)

0.23 (0.29)

—

(0.29)

9.60 5/31/24

9.67 0.27 (0.02)

0.25 (0.26)

—

(0.26)

9.66 5/31/23

9.85 0.23 (0.19)

0.04 (0.22)

—

(0.22)

9.67 5/31/22

10.72 0.19 (0.87)

(0.68)

(0.19)

—

(0.19)

9.85 5/31/21

10.63 0.20 0.10 0.30 (0.21)

—

(0.21)

10.72 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(e) Unaudited.

(f) Annualized.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c) Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d) NII

(Loss)

(d) Portfolio

Turnover

Rate

4.51 %

$

26,276

0.82 %

(f) 0.82 %

(f) 0.80 %

(f) 0.80 %

(f) 2.84 %

(f) 9

%

2.16 25,161

0.83 0.81 0.83 0.81 2.73 18

2.45 25,293

0.86 0.84 0.86 0.84 2.54 20

0.27 26,804

0.83 0.83 0.83 0.83 2.22 18

(6.69)

33,236

0.81 0.81 0.81 0.81 1.65 21

2.69 35,100

0.80 0.80 0.80 0.80 1.69 4

4.11 1,420

1.62 (f) 1.62 (f) 1.60 (f) 1.60 (f) 2.04 (f) 9

1.44 1,590

1.63 1.61 1.63 1.61 1.93 18

1.52 1,536

1.66 1.64 1.66 1.64 1.74 20

(0.43)

2,218

1.63 1.63 1.63 1.63 1.43 18

(7.48)

2,905

1.61 1.61 1.61 1.61 0.84 21

1.88 4,473

1.60 1.60 1.60 1.60 0.90 4

4.59 179,847

0.62 (f) 0.62 (f) 0.60 (f) 0.60 (f) 3.04 (f) 9

2.38 156,867

0.63 0.61 0.63 0.61 2.93 18

2.64 155,309

0.66 0.64 0.66 0.64 2.74 20

0.46 154,245

0.63 0.63 0.63 0.63 2.42 18

(6.46)

190,601

0.61 0.61 0.61 0.61 1.84 21

2.88 248,222

0.60 0.60 0.60 0.60 1.90 4

Notes to Financial Statements

(Unaudited)

1. General Information

#### Trust and Fund Information:
Nuveen Investment Funds, Inc. (the "Trust"), is an open-end management investment company registered under the

Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust is comprised of Nuveen Minnesota Intermediate Municipal Bond Fund

("Minnesota Intermediate"), Nuveen Minnesota Municipal Bond Fund ("Minnesota"), Nuveen Nebraska Municipal Bond Fund ("Nebraska") and

Nuveen Oregon Intermediate Municipal Bond Fund ("Oregon Intermediate"), (each a "Fund" and collectively, the "Funds"), among others. The

Trust was incorporated in the State of Maryland on August 20, 1987.

#### Current Fiscal Period
: The end of the reporting period for the Funds is November 30, 2025, and the period covered by these Notes to Financial

Statements is the six months ended November 30, 2025 (the "current fiscal period").

#### Investment Adviser and Sub-Adviser:
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC

("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-

advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolios of the Funds.

#### Share Classes and Sales Charges:
Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $250,000 or more

are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1%

if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if

redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class I Shares are

sold without an up-front sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board

("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ

from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share

transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.

The following is a summary of the significant accounting policies consistently followed by the Funds.

#### Compensation:
The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from

the Adviser or its affiliates. The Funds' Board of Directors (the "Board") has adopted a deferred compensation plan for independent directors that

enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

#### Custodian Fee Credit:
As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and

Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit

with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount

of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the

current fiscal period, the custodian fee credit earned by each Fund was as follows:

#### Distributions to Shareholders:
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of

distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Fund

Gross

Custodian Fee

Credits

Minnesota Intermediate

$

—

Minnesota

—

Nebraska

—

Oregon Intermediate

—

Notes to Financial Statements

(continued)

#### Indemnifications:
Under the Trust's organizational documents, its officers and directors are indemnified against certain liabilities arising out of

the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general

indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects

the risk of loss to be remote.

#### Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains

and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is

recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income

also reflects payment-in-kind ("

PIK

") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in

lieu of cash.

#### Multiclass Operations and Allocations:
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated

among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class.

12b-1 distribution and service fees are allocated on a class-specific basis.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

#### Netting Agreements:
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and

Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting

agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral

received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities

collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted

to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are

presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

#### New Accounting Pronouncement
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic

740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the

transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information.

The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the

implications of these changes on the financial statements.

#### Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker

("CODM"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation

in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a

team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes

in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus

the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within

the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment

revenues and expenses are listed on the Statement of Operations.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and

oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or

prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,

evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit

characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to

value them:

The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds'

liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further

described in these Notes to Financial Statements.

4. Portfolio Securities

#### Inverse Floating Rate Securities:
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created

by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option

rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b)

an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters

typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value,

which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity

Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The

income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances

the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any

potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because

the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and

because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

Minnesota Intermediate

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

350,650,047

$

–

$

350,650,047

Short-Term Investments:

Municipal Bonds

–

11,470,000

–

11,470,000

Total

$

–

$

362,120,047

$

–

$

362,120,047

Minnesota

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

652,350,609

$

–

$

652,350,609

Short-Term Investments:

Municipal Bonds

–

21,295,000

–

21,295,000

Total

$

–

$

673,645,609

$

–

$

673,645,609

Nebraska

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

70,755,937

$

–

$

70,755,937

Short-Term Investments:

Municipal Bonds

–

200,000

–

200,000

Total

$

–

$

70,955,937

$

–

$

70,955,937

Oregon Intermediate

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

196,066,401

$

–

$

196,066,401

Short-Term Investments:

Municipal Bonds

–

8,690,000

–

8,690,000

Total

$

–

$

204,756,401

$

–

$

204,756,401

Notes to Financial Statements

(continued)

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more

than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to

the Fund, thereby collapsing the TOB Trust.

or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse

Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse

Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first

owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").

An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited

Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of

an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the

Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB

Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in

"Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB

Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component

of "Interest expense" on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of

the end of the current fiscal period are recognized as components of "Receivable for interest" and "Payable for interest" on the Statement of Assets

and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the

Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets

and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related

borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the

Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not

show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of

the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

During the current fiscal period, the Funds did not have any transactions in self-deposited Inverse Floaters and/or externally-deposited Inverse

Floaters.

#### Zero Coupon Securities:
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the

holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the

security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices

of securities that pay interest periodically.

#### Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may

have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation

during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

#### Market and Counterparty Credit Risk:
In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

Minnesota Intermediate

$

51,971,256

$

21,314,285

Minnesota

39,942,496

23,293,055

Nebraska

7,660,375

6,791,467

Oregon Intermediate

26,128,796

17,335,526

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Six Months Ended

11/30/25

Year Ended

5/31/25

Minnesota Intermediate

Shares

Value

Shares

Value

Subscriptions:

Class A

944,991

$9,127,313

1,600,908

$15,510,224

Class A - automatic conversion of Class C

1,434

13,822

2,767

26,818

Class C

18,862

181,834

76,851

740,916

Class I

7,796,068

74,856,422

8,803,101

84,866,799

Total subscriptions

8,761,355

84,179,391

10,483,627

101,144,757

Reinvestments of distributions:

Class A

123,717

1,198,222

235,207

2,286,533

Class C

5,783

55,630

13,284

128,332

Class I

283,330

2,734,248

461,022

4,461,838

Total reinvestments of distributions

412,830

3,988,100

709,513

6,876,703

Redemptions:

Class A

(1,214,201)

(11,797,820)

(2,573,586)

(24,963,690)

Class C

(74,919)

(717,523)

(214,170)

(2,067,948)

Class C - automatic conversion to Class A

(1,443)

(13,822)

(2,785)

(26,818)

Class I

(3,993,986)

(38,376,035)

(8,468,018)

(81,696,479)

Total redemptions

(5,284,549)

(50,905,200)

(11,258,559)

(108,754,935)

Net increase (decrease)

3,889,636

$37,262,291

(65,419)

$(733,475)

Six Months Ended

11/30/25

Year Ended

5/31/25

Minnesota

Shares

Value

Shares

Value

Subscriptions:

Class A

3,616,597

$38,206,364

5,476,267

$58,648,675

Class A - automatic conversion of Class C

13,581

141,512

13,697

148,102

Class C

48,930

517,100

159,618

1,714,512

Class I

7,706,799

80,879,209

15,242,368

163,278,584

Total subscriptions

11,385,907

119,744,185

20,891,950

223,789,873

Reinvestments of distributions:

Class A

361,335

3,812,076

689,133

7,399,967

Class C

12,527

131,941

28,763

308,811

Class I

598,943

6,308,486

1,126,807

12,079,900

Total reinvestments of distributions

972,805

10,252,503

1,844,703

19,788,678

Redemptions:

Class A

(3,080,574)

(32,340,407)

(5,196,283)

(55,681,843)

Class C

(186,856)

(1,963,644)

(404,573)

(4,352,928)

Class C - automatic conversion to Class A

(13,594)

(141,512)

(13,709)

(148,102)

Class I

(7,419,193)

(77,832,485)

(11,732,168)

(124,917,054)

Total redemptions

(10,700,217)

(112,278,048)

(17,346,733)

(185,099,927)

Net increase (decrease)

1,658,495

$17,718,640

5,389,920

$58,478,624

Notes to Financial Statements

(continued)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated

state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income

distributions paid by the Funds are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

.

Six Months Ended

11/30/25

Year Ended

5/31/25

Nebraska

Shares

Value

Shares

Value

Subscriptions:

Class A

227,586

$2,153,604

367,099

$3,546,820

Class C

8,832

84,316

21,436

209,728

Class I

419,441

4,012,827

910,467

8,919,564

Total subscriptions

655,859

6,250,747

1,299,002

12,676,112

Reinvestments of distributions:

Class A

52,356

501,073

99,189

966,534

Class C

963

9,195

2,120

20,642

Class I

52,031

498,524

101,922

994,600

Total reinvestments of distributions

105,350

1,008,792

203,231

1,981,776

Redemptions:

Class A

(318,720)

(3,041,499)

(802,949)

(7,853,102)

Class C

(21,294)

(201,743)

(38,946)

(380,932)

Class I

(593,502)

(5,678,660)

(902,800)

(8,797,957)

Total redemptions

(933,516)

(8,921,902)

(1,744,695)

(17,031,991)

Net increase (decrease)

(172,307)

$(1,662,363)

(242,462)

$(2,374,103)

Six Months Ended

11/30/25

Year Ended

5/31/25

Oregon Intermediate

Shares

Value

Shares

Value

Subscriptions:

Class A

467,781

$4,561,381

666,834

$6,492,254

Class C

12,515

121,170

33,194

316,561

Class I

3,604,806

35,026,420

5,598,615

54,472,574

Total subscriptions

4,085,102

39,708,971

6,298,643

61,281,389

Reinvestments of distributions:

Class A

33,518

326,061

63,386

616,687

Class C

1,582

15,304

2,812

27,205

Class I

169,947

1,657,067

338,139

3,296,442

Total reinvestments of distributions

205,047

1,998,432

404,337

3,940,334

Redemptions:

Class A

(466,320)

(4,539,849)

(728,213)

(7,080,477)

Class C

(36,354)

(350,816)

(29,447)

(287,110)

Class I

(1,938,536)

(18,840,057)

(5,676,672)

(55,031,222)

Total redemptions

(2,441,210)

(23,730,722)

(6,434,332)

(62,398,809)

Net increase (decrease)

1,848,939

$17,976,681

268,648

$2,822,914

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax

purposes were as follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

8. Management Fees and Other Transactions with Affiliates

#### Management Fees:
Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and

a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's

shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed

by the Adviser.

The annual fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Minnesota Intermediate

$

360,908,153

$

4,154,287

$

(2,942,393)

$

1,211,894

Minnesota

682,430,151

6,501,671

(15,286,213)

(8,784,542)

Nebraska

71,621,986

605,153

(1,271,202)

(666,049)

Oregon Intermediate

202,140,010

3,444,347

(827,956)

2,616,391

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Minnesota

Intermediate

$

1,193,753

$

2,862

$

—

$

(7,714,692)

$

(18,255,163)

$

—

$

(878,581)

$

(25,651,821)

Minnesota

1,742,666

—

(29,566,550)

(53,931,738)

—

(2,027,236)

(83,782,395)

Nebraska

376,978

1,730

—

(3,582,194)

(13,947,718)

—

(196,039)

(17,347,243)

Oregon

Intermediate

665,351

—

—

(3,537,688)

(14,269,301)

—

(463,650)

(17,605,288)

Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2025 through May 31, 2025 and

paid on June 2, 2025.

Fund

Short-Term

Long-Term

Total

Minnesota Intermediate

$

9,466,581

$

8,788,582

$

18,255,163

Minnesota

23,680,227

30,251,511

53,931,738

Nebraska

3,410,158

10,537,560

13,947,718

Oregon Intermediate

6,589,544

7,679,757

14,269,301

Average Daily Net Assets

Minnesota

Intermediate

Minnesota

Nebraska

Oregon

Intermediate

For the first $125 million

0.3500 %

0.3500 %

0.3500 %

0.3500 %

For the next $125 million

0.3375 0.3375 0.3375 0.3375 For the next $250 million

0.3250 0.3250 0.3250 0.3250 For the next $500 million

0.3125 0.3125 0.3125 0.3125 For the next $1 billion

0.3000 0.3000 0.3000 0.3000 For the next $3 billion

0.2750 0.2750 0.2750 0.2750 For the next $5 billion

0.2500 0.2500 0.2500 0.2500 For net assets over $10 billion

0.2375 0.2375 0.2375 0.2375 60

Notes to Financial Statements

(continued)

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual

Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments

in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively

financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in

certain circumstances.

As of the end of the reporting period, the complex-level fee rate for each Fund was as follows:

The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the following Fund so that the total annual Fund operating

expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and

disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts

and for the time periods stated in the following table:

#### Distribution and Service Fees:
Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur a

0.20% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class I Shares are

not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the "Distributor"), a wholly-owned

subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining shareholder

accounts.

#### Other Transactions with Affiliates:
The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by

the Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board

("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by

virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7

under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring

broker commissions.

During the current fiscal period, the Fund did not engage in cross-trades pursuant to these procedures.

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as

concessions to financial intermediaries as follows:

Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600 %

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 Fund

Complex-Level Fee

Minnesota Intermediate

0.1559 %

Minnesota

0.1559 Nebraska

0.1559 Oregon Intermediate

0.1559 Fund

Temporary

Expense Cap

Temporary

Expense Cap

Expiration Date

Nebraska

0.65%

July 31, 2027

Oregon Intermediate

0.61%

July 31, 2027

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for

providing services to shareholders relating to their investments.

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as

follows:

8/

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the

first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to

their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

9. Borrowing Arrangements

#### Line of Credit:
The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established

a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other

than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its

associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the

size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to

those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating

Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher

of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts

borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the

Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest

expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the

relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each

Participating Fund.

Fund

Sales Charges

Collected

Paid to Financial

Intermediaries

Minnesota Intermediate

$

56,559

$

52,668

Minnesota

311,055

302,431

Nebraska

20,730

20,504

Oregon Intermediate

43,315

39,907

Fund

Commission

Advances

Minnesota Intermediate

$

41,831

Minnesota

252,471

Nebraska

19,801

Oregon Intermediate

29,827

Fund

12b-1 Fees

Retained

Minnesota Intermediate

$

2,459

Minnesota

6,201

Nebraska

Oregon Intermediate

1,140

Fund

CDSC

Retained

Minnesota Intermediate

$

6,627

Minnesota

Nebraska

—

Oregon Intermediate

572

Notes to Financial Statements

(continued)

During the current period, the following Funds utilized this facility. The Funds' maximum outstanding balance during the utilization period was as

follows:

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on

the Borrowings were as follows:

Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.

Fund

Maximum

Outstanding

Balance

Minnesota Intermediate

$

6,200,000

Minnesota

2,605,390

Nebraska

—

Oregon Intermediate

—

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Minnesota Intermediate

$

4,986,725

5.13 %

Minnesota

1,779,970

5.41 Nebraska

—

—

—

Oregon Intermediate

—

—

—

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Funds' Chief Compliance Officer. The aggregate remuneration paid to the directors (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, by each Fund is reported as "Directors fees" and "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

------

**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

---

| | |
|:---|:---|
| [(a)(3)](d47081dex99cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d47081dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](d47081dex99906cert.htm) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d47081dex99906cert.htm) 

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Nuveen Investment Funds, Inc.</u> 

---

| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds,
Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

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**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds,
Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of Nuveen Investment Funds, Inc. (the "Registrant") on Form N-CSR for the period ended November 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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