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)
Kevin J. McCarthy
Nuveen Investments
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, 2016
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.
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| Mutual Funds | |
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| | | Nuveen Municipal Bond Funds |
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| | | It’s not what you earn, it’s what you keep.® |
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| | | | | | | Annual Report May 31, 2016 |
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| | | | | | | Share Class / Ticker Symbol |
| | | Fund Name | | | | Class A | | Class C | | Class C1 | | Class C2 | | Class I | | |
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| | Nuveen Minnesota Intermediate Municipal Bond Fund | | | | FAMAX | | NIBCX | | FACMX | | NIBMX | | FAMTX | | |
| | Nuveen Minnesota Municipal Bond Fund | | | | FJMNX | | NTCCX | | FCMNX | | NMBCX | | FYMNX | | |
| | Nuveen Nebraska Municipal Bond Fund | | | | FNTAX | | NAAFX | | FNTCX | | NCNBX | | FNTYX | | |
| | Nuveen Oregon Intermediate Municipal Bond Fund | | | | FOTAX | | NAFOX | | — | | NIMOX | | FORCX | | |
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| | | | or | | www.nuveen.com/accountaccess 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
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Table
of Contents
Chairman’s Letter
to Shareholders
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level and wages have grown slightly, a surprisingly weak jobs growth report in May cast doubt over the future strength of the labor market. The June employment report was much stronger, however, easing fears that a significant downtrend was emerging. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
U.S. growth remains modest, while economic conditions elsewhere continue to appear vulnerable. On June 23, 2016, the U.K. voted to leave the European Union, known as “Brexit.” The outcome surprised the global markets, leading to high levels of volatility across equities, fixed income and currencies in the days following the vote. Although the turbulence subsided not long after and many asset classes have largely recovered, uncertainties remain about the Brexit separation process and the economic and political impacts on the U.K., Europe and the rest of the world.
In the meantime, global central banks remain accommodative in efforts to bolster growth. The European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, as their economies continue to lag the U.S.’s recovery. China’s policy makers have also continued to manage its slowdown, but investors are still worried about where the world’s second-largest economy might ultimately land.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December’s first and only increase thus far. While markets rallied earlier in the year on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to hold rates steady at its June meeting. Although labor market conditions improved in June, Britain’s “leave” vote is expected to keep the Fed on hold until later in 2016.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016 and following the Brexit vote in June, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
July 26, 2016
Portfolio Managers’
Comments
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 Investments, Inc. Portfolio managers Christopher L. Drahn, CFA, Michael S. Hamilton, and Douglas J. White, CFA, review economic and market conditions, key investment strategies, and the performance of the Nuveen Minnesota Municipal Bond Fund, Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate Municipal Bond Fund. Doug has managed the Minnesota Fund since 1988 and the Nebraska Fund since 2011, Chris has managed the Minnesota Intermediate Fund since 1994, and Michael has managed the Oregon Intermediate Fund since 1997.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended May 31, 2016?
Over the twelve-month period, U.S. economic data continued to point to subdued growth, rising employment and tame inflation. Economic activity has continued to hover around a 2% annualized growth rate since the end of the Great Recession in 2009, as measured by real gross domestic product (GDP), which is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. For the first quarter of 2016, real GDP increased at an annual rate of 0.8%, as reported by the “second” estimate of the Bureau of Economic Analysis, down from 1.4% in the fourth quarter of 2015.
The labor and housing markets were among the bright spots in the economy during the reporting period, as both showed steady improvement. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.7% in May 2016 from 5.5% in May 2015, and job gains averaged slightly above 200,000 per month for the past twelve months. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.0% annual gain in April 2016 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 4.7% and 5.4%, respectively.
Consumers, whose purchases comprise the largest component of the U.S. economy, benefited from lower gasoline prices and an improving jobs market but didn’t necessarily spend more. Pessimism about the economy’s future and lackluster wage growth likely contributed to consumers’ somewhat muted spending. Lower energy prices and tepid wage growth also weighed on inflation during this reporting period. The Consumer Price Index (CPI) rose 1.0% over the twelve-month period ended May 2016 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.2% during the same period, slightly above the Fed’s unofficial longer term inflation objective of 2.0%.
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.
Ratings shown 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). 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating 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 success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this report for further definition of the terms used within this section.
Portfolio Managers’ Comments (continued)
Business investment was also rather restrained. Corporate earnings growth slowed during 2015, reflecting an array of factors ranging from weakening demand amid sluggish U.S. and global growth to the impact of falling commodity prices and a strong U.S. dollar. Energy, materials and industrials companies were hit particularly hard by the downturn in natural resource prices, as well as the expectation of rising interest rates, which would make their debts more costly to service. With demand waning, companies, especially in the health care and technology sectors, looked to consolidate with rivals as a way to boost revenues. Merger and acquisition deals, both in the U.S. and globally, reached record levels in the calendar year 2015.
With the current expansion on solid footing, the U.S. Federal Reserve (Fed) prepared to raise one of its main interest rates, which had been held near zero since December 2008 to help stimulate the economy. After delaying the rate change for most of 2015 because of a weak global economic growth outlook, the Fed announced in December 2015 that it would raise the fed funds target rate by 0.25%. The news was widely expected and therefore had a relatively muted impact on the financial markets.
Although the Fed continued to emphasize future rate increases would be gradual, investors worried about the pace. This, along with uncertainties about the global macroeconomic backdrop, another downdraft in oil prices and a spike in stock market volatility triggered significant losses across assets that carry more risk and fueled demand for “safe haven” assets such as Treasury bonds and gold from January through mid-February. However, fear began to subside in March, propelling assets that carry more risk higher. The Fed held the rate steady at both the January and March policy meetings, as well as lowered its expectations to two rate increases in 2016 from four. Also boosting investor confidence were reassuring statements from the European Central Bank, some positive economic data in the U.S. and abroad, a retreat in the U.S. dollar and an oil price rally. At its April meeting, the Fed indicated its readiness to raise its benchmark rate at the next policy meeting in June. However, a very disappointing jobs growth report in May and the significant uncertainty surrounding the U.K.’s referendum on whether Britain should leave the European Union (EU), colloquially known as “Brexit,” dampened the Fed’s outlook. These concerns led the Fed to again hold rates steady at its June meeting (after the close of this reporting period). Subsequent to the close of this reporting period, on June 23, 2016, the U.K. voted in favor of leaving the EU. The event triggered considerable market volatility, with a steep drop in the U.K. sterling, turbulence in global equity markets and a rotation into safe-haven assets such as gold, the U.S. dollar and U.S. Treasuries.
The broad municipal bond market performed well in the twelve-month reporting period, supported by falling interest rates, a favorable supply-demand balance and generally improving credit fundamentals. Early in the reporting period, interest rates rose on the expectation that the Fed would begin to raise short-term interest rates in the latter half of 2015. However, with the Fed’s first increase delayed until December and its indication of a more gradual path of increases in 2016, interest rates trended lower over the remainder of the reporting period. Municipal market yields moved in tandem with broader interest rates, ending the reporting period below where they started. However, while the yields on intermediate- and longer-dated bonds posted sizeable declines, the yields of short-dated bonds increased slightly over the reporting period. This caused the municipal yield curve to flatten over the reporting period.
The municipal market’s supply-demand balance was generally favorable over this reporting period. Over the twelve months ended May 31, 2016, municipal bond gross issuance nationwide totaled $384.5 billion, a 5.2% drop from the issuance for the twelve-month period ended May 31, 2015. Despite the drop, gross issuance remains elevated as issuers continue to actively and aggressively refund their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gap between gross and net issuance has been an overall positive technical factor on municipal bond investment performance.
While supply has tightened, investor demand for municipal bonds has risen. Municipal bond mutual funds reported net inflows in 2015, and the inflows for the first four months of 2016 has already exceeded 2015’s total volume for the year. The bouts of heightened volatility across other risky assets, uncertainty about the Fed’s rate increases and the low to negative yields of European and Asian bonds have bolstered the appeal of municipal bonds’ risk-adjusted returns and tax-equivalent yields. The municipal bond market is less directly influenced by the Fed’s rate adjustments and its demand base is largely comprised of U.S. investors, factors which have helped municipal bonds deliver relatively attractive returns with less volatility than other market segments.
The fundamental backdrop also remained supportive for municipal bonds. Despite the U.S. economy’s rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.
What were the economic and market conditions in Minnesota, Nebraska and Oregon during the twelve-month reporting period ended May 31, 2016?
Minnesota’s economic growth matched the national growth rate in 2015 with Minnesota’s GDP growing 2.4% and ranked as the 12th fastest growing state economy. Minnesota’s GDP growth was recently driven by gains in the manufacturing, financial services and professional and business services sectors. As of May 2016, Minnesota’s seasonally adjusted unemployment rate of 3.8% remained well below the national unemployment rate of 4.7% and increased slightly compared to the state’s 3.6% unemployment rate as of May 2015. In 2015, Minnesota state exports declined by 6.6% with the largest declines in civilian aircraft engines and parts and electronic sectors. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Minnesota rose a fairly modest 4.8% during the twelve months ended April 2016 (most recent data available at the time this report was prepared), compared with a 5.0% price increase nationally. Previously in June 2015, Minnesota passed a balanced $42 billion biennium budget for Fiscal 2016 and 2017. Strong tax collections since last June gave Governor Dayton and the Legislature the luxury of a $900 million budget surplus during the 2016 legislative session. However, the Governor and Legislature couldn’t agree on how to distribute a portion of the surplus with the Republican-led legislature favoring tax cuts and Governor Dayton pushing for one-time funding of transportation projects. The Governor is continuing to push for a special legislative session to solve transportation issues. As of June 2016, the state’s S&P and Moody’s ratings were AA+ and Aa1, respectively, and S&P maintains a positive outlook while Moody’s outlook is stable. For the twelve months ended May 31, 2016, municipal issuance in Minnesota totaled $9.2 billion, representing a 29.8% gross issuance increase from the twelve months ended May 31, 2015.
For 2015, Nebraska’s economic growth trailed the national growth rate with Nebraska’s GDP growing 2.1%, compared to national GDP growth of 2.4%, but Nebraska’s GDP growth ranked as the 14th fastest growing state. State GDP growth was largely driven by gains in professional and business services and finance, insurance, and real estate sectors being partially offset by declines in the manufacturing sector. As of May 2016, Nebraska’s seasonally adjusted unemployment rate was a low 3.0%, well below the national unemployment rate of 4.7% for the same period and up slightly from the state’s 2.9% unemployment rate as of May 2015. Nebraska’s job growth was driven by gains in the education and health services, professional and business services and leisure and hospitality sectors. Nebraska’s economy remains less diverse than other states, with a high dependence on agriculture and food processing. The state’s chief farm products were beef, pork, corn, soybeans and wheat and Nebraska continued to rank as one of the nation’s top exporters of corn and soybeans. Nebraska’s state exports retracted in 2015 by declining 16.6% compared to 2014 and declines were driven by lower meat and soybean exports and trade with Canada, Mexico and China. In May 2015, Nebraska passed a two-year budget for Fiscal 2016 and 2017 totaling approximately $8.7 billion that increases state spending by an average of 3.2% annually over the next two years. In March 2016, Governor Pete Ricketts and the state Legislature worked together to produce mid-biennium budget adjustments that met the Governor’s 3.5% spending growth target and solved a $124 million revenue shortfall for fiscal 2017. Nebraska’s constitution prohibits the issuance of general obligation debt, leading Nebraska to have the lowest debt burden of any state as measured on a per-capita basis and as a percentage of per capita income. Nebraska held general obligation credit ratings from S&P of AAA with a stable outlook. For the twelve months ended May 31, 2016, municipal issuance in Nebraska totaled $2.7 billion, representing a 34.8% gross issuance decrease from the twelve months ended May 31, 2015.
Oregon’s economy has continued to expand at a healthy pace. In 2015, the state’s economy expanded at a rate of 4.1% compared with the national growth rate of 2.4%, ranking Oregon at the top in terms of GDP growth by state. Manufacturing and professional and technical services accounted for the majority of this growth. Intel, with more than 17,500 employees, ranked as the state’s largest private employer. Intel has announced plans for layoffs across the country as the company shifts away from the PC market. As of May 2016, the state’s unemployment rate was 4.5% slightly below the national unemployment rate of 4.7%. Professional and business services and health services sectors led the way in adding jobs. Oregon’s housing market is also expanding faster than the national rate. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Portland increased 12.3% during the twelve months ended April 2016 (most recent data available at the time this report was prepared), the highest year-over-year increase. The
Portfolio Managers’ Comments (continued)
State of Oregon enacted an $18.0 billion 2015-2017 General Fund biennium budget that includes higher funding for education and human services and makes a $180 million deposit to the Rainy Day Fund. Oregon has no sales tax and personal income taxes make up a substantial percentage of the state’s revenues, accounting for 87% of general fund revenues in Fiscal 2015. In April 2015, the Oregon Supreme Court overturned a large portion of the pension reforms enacted by the state in 2013. The state expects to include higher pension contributions in its upcoming budgets beginning in the 2017-2019 biennium. As of June 2016 (subsequent to the close of this reporting period), Oregon’s general obligation bonds were rated Aa1 with a stable outlook from Moody’s and AA+ with a stable outlook by S&P. For the twelve months ended May 31, 2016, Oregon issued $2.9 billion in municipal bonds, a gross issuance decrease of 52% from the twelve months ended May 31, 2015.
How did the Funds perform during the twelve-month reporting period ended May 31, 2016?
The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for the applicable one-year, five-year, ten-year and since-inception periods ended May 31, 2016. The returns for each Fund’s Class A Shares at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the twelve-month reporting period, the Class A Shares at NAV of the Minnesota and Nebraska Funds outperformed the S&P Municipal Bond Index, while the Minnesota Intermediate and Oregon Intermediate Funds underperformed the S&P Municipal Bond Intermediate Index. Meanwhile, each of the four Funds outperformed its respective Lipper classification average.
What key strategies were used to manage the Funds during the twelve-month reporting period and how did these strategies influence performance?
All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by NAM. Our municipal bond portfolios are managed with a value-oriented approach and close input from NAM’s experienced research team. Below we highlight the specific factors influencing each Fund’s investment strategy, as well as how we managed each portfolio in light of recent market conditions.
Nuveen Minnesota Intermediate Municipal Bond Fund
For the twelve-month reporting period, the Nuveen Minnesota Intermediate Municipal Bond Fund’s Class A shares at NAV lagged the S&P Municipal Bond Intermediate Index. The Fund’s results were tempered by its relative overweighting in short-dated securities and cash equivalents, which tended to lag their intermediate-term counterparts as investors moved farther out the yield curve in search of higher income. However, relative results were boosted by the Fund’s overweighting in bonds with maturities around 15 years, which were among the intermediate municipal market’s best performing securities during the reporting period. To a lesser extent, the Fund benefited from credit quality positioning, especially being overweighted in the outperforming non-rated, A and BBB rated categories.
During the reporting period, we experienced healthy investment inflows into the Fund. At the same time, good supply of our desired bonds in the primary and secondary Minnesota municipal markets afforded us opportunities to purchase securities at prices we viewed as attractive (although admittedly competition for such bonds was often fierce).
We added a number of securities from the health care sector, including Fairview Health Services and the Mount Olivet Careview Home Project, and from the higher education sector, including Concordia College and St. John’s University. Many of our purchases consisted of securities with maturity dates of around 15 years. Adding bonds in this maturity range allowed us to keep the portfolio’s duration at our target and helped us achieve our income objective for the Fund. A number of our newly added bonds also had lower investment grade credit ratings and presented opportunities we believed were attractive for these income objectives.
At the end of the reporting period, the Fund had a 0.15% exposure to the municipal debt of Puerto Rico, with only one remaining position in insured Puerto Rico Aqueduct and Sewerage Authority bonds maturing July 1, 2016. Otherwise, the vast majority of the Fund’s municipal bond holdings continued to be Minnesota-issued debt.
Nuveen Minnesota Municipal Bond Fund
For the twelve months ended May 31, 2016, the Nuveen Minnesota Municipal Bond Fund outpaced the S&P Municipal Bond Index. By far, duration and yield curve positioning made the biggest positive performance contribution.
Specifically, the portfolio’s duration was longer than that of the index. Thus, the Fund was able to benefit more from falling interest rates across most of the yield curve. In particular, our overweighting in bonds with maturities between 15 and 20 years was helpful, as these securities outperformed. We also saw good security selection in the six- to eight-year portion of the curve, although our limited exposure to bonds with maturities of less than six years was a slightly negative factor for our results.
Sector allocation also added value, with exposure to Minnesota local general obligation (GO) bonds, primarily school district issues, adding value. These highly liquid, high quality holdings were benefiting from elevated investor demand in response to less attractive valuations for lower rated bonds. The Fund was also helped by maintaining larger weightings in certain outperforming sectors, including public power, education and health care. However, we lacked significant exposure to certain sectors that performed extremely well, but in which our opportunities to invest were limited or non-existent. For example, tollroad bonds outperformed nationally, but with no opportunities to invest in Minnesota tollroad projects, we could not capture the benefits of participating in this category. Similarly, there are no Minnesota tobacco bonds, which hampered results, as did our significant underweighting among corporate-backed industrial development revenue bonds.
The Fund’s credit quality positioning was positive, overshadowing security selection in the BBB rating tier of the market. Most notably, our overweighting in bonds with credit ratings of A and below proved helpful in light of those credit tiers’ relative outperformance. We simultaneously maintained less exposure than the index to the market’s highest quality bonds, further adding value.
During the reporting period, the Fund’s exposure to the GO bond sector grew. This increase reflected the prevalence in the Minnesota municipal marketplace of AA rated, state-backed school district bonds. We often looked to these types of issues to keep the Fund fully invested when attractively valued lower rated debt was difficult to obtain. Other purchases included charter school and health care issues, as well as a variety of project revenue bonds. Healthy investment inflows coupled with bond calls and limited opportunities to invest in our preferred Minnesota bonds led to modest growth in the Fund’s cash stake, as assets sometimes accumulated in the portfolio faster than we could put the proceeds to work. Many of our bond purchases during this reporting period were in the 20-year maturity range, which allowed us to slightly extend the portfolio’s duration, in light of continued low interest rates coupled with global economic risks.
At the end of the reporting period, the vast majority of the Fund’s assets were invested in Minnesota bonds. We also held a modest allocation to bonds of Guam, which may offer triple exemption (i.e., exemption from most federal, state and local taxes), and a small position in Hawaii debt that at period end we believed continued to provide good income for shareholders.
Nuveen Nebraska Municipal Bond Fund
The Nuveen Nebraska Municipal Bond Fund’s Class A Shares at NAV outperformed the S&P Municipal Bond Index for the twelve months ended May 31, 2016. The Fund’s duration and yield curve positioning contributed to relative performance. Its longer duration meant the Fund was more sensitive to the beneficial effects of falling interest rates across most of the yield curve. In addition, an overweighting in bonds with maturities of 15 years and longer proved helpful, as did maintaining limited exposure to bonds with maturities ranging from three to eight years, as these issues lagged the market. In contrast, an overweighting and security selection in the two- to three-year portion of the curve hampered results, as did subpar bond picking among seven- to eight-year issues.
Meanwhile, credit positioning also helped, especially an overweighting in the A rating category, which outperformed the index. Relative underweightings in the lagging AAA and AA credit rating tiers, as well as security selection in these groups, added further value. Overall, a general lack of BBB rated and non-rated issuance in the Nebraska marketplace left us with little exposure to these strong performing groups, which hampered relative results. The individual bonds we held in BBB rated credit issues generally performed well.
Portfolio Managers’ Comments (continued)
On a sector basis, our increased exposure to utility and health care bonds were sources of outperformance, as was our security selection in the local general obligation (GO) debt category. However, an overweighting in the pre-refunded bond category hampered results, as these short duration, high quality issues lagged in a market environment that favored bonds with the opposite characteristics, however, we remained comfortable with this overweighting, given the securities’ generally attractive yields.
We were significantly underweighted in the tobacco, transportation and industrial development revenue bond categories, all of which enjoyed strong results. This relative lack of exposure was a reflection of the bonds’ general lack of availability in the Nebraska municipal marketplace. In light of limited new supply and modest investment inflows, it was a quiet period of activity for the Nebraska Fund. Our overweightings in public power and education bonds reflected the greater availability of these bonds over the twelve-month reporting period. Other new purchases included utility, health care, local GO and airport bonds. In most cases, additions to the portfolio came from the secondary municipal bond market, reflecting limited new issuance of Nebraska debt during the reporting period. To finance these purchases, we mainly used the proceeds of bond calls and maturities. We also selectively sold higher quality bonds, including utility, general obligation and housing issues. We also continued to hold a handful of positions in out-of-state debt, allowing us to keep the Fund fully invested or nearly so throughout the reporting period.
Nuveen Oregon Intermediate Municipal Bond Fund
For the twelve-month period ended May 31, 2016, the Nuveen Oregon Intermediate Municipal Bond Fund’s Class A Shares at NAV underperformed the S&P Municipal Bond Intermediate Index. The Fund’s results were somewhat hampered by its yield curve positioning, with an overweighting in short-dated securities with maturities of two years and less detracting from relative results.
The Fund’s overweighting in outperforming bonds with maturities of eight to twelve years was especially helpful, as they outpaced two to six-year bonds, in which the Fund was underweighted. Additionally, the Fund’s overall duration, a measure of its interest rate sensitivity, was approximately a year longer than the index, which helped the Fund more fully benefit from declining municipal bond yields.
From a credit quality perspective, the Fund’s performance was bolstered by our underweighting in AAA rated bonds, in light of that category’s underperformance. In addition, overweightings in the A, BB and BBB rating categories lifted relative results, as these segments outpaced the index.
Sector allocation was another positive contributor. Our significantly larger exposure to the health care sector added value, as it was one of the market’s leading categories during the reporting period. Our approach to general obligation (GO) bonds was also favorable. We overweighted local GOs, which outpaced the index and underweighted state GOs, which trailed the benchmark. Elsewhere, our lower allocation to utilities contributed, although being underweighted in tobacco bonds, which are not issued in Oregon, and transportation bonds were modest negatives.
During the reporting period, the Fund received significant new investor inflows. Amid an adequate supply of Oregon bonds available in the marketplace this period, we were able to consistently invest these inflows. In our new purchases, we favored bonds with maturities between ten and fifteen years, as we believed they offered better performance potential than comparable shorter-dated bonds. These positions also allowed us to lengthen the portfolio’s duration, bringing it to our desired level.
To finance these purchases, we used investment inflows, bond maturities and a handful of bond sales. These sales included securities that had declined in value since we first bought them; we took advantage of their lower prices to sell the positions at a capital loss and replace them with comparable but better-yielding securities. Purchases, which reflected the lack of diversity in the Oregon municipal bond market, were focused in the dedicated tax and among local GOs.
Other sales included liquidating the Fund’s small allocation to non-insured U.S. Virgin island bonds. We had no exposure to Puerto Rico bonds.
An Update Involving Puerto Rico
As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico’s continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple
downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island’s debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016 (subsequent to the end of the reporting period), President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government’s financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund’s portfolio in its entirety. Thus, the current net asset value of a Fund’s shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. The Funds have received notification by their current municipal bond pricing service that such service has agreed to be acquired by the parent company of another pricing service, and that the transaction is under regulatory review. Thus there is an increased risk that each Fund’s pricing service may change, or that the Funds’ current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund’s shares.
Risk Considerations
and Dividend Information
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Funds’ use of inverse floaters creates effective leverage. Leverage involves the risk that the Funds could lose more than its original investment and also increases the Funds’ exposure to volatility and interest rate risk.
Dividend Information
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of May 31, 2016, Minnesota Intermediate, Nebraska and Oregon Intermediate had positive UNII balances, while Minnesota had a zero balance for tax purposes. Minnesota Intermediate, Minnesota and Nebraska had positive UNII balances, while Oregon Intermediate had a negative UNII balance for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
Fund Performance, Expense Ratios
and Effective Leverage Ratios
The Fund Performance, Expense Ratios and Effective Leverage Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
Leverage is created whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Minnesota Intermediate Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 5.15% | | | | 4.16% | | | | 4.39% | |
Class A Shares at maximum Offering Price | | | 2.02% | | | | 3.52% | | | | 4.07% | |
S&P Municipal Bond Intermediate Index | | | 5.40% | | | | 4.52% | | | | 5.04% | |
Lipper Other States Intermediate Municipal Debt Funds Classification Average | | | 4.07% | | | | 3.20% | | | | 3.69% | |
| | | |
Class I Shares | | | 5.36% | | | | 4.37% | | | | 4.52% | |
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | Since
Inception | |
Class C Shares | | | 4.34% | | | | N/A | | | | 3.64% | |
Class C1 Shares | | | 4.66% | | | | 3.70% | | | | 3.97% | |
Class C2 Shares | | | 4.57% | | | | 3.60% | | | | 4.27% | |
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 6.73% | | | | 4.40% | | | | 4.57% | |
Class A Shares at maximum Offering Price | | | 3.55% | | | | 3.76% | | | | 4.24% | |
Class I Shares | | | 6.95% | | | | 4.59% | | | | 4.71% | |
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | Since
Inception | |
Class C Shares | | | 5.82% | | | | N/A | | | | 4.07% | |
Class C1 Shares | | | 6.23% | | | | 3.94% | | | | 4.14% | |
Class C2 Shares | | | 6.15% | | | | 3.82% | | | | 4.48% | |
Since inception returns for Class C, Class C1 and Class C2 Shares are from 2/10/14, 10/28/09 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C, Class C1, and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Expense Ratios | | | 0.82% | | | | 1.62% | | | | 1.27% | | | | 1.38% | | | | 0.63% | |
Effective Leverage Ratio as of May 31, 2016
| | | | |
Effective Leverage Ratio | | | 0.00% | |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Minnesota Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 6.48% | | | | 6.10% | | | | 5.03% | |
Class A Shares at maximum Offering Price | | | 2.02% | | | | 5.20% | | | | 4.58% | |
S&P Municipal Bond Index | | | 5.72% | | | | 5.23% | | | | 4.84% | |
Lipper Minnesota Municipal Debt Funds Classification Average | | | 4.65% | | | | 4.63% | | | | 4.12% | |
| | | |
Class C1 Shares | | | 5.93% | | | | 5.62% | | | | 4.55% | |
Class I Shares | | | 6.61% | | | | 6.29% | | | | 5.23% | |
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | Since
Inception | |
Class C Shares | | | 5.50% | | | | N/A | | | | 5.77% | |
Class C2 Shares | | | 5.81% | | | | 5.52% | | | | 6.47% | |
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 8.32% | | | | 6.29% | | | | 5.25% | |
Class A Shares at maximum Offering Price | | | 3.77% | | | | 5.38% | | | | 4.80% | |
Class C1 Shares | | | 7.86% | | | | 5.82% | | | | 4.76% | |
Class I Shares | | | 8.54% | | | | 6.48% | | | | 5.44% | |
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | Since
Inception | |
Class C Shares | | | 7.51% | | | | N/A | | | | 6.32% | |
Class C2 Shares | | | 7.73% | | | | 5.71% | | | | 6.70% | |
Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C, Class C1, and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Expense Ratios | | | 0.84% | | | | 1.64% | | | | 1.29% | | | | 1.39% | | | | 0.64% | |
Effective Leverage Ratio as of May 31, 2016
| | | | |
Effective Leverage Ratio | | | 0.00% | |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Nebraska Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 6.08% | | | | 4.99% | | | | 4.55% | |
Class A Shares at maximum Offering Price | | | 1.65% | | | | 4.09% | | | | 4.10% | |
S&P Municipal Bond Index | | | 5.72% | | | | 5.23% | | | | 4.84% | |
Lipper Other States Municipal Debt Funds Classification Average | | | 4.64% | | | | 4.41% | | | | 3.98% | |
| | | |
Class C1 Shares | | | 5.60% | | | | 4.53% | | | | 4.12% | |
Class I Shares | | | 6.25% | | | | 5.20% | | | | 4.78% | |
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | Since
Inception | |
Class C Shares | | | 5.23% | | | | N/A | | | | 5.13% | |
Class C2 Shares | | | 5.50% | | | | 4.42% | | | | 5.20% | |
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 7.62% | | | | 5.21% | | | | 4.77% | |
Class A Shares at maximum Offering Price | | | 3.12% | | | | 4.32% | | | | 4.32% | |
Class C1 Shares | | | 7.15% | | | | 4.73% | | | | 4.32% | |
Class I Shares | | | 7.89% | | | | 5.41% | | | | 4.99% | |
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | Since
Inception | |
Class C Shares | | | 6.77% | | | | N/A | | | | 5.59% | |
Class C2 Shares | | | 7.13% | | | | 4.63% | | | | 5.40% | |
Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C, Class C1, and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Gross Expense Ratios | | | 0.92% | | | | 1.72% | | | | 1.38% | | | | 1.47% | | | | 0.72% | |
Net Expense Ratios | | | 0.89% | | | | 1.69% | | | | 1.34% | | | | 1.44% | | | | 0.69% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that 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 0.70% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
Effective Leverage Ratio as of May 31, 2016
| | |
Effective Leverage Ratio | | 0.00% |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Oregon Intermediate Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of May 31, 2016
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 4.54% | | | | 3.57% | | | | 3.96% | |
Class A Shares at maximum Offering Price | | | 1.39% | | | | 2.95% | | | | 3.65% | |
S&P Municipal Bond Intermediate Index | | | 5.40% | | | | 4.52% | | | | 5.04% | |
Lipper Other States Intermediate Municipal Debt Funds Classification Average | | | 4.07% | | | | 3.20% | | | | 3.69% | |
| | | |
Class I Shares | | | 4.82% | | | | 3.77% | | | | 4.12% | |
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | Since
Inception | |
Class C Shares | | | 3.73% | | | | N/A | | | | 3.10% | |
Class C2 Shares | | | 3.95% | | | | 2.98% | | | | 3.72% | |
Average Annual Total Returns as of June 30, 2016 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 6.52% | | | | 3.83% | | | | 4.17% | |
Class A Shares at maximum Offering Price | | | 3.30% | | | | 3.21% | | | | 3.85% | |
Class I Shares | | | 6.70% | | | | 4.05% | | | | 4.35% | |
| | | | | | | | | | | | |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | Since
Inception | |
Class C Shares | | | 5.60% | | | | N/A | | | | 3.63% | |
Class C2 Shares | | | 5.93% | | | | 3.24% | | | | 3.96% | |
Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class C2 | | | Class I | |
Expense Ratios | | | 0.84% | | | | 1.64% | | | | 1.39% | | | | 0.64% | |
Effective Leverage Ratio as of May 31, 2016
| | |
Effective Leverage Ratio | | 0.00% |
Growth of an Assumed $10,000 Investment as of May 31, 2016 – Class A Shares
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.
Yields as of May 31, 2016
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of a fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. Refer to the Notes to Financial Statements, Note 7 – Management Fees and Other Transactions with Affiliates for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the fund on an after-tax basis at a specified tax rate. If the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
Nuveen Minnesota Intermediate Municipal Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A1 | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Dividend Yield | | | 2.73% | | | | 2.04% | | | | 2.36% | | | | 2.26% | | | | 3.00% | |
SEC 30-Day Yield | | | 1.12% | | | | 0.36% | | | | 0.71% | | | | 0.61% | | | | 1.35% | |
Taxable-Equivalent Yield (35.1%)2 | | | 1.73% | | | | 0.55% | | | | 1.09% | | | | 0.94% | | | | 2.08% | |
Nuveen Minnesota Municipal Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A1 | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Dividend Yield | | | 3.16% | | | | 2.55% | | | | 2.86% | | | | 2.80% | | | | 3.50% | |
SEC 30-Day Yield | | | 1.67% | | | | 0.95% | | | | 1.30% | | | | 1.20% | | | | 1.95% | |
Taxable-Equivalent Yield (35.1%)2 | | | 2.57% | | | | 1.46% | | | | 2.00% | | | | 1.85% | | | | 3.00% | |
Nuveen Nebraska Municipal Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A1 | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Dividend Yield | | | 2.90% | | | | 2.22% | | | | 2.56% | | | | 2.49% | | | | 3.19% | |
SEC 30-Day Yield-Subsidized | | | 1.11% | | | | 0.35% | | | | 0.72% | | | | 0.62% | | | | 1.36% | |
SEC 30-Day Yield-Unsubsidized | | | 1.11% | | | | 0.35% | | | | 0.71% | | | | 0.61% | | | | 1.35% | |
Taxable-Equivalent Yield – Subsidized (32.9%)2 | | | 1.65% | | | | 0.52% | | | | 1.07% | | | | 0.92% | | | | 2.03% | |
Taxable-Equivalent Yield – Unsubsidized (32.9%)2 | | | 1.65% | | | | 0.52% | | | | 1.06% | | | | 0.91% | | | | 2.01% | |
Nuveen Oregon Intermediate Municipal Bond Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A1 | | | Class C | | | Class C2 | | | Class I | |
Dividend Yield | | | 2.28% | | | | 1.55% | | | | 1.78% | | | | 2.51% | |
SEC 30-Day Yield | | | 0.84% | | | | 0.07% | | | | 0.32% | | | | 1.06% | |
Taxable-Equivalent Yield (35.1%)2 | | | 1.29% | | | | 0.11% | | | | 0.49% | | | | 1.63% | |
| 1 | The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table. |
| 2 | The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate shown in the respective table above. |
Holding
Summaries as of May 31, 2016
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Nuveen Minnesota Intermediate Municipal Bond Fund
Fund Allocation
(% of net assets)
| | | | |
Long-Term Municipal Bonds | | | 98.1% | |
Money Market Funds | | | 1.5% | |
Other Assets Less Liabilities | | | 0.4% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of total investments)
| | | | |
Education and Civic Organizations | | | 21.0% | |
Tax Obligation/General | | | 19.3% | |
Health Care | | | 14.4% | |
Utilities | | | 13.7% | |
U.S. Guaranteed | | | 8.0% | |
Long-Term Care | | | 7.4% | |
Transportation | | | 5.6% | |
Tax Obligation/Limited | | | 5.5% | |
Other | | | 3.6% | |
Money Market Funds | | | 1.5% | |
Total | | | 100% | |
Bond Credit Quality
(% of total investment exposure)
| | | | |
AAA/U.S. Guaranteed | | | 9.2% | |
AA | | | 43.1% | |
A | | | 25.6% | |
BBB | | | 10.5% | |
BB or Lower | | | 1.9% | |
N/R (not rated) | | | 9.7% | |
Total | | | 100% | |
Nuveen Minnesota Municipal Bond Fund
Fund Allocation
(% of net assets)
| | | | |
Long-Term Municipal Bonds | | | 97.8% | |
Money Market Funds | | | 2.4% | |
Other Assets Less Liabilities | | | (0.2)% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of total investments)
| | | | |
Tax Obligation/General | | | 27.4% | |
Education and Civic Organizations | | | 16.6% | |
Health Care | | | 14.0% | |
Utilities | | | 10.6% | |
Long-Term Care | | | 9.6% | |
U.S. Guaranteed | | | 6.5% | |
Other | | | 12.9% | |
Money Market Funds | | | 2.4% | |
Total | | | 100% | |
Bond Credit Quality
(% of total investment exposure)
| | | | |
AAA/U.S. Guaranteed | | | 7.3% | |
AA | | | 43.3% | |
A | | | 18.3% | |
BBB | | | 10.3% | |
BB or Lower | | | 6.9% | |
N/R (not rated) | | | 13.9% | |
Total | | | 100% | |
Holding Summaries as of May 31, 2016 (continued)
Nuveen Nebraska Municipal Bond Fund
Fund Allocation
(% of net assets)
| | | | |
Long-Term Municipal Bonds | | | 97.7% | |
Money Market Funds | | | 0.9% | |
Other Assets Less Liabilities | | | 1.4% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of total investments)
| | | | |
Utilities | | | 21.8% | |
Tax Obligation/General | | | 13.0% | |
Health Care | | | 13.0% | |
U.S. Guaranteed | | | 12.3% | |
Education and Civic Organizations | | | 11.7% | |
Tax Obligation/Limited | | | 10.3% | |
Long-Term Care | | | 8.7% | |
Other | | | 8.3% | |
Money Market Funds | | | 0.9% | |
Total | | | 100% | |
Bond Credit Quality
(% of total investment exposure)
| | | | |
AAA/U.S. Guaranteed | | | 21.3% | |
AA | | | 32.2% | |
A | | | 41.0% | |
BBB | | | 2.2% | |
BB or Lower | | | 1.1% | |
N/R (not rated) | | | 2.2% | |
Total | | | 100% | |
Nuveen Oregon Intermediate Municipal Bond Fund
Fund Allocation
(% of net assets)
| | | | |
Long-Term Municipal Bonds | | | 98.3% | |
Money Market Funds | | | 2.0% | |
Other Assets Less Liabilities | | | (0.3)% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of total investments)
| | | | |
Tax Obligation/General | | | 27.2% | |
Health Care | | | 15.7% | |
U.S. Guaranteed | | | 15.2% | |
Tax Obligation/Limited | | | 12.6% | |
Water and Sewer | | | 8.8% | |
Education and Civic Organizations | | | 8.5% | |
Other | | | 10.0% | |
Money Market Funds | | | 2.0% | |
Total | | | 100% | |
Bond Credit Quality
(% of total investment exposure)
| | | | |
AAA/U.S. Guaranteed | | | 23.9% | |
AA | | | 47.2% | |
A | | | 19.5% | |
BBB | | | 7.1% | |
BB or Lower | | | 0.5% | |
N/R (not rated) | | | 1.8% | |
Total | | | 100% | |
Expense
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended May 31, 2016.
The beginning of the period is December 1, 2015.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Minnesota Intermediate Municipal Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,029.70 | | | $ | 1,025.70 | | | $ | 1,027.30 | | | $ | 1,026.90 | | | $ | 1,029.70 | |
Expenses Incurred During Period | | $ | 4.16 | | | $ | 8.20 | | | $ | 6.44 | | | $ | 6.94 | | | $ | 3.15 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,020.90 | | | $ | 1,016.90 | | | $ | 1,018.65 | | | $ | 1,018.15 | | | $ | 1,021.90 | |
Expenses Incurred During Period | | $ | 4.14 | | | $ | 8.17 | | | $ | 6.41 | | | $ | 6.91 | | | $ | 3.13 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.62%, 1.27%, 1.37% and 0.62% for Classes A, C, C1, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Nuveen Minnesota Municipal Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,036.60 | | | $ | 1,031.80 | | | $ | 1,033.50 | | | $ | 1,033.00 | | | $ | 1,036.80 | |
Expenses Incurred During Period | | $ | 4.18 | | | $ | 8.23 | | | $ | 6.46 | | | $ | 6.96 | | | $ | 3.16 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,020.90 | | | $ | 1,016.90 | | | $ | 1,018.65 | | | $ | 1,018.15 | | | $ | 1,021.90 | |
Expenses Incurred During Period | | $ | 4.14 | | | $ | 8.17 | | | $ | 6.41 | | | $ | 6.91 | | | $ | 3.13 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.62%, 1.27%, 1.37% and 0.62% for Classes A, C, C1, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Nuveen Nebraska Municipal Bond Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class C1 | | | Class C2 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,034.80 | | | $ | 1,030.60 | | | $ | 1,032.50 | | | $ | 1,031.90 | | | $ | 1,035.60 | |
Expenses Incurred During Period | | $ | 4.53 | | | $ | 8.58 | | | $ | 6.81 | | | $ | 7.31 | | | $ | 3.51 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,020.55 | | | $ | 1,016.55 | | | $ | 1,018.30 | | | $ | 1,017.80 | | | $ | 1,021.55 | |
Expenses Incurred During Period | | $ | 4.50 | | | $ | 8.52 | | | $ | 6.76 | | | $ | 7.26 | | | $ | 3.49 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.89%, 1.69%, 1.34%, 1.44% and 0.69% for Classes A, C, C1, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Nuveen Oregon Intermediate Municipal Bond Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class C2 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,026.60 | | | $ | 1,022.60 | | | $ | 1,023.70 | | | $ | 1,027.40 | |
Expenses Incurred During Period | | $ | 4.15 | | | $ | 8.19 | | | $ | 6.93 | | | $ | 3.14 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,020.90 | | | $ | 1,016.90 | | | $ | 1,018.15 | | | $ | 1,021.90 | |
Expenses Incurred During Period | | $ | 4.14 | | | $ | 8.17 | | | $ | 6.91 | | | $ | 3.13 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.62%, 1.37% and 0.62% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Report of
Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Nuveen Investment Funds, Inc.:
In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Minnesota Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate Municipal Bond Fund (each a series of Nuveen Investment Funds, Inc., hereafter referred to as the “Funds”) at May 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Chicago, IL
July 28, 2016
Nuveen Minnesota Intermediate Municipal Bond Fund
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 98.1% | | | | | | | | | | | | |
| | | | |
| | | | MUNICIPAL BONDS – 98.1% | | | | | | | | | | | | |
| | | | |
| | | | Education and Civic Organizations – 21.0% | | | | | | | | | |
| | | | |
| $ | 395 | | | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/32 | | | No Opt. Call | | | | BBB– | | | $ | 427,884 | |
| | | | |
| | 100 | | | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A, 5.000%, 7/01/31 | | | 7/24 at 102.00 | | | | N/R | | | | 106,602 | |
| | | | |
| | 210 | | | City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/27 | | | No Opt. Call | | | | BBB– | | | | 227,651 | |
| | | | |
| | | | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A: | | | | | | | | | | | | |
| | 190 | | | 5.000%, 7/01/30 | | | 7/25 at 100.00 | | | | BB+ | | | | 203,598 | |
| | 890 | | | 5.250%, 7/01/37 | | | 7/25 at 100.00 | | | | BB+ | | | | 951,606 | |
| | | | |
| | 500 | | | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.500%, 8/01/36 | | | 8/22 at 100.00 | | | | BB+ | | | | 544,170 | |
| | | | |
| | | | Itasca County, Minnesota, Revenue Bonds, Charles K. Blandin Foundation, Series 2010: | | | | | | | | | | | | |
| | 635 | | | 4.000%, 5/01/18 | | | No Opt. Call | | | | A2 | | | | 660,222 | |
| | 255 | | | 4.000%, 5/01/19 | | | No Opt. Call | | | | A2 | | | | 269,576 | |
| | | | |
| | 1,300 | | | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School, Series 2013A, 6.000%, 7/01/33 | | | 7/23 at 100.00 | | | | BB | | | | 1,421,225 | |
| | | | |
| | | | Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refundinjg Series 2010: | | | | | | | | | | | | |
| | 550 | | | 4.000%, 9/01/19 | | | No Opt. Call | | | | A2 | | | | 595,083 | |
| | 315 | | | 4.000%, 9/01/21 | | | 9/20 at 100.00 | | | | A2 | | | | 344,664 | |
| | | | |
| | 1,040 | | | Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Refunding Series 2015, 4.000%, 12/01/28 | | | 12/24 at 100.00 | | | | Aa1 | | | | 1,174,368 | |
| | | | |
| | 815 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Refunding Series 2010-7-G, 4.000%, 10/01/21 | | | 10/18 at 100.00 | | | | Baa3 | | | | 843,827 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R: | | | | | | | | | | | | |
| | 1,125 | | | 5.500%, 5/01/18 | | | 5/17 at 100.00 | | | | N/R | | | | 1,150,312 | |
| | 1,185 | | | 5.500%, 5/01/19 | | | 5/17 at 100.00 | | | | N/R | | | | 1,211,994 | |
| | 1,050 | | | 5.500%, 5/01/24 | | | 5/17 at 100.00 | | | | N/R | | | | 1,072,669 | |
| | | | |
| | 1,585 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2008-V, 4.500%, 3/01/17 | | | No Opt. Call | | | | Baa1 | | | | 1,623,468 | |
| | | | |
| | 300 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2011-7M, 5.000%, 3/01/31 | | | 3/20 at 100.00 | | | | Baa1 | | | | 329,046 | |
| | | | |
| | 655 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2016-8K, 3.250%, 3/01/32 | | | 3/26 at 100.00 | | | | Baa1 | | | | 671,165 | |
| | | | |
| | 150 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2011-7J, 6.000%, 12/01/28 | | | 12/19 at 100.00 | | | | Baa2 | | | | 167,624 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2012-7R: | | | | | | | | | | | | |
| | 200 | | | 4.000%, 12/01/20 | | | No Opt. Call | | | | Baa2 | | | | 214,898 | |
| | 310 | | | 3.375%, 12/01/22 | | | No Opt. Call | | | | Baa2 | | | | 326,718 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 2007-6S: | | | | | | | | | | | | |
| | 360 | | | 4.375%, 12/01/16 | | | No Opt. Call | | | | Baa2 | | | | 366,743 | |
| | 380 | | | 4.500%, 12/01/17 | | | No Opt. Call | | | | Baa2 | | | | 399,874 | |
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Education and Civic Organizations (continued) | | | | | | | | | |
| | | | |
| $ | 750 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 20107H, 5.125%, 12/01/30 | | | 12/19 at 100.00 | | | | Baa2 | | | $ | 805,162 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B: | | | | | | | | | | | | |
| | 1,530 | | | 5.000%, 10/01/18 | | | No Opt. Call | | | | A3 | | | | 1,667,792 | |
| | 1,040 | | | 5.000%, 10/01/23 | | | 10/19 at 100.00 | | | | A3 | | | | 1,163,302 | |
| | 175 | | | 4.250%, 10/01/24 | | | 10/19 at 100.00 | | | | A3 | | | | 188,778 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W: | | | | | | | | | | | | |
| | 350 | | | 4.000%, 10/01/21 | | | No Opt. Call | | | | A3 | | | | 389,452 | |
| | 250 | | | 5.000%, 10/01/22 | | | No Opt. Call | | | | A3 | | | | 294,035 | |
| | 500 | | | 5.000%, 10/01/23 | | | No Opt. Call | | | | A3 | | | | 597,500 | |
| | 990 | | | 4.250%, 10/01/28 | | | 10/23 at 100.00 | | | | A3 | | | | 1,112,631 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University of Minnesota, Refunding Series 2010E: | | | | | | | | | | | | |
| | 1,000 | | | 4.125%, 10/01/18 | | | No Opt. Call | | | | Baa2 | | | | 1,053,340 | |
| | 1,385 | | | 4.375%, 10/01/20 | | | No Opt. Call | | | | Baa2 | | | | 1,516,921 | |
| | 500 | | | 4.500%, 10/01/21 | | | 10/20 at 100.00 | | | | Baa2 | | | | 545,965 | |
| | 250 | | | 5.000%, 10/01/29 | | | 10/20 at 100.00 | | | | Baa2 | | | | 270,483 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1: | | | | | | | | | | | | |
| | 1,000 | | | 4.250%, 10/01/18 | | | No Opt. Call | | | | Baa2 | | | | 1,054,180 | |
| | 625 | | | 6.000%, 10/01/32 | | | 10/21 at 100.00 | | | | Baa2 | | | | 732,200 | |
| | | | |
| | 1,250 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/29 | | | 3/25 at 100.00 | | | | Aa3 | | | | 1,317,875 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2012-7Q: | | | | | | | | | | | | |
| | 740 | | | 5.000%, 10/01/23 | | | 10/22 at 100.00 | | | | Baa1 | | | | 862,085 | |
| | 490 | | | 5.000%, 10/01/24 | | | 10/22 at 100.00 | | | | Baa1 | | | | 571,551 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John’s University, Series 2015-8I: | | | | | | | | | | | | |
| | 730 | | | 4.000%, 10/01/18 | | | No Opt. Call | | | | A2 | | | | 781,596 | |
| | 930 | | | 4.000%, 10/01/19 | | | No Opt. Call | | | | A2 | | | | 1,019,299 | |
| | 700 | | | 3.375%, 10/01/30 | | | 10/25 at 100.00 | | | | A2 | | | | 746,032 | |
| | | | |
| | 170 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Refunding Series 2007-6O, 5.000%, 10/01/16 | | | No Opt. Call | | | | A1 | | | | 172,419 | |
| | | | |
| | 1,000 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2015-8-G, 5.000%, 12/01/28 | | | 12/25 at 100.00 | | | | A1 | | | | 1,231,470 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A: | | | | | | | | | | | | |
| | 1,125 | | | 4.500%, 10/01/18 | | | No Opt. Call | | | | A2 | | | | 1,217,475 | |
| | 1,975 | | | 4.500%, 10/01/19 | | | No Opt. Call | | | | A2 | | | | 2,196,891 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2013-7U: | | | | | | | | | | | | |
| | 2,000 | | | 4.000%, 4/01/25 | | | 4/23 at 100.00 | | | | A2 | | | | 2,265,220 | |
| | 775 | | | 4.000%, 4/01/26 | | | 4/23 at 100.00 | | | | A2 | | | | 869,589 | |
| | 300 | | | 4.000%, 4/01/27 | | | 4/23 at 100.00 | | | | A2 | | | | 334,386 | |
| | | | |
| | 1,000 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2016-8L, 5.000%, 4/01/27 | | | 4/26 at 100.00 | | | | A2 | | | | 1,242,860 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Education and Civic Organizations (continued) | | | | | | | | | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Saint John’s University Revenue Bonds, Series 2008-6U: | | | | | | | | | | | | |
| $ | 290 | | | 4.200%, 10/01/19 | | | 10/18 at 100.00 | | | | A2 | | | $ | 310,718 | |
| | 385 | | | 4.300%, 10/01/20 | | | 10/18 at 100.00 | | | | A2 | | | | 411,731 | |
| | 145 | | | 4.500%, 10/01/22 | | | 10/18 at 100.00 | | | | A2 | | | | 156,316 | |
| | | | |
| | | | Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2009A: | | | | | | | | | | | | |
| | 985 | | | 4.000%, 10/01/22 | | | 10/19 at 100.00 | | | | Aa2 | | | | 1,066,597 | |
| | 1,755 | | | 4.000%, 10/01/23 | | | 10/19 at 100.00 | | | | Aa2 | | | | 1,891,311 | |
| | | | |
| | | | Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A: | | | | | | | | | | | | |
| | 1,515 | | | 4.250%, 10/01/24 | | | 10/21 at 100.00 | | | | Aa2 | | | | 1,726,706 | |
| | 880 | | | 4.375%, 10/01/25 | | | 10/21 at 100.00 | | | | Aa2 | | | | 1,003,253 | |
| | 905 | | | 4.500%, 10/01/26 | | | 10/21 at 100.00 | | | | Aa2 | | | | 1,036,397 | |
| | | | |
| | 1,185 | | | Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2015A, 3.000%, 10/01/26 | | | 4/25 at 100.00 | | | | Aa2 | | | | 1,280,250 | |
| | | | |
| | | | Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016: | | | | | | | | | | | | |
| | 1,910 | | | 5.000%, 12/01/18 | | | No Opt. Call | | | | Baa1 | | | | 2,083,925 | |
| | 2,020 | | | 5.000%, 12/01/19 | | | No Opt. Call | | | | Baa1 | | | | 2,262,865 | |
| | 980 | | | 4.000%, 12/01/30 | | | 12/25 at 100.00 | | | | Baa1 | | | | 1,070,797 | |
| | 1,060 | | | 4.000%, 12/01/32 | | | 12/25 at 100.00 | | | | Baa1 | | | | 1,147,969 | |
| | | | |
| | 600 | | | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/34 | | | 9/24 at 100.00 | | | | BB+ | | | | 635,712 | |
| | | | |
| | 450 | | | Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A, 5.000%, 12/01/26 | | | 12/21 at 100.00 | | | | BBB– | | | | 487,566 | |
| | | | |
| | 680 | | | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary’s School Project, Series 2015, 5.000%, 8/01/22 | | | No Opt. Call | | | | BB | | | | 733,366 | |
| | | | |
| | 70 | | | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/36 | | | 4/26 at 100.00 | | | | BB– | | | | 71,912 | |
| | | | |
| | 850 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 5.700%, 9/01/21 | | | No Opt. Call | | | | BBB– | | | | 946,687 | |
| | | | |
| | 885 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A, 5.000%, 7/01/35 | | | 7/25 at 100.00 | | | | BB | | | | 919,665 | |
| | | | |
| | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A: | | | | | | | | | | | | |
| | 250 | | | 4.000%, 7/01/23 | | | No Opt. Call | | | | BB+ | | | | 255,255 | |
| | 700 | | | 5.000%, 7/01/33 | | | 7/23 at 100.00 | | | | BB+ | | | | 732,669 | |
| | | | |
| | 200 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.000%, 3/01/28 | | | 3/23 at 100.00 | | | | BBB– | | | | 202,710 | |
| | | | |
| | 2,395 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Minnesota Public Radio Project, Refunding Series 2010, 5.000%, 12/01/25 | | | 12/20 at 100.00 | | | | A2 | | | | 2,742,706 | |
| | | | |
| | | | University of Minnesota, General Obligation Bonds, Series 2014B: | | | | | | | | | | | | |
| | 1,000 | | | 4.000%, 1/01/31 | | | 1/24 at 100.00 | | | | Aa1 | | | | 1,134,790 | |
| | 1,000 | | | 4.000%, 1/01/32 | | | 1/24 at 100.00 | | | | Aa1 | | | | 1,131,790 | |
| | | | |
| | 1,020 | | | University of Minnesota, General Revenue Bonds, Series 2009C, 5.000%, 12/01/19 | | | 6/19 at 100.00 | | | | Aa1 | | | | 1,143,828 | |
| | | | |
| | | | University of Minnesota, General Revenue Bonds, Series 2013A: | | | | | | | | | | | | |
| | 1,005 | | | 4.000%, 2/01/25 | | | 2/23 at 100.00 | | | | Aa1 | | | | 1,159,087 | |
| | 2,000 | | | 4.000%, 2/01/27 | | | 2/23 at 100.00 | | | | Aa1 | | | | 2,269,140 | |
| | 65,145 | | | Total Education and Civic Organizations | | | | | | | | | | | 71,541,194 | |
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Health Care – 14.3% | | | | | | | | | |
| | | | |
| $ | 1,340 | | | Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/17 | | | No Opt. Call | | | | N/R | | | $ | 1,378,927 | |
| | | | |
| | 400 | | | Fergus Falls, Minnesota, Health Care Facilities Revenue Bonds, Lake Region Healthcare Corporation Project, Series 2010, 4.750%, 8/01/25 | | | 8/17 at 100.00 | | | | BBB– | | | | 407,404 | |
| | | | |
| | | | Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | | | | | | | | | | | | |
| | 660 | | | 4.000%, 4/01/25 | | | 4/22 at 100.00 | | | | BBB | | | | 713,698 | |
| | 400 | | | 4.000%, 4/01/26 | | | 4/22 at 100.00 | | | | BBB | | | | 429,560 | |
| | | | |
| | | | Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Health Care Facilities Revenue Refunding Bonds, HealthPartners Obligated Group, Series 2015A: | | | | | | | | | | | | |
| | 1,045 | | | 5.000%, 7/01/30 | | | 7/25 at 100.00 | | | | A | | | | 1,259,392 | |
| | 4,500 | | | 5.000%, 7/01/32 | | | 7/25 at 100.00 | | | | A | | | | 5,382,765 | |
| | | | |
| | | | Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007: | | | | | | | | | | | | |
| | 1,000 | | | 5.000%, 5/01/17 | | | No Opt. Call | | | | Baa1 | | | | 1,032,710 | |
| | 585 | | | 4.500%, 5/01/23 | | | 5/17 at 100.00 | | | | Baa1 | | | | 603,287 | |
| | | | |
| | 2,000 | | | Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 5.000%, 9/01/28 | | | 9/25 at 100.00 | | | | Baa1 | | | | 2,408,420 | |
| | | | |
| | 1,000 | | | Meeker County, Minnesota, Gross Revenue Hospital Facilities Bonds, Meeker County Memorial Hospital Project, Series 2007, 5.625%, 11/01/22 | | | 11/17 at 100.00 | | | | N/R | | | | 1,042,350 | |
| | | | |
| | 575 | | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured | | | 11/18 at 100.00 | | | | AA | | | | 645,351 | |
| | | | |
| | | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | | | | | | | | | | | | |
| | 1,000 | | | 5.000%, 11/15/28 | | | 11/25 at 100.00 | | | | A+ | | | | 1,216,520 | |
| | 1,000 | | | 5.000%, 11/15/29 | | | 11/25 at 100.00 | | | | A+ | | | | 1,212,640 | |
| | 1,000 | | | 5.000%, 11/15/30 | | | 11/25 at 100.00 | | | | A+ | | | | 1,207,950 | |
| | 2,000 | | | 5.000%, 11/15/32 | | | 11/25 at 100.00 | | | | A+ | | | | 2,397,280 | |
| | | | |
| | 1,000 | | | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2010A, 5.250%, 8/15/25 | | | 8/20 at 100.00 | | | | A+ | | | | 1,149,680 | |
| | | | |
| | 1,085 | | | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Refunding Series 2008C-1, 5.500%, 2/15/25 – AGC Insured | | | 2/20 at 100.00 | | | | AA | | | | 1,244,918 | |
| | | | |
| | | | Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A: | | | | | | | | | | | | |
| | 275 | | | 4.000%, 12/01/25 | | | 12/20 at 100.00 | | | | N/R | | | | 283,550 | |
| | 250 | | | 4.050%, 12/01/26 | | | 12/20 at 100.00 | | | | N/R | | | | 257,290 | |
| | 250 | | | 4.150%, 12/01/27 | | | 12/20 at 100.00 | | | | N/R | | | | 257,798 | |
| | | | |
| | 500 | | | Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C, 5.400%, 12/01/33 | | | 12/20 at 100.00 | | | | N/R | | | | 534,300 | |
| | | | |
| | 1,080 | | | Northfield, Minnesota, Hospital Revenue Bonds, Refunding Series 2006, 5.500%, 11/01/17 | | | 11/16 at 100.00 | | | | BBB | | | | 1,099,159 | |
| | | | |
| | 890 | | | Redwood Falls, Minnesota, Gross Revenue Hospital Facilities Bonds, Redwood Area Hospital Project, Series 2006, 5.000%, 12/01/21 | | | 12/16 at 100.00 | | | | N/R | | | | 901,810 | |
| | | | |
| | 2,125 | | | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 4.500%, 11/15/38 (Mandatory Put 11/15/21) | | | No Opt. Call | | | | AA | | | | 2,463,470 | |
| | | | |
| | 1,100 | | | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.125%, 7/01/20 | | | No Opt. Call | | | | A– | | | | 1,198,637 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Health Care (continued) | | | | | | | | | |
| | | | |
| $ | 500 | | | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 3.000%, 7/01/25 | | | 7/23 at 100.00 | | | | A– | | | $ | 522,425 | |
| | | | |
| | 1,045 | | | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 4.250%, 5/01/21 | | | 5/20 at 100.00 | | | | A1 | | | | 1,163,691 | |
| | | | |
| | 820 | | | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37 | | | 5/26 at 100.00 | | | | A1 | | | | 890,233 | |
| | | | |
| | 1,200 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2007A, 5.000%, 11/15/19 – NPFG Insured | | | 11/17 at 100.00 | | | | AA– | | | | 1,273,776 | |
| | | | |
| | 3,135 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24 | | | 11/19 at 100.00 | | | | AA– | | | | 3,540,481 | |
| | | | |
| | 1,025 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare Project, Series 2009, 5.000%, 2/01/19 | | | No Opt. Call | | | | A– | | | | 1,110,003 | |
| | | | |
| | | | Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014: | | | | | | | | | | | | |
| | 1,200 | | | 5.000%, 9/01/27 | | | 9/24 at 100.00 | | | | A | | | | 1,447,332 | |
| | 815 | | | 5.000%, 9/01/29 | | | 9/24 at 100.00 | | | | A | | | | 971,708 | |
| | | | |
| | | | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | | | | | | | | | | | | |
| | 1,000 | | | 5.000%, 11/15/29 | | | 11/25 at 100.00 | | | | BBB– | | | | 1,194,940 | |
| | 2,285 | | | 5.000%, 11/15/30 | | | 11/25 at 100.00 | | | | BBB– | | | | 2,719,904 | |
| | 1,250 | | | 5.250%, 11/15/35 | | | 11/20 at 100.00 | | | | BBB– | | | | 1,395,475 | |
| | | | |
| | 1,000 | | | Winona Health Care Facilities Revenue Refunding Bonds, Minnesota, Winona Health Obligated Group, Series 2007, 5.000%, 7/01/20 | | | 7/17 at 100.00 | | | | BBB | | | | 1,036,410 | |
| | | | |
| | | | Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012: | | | | | | | | | | | | |
| | 485 | | | 4.500%, 7/01/24 | | | 7/21 at 100.00 | | | | BBB | | | | 530,542 | |
| | 260 | | | 5.000%, 7/01/34 | | | 7/21 at 100.00 | | | | BBB | | | | 283,509 | |
| | 43,080 | | | Total Health Care | | | | | | | | | | | 48,809,295 | |
| | | | |
| | | | Housing/Multifamily – 0.2% | | | | | | | | | |
| | | | |
| | 500 | | | Anoka Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, Woodland Park Apartments Project, Series 2011A, 5.000%, 4/01/27 | | | 4/19 at 100.00 | | | | Aaa | | | | 531,045 | |
| | | | |
| | | | Housing/Single Family – 0.8% | | | | | | | | | |
| | | | |
| | 740 | | | Dakota County Community Development Agency, Minnesota, Single Family Mortgage Revenue Bonds, Mortgage Backed Securities Program, Series 2011A, 4.400%, 12/01/26 | | | 12/20 at 100.00 | | | | AA+ | | | | 801,923 | |
| | | | |
| | 755 | | | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26 | | | 7/21 at 100.00 | | | | Aaa | | | | 781,886 | |
| | | | |
| | 470 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (Alternative Minimum Tax) | | | 1/22 at 100.00 | | | | AA+ | | | | 510,914 | |
| | | | |
| | 155 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (Alternative Minimum Tax) | | | No Opt. Call | | | | AA+ | | | | 170,250 | |
| | | | |
| | 315 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.100%, 7/01/26 | | | 7/24 at 100.00 | | | | AA+ | | | | 335,651 | |
| | | | |
| | 250 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | | | 7/25 at 100.00 | | | | AA+ | | | | 262,423 | |
| | 2,685 | | | Total Housing/Single Family | | | | | | | | | | | 2,863,047 | |
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Industrials – 1.0% | | | | | | | | | |
| | | | |
| $ | 2,020 | | | Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2010-2A, 4.625%, 12/01/20 | | | No Opt. Call | | | | A+ | | | $ | 2,277,873 | |
| | | | |
| | 1,000 | | | Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1, 4.000%, 6/01/28 | | | 6/21 at 100.00 | | | | A+ | | | | 1,077,370 | |
| | 3,020 | | | Total Industrials | | | | | | | | | | | 3,355,243 | |
| | | | |
| | | | Long-Term Care – 7.3% | | | | | | | | | |
| | | | |
| | 1,000 | | | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 5.000%, 11/01/25 | | | 11/24 at 100.00 | | | | A3 | | | | 1,228,410 | |
| | | | |
| | 565 | | | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 4.550%, 11/01/26 | | | 11/19 at 100.00 | | | | A3 | | | | 605,917 | |
| | | | |
| | 815 | | | Chicago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/33 | | | 8/23 at 100.00 | | | | N/R | | | | 902,270 | |
| | | | |
| | 1,110 | | | City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 | | | 11/22 at 100.00 | | | | N/R | | | | 1,135,785 | |
| | | | |
| | | | Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc., Refunding Series 2015: | | | | | | | | | | | | |
| | 1,000 | | | 4.600%, 1/01/27 | | | 1/23 at 100.00 | | | | N/R | | | | 1,030,190 | |
| | 500 | | | 5.000%, 1/01/34 | | | 1/23 at 100.00 | | | | N/R | | | | 515,525 | |
| | | | |
| | 1,435 | | | Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen – Second Century & Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory Put 9/01/24) | | | 9/18 at 100.00 | | | | N/R | | | | 1,452,679 | |
| | | | |
| | | | Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | | | | | | | | | | | | |
| | 1,400 | | | 5.000%, 11/15/24 | | | 11/22 at 100.00 | | | | N/R | | | | 1,516,172 | |
| | 1,650 | | | 4.750%, 11/15/28 | | | 11/22 at 100.00 | | | | N/R | | | | 1,721,676 | |
| | | | |
| | | | Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen – Abiitan Mill City Project, Series 2015: | | | | | | | | | | | | |
| | 425 | | | 4.750%, 11/01/28 | | | 5/23 at 100.00 | | | | N/R | | | | 443,296 | |
| | 750 | | | 5.250%, 11/01/45 | | | 5/23 at 100.00 | | | | N/R | | | | 773,865 | |
| | | | |
| | 1,000 | | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 2.000%, 6/01/36 | | | 6/26 at 100.00 | | | | N/R | | | | 997,530 | |
| | | | |
| | | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016C: | | | | | | | | | | | | |
| | 210 | | | 2.000%, 6/01/19 | | | No Opt. Call | | | | N/R | | | | 209,939 | |
| | 230 | | | 2.125%, 6/01/20 | | | No Opt. Call | | | | N/R | | | | 229,970 | |
| | 250 | | | 2.500%, 6/01/22 | | | 6/21 at 101.00 | | | | N/R | | | | 249,738 | |
| | 250 | | | 3.050%, 6/01/27 | | | 6/21 at 101.00 | | | | N/R | | | | 250,055 | |
| | | | |
| | 2,500 | | | Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.000%, 5/01/33 | | | 5/23 at 100.00 | | | | N/R | | | | 2,640,400 | |
| | | | |
| | 1,000 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 4.000%, 11/01/22 | | | No Opt. Call | | | | N/R | | | | 1,029,770 | |
| | | | |
| | 2,000 | | | Saint Paul Port Authority, Minnesota, Revenue Bonds, Amherst H. Wilder Foundation Project, Series 2010-3, 5.000%, 12/01/24 | | | 12/20 at 100.00 | | | | A3 | | | | 2,185,400 | |
| | | | |
| | 1,020 | | | Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/27 | | | 9/22 at 100.00 | | | | N/R | | | | 1,100,947 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Long-Term Care (continued) | | | | | | | | | |
| | | | |
| | | | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013: | | | | | | | | | | | | |
| $ | 180 | | | 5.000%, 1/01/21 | | | No Opt. Call | | | | N/R | | | $ | 194,904 | |
| | 2,395 | | | 5.125%, 1/01/39 | | | 1/23 at 100.00 | | | | N/R | | | | 2,473,317 | |
| | | | |
| | | | Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A: | | | | | | | | | | | | |
| | 625 | | | 5.100%, 5/01/24 – AGM Insured | | | 5/19 at 102.00 | | | | N/R | | | | 676,356 | |
| | 310 | | | 5.300%, 5/01/27 | | | 5/19 at 102.00 | | | | N/R | | | | 334,323 | |
| | 500 | | | 5.300%, 11/01/27 | | | 5/19 at 102.00 | | | | N/R | | | | 539,230 | |
| | 515 | | | 5.500%, 11/01/32 | | | 5/19 at 102.00 | | | | N/R | | | | 558,013 | |
| | 23,635 | | | Total Long-Term Care | | | | | | | | | | | 24,995,677 | |
| | | | |
| | | | Tax Obligation/General – 19.2% | | | | | | | | | |
| | | | |
| | 500 | | | Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2007D, 5.000%, 2/01/24 | | | 2/17 at 100.00 | | | | Aa1 | | | | 514,305 | |
| | | | |
| | 1,000 | | | Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008A, 5.000%, 2/01/20 | | | 2/18 at 100.00 | | | | Aa1 | | | | 1,068,480 | |
| | | | |
| | | | Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008C: | | | | | | | | | | | | |
| | 285 | | | 4.100%, 2/01/18 | | | No Opt. Call | | | | Aa1 | | | | 300,766 | |
| | 595 | | | 4.200%, 2/01/19 | | | 2/18 at 100.00 | | | | Aa1 | | | | 627,600 | |
| | | | |
| | | | Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011: | | | | | | | | | | | | |
| | 635 | | | 5.500%, 2/01/23 | | | 2/21 at 100.00 | | | | Aa3 | | | | 755,974 | |
| | 750 | | | 5.500%, 2/01/24 | | | 2/21 at 100.00 | | | | Aa3 | | | | 886,875 | |
| | 875 | | | 5.500%, 2/01/25 | | | 2/21 at 100.00 | | | | Aa3 | | | | 1,032,553 | |
| | 1,010 | | | 5.500%, 2/01/26 | | | 2/21 at 100.00 | | | | Aa3 | | | | 1,185,387 | |
| | 1,150 | | | 5.500%, 2/01/27 | | | 2/21 at 100.00 | | | | Aa3 | | | | 1,349,697 | |
| | | | |
| | 2,835 | | | Buffalo-Hanover-Montrose Independent School District 877, Minnesota, General Obligation Bonds, Refunding Series 2012A, 4.000%, 2/01/23 | | | 2/22 at 100.00 | | | | Aa2 | | | | 3,228,356 | |
| | | | |
| | 1,685 | | | Cambridge Independent School District 911, Isanti County, Minnesota, General Obligation Bonds, Refunding Series 2016A, 5.000%, 4/01/18 | | | No Opt. Call | | | | Aa2 | | | | 1,814,492 | |
| | | | |
| | 1,000 | | | Chaska Independent School District 112, Carver County, Minnesota, General Obligation Bonds, Series 2007A, 4.250%, 2/01/19 – NPFG Insured | | | 2/17 at 100.00 | | | | Aa2 | | | | 1,022,890 | |
| | | | |
| | 450 | | | Chatfield Independent School District 227, Olmstead County, Minnesota, General Obligation Bonds, Series 2007A, 4.000%, 2/01/18 – AGM Insured | | | No Opt. Call | | | | AA+ | | | | 473,688 | |
| | | | |
| | 1,000 | | | Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,090,140 | |
| | | | |
| | 1,000 | | | Delano Independent School District 879, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/32 | | | 2/26 at 100.00 | | | | Aa2 | | | | 1,016,810 | |
| | | | |
| | 1,000 | | | Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Series 2015B, 4.000%, 2/01/25 | | | No Opt. Call | | | | Aa2 | | | | 1,156,160 | |
| | | | |
| | 1,845 | | | Forest Lake Independent School District 831, Washington County, Minnesota, General Obligation Bonds, School Building Series 2016A, 3.000%, 2/01/31 | | | 2/26 at 100.00 | | | | AA+ | | | | 1,906,088 | |
| | | | |
| | 2,220 | | | Fridley Independent School District 14, Anoka County, Minnesota, General Obligation Bonds, Series 2016A, 4.000%, 2/01/29 | | | 2/26 at 100.00 | | | | Aa2 | | | | 2,540,901 | |
| | | | |
| | 665 | | | Goodhue County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2015A, 3.000%, 2/01/27 | | | 2/23 at 100.00 | | | | Aa2 | | | | 699,387 | |
| | | | |
| | 455 | | | Greenway Independent School District 316, Itasca County, Minnesota, General Obligation Bonds, Alternate Facilities, Series 2011C, 4.250%, 2/01/25 | | | 2/19 at 100.00 | | | | AA+ | | | | 489,666 | |
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/General (continued) | | | | | | | | | |
| | | | |
| $ | 2,025 | | | Independent School District 833, South Washington County, Minnesota, General Obligation Bonds, Crossover Refunding School Building Series 2010A, 4.000%, 2/01/22 | | | 2/19 at 100.00 | | | | AA+ | | | $ | 2,169,544 | |
| | | | |
| | | | Jordan Independent School District 717, Scott County, Minnesota, General Obligation Bonds, School Building Series 2014A: | | | | | | | | | | | | |
| | 1,000 | | | 4.000%, 2/01/26 | | | 2/23 at 100.00 | | | | Aa2 | | | | 1,132,500 | |
| | 1,275 | | | 4.000%, 2/01/27 | | | 2/23 at 100.00 | | | | Aa2 | | | | 1,434,859 | |
| | | | |
| | 2,710 | | | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Alternate Facility Series 2015B, 3.000%, 2/01/29 | | | 2/24 at 100.00 | | | | AA+ | | | | 2,813,224 | |
| | | | |
| | 1,000 | | | Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2007-2A, 5.125%, 6/01/22 (Alternative Minimum Tax) | | | 6/17 at 100.00 | | | | A+ | | | | 1,030,500 | |
| | | | |
| | 1,000 | | | Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 4.000%, 10/01/25 | | | 10/23 at 100.00 | | | | AA+ | | | | 1,162,800 | |
| | | | |
| | 2,000 | | | Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/25 | | | 8/23 at 100.00 | | | | AA+ | | | | 2,498,200 | |
| | | | |
| | 2,000 | | | Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.500%, 10/01/28 | | | 10/23 at 100.00 | | | | AA+ | | | | 2,176,920 | |
| | | | |
| | | | Minnetonka Independent School District 276, Hennepin County, Minnesota, General Obligation Bonds, Refunding Series 2013H: | | | | | | | | | | | | |
| | 525 | | | 4.000%, 2/01/25 | | | 2/23 at 100.00 | | | | Aaa | | | | 605,136 | |
| | 600 | | | 4.000%, 2/01/26 | | | 2/23 at 100.00 | | | | Aaa | | | | 690,732 | |
| | | | |
| | | | Moose Lake Independent School District 97, Carlton and Pine Counties, Minnesota, General Obligation Bonds, School Buidling Series 2015A: | | | | | | | | | | | | |
| | 1,505 | | | 4.000%, 2/01/27 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,736,589 | |
| | 1,475 | | | 4.000%, 2/01/30 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,672,207 | |
| | | | |
| | | | Northland Independent School District 118, Minnesota, General Obligation Bonds, Series 2016A: | | | | | | | | | | | | |
| | 560 | | | 3.000%, 2/01/27 | | | 2/24 at 100.00 | | | | Aa2 | | | | 581,958 | |
| | 655 | | | 3.000%, 2/01/28 | | | 2/24 at 100.00 | | | | Aa2 | | | | 676,661 | |
| | 1,185 | | | 3.000%, 2/01/29 | | | 2/24 at 100.00 | | | | Aa2 | | | | 1,218,275 | |
| | | | |
| | 620 | | | OtterTail County, Minnesota, General Obligation Bonds, Disposal System – Prairie Lakes Municipal Authority, Series 2011, 4.750%, 5/01/27 (Alternative Minimum Tax) | | | 5/21 at 100.00 | | | | AA+ | | | | 696,576 | |
| | | | |
| | 1,880 | | | Perham Independent School District 549, Minnesota, General Obligation Bonds, Series 2016A, 3.000%, 2/01/30 | | | 2/24 at 100.00 | | | | Aa2 | | | | 1,908,332 | |
| | | | |
| | 500 | | | Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Series 2008B, 4.500%, 2/01/21 | | | 2/18 at 100.00 | | | | Aa2 | | | | 526,625 | |
| | | | |
| | 2,000 | | | Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Series 2016C, 3.000%, 2/01/32 (WI/DD, Settling 6/01/16) | | | 2/26 at 100.00 | | | | AA+ | | | | 2,040,440 | |
| | | | |
| | 1,140 | | | Rochester, Minnesota, General Obligation Bonds, Waste Water Series 2007A, 4.000%, 12/01/18 | | | 6/17 at 100.00 | | | | AAA | | | | 1,176,731 | |
| | | | |
| | 1,595 | | | Rushford Peterson Independent School District 239, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/29 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,804,009 | |
| | | | |
| | 1,100 | | | Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A, 4.000%, 2/01/30 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,250,777 | |
| | | | |
| | 600 | | | Saint Louis County Independent School District 2142, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 3.500%, 2/01/23 | | | 2/22 at 100.00 | | | | AA+ | | | | 659,766 | |
| | | | |
| | 1,565 | | | Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, Refunding Series 2014A, 4.000%, 2/01/26 | | | 2/24 at 100.00 | | | | Aa2 | | | | 1,795,290 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/General (continued) | | | | | | | | | |
| | | | |
| $ | 1,215 | | | Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, School Building Series 2015A, 5.000%, 2/01/23 | | | No Opt. Call | | | | Aa2 | | | $ | 1,482,847 | |
| | | | |
| | 1,240 | | | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, Alternate Facilities Series 2014A, 3.500%, 2/01/27 | | | 2/24 at 100.00 | | | | Aa2 | | | | 1,357,478 | |
| | | | |
| | 2,920 | | | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, School Building Series 2016C, 3.000%, 2/01/30 | | | 2/26 at 100.00 | | | | Aa2 | | | | 2,986,518 | |
| | | | |
| | 2,000 | | | Stillwater Independent School District 834, Washington County, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/28 | | | 2/24 at 100.00 | | | | Aa2 | | | | 2,265,980 | |
| | | | |
| | 345 | | | Waite Park, Minnesota, General Obligation Bonds, Tax Abatement Series 2016A, 3.000%, 12/15/31 | | | 12/23 at 100.00 | | | | AA | | | | 350,361 | |
| | | | |
| | 640 | | | Wright County, Minnesota, General Obligation Bonds, Jail Series 2007A, 4.500%, 12/01/20 | | | 12/17 at 100.00 | | | | AA+ | | | | 674,253 | |
| | 59,830 | | | Total Tax Obligation/General | | | | | | | | | | | 65,736,303 | |
| | | | |
| | | | Tax Obligation/Limited – 5.5% | | | | | | | | | |
| | | | |
| | 1,910 | | | Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19 | | | No Opt. Call | | | | AA+ | | | | 2,058,808 | |
| | | | |
| | 780 | | | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 | | | 1/22 at 100.00 | | | | A | | | | 877,984 | |
| | | | |
| | | | Hennepin County, Minnesota, Sales Tax Revenue Bonds, Ballpark Project, Second Lien Series 2008B: | | | | | | | | | | | | |
| | 690 | | | 4.375%, 12/15/22 | | | 12/17 at 100.00 | | | | AA+ | | | | 727,929 | |
| | 1,000 | | | 5.000%, 12/15/29 | | | 12/17 at 100.00 | | | | AA+ | | | | 1,061,330 | |
| | | | |
| | 2,685 | | | Minneapolis Special School District 1, Hennepin County, Minnesota, Certificates of Participation, Full Term Series 2015D, 3.000%, 2/01/29 | | | 2/24 at 100.00 | | | | AA+ | | | | 2,772,074 | |
| | | | |
| | | | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015: | | | | | | | | | | | | |
| | 215 | | | 3.050%, 3/01/21 | | | No Opt. Call | | | | N/R | | | | 220,111 | |
| | 495 | | | 3.650%, 3/01/24 | | | 3/23 at 100.00 | | | | N/R | | | | 513,889 | |
| | 200 | | | 3.800%, 3/01/25 | | | 3/23 at 100.00 | | | | N/R | | | | 208,210 | |
| | 200 | | | 4.000%, 3/01/27 | | | 3/23 at 100.00 | | | | N/R | | | | 209,386 | |
| | | | |
| | 340 | | | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2015, 4.000%, 3/01/24 | | | 3/23 at 100.00 | | | | N/R | | | | 349,914 | |
| | | | |
| | | | Minneapolis, Minnesota, Tax Incriment Revenue Bonds, Ivy Tower Project, Series 2015: | | | | | | | | | | | | |
| | 1,115 | | | 4.000%, 3/01/25 | | | 3/24 at 100.00 | | | | N/R | | | | 1,150,725 | |
| | 500 | | | 5.000%, 3/01/29 | | | 3/24 at 100.00 | | | | N/R | | | | 540,855 | |
| | | | |
| | 1,170 | | | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 4.000%, 8/01/27 | | | 8/24 at 100.00 | | | | AA | | | | 1,311,664 | |
| | | | |
| | 1,185 | | | Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.250%, 8/01/27 | | | 8/21 at 100.00 | | | | AA | | | | 1,379,079 | |
| | | | |
| | | | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015B: | | | | | | | | | | | | |
| | 605 | | | 3.125%, 2/01/29 | | | 2/25 at 100.00 | | | | A1 | | | | 636,539 | |
| | 350 | | | 3.250%, 2/01/30 | | | 2/25 at 100.00 | | | | A1 | | | | 368,074 | |
| | | | |
| | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Faility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008: | | | | | | | | | | | | |
| | 190 | | | 4.500%, 12/01/19 | | | 12/17 at 100.00 | | | | AA+ | | | | 199,905 | |
| | 290 | | | 4.500%, 12/01/20 | | | 12/17 at 100.00 | | | | AA+ | | | | 304,761 | |
| | | | |
| | 735 | | | Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 5.000%, 11/01/29 | | | 11/24 at 100.00 | | | | A+ | | | | 888,343 | |
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/Limited (continued) | | | | | | | | | |
| | | | |
| | | | Stevens County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2009A: | | | | | | | | | | | | |
| $ | 325 | | | 4.000%, 2/01/19 | | | No Opt. Call | | | | AA– | | | $ | 349,264 | |
| | 340 | | | 4.100%, 2/01/20 | | | No Opt. Call | | | | AA– | | | | 374,697 | |
| | | | |
| | 1,895 | | | University of Minnesota, Special Purpose Revenue Bonds, State Supported Biomedical Science Research Facilities Funding Program, Series 2011B, 5.000%, 8/01/23 | | | 8/21 at 100.00 | | | | AA | | | | 2,250,919 | |
| | 17,215 | | | Total Tax Obligation/Limited | | | | | | | | | | | 18,754,460 | |
| | | | |
| | | | Transportation – 5.6% | | | | | | | | | |
| | | | |
| | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009A: | | | | | | | | | | | | |
| | 1,000 | | | 4.000%, 1/01/19 | | | No Opt. Call | | | | AA– | | | | 1,078,980 | |
| | 1,000 | | | 5.000%, 1/01/20 | | | 1/19 at 100.00 | | | | AA– | | | | 1,105,270 | |
| | 500 | | | 5.000%, 1/01/21 | | | 1/19 at 100.00 | | | | AA– | | | | 552,365 | |
| | | | |
| | 1,630 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax) | | | 1/20 at 100.00 | | | | A+ | | | | 1,744,508 | |
| | | | |
| | 2,330 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2011A, 5.000%, 1/01/25 | | | 1/21 at 100.00 | | | | A+ | | | | 2,669,831 | |
| | | | |
| | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2012B: | | | | | | | | | | | | |
| | 2,550 | | | 5.000%, 1/01/29 | | | 1/22 at 100.00 | | | | A+ | | | | 2,944,918 | |
| | 2,750 | | | 5.000%, 1/01/30 | | | 1/22 at 100.00 | | | | A+ | | | | 3,179,027 | |
| | | | |
| | 2,000 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A, 5.000%, 1/01/30 | | | 1/24 at 100.00 | | | | A+ | | | | 2,393,760 | |
| | | | |
| | | | St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A: | | | | | | | | | | | | |
| | 805 | | | 4.000%, 8/01/21 | | | 8/18 at 102.00 | | | | A+ | | | | 869,875 | |
| | 895 | | | 4.125%, 8/01/23 | | | 8/18 at 102.00 | | | | A+ | | | | 969,115 | |
| | 935 | | | 4.250%, 8/01/24 | | | 8/18 at 102.00 | | | | A+ | | | | 1,015,130 | |
| | 575 | | | 4.250%, 8/01/25 | | | 8/18 at 102.00 | | | | A+ | | | | 623,110 | |
| | 16,970 | | | Total Transportation | | | | | | | | | | | 19,145,889 | |
| | | | |
| | | | U.S. Guaranteed – 8.0% (4) | | | | | | | | | |
| | | | |
| | 600 | | | Bemidji, Minnesota, Health Care Facilities First Mortgage Revenue Bonds, North Country Health Services, Refunding Series 2006, 5.000%, 9/01/17 (Pre-refunded 9/01/16) | | | 9/16 at 100.00 | | | | N/R (4) | | | | 606,348 | |
| | | | |
| | 350 | | | Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2007A, 4.200%, 2/01/25 (Pre-refunded 2/01/17) – AGM Insured | | | 2/17 at 100.00 | | | | Aa2 (4) | | | | 358,176 | |
| | | | |
| | 1,200 | | | Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2008A, 4.250%, 2/01/20 (Pre-refunded 2/01/18) | | | 2/18 at 100.00 | | | | Aa2 (4) | | | | 1,266,504 | |
| | | | |
| | | | Dakota County Community Development Agency, Minnesota, Governmental Housing Development General Obligation Bonds, Senior Housing Facilities, Series 2007A: | | | | | | | | | | | | |
| | 510 | | | 4.375%, 1/01/19 (Pre-refunded 7/01/17) | | | 7/17 at 100.00 | | | | Aaa | | | | 529,258 | |
| | 215 | | | 4.500%, 1/01/20 (Pre-refunded 7/01/17) | | | 7/17 at 100.00 | | | | Aaa | | | | 223,407 | |
| | | | |
| | 1,185 | | | Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Series 2008A, 4.250%, 2/01/22 (Pre-refunded 2/01/18) – AGM Insured | | | 2/18 at 100.00 | | | | Aa2 (4) | | | | 1,253,078 | |
| | | | |
| | | | Duluth, Minnesota, General Obligation Bonds, DECC Improvement Series 2008A: | | | | | | | | | | | | |
| | 1,160 | | | 4.500%, 2/01/21 (Pre-refunded 2/01/18) | | | 2/18 at 100.00 | | | | AA (4) | | | | 1,232,233 | |
| | 465 | | | 4.500%, 2/01/22 (Pre-refunded 2/01/18) | | | 2/18 at 100.00 | | | | AA (4) | | | | 493,956 | |
| | 1,100 | | | 4.625%, 2/01/24 (Pre-refunded 2/01/18) | | | 2/18 at 100.00 | | | | AA (4) | | | | 1,170,774 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | U.S. Guaranteed (4) (continued) | | | | | | | | | |
| | | | |
| $ | 1,630 | | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured | | | 11/18 at 100.00 | | | | AA (4) | | | $ | 1,852,902 | |
| | | | |
| | 4,575 | | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.375%, 11/15/23 (Pre-refunded 11/15/18) | | | 11/18 at 100.00 | | | | A+ (4) | | | | 5,186,769 | |
| | | | |
| | 3,495 | | | Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 4.250%, 8/01/20 (Pre-refunded 8/01/18) | | | 8/18 at 100.00 | | | | BBB+ (4) | | | | 3,751,498 | |
| | | | |
| | 330 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Refunding Series 2007-6O, 5.000%, 10/01/16 (ETM) | | | No Opt. Call | | | | N/R (4) | | | | 334,864 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-6X: | | | | | | | | | | | | |
| | 500 | | | 4.500%, 4/01/21 (Pre-refunded 4/01/17) | | | 4/17 at 100.00 | | | | A2 (4) | | | | 516,075 | |
| | 1,250 | | | 5.000%, 4/01/24 (Pre-refunded 4/01/17) | | | 4/17 at 100.00 | | | | A2 (4) | | | | 1,295,375 | |
| | | | |
| | 1,000 | | | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2008D, 5.375%, 5/01/31 (Pre-refunded 5/01/19) – AGC Insured | | | 5/19 at 100.00 | | | | A1 (4) | | | | 1,127,350 | |
| | | | |
| | 2,500 | | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2008C, 5.625%, 7/01/26 (Pre-refunded 7/01/18) | | | 7/18 at 100.00 | | | | Aaa | | | | 2,750,075 | |
| | | | |
| | 1,480 | | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.500%, 7/01/29 (Pre-refunded 7/01/19) | | | 7/19 at 100.00 | | | | Aaa | | | | 1,686,800 | |
| | | | |
| | 1,350 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/19 (Pre-refunded 11/15/16) | | | 11/16 at 100.00 | | | | Aaa | | | | 1,379,039 | |
| | | | |
| | 200 | | | Zumbrota-Mazeppa Independent School District 2805, Wabasha County, Minnesota, General Obligation Bonds, Alternate Facilities Series 2008A, 4.000%, 2/01/19 (Pre-refunded 2/01/18) | | | 2/18 at 100.00 | | | | AA+ (4) | | | | 209,884 | |
| | 25,095 | | | Total U.S. Guaranteed | | | | | | | | | | | 27,224,365 | |
| | | | |
| | | | Utilities – 13.7% | | | | | | | | | |
| | | | |
| | | | Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A: | | | | | | | | | | | | |
| | 475 | | | 4.000%, 12/01/28 | | | 12/24 at 100.00 | | | | AA | | | | 527,079 | |
| | 495 | | | 4.000%, 12/01/29 | | | 12/24 at 100.00 | | | | AA | | | | 544,901 | |
| | | | |
| | 1,140 | | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/25 – AGM Insured | | | 10/22 at 100.00 | | | | AA | | | | 1,367,225 | |
| | | | |
| | | | Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A: | | | | | | | | | | | | |
| | 500 | | | 5.000%, 12/01/25 | | | 12/22 at 100.00 | | | | A1 | | | | 599,395 | |
| | 670 | | | 5.000%, 12/01/26 | | | 12/22 at 100.00 | | | | A1 | | | | 798,580 | |
| | | | |
| | 500 | | | Litchfield, Minnesota, Electric Utility Revenue Bonds, Series 2009C, 5.000%, 2/01/29 – AGC Insured | | | 2/18 at 100.00 | | | | AA | | | | 531,220 | |
| | | | |
| | 340 | | | Marshall, Minnesota, Public Utility Revenue Bonds, Series 2009A, 3.750%, 7/01/18 – AGC Insured | | | No Opt. Call | | | | AA | | | | 359,734 | |
| | | | |
| | | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2007: | | | | | | | | | | | | |
| | 420 | | | 4.125%, 10/01/17 | | | No Opt. Call | | | | A2 | | | | 438,451 | |
| | 1,000 | | | 5.250%, 10/01/22 | | | 10/17 at 100.00 | | | | A2 | | | | 1,058,510 | |
| | | | |
| | | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014: | | | | | | | | | | | | |
| | 500 | | | 5.000%, 10/01/29 | | | 10/24 at 100.00 | | | | A2 | | | | 603,515 | |
| | 500 | | | 5.000%, 10/01/30 | | | 10/24 at 100.00 | | | | A2 | | | | 601,095 | |
| | | | |
| | 1,000 | | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 3.500%, 10/01/28 | | | 10/24 at 100.00 | | | | A2 | | | | 1,059,890 | |
Nuveen Minnesota Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Utilities (continued) | | | | | | | | | |
| | | | |
| | | | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A: | | | | | | | | | | | | |
| $ | 460 | | | 5.000%, 1/01/17 – AMBAC Insured | | | No Opt. Call | | | | A– | | | $ | 471,546 | |
| | 1,050 | | | 5.000%, 1/01/19 – AGC Insured | | | 1/18 at 100.00 | | | | AA | | | | 1,114,943 | |
| | | | |
| | | | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A: | | | | | | | | | | | | |
| | 1,825 | | | 5.000%, 1/01/18 – AGC Insured | | | No Opt. Call | | | | AA | | | | 1,942,347 | |
| | 2,155 | | | 5.000%, 1/01/21 – AGC Insured | | | 1/18 at 100.00 | | | | AA | | | | 2,286,196 | |
| | | | |
| | 2,940 | | | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2010A-1, 5.000%, 1/01/20 | | | No Opt. Call | | | | A– | | | | 3,332,872 | |
| | | | |
| | 1,430 | | | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/30 | | | 1/23 at 100.00 | | | | A– | | | | 1,668,395 | |
| | | | |
| | 570 | | | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/33 | | | 12/23 at 100.00 | | | | Aa3 | | | | 692,972 | |
| | | | |
| | 750 | | | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2015E, 3.000%, 12/01/29 | | | 12/25 at 100.00 | | | | Aa3 | | | | 780,998 | |
| | | | |
| | 295 | | | Shakopee Public Utilities Commission, Minnesota, Public Utilities Crossover Refunding Revenue Bonds, Series 2006A, 4.250%, 2/01/18 – AGM Insured | | | 8/16 at 100.00 | | | | A1 | | | | 295,956 | |
| | | | |
| | 2,500 | | | Southern Minnesota Municipal Power Agency Power Supply System Revenue Bonds, Series 2015A, 4.000%, 1/01/30 | | | 1/26 at 100.00 | | | | A+ | | | | 2,838,300 | |
| | | | |
| | | | Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A: | | | | | | | | | | | | |
| | 3,500 | | | 0.000%, 1/01/20 – NPFG Insured | | | No Opt. Call | | | | AA– | | | | 3,295,775 | |
| | 5,000 | | | 0.000%, 1/01/21 – NPFG Insured | | | No Opt. Call | | | | AA– | | | | 4,604,700 | |
| | | | |
| | 1,250 | | | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Refunding Series 2012A, 5.000%, 1/01/29 | | | 1/23 at 100.00 | | | | Aa3 | | | | 1,501,562 | |
| | | | |
| | | | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Refunding Series 2015A: | | | | | | | | | | | | |
| | 1,335 | | | 5.000%, 1/01/31 | | | 1/26 at 100.00 | | | | Aa3 | | | | 1,648,578 | |
| | 1,000 | | | 5.000%, 1/01/33 | | | 1/26 at 100.00 | | | | Aa3 | | | | 1,225,230 | |
| | | | |
| | | | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A: | | | | | | | | | | | | |
| | 2,850 | | | 5.000%, 1/01/29 | | | 1/24 at 100.00 | | | | Aa3 | | | | 3,446,562 | |
| | 2,750 | | | 5.000%, 1/01/30 | | | 1/24 at 100.00 | | | | Aa3 | | | | 3,319,167 | |
| | 1,000 | | | 5.000%, 1/01/31 | | | 1/24 at 100.00 | | | | Aa3 | | | | 1,203,080 | |
| | 2,150 | | | 5.000%, 1/01/32 | | | 1/24 at 100.00 | | | | Aa3 | | | | 2,578,280 | |
| | 42,350 | | | Total Utilities | | | | | | | | | | | 46,737,054 | |
| | | | |
| | | | Water and Sewer – 1.5% | | | | | | | | | |
| | | | |
| | | | Buffalo, Minnesota, Water and Sewer Revenue Bonds, Refunding Series 2014A: | | | | | | | | | | | | |
| | 1,905 | | | 4.000%, 11/01/24 – BAM Insured | | | 11/23 at 100.00 | | | | AA | | | | 2,192,807 | |
| | 2,000 | | | 4.000%, 11/01/28 – BAM Insured | | | 11/23 at 100.00 | | | | AA | | | | 2,231,540 | |
| | | | |
| | 250 | | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 7/01/22 | | | No Opt. Call | | | | A– | | | | 292,838 | |
| | | | |
| | 500 | | | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/16 – AGC Insured | | | No Opt. Call | | | | AA | | | | 501,550 | |
| | 4,655 | | | Total Water and Sewer | | | | | | | | | | | 5,218,735 | |
| $ | 304,180 | | | Total Long-Term Investments (cost $313,419,102) | | | | | | | | | | | 334,912,307 | |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 1.5% | | | | | | | | | | | | |
| | | | |
| | | | MONEY MARKET FUNDS – 1.5% | | | | | | | | | |
| | | | |
| | 5,146,285 | | | Federated Minnesota Municipal Cash Trust, 0.130% (5) | | | | | | | | | | $ | 5,146,285 | |
| | | | Total Short-Term Investments (cost $5,146,285) | | | | | | | | | | | 5,146,285 | |
| | | | Total Investments (cost $318,565,387) – 99.6% | | | | | | | | | | | 340,058,592 | |
| | | | Other Assets Less Liabilities – 0.4% | | | | | | | | | | | 1,331,693 | |
| | | | Net Assets – 100% | | | | | | | | | | $ | 341,390,285 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| (ETM) | Escrowed to maturity. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
Nuveen Minnesota Municipal Bond Fund
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 97.8% | | | | | | | | | | | | |
| | | | |
| | | | MUNICIPAL BONDS – 97.8% | | | | | | | | | | | | |
| | | | |
| | | | Consumer Staples – 0.6% | | | | | | | | | |
| | | | |
| $ | 1,800 | | | Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27 | | | 7/20 at 100.00 | | | | BBB+ | | | $ | 2,012,760 | |
| | | | |
| | | | Education and Civic Organizations – 16.7% | | | | | | | | | |
| | | | |
| | 660 | | | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43 | | | No Opt. Call | | | | BBB– | | | | 707,896 | |
| | | | |
| | 1,680 | | | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2014A, 5.000%, 6/01/47 | | | 6/20 at 102.00 | | | | BBB– | | | | 1,794,290 | |
| | | | |
| | 2,000 | | | Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008, 5.750%, 8/01/42 | | | 8/16 at 102.00 | | | | BB+ | | | | 2,043,440 | |
| | | | |
| | 1,500 | | | Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008A, 7.000%, 8/01/38 | | | 8/16 at 102.00 | | | | BB+ | | | | 1,536,270 | |
| | | | |
| | 800 | | | Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series, 8.000%, 12/01/43 | | | 12/21 at 100.00 | | | | BB+ | | | | 943,616 | |
| | | | |
| | 100 | | | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A, 5.000%, 7/01/36 | | | 7/24 at 102.00 | | | | N/R | | | | 104,426 | |
| | | | |
| | 1,515 | | | City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43 | | | No Opt. Call | | | | BBB– | | | | 1,619,959 | |
| | | | |
| | | | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A: | | | | | | | | | | | | |
| | 250 | | | 4.750%, 7/01/28 | | | 7/25 at 100.00 | | | | BB+ | | | | 264,350 | |
| | 500 | | | 5.250%, 7/01/37 | | | 7/25 at 100.00 | | | | BB+ | | | | 534,610 | |
| | 500 | | | 5.500%, 7/01/50 | | | 7/25 at 100.00 | | | | BB+ | | | | 538,080 | |
| | | | |
| | | | Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A: | | | | | | | | | | | | |
| | 1,750 | | | 5.600%, 11/01/30 | | | 11/18 at 102.00 | | | | BBB– | | | | 1,862,367 | |
| | 875 | | | 5.875%, 11/01/40 | | | 11/20 at 100.00 | | | | BBB– | | | | 936,180 | |
| | | | |
| | 1,000 | | | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 | | | 8/22 at 100.00 | | | | BB+ | | | | 1,099,340 | |
| | | | |
| | | | Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A: | | | | | | | | | | | | |
| | 600 | | | 5.000%, 7/01/29 | | | 7/24 at 100.00 | | | | BB+ | | | | 633,252 | |
| | 1,000 | | | 5.000%, 7/01/34 | | | 7/24 at 100.00 | | | | BB+ | | | | 1,039,420 | |
| | 500 | | | 5.000%, 7/01/44 | | | 7/24 at 100.00 | | | | BB+ | | | | 510,840 | |
| | | | |
| | | | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School, Series 2013A: | | | | | | | | | | | | |
| | 2,740 | | | 6.000%, 7/01/43 | | | 7/23 at 100.00 | | | | BB | | | | 2,962,652 | |
| | 1,260 | | | 6.125%, 7/01/48 | | | 7/23 at 100.00 | | | | BB | | | | 1,363,811 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2014-8-C: | | | | | | | | | | | | |
| | 440 | | | 3.350%, 5/01/22 | | | 5/21 at 100.00 | | | | Baa3 | | | | 460,350 | |
| | 395 | | | 3.500%, 5/01/23 | | | 5/21 at 100.00 | | | | Baa3 | | | | 414,560 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Education and Civic Organizations (continued) | | | | | | | | | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R: | | | | | | | | | | | | |
| $ | 1,725 | | | 5.500%, 5/01/26 | | | 5/17 at 100.00 | | | | N/R | | | $ | 1,759,880 | |
| | 820 | | | 5.500%, 5/01/27 | | | 5/17 at 100.00 | | | | N/R | | | | 835,834 | |
| | 1,520 | | | 5.500%, 5/01/37 | | | 5/17 at 100.00 | | | | N/R | | | | 1,546,448 | |
| | | | |
| | 695 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2016-8K, 4.000%, 3/01/43 | | | 3/26 at 100.00 | | | | Baa1 | | | | 737,034 | |
| | | | |
| | 1,835 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2011-7J, 6.300%, 12/01/40 | | | 12/19 at 100.00 | | | | Baa2 | | | | 2,062,045 | |
| | | | |
| | 1,000 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B, 5.000%, 10/01/31 | | | 10/19 at 100.00 | | | | A3 | | | | 1,113,620 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1: | | | | | | | | | | | | |
| | 625 | | | 6.000%, 10/01/32 | | | 10/21 at 100.00 | | | | Baa2 | | | | 732,200 | |
| | 2,000 | | | 6.000%, 10/01/40 | | | 10/21 at 100.00 | | | | Baa2 | | | | 2,318,160 | |
| | | | |
| | 1,390 | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/30 | | | 3/25 at 100.00 | | | | Aa3 | | | | 1,455,817 | |
| | | | |
| | | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John’s University, Series 2015-8I: | | | | | | | | | | | | |
| | 350 | | | 5.000%, 10/01/33 | | | 10/25 at 100.00 | | | | A2 | | | | 420,812 | |
| | 385 | | | 5.000%, 10/01/34 | | | 10/25 at 100.00 | | | | A2 | | | | 461,122 | |
| | | | |
| | 1,950 | | | Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016, 5.000%, 12/01/40 | | | 12/25 at 100.00 | | | | Baa1 | | | | 2,249,403 | |
| | | | |
| | 1,130 | | | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/44 | | | 9/24 at 100.00 | | | | BB+ | | | | 1,177,991 | |
| | | | |
| | 650 | | | Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33 | | | 12/21 at 100.00 | | | | BBB– | | | | 710,112 | |
| | | | |
| | 565 | | | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary’s School Project, Series 2015, 5.000%, 8/01/22 | | | No Opt. Call | | | | BB | | | | 609,341 | |
| | | | |
| | 130 | | | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/46 | | | 4/26 at 100.00 | | | | BB– | | | | 130,562 | |
| | | | |
| | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A: | | | | | | | | | | | | |
| | 1,560 | | | 5.250%, 9/01/32 | | | No Opt. Call | | | | BB+ | | | | 1,640,480 | |
| | 1,695 | | | 5.500%, 9/01/43 | | | 9/20 at 101.00 | | | | BB+ | | | | 1,783,886 | |
| | | | |
| | 1,500 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.625%, 9/01/42 | | | 9/21 at 100.00 | | | | BBB– | | | | 1,728,690 | |
| | | | |
| | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A: | | | | | | | | | | | | |
| | 625 | | | 5.300%, 7/01/45 | | | 7/25 at 100.00 | | | | BB | | | | 646,456 | |
| | 1,030 | | | 5.375%, 7/01/50 | | | 7/25 at 100.00 | | | | BB | | | | 1,067,389 | |
| | | | |
| | 1,450 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44 | | | No Opt. Call | | | | BB+ | | | | 1,495,284 | |
| | | | |
| | 2,000 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Educational Facility Revenue Refunding Bonds, Saint Paul Academy and Summit School Project, Series 2007, 5.000%, 10/01/24 | | | 10/17 at 100.00 | | | | A3 | | | | 2,099,920 | |
Nuveen Minnesota Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Education and Civic Organizations (continued) | | | | | | | | | |
| | | | |
| | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A: | | | | | | | | | | | | |
| $ | 185 | | | 2.400%, 3/01/17 | | | No Opt. Call | | | | BBB– | | | $ | 184,573 | |
| | 185 | | | 2.600%, 3/01/18 | | | No Opt. Call | | | | BBB– | | | | 184,367 | |
| | | | |
| | 1,435 | | | St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 | | | 12/22 at 100.00 | | | | BBB– | | | | 1,529,997 | |
| | | | |
| | 660 | | | St. Paul Housing and Redevelopment Authority, Minnesota, Perfromaing Arts Facility Revenue Bonds, Ordway Center for the Performing Arts, Series 2012, 2.200%, 7/01/18 | | | No Opt. Call | | | | N/R | | | | 660,297 | |
| | | | |
| | 1,540 | | | University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 | | | 12/20 at 100.00 | | | | Aa1 | | | | 1,815,568 | |
| | 50,700 | | | Total Education and Civic Organizations | | | | | | | | | | | 54,526,997 | |
| | | | |
| | | | Health Care – 14.0% | | | | | | | | | |
| | | | |
| | 2,470 | | | Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Series 2007, 5.500%, 3/01/37 | | | 3/17 at 100.00 | | | | N/R | | | | 2,512,929 | |
| | | | |
| | | | Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | | | | | | | | | | | | |
| | 375 | | | 4.000%, 4/01/22 | | | No Opt. Call | | | | BBB | | | | 411,435 | |
| | 500 | | | 4.000%, 4/01/27 | | | 4/22 at 100.00 | | | | BBB | | | | 532,975 | |
| | 760 | | | 4.000%, 4/01/31 | | | 4/22 at 100.00 | | | | BBB | | | | 804,338 | |
| | | | |
| | 2,500 | | | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010B, 5.750%, 7/01/40 | | | 7/20 at 100.00 | | | | A1 | | | | 2,837,925 | |
| | | | |
| | | | Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Health Care Facilities Revenue Refunding Bonds, HealthPartners Obligated Group, Series 2015A: | | | | | | | | | | | | |
| | 3,450 | | | 5.000%, 7/01/30 | | | 7/25 at 100.00 | | | | A | | | | 4,157,802 | |
| | 4,500 | | | 4.000%, 7/01/35 | | | 7/25 at 100.00 | | | | A | | | | 4,868,415 | |
| | | | |
| | | | Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007: | | | | | | | | | | | | |
| | 25 | | | 5.000%, 5/01/20 | | | 5/17 at 100.00 | | | | Baa1 | | | | 25,960 | |
| | 1,800 | | | 4.500%, 5/01/23 | | | 5/17 at 100.00 | | | | Baa1 | | | | 1,856,268 | |
| | 1,000 | | | 5.250%, 5/01/25 | | | 5/17 at 100.00 | | | | Baa1 | | | | 1,036,650 | |
| | | | |
| | 1,000 | | | Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 4.000%, 9/01/35 | | | 9/25 at 100.00 | | | | Baa1 | | | | 1,058,230 | |
| | | | |
| | 580 | | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured | | | 11/18 at 100.00 | | | | AA | | | | 650,963 | |
| | | | |
| | | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | | | | | | | | | | | | |
| | 485 | | | 4.000%, 11/15/40 | | | 11/25 at 100.00 | | | | A+ | | | | 515,827 | |
| | 2,000 | | | 5.000%, 11/15/44 | | | 11/25 at 100.00 | | | | A+ | | | | 2,324,480 | |
| | | | |
| | 130 | | | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured | | | 8/20 at 100.00 | | | | AA | | | | 142,511 | |
| | | | |
| | 2,435 | | | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2010A, 5.250%, 8/15/35 | | | 8/20 at 100.00 | | | | A+ | | | | 2,791,289 | |
| | | | |
| | 1,005 | | | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Refunding Series 2008C-1,
5.000%, 2/15/30 – AGC Insured | | | 2/20 at 100.00 | | | | AA | | | | 1,118,947 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Health Care (continued) | | | | | | | | | |
| | | | |
| $ | 1,700 | | | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.875%, 7/01/30 | | | 7/20 at 100.00 | | | | A– | | | $ | 1,969,705 | |
| | | | |
| | 1,060 | | | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 | | | 5/20 at 100.00 | | | | A1 | | | | 1,198,924 | |
| | | | |
| | 1,000 | | | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37 | | | 5/26 at 100.00 | | | | A1 | | | | 1,085,650 | |
| | | | |
| | 3,060 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 | | | 11/19 at 100.00 | | | | AA– | | | | 3,477,690 | |
| | | | |
| | 2,060 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare Project, Series 2009, 5.000%, 2/01/29 | | | 2/19 at 100.00 | | | | A– | | | | 2,227,272 | |
| | | | |
| | 1,375 | | | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 | | | 8/16 at 100.00 | | | | N/R | | | | 1,377,420 | |
| | | | |
| | | | Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014: | | | | | | | | | | | | |
| | 1,980 | | | 4.000%, 9/01/31 | | | 9/24 at 100.00 | | | | A | | | | 2,153,111 | |
| | 1,410 | | | 5.000%, 9/01/34 | | | 9/24 at 100.00 | | | | A | | | | 1,643,242 | |
| | | | |
| | 530 | | | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/40 | | | 11/25 at 100.00 | | | | BBB– | | | | 614,095 | |
| | | | |
| | | | Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012: | | | | | | | | | | | | |
| | 500 | | | 3.750%, 7/01/21 | | | No Opt. Call | | | | BBB | | | | 538,695 | |
| | 350 | | | 4.000%, 7/01/22 | | | 7/21 at 100.00 | | | | BBB | | | | 378,301 | |
| | 1,270 | | | 4.500%, 7/01/24 | | | 7/21 at 100.00 | | | | BBB | | | | 1,389,253 | |
| | 41,310 | | | Total Health Care | | | | | | | | | | | 45,700,302 | |
| | | | |
| | | | Housing/Multifamily – 0.8% | | | | | | | | | |
| | | | |
| | 2,500 | | | Rochester, Minnesota, Multifamily Housing Revenue Bonds, Essex Place Apartments Project, Series 2012A, 3.750%, 6/01/29 | | | 6/22 at 100.00 | | | | Aaa | | | | 2,660,675 | |
| | | | |
| | | | Housing/Single Family – 1.3% | | | | | | | | | |
| | | | |
| | 85 | | | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Home Program, Market Series 2011B, 4.100%, 12/01/29 | | | 6/21 at 100.00 | | | | AA+ | | | | 91,327 | |
| | | | |
| | 71 | | | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax) | | | 7/16 at 100.00 | | | | AA+ | | | | 72,840 | |
| | | | |
| | 240 | | | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2007A-2, 5.520%, 3/01/41 (Alternative Minimum Tax) | | | 5/17 at 102.00 | | | | AA+ | | | | 254,126 | |
| | | | |
| | 75 | | | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011B, 4.000%, 7/01/21 | | | No Opt. Call | | | | Aaa | | | | 83,637 | |
| | | | |
| | | | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D: | | | | | | | | | | | | |
| | 40 | | | 4.375%, 7/01/26 | | | 7/21 at 100.00 | | | | Aaa | | | | 41,424 | |
| | 560 | | | 4.700%, 1/01/31 | | | 7/21 at 100.00 | | | | Aaa | | | | 612,579 | |
| | | | |
| | 20 | | | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011E, 4.000%, 7/01/26 | | | 7/21 at 100.00 | | | | Aaa | | | | 20,631 | |
| | | | |
| | 20 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2006Q, 5.250%, 7/01/33 (Alternative Minimum Tax) | | | 7/17 at 100.00 | | | | AA+ | | | | 20,401 | |
Nuveen Minnesota Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Housing/Single Family (continued) | | | | | | | | | |
| | | | |
| $ | 5 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007L, 5.100%, 7/01/38 (Alternative Minimum Tax) | | | 1/17 at 100.00 | | | | AA+ | | | $ | 5,056 | |
| | | | |
| | 1,500 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | | | 7/25 at 100.00 | | | | AA+ | | | | 1,574,535 | |
| | | | |
| | 1,500 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2016A, 3.200%, 1/01/33 (Alternative Minimum Tax) (WI/DD, Settling 6/22/16) | | | 7/25 at 100.00 | | | | AA+ | | | | 1,502,910 | |
| | 4,116 | | | Total Housing/Single Family | | | | | | | | | | | 4,279,466 | |
| | | | |
| | | | Long-Term Care – 9.6% | | | | | | | | | |
| | | | |
| | 1,500 | | | Anoka County Housing and Redevelopment Authority, Minnesota, Health Care Facility Care Center Project, Series 2010D, 6.750%, 11/01/36 | | | 8/16 at 102.00 | | | | N/R | | | | 1,528,305 | |
| | | | |
| | 1,515 | | | Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49 | | | 11/24 at 100.00 | | | | N/R | | | | 1,572,918 | |
| | | | |
| | 375 | | | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 4.000%, 11/01/39 | | | 11/24 at 100.00 | | | | A3 | | | | 399,398 | |
| | | | |
| | 1,600 | | | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41 | | | 11/19 at 100.00 | | | | A3 | | | | 1,715,248 | |
| | | | |
| | 1,500 | | | Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/43 | | | 8/23 at 100.00 | | | | N/R | | | | 1,647,015 | |
| | | | |
| | 1,180 | | | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43 | | | 7/20 at 100.00 | | | | N/R | | | | 1,218,397 | |
| | | | |
| | | | Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc., Refunding Series 2015: | | | | | | | | | | | | |
| | 575 | | | 5.250%, 1/01/40 | | | 1/23 at 100.00 | | | | N/R | | | | 592,543 | |
| | 1,175 | | | 5.250%, 1/01/46 | | | 1/23 at 100.00 | | | | N/R | | | | 1,200,838 | |
| | | | |
| | 745 | | | Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project, Series 2006A, 5.000%, 12/01/31 | | | 8/16 at 100.00 | | | | N/R | | | | 745,679 | |
| | | | |
| | 1,185 | | | Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen – Second Century & Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory Put 9/01/24) | | | 9/18 at 100.00 | | | | N/R | | | | 1,199,599 | |
| | | | |
| | | | Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | | | | | | | | | | | | |
| | 450 | | | 5.000%, 11/15/24 | | | 11/22 at 100.00 | | | | N/R | | | | 487,341 | |
| | 1,500 | | | 4.750%, 11/15/28 | | | 11/22 at 100.00 | | | | N/R | | | | 1,565,160 | |
| | | | |
| | 1,500 | | | Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen – Abiitan Mill City Project, Series 2015, 5.250%, 11/01/45 | | | 5/23 at 100.00 | | | | N/R | | | | 1,547,730 | |
| | | | |
| | 1,000 | | | Oak Park Heights, Minnesota, Senior Housing Revenue Bonds, Oakgreen Commons Project Memory Care Building, Series 2013, 6.500%, 8/01/43 | | | 8/20 at 102.00 | | | | N/R | | | | 1,094,960 | |
| | | | |
| | 1,055 | | | Owatonna, Minnesota, Housing and Health Care Revenue Bonds, Ecumen – Second Century & Owatonna Senior Living Project, Refunding Series 2014B, 4.500%, 9/01/44 (Mandatory Put 9/01/24) | | | 9/18 at 100.00 | | | | N/R | | | | 1,067,998 | |
| | | | |
| | 2,700 | | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 2.000%, 6/01/49 | | | 6/26 at 100.00 | | | | N/R | | | | 2,699,217 | |
| | | | |
| | 250 | | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016C, 3.150%, 6/01/28 | | | 6/21 at 101.00 | | | | N/R | | | | 250,175 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Long-Term Care (continued) | | | | | | | | | |
| | | | |
| $ | 1,908 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 | | | 4/17 at 100.00 | | | | N/R | | | $ | 1,933,083 | |
| | | | |
| | 1,100 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard Shaller Family Sholom East Campus, Series 2007A, 5.250%, 10/01/42 | | | 10/17 at 100.00 | | | | N/R | | | | 1,115,114 | |
| | | | |
| | 1,000 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42 | | | No Opt. Call | | | | N/R | | | | 1,036,630 | |
| | | | |
| | 800 | | | Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/30 | | | 9/22 at 100.00 | | | | N/R | | | | 855,912 | |
| | | | |
| | 2,390 | | | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 5.125%, 1/01/39 | | | 1/23 at 100.00 | | | | N/R | | | | 2,468,153 | |
| | | | |
| | | | Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A: | | | | | | | | | | | | |
| | 260 | | | 5.000%, 5/01/23 | | | 5/19 at 102.00 | | | | N/R | | | | 281,390 | |
| | 680 | | | 5.000%, 11/01/23 | | | 5/19 at 102.00 | | | | N/R | | | | 735,944 | |
| | 700 | | | 5.500%, 11/01/32 | | | 5/19 at 102.00 | | | | N/R | | | | 758,464 | |
| | 330 | | | 6.000%, 5/01/47 | | | 5/19 at 102.00 | | | | N/R | | | | 357,743 | |
| | | | |
| | 1,200 | | | West St. Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46 | | | 9/19 at 100.00 | | | | N/R | | | | 1,276,908 | |
| | 30,173 | | | Total Long-Term Care | | | | | | | | | | | 31,351,862 | |
| | | | |
| | | | Materials – 0.6% | | | | | | | | | |
| | | | |
| | 2,150 | | | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax) | | | 10/22 at 100.00 | | | | BBB– | | | | 1,869,619 | |
| | | | |
| | | | Tax Obligation/General – 27.4% | | | | | | | | | |
| | | | |
| | | | Alexandria Independent School District 206, Douglas County, Minnesota, General Obligation Bonds, Refunding School Building Series 2015B: | | | | | | | | | | | | |
| | 1,710 | | | 5.000%, 2/01/25 | | | No Opt. Call | | | | Aa2 | | | | 2,141,638 | |
| | 955 | | | 5.000%, 2/01/26 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,187,409 | |
| | | | |
| | 1,875 | | | Bemidji Independent School District 31, Beltrami County, Minnesota, General Obligation Bonds, Refunding Series 2015A, 3.000%, 4/01/30 | | | 4/26 at 100.00 | | | | AA+ | | | | 1,951,256 | |
| | | | |
| | 10,000 | | | Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011, 6.000%, 2/01/41 | | | 2/21 at 100.00 | | | | Aa3 | | | | 11,883,000 | |
| | | | |
| | 1,000 | | | Buffalo-Hanover-Montrose Independent School District 877, Minnesota, General Obligation Bonds, Refunding Series 2012A, 4.000%, 2/01/23 | | | 2/22 at 100.00 | | | | Aa2 | | | | 1,138,750 | |
| | | | |
| | 1,705 | | | Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Refunding Alternative Facilities Series 2016A, 5.000%, 2/01/22 | | | No Opt. Call | | | | Aa2 | | | | 2,044,551 | |
| | | | |
| | 2,485 | | | Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, School Building Series 2015A, 3.250%, 2/01/35 | | | 2/25 at 100.00 | | | | Aa2 | | | | 2,586,810 | |
| | | | |
| | 1,005 | | | Cambridge Independent School District 911, Isanti County, Minnesota, General Obligation Bonds, Refunding School Building Series 2016D, 5.000%, 2/01/25 | | | No Opt. Call | | | | Aa2 | | | | 1,269,707 | |
| | | | |
| | 2,375 | | | Chaska Independent School District 112, Carver County, Minnesota, General Obligation Bonds, School Building Series 2016A, 5.000%, 2/01/23 | | | No Opt. Call | | | | Aa2 | | | | 2,918,875 | |
| | | | |
| | 915 | | | Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/34 | | | 2/25 at 70.20 | | | | AA+ | | | | 508,209 | |
Nuveen Minnesota Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/General (continued) | | | | | | | | | |
| | | | |
| | | | Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B: | | | | | | | | | | | | |
| $ | 1,000 | | | 5.000%, 2/01/26 | | | 2/25 at 100.00 | | | | Aa2 | | | $ | 1,243,360 | |
| | 1,000 | | | 5.000%, 2/01/27 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,232,080 | |
| | 1,000 | | | 4.000%, 2/01/36 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,090,140 | |
| | | | |
| | 1,100 | | | Dakota County Community Development Agency, Minnesota, Governmental Housing Development General Obligation Bonds, Series 2015A, 4.000%, 1/01/42 | | | 1/23 at 100.00 | | | | Aaa | | | | 1,155,847 | |
| | | | |
| | | | Delano Independent School District 879, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A: | | | | | | | | | | | | |
| | 2,000 | | | 3.000%, 2/01/32 | | | 2/26 at 100.00 | | | | Aa2 | | | | 2,033,620 | |
| | 2,000 | | | 3.000%, 2/01/34 | | | 2/26 at 100.00 | | | | Aa2 | | | | 2,027,580 | |
| | 1,000 | | | 3.000%, 2/01/35 | | | 2/26 at 100.00 | | | | Aa2 | | | | 1,011,420 | |
| | | | |
| | 1,000 | | | Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Series 2015B, 3.000%, 2/01/28 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,042,560 | |
| | | | |
| | 1,000 | | | Farmington Independent School District 192, Dakota County, Minnesota, General Obligation Bonds, Refunding School Building Series 2015A, 4.000%, 2/01/27 | | | 2/24 at 100.00 | | | | Aa2 | | | | 1,139,000 | |
| | | | |
| | | | Forest Lake Independent School District 831, Washington County, Minnesota, General Obligation Bonds, School Building Series 2016A: | | | | | | | | | | | | |
| | 270 | | | 3.000%, 2/01/34 | | | 2/26 at 100.00 | | | | AA+ | | | | 271,574 | |
| | 785 | | | 3.125%, 2/01/38 | | | 2/26 at 100.00 | | | | AA+ | | | | 787,441 | |
| | 800 | | | 3.125%, 2/01/39 | | | 2/26 at 100.00 | | | | AA+ | | | | 799,720 | |
| | 2,495 | | | 3.125%, 2/01/40 | | | 2/26 at 100.00 | | | | AA+ | | | | 2,496,747 | |
| | 500 | | | 3.150%, 2/01/42 | | | 2/26 at 100.00 | | | | AA+ | | | | 499,285 | |
| | 790 | | | 3.250%, 2/01/46 | | | 2/26 at 100.00 | | | | AA+ | | | | 796,589 | |
| | | | |
| | | | Fridley Independent School District 14, Anoka County, Minnesota, General Obligation Bonds, Alternative Facility, Series 2016B: | | | | | | | | | | | | |
| | 2,000 | | | 5.000%, 2/01/27 | | | 2/26 at 100.00 | | | | Aa2 | | | | 2,532,480 | |
| | 1,075 | | | 4.000%, 2/01/28 | | | 2/26 at 100.00 | | | | Aa2 | | | | 1,237,422 | |
| | | | |
| | 2,500 | | | Independent School District 2310 (Sibley East), Minnesota, General Obligation School Building Bonds, Series 2015A, 4.000%, 2/01/40 | | | 2/25 at 100.00 | | | | Aa2 | | | | 2,705,350 | |
| | | | |
| | | | Madison, Minnesota, General Obligation Bonds, Refunding Series 2015A: | | | | | | | | | | | | |
| | 660 | | | 3.600%, 1/01/35 – AGM Insured | | | 1/23 at 100.00 | | | | AA | | | | 696,412 | |
| | 500 | | | 4.000%, 1/01/45 – AGM Insured | | | 1/23 at 100.00 | | | | AA | | | | 525,990 | |
| | | | |
| | 1,000 | | | Mahtomedi Independent School District 832, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 5.000%, 2/01/26 | | | 2/25 at 100.00 | | | | AA+ | | | | 1,256,980 | |
| | | | |
| | 2,000 | | | Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/28 | | | 2/24 at 100.00 | | | | AA+ | | | | 2,275,080 | |
| | | | |
| | | | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Alternate Facility Series 2015A: | | | | | | | | | | | | |
| | 995 | | | 3.000%, 2/01/28 | | | 2/24 at 100.00 | | | | AA+ | | | | 1,038,571 | |
| | 975 | | | 3.000%, 2/01/31 | | | 2/24 at 100.00 | | | | AA+ | | | | 999,200 | |
| | | | |
| | | | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Alternate Facility Series 2015B: | | | | | | | | | | | | |
| | 2,380 | | | 3.000%, 2/01/28 | | | 2/24 at 100.00 | | | | AA+ | | | | 2,484,220 | |
| | 1,905 | | | 3.000%, 2/01/31 | | | 2/24 at 100.00 | | | | AA+ | | | | 1,952,282 | |
| | | | |
| | 2,210 | | | Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/21 | | | No Opt. Call | | | | AA+ | | | | 2,641,480 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/General (continued) | | | | | | | | | |
| | | | |
| $ | 1,500 | | | Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 5.000%, 10/01/23 | | | No Opt. Call | | | | AA+ | | | $ | 1,876,860 | |
| | | | |
| | 1,185 | | | Minnesota State, General Obligation Bonds, Various Purpose Series 2015A, 5.000%, 8/01/32 | | | 8/25 at 100.00 | | | | AA+ | | | | 1,485,883 | |
| | | | |
| | 2,000 | | | Moorhead Independent School District 152, Clay County, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/36 | | | 2/26 at 100.00 | | | | Aa2 | | | | 2,017,380 | |
| | | | |
| | 330 | | | Owatonna Independent School District 761, Steele County, Minnesota, General Obligation Bonds, Series 2016A, 3.000%, 2/01/30 | | | 2/25 at 100.00 | | | | Aa2 | | | | 340,435 | |
| | | | |
| | | | Perham Independent School District 549, Minnesota, General Obligation Bonds, Series 2016A: | | | | | | | | | | | | |
| | 1,000 | | | 3.000%, 2/01/35 | | | 2/24 at 100.00 | | | | Aa2 | | | | 1,014,800 | |
| | 760 | | | 3.000%, 2/01/36 | | | 2/24 at 100.00 | | | | Aa2 | | | | 766,946 | |
| | 800 | | | 3.000%, 2/01/37 | | | 2/24 at 100.00 | | | | Aa2 | | | | 803,320 | |
| | | | |
| | 3,555 | | | Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Series 2016C, 3.000%, 2/01/31 (WI/DD, Settling 6/01/16) | | | 2/26 at 100.00 | | | | AA+ | | | | 3,639,040 | |
| | | | |
| | 1,880 | | | Rushford Peterson Independent School District 239, Minnesota, General Obligation Bonds, School Building Series 2015A, 3.000%, 2/01/33 | | | 2/25 at 100.00 | | | | Aa2 | | | | 1,923,860 | |
| | | | |
| | | | Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A: | | | | | | | | | | | | |
| | 450 | | | 3.125%, 2/01/33 | | | 2/25 at 100.00 | | | | Aa2 | | | | 467,330 | |
| | 525 | | | 3.125%, 2/01/35 | | | 2/25 at 100.00 | | | | Aa2 | | | | 541,874 | |
| | | | |
| | 1,000 | | | Saint James Independent School District 840, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/45 | | | 2/26 at 100.00 | | | | AA+ | | | | 1,099,200 | |
| | | | |
| | 2,005 | | | Shakopee, Minnesota, General Obligation Tax Abatement Revenue Bonds, Series 2016A, 3.000%, 2/01/35 | | | 2/25 at 100.00 | | | | Aa1 | | | | 2,044,057 | |
| | | | |
| | 475 | | | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, School Building Series 2016A, 5.000%, 2/01/25 | | | No Opt. Call | | | | Aa2 | | | | 601,426 | |
| | | | |
| | 2,925 | | | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, School Building Series 2016C, 3.000%, 2/01/30 | | | 2/26 at 100.00 | | | | Aa2 | | | | 2,991,632 | |
| | | | |
| | | | Waseca Independent School District 829, Steele, Rice, and Waseca Counties, Minnesota, General Obligation Bonds, Series 2015A: | | | | | | | | | | | | |
| | 1,575 | | | 4.000%, 2/01/28 | | | 2/26 at 100.00 | | | | Aa2 | | | | 1,845,412 | |
| | 500 | | | 3.125%, 2/01/35 | | | 2/26 at 100.00 | | | | Aa2 | | | | 519,655 | |
| | 81,430 | | | Total Tax Obligation/General | | | | | | | | | | | 89,581,745 | |
| | | | |
| | | | Tax Obligation/Limited – 4.7% | | | | | | | | | |
| | | | |
| | 2,000 | | | Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19 | | | No Opt. Call | | | | AA+ | | | | 2,155,820 | |
| | | | |
| | 585 | | | Lakeville Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Ice Arena Project, Series 2006, 4.625%, 2/01/32 | | | 2/17 at 100.00 | | | | Aa3 | | | | 593,699 | |
| | | | |
| | 135 | | | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 4.000%, 3/01/30 | | | 3/23 at 100.00 | | | | N/R | | | | 138,040 | |
| | | | |
| | 325 | | | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2015, 4.000%, 3/01/27 | | | 3/23 at 100.00 | | | | N/R | | | | 331,536 | |
| | | | |
| | 1,090 | | | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 3.250%, 8/01/30 | | | 8/24 at 100.00 | | | | AA | | | | 1,127,507 | |
| | | | |
| | 1,175 | | | Moorhead, Minnesota, Golf Course Revenue Refunding Bonds, Series 1998B, 5.875%, 12/01/21 | | | 8/16 at 100.00 | | | | N/R | | | | 1,175,493 | |
Nuveen Minnesota Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/Limited (continued) | | | | | | | | | |
| | | | |
| $ | 1,015 | | | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2013A, 4.000%, 2/01/22 | | | No Opt. Call | | | | A1 | | | $ | 1,148,148 | |
| | | | |
| | | | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015A: | | | | | | | | | | | | |
| | 1,470 | | | 3.625%, 2/01/34 | | | 2/25 at 100.00 | | | | A1 | | | | 1,554,304 | |
| | 580 | | | 3.750%, 2/01/36 | | | 2/25 at 100.00 | | | | A1 | | | | 612,271 | |
| | | | |
| | 2,250 | | | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015B, 4.000%, 2/01/42 | | | 2/25 at 100.00 | | | | A1 | | | | 2,401,020 | |
| | | | |
| | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B: | | | | | | | | | | | | |
| | 500 | | | 4.250%, 4/01/25 | | | 4/23 at 100.00 | | | | N/R | | | | 515,230 | |
| | 430 | | | 4.875%, 4/01/30 | | | 4/23 at 100.00 | | | | N/R | | | | 442,556 | |
| | 1,665 | | | 5.250%, 4/01/43 | | | 4/23 at 100.00 | | | | N/R | | | | 1,702,263 | |
| | | | |
| | 500 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Faility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008, 4.750%, 12/01/26 | | | 12/17 at 100.00 | | | | AA+ | | | | 523,025 | |
| | | | |
| | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012: | | | | | | | | | | | | |
| | 150 | | | 5.000%, 9/01/26 | | | No Opt. Call | | | | N/R | | | | 160,047 | |
| | 800 | | | 5.000%, 3/01/29 | | | No Opt. Call | | | | N/R | | | | 849,216 | |
| | 14,670 | | | Total Tax Obligation/Limited | | | | | | | | | | | 15,430,175 | |
| | | | |
| | | | Transportation – 4.5% | | | | | | | | | |
| | | | |
| | 1,000 | | | Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41 | | | 1/21 at 100.00 | | | | N/R | | | | 1,023,970 | |
| | | | |
| | 4,000 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009B, 5.000%, 1/01/20 (Alternative Minimum Tax) | | | 1/19 at 100.00 | | | | AA– | | | | 4,402,680 | |
| | | | |
| | 120 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax) | | | 1/20 at 100.00 | | | | A+ | | | | 128,430 | |
| | | | |
| | 130 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2011A, 3.500%, 1/01/24 | | | 1/21 at 100.00 | | | | A+ | | | | 139,442 | |
| | | | |
| | 275 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2012B, 5.000%, 1/01/28 | | | No Opt. Call | | | | A+ | | | | 318,532 | |
| | | | |
| | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A: | | | | | | | | | | | | |
| | 2,000 | | | 5.000%, 1/01/31 | | | 1/24 at 100.00 | | | | A+ | | | | 2,386,060 | |
| | 1,400 | | | 5.000%, 1/01/32 | | | 1/24 at 100.00 | | | | A+ | | | | 1,665,930 | |
| | 800 | | | 5.000%, 1/01/33 | | | 1/24 at 100.00 | | | | A+ | | | | 948,896 | |
| | | | |
| | 750 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014B, 5.000%, 1/01/26 (Alternative Minimum Tax) | | | 1/24 at 100.00 | | | | A+ | | | | 903,480 | |
| | | | |
| | | | St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A: | | | | | | | | | | | | |
| | 1,070 | | | 5.000%, 8/01/30 | | | 8/18 at 102.00 | | | | A+ | | | | 1,172,164 | |
| | 1,500 | | | 5.000%, 8/01/35 | | | 8/18 at 102.00 | | | | A+ | | | | 1,648,185 | |
| | 13,045 | | | Total Transportation | | | | | | | | | | | 14,737,769 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | U.S. Guaranteed – 6.6% (4) | | | | | | | | | |
| | | | |
| $ | 1,135 | | | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy PRoject, Series 2013A, 5.500%, 7/01/43 (Pre-refunded 7/01/23) | | | 7/23 at 100.00 | | | | N/R (4) | | | $ | 1,409,704 | |
| | | | |
| | 105 | | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured | | | 11/18 at 100.00 | | | | AA (4) | | | | 119,359 | |
| | | | |
| | | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A: | | | | | | | | | | | | |
| | 100 | | | 6.000%, 11/15/18 (ETM) | | | No Opt. Call | | | | A+ (4) | | | | 107,711 | |
| | 3,225 | | | 6.625%, 11/15/28 (Pre-refunded 11/15/18) | | | 11/18 at 100.00 | | | | A+ (4) | | | | 3,675,790 | |
| | 245 | | | 6.750%, 11/15/32 (Pre-refunded 11/15/18) | | | 11/18 at 100.00 | | | | A+ (4) | | | | 279,988 | |
| | | | |
| | | | Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010: | | | | | | | | | | | | |
| | 150 | | | 4.250%, 8/01/20 (Pre-refunded 8/01/18) | | | 8/18 at 100.00 | | | | BBB+ (4) | | | | 161,009 | |
| | 4,100 | | | 4.875%, 8/01/25 (Pre-refunded 8/01/18) | | | 8/18 at 100.00 | | | | BBB+ (4) | | | | 4,455,798 | |
| | | | |
| | 2,425 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007D, 4.700%, 7/01/27 (Pre-refunded 7/01/16) (Alternative Minimum Tax) | | | 7/16 at 100.00 | | | | AA+ (4) | | | | 2,428,347 | |
| | | | |
| | 45 | | | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%, 7/01/38 (Pre-refunded 7/01/16) (Alternative Minimum Tax) | | | 7/16 at 100.00 | | | | AA+ (4) | | | | 45,055 | |
| | | | |
| | 2,000 | | | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 1/01/26 (Pre-refunded 1/01/18) – AMBAC Insured | | | 1/18 at 100.00 | | | | A– (4) | | | | 2,133,360 | |
| | | | |
| | | | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2008D: | | | | | | | | | | | | |
| | 35 | | | 5.375%, 5/01/31 (Pre-refunded 5/01/19) – AGC Insured | | | 5/19 at 100.00 | | | | A1 (4) | | | | 39,457 | |
| | 65 | | | 5.500%, 5/01/39 (Pre-refunded 5/01/19) – AGC Insured | | | 5/19 at 100.00 | | | | A1 (4) | | | | 73,511 | |
| | | | |
| | 1,235 | | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2008C, 5.750%, 7/01/30 (Pre-refunded 7/01/18) | | | 7/18 at 100.00 | | | | Aaa | | | | 1,361,723 | |
| | | | |
| | | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009: | | | | | | | | | | | | |
| | 15 | | | 5.500%, 7/01/29 (Pre-refunded 7/01/19) | | | 7/19 at 100.00 | | | | Aaa | | | | 17,096 | |
| | 2,625 | | | 5.750%, 7/01/39 (Pre-refunded 7/01/19) | | | 7/19 at 100.00 | | | | Aaa | | | | 3,011,715 | |
| | | | |
| | 2,060 | | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16) | | | 11/16 at 100.00 | | | | Aaa | | | | 2,104,311 | |
| | 19,565 | | | Total U.S. Guaranteed | | | | | | | | | | | 21,423,934 | |
| | | | |
| | | | Utilities – 10.6% | | | | | | | | | |
| | | | |
| | 235 | | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | | | 10/22 at 100.00 | | | | BBB | | | | 260,916 | |
| | | | |
| | 5,045 | | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/30 | | | 10/20 at 100.00 | | | | A2 | | | | 5,755,134 | |
| | | | |
| | | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: | | | | | | | | | | | | |
| | 1,000 | | | 4.000%, 10/01/31 | | | 10/24 at 100.00 | | | | A2 | | | | 1,100,320 | |
| | 1,000 | | | 4.000%, 10/01/32 | | | 10/24 at 100.00 | | | | A2 | | | | 1,094,060 | |
| | | | |
| | 250 | | | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/26 | | | 12/23 at 100.00 | | | | Aa3 | | | | 308,308 | |
Nuveen Minnesota Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Utilities (continued) | | | | | | | | | |
| | | | |
| | | | Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A: | | | | | | | | | | | | |
| $ | 1,510 | | | 0.000%, 1/01/19 – NPFG Insured | | | No Opt. Call | | | | AA– | | | $ | 1,452,635 | |
| | 1,825 | | | 0.000%, 1/01/21 – NPFG Insured | | | No Opt. Call | | | | AA– | | | | 1,680,716 | |
| | 65 | | | 0.000%, 1/01/22 – NPFG Insured | | | No Opt. Call | | | | AA– | | | | 58,665 | |
| | 3,055 | | | 0.000%, 1/01/23 – NPFG Insured | | | No Opt. Call | | | | AA– | | | | 2,682,473 | |
| | 10,530 | | | 0.000%, 1/01/24 – NPFG Insured | | | No Opt. Call | | | | AA– | | | | 9,017,681 | |
| | 4,805 | | | 0.000%, 1/01/25 – NPFG Insured | | | No Opt. Call | | | | AA– | | | | 3,990,745 | |
| | 6,230 | | | 0.000%, 1/01/26 – NPFG Insured | | | No Opt. Call | | | | AA– | | | | 5,025,305 | |
| | | | |
| | 2,000 | | | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 | | | 1/24 at 100.00 | | | | Aa3 | | | | 2,343,400 | |
| | 37,550 | | | Total Utilities | | | | | | | | | | | 34,770,358 | |
| | | | |
| | | | Water and Sewer – 0.4% | | | | | | | | | |
| | | | |
| | 1,240 | | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | | | 7/26 at 100.00 | | | | A– | | | | 1,436,825 | |
| $ | 300,249 | | | Total Long-Term Investments (cost $296,118,786) | | | | | | | | | | | 319,782,487 | |
| | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 2.4% | | | | | | | | | |
| | | | |
| | | | MONEY MARKET FUNDS – 2.4% | | | | | | | | | |
| | | | |
| | 7,750,465 | | | Federated Minnesota Municipal Cash Trust, 0.130% (5) | | | | | | | | | | $ | 7,750,465 | |
| | | | Total Short-Term Investments (cost $7,750,465) | | | | | | | | | | | 7,750,465 | |
| | | | Total Investments (cost $303,869,251) – 100.2% | | | | | | | | | | | 327,532,952 | |
| | | | Other Assets Less Liabilities – (0.2)% | | | | | | | | | | | (704,697 | ) |
| | | | Net Assets – 100% | | | | | | | | | | $ | 326,828,255 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| (ETM) | Escrowed to maturity. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
Nuveen Nebraska Municipal Bond Fund
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 97.7% | | | | | | | | | | | | |
| | | | |
| | | | MUNICIPAL BONDS – 97.7% | | | | | | | | | | | | |
| | | | |
| | | | Consumer Staples – 0.8% | | | | | | | | | |
| | | | |
| $ | 500 | | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 | | | 6/17 at 100.00 | | | | B– | | | $ | 487,240 | |
| | | | |
| | | | Education and Civic Organizations – 11.6% | | | | | | | | | |
| | | | |
| | 1,000 | | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy of Charter Schools Project, Series 2008, 5.625%, 5/01/40 | | | 5/18 at 100.00 | | | | A | | | | 1,078,230 | |
| | | | |
| | 1,000 | | | Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University Projects, Refunding Series 2010A, 5.500%, 7/01/30 | | | 7/20 at 100.00 | | | | A2 | | | | 1,149,500 | |
| | | | |
| | | | Lincoln, Nebraska, Educational Facilities Revenue and Refunding Bonds, Nebraska Wesleyan University Project, Series 2012: | | | | | | | | | | | | |
| | 685 | | | 3.300%, 4/01/25 | | | 4/22 at 100.00 | | | | A– | | | | 727,004 | |
| | 410 | | | 4.000%, 4/01/32 | | | 4/22 at 100.00 | | | | A– | | | | 439,262 | |
| | | | |
| | 500 | | | Metropolitan Community College Area, Nebraska, Certificates of Participation, Fort Omaha Campus Project, Series 2016, 3.000%, 3/01/32 | | | 3/26 at 100.00 | | | | AA | | | | 503,785 | |
| | | | |
| | 500 | | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2008A, 5.375%, 3/15/39 | | | 3/18 at 100.00 | | | | AAA | | | | 537,455 | |
| | | | |
| | 525 | | | Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.450%, 9/01/35 | | | 5/21 at 100.00 | | | | Aa3 | | | | 613,588 | |
| | | | |
| | 1,000 | | | University of Nebraska, Revenue Bonds, Lincoln Student Fees and Facilities Refunding Series 2011, 5.000%, 7/01/42 | | | 1/22 at 100.00 | | | | Aa1 | | | | 1,157,720 | |
| | | | |
| | 1,020 | | | University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008, 5.000%, 5/15/33 | | | 5/18 at 100.00 | | | | Aa1 | | | | 1,094,032 | |
| | 6,640 | | | Total Education and Civic Organizations | | | | | | | | | | | 7,300,576 | |
| | | | |
| | | | Health Care – 12.8% | | | | | | | | | |
| | | | |
| | 200 | | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56 | | | 6/26 at 100.00 | | | | BB+ | | | | 225,716 | |
| | | | |
| | 565 | | | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Refunding Series 2008B, 6.000%, 8/15/28 | | | 1/20 at 100.00 | | | | A2 | | | | 596,256 | |
| | | | |
| | 775 | | | Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/44 | | | 5/24 at 100.00 | | | | BBB+ | | | | 870,263 | |
| | | | |
| | | | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015: | | | | | | | | | | | | |
| | 500 | | | 4.125%, 11/01/36 | | | 11/25 at 100.00 | | | | A– | | | | 528,785 | |
| | 1,000 | | | 5.000%, 11/01/45 | | | 11/25 at 100.00 | | | | A– | | | | 1,151,030 | |
| | | | |
| | 350 | | | Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Jackson County, Schneck Memorial Hospital, Series 2006A, 5.250%, 2/15/30 | | | 8/16 at 100.00 | | | | A+ | | | | 351,102 | |
| | | | |
| | | | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012: | | | | | | | | | | | | |
| | 1,220 | | | 4.000%, 11/01/37 | | | No Opt. Call | | | | A– | | | | 1,259,870 | |
| | 2,800 | | | 5.000%, 11/01/42 | | | No Opt. Call | | | | A– | | | | 3,112,508 | |
| | 7,410 | | | Total Health Care | | | | | | | | | | | 8,095,530 | |
Nuveen Nebraska Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Housing/Single Family – 1.6% | | | | | | | | | |
| | | | |
| $ | 1,000 | | | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2016A, 3.500%, 9/01/36 | | | 3/25 at 100.00 | | | | AA+ | | | $ | 1,025,780 | |
| | | | |
| | | | Long-Term Care – 8.6% | | | | | | | | | |
| | | | |
| | 100 | | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2006A, 5.750%, 1/01/26 | | | 1/17 at 100.00 | | | | N/R | | | | 101,232 | |
| | | | |
| | 900 | | | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.625%, 1/01/40 | | | 1/20 at 100.00 | | | | AA | | | | 993,366 | |
| | | | |
| | 240 | | | Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26 | | | 8/16 at 100.00 | | | | N/R | | | | 240,367 | |
| | | | |
| | 3,385 | | | Lancaster County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.625%, 1/01/40 | | | 1/20 at 100.00 | | | | AA | | | | 3,815,978 | |
| | | | |
| | 220 | | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/23 | | | No Opt. Call | | | | A– | | | | 258,575 | |
| | 4,845 | | | Total Long-Term Care | | | | | | | | | | | 5,409,518 | |
| | | | |
| | | | Tax Obligation/General – 12.8% | | | | | | | | | |
| | | | |
| | 705 | | | Adams County School District 18, Nebraska, General Obligation Bonds, Hastings Public Schools, Series 2014, 4.000%, 12/15/44 | | | 7/19 at 100.00 | | | | Aa3 | | | | 745,284 | |
| | | | |
| | 500 | | | Buffalo County School District 007 Kearney Public Schools, Nebraska, General Obligation Bonds, School Building Series 2016, 3.000%, 12/15/36 | | | 4/26 at 100.00 | | | | AA– | | | | 502,705 | |
| | | | |
| | 1,000 | | | Douglas County School District 059, Nebraska, General Obligation Bonds, Bennington Public Schools, Series 2016, 3.375%, 12/15/41 | | | 12/25 at 100.00 | | | | AA– | | | | 1,011,650 | |
| | | | |
| | 1,350 | | | Douglas County School District 1, Nebraska, General Obligation Bonds, Refunding Series 2012, 5.000%, 6/15/24 | | | No Opt. Call | | | | AAA | | | | 1,704,226 | |
| | | | |
| | 750 | | | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Series 2016, 4.000%, 12/15/36 | | | 12/25 at 100.00 | | | | AA– | | | | 826,860 | |
| | | | |
| | 1,000 | | | Kearney County School District 503, Nebraska, General Obligation Bonds, Series 2014, 4.000%, 12/15/39 | | | 12/19 at 100.00 | | | | A+ | | | | 1,077,100 | |
| | | | |
| | 195 | | | Omaha, Nebraska, General Obligation Bonds, Convention Center Project, Series 2004, 5.250%, 4/01/26 | | | No Opt. Call | | | | AA+ | | | | 254,666 | |
| | | | |
| | | | Omaha, Nebraska, General Obligation Bonds, Various Purpose & Refunding Series 2013A: | | | | | | | | | | | | |
| | 715 | | | 4.500%, 11/15/28 | | | 11/23 at 100.00 | | | | AA+ | | | | 849,470 | |
| | 365 | | | 4.500%, 11/15/29 | | | 11/23 at 100.00 | | | | AA+ | | | | 431,930 | |
| | | | |
| | 650 | | | Omaha, Nebraska, Special Tax Redevelopment Bonds, Redevelopment 2008, 5.250%, 10/15/28 | | | 10/18 at 100.00 | | | | AA+ | | | | 709,560 | |
| | 7,230 | | | Total Tax Obligation/General | | | | | | | | | | | 8,113,451 | |
| | | | |
| | | | Tax Obligation/Limited – 10.2% | | | | | | | | | |
| | | | |
| | 265 | | | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | | | 1/22 at 100.00 | | | | A | | | | 295,692 | |
| | | | |
| | 2,460 | | | Lincoln- West Haymarket Joint Public Agency, Nebraska, General Obligation Facility Bonds, Series 2011, 5.000%, 12/15/42 | | | 12/21 at 100.00 | | | | AAA | | | | 2,866,638 | |
| | | | |
| | | | Nebraska Cooperative Republican Platte Enhancement, Middle Republica Natural Resources District, Platte River Flow Revenue, Series 2013: | | | | | | | | | | | | |
| | 2,000 | | | 5.125%, 12/15/33 | | | 9/18 at 100.00 | | | | A+ | | | | 2,160,040 | |
| | 520 | | | 5.000%, 12/15/38 | | | 9/18 at 100.00 | | | | A+ | | | | 560,160 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/Limited (continued) | | | | | | | | | |
| | | | |
| $ | 500 | | | Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2013, 4.250%, 12/15/33 | | | 7/18 at 100.00 | | | | AA– | | | $ | 528,425 | |
| | 5,745 | | | Total Tax Obligation/Limited | | | | | | | | | | | 6,410,955 | |
| | | | |
| | | | Transportation – 1.7% | | | | | | | | | |
| | | | |
| | 165 | | | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) | | | 10/23 at 100.00 | | | | BBB | | | | 200,799 | |
| | | | |
| | 825 | | | Lincoln, Nebraska, Airport Revenue Bonds, Series 2015A, 4.000%, 7/01/45 | | | 7/25 at 100.00 | | | | Aa1 | | | | 899,060 | |
| | 990 | | | Total Transportation | | | | | | | | | | | 1,099,859 | |
| | | | |
| | | | U.S. Guaranteed – 12.1% (4) | | | | | | | | | |
| | | | |
| | 435 | | | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Refunding Series 2008B, 6.000%, 8/15/28 (Pre-refunded 8/15/17) | | | 8/17 at 100.00 | | | | A2 (4) | | | | 462,775 | |
| | | | |
| | | | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2008: | | | | | | | | | | | | |
| | 345 | | | 5.750%, 11/01/28 (Pre-refunded 11/01/18) | | | 11/18 at 100.00 | | | | A– (4) | | | | 385,303 | |
| | 1,210 | | | 5.500%, 11/01/38 (Pre-refunded 11/01/18) | | | 11/18 at 100.00 | | | | A– (4) | | | | 1,344,128 | |
| | | | |
| | | | Nebraska Public Power District, General Revenue Bonds, Series 2008B: | | | | | | | | | | | | |
| | 150 | | | 5.000%, 1/01/33 (Pre-refunded 1/01/18) | | | 1/18 at 100.00 | | | | N/R (4) | | | | 159,978 | |
| | 370 | | | 5.000%, 1/01/33 (Pre-refunded 1/01/18) | | | 1/18 at 100.00 | | | | A+ (4) | | | | 394,612 | |
| | | | |
| | | | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A: | | | | | | | | | | | | |
| | 1,010 | | | 5.500%, 2/01/33 (Pre-refunded 2/01/18) | | | 2/18 at 100.00 | | | | AA (4) | | | | 1,089,447 | |
| | 1,200 | | | 5.500%, 2/01/35 (Pre-refunded 2/01/18) | | | 2/18 at 100.00 | | | | AA (4) | | | | 1,294,392 | |
| | | | |
| | 450 | | | Omaha, Nebraska, General Obligation Bonds, Refunding Series 2008, 5.750%, 10/15/28 (Pre-refunded 10/15/18) | | | 10/18 at 100.00 | | | | AA+ (4) | | | | 501,898 | |
| | | | |
| | 1,500 | | | Southern Nebraska Public Power District, Electric System Revenue Bonds, Series 2008, 5.250%, 12/15/28 (Pre-refunded 12/15/18) | | | 12/18 at 100.00 | | | | N/R (4) | | | | 1,665,435 | |
| | | | |
| | 350 | | | University of Nebraska, Revenue Bonds, Omaha Student Facilities Project, Series 2007, 5.000%, 5/15/32 (Pre-refunded 5/15/17) | | | 5/17 at 100.00 | | | | Aa1 (4) | | | | 364,473 | |
| | 7,020 | | | Total U.S. Guaranteed | | | | | | | | | | | 7,662,441 | |
| | | | |
| | | | Utilities – 21.5% | | | | | | | | | |
| | | | |
| | | | Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A: | | | | | | | | | | | | |
| | 20 | | | 5.250%, 12/01/19 | | | No Opt. Call | | | | A | | | | 22,563 | |
| | 800 | | | 5.250%, 12/01/21 | | | No Opt. Call | | | | A | | | | 944,376 | |
| | | | |
| | 2,350 | | | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 | | | 9/22 at 100.00 | | | | A | | | | 2,618,769 | |
| | | | |
| | 585 | | | Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2006, 4.650%, 8/01/23 – AMBAC Insured | | | 8/16 at 100.00 | | | | A1 | | | | 589,095 | |
| | | | |
| | 1,500 | | | Fremont, Nebraska, Combined Utilities System Revenue Bonds, Series 2014B, 5.000%, 7/15/34 | | | 7/21 at 100.00 | | | | AA– | | | | 1,747,125 | |
| | | | |
| | 235 | | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | | | 10/22 at 100.00 | | | | BBB | | | | 260,916 | |
| | | | |
| | 500 | | | Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2015A, 5.000%, 9/01/20 | | | No Opt. Call | | | | AA | | | | 580,055 | |
| | | | |
| | 75 | | | Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.000%, 4/01/19 – BHAC Insured | | | No Opt. Call | | | | AA+ | | | | 83,382 | |
Nuveen Nebraska Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Utilities (continued) | | | | | | | | | |
| | | | |
| | | | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A: | | | | | | | | | | | | |
| $ | 100 | | | 5.000%, 4/01/22 | | | No Opt. Call | | | | A | | | $ | 119,340 | |
| | 110 | | | 5.000%, 4/01/31 | | | 4/22 at 100.00 | | | | A | | | | 127,621 | |
| | | | |
| | 1,850 | | | Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/34 | | | 1/22 at 100.00 | | | | A+ | | | | 2,153,474 | |
| | | | |
| | 320 | | | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2015A, 3.500%, 2/01/42 | | | 2/25 at 100.00 | | | | A+ | | | | 330,134 | |
| | | | |
| | 1,000 | | | Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/31 | | | 1/25 at 100.00 | | | | A2 | | | | 1,183,550 | |
| | | | |
| | 1,810 | | | Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2016A, 3.250%, 1/01/36 | | | 7/26 at 100.00 | | | | A2 | | | | 1,812,444 | |
| | | | |
| | 1,000 | | | Twin Valleys Public Power District, Nebraska, Electric System Revenue Bonds, Series 2011, 5.000%, 9/15/35 | | | 6/16 at 100.00 | | | | N/R | | | | 1,001,700 | |
| | 12,255 | | | Total Utilities | | | | | | | | | | | 13,574,544 | |
| | | | |
| | | | Water and Sewer – 4.0% | | | | | | | | | |
| | | | |
| | 415 | | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | | | 7/26 at 100.00 | | | | A– | | | | 480,873 | |
| | | | |
| | 500 | | | Metropolitan Utilities District Omaha, Nebraska, Water Revenue Bonds, Series 2015, 3.250%, 12/01/32 | | | 12/25 at 100.00 | | | | A+ | | | | 522,480 | |
| | | | |
| | 1,395 | | | Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2011, 4.250%, 11/15/41 | | | 11/21 at 100.00 | | | | AA | | | | 1,516,532 | |
| | 2,310 | | | Total Water and Sewer | | | | | | | | | | | 2,519,885 | |
| $ | 55,945 | | | Total Long-Term Investments (cost $56,892,646) | | | | | | | | | | | 61,699,779 | |
| | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.9% | | | | | | | | | |
| | | | |
| | | | MONEY MARKET FUNDS – 0.9% | | | | | | | | | |
| | | | |
| | 561,609 | | | First American Tax Free Obligations Fund, Class Z, 0.196% (5) | | | | | | | | | | $ | 561,609 | |
| | | | Total Short-Term Investments (cost $561,609) | | | | | | | | | | | 561,609 | |
| | | | Total Investments (cost $57,454,255) – 98.6% | | | | | | | | | | | 62,261,388 | |
| | | | Other Assets Less Liabilities – 1.4% | | | | | | | | | | | 881,073 | |
| | | | Net Assets – 100% | | | | | | | | | | $ | 63,142,461 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
See accompanying notes to financial statements.
Nuveen Oregon Intermediate Municipal Bond Fund
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 98.3% | | | | | | | | | | | | |
| | | | |
| | | | MUNICIPAL BONDS – 98.3% | | | | | | | | | | | | |
| | | | |
| | | | Education and Civic Organizations – 8.5% | | | | | | | | | |
| | | | |
| $ | 2,190 | | | Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 4.500%, 5/01/29 | | | 5/22 at 100.00 | | | | BBB | | | $ | 2,415,110 | |
| | | | |
| | | | Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2015A: | | | | | | | | | | | | |
| | 545 | | | 5.000%, 5/01/30 | | | 5/25 at 100.00 | | | | BBB | | | | 646,746 | |
| | 1,275 | | | 5.000%, 5/01/36 | | | 5/25 at 100.00 | | | | BBB | | | | 1,480,759 | |
| | | | |
| | 1,270 | | | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014B, 5.000%, 4/01/27 | | | 4/24 at 100.00 | | | | AAA | | | | 1,565,923 | |
| | | | |
| | 1,260 | | | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2015C, 5.000%, 4/01/24 | | | No Opt. Call | | | | AAA | | | | 1,586,088 | |
| | | | |
| | | | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2015A: | | | | | | | | | | | | |
| | 3,015 | | | 5.000%, 4/01/28 | | | 4/25 at 100.00 | | | | AAA | | | | 3,761,936 | |
| | 1,000 | | | 5.000%, 4/01/28 | | | 4/25 at 100.00 | | | | AAA | | | | 1,247,740 | |
| | | | |
| | 1,040 | | | Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30 | | | 9/20 at 100.00 | | | | BB+ | | | | 1,114,329 | |
| | | | |
| | | | Oregon State Facilities Authority, Revenue Bonds, Lewis & Clark College Project, Refunding Series 2011A: | | | | | | | | | | | | |
| | 625 | | | 4.000%, 10/01/17 | | | No Opt. Call | | | | A– | | | | 647,562 | |
| | 500 | | | 5.250%, 10/01/24 | | | 10/21 at 100.00 | | | | A– | | | | 584,355 | |
| | | | |
| | 500 | | | Oregon State Facilities Authority, Revenue Bonds, Linfield College, Series 2010A, 4.750%, 10/01/28 | | | 10/20 at 100.00 | | | | Baa1 | | | | 547,960 | |
| | | | |
| | 100 | | | Oregon State Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2015A, 5.500%, 6/15/35 | | | 6/25 at 100.00 | | | | N/R | | | | 103,158 | |
| | | | |
| | 1,000 | | | Oregon State Facilities Authority, Revenue Bonds, Reed College, Refunding Series 2011A, 5.000%, 7/01/29 | | | 7/20 at 100.00 | | | | Aa2 | | | | 1,137,270 | |
| | | | |
| | | | Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A: | | | | | | | | | | | | |
| | 450 | | | 5.000%, 4/01/29 | | | 4/25 at 100.00 | | | | A– | | | | 539,055 | |
| | 700 | | | 5.000%, 4/01/30 | | | 4/25 at 100.00 | | | | A– | | | | 834,547 | |
| | | | |
| | 210 | | | Oregon State Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2010A, 4.000%, 10/01/24 | | | 4/20 at 100.00 | | | | A | | | | 225,983 | |
| | | | |
| | 1,085 | | | Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 4.300%, 10/01/21 | | | 10/17 at 100.00 | | | | A | | | | 1,117,138 | |
| | 16,765 | | | Total Education and Civic Organizations | | | | | | | | | | | 19,555,659 | |
| | | | |
| | | | Health Care – 15.8% | | | | | | | | | |
| | | | |
| | 1,035 | | | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/23 | | | 8/22 at 100.00 | | | | BBB– | | | | 1,181,515 | |
| | | | |
| | 1,000 | | | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Legacy Health System, Series 2009A, 5.000%, 7/15/21 | | | 7/19 at 100.00 | | | | AA– | | | | 1,123,790 | |
| | | | |
| | 750 | | | Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Merle West Medical Center Project, Series 2006, 4.750%, 9/01/20 – AGC Insured | | | 9/16 at 100.00 | | | | AA | | | | 755,542 | |
Nuveen Oregon Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Health Care (continued) | | | | | | | | | |
| | | | |
| $ | 500 | | | Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/24 | | | No Opt. Call | | | | A– | | | $ | 547,420 | |
| | | | |
| | 1,900 | | | Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2010, 5.500%, 8/15/28 – AGM Insured | | | 8/20 at 100.00 | | | | AA | | | | 2,183,043 | |
| | | | |
| | | | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Adventist Health System/West, Series 2009A: | | | | | | | | | | | | |
| | 855 | | | 4.500%, 9/01/21 | | | 9/19 at 100.00 | | | | A | | | | 934,002 | |
| | 1,940 | | | 5.000%, 9/01/21 | | | 9/19 at 100.00 | | | | A | | | | 2,181,724 | |
| | | | |
| | | | Oregon Health and Science University, Revenue Bonds, Refunding Series 2012A: | | | | | | | | | | | | |
| | 1,225 | | | 5.000%, 7/01/25 | | | 7/22 at 100.00 | | | | AA– | | | | 1,458,865 | |
| | 1,195 | | | 5.000%, 7/01/26 | | | 7/22 at 100.00 | | | | AA– | | | | 1,414,032 | |
| | | | |
| | 4,000 | | | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/33 | | | 7/26 at 100.00 | | | | AA– | | | | 4,922,400 | |
| | | | |
| | 1,000 | | | Oregon Health and Science University, Revenue Bonds, Series 2012E, 4.000%, 7/01/29 | | | No Opt. Call | | | | AA– | | | | 1,107,970 | |
| | | | |
| | | | Oregon State Facilities Authority, Revenue Bonds, Legacy Health System, Refunding Series 2010A: | | | | | | | | | | | | |
| | 2,000 | | | 4.250%, 3/15/17 | | | No Opt. Call | | | | AA– | | | | 2,052,580 | |
| | 1,020 | | | 4.750%, 3/15/24 | | | 3/20 at 100.00 | | | | AA– | | | | 1,119,042 | |
| | | | |
| | 1,000 | | | Oregon State Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2009A, 5.000%, 11/01/20 | | | 11/19 at 100.00 | | | | A+ | | | | 1,132,930 | |
| | | | |
| | | | Oregon State Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2014A: | | | | | | | | | | | | |
| | 690 | | | 5.000%, 11/15/25 | | | 5/24 at 100.00 | | | | A+ | | | | 848,031 | |
| | 4,155 | | | 4.125%, 11/15/32 | | | 5/24 at 100.00 | | | | A+ | | | | 4,562,231 | |
| | | | |
| | 375 | | | Oregon State Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2011C, 5.000%, 10/01/20 | | | No Opt. Call | | | | AA | | | | 432,754 | |
| | | | |
| | | | Oregon State Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2013A: | | | | | | | | | | | | |
| | 1,650 | | | 5.000%, 10/01/19 | | | No Opt. Call | | | | AA | | | | 1,862,322 | |
| | 1,815 | | | 5.000%, 10/01/23 | | | No Opt. Call | | | | AA | | | | 2,212,993 | |
| | | | |
| | | | Oregon State Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2010A: | | | | | | | | | | | | |
| | 1,250 | | | 5.000%, 10/01/19 | | | No Opt. Call | | | | BBB+ | | | | 1,385,675 | |
| | 500 | | | 5.000%, 10/01/24 | | | 10/20 at 100.00 | | | | BBB+ | | | | 557,435 | |
| | | | |
| | 450 | | | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Series 2006A, 5.000%, 8/15/27 | | | 8/16 at 100.00 | | | | A+ | | | | 452,929 | |
| | | | |
| | 1,500 | | | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Series 2008A, 5.750%, 8/15/23 | | | 8/18 at 100.00 | | | | A+ | | | | 1,653,900 | |
| | 31,805 | | | Total Health Care | | | | | | | | | | | 36,083,125 | |
| | | | |
| | | | Housing/Multifamily – 2.3% | | | | | | | | | |
| | | | |
| | | | Clackamas County Housing Authority, Oregon, Multifamily Housing Revenue Bonds, Easton Ridge Apartments Project, Series 2013A: | | | | | | | | | | | | |
| | 285 | | | 4.000%, 9/01/22 | | | No Opt. Call | | | | Aa3 | | | | 320,223 | |
| | 195 | | | 4.000%, 9/01/23 | | | 3/23 at 100.00 | | | | Aa3 | | | | 218,632 | |
| | | | |
| | | | Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A: | | | | | | | | | | | | |
| | 660 | | | 4.000%, 7/01/19 (Alternative Minimum Tax) | | | No Opt. Call | | | | Aaa | | | | 702,636 | |
| | 440 | | | 4.250%, 7/01/21 (Alternative Minimum Tax) | | | 1/20 at 100.00 | | | | Aaa | | | | 475,411 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Housing/Multifamily (continued) | | | | | | | | | |
| | | | |
| | | | Oregon State Facilities Authority, Revenue Bonds, CHF Ashland Southern Oregon University Project Series 2012: | | | | | | | | | | | | |
| $ | 1,185 | | | 4.350%, 7/01/27 – AGM Insured | | | 7/22 at 100.00 | | | | AA | | | $ | 1,302,031 | |
| | 400 | | | 4.700%, 7/01/33 – AGM Insured | | | 7/22 at 100.00 | | | | AA | | | | 440,116 | |
| | | | |
| | 1,000 | | | Oregon State Facilities Authority, Revenue Bonds, College Housing Northwest Projects, Refunding Series 2013, 5.000%, 10/01/24 | | | 10/23 at 100.00 | | | | BBB– | | | | 1,134,820 | |
| | | | |
| | 705 | | | Portland Housing Authority, Oregon, Housing Revenue Bonds, Yards at Union Station Project, Refunding Series 2007, 4.750%, 5/01/22 (Alternative Minimum Tax) | | | 5/17 at 100.00 | | | | Aa2 | | | | 720,750 | |
| | 4,870 | | | Total Housing/Multifamily | | | | | | | | | | | 5,314,619 | |
| | | | |
| | | | Long-Term Care – 2.9% | | | | | | | | | |
| | | | |
| | | | Medford Hospital Facilities Authority, Oregon, Revenue Bonds, Rogue Valley Manor, Series 2013: | | | | | | | | | | | | |
| | 250 | | | 5.000%, 10/01/19 | | | No Opt. Call | | | | A– | | | | 276,833 | |
| | 450 | | | 5.000%, 10/01/24 | | | 10/23 at 100.00 | | | | A– | | | | 531,378 | |
| | | | |
| | 700 | | | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A, 5.000%, 10/01/24 | | | No Opt. Call | | | | N/R | | | | 801,633 | |
| | | | |
| | 1,000 | | | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Terwilliger Plaza Project, Series 2009, 5.250%, 12/01/26 | | | 12/16 at 100.00 | | | | BBB | | | | 1,013,390 | |
| | | | |
| | 1,500 | | | Multnomah County Hospital Facilities Authority, Oregon, Revenue Refunding Bond, Terwilliger Plaza, Inc., Series 2012, 5.000%, 12/01/29 | | | 12/22 at 100.00 | | | | BBB | | | | 1,666,155 | |
| | | | |
| | 1,040 | | | Polk County Hospital Facility Authority, Oregon, Revenue Bonds, Dallas Retirement Village Project, Series 2015A, 5.125%, 7/01/35 | | | 7/25 at 100.00 | | | | N/R | | | | 1,079,343 | |
| | | | |
| | | | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc., Refunding Series 2012: | | | | | | | | | | | | |
| | 550 | | | 5.000%, 5/15/22 | | | No Opt. Call | | | | N/R | | | | 607,998 | |
| | 550 | | | 5.750%, 5/15/27 | | | 5/22 at 100.00 | | | | N/R | | | | 622,627 | |
| | 6,040 | | | Total Long-Term Care | | | | | | | | | | | 6,599,357 | |
| | | | |
| | | | Tax Obligation/General – 27.3% | | | | | | | | | |
| | | | |
| | | | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Refunding Series 2016: | | | | | | | | | | | | |
| | 620 | | | 4.000%, 6/01/25 | | | No Opt. Call | | | | Aa3 | | | | 736,318 | |
| | 805 | | | 4.000%, 6/01/26 | | | No Opt. Call | | | | Aa3 | | | | 959,995 | |
| | 1,140 | | | 4.000%, 6/01/32 | | | 6/26 at 100.00 | | | | Aa3 | | | | 1,300,216 | |
| | | | |
| | 1,105 | | | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Series 2014B, 5.000%, 6/15/27 | | | 6/24 at 100.00 | | | | AA+ | | | | 1,368,200 | |
| | | | |
| | | | Blue Mountain Hospital District, Grant County, Oregon, General Obligation Bonds, Refunding Series 2010: | | | | | | | | | | | | |
| | 605 | | | 4.250%, 2/01/19 | | | No Opt. Call | | | | Baa3 | | | | 645,069 | |
| | 655 | | | 4.500%, 2/01/20 | | | No Opt. Call | | | | Baa3 | | | | 716,079 | |
| | 280 | | | 5.000%, 2/01/21 | | | No Opt. Call | | | | Baa3 | | | | 316,061 | |
| | | | |
| | | | Central Oregon Community College District, Crook, Jefferson, Deschutes, Klamath, Lake, and Wasco Counties, Oregon, General Obligation Bonds, Series 2010: | | | | | | | | | | | | |
| | 1,000 | | | 4.000%, 6/15/19 | | | No Opt. Call | | | | AA+ | | | | 1,092,200 | |
| | 810 | | | 4.500%, 6/15/20 | | | No Opt. Call | | | | AA+ | | | | 920,338 | |
| | | | |
| | 500 | | | Central Oregon Community College District, Crook, Jefferson, Deschutes, Klamath, Lake, and Wasco Counties, Oregon, General Obligation Bonds, Series 2014, 5.000%, 6/01/29 | | | 6/24 at 100.00 | | | | AA– | | | | 604,360 | |
Nuveen Oregon Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/General (continued) | | | | | | | | | |
| | | | |
| $ | 1,100 | | | Chemeketa Community College District, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/26 | | | 6/24 at 100.00 | | | | AA+ | | | $ | 1,362,185 | |
| | | | |
| | 1,250 | | | Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/15/28 | | | 6/25 at 100.00 | | | | AA+ | | | | 1,559,950 | |
| | | | |
| | | | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2015B: | | | | | | | | | | | | |
| | 600 | | | 0.000%, 6/15/29 | | | 6/25 at 84.95 | | | | AA+ | | | | 393,300 | |
| | 660 | | | 0.000%, 6/15/30 | | | 6/25 at 81.08 | | | | AA+ | | | | 412,137 | |
| | | | |
| | 1,135 | | | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/28 | | | 6/24 at 100.00 | | | | AA+ | | | | 1,395,290 | |
| | | | |
| | 2,235 | | | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Refunding Series 2016, 4.000%, 6/15/32 | | | 6/26 at 100.00 | | | | Aa1 | | | | 2,558,762 | |
| | | | |
| | 1,000 | | | Clackamas County School District 46 Oregon Trail, Oregon, General Obligation Bonds, Series 2009A, 5.000%, 6/15/24 | | | 6/19 at 100.00 | | | | AA+ | | | | 1,121,150 | |
| | | | |
| | 580 | | | Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/29 – AGM Insured | | | 6/24 at 100.00 | | | | AA | | | | 707,646 | |
| | | | |
| | 525 | | | Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2012A, 5.000%, 6/15/25 | | | 6/22 at 100.00 | | | | AA+ | | | | 637,156 | |
| | | | |
| | 1,000 | | | David Douglas School District 40, Multnomah County, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25 | | | No Opt. Call | | | | AA+ | | | | 816,860 | |
| | | | |
| | 1,770 | | | Deschutes County Administrative School District 1, Bend-La Pine, Oregon, General Obligation Bonds, Refunding Series 2013, 4.000%, 6/15/21 | | | No Opt. Call | | | | Aa1 | | | | 2,013,039 | |
| | | | |
| | 1,060 | | | Deschutes County Administrative School District 1, Bend-La Pine, Oregon, General Obligation Bonds, Series 2013B, 4.000%, 6/15/19 | | | No Opt. Call | | | | Aa1 | | | | 1,157,796 | |
| | | | |
| | 3,055 | | | Deshutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Deffered Imterest Series 2008, 0.000%, 6/15/22 | | | No Opt. Call | | | | Aa1 | | | | 2,775,406 | |
| | | | |
| | | | Jackson County School District 549C, Oregon, General Obligation Bonds, Refunding Series 2015: | | | | | | | | | | | | |
| | 2,000 | | | 5.000%, 12/15/20 | | | No Opt. Call | | | | AA+ | | | | 2,342,980 | |
| | 1,250 | | | 5.000%, 12/15/28 | | | 6/25 at 100.00 | | | | AA+ | | | | 1,564,638 | |
| | | | |
| | 1,000 | | | Josephine County Unit School District Three Rivers, Oregon, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/15/19 – FGIC Insured | | | No Opt. Call | | | | Aa1 | | | | 1,137,430 | |
| | | | |
| | 615 | | | Keizer, Oregon, General Obligation Assessment Bonds, Keizer Station Area A Local Improvement District, Series 2008, 5.200%, 6/01/31 | | | 6/18 at 100.00 | | | | A1 | | | | 659,028 | |
| | | | |
| | 200 | | | Lake Oswego School District 7J, Clackamas County, Oregon, General Obligation Bonds, Refunding Series 2005, 5.250%, 6/01/25 – AGM Insured | | | No Opt. Call | | | | Aa1 | | | | 260,396 | |
| | | | |
| | 1,000 | | | Marion County School District 103 Woodburn, Oregon, General Obligation Bonds, Series 2015, 5.000%, 6/15/27 | | | 6/25 at 100.00 | | | | Aa1 | | | | 1,251,290 | |
| | | | |
| | 300 | | | Marion-Clackamas Counties School District 4J Silver Falls, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 6/15/24 | | | 6/23 at 100.00 | | | | Aa1 | | | | 364,746 | |
| | | | |
| | | | Multnomah County School District 7, Reynolds, Oregon, General Obligation Bonds, Series 2015A: | | | | | | | | | | | | |
| | 1,500 | | | 5.000%, 6/15/29 | | | 6/25 at 100.00 | | | | Aa1 | | | | 1,869,135 | |
| | 2,250 | | | 5.000%, 6/15/30 | | | 6/25 at 100.00 | | | | Aa1 | | | | 2,792,992 | |
| | | | |
| | 1,015 | | | Multnomah-Clackamas Counties, Oregon, School District 10JT, General Obligation Bonds, Series 2005, 5.250%, 6/15/17 – AGM Insured | | | No Opt. Call | | | | AA+ | | | | 1,063,101 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/General (continued) | | | | | | | | | |
| | | | |
| $ | 1,500 | | | Oregon Department of Administrative Services, General Obligation Bonds, Oregon Opportunity, Refunding Series 2010F, 5.000%, 12/01/20 | | | 6/20 at 100.00 | | | | AA+ | | | $ | 1,739,160 | |
| | | | |
| | | | Oregon State, General Obligation Bonds, Alterrnative Energy Series 2011B: | | | | | | | | | | | | |
| | 540 | | | 5.000%, 1/01/20 (Alternative Minimum Tax) | | | No Opt. Call | | | | AA+ | | | | 605,891 | |
| | 560 | | | 5.000%, 1/01/21 (Alternative Minimum Tax) | | | No Opt. Call | | | | AA+ | | | | 643,546 | |
| | 100 | | | 5.000%, 1/01/23 (Alternative Minimum Tax) | | | 1/21 at 100.00 | | | | AA+ | | | | 113,497 | |
| | | | |
| | 1,500 | | | Oregon State, General Obligation Bonds, Article XI-G State Projects Series 2016C, 5.000%, 8/01/29 | | | 8/26 at 100.00 | | | | AA+ | | | | 1,919,505 | |
| | | | |
| | 2,420 | | | Oregon State, General Obligation Bonds, Article XI-M Seismic Projects Series 2016H, 5.000%, 6/01/31 | | | 6/26 at 100.00 | | | | AA+ | | | | 3,062,510 | |
| | | | |
| | 455 | | | Pacific City Joint Water-Sanitary Authority, Tilamook County, Oregon, General Obligation Bonds, Series 2007, 4.650%, 7/01/22 | | | 7/17 at 100.00 | | | | N/R | | | | 465,788 | |
| | | | |
| | | | Pacific Communities Health District, Oregon, General Obligation Bonds, Series 2016: | | | | | | | | | | | | |
| | 750 | | | 5.000%, 6/01/29 (WI/DD, Settling 6/02/16) | | | 6/26 at 100.00 | | | | A1 | | | | 930,315 | |
| | 1,000 | | | 5.000%, 6/01/30 (WI/DD, Settling 6/02/16) | | | 6/26 at 100.00 | | | | A1 | | | | 1,235,390 | |
| | 770 | | | 5.000%, 6/01/31 (WI/DD, Settling 6/02/16) | | | 6/26 at 100.00 | | | | A1 | | | | 947,393 | |
| | | | |
| | 2,235 | | | Portland, Oregon, General Obligation Bonds, Sellwood Bridge Project, Series 2014A, 5.000%, 6/01/28 | | | 6/24 at 100.00 | | | | Aa1 | | | | 2,752,872 | |
| | | | |
| | 340 | | | Redmond, Oregon, Full Faith and Credit Obligations, Refunding Series 2012A, 4.000%, 6/01/25 | | | 6/22 at 100.00 | | | | A1 | | | | 379,494 | |
| | | | |
| | 350 | | | Redmond, Oregon, Full Faith and Credit Obligations, Series 2014A, 5.000%, 6/01/25 | | | 6/24 at 100.00 | | | | A1 | | | | 429,597 | |
| | | | |
| | | | Redmond, Oregon, Full Faith and Credit Obligations, Terminal Expansion Project, Series 2009: | | | | | | | | | | | | |
| | 240 | | | 4.000%, 6/01/21 | | | 6/19 at 100.00 | | | | A1 | | | | 258,600 | |
| | 200 | | | 4.250%, 6/01/23 | | | 6/19 at 100.00 | | | | A1 | | | | 215,322 | |
| | 500 | | | 4.625%, 6/01/29 | | | 6/19 at 100.00 | | | | A1 | | | | 543,840 | |
| | | | |
| | 800 | | | Salem-Keizer School District 24J, Marion and Polk Counties, Oregon, General Obligation Bonds, Series 2009B, 0.000%, 6/15/22 | | | No Opt. Call | | | | AA+ | | | | 723,072 | |
| | | | |
| | 1,385 | | | Tualatin Hills Park and Recreation District, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/26 | | | 6/25 at 100.00 | | | | Aa1 | | | | 1,742,676 | |
| | | | |
| | 1,080 | | | Umatilla County School District 016R Pendleton, Oregon, General Obligation Bonds, Series 2014A, 5.000%, 6/15/29 | | | 6/24 at 100.00 | | | | Aa1 | | | | 1,318,680 | |
| | | | |
| | 965 | | | Washington County School District 15, Forest Grove, Washington, General Obligation Bonds, Series 2012, 0.000%, 6/15/25 | | | No Opt. Call | | | | AA+ | | | | 785,336 | |
| | | | |
| | 1,200 | | | Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Refunding Series 2012, 4.000%, 6/15/23 | | | No Opt. Call | | | | Aa1 | | | | 1,374,156 | |
| | | | |
| | 1,300 | | | Yamhill County School District 29J Newberg, Oregon, General Obligation Bonds, Refunding Series 2005, 5.250%, 6/15/16 – FGIC Insured | | | No Opt. Call | | | | Aa1 | | | | 1,302,470 | |
| | 54,810 | | | Total Tax Obligation/General | | | | | | | | | | | 62,364,359 | |
| | | | |
| | | | Tax Obligation/Limited – 12.6% | | | | | | | | | |
| | | | |
| | 2,875 | | | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/30 | | | 11/25 at 100.00 | | | | A | | | | 3,413,631 | |
| | | | |
| | | | Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Oregon, Series 2013A: | | | | | | | | | | | | |
| | 975 | | | 4.000%, 9/15/19 | | | No Opt. Call | | | | Baa2 | | | | 1,037,468 | |
| | 1,105 | | | 4.250%, 9/15/23 | | | 9/21 at 100.00 | | | | Baa2 | | | | 1,185,433 | |
Nuveen Oregon Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Tax Obligation/Limited (continued) | | | | | | | | | |
| | | | |
| $ | 1,055 | | | Oregon Department of Administrative Services, Certificates of Participation, Series 2009C, 5.000%, 11/01/25 | | | 11/19 at 100.00 | | | | AA | | | $ | 1,186,653 | |
| | | | |
| | | | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2014A: | | | | | | | | | | | | |
| | 1,980 | | | 5.000%, 11/15/26 | | | 11/24 at 100.00 | | | | AAA | | | | 2,503,948 | |
| | 1,000 | | | 5.000%, 11/15/27 | | | 11/24 at 100.00 | | | | AAA | | | | 1,257,760 | |
| | | | |
| | | | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2015A: | | | | | | | | | | | | |
| | 2,000 | | | 5.000%, 11/15/27 | | | 11/24 at 100.00 | | | | AAA | | | | 2,515,520 | |
| | 3,000 | | | 5.000%, 11/15/28 | | | 11/24 at 100.00 | | | | AAA | | | | 3,756,870 | |
| | | | |
| | 1,000 | | | Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012B, 5.000%, 6/15/23 | | | 6/22 at 100.00 | | | | A1 | | | | 1,201,000 | |
| | | | |
| | 2,030 | | | Portland, Oregon, South Park Blocks Urban Renewal and Redevelopment Bonds, Series 2008B, 5.000%, 6/15/21 | | | 6/18 at 101.00 | | | | Aa3 | | | | 2,211,035 | |
| | | | |
| | 2,655 | | | Portland, Oregon, Urban Renewal and Redevelopment Revenue Bonds, North Macadam Series 2010B, 5.000%, 6/15/24 | | | 6/20 at 100.00 | | | | A1 | | | | 3,005,965 | |
| | | | |
| | | | Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A: | | | | | | | | | | | | |
| | 1,000 | | | 5.000%, 10/01/25 | | | 10/21 at 100.00 | | | | A | | | | 1,164,640 | |
| | 1,715 | | | 5.000%, 10/01/26 | | | 10/21 at 100.00 | | | | A | | | | 1,986,467 | |
| | | | |
| | 1,010 | | | Tri-County Metropolitan Transportation District, Oregon, Payroll Tax and Grant Receipt Revenue Bonds, Series 2013, 3.000%, 11/01/19 | | | 5/18 at 100.00 | | | | Aa3 | | | | 1,050,471 | |
| | | | |
| | 1,205 | | | Tri-County Metropolitan Transportation District, Oregon, Payroll Tax Revenue Bonds, Refunding Senior Lien Series 2016A, 4.000%, 9/01/32 | | | 9/26 at 100.00 | | | | AAA | | | | 1,394,655 | |
| | 24,605 | | | Total Tax Obligation/Limited | | | | | | | | | | | 28,871,516 | |
| | | | |
| | | | Transportation – 3.4% | | | | | | | | | |
| | | | |
| | | | Jackson County, Oregon, Airport Revenue Bonds, Refunding Series 2016: | | | | | | | | | | | | |
| | 395 | | | 5.000%, 12/01/30 – AGM Insured | | | 6/26 at 100.00 | | | | AA | | | | 492,620 | |
| | 430 | | | 5.000%, 12/01/31 – AGM Insured | | | 6/26 at 100.00 | | | | AA | | | | 534,494 | |
| | 380 | | | 5.000%, 12/01/33 – AGM Insured | | | 6/26 at 100.00 | | | | AA | | | | 468,897 | |
| | 350 | | | 4.000%, 12/01/34 – AGM Insured | | | 6/26 at 100.00 | | | | AA | | | | 392,578 | |
| | | | |
| | 1,005 | | | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2010-20C, 5.000%, 7/01/17 (Alternative Minimum Tax) | | | No Opt. Call | | | | AA– | | | | 1,050,878 | |
| | | | |
| | 1,030 | | | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011, 5.000%, 7/01/23 (Alternative Minimum Tax) | | | 7/21 at 100.00 | | | | AA– | | | | 1,206,068 | |
| | | | |
| | 350 | | | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/18 (Alternative Minimum Tax) | | | No Opt. Call | | | | AA– | | | | 379,169 | |
| | | | |
| | 1,250 | | | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2015-23, 5.000%, 7/01/28 | | | 7/25 at 100.00 | | | | AA– | | | | 1,554,763 | |
| | | | |
| | 1,500 | | | Port of Portland, Oregon, Portland International Airport Passenger Facility Charge Revenue Bonds, Series 2011A, 5.000%, 7/01/26 | | | 7/21 at 100.00 | | | | A | | | | 1,730,985 | |
| | 6,690 | | | Total Transportation | | | | | | | | | | | 7,810,452 | |
| | | | |
| | | | U.S. Guaranteed – 15.2% (4) | | | | | | | | | |
| | | | |
| | 1,000 | | | Chemeketa Community College District, Oregon, General Obligation Bonds, Series 2008, 5.500%, 6/15/24 (Pre-refunded 6/15/18) | | | 6/18 at 100.00 | | | | AA+ (4) | | | | 1,095,680 | |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | U.S. Guaranteed (4) (continued) | | | | | | | | | |
| | | | |
| $ | 1,000 | | | Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Robison Jewish Home, DBA Cedar Sinia Park, Series 2005, 5.125%, 10/01/24 (Pre-refunded 7/28/16) | | | 7/16 at 100.00 | | | | N/R (4) | | | $ | 1,000,920 | |
| | | | |
| | | | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B: | | | | | | | | | | | | |
| | 685 | | | 5.000%, 6/15/19 (Pre-refunded 6/15/17) – AGM Insured | | | 6/17 at 100.00 | | | | AA+ (4) | | | | 715,893 | |
| | 2,000 | | | 5.000%, 6/15/21 (Pre-refunded 6/15/17) – AGM Insured | | | 6/17 at 100.00 | | | | AA+ (4) | | | | 2,090,200 | |
| | 3,135 | | | 5.000%, 6/15/22 (Pre-refunded 6/15/17) – AGM Insured | | | 6/17 at 100.00 | | | | AA+ (4) | | | | 3,276,388 | |
| | | | |
| | 1,500 | | | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Refunding Bonds, Cascade Healthcare Community, Inc., Series 2008, 7.375%, 1/01/23 (Pre-refunded 1/01/19) | | | 1/19 at 100.00 | | | | A2 (4) | | | | 1,747,650 | |
| | | | |
| | 820 | | | Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Series 2006, 5.000%, 11/01/21 (Pre-refunded 11/01/16) – FGIC Insured | | | 11/16 at 100.00 | | | | AA (4) | | | | 835,391 | |
| | | | |
| | 1,500 | | | Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Series 2008, 5.000%, 11/01/22 (Pre-refunded 11/01/18) | | | 11/18 at 100.00 | | | | AA (4) | | | | 1,649,520 | |
| | | | |
| | 1,305 | | | Marion-Clackamas Counties School District 4J, Oregon, General Obligation Bonds, Series 2007, 4.500%, 6/15/22 (Pre-refunded 6/15/16) – NPFG Insured | | | 6/16 at 100.00 | | | | Aa1 (4) | | | | 1,307,036 | |
| | | | |
| | 1,635 | | | Metro, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/01/20 (Pre-refunded 6/01/17) | | | 6/17 at 100.00 | | | | AAA | | | | 1,705,616 | |
| | | | |
| | 125 | | | North Lincoln Fire and Rescue District 1, Oregon, General Obligation Bonds, Series 2007, 4.250%, 2/01/18 (Pre-refunded 2/01/17) – AGM Insured | | | 2/17 at 100.00 | | | | AA (4) | | | | 128,055 | |
| | | | |
| | 1,060 | | | Oregon Department of Administrative Services, Certificates of Participation, Series 2006A, 5.000%, 11/01/18 (Pre-refunded 11/01/16) – NPFG Insured | | | 11/16 at 100.00 | | | | AA (4) | | | | 1,079,896 | |
| | | | |
| | 1,500 | | | Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 4.700%, 5/01/25 (Pre-refunded 5/01/19) | | | 5/19 at 100.00 | | | | AA (4) | | | | 1,661,505 | |
| | | | |
| | | | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A: | | | | | | | | | | | | |
| | 1,055 | | | 5.000%, 11/15/21 (Pre-refunded 5/15/19) | | | 5/19 at 100.00 | | | | AAA | | | | 1,180,556 | |
| | 1,400 | | | 4.500%, 11/15/24 (Pre-refunded 5/15/19) | | | 5/19 at 100.00 | | | | AAA | | | | 1,546,244 | |
| | | | |
| | | | Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2007A: | | | | | | | | | | | | |
| | 250 | | | 5.000%, 4/01/17 (ETM) | | | No Opt. Call | | | | A– (4) | | | | 259,043 | |
| | 2,000 | | | 4.500%, 4/01/21 (Pre-refunded 4/01/18) | | | 4/18 at 100.00 | | | | A– (4) | | | | 2,136,480 | |
| | | | |
| | 1,455 | | | Portland, Oregon, Economic Development Revenue Refunding Bonds, Broadway Project, Series 2008A, 6.250%, 4/01/23 (Pre-refunded 10/01/18) | | | 10/18 at 100.00 | | | | A1 (4) | | | | 1,630,167 | |
| | | | |
| | 1,175 | | | Portland, Oregon, Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/23 (Pre-refunded 6/15/16) – NPFG Insured | | | 6/16 at 100.00 | | | | AA– (4) | | | | 1,177,068 | |
| | | | |
| | 500 | | | Portland, Oregon, Water System Revenue Bonds, Second Lien Series 2006A, 4.375%, 10/01/24 (Pre-refunded 10/01/16) – NPFG Insured | | | 10/16 at 100.00 | | | | Aa1 (4) | | | | 506,380 | |
| | | | |
| | 2,305 | | | Tri-County Metropolitan Transportation District, Oregon, Payroll Tax Revenue Bonds, Senior Lien Series 2012A, 5.000%, 9/01/24 (Pre-refunded 9/01/22) | | | 9/22 at 100.00 | | | | AAA | | | | 2,820,214 | |
| | | | |
| | 1,525 | | | Washington County, Oregon, General Obligation Bonds, Refunding Series 2006, 5.000%, 6/01/22 (Pre-refunded 6/01/16) | | | 6/16 at 102.00 | | | | Aa1 (4) | | | | 1,555,500 | |
| | | | |
| | 2,490 | | | Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2006, 5.000%, 6/15/19 (Pre-refunded 6/15/17) – NPFG Insured | | | 6/17 at 100.00 | | | | Aa2 (4) | | | | 2,602,299 | |
| | | | |
| | 1,040 | | | Yamhill County School District 40, McMinnville, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/23 (Pre-refunded 6/15/17) – AGM Insured | | | 6/17 at 100.00 | | | | Aa1 (4) | | | | 1,086,800 | |
| | 32,460 | | | Total U.S. Guaranteed | | | | | | | | | | | 34,794,501 | |
Nuveen Oregon Intermediate Municipal Bond Fund (continued)
| | |
| Portfolio of Investments | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Optional Call
Provisions (2) | | | Ratings (3) | | | Value | |
| | | | |
| | | | Utilities – 1.5% | | | | | | | | | |
| | | | |
| | | | Central Lincoln Peoples Utility District, Oregon, Electric Revenue Bonds, Series 2016: | | | | | | | | | | | | |
| $ | 450 | | | 3.000%, 12/01/28 | | | 12/25 at 100.00 | | | | AA– | | | $ | 468,985 | |
| | 500 | | | 3.500%, 12/01/29 | | | 12/25 at 100.00 | | | | AA– | | | | 542,560 | |
| | 610 | | | 3.750%, 12/01/30 | | | 12/25 at 100.00 | | | | AA– | | | | 675,209 | |
| | 350 | | | 5.000%, 12/01/33 | | | 12/25 at 100.00 | | | | AA– | | | | 425,236 | |
| | 350 | | | 5.000%, 12/01/34 | | | 12/25 at 100.00 | | | | AA– | | | | 423,584 | |
| | | | |
| | 500 | | | Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/22 – AGM Insured | | | No Opt. Call | | | | A1 | | | | 599,270 | |
| | | | |
| | 250 | | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/21 – AGM Insured | | | No Opt. Call | | | | AA | | | | 294,118 | |
| | 3,010 | | | Total Utilities | | | | | | | | | | | 3,428,962 | |
| | | | |
| | | | Water and Sewer – 8.8% | | | | | | | | | |
| | | | |
| | 1,295 | | | Albany, in the Counties of Linn and Benton, Oregon, General Obligation and Water Revenue Bonds, Series 2013, 5.000%, 8/01/25 | | | 8/23 at 100.00 | | | | A1 | | | | 1,596,839 | |
| | | | |
| | | | Clackamas River Water, Oregon, Water Revenue Bonds, Series 2016: | | | | | | | | | | | | |
| | 300 | | | 4.000%, 11/01/27 | | | 5/25 at 100.00 | | | | AA– | | | | 350,508 | |
| | 150 | | | 5.000%, 11/01/28 | | | 5/25 at 100.00 | | | | AA– | | | | 186,212 | |
| | 350 | | | 5.000%, 11/01/30 | | | 5/25 at 100.00 | | | | AA– | | | | 431,179 | |
| | 270 | | | 5.000%, 11/01/33 | | | 5/25 at 100.00 | | | | AA– | | | | 328,949 | |
| | | | |
| | | | Eugene, Oregon, Water Utility System Revenue Bonds, Refunding Series 2016: | | | | | | | | | | | | |
| | 400 | | | 5.000%, 8/01/27 | | | 8/26 at 100.00 | | | | AA+ | | | | 512,968 | |
| | 500 | | | 4.000%, 8/01/32 | | | 8/26 at 100.00 | | | | AA+ | | | | 572,265 | |
| | | | |
| | | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016: | | | | | | | | | | | | |
| | 1,065 | | | 5.000%, 7/01/28 | | | 7/26 at 100.00 | | | | A– | | | | 1,277,862 | |
| | 1,120 | | | 5.000%, 7/01/29 | | | 7/26 at 100.00 | | | | A– | | | | 1,337,862 | |
| | 1,000 | | | 5.000%, 7/01/30 | | | 7/26 at 100.00 | | | | A– | | | | 1,192,090 | |
| | | | |
| | 2,250 | | | Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Refunding Series 2016, 4.000%, 11/01/24 | | | No Opt. Call | | | | AA | | | | 2,667,397 | |
| | | | |
| | 1,000 | | | Portland, Oregon, Sewer System Revenue Bonds, Refunding First Lien Series 2008A, 4.750%, 6/15/24 | | | 6/18 at 100.00 | | | | AA | | | | 1,074,570 | |
| | | | |
| | 3,070 | | | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Series 2015B, 5.000%, 6/01/25 | | | No Opt. Call | | | | AA– | | | | 3,903,628 | |
| | | | |
| | | | Redmond, Oregon, Water Revenue Bonds, Series 2010: | | | | | | | | | | | | |
| | 450 | | | 4.500%, 6/01/25 | | | 6/20 at 100.00 | | | | Aa3 | | | | 503,419 | |
| | 5 | | | 4.500%, 6/01/30 | | | 6/20 at 100.00 | | | | Aa3 | | | | 5,514 | |
| | | | |
| | 1,000 | | | Sunrise Water Authority, Oregon, Water Revenue Bonds, Refunding Series 2014, 4.000%, 3/01/23 | | | No Opt. Call | | | | AA– | | | | 1,159,470 | |
| | | | |
| | 325 | | | The Dalles, Oregon, Water Revenue Bonds, Series 200, 4.250%, 6/01/20 – AMBAC Insured | | | 6/17 at 100.00 | | | | N/R | | | | 335,374 | |
| | | | |
| | 1,435 | | | Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/26 | | | 8/22 at 100.00 | | | | AA– | | | | 1,738,689 | |
| | | | |
| | 900 | | | Woodburn, Marion County, Oregon, Wastewater Revenue Bonds, Refunding Series 2011A, 5.000%, 3/01/20 | | | No Opt. Call | | | | A2 | | | | 1,015,254 | |
| | 16,885 | | | Total Water and Sewer | | | | | | | | | | | 20,190,049 | |
| $ | 197,940 | | | Total Long-Term Investments (cost $213,471,305) | | | | | | | | | | | 225,012,599 | |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 2.0% | | | | | | | | | |
| | | | |
| | | | MONEY MARKET FUNDS – 2.0% | | | | | | | | | |
| | | | |
| | 4,616,040 | | | First American Tax Free Obligations Fund, Class Z, 0.196% (5) | | | | | | | | | | $ | 4,616,040 | |
| | | | Total Short-Term Investments (cost $4,616,039) | | | | | | | | | | | 4,616,040 | |
| | | | Total Investments (cost $218,087,344) – 100.3% | | | | | | | | | | | 229,628,639 | |
| | | | Other Assets Less Liabilities – (0.3)% | | | | | | | | | | | (781,051 | ) |
| | | | Net Assets – 100% | | | | | | | | | | $ | 228,847,588 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| (ETM) | Escrowed to maturity. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
Statement of
| | | | |
| | Assets and Liabilities | | May 31, 2016 |
| | | | | | | | | | | | | | | | |
| | | Minnesota Intermediate | | | Minnesota | | | Nebraska | | | Oregon Intermediate | |
Assets | | | | | | | | | | | | | | | | |
Long-term investments, at value (cost $313,419,102, $296,118,786, $56,892,646 and $213,471,305, respectively) | | $ | 334,912,307 | | | $ | 319,782,487 | | | $ | 61,699,779 | | | $ | 225,012,599 | |
Short-term investments, at value (cost approximates value) | | | 5,146,285 | | | | 7,750,465 | | | | 561,609 | | | | 4,616,040 | |
Receivable for: | | | | | | | | | | | | | | | | |
Interest | | | 3,811,453 | | | | 3,698,132 | | | | 777,029 | | | | 2,616,964 | |
Investments sold | | | — | | | | — | | | | 249,510 | | | | — | |
Shares sold | | | 1,014,594 | | | | 1,735,709 | | | | 29,426 | | | | 284,653 | |
Other assets | | | 12,136 | | | | 6,680 | | | | 11,905 | | | | 4,405 | |
Total assets | | | 344,896,775 | | | | 332,973,473 | | | | 63,329,258 | | | | 232,534,661 | |
Liabilities | | | | | | | | | | | | | | | | |
Payable for: | | | | | | | | | | | | | | | | |
Dividends | | | 471,857 | | | | 264,990 | | | | 43,043 | | | | 260,533 | |
Investments purchased | | | 2,008,300 | | | | 5,116,460 | | | | — | | | | 3,120,183 | |
Shares redeemed | | | 765,965 | | | | 490,713 | | | | 72,931 | | | | 136,408 | |
Accrued expenses: | | | | | | | | | | | | | | | | |
Management fees | | | 151,157 | | | | 141,097 | | | | 28,013 | | | | 102,294 | |
Directors fees | | | 9,179 | | | | 2,327 | | | | 212 | | | | 767 | |
Professional fees | | | 24,832 | | | | 23,848 | | | | 18,661 | | | | 21,720 | |
12b-1 distribution and service fees | | | 31,354 | | | | 54,986 | | | | 10,522 | | | | 17,828 | |
Other | | | 43,846 | | | | 50,797 | | | | 13,415 | | | | 27,340 | |
Total liabilities | | | 3,506,490 | | | | 6,145,218 | | | | 186,797 | | | | 3,687,073 | |
Net assets | | $ | 341,390,285 | | | $ | 326,828,255 | | | $ | 63,142,461 | | | $ | 228,847,588 | |
Class A Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 92,835,022 | | | $ | 152,744,249 | | | $ | 26,461,244 | | | $ | 56,755,442 | |
Shares outstanding | | | 8,709,602 | | | | 12,732,293 | | | | 2,385,574 | | | | 5,410,207 | |
Net asset value (“NAV”) per share | | $ | 10.66 | | | $ | 12.00 | | | $ | 11.09 | | | $ | 10.49 | |
Offering price per share (NAV per share plus maximum sales charge of 3.00%, 4.20%, 4.20% and 3.00%, respectively, of offering price) | | $ | 10.99 | | | $ | 12.53 | | | $ | 11.58 | | | $ | 10.81 | |
Class C Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 12,184,260 | | | $ | 20,607,781 | | | $ | 2,551,877 | | | $ | 3,788,015 | |
Shares outstanding | | | 1,149,975 | | | | 1,719,951 | | | | 230,729 | | | | 363,149 | |
NAV and offering price per share | | $ | 10.60 | | | $ | 11.98 | | | $ | 11.06 | | | $ | 10.43 | |
Class C1 Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 2,385,914 | | | $ | 13,014,939 | | | $ | 2,804,577 | | | $ | — | |
Shares outstanding | | | 223,204 | | | | 1,089,392 | | | | 254,691 | | | | — | |
NAV and offering price per share | | $ | 10.69 | | | $ | 11.95 | | | $ | 11.01 | | | $ | — | |
Class C2 Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 6,625,892 | | | $ | 9,442,074 | | | $ | 3,885,476 | | | $ | 8,079,244 | |
Shares outstanding | | | 623,993 | | | | 786,766 | | | | 350,134 | | | | 772,147 | |
NAV and offering price per share | | $ | 10.62 | | | $ | 12.00 | | | $ | 11.10 | | | $ | 10.46 | |
Class I Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 227,359,197 | | | $ | 131,019,212 | | | $ | 27,439,287 | | | $ | 160,224,887 | |
Shares outstanding | | | 21,441,252 | | | | 10,929,909 | | | | 2,471,678 | | | | 15,259,518 | |
NAV and offering price per share | | $ | 10.60 | | | $ | 11.99 | | | $ | 11.10 | | | $ | 10.50 | |
Net assets consist of: | | | | | | | | | | | | | | | | |
Capital paid-in | | $ | 320,644,265 | | | $ | 309,312,827 | | | $ | 60,451,488 | | | $ | 218,770,747 | |
Undistributed (Over-distribution of) net investment income | �� | | 97,644 | | | | 236,824 | | | | 143,641 | | | | (76,516 | ) |
Accumulated net realized gain (loss) | | | (844,829 | ) | | | (6,385,097 | ) | | | (2,259,801 | ) | | | (1,387,937 | ) |
Net unrealized appreciation (depreciation) | | | 21,493,205 | | | | 23,663,701 | | | | 4,807,133 | | | | 11,541,294 | |
Net assets | | $ | 341,390,285 | | | $ | 326,828,255 | | | $ | 63,142,461 | | | $ | 228,847,588 | |
Authorized shares – per class | | | 2 billion | | | | 2 billion | | | | 2 billion | | | | 2 billion | |
Par value per share | | $ | 0.0001 | | | $ | 0.0001 | | | $ | 0.0001 | | | $ | 0.0001 | |
See accompanying notes to financial statements.
Statement of
| | | | |
| | Operations | | Year Ended May 31, 2016 |
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
Investment Income | | $ | 11,326,750 | | | $ | 11,682,856 | | | $ | 2,385,349 | | | $ | 6,295,758 | |
Expenses | | | | | | | | | | | | | | | | |
Management fees | | | 1,650,230 | | | | 1,442,931 | | | | 313,715 | | | | 1,015,580 | |
12b-1 service fees – Class A Shares | | | 166,548 | | | | 261,409 | | | | 48,758 | | | | 102,064 | |
12b-1 distribution and service fees – Class C Shares | | | 97,444 | | | | 134,298 | | | | 16,477 | | | | 30,925 | |
12b-1 distribution and service fees – Class C1 Shares | | | 15,453 | | | | 84,791 | | | | 18,103 | | | | — | |
12b-1 distribution and service fees – Class C2 Shares | | | 50,823 | | | | 71,883 | | | | 29,196 | | | | 62,878 | |
Shareholder servicing agent fees | | | 88,870 | | | | 93,671 | | | | 24,812 | | | | 45,602 | |
Custodian fees | | | 64,066 | | | | 51,772 | | | | 14,154 | | | | 37,873 | |
Directors fees | | | 8,218 | | | | 7,269 | | | | 1,580 | | | | 5,009 | |
Professional fees | | | 54,408 | | | | 49,822 | | | | 27,251 | | | | 40,005 | |
Shareholder reporting expenses | | | 27,835 | | | | 36,480 | | | | 13,608 | | | | 17,087 | |
Federal and state registration fees | | | 20,837 | | | | 25,157 | | | | 18,888 | | | | 16,972 | |
Other | | | 10,938 | | | | 8,724 | | | | 3,794 | | | | 6,935 | |
Total expenses before fee waiver/expense reimbursement | | | 2,255,670 | | | | 2,268,207 | | | | 530,336 | | | | 1,380,930 | |
Fee waiver/expense reimbursement | | | — | | | | — | | | | (16,450 | ) | | | — | |
Net expenses | | | 2,255,670 | | | | 2,268,207 | | | | 513,886 | | | | 1,380,930 | |
Net investment income (loss) | | | 9,071,080 | | | | 9,414,649 | | | | 1,871,463 | | | | 4,914,828 | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
Net realized gain (loss) from investments | | | (203,453 | ) | | | 16,963 | | | | (4,879 | ) | | | 174,540 | |
Change in net unrealized appreciation (depreciation) of investments | | | 7,155,967 | | | | 7,831,343 | | | | 1,592,245 | | | | 3,611,271 | |
Net realized and unrealized gain (loss) | | | 6,952,514 | | | | 7,848,306 | | | | 1,587,366 | | | | 3,785,811 | |
Net increase (decrease) in net assets from operations | | $ | 16,023,594 | | | $ | 17,262,955 | | | $ | 3,458,829 | | | $ | 8,700,639 | |
See accompanying notes to financial statements.
Statement of
| | | | | | | | | | | | | | | | | | | | |
| | | Minnesota Intermediate | | | | | | Minnesota | |
| | | Year Ended
5/31/16 | | | Year Ended 5/31/15 | | | | | | Year Ended
5/31/16 | | | Year Ended 5/31/15 | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 9,071,080 | | | $ | 8,485,755 | | | | | | | $ | 9,414,649 | | | $ | 8,010,866 | |
Net realized gain (loss) from investments | | | (203,453 | ) | | | 48,700 | | | | | | | | 16,963 | | | | 22,199 | |
Change in net unrealized appreciation (depreciation) of investments | | | 7,155,967 | | | | (1,575,093 | ) | | | | | | | 7,831,343 | | | | 725,906 | |
Net increase (decrease) in net assets from operations | | | 16,023,594 | | | | 6,959,362 | | | | | | | | 17,262,955 | | | | 8,758,971 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | (2,366,664 | ) | | | (2,092,552 | ) | | | | | | | (4,666,892 | ) | | | (4,085,067 | ) |
Class C Shares | | | (200,050 | ) | | | (90,612 | ) | | | | | | | (374,219 | ) | | | (121,604 | ) |
Class C1 Shares | | | (56,725 | ) | | | (66,646 | ) | | | | | | | (409,457 | ) | | | (447,662 | ) |
Class C2 Shares | | | (155,072 | ) | | | (191,608 | ) | | | | | | | (291,498 | ) | | | (344,567 | ) |
Class I Shares | | | (6,379,600 | ) | | | (6,253,424 | ) | | | | | | | (4,084,494 | ) | | | (3,081,386 | ) |
Decrease in net assets from distributions to shareholders | | | (9,158,111 | ) | | | (8,694,842 | ) | | | | | | | (9,826,560 | ) | | | (8,080,286 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 84,471,907 | | | | 78,242,798 | | | | | | | | 106,658,528 | | | | 68,964,450 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 3,769,715 | | | | 3,218,200 | | | | | | | | 6,831,038 | | | | 5,559,397 | |
| | | 88,241,622 | | | | 81,460,998 | | | | | | | | 113,489,566 | | | | 74,523,847 | |
Cost of shares redeemed | | | (46,280,514 | ) | | | (40,855,651 | ) | | | | | | | (34,681,176 | ) | | | (40,577,175 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 41,961,108 | | | | 40,605,347 | | | | | | | | 78,808,390 | | | | 33,946,672 | |
Net increase (decrease) in net assets | | | 48,826,591 | | | | 38,869,867 | | | | | | | | 86,244,785 | | | | 34,625,357 | |
Net assets at the beginning of period | | | 292,563,694 | | | | 253,693,827 | | | | | | | | 240,583,470 | | | | 205,958,113 | |
Net assets at the end of period | | $ | 341,390,285 | | | $ | 292,563,694 | | | | | | | $ | 326,828,255 | | | $ | 240,583,470 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 97,644 | | | $ | 184,675 | | | | | | | $ | 236,824 | | | $ | 583,801 | |
See accompanying notes to financial statements.
| | | | | | | | | | | | | | | | | | | | |
| | | Nebraska | | | | | | Oregon Intermediate | |
| | | Year Ended
5/31/16 | | | Year Ended 5/31/15 | | | | | | Year Ended
5/31/16 | | | Year Ended 5/31/15 | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,871,463 | | | $ | 1,779,657 | | | | | | | $ | 4,914,828 | | | $ | 4,389,394 | |
Net realized gain (loss) from investments | | | (4,879 | ) | | | 34,512 | | | | | | | | 174,540 | | | | 232,647 | |
Change in net unrealized appreciation (depreciation) of investments | | | 1,592,245 | | | | 388,451 | | | | | | | | 3,611,271 | | | | (1,182,850 | ) |
Net increase (decrease) in net assets from operations | | | 3,458,829 | | | | 2,202,620 | | | | | | | | 8,700,639 | | | | 3,439,191 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | (727,367 | ) | | | (717,920 | ) | | | | | | | (1,334,561 | ) | | | (1,285,499 | ) |
Class C Shares | | | (35,608 | ) | | | (13,052 | ) | | | | | | | (55,969 | ) | | | (27,608 | ) |
Class C1 Shares | | | (69,862 | ) | | | (76,614 | ) | | | | | | | — | | | | — | |
Class C2 Shares | | | (94,793 | ) | | | (115,424 | ) | | | | | | | (171,987 | ) | | | (208,550 | ) |
Class I Shares | | | (809,919 | ) | | | (814,508 | ) | | | | | | | (3,532,188 | ) | | | (2,851,801 | ) |
Decrease in net assets from distributions to shareholders | | | (1,737,549 | ) | | | (1,737,518 | ) | | | | | | | (5,094,705 | ) | | | (4,373,458 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 11,011,396 | | | | 9,578,458 | | | | | | | | 85,131,968 | | | | 46,688,446 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 1,229,525 | | | | 1,162,415 | | | | | | | | 2,368,372 | | | | 2,070,564 | |
| | | 12,240,921 | | | | 10,740,873 | | | | | | | | 87,500,340 | | | | 48,759,010 | |
Cost of shares redeemed | | | (8,238,986 | ) | | | (12,057,851 | ) | | | | | | | (27,543,986 | ) | | | (25,466,262 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 4,001,935 | | | | (1,316,978 | ) | | | | | | | 59,956,354 | | | | 23,292,748 | |
Net increase (decrease) in net assets | | | 5,723,215 | | | | (851,876 | ) | | | | | | | 63,562,288 | | | | 22,358,481 | |
Net assets at the beginning of period | | | 57,419,246 | | | | 58,271,122 | | | | | | | | 165,285,300 | | | | 142,926,819 | |
Net assets at the end of period | | $ | 63,142,461 | | | $ | 57,419,246 | | | | | | | $ | 228,847,588 | | | $ | 165,285,300 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 143,641 | | | $ | 9,727 | | | | | | | $ | (76,516 | ) | | $ | 103,359 | |
See accompanying notes to financial statements.
Financial
Highlights
Minnesota Intermediate
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended May 31, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (02/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | $ | 10.43 | | | $ | 0.30 | | | $ | 0.23 | | | $ | 0.53 | | | | | | | $ | (0.30 | ) | | $ | — | | | $ | (0.30 | ) | | $ | 10.66 | |
2015 | | | 10.49 | | | | 0.31 | | | | (0.05 | ) | | | 0.26 | | | | | | | | (0.32 | ) | | | — | | | | (0.32 | ) | | | 10.43 | |
2014 | | | 10.56 | | | | 0.33 | | | | (0.06 | ) | | | 0.27 | | | | | | | | (0.32 | ) | | | (0.02 | ) | | | (0.34 | ) | | | 10.49 | |
2013 | | | 10.67 | | | | 0.32 | | | | (0.08 | ) | | | 0.24 | | | | | | | | (0.34 | ) | | | (0.01 | ) | | | (0.35 | ) | | | 10.56 | |
2012 | | | 10.20 | | | | 0.36 | | | | 0.47 | | | | 0.83 | | | | | | | | (0.35 | ) | | | (0.01 | ) | | | (0.36 | ) | | | 10.67 | |
Class C (02/14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.37 | | | | 0.21 | | | | 0.24 | | | | 0.45 | | | | | | | | (0.22 | ) | | | — | | | | (0.22 | ) | | | 10.60 | |
2015 | | | 10.42 | | | | 0.22 | | | | (0.03 | ) | | | 0.19 | | | | | | | | (0.24 | ) | | | — | | | | (0.24 | ) | | | 10.37 | |
2014(e) | | | 10.27 | | | | 0.06 | | | | 0.16 | | | | 0.22 | | | | | | | | (0.07 | ) | | | — | | | | (0.07 | ) | | | 10.42 | |
Class C1 (10/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.46 | | | | 0.25 | | | | 0.23 | | | | 0.48 | | | | | | | | (0.25 | ) | | | — | | | | (0.25 | ) | | | 10.69 | |
2015 | | | 10.52 | | | | 0.27 | | | | (0.05 | ) | | | 0.22 | | | | | | | | (0.28 | ) | | | — | | | | (0.28 | ) | | | 10.46 | |
2014 | | | 10.59 | | | | 0.29 | | | | (0.07 | ) | | | 0.22 | | | | | | | | (0.27 | ) | | | (0.02 | ) | | | (0.29 | ) | | | 10.52 | |
2013 | | | 10.69 | | | | 0.28 | | | | (0.08 | ) | | | 0.20 | | | | | | | | (0.29 | ) | | | (0.01 | ) | | | (0.30 | ) | | | 10.59 | |
2012 | | | 10.22 | | | | 0.31 | | | | 0.48 | | | | 0.79 | | | | | | | | (0.31 | ) | | | (0.01 | ) | | | (0.32 | ) | | | 10.69 | |
Class C2 (01/11)(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.39 | | | | 0.24 | | | | 0.23 | | | | 0.47 | | | | | | | | (0.24 | ) | | | — | | | | (0.24 | ) | | | 10.62 | |
2015 | | | 10.44 | | | | 0.26 | | | | (0.05 | ) | | | 0.21 | | | | | | | | (0.26 | ) | | | — | | | | (0.26 | ) | | | 10.39 | |
2014 | | | 10.51 | | | | 0.28 | | | | (0.07 | ) | | | 0.21 | | | | | | | | (0.26 | ) | | | (0.02 | ) | | | (0.28 | ) | | | 10.44 | |
2013 | | | 10.62 | | | | 0.26 | | | | (0.09 | ) | | | 0.17 | | | | | | | | (0.27 | ) | | | (0.01 | ) | | | (0.28 | ) | | | 10.51 | |
2012 | | | 10.14 | | | | 0.29 | | | | 0.49 | | | | 0.78 | | | | | | | | (0.29 | ) | | | (0.01 | ) | | | (0.30 | ) | | | 10.62 | |
Class I (02/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.37 | | | | 0.32 | | | | 0.23 | | | | 0.55 | | | | | | | | (0.32 | ) | | | — | | | | (0.32 | ) | | | 10.60 | |
2015 | | | 10.43 | | | | 0.33 | | | | (0.05 | ) | | | 0.28 | | | | | | | | (0.34 | ) | | | — | | | | (0.34 | ) | | | 10.37 | |
2014 | | | 10.50 | | | | 0.35 | | | | (0.06 | ) | | | 0.29 | | | | | | | | (0.34 | ) | | | (0.02 | ) | | | (0.36 | ) | | | 10.43 | |
2013 | | | 10.61 | | | | 0.34 | | | | (0.08 | ) | | | 0.26 | | | | | | | | (0.36 | ) | | | (0.01 | ) | | | (0.37 | ) | | | 10.50 | |
2012 | | | 10.13 | | | | 0.37 | | | | 0.49 | | | | 0.86 | | | | | | | | (0.37 | ) | | | (0.01 | ) | | | (0.38 | ) | | | 10.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c) | | | | |
| | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | Portfolio
Turnover
Rate(d) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.15 | % | | $ | 92,835 | | | | | | | | 0.82 | % | | | 2.81 | % | | | | | | | 0.82 | % | | | 2.81 | % | | | 11 | % |
| | 2.52 | | | | 74,086 | | | | | | | | 0.82 | | | | 2.97 | | | | | | | | 0.82 | | | | 2.97 | | | | 11 | |
| | 2.68 | | | | 65,375 | | | | | | | | 0.84 | | | | 3.25 | | | | | | | | 0.84 | | | | 3.25 | | | | 12 | |
| | 2.25 | | | | 62,493 | | | | | | | | 0.82 | | | | 3.03 | | | | | | | | 0.82 | | | | 3.03 | | | | 11 | |
| | 8.32 | | | | 52,039 | | | | | | | | 0.80 | | | | 3.41 | | | | | | | | 0.76 | | | | 3.44 | | | | 9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.34 | | | | 12,184 | | | | | | | | 1.61 | | | | 1.99 | | | | | | | | 1.61 | | | | 1.99 | | | | 11 | |
| | 1.82 | | | | 7,067 | | | | | | | | 1.62 | | | | 2.13 | | | | | | | | 1.62 | | | | 2.13 | | | | 11 | |
| | 2.19 | | | | 1,052 | | | | | | | | 1.64 | * | | | 2.29 | * | | | | | | | 1.64 | * | | | 2.29 | * | | | 12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.66 | | | | 2,386 | | | | | | | | 1.27 | | | | 2.36 | | | | | | | | 1.27 | | | | 2.36 | | | | 11 | |
| | 2.05 | | | | 2,415 | | | | | | | | 1.27 | | | | 2.53 | | | | | | | | 1.27 | | | | 2.53 | | | | 11 | |
| | 2.20 | | | | 2,836 | | | | | | | | 1.29 | | | | 2.81 | | | | | | | | 1.29 | | | | 2.81 | | | | 12 | |
| | 1.88 | | | | 3,804 | | | | | | | | 1.27 | | | | 2.60 | | | | | | | | 1.27 | | | | 2.60 | | | | 11 | |
| | 7.81 | | | | 5,448 | | | | | | | | 1.29 | | | | 2.94 | | | | | | | | 1.29 | | | | 2.94 | | | | 9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.57 | | | | 6,626 | | | | | | | | 1.37 | | | | 2.27 | | | | | | | | 1.37 | | | | 2.27 | | | | 11 | |
| | 2.05 | | | | 7,093 | | | | | | | | 1.38 | | | | 2.44 | | | | | | | | 1.38 | | | | 2.44 | | | | 11 | |
| | 2.09 | | | | 8,021 | | | | | | | | 1.39 | | | | 2.70 | | | | | | | | 1.39 | | | | 2.70 | | | | 12 | |
| | 1.63 | | | | 8,795 | | | | | | | | 1.36 | | | | 2.44 | | | | | | | | 1.36 | | | | 2.44 | | | | 11 | |
| | 7.79 | | | | 3,768 | | | | | | | | 1.40 | | | | 2.74 | | | | | | | | 1.40 | | | | 2.74 | | | | 9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.36 | | | | 227,359 | | | | | | | | 0.62 | | | | 3.01 | | | | | | | | 0.62 | | | | 3.01 | | | | 11 | |
| | 2.71 | | | | 201,903 | | | | | | | | 0.63 | | | | 3.19 | | | | | | | | 0.63 | | | | 3.19 | | | | 11 | |
| | 2.88 | | | | 176,410 | | | | | | | | 0.64 | | | | 3.45 | | | | | | | | 0.64 | | | | 3.45 | | | | 12 | |
| | 2.42 | | | | 213,723 | | | | | | | | 0.62 | | | | 3.23 | | | | | | | | 0.62 | | | | 3.23 | | | | 11 | |
| | 8.60 | | | | 196,568 | | | | | | | | 0.64 | | | | 3.58 | | | | | | | | 0.64 | | | | 3.58 | | | | 9 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, when applicable. | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. | |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. | |
See accompanying notes to financial statements.
Financial Highlights (continued)
Minnesota
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended May 31, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (07/88) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | $ | 11.68 | | | $ | 0.40 | | | $ | 0.34 | | | $ | 0.74 | | | | | | | $ | (0.42 | ) | | $ | — | | | $ | (0.42 | ) | | $ | 12.00 | |
2015 | | | 11.63 | | | | 0.43 | | | | 0.05 | | | | 0.48 | | | | | | | | (0.43 | ) | | | — | | | | (0.43 | ) | | | 11.68 | |
2014 | | | 11.87 | | | | 0.44 | | | | (0.21 | ) | | | 0.23 | | | | | | | | (0.42 | ) | | | (0.05 | ) | | | (0.47 | ) | | | 11.63 | |
2013 | | | 11.87 | | | | 0.43 | | | | 0.04 | | | | 0.47 | | | | | | | | (0.45 | ) | | | (0.02 | ) | | | (0.47 | ) | | | 11.87 | |
2012 | | | 10.83 | | | | 0.47 | | | | 1.02 | | | | 1.49 | | | | | | | | (0.45 | ) | | | — | | | | (0.45 | ) | | | 11.87 | |
Class C (02/14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 11.68 | | | | 0.31 | | | | 0.32 | | | | 0.63 | | | | | | | | (0.33 | ) | | | — | | | | (0.33 | ) | | | 11.98 | |
2015 | | | 11.63 | | | | 0.33 | | | | 0.06 | | | | 0.39 | | | | | | | | (0.34 | ) | | | — | | | | (0.34 | ) | | | 11.68 | |
2014(e) | | | 11.25 | | | | 0.08 | | | | 0.40 | | | | 0.48 | | | | | | | | (0.10 | ) | | | — | | | | (0.10 | ) | | | 11.63 | |
Class C1 (02/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 11.64 | | | | 0.35 | | | | 0.33 | | | | 0.68 | | | | | | | | (0.37 | ) | | | — | | | | (0.37 | ) | | | 11.95 | |
2015 | | | 11.58 | | | | 0.38 | | | | 0.06 | | | | 0.44 | | | | | | | | (0.38 | ) | | | — | | | | (0.38 | ) | | | 11.64 | |
2014 | | | 11.81 | | | | 0.38 | | | | (0.19 | ) | | | 0.19 | | | | | | | | (0.37 | ) | | | (0.05 | ) | | | (0.42 | ) | | | 11.58 | |
2013 | | | 11.82 | | | | 0.38 | | | | 0.02 | | | | 0.40 | | | | | | | | (0.39 | ) | | | (0.02 | ) | | | (0.41 | ) | | | 11.81 | |
2012 | | | 10.78 | | | | 0.41 | | | | 1.03 | | | | 1.44 | | | | | | | | (0.40 | ) | | | — | | | | (0.40 | ) | | | 11.82 | |
Class C2 (01/11)(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 11.69 | | | | 0.34 | | | | 0.33 | | | | 0.67 | | | | | | | | (0.36 | ) | | | — | | | | (0.36 | ) | | | 12.00 | |
2015 | | | 11.63 | | | | 0.36 | | | | 0.07 | | | | 0.43 | | | | | | | | (0.37 | ) | | | — | | | | (0.37 | ) | | | 11.69 | |
2014 | | | 11.86 | | | | 0.37 | | | | (0.19 | ) | | | 0.18 | | | | | | | | (0.36 | ) | | | (0.05 | ) | | | (0.41 | ) | | | 11.63 | |
2013 | | | 11.87 | | | | 0.35 | | | | 0.04 | | | | 0.39 | | | | | | | | (0.38 | ) | | | (0.02 | ) | | | (0.40 | ) | | | 11.86 | |
2012 | | | 10.82 | | | | 0.39 | | | | 1.05 | | | | 1.44 | | | | | | | | (0.39 | ) | | | — | | | | (0.39 | ) | | | 11.87 | |
Class I (08/97) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 11.68 | | | | 0.43 | | | | 0.33 | | | | 0.76 | | | | | | | | (0.45 | ) | | | — | | | | (0.45 | ) | | | 11.99 | |
2015 | | | 11.62 | | | | 0.45 | | | | 0.07 | | | | 0.52 | | | | | | | | (0.46 | ) | | | — | | | | (0.46 | ) | | | 11.68 | |
2014 | | | 11.85 | | | | 0.46 | | | | (0.20 | ) | | | 0.26 | | | | | | | | (0.44 | ) | | | (0.05 | ) | | | (0.49 | ) | | | 11.62 | |
2013 | | | 11.86 | | | | 0.45 | | | | 0.03 | | | | 0.48 | | | | | | | | (0.47 | ) | | | (0.02 | ) | | | (0.49 | ) | | | 11.85 | |
2012 | | | 10.82 | | | | 0.49 | | | | 1.02 | | | | 1.51 | | | | | | | | (0.47 | ) | | | — | | | | (0.47 | ) | | | 11.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c) | | | | |
| | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | Portfolio
Turnover
Rate(d) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.48 | % | | $ | 152,744 | | | | | | | | 0.82 | % | | | 3.43 | % | | | | | | | 0.82 | % | | | 3.43 | % | | | 6 | % |
| | 4.18 | | | | 118,335 | | | | | | | | 0.84 | | | | 3.65 | | | | | | | | 0.84 | | | | 3.65 | | | | 10 | |
| | 2.19 | | | | 110,265 | | | | | | | | 0.86 | | | | 3.88 | | | | | | | | 0.86 | | | | 3.88 | | | | 15 | |
| | 4.01 | | | | 132,705 | | | | | | | | 0.84 | | | | 3.57 | | | | | | | | 0.84 | | | | 3.57 | | | | 7 | |
| | 14.03 | | | | 100,185 | | | | | | | | 0.90 | | | | 4.06 | | | | | | | | 0.86 | | | | 4.11 | | | | 17 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.50 | | | | 20,608 | | | | | | | | 1.62 | | | | 2.59 | | | | | | | | 1.62 | | | | 2.59 | | | | 6 | |
| | 3.39 | | | | 8,623 | | | | | | | | 1.64 | | | | 2.77 | | | | | | | | 1.64 | | | | 2.77 | | | | 10 | |
| | 4.32 | | | | 1,242 | | | | | | | | 1.66 | * | | | 2.75 | * | | | | | | | 1.66 | * | | | 2.75 | * | | | 15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.93 | | | | 13,015 | | | | | | | | 1.28 | | | | 2.99 | | | | | | | | 1.28 | | | | 2.99 | | | | 6 | |
| | 3.81 | | | | 13,296 | | | | | | | | 1.29 | | | | 3.21 | | | | | | | | 1.29 | | | | 3.21 | | | | 10 | |
| | 1.79 | | | | 14,398 | | | | | | | | 1.31 | | | | 3.43 | | | | | | | | 1.31 | | | | 3.43 | | | | 15 | |
| | 3.43 | | | | 19,234 | | | | | | | | 1.30 | | | | 3.15 | | | | | | | | 1.30 | | | | 3.15 | | | | 7 | |
| | 13.56 | | | | 21,453 | | | | | | | | 1.35 | | | | 3.63 | | | | | | | | 1.35 | | | | 3.64 | | | | 17 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.81 | | | | 9,442 | | | | | | | | 1.38 | | | | 2.90 | | | | | | | | 1.38 | | | | 2.90 | | | | 6 | |
| | 3.69 | | | | 10,199 | | | | | | | | 1.39 | | | | 3.10 | | | | | | | | 1.39 | | | | 3.10 | | | | 10 | |
| | 1.67 | | | | 12,473 | | | | | | | | 1.41 | | | | 3.33 | | | | | | | | 1.41 | | | | 3.33 | | | | 15 | |
| | 3.32 | | | | 16,833 | | | | | | | | 1.39 | | | | 2.96 | | | | | | | | 1.39 | | | | 2.96 | | | | 7 | |
| | 13.48 | | | | 4,927 | | | | | | | | 1.47 | | | | 3.37 | | | | | | | | 1.45 | | | | 3.39 | | | | 17 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.61 | | | | 131,019 | | | | | | | | 0.62 | | | | 3.62 | | | | | | | | 0.62 | | | | 3.62 | | | | 6 | |
| | 4.49 | | | | 90,131 | | | | | | | | 0.64 | | | | 3.85 | | | | | | | | 0.64 | | | | 3.85 | | | | 10 | |
| | 2.45 | | | | 67,580 | | | | | | | | 0.66 | | | | 4.07 | | | | | | | | 0.66 | | | | 4.07 | | | | 15 | |
| | 4.08 | | | | 90,341 | | | | | | | | 0.65 | | | | 3.78 | | | | | | | | 0.65 | | | | 3.78 | | | | 7 | |
| | 14.23 | | | | 66,016 | | | | | | | | 0.71 | | | | 4.26 | | | | | | | | 0.70 | | | | 4.27 | | | | 17 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, when applicable. | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. | |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. | |
See accompanying notes to financial statements.
Financial Highlights (continued)
Nebraska
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | | |
Class (Commencement Date) Year Ended May 31, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Return
of
Capital | | | Total | | | Ending
NAV | |
Class A (02/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | $ | 10.77 | | | $ | 0.35 | | | $ | 0.30 | | | $ | 0.65 | | | | | | | $ | (0.33 | ) | | $ | — | | | $ | — | | | $ | (0.33 | ) | | $ | 11.09 | |
2015 | | | 10.68 | | | | 0.34 | | | | 0.08 | | | | 0.42 | | | | | | | | (0.33 | ) | | | — | | | | — | | | | (0.33 | ) | | | 10.77 | |
2014 | | | 10.87 | | | | 0.34 | | | | (0.19 | ) | | | 0.15 | | | | | | | | (0.34 | ) | | | — | | | | — | | | | (0.34 | ) | | | 10.68 | |
2013 | | | 11.01 | | | | 0.36 | | | | (0.13 | ) | | | 0.23 | | | | | | | | (0.36 | ) | | | — | | | | (0.01 | ) | | | (0.37 | ) | | | 10.87 | |
2012 | | | 10.28 | | | | 0.41 | | | | 0.75 | | | | 1.16 | | | | | | | | (0.43 | ) | | | — | | | | — | | | | (0.43 | ) | | | 11.01 | |
Class C (02/14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.74 | | | | 0.26 | | | | 0.30 | | | | 0.56 | | | | | | | | (0.24 | ) | | | — | | | | — | | | | (0.24 | ) | | | 11.06 | |
2015 | | | 10.65 | | | | 0.25 | | | | 0.09 | | | | 0.34 | | | | | | | | (0.25 | ) | | | — | | | | — | | | | (0.25 | ) | | | 10.74 | |
2014(e) | | | 10.38 | | | | 0.03 | | | | 0.32 | | | | 0.35 | | | | | | | | (0.08 | ) | | | — | | | | — | | | | (0.08 | ) | | | 10.65 | |
Class C1 (02/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.69 | | | | 0.30 | | | | 0.29 | | | | 0.59 | | | | | | | | (0.27 | ) | | | — | | | | — | | | | (0.27 | ) | | | 11.01 | |
2015 | | | 10.59 | | | | 0.29 | | | | 0.09 | | | | 0.38 | | | | | | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) | | | 10.69 | |
2014 | | | 10.78 | | | | 0.29 | | | | (0.19 | ) | | | 0.10 | | | | | | | | (0.29 | ) | | | — | | | | — | | | | (0.29 | ) | | | 10.59 | |
2013 | | | 10.92 | | | | 0.32 | | | | (0.14 | ) | | | 0.18 | | | | | | | | (0.31 | ) | | | — | | | | (0.01 | ) | | | (0.32 | ) | | | 10.78 | |
2012 | | | 10.19 | | | | 0.38 | | | | 0.73 | | | | 1.11 | | | | | | | | (0.38 | ) | | | — | | | | — | | | | (0.38 | ) | | | 10.92 | |
Class C2 (01/11)(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.78 | | | | 0.29 | | | | 0.30 | | | | 0.59 | | | | | | | | (0.27 | ) | | | — | | | | — | | | | (0.27 | ) | | | 11.10 | |
2015 | | | 10.68 | | | | 0.28 | | | | 0.09 | | | | 0.37 | | | | | | | | (0.27 | ) | | | — | | | | — | | | | (0.27 | ) | | | 10.78 | |
2014 | | | 10.88 | | | | 0.28 | | | | (0.20 | ) | | | 0.08 | | | | | | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) | | | 10.68 | |
2013 | | | 11.02 | | | | 0.30 | | | | (0.13 | ) | | | 0.17 | | | | | | | | (0.30 | ) | | | — | | | | (0.01 | ) | | | (0.31 | ) | | | 10.88 | |
2012 | | | 10.28 | | | | 0.34 | | | | 0.77 | | | | 1.11 | | | | | | | | (0.37 | ) | | | — | | | | — | | | | (0.37 | ) | | | 11.02 | |
Class I (02/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.78 | | | | 0.37 | | | | 0.29 | | | | 0.66 | | | | | | | | (0.34 | ) | | | — | | | | — | | | | (0.34 | ) | | | 11.10 | |
2015 | | | 10.68 | | | | 0.36 | | | | 0.09 | | | | 0.45 | | | | | | | | (0.35 | ) | | | — | | | | — | | | | (0.35 | ) | | | 10.78 | |
2014 | | | 10.88 | | | | 0.36 | | | | (0.20 | ) | | | 0.16 | | | | | | | | (0.36 | ) | | | — | | | | — | | | | (0.36 | ) | | | 10.68 | |
2013 | | | 11.01 | | | | 0.39 | | | | (0.13 | ) | | | 0.26 | | | | | | | | (0.38 | ) | | | — | | | | (0.01 | ) | | | (0.39 | ) | | | 10.88 | |
2012 | | | 10.27 | | | | 0.45 | | | | 0.74 | | | | 1.19 | | | | | | | | (0.45 | ) | | | — | | | | — | | | | (0.45 | ) | | | 11.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c) | | | | |
| | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | Portfolio
Turnover
Rate(d) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.08 | % | | $ | 26,461 | | | | | | | | 0.91 | % | | | 3.17 | % | | | | | | | 0.89 | % | | | 3.19 | % | | | 8 | % |
| | 4.00 | | | | 23,741 | | | | | | | | 0.92 | | | | 3.11 | | | | | | | | 0.89 | | | | 3.15 | | | | 27 | |
| | 1.55 | | | | 23,740 | | | | | | | | 0.92 | | | | 3.23 | | | | | | | | 0.89 | | | | 3.27 | | | | 11 | |
| | 2.11 | | | | 31,576 | | | | | | | | 0.90 | | | | 3.25 | | | | | | | | 0.88 | | | | 3.27 | | | | 18 | |
| | 11.51 | | | | 19,021 | | | | | | | | 0.97 | | | | 3.79 | | | | | | | | 0.88 | | | | 3.88 | | | | 25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.23 | | | | 2,552 | | | | | | | | 1.71 | | | | 2.33 | | | | | | | | 1.69 | | | | 2.36 | | | | 8 | |
| | 3.17 | | | | 1,142 | | | | | | | | 1.72 | | | | 2.28 | | | | | | | | 1.69 | | | | 2.31 | | | | 27 | |
| | 3.36 | | | | 172 | | | | | | | | 1.72 | * | | | 1.96 | * | | | | | | | 1.69 | * | | | 1.98 | * | | | 11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.60 | | | | 2,805 | | | | | | | | 1.37 | | | | 2.72 | | | | | | | | 1.34 | | | | 2.75 | | | | 8 | |
| | 3.61 | | | | 2,784 | | | | | | | | 1.38 | | | | 2.68 | | | | | | | | 1.34 | | | | 2.72 | | | | 27 | |
| | 1.03 | | | | 3,013 | | | | | | | | 1.37 | | | | 2.78 | | | | | | | | 1.34 | | | | 2.81 | | | | 11 | |
| | 1.63 | | | | 3,897 | | | | | | | | 1.36 | | | | 2.85 | | | | | | | | 1.33 | | | | 2.87 | | | | 18 | |
| | 11.08 | | | | 4,132 | | | | | | | | 1.43 | | | | 3.49 | | | | | | | | 1.33 | | | | 3.59 | | | | 25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.50 | | | | 3,885 | | | | | | | | 1.47 | | | | 2.62 | | | | | | | | 1.44 | | | | 2.65 | | | | 8 | |
| | 3.52 | | | | 4,183 | | | | | | | | 1.47 | | | | 2.56 | | | | | | | | 1.44 | | | | 2.60 | | | | 27 | |
| | 0.87 | | | | 4,946 | | | | | | | | 1.47 | | | | 2.69 | | | | | | | | 1.44 | | | | 2.73 | | | | 11 | |
| | 1.56 | | | | 8,693 | | | | | | | | 1.45 | | | | 2.66 | | | | | | | | 1.43 | | | | 2.68 | | | | 18 | |
| | 10.98 | | | | 2,800 | | | | | | | | 1.51 | | | | 3.10 | | | | | | | | 1.43 | | | | 3.19 | | | | 25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.25 | | | | 27,439 | | | | | | | | 0.71 | | | | 3.37 | | | | | | | | 0.69 | | | | 3.39 | | | | 8 | |
| | 4.27 | | | | 25,569 | | | | | | | | 0.72 | | | | 3.31 | | | | | | | | 0.69 | | | | 3.34 | | | | 27 | |
| | 1.64 | | | | 26,400 | | | | | | | | 0.72 | | | | 3.43 | | | | | | | | 0.69 | | | | 3.47 | | | | 11 | |
| | 2.37 | | | | 37,054 | | | | | | | | 0.70 | | | | 3.49 | | | | | | | | 0.68 | | | | 3.51 | | | | 18 | |
| | 11.80 | | | | 36,406 | | | | | | | | 0.78 | | | | 4.13 | | | | | | | | 0.68 | | | | 4.23 | | | | 25 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, when applicable. | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. | |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. | |
See accompanying notes to financial statements.
Financial Highlights (continued)
Oregon Intermediate
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended May 31, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (02/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | $ | 10.30 | | | $ | 0.26 | | | $ | 0.20 | | | $ | 0.46 | | | | | | | $ | (0.27 | ) | | $ | — | | | $ | (0.27 | ) | | $ | 10.49 | |
2015 | | | 10.35 | | | | 0.29 | | | | (0.05 | ) | | | 0.24 | | | | | | | | (0.29 | ) | | | — | | | | (0.29 | ) | | | 10.30 | |
2014 | | | 10.46 | | | | 0.30 | | | | (0.12 | ) | | | 0.18 | | | | | | | | (0.29 | ) | | | — | | | | (0.29 | ) | | | 10.35 | |
2013 | | | 10.60 | | | | 0.30 | | | | (0.13 | ) | | | 0.17 | | | | | | | | (0.31 | ) | | | — | ** | | | (0.31 | ) | | | 10.46 | |
2012 | | | 10.17 | | | | 0.33 | | | | 0.44 | | | | 0.77 | | | | | | | | (0.34 | ) | | | — | ** | | | (0.34 | ) | | | 10.60 | |
Class C (02/14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.24 | | | | 0.17 | | | | 0.21 | | | | 0.38 | | | | | | | | (0.19 | ) | | | — | | | | (0.19 | ) | | | 10.43 | |
2015 | | | 10.29 | | | | 0.20 | | | | (0.05 | ) | | | 0.15 | | | | | | | | (0.20 | ) | | | — | | | | (0.20 | ) | | | 10.24 | |
2014(d) | | | 10.16 | | | | 0.04 | | | | 0.15 | | | | 0.19 | | | | | | | | (0.06 | ) | | | — | | | | (0.06 | ) | | | 10.29 | |
Class C2 (01/11)(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.27 | | | | 0.20 | | | | 0.20 | | | | 0.40 | | | | | | | | (0.21 | ) | | | — | | | | (0.21 | ) | | | 10.46 | |
2015 | | | 10.32 | | | | 0.23 | | | | (0.05 | ) | | | 0.18 | | | | | | | | (0.23 | ) | | | — | | | | (0.23 | ) | | | 10.27 | |
2014 | | | 10.43 | | | | 0.24 | | | | (0.12 | ) | | | 0.12 | | | | | | | | (0.23 | ) | | | — | | | | (0.23 | ) | | | 10.32 | |
2013 | | | 10.56 | | | | 0.24 | | | | (0.12 | ) | | | 0.12 | | | | | | | | (0.25 | ) | | | — | ** | | | (0.25 | ) | | | 10.43 | |
2012 | | | 10.15 | | | | 0.27 | | | | 0.43 | | | | 0.70 | | | | | | | | (0.29 | ) | | | — | ** | | | (0.29 | ) | | | 10.56 | |
Class I (08/97) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 10.30 | | | | 0.28 | | | | 0.21 | | | | 0.49 | | | | | | | | (0.29 | ) | | | — | | | | (0.29 | ) | | | 10.50 | |
2015 | | | 10.35 | | | | 0.31 | | | | (0.05 | ) | | | 0.26 | | | | | | | | (0.31 | ) | | | — | | | | (0.31 | ) | | | 10.30 | |
2014 | | | 10.47 | | | | 0.32 | | | | (0.13 | ) | | | 0.19 | | | | | | | | (0.31 | ) | | | — | | | | (0.31 | ) | | | 10.35 | |
2013 | | | 10.60 | | | | 0.32 | | | | (0.12 | ) | | | 0.20 | | | | | | | | (0.33 | ) | | | — | ** | | | (0.33 | ) | | | 10.47 | |
2012 | | | 10.17 | | | | 0.35 | | | | 0.44 | | | | 0.79 | | | | | | | | (0.36 | ) | | | — | ** | | | (0.36 | ) | | | 10.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets | | | | | | | |
| | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Portfolio
Turnover
Rate(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.54 | % | | $ | 56,755 | | | | | | | | 0.83 | % | | | 2.51 | % | | | | | | | 11 | % |
| | 2.32 | | | | 48,822 | | | | | | | | 0.84 | | | | 2.77 | | | | | | | | 7 | |
| | 1.79 | | | | 45,231 | | | | | | | | 0.85 | | | | 2.94 | | | | | | | | 4 | |
| | 1.61 | | | | 57,578 | | | | | | | | 0.83 | | | | 2.81 | | | | | | | | 9 | |
| | 7.71 | | | | 42,819 | | | | | | | | 0.85 | | | | 3.18 | | | | | | | | 9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.73 | | | | 3,788 | | | | | | | | 1.62 | | | | 1.69 | | | | | | | | 11 | |
| | 1.51 | | | | 2,505 | | | | | | | | 1.64 | | | | 1.94 | | | | | | | | 7 | |
| | 1.89 | | | | 545 | | | | | | | | 1.65 | * | | | 2.04 | * | | | | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.95 | | | | 8,079 | | | | | | | | 1.38 | | | | 1.97 | | | | | | | | 11 | |
| | 1.74 | | | | 8,602 | | | | | | | | 1.39 | | | | 2.24 | | | | | | | | 7 | |
| | 1.20 | | | | 10,632 | | | | | | | | 1.40 | | | | 2.39 | | | | | | | | 4 | |
| | 1.14 | | | | 15,663 | | | | | | | | 1.38 | | | | 2.24 | | | | | | | | 9 | |
| | 6.98 | | | | 7,345 | | | | | | | | 1.40 | | | | 2.58 | | | | | | | | 9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.82 | | | | 160,225 | | | | | | | | 0.62 | | | | 2.69 | | | | | | | | 11 | |
| | 2.50 | | | | 105,356 | | | | | | | | 0.64 | | | | 2.97 | | | | | | | | 7 | |
| | 1.87 | | | | 86,520 | | | | | | | | 0.65 | | | | 3.14 | | | | | | | | 4 | |
| | 1.88 | | | | 115,815 | | | | | | | | 0.63 | | | | 3.02 | | | | | | | | 9 | |
| | 7.90 | | | | 110,708 | | | | | | | | 0.65 | | | | 3.40 | | | | | | | | 9 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (d) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. | |
| (e) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. | |
| ** | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
Notes to
Financial Statements
1. General Information and Significant Accounting Policies
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, 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”), as diversified funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.
The end of the reporting period for the Funds is May 31, 2016, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2016 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. ( Nuveen ). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund’s overall investment strategy and 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.
Investment Objectives and Principal Investment Strategies
The investment objective of each Fund is to provide maximum current income that is exempt from both federal income tax and its respective state income tax to the extent consistent with prudent investment risk. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and its respective state personal income tax. These municipal bonds include obligations issued by each Fund’s respective state and its subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal and the Fund’s respective state personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund normally may invest up to 20% of its net assets in taxable obligations. Each Fund invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the Sub-Adviser. However, each Fund may invest up to 20% of its net assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality (securities commonly referred to as “high yield” securities or “junk bonds”). If the rating of a security is reduced or discontinued after purchase, the Funds are not required to sell the security, but may consider doing so.
Each Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. Each Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. Each Fund’s investments in inverse floaters are designed to increase the Funds’ income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.
Minnesota Intermediate and Oregon Intermediate will each attempt to maintain the weighted average maturity of their portfolio securities at three to ten years under normal market conditions, while Minnesota and Nebraska will each attempt to maintain the weighted average maturity of their portfolio securities at ten to twenty-five years under normal market conditions.
Each Fund may utilize futures contracts and options on futures contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio. The Funds may not use such instruments to gain exposure to a security or type of security that they would be prohibited by their investment restrictions from purchasing directly.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Oregon
Intermediate | |
| Outstanding when-issued/delayed delivery purchase commitments | | $ | 2,008,300 | | | $ | 5,116,460 | | | $ | 3,120,183 | |
Investment Income
Dividend income is recorded on the ex-dividend date. Interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydowns gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.
Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.20% annual 12b-1 service fee. Class A Share purchases of $1 million 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”) if redeemed within eighteen months of purchase. Such CDSC will be equal to 1% for any shares purchased on or after November 1, 2015. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C1 Shares of the Funds (except for Oregon Intermediate, which does not offer Class C1 Shares) are not available for new accounts or for additional investment into existing accounts, but Class C1 Shares can be issued for purposes of dividend reinvestment. Class C1 Shares were sold without an up-front sales charge, but incur a 0.40% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. The Funds will issue Class C2 Shares upon the exchange of Class C2 Shares from another Nuveen municipal bond fund or for the purpose of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. Class C2 Shares incur a 0.55% annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class C, Class C1 and Class C2 Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
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 settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees 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.
Notes to Financial Statements (continued)
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative 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.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
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. A three-tier hierarchy 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 the reporting entity’s own 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, prepayment speeds, credit risk, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Funds’ Board of Directors (the “Board”). The pricing service establishes 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. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Investments in investment companies are valued at their respective NAVs on valuation date and are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be 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. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | | | | |
| Minnesota Intermediate | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 334,912,307 | | | $ | — | | | $ | 334,912,307 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 5,146,285 | | | | — | | | | — | | | | 5,146,285 | |
| Total | | $ | 5,146,285 | | | $ | 334,912,307 | | | $ | — | | | $ | 340,058,592 | |
| | | | |
| Minnesota | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 319,782,487 | | | $ | — | | | $ | 319,782,487 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 7,750,465 | | | | — | | | | — | | | | 7,750,465 | |
| Total | | $ | 7,750,465 | | | $ | 319,782,487 | | | $ | — | | | $ | 327,532,952 | |
| | | | |
| Nebraska | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 61,699,779 | | | $ | — | | | $ | 61,699,779 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 561,609 | | | | — | | | | — | | | | 561,609 | |
| Total | | $ | 561,609 | | | $ | 61,699,779 | | | $ | — | | | $ | 62,261,388 | |
| | | | |
| Oregon Intermediate | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 225,012,599 | | | $ | — | | | $ | 225,012,599 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 4,616,040 | | | | — | | | | — | | | | 4,616,040 | |
| Total | | $ | 4,616,040 | | | $ | 225,012,599 | | | $ | — | | | $ | 229,628,639 | |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| | (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| | (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
Notes to Financial Statements (continued)
3. Portfolio Securities and Investments in Derivatives
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 bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating 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.
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.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party 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.
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.
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.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
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.
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.
4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
| | | | | | | | | | | | | | | | |
| | | Year Ended
5/31/16 | | | Year Ended
5/31/15 | |
| Minnesota Intermediate | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 2,582,776 | | | $ | 27,204,254 | | | | 2,490,552 | | | $ | 26,179,889 | |
Class C | | | 578,307 | | | | 6,055,990 | | | | 645,225 | | | | 6,739,281 | |
Class C1 | | | — | | | | — | | | | 66 | | | | 690 | |
Class C2 | | | 183 | | | | 1,920 | | | | 4,096 | | | | 42,573 | |
Class I | | | 4,872,138 | | | | 51,209,743 | | | | 4,328,653 | | | | 45,280,365 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 220,874 | | | | 2,329,954 | | | | 194,176 | | | | 2,043,003 | |
Class C | | | 18,847 | | | | 197,855 | | | | 8,571 | | | | 89,695 | |
Class C1 | | | 5,353 | | | | 56,596 | | | | 6,229 | | | | 65,725 | |
Class C2 | | | 14,584 | | | | 153,152 | | | | 17,725 | | | | 185,776 | |
Class I | | | 98,342 | | | �� | 1,032,158 | | | | 79,681 | | | | 834,001 | |
| | | | 8,391,404 | | | | 88,241,622 | | | | 7,774,974 | | | | 81,460,998 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,198,204 | ) | | | (12,632,129 | ) | | | (1,814,015 | ) | | | (19,035,863 | ) |
Class C | | | (128,750 | ) | | | (1,353,018 | ) | | | (73,139 | ) | | | (768,115 | ) |
Class C1 | | | (13,088 | ) | | | (137,617 | ) | | | (45,092 | ) | | | (474,378 | ) |
Class C2 | | | (73,590 | ) | | | (769,447 | ) | | | (106,966 | ) | | | (1,120,173 | ) |
Class I | | | (2,993,418 | ) | | | (31,388,303 | ) | | | (1,859,431 | ) | | | (19,457,122 | ) |
| | | | (4,407,050 | ) | | | (46,280,514 | ) | | | (3,898,643 | ) | | | (40,855,651 | ) |
| Net increase (decrease) | | | 3,984,354 | | | $ | 41,961,108 | | | | 3,876,331 | | | $ | 40,605,347 | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | | Year Ended
5/31/16 | | | Year Ended
5/31/15 | |
| Minnesota | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 3,616,820 | | | $ | 42,886,892 | | | | 2,467,622 | | | $ | 29,072,048 | |
Class C | | | 1,030,774 | | | | 12,200,789 | | | | 655,957 | | | | 7,713,678 | |
Class C1 | | | 1,954 | | | | 22,994 | | | | 2,023 | | | | 23,680 | |
Class C2 | | | 8,142 | | | | 95,669 | | | | 10,328 | | | | 122,043 | |
Class I | | | 4,358,449 | | | | 51,452,184 | | | | 2,725,316 | | | | 32,033,001 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 381,496 | | | | 4,512,867 | | | | 335,009 | | | | 3,938,827 | |
Class C | | | 30,483 | | | | 360,836 | | | | 9,991 | | | | 117,572 | |
Class C1 | | | 32,686 | | | | 384,760 | | | | 35,533 | | | | 416,061 | |
Class C2 | | | 24,253 | | | | 286,774 | | | | 28,085 | | | | 330,219 | |
Class I | | | 108,662 | | | | 1,285,801 | | | | 64,340 | | | | 756,718 | |
| | | | 9,593,719 | | | | 113,489,566 | | | | 6,334,204 | | | | 74,523,847 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,393,251 | ) | | | (16,484,157 | ) | | | (2,158,944 | ) | | | (25,355,640 | ) |
Class C | | | (79,828 | ) | | | (944,769 | ) | | | (34,249 | ) | | | (404,875 | ) |
Class C1 | | | (87,829 | ) | | | (1,030,249 | ) | | | (138,575 | ) | | | (1,615,484 | ) |
Class C2 | | | (118,112 | ) | | | (1,387,923 | ) | | | (238,421 | ) | | | (2,788,124 | ) |
Class I | | | (1,256,196 | ) | | | (14,834,078 | ) | | | (887,202 | ) | | | (10,413,052 | ) |
| | | | (2,935,216 | ) | | | (34,681,176 | ) | | | (3,457,391 | ) | | | (40,577,175 | ) |
| Net increase (decrease) | | | 6,658,503 | | | $ | 78,808,390 | | | | 2,876,813 | | | $ | 33,946,672 | |
| | |
| | | Year Ended
5/31/16 | | | Year Ended
5/31/15 | |
| Nebraska | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 373,393 | | | $ | 4,089,775 | | | | 304,910 | | | $ | 3,305,688 | |
Class C | | | 132,963 | | | | 1,454,507 | | | | 107,425 | | | | 1,161,420 | |
Class C1 | | | 109 | | | | 1,176 | | | | 111 | | | | 1,194 | |
Class C2 | | | 48 | | | | 523 | | | | 156 | | | | 1,694 | |
Class I | | | 499,263 | | | | 5,465,415 | | | | 471,540 | | | | 5,108,462 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 66,123 | | | | 722,350 | | | | 65,586 | | | | 710,063 | |
Class C | | | 3,176 | | | | 34,653 | | | | 1,133 | | | | 12,265 | |
Class C1 | | | 6,012 | | | | 65,180 | | | | 6,638 | | | | 71,317 | |
Class C2 | | | 8,625 | | | | 94,228 | | | | 10,501 | | | | 113,716 | |
Class I | | | 28,641 | | | | 313,114 | | | | 23,556 | | | | 255,054 | |
| | | | 1,118,353 | | | | 12,240,921 | | | | 991,556 | | | | 10,740,873 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (257,848 | ) | | | (2,804,105 | ) | | | (389,578 | ) | | | (4,200,785 | ) |
Class C | | | (11,744 | ) | | | (128,664 | ) | | | (18,392 | ) | | | (199,487 | ) |
Class C1 | | | (11,801 | ) | | | (127,619 | ) | | | (30,828 | ) | | | (330,812 | ) |
Class C2 | | | (46,706 | ) | | | (504,629 | ) | | | (85,504 | ) | | | (921,850 | ) |
Class I | | | (428,742 | ) | | | (4,673,969 | ) | | | (594,194 | ) | | | (6,404,917 | ) |
| | | | (756,841 | ) | | | (8,238,986 | ) | | | (1,118,496 | ) | | | (12,057,851 | ) |
| Net increase (decrease) | | | 361,512 | | | $ | 4,001,935 | | | | (126,940 | ) | | $ | (1,316,978 | ) |
| | | | | | | | | | | | | | | | |
| | | Year Ended
5/31/16 | | | Year Ended
5/31/15 | |
| Oregon Intermediate | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 1,464,505 | | | $ | 15,222,897 | | | | 1,159,114 | | | $ | 12,039,504 | |
Class C | | | 159,301 | | | | 1,644,244 | | | | 221,130 | | | | 2,285,017 | |
Class C2 | | | 6,741 | | | | 69,163 | | | | 17,568 | | | | 182,242 | |
Class I | | | 6,549,972 | | | | 68,195,664 | | | | 3,098,291 | | | | 32,181,683 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 123,483 | | | | 1,282,711 | | | | 120,251 | | | | 1,248,740 | |
Class C | | | 5,417 | | | | 55,979 | | | | 2,631 | | | | 27,164 | |
Class C2 | | | 15,969 | | | | 165,366 | | | | 19,376 | | | | 200,593 | |
Class I | | | 83,069 | | | | 864,316 | | | | 57,171 | | | | 594,067 | |
| | | | 8,408,457 | | | | 87,500,340 | | | | 4,695,532 | | | | 48,759,010 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (919,476 | ) | | | (9,518,139 | ) | | | (908,608 | ) | | | (9,396,538 | ) |
Class C | | | (46,256 | ) | | | (477,834 | ) | | | (32,003 | ) | | | (329,960 | ) |
Class C2 | | | (88,362 | ) | | | (913,976 | ) | | | (229,823 | ) | | | (2,374,144 | ) |
Class I | | | (1,599,472 | ) | | | (16,634,037 | ) | | | (1,287,798 | ) | | | (13,365,620 | ) |
| | | | (2,653,566 | ) | | | (27,543,986 | ) | | | (2,458,232 | ) | | | (25,466,262 | ) |
| Net increase (decrease) | | | 5,754,891 | | | $ | 59,956,354 | | | | 2,237,300 | | | $ | 23,292,748 | |
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Purchases | | $ | 78,584,273 | | | $ | 90,339,642 | | | $ | 9,699,591 | | | $ | 79,420,275 | |
| Sales and maturities | | | 33,900,903 | | | | 16,599,461 | | | | 4,286,353 | | | | 19,748,578 | |
6. 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 to 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. Furthermore, 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of May 31, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Cost of investments | | $ | 318,332,740 | | | $ | 302,750,340 | | | $ | 57,304,415 | | | $ | 218,071,230 | |
| Gross unrealized: | | | | | | | | | | | | | | | | |
Appreciation | | $ | 21,760,366 | | | $ | 25,103,419 | | | $ | 4,957,045 | | | $ | 11,600,557 | |
Depreciation | | | (34,514 | ) | | | (320,807 | ) | | | (72 | ) | | | (43,148 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 21,725,852 | | | $ | 24,782,612 | | | $ | 4,956,973 | | | $ | 11,557,409 | |
Notes to Financial Statements (continued)
Permanent differences, primarily due to the federal taxes paid and taxable market discount, resulted in reclassifications among the Funds’ components of net assets as of May 31, 2016, the Funds’ tax year end, as follows:
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Capital paid-in | | $ | (11 | ) | | $ | (64,945 | ) | | $ | (12 | ) | | $ | (13 | ) |
| Undistributed (Over-distribution of) net investment income | | | — | | | | 64,934 | | | | — | | | | 2 | |
| Accumulated net realized gain (loss) | | | 11 | | | | 11 | | | | 12 | | | | 11 | |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2016, the Funds’ tax year end, were as follows:
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Undistributed net tax-exempt income1 | | $ | 666,671 | | | $ | — | | | $ | 150,826 | | | $ | 367,680 | |
| Undistributed net ordinary income2 | | | 24,725 | | | | — | | | | — | | | | — | |
| Undistributed net long-term capital gains | | | — | | | | — | | | | — | | | | — | |
| 1 | Undistributed net tax exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2016 through May 31, 2016 and paid on June 1, 2016. |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ tax years ended May 31, 2016 and May 31, 2015, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | | | | | |
| 2016 | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Distributions from net tax-exempt income3 | | $ | 9,060,948 | | | $ | 9,515,300 | | | $ | 1,720,325 | | | $ | 5,012,758 | |
| Distributions from net ordinary income2 | | | — | | | | 164,483 | | | | — | | | | — | |
| Distributions from net long-term capital gains | | | — | | | | — | | | | — | | | | — | |
| | | | |
| 2015 | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Distributions from net tax-exempt income | | $ | 8,650,751 | | | $ | 7,980,716 | | | $ | 1,678,368 | | | $ | 4,265,331 | |
| Distributions from net ordinary income2 | | | — | | | | — | | | | 73,598 | | | | 68,340 | |
| Distributions from net long-term capital gains | | | — | | | | — | | | | — | | | | — | |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
| 3 | The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2016, as Exempt Interest Dividends. |
As of May 31, 2016, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Expiration: | | | | | | | | | | | | | | | | |
May 31, 2017 | | $ | — | | | $ | — | | | $ | 199,024 | | | $ | — | |
May 31, 2018 | | | — | | | | — | | | | 36,230 | | | | — | |
| Not subject to expiration | | | 844,829 | | | | 6,227,674 | | | | 2,024,547 | | | | 1,387,937 | |
| Total | | $ | 844,829 | | | $ | 6,227,674 | | | $ | 2,259,801 | | | $ | 1,387,937 | |
During the Funds’ tax year ended May 31, 2016, the following Funds utilized capital loss carryforwards as follows:
| | | | | | | | |
| | | Minnesota | | | Oregon
Intermediate | |
| Utilized capital loss carryforwards | | $ | 16,974 | | | $ | 174,551 | |
7. 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 is calculated according to the following schedule:
| | | | | | | | | | | | | | | | |
| 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 net assets over $2 billion | | | 0.2750 | | | | 0.2750 | | | | 0.2750 | | | | 0.2750 | |
The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level free rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets”. The complex-level fee schedule for each Fund is as follows:
| | | | |
| Complex-Level Asset Breakpoint Level* | | Effective Rate at Breakpoint Level | |
| $55 billion | | | 0.2000 | % |
| $56 billion | | | 0.1996 | |
| $57 billion | | | 0.1989 | |
| $60 billion | | | 0.1961 | |
| $63 billion | | | 0.1931 | |
| $66 billion | | | 0.1900 | |
| $71 billion | | | 0.1851 | |
| $76 billion | | | 0.1806 | |
| $80 billion | | | 0.1773 | |
| $91 billion | | | 0.1691 | |
| $125 billion | | | 0.1599 | |
| $200 billion | | | 0.1505 | |
| $250 billion | | | 0.1469 | |
| $300 billion | | | 0.1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, 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 the 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 May 31, 2016, the complex-level fee for each Fund was as follows: |
| | | | |
| Fund | | Complex-Level Fee | |
Minnesota Intermediate | | | 0.1852 | % |
Minnesota | | | 0.1786 | |
Nebraska | | | 0.1841 | |
Oregon Intermediate | | | 0.1848 | |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of Nebraska so that 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 of the average daily net assets of any class of Fund shares in the amounts and for the time period stated in the following table.
| | | | | | |
| Fund | | Expense Cap | | | Expense Cap Expiration Date |
Nebraska | | | 0.70 | % | | September 30, 2016 |
Other Transactions with Affiliates
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors that enable 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.
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled
Notes to Financial Statements (continued)
inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:
| | | | |
| Inter-Fund Trades | | Minnesota
Intermediate | |
| Purchases | | $ | 2,198,779 | |
| Sales | | | 1,010,000 | |
During the current fiscal period, Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Sales charges collected (Unaudited) | | $ | 233,236 | | | $ | 520,370 | | | $ | 100,353 | | | $ | 59,886 | |
| Paid to financial intermediaries (Unaudited) | | | 199,616 | | | | 456,826 | | | | 86,368 | | | | 53,537 | |
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:
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| Commission advances (Unaudited) | | $ | 127,094 | | | $ | 234,419 | | | $ | 14,911 | | | $ | 44,854 | |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C, Class C1, and Class C2 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:
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| 12b-1 fees retained (Unaudited) | | $ | 57,950 | | | $ | 91,819 | | | $ | 10,420 | | | $ | 17,603 | |
The remaining 12b-1 fees charged to the Funds 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:
| | | | | | | | | | | | | | | | |
| | | Minnesota
Intermediate | | | Minnesota | | | Nebraska | | | Oregon
Intermediate | |
| CDSC retained (Unaudited) | | $ | 5,914 | | | $ | 3,505 | | | $ | 119 | | | $ | 740 | |
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” 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.
During the current fiscal period, none of the Funds utilized this facility.
Additional
Fund Information (Unaudited)
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| | | | | |
| | Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | | Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606 Custodian U.S. Bank National Association 1555 North RiverCenter Drive Suite 302 Milwaukee, WI 53202 | | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | | Transfer Agent and
Shareholder Services Boston Financial
Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787 | | |
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| | Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | | |
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| | Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | | |
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| | FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. | | |
Glossary of Terms
Used in this Report (Unaudited)
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Lipper Minnesota Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Minnesota Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Other States Intermediate Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Other States Intermediate Municipal Debt Funds Classification. Shareholders should note that the performance of the Lipper Other States Intermediate Municipal Debt Funds Classification Average represents the overall average of returns for funds from multiple states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Other States Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Other States Municipal Debt Funds Classification. Shareholders should note that the performance of the Lipper Other States Municipal Debt Funds Classification Average represents the overall average of returns for funds from multiple states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Glossary of Terms Used in this Report (continued)
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.
S&P Municipal Bond Intermediate Index: Contains all bonds in the S&P Municipal Bond Index that mature between 3 and 14.999 years. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and 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.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
Annual Investment Management Agreement
Approval Process (Unaudited)
The Board of Directors of each Fund (the “Board,” and each Director a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund’s advisory agreement (the “Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Investment Management Agreement, the “Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews the Investment Management Agreement and the Sub-Advisory Agreement on behalf of such Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, Rule 12b-1 plans and payments, sub-transfer agency and other payments to financial intermediaries, compliance matters, securities lending, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board’s effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board’s evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a “Fund Adviser”); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds’ investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team’s assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser’s organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members’ review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, managing the relationships with the distribution platforms, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
for Board meetings); (e) compliance (such as helping to devise and maintain the funds’ compliance program and related testing); and (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities).
The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser’s additional staffing in key areas that support the funds and the Board, including in investment services, operations, fund governance, compliance, fund administration, product management, retail distribution and information technology. Among the enhancements to its services, the Board recognized the Adviser’s (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) increased support for dividend management; (c) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (d) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (e) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (f) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser’s efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer’s report regarding the Adviser’s compliance programs, the Adviser’s continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the open-end fund product line. With respect to open-end funds, the Board noted the Adviser’s continued initiatives (a) to develop and offer new outcome-oriented funds; (b) to refine the reports to the Board, including enhanced reporting regarding payments to intermediaries, as well as provide presentations to the Board to keep it apprised of various topics that are relevant to the open-end fund product line (such as marketing initiatives, portfolio analytics and sales results); (c) to modify the contingent deferred sales load structure for Class A shares to be more competitive with peers; (d) to launch a new share class to attract institutional clients; and (e) to change portfolio managers on various funds. The Board recognized that initiatives that attract assets to the Nuveen family of funds benefited the funds as fixed costs would be spread over a larger asset base and, as described below, through the complex-wide arrangement which generally would provide that the management fees of the funds (subject to limited exceptions) are reduced as asset levels for the complex increase. The Board also considered the Adviser’s review of the pricing on its entire open-end fund line which resulted in either a reduction in the contractual management fee, a reduction in a temporary expense cap or a combination thereof for numerous funds in the complex helping to better position such funds for future growth.
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser’s analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund’s investment performance both on an absolute basis and in comparison to peer funds (the “Performance Peer Group”) and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016.
In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:
| | • | | The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results. |
| | • | | Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance. |
| | • | | Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results. |
| | • | | Open-end funds offered multiple classes and the performance data provided for open-end funds was based on Class A shares. The performance of the other classes of a fund, however, should be substantially similar on a relative basis because all of the classes would be invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class. |
| | • | | The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds. The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. |
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund’s investment strategy and seeking exposure to that strategy (even if the strategy was “out of favor” in the marketplace) and knowing the fund’s fee structure.
For Nuveen Minnesota Intermediate Municipal Bond Fund (the “Minnesota Intermediate Fund”), the Board noted that, although the Fund underperformed its benchmark in the one-, three- and five-year periods, the Fund ranked in its Performance Peer Group in the first quartile for each of such periods. The Board determined that the Fund’s performance had been favorable.
For Nuveen Minnesota Municipal Bond Fund (the “Minnesota Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one-, three- and five-year periods and outperformed its benchmark in each of such periods. The Board determined that the Fund’s performance had been favorable.
For Nuveen Nebraska Municipal Bond Fund (the “Nebraska Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the five-year period and the first quartile in the one- and three-year periods. Although the Fund underperformed its benchmark in the three- and five-year periods, the Fund outperformed its benchmark in the one-year period. The Board determined that the Fund’s performance had been favorable.
For Nuveen Oregon Intermediate Municipal Bond Fund (the “Oregon Fund”), the Board noted that, although the Fund underperformed its benchmark in the one-, three- and five-year periods, the Fund ranked in its Performance Peer Group in the first quartile in each of such periods. The Board determined that the Fund’s performance had been generally favorable.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the “Peer Universe”) and to a more focused subset in the Peer Universe (the “Peer Group”), each selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group.
In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. The Independent Board Members also took into account any fee waivers and/or expense reimbursements provided by Nuveen. In this regard, as noted above, the Board considered that management recently completed a review of the pricing of its open-end funds which resulted in the reduction of management fees and/or expense caps of various open-end funds. The Independent Board Members considered that the foregoing changes were estimated to result in significant savings to such funds either through a reduction in advisory fees paid or an increase in the fee waivers absorbed by Nuveen.
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; the timing of information used; differences in services provided; and differences in the states reflected in the Peer Universe or Peer Group can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund’s fees and expenses. In addition, in reviewing a fund’s fees and expenses compared to the fees and expenses of its peers, the Board generally considered a fund’s expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
The Board noted that the Minnesota Intermediate Fund had a net management fee slightly higher than its peer average but a net expense ratio below the peer average; the Minnesota Fund and the Nebraska Fund each had a net management fee slightly higher than its peer average but a net expense ratio in line with the peer average; and the Oregon Fund had a net management fee higher than its peer average but a net expense ratio in line with the peer average.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, including the Sub-Adviser, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, the distribution systems, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
The Board also was aware that, since the Funds had a sub-adviser, each Fund’s management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen’s adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen’s revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen’s operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
The Board also considered Nuveen’s adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen’s adjusted operating margins appeared comparable to the adjusted margins of the peers.
Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA-CREF”), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds.
With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2015.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
Based on their review, the Independent Board Members determined that the Adviser’s and the Sub-Adviser’s levels of profitability were reasonable in light of the respective services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members recognized that, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex, including the Funds, pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen’s costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
The Independent Board Members reviewed the breakpoint and complex-wide schedules and any savings achieved from expense caps (as applicable), fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year for the funds. In this regard, the Independent Board Members noted that additional economies of scale were shared with shareholders of the Nebraska Fund through its temporary expense cap.
In addition, the Independent Board Members recognized the Adviser’s ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in fund administration, operations, fund governance, investment services, compliance, product management, retail distribution and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members recognized that an affiliate of the Adviser served as the Funds’ principal underwriter and may receive compensation therefore from, among other things, sales charges, distribution fees and shareholder services fees (which included fees received pursuant to any 12b-1 plan). The Independent Board Members therefore took into account, among other things, the 12b-1 fees retained by Nuveen during the last calendar year.
In addition to the above, the Independent Board Members considered that the Funds’ portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
Trustees
and Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of directors of the Funds is set at twelve, effective July 1, 2016. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
| | | | | | | | |
Name, Year of Birth & Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
| | | |
| Independent Trustee: | | | | |
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606 | | Chairman and Trustee | | 1996 | | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of Med-America Health System and WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | | 184 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1999 | | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | | 184 |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2004 | | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | | 184 |
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2005 | | Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013); retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016). | | 184 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Year of Birth & Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by
Trustee |
Albin F. Moschner(2) 1952 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2016 | | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016). | | 184 |
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606 | | Trustee | | 2013 | | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | | 184 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1997 | | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | | 184 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2007 | | Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | | 184 |
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | | 184 |
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Name, Year of Birth & Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by
Trustee |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2016 | | Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | | 184 |
| | | |
| Interested Trustee: | | | | |
William Adams IV(3) 1955 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2013 | | Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016), prior thereto, Executive Vice President, U.S. Structured Products (1999-2010) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Chief Executive Officer (since 2016), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago. | | 184 |
Margo L. Cook(2)(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2016 | | Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Senior Executive Vice President (since 2015) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst. | | 184 |
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Name,
Year of Birth & Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (4) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by
Officer |
| | | |
| Officers of the Funds: | | | | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | | Chief Administrative Officer | | 1988 | | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), and Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | | 185 |
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 1998 | | Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004). | | 185 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name,
Year of Birth & Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (4) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by
Officer |
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Controller | | 1998 | | Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant. | | 185 |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Treasurer | | 2016 | | Senior Vice President (since 2016), formerly, Vice President (2011-2016) of Nuveen Investments Holdings, Inc.; Chartered Financial Analyst. | | 184 |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | | Chief Compliance Officer and Vice President | | 2003 | | Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc. | | 185 |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2002 | | Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC | | 185 |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Secretary | | 2007 | | Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director, and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Winslow Capital Management, LLC (since 2010) and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC. | | 185 |
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402 | | Vice President and Assistant Secretary | | 2011 | | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | | 185 |
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606 | | Vice President and Assistant Secretary | | 2013 | | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | | 185 |
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606 | | Vice President | | 2011 | | Senior Vice President of Nuveen Investments Holdings, Inc. (since 2011); formerly Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010). | | 102 |
| (1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the director was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board Members, effective July 1, 2016. |
| (3) | “Interested persons” of the Trust, as defined in the 1940 Act, by reason of their positions with Nuveen and certain of its subsidiaries. |
| (4) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
Notes
Notes
Notes
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| | Nuveen: | | | | | | | | |
| | | | Serving Investors for Generations | | | | |
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| | | | Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. | | |
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| | | | | | Focused on meeting investor needs. Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen’s teams of experts align with clients’ specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $239 billion in assets as of June 30, 2016. | | |
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| | | | | | Find out how we can help you. To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf | | |
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| | Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com/mf | | | | | | |
MAN-FTFI-0516D 17346-INV-Y-07/17
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE AUDITOR BILLED TO THE FUND
| | | | | | | | | | | | | | | | |
Fiscal Year Ended May 31, 2016 | | Audit Fees Billed
to Funds 1 | | | Audit-Related Fees
Billed to Funds 2 | | | Tax Fees
Billed to Funds 3 | | | All Other Fees
Billed to Funds 4 | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Minnesota Municipal Bond Fund | | | 18,582 | | | | 0 | | | | 21 | | | | 0 | |
Nuveen Minnesota Intermediate Municipal Bond Fund | | | 18,724 | | | | 0 | | | | 25 | | | | 0 | |
Nuveen Nebraska Municipal Bond Fund | | | 17,508 | | | | 0 | | | | 6 | | | | 0 | |
Nuveen Oregon Intermediate Municipal Bond Fund | | | 18,186 | | | | 0 | | | | 15 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 73,000 | | | $ | 0 | | | $ | 67 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Minnesota Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Minnesota Intermediate Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Nebraska Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Oregon Intermediate Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | |
May 31, 2015 | | Audit Fees Billed
to Funds 1 | | | Audit-Related Fees
Billed to Funds 2 | | | Tax Fees
Billed to Funds 3 | | | All Other Fees
Billed to Funds 4 | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Minnesota Municipal Bond Fund | | | 17,609 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Minnesota Intermediate Municipal Bond Fund | | | 17,846 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Nebraska Municipal Bond Fund | | | 16,901 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Oregon Intermediate Municipal Bond Fund | | | 17,331 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 69,687 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Minnesota Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Minnesota Intermediate Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Nebraska Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Oregon Intermediate Municipal Bond Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | |
Fiscal Year Ended May 31, 2016 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers
| | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nuveen Investment Funds, Inc. | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | |
Fiscal Year Ended May 31, 2015 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers
| | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nuveen Investment Funds, Inc. | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
Fiscal Year Ended May 31, 2016 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Minnesota Municipal Bond Fund | | | 21 | | | | 0 | | | | 0 | | | | 21 | |
Nuveen Minnesota Intermediate Municipal Bond Fund | | | 25 | | | | 0 | | | | 0 | | | | 25 | |
Nuveen Nebraska Municipal Bond Fund | | | 6 | | | | 0 | | | | 0 | | | | 6 | |
Nuveen Oregon Intermediate Municipal Bond Fund | | | 15 | | | | 0 | | | | 0 | | | | 15 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 67 | | | $ | 0 | | | $ | 0 | | | $ | 67 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
| | | | | | | | | | | | | | | | |
Fiscal Year Ended May 31, 2015 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Minnesota Municipal Bond Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Minnesota Intermediate Municipal Bond Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Nebraska Municipal Bond Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Oregon Intermediate Municipal Bond Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
| a) | | See Portfolio of Investments in Item 1. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to this registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
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 11. CONTROLS AND PROCEDURES.
| | (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 second fiscal quarter of 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 12. EXHIBITS.
File the exhibits listed below as part of this Form.
| | |
| (a)(1) | | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) |
| |
| (a)(2) | | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto. |
| |
| (a)(3) | | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant. |
| |
| (b) | | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto. |
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.
(Registrant) Nuveen Investment Funds, Inc.
| | |
| |
| By (Signature and Title) | | /s/ Kevin J. McCarthy |
| | Kevin J. McCarthy |
| | Vice President and Secretary |
Date: August 8, 2016
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.
| | |
| |
| By (Signature and Title) | | /s/ Gifford R. Zimmerman |
| | Gifford R. Zimmerman |
| | Chief Administrative Officer |
| | (principal executive officer) |
Date: August 8, 2016
| | |
| |
| By (Signature and Title) | | /s/ Stephen D. Foy |
| | Stephen D. Foy |
| | Vice President and Controller |
| | (principal financial officer) |
Date: August 8, 2016
