Nuveen Oregon Intermediate Municipal Bond Fund Class I is a single‑state municipal bond mutual fund focused on generating tax‑exempt income for Oregon residents. The fund primarily invests in investment‑grade, intermediate‑term municipal securities, targeting a weighted average maturity of roughly three to ten years to balance income generation with interest‑rate sensitivity. Its mandate emphasizes holding at least a substantial majority in municipal bonds whose interest is exempt from regular federal and Oregon state income taxes, aligning with the Morningstar muni single‑state intermediate category. The portfolio finances essential public projects—such as infrastructure, education, and local services—through bonds issued by Oregon state and local entities, with duration characteristics typical of intermediate muni strategies. Managed by Nuveen, the fund distributes income monthly and is designed for investors seeking steady, tax‑advantaged cash flows within a risk profile moderated by intermediate duration and a focus on higher‑quality credits. Since its 1997 inception, the strategy has operated as a dedicated vehicle for Oregon‑specific tax efficiency while maintaining diversified exposure across municipal issuers and sectors within the state.
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