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, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: May 31

Date of reporting period: May 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.


ITEM 1.

REPORTS TO STOCKHOLDERS.

 


Bond
Funds
Mutual
Funds
Nuveen
Municipal
May
31,
2022
Annual
Report
Fund
Name
Class
A
Class
C
Class
I
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
FAMAX
NIBCX
FAMTX
Nuveen
Minnesota
Municipal
Bond
Fund
FJMNX
NTCCX
FYMNX
Nuveen
Nebraska
Municipal
Bond
Fund
FNTAX
NAAFX
FNTYX
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
FOTAX
NAFOX
FORCX
Life
is
Complex.
Nuveen
makes
things
e-simple.
It
only
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sign
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Once
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soon
as
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Nuveen
Fund
information
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ready.
No
more
waiting
for
delivery
by
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Just
click
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wish.
Free
e-Reports
right
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email!
www.investordelivery.com
If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Portfolio
Managers’
Comments
5
Risk
Considerations
and
Dividend
Information
9
Fund
Performance,
Expense
Ratios,
Holdings
Summaries
and
Effective
Leverage
Ratios
10
Yields
23
Expense
Examples
25
Report
of
Independent
Registered
Public
Accounting
Firm
27
Portfolios
of
Investments
28
Statement
of
Assets
and
Liabilities
73
Statement
of
Operations
74
Statement
of
Changes
in
Net
Assets
75
Financial
Highlights
77
Notes
to
Financial
Statements
85
Important
Tax
Information
98
Additional
Fund
Information
99
Glossary
of
Terms
Used
in
this
Report
100
Annual
Investment
Management
Agreement
Approval
Process
102
Liquidity
Risk
Management
Program
109
Directors
and
Officers
110
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
first
half
of
2022
has
been
challenging
for
financial
markets.
While
global
economic
activity
began
to
slow
from
post-pandemic
peaks
as
pent-up
demand
waned
and
crisis-era
monetary
and
fiscal
support
programs
were
phased
out,
persistently
high
inflation
and
central
banks’
response
have
contributed
to
heightened
uncertainty
about
financial
and
economic
conditions.  
Inflation
has
surged
partially
due
to
supply
chain
bottlenecks
and
exacerbated
by
Russia’s
war
in
Ukraine
and
recent
lockdowns
across
China
to
contain
a
large-scale
COVID-19
outbreak.
This
has
necessitated
more
forceful
responses
from
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
who
now
face
an
even
more
difficult
task
of
slowing
inflation
without
pulling
their
respective
economies
into
recession.
As
anticipated,
the
Fed
began
the
rate
hiking
cycle
in
March
2022,
raising
its
short-term
rate
by
0.25%
from
near
zero
for
the
first
time
since
the
pandemic
was
declared
two
years
ago.
Larger
increases
of
0.50%
in
May
and
0.75%
in
June
2022
followed,
bringing
the
target
fed
funds
rate
to
a
range
of
1.50%
to
1.75%.
Additional
rate
hikes
of
these
larger
magnitudes
are
expected
in
the
remainder
of
this
year,
although
Fed
officials
will
closely
monitor
inflation
data
along
with
other
economic
measures
and
modify
their
rate
setting
policy
based
upon
these
factors.
With
inflation
lingering
at
a
40-year
high
and
consumer
sentiment
indicators
slumping,
markets
are
pricing
increased
recession
risks.
In
the
meantime,
while
markets
will
likely
continue
fluctuating
with
the
daily
headlines,
we
encourage
investors
to
keep
a
long-term
perspective.
To
learn
more
about
how
well
your
portfolio
is
aligned
to
your
time
horizon,
risk
tolerance
and
investment
goals,
consider
reviewing
it
with
your
financial
professional.  
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
I
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chairman
of
the
Board
July 22,
2022
Portfolio
Managers’
Comments
5
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
Nuveen
Minnesota
Municipal
Bond
Fund
Nuveen
Nebraska
Municipal
Bond
Fund
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
These
Funds
feature
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Portfolio
managers
include
Christopher
L.
Drahn,
CFA,
for
the
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
and
Nuveen
Minnesota
Municipal
Bond
Fund
and
Michael
S.
Hamilton
for
the
Nuveen
Nebraska
Municipal
Bond
Fund
and
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund.
Here
the
Funds’
portfolio
managers
review
U.S.
economic
and
municipal
market
conditions,
key
investment
strategies
and
the
performance
of
the
Funds
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
more
information
on
the
Funds’
investment
objectives
and
policies,
please
refer
to
the
prospectus.
What
factors
affected
the
U.S.
economy
and
the
municipal
bond
market
during
the
twelve-month
annual
reporting
period
ended
May
31,
2022?
After
making
a
full
recovery
from
the
pandemic
in
2021,
the
U.S.
economy
unexpectedly
weakened
at
the
start
of
2022.
Overall,
2021
gross
domestic
product
(GDP)
grew
by
5.7%
as
the
economy
reopened
with
the
help
of
$5.3
trillion
in
crisis-related
aid
from
the
federal
government,
low
borrowing
rates
for
businesses
and
individuals,
an
increase
in
COVID-19
vaccinations
and
improved
treatments
for
COVID-19.
In
the
first
quarter
of
2022,
strong
domestic
consumer
demand
was
offset
by
two
factors:
China’s
lockdown
to
contain
a
domestic
COVID-19
outbreak,
and
lingering
supply
chain
disruptions
that
were
exacerbated
by
the
Russia-
Ukraine
war.
This
reduced
U.S.
GDP
by
1.5%
on
an
annualized
basis,
according
to
the
second
estimate
from
the
U.S.
Bureau
of
Economic
Analysis.
The
return
of
consumer
demand
in
early
2022
put
upward
pressure
on
inflation.
However,
as
supply
chains
remained
under
stress
and
labor
shortages
continued,
inflation
appeared
to
be
more
durable
than
initially
expected.
The
U.S.
Federal
Reserve
(Fed)
responded
by
reducing
its
pandemic-era
support
programs
and
beginning
a
more
aggressive
interest
rate
hiking
cycle.
Starting
with
a
0.25%
hike
in
March
2022,
the
Fed
followed
with
larger
target
rate
increases
of
0.50%
in
May
2022
and
(after
the
close
of
this
reporting
period)
0.75%
in
June
2022.
Interest
rate
and
stock
price
volatility
increased
as
markets
considered
whether
the
Fed
could
cool
inflation
without
pulling
the
economy
into
a
recession.
While
some
pandemic-related
risks
appeared
to
be
receding,
Russia’s
invasion
of
Ukraine
in
late
February
2022
caused
significant
economic
consequences.
Anticipated
supply
disruptions
in
energy,
metals
and
grains
caused
inflationary
pressures
to
rise.
Downside
risks
to
global
economic
growth
increased,
and
economic
sanctions
from
Western
countries
sought
to
block
Russia’s
access
to
the
global
financial
system.
A
more
uncertain
outlook
for
inflation
and
economic
growth
also
made
the
path
toward
monetary
policy
normalization
more
uncertain
for
the
Fed
and
other
central
banks,
contributing
to
elevated
market
volatility
toward
the
end
of
the
reporting
period.
The
broad
municipal
market
declined
over
the
twelve-month
reporting
period,
primarily
driven
by
interest
rate
and
economic
uncertainty
in
the
second
half
of
the
reporting
period.
Municipal
yields
rose
across
the
maturity
spectrum,
with
a
greater
increase
at
the
shorter
end
of
the
curve
as
markets
priced
in
a
more
aggressive
pace
of
monetary
tightening.
The
yield
curve
flattened
overall
and
shorter
maturities
outperformed
longer
maturities.
Demand
for
municipal
debt
remained
remarkably
strong
throughout
2021,
but
at
the
beginning
of
2022,
the
municipal
bond
market
experienced
outflows.
In
response
to
the
rising
interest
rate
environment
and
heightened
market
volatility,
dealers
reduced
their
inventories
and
investors
increased
redemptions
from
traditional
municipal
bond
mutual
funds.
For
much
of
the
reporting
period,
credit
spreads
were
generally
stable
given
relatively
strong
municipal
fundamentals,
but
widening
began
in
the
later
months
of
the
period
as
the
market
sold
off.
How
were
the
economic
and
market
environments
in
Minnesota,
Nebraska
and
Oregon
during
the
twelve-month
reporting
period
ended
May
31,
2022?
Minnesota’s
economic
growth
slightly
outpaced
the
nation’s
in
2021
as
the
U.S.
economy
exited
the
pandemic-led
contraction.
As
of
May
2022,
Minnesota's
unemployment
rate
was
a
low
2.0%,
below
the
national
unemployment
rate
of
3.6%.
Minnesota
closed
fiscal
year
2021
(July
1,
2020
to
June
30,
2021)
with
a
$4.6
billion
general
fund
surplus
on
strong
revenue
performance,
increasing
unassigned
reserves
to
$5.2
billion,
or
18%
of
revenue.
Notably,
the
state
received
$2.5
billion
in
state
and
local
funding
under
the
CARES
Act
and
$5.0
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
As
of
May
2022,
Moody's
has
maintained
the
state's
Aa1
rating
and
stable
outlook
and
S&P
held
a
AAA
rating
with
stable
outlook.
Minnesota
municipal
bond
new
issuance
totaled
$7.9
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
5.4%
increase
from
the
same
period
a
year
earlier.
Portfolio
Managers’
Comments
(continued)
6
Nebraska’s
economic
growth
surpassed
its
Midwestern
peers
and
was
one
of
just
a
few
states
with
positive
nominal
GDP
growth
in
2020.
Growth
was
also
strong
during
the
post-pandemic
reopening
in
2021.
As
of
May
2022,
Nebraska’s
unemployment
rate
was
a
low
1.9%,
below
the
national
unemployment
rate
of
3.6%.
The
state’s
operating
performance
in
fiscal
year
2021
(July
1,
2020
to
June
30,
2021)
was
strong
as
a
result
of
increased
income
tax
revenue
and
conservative
spending.
The
state
generated
a
$1.1
billion
surplus
that
grew
general
fund
reserves
to
$2.4
billion,
or
40%
of
fiscal
year
2021
revenue.
Notably,
the
state
received
$1.31
billion
in
state
and
local
funding
under
the
CARES
Act
and
$1.7
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
As
of
May
2022,
Nebraska
held
a
rating
of
AAA
from
S&P
and
Aa1
from
Moody’s
with
stable
outlooks.
Nebraska
municipal
bond
new
issuance
totaled
$2.9
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
26%
decrease
from
the
same
period
a
year
earlier.
Oregon’s
post-pandemic
economic
recovery
has
been
strong
and
compares
favorably
to
the
nation’s
recovery.
As
of
May
2022,
the
state’s
unemployment
rate
was
3.6%,
in
line
with
the
national
rate
and
significantly
down
from
a
historical
peak
of
13.2%
in
April
2020.
Economic
recovery
in
2021
has
contributed
to
tax
collections
that
were
better
than
anticipated
and
an
accumulation
of
reserves.
Notably,
the
state
received
$1.83
billion
in
state
and
local
funding
under
the
CARES
Act
and
$4.2
billion
in
state
and
local
funding
under
the
American
Rescue
Plan
Act
of
2021.
As
of
May
2022,
Oregon’s
general
obligation
bonds
were
rated
Aa1
(stable)
from
Moody’s
and
AA+
(stable)
by
S&P.
Oregon
municipal
bond
new
issuance
totaled
$6.0
billion
for
the
twelve-month
period
ended
May
31,
2022,
a
43.5%
decrease
from
the
same
period
a
year
earlier.
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade,
intermediate-term
municipal
bonds
with
a
targeted
weighted
average
maturity
of
3-10
years.
The
Fund
seeks
to
provide
current
interest
income
exempt
from
regular
federal,
Minnesota
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
As
municipal
market
conditions
weakened
and
shareholder
redemptions
grew
in
the
second
half
of
the
reporting
period,
the
municipal
investment
team’s
primary
focus
shifted
to
selling
bonds,
emphasizing
positions
with
low
book
yields
and
engaging
in
tax-loss
swapping.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
earnings
and
provide
tax
efficiencies.
Further,
as
the
reporting
period
progressed,
the
municipal
investment
team
prioritized
limiting
exposure
to
lower-coupon
bonds.
When
the
Fund
engaged
in
new
bond
purchases,
it
favored
issues
with
larger
coupons
because
their
higher
income
and
reduced
interest
rate
sensitivity
were
attractive
on
a
relative-value
basis.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Minnesota
Intermediate
Municipal
Bond
Fund
performed
in
line
with
the
S&P
Municipal
Bond
Intermediate
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Intermediate
Index.
The
primary
positive
contributor
to
relative
performance
was
the
Fund’s
overweight
to
shorter-duration
securities,
and
in
particular
to
bonds
with
durations
ranging
from
zero
to
two
years.
These
bonds
were
additive
because
they
generally
are
less
sensitive
to
rising
interest
rates.
More
modest
positive
performance
contributions
came
from
relative
overweights
to
long-term
care
bonds,
an
outperforming
category,
and
underweights
in
industrial
development
revenue
bonds,
which
lagged
the
index.
Partially
offsetting
the
Fund’s
positive
relative
performance
was
its
overweight
in
bonds
with
lower
coupons.
These
securities
typically
exhibit
a
higher
degree
of
interest
rate
sensitivity
and
tend
to
underperform
as
interest
rates
rise,
thereby
weighing
on
the
Fund’s
relative
performance.
In
general,
the
Fund’s
worst
performers
were
bonds
with
longer
durations,
often
with
lower
coupons.
These
bonds
generally
began
the
reporting
period
at
premium
dollar
prices,
and
because
of
the
market
sell-off,
they
fell
to
discount
dollar
prices
and
became
priced
to
maturity.
7
Nuveen
Minnesota
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade,
long-term
municipal
bonds
with
a
targeted
weighted
average
maturity
of
10-25
years.
The
Fund
is
designed
to
provide
maximum
current
income
exempt
from
regular
federal,
Minnesota
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
As
municipal
market
conditions
weakened
and
shareholder
redemptions
grew
in
the
second
half
of
the
reporting
period,
the
municipal
investment
team’s
primary
focus
shifted
to
selling
bonds,
emphasizing
positions
with
low
book
yields
and
engaging
in
tax-loss
swapping.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Fund’s
earnings
and
provide
tax
efficiencies.
When
the
Fund
engaged
in
new
bond
purchases,
it
favored
issues
with
larger
coupons
because
their
higher
income
and
reduced
interest
rate
sensitivity
were
attractive
on
a
relative-value
basis.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Minnesota
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Minnesota
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Minnesota
Index.
The
primary
detractor
from
relative
performance
was
the
Fund’s
overweight
to
longer-duration
securities,
and
in
particular
to
bonds
with
durations
ranging
from
6-12
years.
These
bonds
detracted
because
they
generally
are
more
sensitive
to
rising
interest
rates.
More
modest
negative
relative
performance
factors
included
an
overweight
to
hospital
bonds,
an
underperforming
category;
an
underweight
to
state
general
obligation
bonds,
which
collectively
outperformed;
and
an
underweight
in
AAA
rated
securities,
which
outperformed
the
index.
Partially
offsetting
the
Fund’s
underperformance
was
a
relative
underweight
in
lower-coupon
bonds.
Lower-coupon
bonds
tend
to
be
more
sensitive
to
interest
rate
changes,
so
they
underperformed
as
interest
rates
rose
during
the
reporting
period.
As
a
result,
maintaining
reduced
exposure
to
lower-coupon
bonds
in
the
Fund
added
relative
value.
Another
modest
performance
contribution
came
from
an
underweight
in
the
lagging
single
family
housing
sector.
Nuveen
Nebraska
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade,
long-term
municipal
bonds
with
a
targeted
maturity
of
10-25
years.
The
Fund
is
designed
to
provide
maximum
current
income
exempt
from
regular
federal,
Nebraska
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
first
half
of
the
reporting
period,
the
Fund
received
substantial
new
investment
inflows.
With
these
proceeds,
the
Fund
invested
in
attractively
valued,
lower
credit
quality,
higher
yielding,
longer-duration
bonds.
When
municipal
bond
market
conditions
began
to
deteriorate
in
late
2021
and
early
2022,
shareholder
outflows
increased,
and
the
Fund’s
trading
activity
shifted
toward
selling
bonds.
Specifically,
the
Fund
engaged
in
tax-loss
swaps.
Tax-loss
swapping
is
a
strategy
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies
by
selling
depreciated
bonds
with
lower
embedded
yields
to
buy
similar
bonds
with
higher
embedded
yields.
Selling
activity
was
concentrated
in
non-Nebraska
holdings,
as
these
transactions
allowed
the
municipal
investment
team
to
concentrate
the
Fund’s
portfolio
on
in-state,
tax-exempt
debt.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Nebraska
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Nebraska
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Nebraska
Index.
The
primary
detractor
to
relative
performance
was
the
Fund’s
overweight
to
longer-duration
bonds,
specifically
those
with
durations
of
eight
years
and
longer.
These
bonds
detracted
because
they
generally
are
more
sensitive
to
rising
interest
rates.
The
Fund’s
notable
individual
detractors
this
reporting
period
were
Saunders
County
School
District
#1
Ashland-Greenwood
general
obligation
Portfolio
Managers’
Comments
(continued)
8
bonds,
which
underperformed
because
of
their
longer
duration.
Saunders
County
School
District
#1
Ashland-Greenwood
general
obligation
bonds
were
still
held
in
the
portfolio
at
the
end
of
the
reporting
period
given
their
positive
fundamentals
and
in-state
Nebraska
issuance.
Positive
contributions
to
relative
performance
were
muted
during
the
reporting
period
and
as
such
there
were
no
meaningful
drivers
to
offset
the
underperformance.
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Fund
invests
primarily
in
investment
grade,
intermediate-term
municipal
bonds
with
a
targeted
weighted
average
maturity
of
3-10
years.
The
Fund
seeks
to
provide
current
interest
income
exempt
from
regular
federal,
Oregon
state,
and
in
some
cases,
local
income
taxes
as
is
consistent
with
preservation
of
capital.
During
the
first
half
of
the
reporting
period,
the
Fund
received
substantial
new
investment
inflows.
With
these
proceeds,
the
Fund
invested
in
attractively
valued,
lower
credit
quality,
higher
yielding,
longer-duration
bonds.
When
municipal
bond
market
conditions
began
to
deteriorate
in
late
2021
and
early
2022,
shareholder
outflows
increased,
and
the
Fund’s
trading
activity
shifted
toward
selling
bonds.
Specifically,
the
Fund
engaged
in
tax-loss
swaps.
Tax-loss
swapping
is
a
strategy
to
support
the
Fund’s
income
earnings
and
capture
tax
efficiencies
by
selling
depreciated
bonds
with
lower
embedded
yields
to
buy
similar
bonds
with
higher
embedded
yields.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
May
31,
2022?
The
Class
A
Shares
of
the
Nuveen
Oregon
Intermediate
Municipal
Bond
Fund
underperformed
the
S&P
Municipal
Bond
Intermediate
Index
for
the
twelve-month
reporting
period
ended
May
31,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
Intermediate
Index.
The
Fund
underperformed
its
benchmark
primarily
as
a
result
of
unfavorable
security
selection.
Investments
made
early
in
the
reporting
period,
when
shareholder
flows
into
the
Fund
were
significant,
typically
carried
lower
yields,
reflecting
then-current
market
conditions.
As
interest
rates
rose
sharply
in
the
second
half
of
the
reporting
period,
these
lower
yielding
securities
lagged
the
market
overall.
Some
of
the
Fund’s
notable
individual
detractors
were
these
types
of
lower
yielding
securities,
including
bonds
issued
by
Portland
Water
System,
a
highly
rated
utility
water
system
whose
bonds
were
sold
in
the
second
half
of
the
period
because
of
the
securities’
low
income.
Positive
contributions
to
relative
performance
were
muted
during
the
reporting
period
and
as
such
there
were
no
meaningful
drivers
to
offset
the
underperformance.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
managers
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Funds
disclaim
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
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.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial