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)
Kathleen L. Prudhomme
Vice President and Secretary
901 Marquette Avenue
Minneapolis, Minnesota 55402
(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, 2017
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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Class / Ticker Symbol | ||||||||
Fund Name | Class A | Class C | Class C1 | Class C2 | Class I | |||
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 |
NO BANK GUARANTEE
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to Shareholders
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Comments
CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.5% annual gain in
and Dividend Information
and Effective Leverage Ratios
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 0.88% | 2.69% | 4.07% |
Class A Shares at maximum Offering Price | (2.15)% | 2.06% | 3.75% |
S&P Municipal Bond Intermediate Index | 1.71% | 3.12% | 4.75% |
Lipper Other States Intermediate Municipal Debt Funds Classification Average | 0.50% | 1.84% | 3.37% |
Class I Shares | 1.06% | 2.88% | 4.21% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class C Shares | (0.02)% | N/A | 2.52% |
Class C1 Shares | 0.42% | 2.23% | 3.49% |
Class C2 Shares | 0.30% | 2.12% | 3.64% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (0.82)% | 2.66% | 4.08% |
Class A Shares at maximum Offering Price | (3.76)% | 2.03% | 3.77% |
Class I Shares | (0.65)% | 2.85% | 4.22% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class C Shares | (1.62)% | N/A | 2.36% |
Class C1 Shares | (1.27)% | 2.20% | 3.41% |
Class C2 Shares | (1.39)% | 2.11% | 3.54% |
Share Class | |||||
Class A | Class C | Class C1 | Class C2 | Class I | |
Expense Ratios | 0.82% | 1.61% | 1.27% | 1.37% | 0.62% |
Effective Leverage Ratio | 0.00% |
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Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 0.92% | 3.54% | 4.67% |
Class A Shares at maximum Offering Price | (3.35)% | 2.65% | 4.23% |
S&P Municipal Bond Index | 1.57% | 3.42% | 4.47% |
Lipper Minnesota Municipal Debt Funds Classification Average | 0.75% | 2.70% | 3.73% |
Class C1 Shares | 0.46% | 3.07% | 4.19% |
Class I Shares | 1.13% | 3.73% | 4.87% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class C Shares | 0.19% | N/A | 4.05% |
Class C2 Shares | 0.45% | 2.97% | 5.50% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (0.84)% | 3.50% | 4.74% |
Class A Shares at maximum Offering Price | (4.98)% | 2.62% | 4.29% |
Class C1 Shares | (1.31)% | 3.03% | 4.25% |
Class I Shares | (0.73)% | 3.70% | 4.92% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class C Shares | (1.73)% | N/A | 3.88% |
Class C2 Shares | (1.48)% | 2.94% | 5.39% |
Share Class | |||||
Class A | Class C | Class C1 | Class C2 | Class I | |
Expense Ratios | 0.82% | 1.62% | 1.28% | 1.38% | 0.62% |
Effective Leverage Ratio | 0.00% |
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Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 0.32% | 2.79% | 4.13% |
Class A Shares at maximum Offering Price | (3.93)% | 1.92% | 3.68% |
S&P Municipal Bond Index | 1.57% | 3.42% | 4.47% |
Lipper Other States Municipal Debt Funds Classification Average | 0.61% | 2.44% | 3.51% |
Class C1 Shares | (0.18)% | 2.32% | 3.69% |
Class I Shares | 0.48% | 2.98% | 4.36% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class C Shares | (0.51)% | N/A | 3.39% |
Class C2 Shares | (0.35)% | 2.20% | 4.31% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (1.38)% | 2.82% | 4.19% |
Class A Shares at maximum Offering Price | (5.50)% | 1.94% | 3.74% |
Class C1 Shares | (1.79)% | 2.36% | 3.74% |
Class I Shares | (1.22)% | 3.01% | 4.40% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class C Shares | (2.20)% | N/A | 3.22% |
Class C2 Shares | (1.95)% | 2.24% | 4.22% |
Share Class | |||||
Class A | Class C | Class C1 | Class C2 | Class I | |
Gross Expense Ratios | 0.91% | 1.71% | 1.37% | 1.47% | 0.71% |
Net Expense Ratios | 0.89% | 1.69% | 1.34% | 1.44% | 0.69% |
Effective Leverage Ratio | 0.00% |
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Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 0.61% | 2.17% | 3.65% |
Class A Shares at maximum Offering Price | (2.37)% | 1.54% | 3.34% |
S&P Municipal Bond Intermediate Index | 1.71% | 3.12% | 4.75% |
Lipper Other States Intermediate Municipal Debt Funds Classification Average | 0.50% | 1.84% | 3.37% |
Class I Shares | 0.78% | 2.36% | 3.83% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class C Shares | (0.21)% | N/A | 2.09% |
Class C2 Shares | 0.12% | 1.62% | 3.15% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (1.30)% | 2.13% | 3.67% |
Class A Shares at maximum Offering Price | (4.27)% | 1.50% | 3.36% |
Class I Shares | (1.13)% | 2.32% | 3.85% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class C Shares | (2.02)% | N/A | 1.92% |
Class C2 Shares | (1.88)% | 1.56% | 3.03% |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Expense Ratios | 0.83% | 1.62% | 1.38% | 0.62% |
Effective Leverage Ratio | 0.00% |
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Share Class | |||||
Class A1 | Class C | Class C1 | Class C2 | Class I | |
Dividend Yield | 2.67% | 1.96% | 2.29% | 2.19% | 2.94% |
SEC 30-Day Yield | 1.66% | 0.92% | 1.27% | 1.17% | 1.91% |
Taxable-Equivalent Yield (35.1%)2 | 2.56% | 1.42% | 1.96% | 1.80% | 2.94% |
Share Class | |||||
Class A1 | Class C | Class C1 | Class C2 | Class I | |
Dividend Yield | 2.89% | 2.20% | 2.57% | 2.45% | 3.22% |
SEC 30-Day Yield | 2.14% | 1.45% | 1.80% | 1.70% | 2.44% |
Taxable-Equivalent Yield (35.1%)2 | 3.30% | 2.23% | 2.77% | 2.62% | 3.76% |
Share Class | |||||
Class A1 | Class C | Class C1 | Class C2 | Class I | |
Dividend Yield | 2.99% | 2.29% | 2.64% | 2.56% | 3.28% |
SEC 30-Day Yield - Subsidized | 1.52% | 0.82% | 1.14% | 1.06% | 1.79% |
SEC 30-Day Yield - Unsubsidized | 1.47% | 0.76% | 1.10% | 1.00% | 1.74% |
Taxable-Equivalent Yield - Subsidized (32.9%)2 | 2.27% | 1.22% | 1.70% | 1.58% | 2.67% |
Taxable-Equivalent Yield - Unsubsidized (32.9%)2 | 2.19% | 1.13% | 1.64% | 1.49% | 2.59% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.14% | 1.40% | 1.63% | 2.38% |
SEC 30-Day Yield | 1.18% | 0.43% | 0.68% | 1.42% |
Taxable-Equivalent Yield (35.1%)2 | 1.82% | 0.66% | 1.05% | 2.19% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.9% |
Other Assets Less Liabilities | 1.1% |
Net Assets | 100% |
Portfolio Composition (% of total investments) | |
Education and Civic Organizations | 22.6% |
Health Care | 16.5% |
Tax Obligation/General | 14.5% |
Utilities | 13.7% |
U.S. Guaranteed | 8.8% |
Long-Term Care | 8.5% |
Transportation | 7.0% |
Other | 8.4% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
AAA/U.S. Guaranteed | 11.2% |
AA | 37.2% |
A | 24.0% |
BBB | 9.5% |
BB or Lower | 4.1% |
N/R (not rated) | 14.0% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 95.8% |
Short-Term Municipal Bonds | 3.0% |
Other Assets Less Liabilities | 1.2% |
Net Assets | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 20.2% |
Education and Civic Organizations | 19.6% |
Health Care | 16.9% |
Utilities | 12.0% |
Long-Term Care | 10.3% |
U.S. Guaranteed | 6.7% |
Transportation | 6.2% |
Other | 8.1% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
AAA/U.S. Guaranteed | 9.2% |
AA | 40.5% |
A | 18.7% |
BBB | 8.7% |
BB or Lower | 7.5% |
N/R (not rated) | 15.4% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.9% |
Other Assets Less Liabilities | 1.1% |
Net Assets | 100% |
Portfolio Composition (% of total investments) | |
Utilities | 17.6% |
U.S. Guaranteed | 16.4% |
Health Care | 14.4% |
Tax Obligation/General | 14.3% |
Education and Civic Organizations | 10.3% |
Long-Term Care | 8.2% |
Tax Obligation/Limited | 7.4% |
Other | 11.4% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
AAA/U.S. Guaranteed | 23.5% |
AA | 38.4% |
A | 33.7% |
BBB | 2.9% |
BB or Lower | 1.1% |
N/R (not rated) | 0.4% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 99.8% |
Short-Term Municipal Bonds | 1.8% |
Other Assets Less Liabilities | (1.6)% |
Net Assets | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 31.2% |
Health Care | 18.0% |
Tax Obligation/Limited | 13.0% |
U.S. Guaranteed | 10.6% |
Water and Sewer | 10.2% |
Education and Civic Organizations | 7.1% |
Other | 9.9% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
AAA/U.S. Guaranteed | 24.7% |
AA | 46.4% |
A | 18.1% |
BBB | 7.9% |
BB or Lower | 0.6% |
N/R (not rated) | 2.3% |
Total | 100% |
Examples
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 | $1,041.90 | $1,036.90 | $1,039.40 | $1,039.10 | $1,042.00 |
Expenses Incurred During the Period | $ 4.12 | $ 8.18 | $ 6.41 | $ 6.91 | $ 3.11 |
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 | $1,020.89 | $1,016.90 | $1,018.65 | $1,018.15 | $1,021.89 |
Expenses Incurred During the Period | $ 4.08 | $ 8.10 | $ 6.34 | $ 6.84 | $ 3.07 |
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 | $1,054.10 | $1,050.70 | $1,051.80 | $1,051.90 | $1,055.20 |
Expenses Incurred During the Period | $ 4.20 | $ 8.28 | $ 6.50 | $ 7.01 | $ 3.18 |
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 | $1,020.84 | $1,016.85 | $1,018.60 | $1,018.10 | $1,021.84 |
Expenses Incurred During the Period | $ 4.13 | $ 8.15 | $ 6.39 | $ 6.89 | $ 3.13 |
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 | $1,044.50 | $1,040.20 | $1,041.20 | $1,040.50 | $1,045.40 |
Expenses Incurred During the Period | $ 4.54 | $ 8.60 | $ 6.82 | $ 7.33 | $ 3.52 |
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 | $1,020.49 | $1,016.50 | $1,018.25 | $1,017.75 | $1,021.49 |
Expenses Incurred During the Period | $ 4.48 | $ 8.50 | $ 6.74 | $ 7.24 | $ 3.48 |
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 | $1,044.70 | $1,039.60 | $1,041.70 | $1,045.60 |
Expenses Incurred During the Period | $ 4.18 | $ 8.24 | $ 6.97 | $ 3.16 |
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 | $1,020.84 | $1,016.85 | $1,018.10 | $1,021.84 |
Expenses Incurred During the Period | $ 4.13 | $ 8.15 | $ 6.89 | $ 3.13 |
Independent Registered Public Accounting Firm
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.9% | ||||||
MUNICIPAL BONDS – 98.9% | ||||||
Education and Civic Organizations – 22.4% | ||||||
$ 395 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/32 | 6/20 at 102.00 | BBB- | $414,055 | ||
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A: | ||||||
425 | 3.000%, 8/01/23 | No Opt. Call | BB+ | 412,407 | ||
720 | 3.500%, 8/01/25 | No Opt. Call | BB+ | 702,238 | ||
130 | 4.000%, 8/01/28 | 8/26 at 100.00 | BB+ | 127,810 | ||
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A: | ||||||
100 | 5.000%, 7/01/31 | 7/24 at 102.00 | N/R | 102,959 | ||
1,000 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 1,013,280 | ||
210 | City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/27 | 12/20 at 102.00 | BBB- | 222,812 | ||
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+ | 202,061 | ||
710 | 5.250%, 7/01/37 | 7/25 at 100.00 | BB+ | 749,661 | ||
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A: | ||||||
200 | 4.000%, 7/01/22 | No Opt. Call | BB+ | 211,828 | ||
465 | 4.000%, 7/01/23 | No Opt. Call | BB+ | 492,309 | ||
150 | 4.000%, 7/01/24 | No Opt. Call | BB+ | 158,609 | ||
135 | 4.000%, 7/01/25 | No Opt. Call | BB+ | 141,612 | ||
130 | 4.000%, 7/01/26 | 7/25 at 100.00 | BB+ | 134,963 | ||
300 | 4.000%, 7/01/27 | 7/25 at 100.00 | BB+ | 309,105 | ||
370 | 4.000%, 7/01/28 | 7/25 at 100.00 | BB+ | 377,833 | ||
645 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.500%, 8/01/36 | 8/22 at 102.00 | BB+ | 693,775 | ||
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A: | ||||||
1,010 | 4.500%, 7/01/26 | No Opt. Call | N/R | 985,689 | ||
40 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 37,924 | ||
1,820 | Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 4.000%, 11/01/26 | No Opt. Call | BB | 1,793,264 | ||
Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A: | ||||||
1,000 | 4.750%, 7/01/31 | 7/26 at 100.00 | N/R | 993,870 | ||
500 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 494,525 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Itasca County, Minnesota, Revenue Bonds, Charles K. Blandin Foundation, Series 2010: | ||||||
$ 635 | 4.000%, 5/01/18 | No Opt. Call | A2 | $646,843 | ||
255 | 4.000%, 5/01/19 | No Opt. Call | A2 | 264,591 | ||
1,350 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/31 | 7/24 at 102.00 | N/R | 1,383,628 | ||
1,300 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A, 6.000%, 7/01/33 | 7/23 at 100.00 | BB | 1,387,048 | ||
Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refunding Series 2010: | ||||||
550 | 4.000%, 9/01/19 | No Opt. Call | A2 | 581,135 | ||
315 | 4.000%, 9/01/21 | 9/20 at 100.00 | A2 | 337,907 | ||
1,040 | Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Refunding Series 2015, 4.000%, 12/01/28 | 12/24 at 100.00 | Aa1 | 1,141,972 | ||
Minneapolis, Minnesota, Revenue Bonds, YMCA of Greater Twin Cities Project, Series 2016: | ||||||
500 | 3.000%, 6/01/21 | No Opt. Call | Baa1 | 522,105 | ||
710 | 3.000%, 6/01/23 | No Opt. Call | Baa1 | 744,222 | ||
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 | 835,285 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R: | ||||||
1,125 | 5.500%, 5/01/18 | 7/17 at 100.00 | N/R | 1,127,092 | ||
1,185 | 5.500%, 5/01/19 | 7/17 at 100.00 | N/R | 1,187,240 | ||
1,050 | 5.500%, 5/01/24 | 7/17 at 100.00 | N/R | 1,051,890 | ||
1,600 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017, 4.000%, 3/01/33 | 3/27 at 100.00 | Aa2 | 1,755,616 | ||
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 | 324,306 | ||
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 | 625,761 | ||
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 | 162,207 | ||
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 | 212,248 | ||
310 | 3.375%, 12/01/22 | No Opt. Call | Baa2 | 325,608 | ||
380 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 2007-6S, 4.500%, 12/01/17 | No Opt. Call | Baa2 | 386,540 | ||
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 | 787,575 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B: | ||||||
1,040 | 5.000%, 10/01/23 | 10/19 at 100.00 | A3 | 1,125,134 | ||
175 | 4.250%, 10/01/24 | 10/19 at 100.00 | A3 | 185,038 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W: | ||||||
$ 350 | 4.000%, 10/01/21 | No Opt. Call | A3 | $381,797 | ||
250 | 5.000%, 10/01/22 | No Opt. Call | A3 | 287,550 | ||
500 | 5.000%, 10/01/23 | No Opt. Call | A3 | 584,505 | ||
990 | 4.250%, 10/01/28 | 10/23 at 100.00 | A3 | 1,087,060 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University of Minnesota, Refunding Series 2010E: | ||||||
1,000 | 4.125%, 10/01/18 | No Opt. Call | Baa3 | 1,034,710 | ||
1,385 | 4.375%, 10/01/20 | No Opt. Call | Baa3 | 1,497,739 | ||
500 | 4.500%, 10/01/21 | 10/20 at 100.00 | Baa3 | 539,510 | ||
250 | 5.000%, 10/01/29 | 10/20 at 100.00 | Baa3 | 266,372 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1: | ||||||
1,000 | 4.250%, 10/01/18 | No Opt. Call | Baa3 | 1,030,910 | ||
625 | 6.000%, 10/01/32 | 10/21 at 100.00 | Baa3 | 707,694 | ||
1,250 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/29 | 3/25 at 100.00 | Aa3 | 1,294,087 | ||
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 | 846,412 | ||
490 | 5.000%, 10/01/24 | 10/22 at 100.00 | Baa1 | 560,129 | ||
700 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University, Series 2015-8I, 3.375%, 10/01/30 | 10/25 at 100.00 | A2 | 724,703 | ||
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 | 1,191,630 | ||
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 | 1,177,234 | ||
1,975 | 4.500%, 10/01/19 | No Opt. Call | A2 | 2,128,043 | ||
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 | 2,216,300 | ||
775 | 4.000%, 4/01/26 | 4/23 at 100.00 | A2 | 850,640 | ||
300 | 4.000%, 4/01/27 | 4/23 at 100.00 | A2 | 327,003 | ||
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 | 1,206,050 | ||
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 | 301,922 | ||
385 | 4.300%, 10/01/20 | 10/18 at 100.00 | A2 | 400,369 | ||
145 | 4.500%, 10/01/22 | 10/18 at 100.00 | A2 | 151,318 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2009A: | ||||||
$ 985 | 4.000%, 10/01/22 | 10/19 at 100.00 | AA- | $1,044,100 | ||
1,755 | 4.000%, 10/01/23 | 10/19 at 100.00 | AA- | 1,853,649 | ||
Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A: | ||||||
1,515 | 4.250%, 10/01/24 | 10/21 at 100.00 | AA- | 1,687,619 | ||
880 | 4.375%, 10/01/25 | 10/21 at 100.00 | AA- | 978,604 | ||
905 | 4.500%, 10/01/26 | 10/21 at 100.00 | AA- | 1,008,903 | ||
1,185 | Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2015A, 3.000%, 10/01/26 | 4/25 at 100.00 | AA- | 1,259,442 | ||
Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016: | ||||||
980 | 4.000%, 12/01/30 | 12/25 at 100.00 | Baa1 | 1,034,331 | ||
1,060 | 4.000%, 12/01/32 | 12/25 at 100.00 | Baa1 | 1,107,403 | ||
935 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/34 | 9/24 at 100.00 | BB+ | 969,436 | ||
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- | 477,576 | ||
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 | 721,847 | ||
70 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/36 | 4/26 at 100.00 | CCC- | 45,500 | ||
2,005 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A, 5.250%, 9/01/31 | 9/26 at 100.00 | BB+ | 2,055,045 | ||
730 | 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- | 792,269 | ||
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 | 903,249 | ||
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+ | 255,278 | ||
700 | 5.000%, 7/01/33 | 7/23 at 100.00 | BB+ | 722,176 | ||
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- | 201,320 | ||
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 | 2,660,941 | ||
2,770 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 5.000%, 10/01/36 | 10/26 at 100.00 | N/R | 2,722,633 | ||
University of Minnesota, General Obligation Bonds, Series 2014B: | ||||||
1,000 | 4.000%, 1/01/31 | 1/24 at 100.00 | Aa1 | 1,094,970 | ||
1,000 | 4.000%, 1/01/32 | 1/24 at 100.00 | Aa1 | 1,087,980 | ||
1,000 | 4.000%, 1/01/34 | 1/24 at 100.00 | Aa1 | 1,077,910 | ||
1,020 | University of Minnesota, General Revenue Bonds, Series 2009C, 5.000%, 12/01/19 | 6/19 at 100.00 | Aa1 | 1,103,232 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016: | ||||||
$ 205 | 3.750%, 6/01/26 | 6/24 at 100.00 | N/R | $196,806 | ||
10 | 4.500%, 6/01/36 | 6/24 at 100.00 | N/R | 9,287 | ||
71,630 | Total Education and Civic Organizations | 75,738,773 | ||||
Health Care – 16.3% | ||||||
3,000 | Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016, 4.000%, 3/01/29 | 3/26 at 100.00 | N/R | 3,135,120 | ||
City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017: | ||||||
1,140 | 4.000%, 4/01/29 | 4/27 at 100.00 | BBB | 1,232,648 | ||
1,040 | 4.000%, 4/01/32 | 4/27 at 100.00 | BBB | 1,102,462 | ||
685 | Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/17 | No Opt. Call | N/R | 685,000 | ||
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- | 401,024 | ||
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
100 | 4.000%, 4/01/21 | No Opt. Call | BBB | 107,593 | ||
660 | 4.000%, 4/01/25 | 4/22 at 100.00 | BBB | 707,447 | ||
400 | 4.000%, 4/01/26 | 4/22 at 100.00 | BBB | 425,556 | ||
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 | 2,334,840 | ||
Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017: | ||||||
410 | 5.000%, 5/01/31 | 5/27 at 100.00 | Baa1 | 480,262 | ||
405 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 472,133 | ||
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 | 1,010,970 | ||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | ||||||
1,010 | 5.000%, 11/15/28 | 11/25 at 100.00 | A+ | 1,202,849 | ||
1,000 | 5.000%, 11/15/29 | 11/25 at 100.00 | A+ | 1,181,850 | ||
1,000 | 5.000%, 11/15/30 | 11/25 at 100.00 | A+ | 1,176,340 | ||
2,000 | 5.000%, 11/15/32 | 11/25 at 100.00 | A+ | 2,332,500 | ||
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 | AA- | 1,112,360 | ||
500 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A, 5.000%, 11/15/29 | 5/27 at 100.00 | AA- | 607,535 | ||
1,085 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essential Health Obligated Group, Refunding Series 2008C-1, 5.500%, 2/15/25 – AGC Insured | 2/20 at 100.00 | AA | 1,197,569 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
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 | $281,319 | ||
250 | 4.050%, 12/01/26 | 12/20 at 100.00 | N/R | 255,182 | ||
250 | 4.150%, 12/01/27 | 12/20 at 100.00 | N/R | 255,425 | ||
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 | 522,820 | ||
760 | Redwood Falls, Minnesota, Gross Revenue Hospital Facilities Bonds, Redwood Area Hospital Project, Series 2006, 5.000%, 12/01/21 | 7/17 at 100.00 | N/R | 761,657 | ||
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B: | ||||||
2,300 | 5.000%, 11/15/29 | No Opt. Call | AA | 2,914,629 | ||
1,000 | 5.000%, 11/15/33 | No Opt. Call | AA | 1,280,830 | ||
1,175 | 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 | 1,334,659 | ||
905 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.125%, 7/01/20 | No Opt. Call | A | 967,789 | ||
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 | 523,535 | ||
80 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 4.250%, 5/01/21 | 5/20 at 100.00 | A1 | 86,813 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A: | ||||||
3,225 | 5.000%, 7/01/28 | 7/25 at 100.00 | A | 3,811,724 | ||
1,240 | 5.000%, 7/01/30 | 7/25 at 100.00 | A | 1,446,832 | ||
4,500 | 5.000%, 7/01/32 | 7/25 at 100.00 | A | 5,190,525 | ||
1,000 | 4.000%, 7/01/35 | 7/25 at 100.00 | A | 1,048,560 | ||
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- | 1,222,260 | ||
1,540 | 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- | 1,683,143 | ||
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 | 1,081,221 | ||
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 | 1,400,064 | ||
1,140 | 5.000%, 9/01/29 | 9/24 at 100.00 | A | 1,307,774 | ||
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- | 1,122,080 | ||
2,285 | 5.000%, 11/15/30 | 11/25 at 100.00 | BBB- | 2,553,899 | ||
1,250 | 5.250%, 11/15/35 | 11/20 at 100.00 | BBB- | 1,342,925 | ||
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 | 1,002,900 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
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 | $521,938 | ||
260 | 5.000%, 7/01/34 | 7/21 at 100.00 | BBB | 276,955 | ||
49,180 | Total Health Care | 55,103,516 | ||||
Housing/Multifamily – 0.5% | ||||||
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 | 520,510 | ||
1,150 | Minneapolis, Minnesota, Multi-Family Housing Revenue Bonds, Plymouth Stevens House Limited Partnership Project, Series 2016B, 2.000%, 12/01/17 | 7/17 at 100.00 | N/R | 1,150,196 | ||
1,650 | Total Housing/Multifamily | 1,670,706 | ||||
Housing/Single Family – 0.7% | ||||||
610 | 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+ | 650,095 | ||
575 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26 | 7/21 at 100.00 | Aaa | 603,871 | ||
425 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (Alternative Minimum Tax) | 1/22 at 100.00 | AA+ | 459,357 | ||
140 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (Alternative Minimum Tax) | No Opt. Call | AA+ | 152,666 | ||
275 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.100%, 7/01/26 | 7/24 at 100.00 | AA+ | 284,009 | ||
210 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 218,553 | ||
2,235 | Total Housing/Single Family | 2,368,551 | ||||
Industrials – 0.9% | ||||||
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+ | 2,219,818 | ||
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+ | 1,054,840 | ||
3,020 | Total Industrials | 3,274,658 | ||||
Long-Term Care – 8.4% | ||||||
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 | 1,179,610 | ||
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 | 594,521 | ||
815 | Chisago 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 | 878,317 | ||
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 | 1,115,295 | ||
325 | City of Vergas, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Refunding Series 2016, 4.000%, 8/01/31 | 8/24 at 100.00 | N/R | 316,742 | ||
235 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2017, 4.450%, 3/01/31 | 3/22 at 101.00 | N/R | 239,162 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
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 | $1,016,010 | ||
500 | 5.000%, 1/01/34 | 1/23 at 100.00 | N/R | 507,025 | ||
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A: | ||||||
2,385 | 3.875%, 8/01/29 | 8/22 at 100.00 | N/R | 2,288,455 | ||
1,100 | 5.000%, 8/01/36 | 8/22 at 100.00 | N/R | 1,126,565 | ||
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 | 1,438,128 | ||
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 | 1,496,544 | ||
1,650 | 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,695,012 | ||
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 | 436,335 | ||
750 | 5.250%, 11/01/45 | 5/23 at 100.00 | N/R | 775,365 | ||
1,000 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 2.000%, 6/01/36 | 12/17 at 100.00 | N/R | 989,860 | ||
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 | 209,989 | ||
230 | 2.125%, 6/01/20 | No Opt. Call | N/R | 230,097 | ||
250 | 2.500%, 6/01/22 | 6/21 at 101.00 | N/R | 250,345 | ||
250 | 3.050%, 6/01/27 | 6/21 at 101.00 | N/R | 250,170 | ||
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 | 2,540,825 | ||
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 | 11/20 at 100.00 | N/R | 1,012,460 | ||
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 | Baa2 | 2,156,740 | ||
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 | 1,079,201 | ||
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013: | ||||||
180 | 5.000%, 1/01/21 | No Opt. Call | N/R | 189,329 | ||
2,395 | 5.125%, 1/01/39 | 1/23 at 100.00 | N/R | 2,416,411 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
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 | $662,925 | ||
310 | 5.300%, 5/01/27 | 5/19 at 102.00 | N/R | 327,075 | ||
500 | 5.300%, 11/01/27 | 5/19 at 102.00 | N/R | 527,490 | ||
515 | 5.500%, 11/01/32 | 5/19 at 102.00 | N/R | 544,443 | ||
27,680 | Total Long-Term Care | 28,490,446 | ||||
Tax Obligation/General – 14.4% | ||||||
285 | Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008C, 4.100%, 2/01/18 | No Opt. Call | Aa1 | 291,373 | ||
Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011: | ||||||
635 | 5.500%, 2/01/23 | 2/21 at 100.00 | Aa3 | 730,377 | ||
750 | 5.500%, 2/01/24 | 2/21 at 100.00 | Aa3 | 858,877 | ||
875 | 5.500%, 2/01/25 | 2/21 at 100.00 | Aa3 | 1,000,002 | ||
1,010 | 5.500%, 2/01/26 | 2/21 at 100.00 | Aa3 | 1,150,794 | ||
1,150 | 5.500%, 2/01/27 | 2/21 at 100.00 | Aa3 | 1,310,310 | ||
2,000 | 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 | 2,235,900 | ||
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+ | 459,612 | ||
1,000 | Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,052,580 | ||
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+ | 1,887,472 | ||
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 | 2,482,382 | ||
665 | Goodhue County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2015A, 3.000%, 2/01/27 | 2/23 at 100.00 | Aa2 | 689,346 | ||
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+ | 476,522 | ||
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+ | 2,121,309 | ||
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 | 1,109,540 | ||
1,275 | 4.000%, 2/01/27 | 2/23 at 100.00 | Aa2 | 1,405,420 | ||
1,710 | 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+ | 1,763,660 | ||
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+ | 1,000,000 | ||
1,000 | Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 4.000%, 10/01/25 | 10/23 at 100.00 | AAA | 1,137,210 | ||
2,000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/25 | 8/23 at 100.00 | AAA | 2,417,120 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 2,000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.500%, 10/01/28 | 10/23 at 100.00 | AAA | $2,141,740 | ||
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 | 592,326 | ||
600 | 4.000%, 2/01/26 | 2/23 at 100.00 | Aaa | 674,292 | ||
1,475 | Moose Lake Independent School District 97, Carlton and Pine Counties, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/30 | 2/25 at 100.00 | Aa2 | 1,624,034 | ||
Northland Independent School District 118, Minnesota, General Obligation Bonds, Series 2016A: | ||||||
560 | 3.000%, 2/01/27 | 2/24 at 100.00 | Aa2 | 586,678 | ||
655 | 3.000%, 2/01/28 | 2/24 at 100.00 | Aa2 | 680,460 | ||
1,185 | 3.000%, 2/01/29 | 2/24 at 100.00 | Aa2 | 1,222,185 | ||
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+ | 680,239 | ||
1,880 | Perham Independent School District 549, Minnesota, General Obligation Bonds, Series 2016A, 3.000%, 2/01/30 | 2/24 at 100.00 | Aa2 | 1,912,900 | ||
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 | 512,290 | ||
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 | 1,760,242 | ||
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 | 1,222,485 | ||
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+ | 650,184 | ||
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 | 1,761,642 | ||
Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A: | ||||||
750 | 3.125%, 2/01/31 | 2/26 at 100.00 | Aa2 | 768,578 | ||
1,225 | 3.200%, 2/01/32 | 2/26 at 100.00 | Aa2 | 1,257,683 | ||
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 | 1,448,730 | ||
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 | 1,347,706 | ||
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 | 2,216,040 | ||
44,640 | Total Tax Obligation/General | 48,640,240 | ||||
Tax Obligation/Limited – 4.8% | ||||||
780 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 | 1/22 at 100.00 | A | 830,146 | ||
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+ | 702,330 | ||
1,000 | 5.000%, 12/15/29 | 12/17 at 100.00 | AA+ | 1,021,830 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 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+ | $2,736,096 | ||
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015: | ||||||
215 | 3.050%, 3/01/21 | No Opt. Call | N/R | 215,849 | ||
495 | 3.650%, 3/01/24 | 3/23 at 100.00 | N/R | 501,103 | ||
200 | 3.800%, 3/01/25 | 3/23 at 100.00 | N/R | 202,976 | ||
200 | 4.000%, 3/01/27 | 3/23 at 100.00 | N/R | 203,996 | ||
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015: | ||||||
1,115 | 4.000%, 3/01/25 | 3/24 at 100.00 | N/R | 1,121,032 | ||
500 | 5.000%, 3/01/29 | 3/24 at 100.00 | N/R | 524,580 | ||
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 | 341,680 | ||
1,170 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 4.000%, 8/01/27 | 8/24 at 100.00 | AA | 1,293,646 | ||
350 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2016A, 4.000%, 8/01/32 | 8/25 at 100.00 | AA | 376,225 | ||
1,185 | Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.250%, 8/01/27 | 8/21 at 100.00 | AA | 1,346,326 | ||
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B: | ||||||
605 | 3.125%, 2/01/29 | 2/25 at 100.00 | A1 | 614,662 | ||
350 | 3.250%, 2/01/30 | 2/25 at 100.00 | A1 | 356,626 | ||
630 | Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A, 5.000%, 2/01/30 | 2/25 at 100.00 | A1 | 735,336 | ||
735 | Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 5.000%, 11/01/29 | 11/24 at 100.00 | A+ | 856,591 | ||
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 | 2,174,285 | ||
15,140 | Total Tax Obligation/Limited | 16,155,315 | ||||
Transportation – 6.9% | ||||||
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- | 1,047,970 | ||
1,000 | 5.000%, 1/01/20 | 1/19 at 100.00 | AA- | 1,064,800 | ||
500 | 5.000%, 1/01/21 | 1/19 at 100.00 | AA- | 532,400 | ||
2,330 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2011A, 5.000%, 1/01/25 | 1/21 at 100.00 | A+ | 2,622,135 | ||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2012B: | ||||||
2,550 | 5.000%, 1/01/29 | 1/22 at 100.00 | A+ | 2,911,029 | ||
2,750 | 5.000%, 1/01/30 | 1/22 at 100.00 | A+ | 3,089,020 | ||
2,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014A, 5.000%, 1/01/30 | 1/24 at 100.00 | A+ | 2,342,760 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C: | ||||||
$ 650 | 5.000%, 1/01/34 | 1/27 at 100.00 | AA- | $776,087 | ||
1,940 | 5.000%, 1/01/35 | 1/27 at 100.00 | AA- | 2,309,085 | ||
1,325 | 5.000%, 1/01/37 | 1/27 at 100.00 | AA- | 1,568,495 | ||
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+ | 1,712,087 | ||
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+ | 846,562 | ||
895 | 4.125%, 8/01/23 | 8/18 at 102.00 | A+ | 942,283 | ||
935 | 4.250%, 8/01/24 | 8/18 at 102.00 | A+ | 985,855 | ||
575 | 4.250%, 8/01/25 | 8/18 at 102.00 | A+ | 605,791 | ||
20,885 | Total Transportation | 23,356,359 | ||||
U.S. Guaranteed – 8.7% (4) | ||||||
1,000 | Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008A, 5.000%, 2/01/20 (Pre-refunded 2/01/18) | 2/18 at 100.00 | Aa1 (4) | 1,024,970 | ||
595 | Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008C, 4.200%, 2/01/19 (Pre-refunded 2/01/18) | 2/18 at 100.00 | Aa1 (4) | 606,710 | ||
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) | 1,225,632 | ||
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 (4) | 511,515 | ||
215 | 4.500%, 1/01/20 (Pre-refunded 7/01/17) | 7/17 at 100.00 | Aaa | 215,664 | ||
1,910 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19 (ETM) | No Opt. Call | AA+ (4) | 2,005,748 | ||
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) | 1,211,591 | ||
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) | 1,188,513 | ||
465 | 4.500%, 2/01/22 (Pre-refunded 2/01/18) | 2/18 at 100.00 | AA (4) | 476,430 | ||
1,100 | 4.625%, 2/01/24 (Pre-refunded 2/01/18) | 2/18 at 100.00 | AA (4) | 1,127,940 | ||
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) | 4,936,013 | ||
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 | N/R (4) | 3,629,278 | ||
1,140 | Rochester, Minnesota, General Obligation Bonds, Waste Water Series 2007A, 4.000%, 12/01/18 (Pre-refunded 6/01/17) | 6/17 at 100.00 | AAA | 1,140,000 | ||
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) | 1,084,040 | ||
965 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 4.250%, 5/01/21 (Pre-refunded 5/01/20) | 5/20 at 100.00 | N/R (4) | 1,053,471 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 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 | $2,628,150 | ||
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 | 1,618,573 | ||
1,595 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R (4) | 1,749,476 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008: | ||||||
190 | 4.500%, 12/01/19 (Pre-refunded 12/01/17) | 12/17 at 100.00 | AA+ (4) | 193,507 | ||
290 | 4.500%, 12/01/20 (Pre-refunded 12/01/17) | 12/17 at 100.00 | AA+ (4) | 295,353 | ||
Stevens County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2009A: | ||||||
325 | 4.000%, 2/01/19 (ETM) | No Opt. Call | AA- (4) | 341,237 | ||
340 | 4.100%, 2/01/20 (ETM) | No Opt. Call | AA- (4) | 367,037 | ||
640 | Wright County, Minnesota, General Obligation Bonds, Jail Series 2007A, 4.500%, 12/01/20 (Pre-refunded 12/01/17) | 12/17 at 100.00 | AA+ (4) | 651,846 | ||
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) | 203,900 | ||
28,075 | Total U.S. Guaranteed | 29,486,594 | ||||
Utilities – 13.6% | ||||||
Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A: | ||||||
395 | 3.500%, 12/01/22 – AGM Insured | No Opt. Call | AA | 432,399 | ||
475 | 4.000%, 12/01/28 | 12/24 at 100.00 | AA | 516,501 | ||
495 | 4.000%, 12/01/29 | 12/24 at 100.00 | AA | 532,358 | ||
1,140 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/25 – AGM Insured | 10/22 at 100.00 | AA | 1,301,777 | ||
Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A: | ||||||
500 | 5.000%, 12/01/25 | 12/22 at 100.00 | A1 | 582,330 | ||
670 | 5.000%, 12/01/26 | 12/22 at 100.00 | A1 | 775,639 | ||
500 | Litchfield, Minnesota, Electric Utility Revenue Bonds, Series 2009C, 5.000%, 2/01/29 – AGC Insured | 2/18 at 100.00 | AA | 513,880 | ||
340 | Marshall, Minnesota, Public Utility Revenue Bonds, Series 2009A, 3.750%, 7/01/18 – AGC Insured | No Opt. Call | AA | 350,047 | ||
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2007: | ||||||
420 | 4.125%, 10/01/17 | No Opt. Call | A2 | 424,557 | ||
1,000 | 5.250%, 10/01/22 | 10/17 at 100.00 | A2 | 1,014,380 | ||
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014: | ||||||
500 | 5.000%, 10/01/29 | 10/24 at 100.00 | A2 | 582,080 | ||
500 | 5.000%, 10/01/30 | 10/24 at 100.00 | A2 | 580,175 | ||
1,000 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 3.500%, 10/01/28 | 10/24 at 100.00 | A2 | 1,037,670 | ||
1,050 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 1/01/19 – AGC Insured | 1/18 at 100.00 | AA | 1,075,106 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 2,155 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A, 5.000%, 1/01/21 – AGC Insured | 1/18 at 100.00 | AA | $2,204,350 | ||
2,940 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2010A-1, 5.000%, 1/01/20 | No Opt. Call | A- | 3,233,588 | ||
1,430 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/30 | 1/23 at 100.00 | A- | 1,620,776 | ||
570 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/33 | 12/23 at 100.00 | Aa3 | 664,671 | ||
750 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2015E, 3.000%, 12/01/29 | 12/25 at 100.00 | Aa3 | 765,600 | ||
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A: | ||||||
1,000 | 5.000%, 12/01/33 | 12/26 at 100.00 | Aa3 | 1,198,080 | ||
450 | 5.000%, 12/01/34 | 12/26 at 100.00 | Aa3 | 536,634 | ||
580 | 5.000%, 12/01/35 | 12/26 at 100.00 | Aa3 | 688,988 | ||
295 | Shakopee Public Utilities Commission, Minnesota, Public Utilities Crossover Refunding Revenue Bonds, Series 2006A, 4.250%, 2/01/18 – AGM Insured | 7/17 at 100.00 | A1 | 295,829 | ||
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+ | 2,733,425 | ||
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- | 3,364,445 | ||
5,000 | 0.000%, 1/01/21 – NPFG Insured | No Opt. Call | AA- | 4,721,650 | ||
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Refunding Series 2012A: | ||||||
1,000 | 3.000%, 1/01/28 | 1/23 at 100.00 | Aa3 | 1,032,750 | ||
1,250 | 5.000%, 1/01/29 | 1/23 at 100.00 | Aa3 | 1,455,050 | ||
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 | 1,586,821 | ||
1,000 | 5.000%, 1/01/33 | 1/26 at 100.00 | Aa3 | 1,176,810 | ||
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A: | ||||||
2,850 | 5.000%, 1/01/29 | 1/24 at 100.00 | Aa3 | 3,325,123 | ||
2,750 | 5.000%, 1/01/30 | 1/24 at 100.00 | Aa3 | 3,188,405 | ||
1,000 | 5.000%, 1/01/31 | 1/24 at 100.00 | Aa3 | 1,153,490 | ||
1,150 | 5.000%, 1/01/32 | 1/24 at 100.00 | Aa3 | 1,321,235 | ||
42,490 | Total Utilities | 45,986,619 | ||||
Water and Sewer – 1.3% | ||||||
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 | 2,144,516 | ||
2,000 | 4.000%, 11/01/28 – BAM Insured | 11/23 at 100.00 | AA | 2,171,840 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
$ 250 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 7/01/22 | No Opt. Call | A- | $ 283,105 | ||
4,155 | Total Water and Sewer | 4,599,461 | ||||
$ 310,780 | Total Long-Term Investments (cost $320,117,487) | 334,871,238 | ||||
Other Assets Less Liabilities – 1.1% | 3,627,105 | |||||
Net Assets – 100% | $ 338,498,343 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: 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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Ratings are not covered by the report of independent registered public accounting firm. | |
(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. | |
(ETM) | Escrowed to maturity. |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 95.8% | ||||||
MUNICIPAL BONDS – 95.8% | ||||||
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 | 6/20 at 100.00 | BBB+ | $ 1,956,222 | ||
Education and Civic Organizations – 19.1% | ||||||
660 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43 | 6/20 at 102.00 | BBB- | 684,341 | ||
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- | 1,738,128 | ||
65 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.250%, 8/01/46 | 8/26 at 100.00 | BB+ | 59,511 | ||
800 | Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series, 8.000%, 12/01/43 | 12/21 at 100.00 | BB+ | 926,312 | ||
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A: | ||||||
100 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 101,328 | ||
1,000 | 5.000%, 7/01/47 | 7/24 at 102.00 | N/R | 1,002,330 | ||
1,515 | City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43 | 12/20 at 102.00 | BBB- | 1,571,979 | ||
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A: | ||||||
405 | 5.250%, 7/01/37 | 7/25 at 100.00 | BB+ | 427,623 | ||
500 | 5.500%, 7/01/50 | 7/25 at 100.00 | BB+ | 530,070 | ||
300 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A, 4.000%, 7/01/37 | 7/25 at 100.00 | BB+ | 284,097 | ||
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 | BB+ | 1,808,922 | ||
875 | 5.875%, 11/01/40 | 11/18 at 102.00 | BB+ | 905,336 | ||
1,000 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 | 8/22 at 102.00 | BB+ | 1,081,290 | ||
100 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A, 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 94,811 | ||
5,350 | Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 5.000%, 11/01/47 | 11/26 at 100.00 | BB | 5,397,454 | ||
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A: | ||||||
600 | 5.000%, 7/01/29 | 7/24 at 100.00 | BB+ | 626,136 | ||
1,000 | 5.000%, 7/01/34 | 7/24 at 100.00 | BB+ | 1,023,910 | ||
525 | 5.000%, 7/01/44 | 7/24 at 100.00 | BB+ | 530,906 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 3,805 | Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | N/R | $3,670,645 | ||
100 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/47 | 7/24 at 102.00 | N/R | 98,731 | ||
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A: | ||||||
2,740 | 6.000%, 7/01/43 | 7/23 at 100.00 | BB | 2,923,470 | ||
1,260 | 6.125%, 7/01/48 | 7/23 at 100.00 | BB | 1,335,953 | ||
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 | 451,220 | ||
395 | 3.500%, 5/01/23 | 5/21 at 100.00 | Baa3 | 405,377 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R: | ||||||
1,725 | 5.500%, 5/01/26 | 7/17 at 100.00 | N/R | 1,727,846 | ||
820 | 5.500%, 5/01/27 | 7/17 at 100.00 | N/R | 821,304 | ||
1,545 | 5.500%, 5/01/37 | 7/17 at 100.00 | N/R | 1,545,819 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017: | ||||||
1,000 | 4.000%, 3/01/37 | 3/27 at 100.00 | Aa2 | 1,076,940 | ||
1,000 | 4.000%, 3/01/39 | 3/27 at 100.00 | Aa2 | 1,069,110 | ||
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 | 1,986,718 | ||
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 | 1,072,660 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1: | ||||||
625 | 6.000%, 10/01/32 | 10/21 at 100.00 | Baa3 | 707,694 | ||
2,000 | 6.000%, 10/01/40 | 10/21 at 100.00 | Baa3 | 2,245,480 | ||
1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/30 | 3/25 at 100.00 | Aa3 | 1,026,800 | ||
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 | 405,454 | ||
385 | 5.000%, 10/01/34 | 10/25 at 100.00 | A2 | 443,532 | ||
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 | 2,187,822 | ||
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+ | 1,156,815 | ||
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- | 693,927 | ||
560 | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 5.000%, 8/01/22 | No Opt. Call | BB | 594,462 | ||
130 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/46 | 4/26 at 100.00 | CCC- | 84,500 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 2,940 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 | 9/24 at 102.00 | BBB- | $2,887,433 | ||
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 | 9/20 at 101.00 | BB+ | 1,581,996 | ||
1,695 | 5.500%, 9/01/43 | 9/20 at 101.00 | BB+ | 1,718,730 | ||
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 | 641,156 | ||
1,030 | 5.375%, 7/01/50 | 7/25 at 100.00 | BB | 1,058,830 | ||
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 | 7/23 at 100.00 | BB+ | 1,479,653 | ||
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 | 2,026,200 | ||
185 | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 2.600%, 3/01/18 | No Opt. Call | BBB- | 184,451 | ||
Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A: | ||||||
2,010 | 5.000%, 10/01/41 | 10/26 at 100.00 | N/R | 1,891,309 | ||
205 | 5.125%, 10/01/48 | 10/26 at 100.00 | N/R | 192,218 | ||
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- | 1,498,987 | ||
430 | St. Paul Housing and Redevelopment Authority, Minnesota, Performing Arts Facility Revenue Bonds, Ordway Center for the Performing Arts, Series 2012, 2.200%, 7/01/18 | 7/17 at 100.00 | N/R | 430,168 | ||
University of Minnesota, General Obligation Bonds, Series 2014B: | ||||||
2,235 | 4.000%, 1/01/33 | 1/24 at 100.00 | Aa1 | 2,418,940 | ||
1,185 | 4.000%, 1/01/34 | 1/24 at 100.00 | Aa1 | 1,277,323 | ||
1,540 | University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 | 12/20 at 100.00 | Aa1 | 1,753,521 | ||
20 | Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016, 4.750%, 6/01/46 | 6/24 at 100.00 | N/R | 18,408 | ||
65,215 | Total Education and Civic Organizations | 67,586,086 | ||||
Health Care – 14.3% | ||||||
Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016: | ||||||
500 | 4.000%, 3/01/32 | 3/26 at 100.00 | N/R | 515,255 | ||
2,000 | 4.000%, 3/01/37 | 3/26 at 100.00 | N/R | 1,999,900 | ||
City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017: | ||||||
550 | 3.000%, 4/01/26 | No Opt. Call | BBB | 557,909 | ||
485 | 5.000%, 4/01/41 | 4/27 at 100.00 | BBB | 538,243 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
$ 375 | 4.000%, 4/01/22 | No Opt. Call | BBB | $406,684 | ||
500 | 4.000%, 4/01/27 | 4/22 at 100.00 | BBB | 528,560 | ||
760 | 4.000%, 4/01/31 | 4/22 at 100.00 | BBB | 796,374 | ||
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 | 2,731,050 | ||
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 | 1,036,970 | ||
Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017: | ||||||
425 | 5.000%, 5/01/31 | 5/27 at 100.00 | Baa1 | 497,832 | ||
430 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 501,277 | ||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | ||||||
485 | 4.000%, 11/15/40 | 11/25 at 100.00 | A+ | 505,860 | ||
2,000 | 5.000%, 11/15/44 | 11/25 at 100.00 | A+ | 2,264,820 | ||
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 | 139,270 | ||
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 | AA- | 2,679,450 | ||
500 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A, 5.000%, 11/15/29 | 5/27 at 100.00 | AA- | 607,535 | ||
1,005 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essential Health Obligated Group, Refunding Series 2008C-1, 5.000%, 2/15/30 – AGC Insured | 2/20 at 100.00 | AA | 1,079,792 | ||
2,400 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B, 5.000%, 11/15/33 | No Opt. Call | AA | 3,073,992 | ||
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 | 1,893,290 | ||
60 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 | 5/20 at 100.00 | A1 | 65,524 | ||
675 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 5.000%, 5/01/46 | 5/26 at 100.00 | A1 | 769,709 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A: | ||||||
8,030 | 5.000%, 7/01/30 | 7/25 at 100.00 | A | 9,369,404 | ||
4,500 | 4.000%, 7/01/35 | 7/25 at 100.00 | A | 4,718,520 | ||
1,505 | 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- | 1,652,821 | ||
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 | 2,155,007 | ||
1,375 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 | 7/17 at 100.00 | N/R | 1,375,825 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
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 | $2,117,412 | ||
1,410 | 5.000%, 9/01/34 | 9/24 at 100.00 | A | 1,588,534 | ||
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | ||||||
110 | 5.250%, 11/15/35 | 11/20 at 100.00 | BBB- | 118,178 | ||
1,615 | 5.000%, 11/15/40 | 11/25 at 100.00 | BBB- | 1,745,508 | ||
Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012: | ||||||
500 | 3.750%, 7/01/21 | No Opt. Call | BBB | 532,315 | ||
350 | 4.000%, 7/01/22 | 7/21 at 100.00 | BBB | 373,625 | ||
1,270 | 4.500%, 7/01/24 | 7/21 at 100.00 | BBB | 1,366,723 | ||
45,620 | Total Health Care | 50,303,168 | ||||
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 | 2,625,700 | ||
Housing/Single Family – 1.0% | ||||||
75 | 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+ | 77,672 | ||
55 | 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) | 7/17 at 100.00 | AA+ | 55,778 | ||
210 | 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) | 5/25 at 100.00 | AA+ | 221,533 | ||
70 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011B, 4.000%, 7/01/21 | No Opt. Call | Aaa | 73,555 | ||
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D: | ||||||
30 | 4.375%, 7/01/26 | 7/21 at 100.00 | Aaa | 31,506 | ||
440 | 4.700%, 1/01/31 | 7/21 at 100.00 | Aaa | 467,971 | ||
15 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011E, 4.000%, 7/01/26 | 7/21 at 100.00 | Aaa | 15,386 | ||
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+ | 20,026 | ||
1,280 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 1,332,134 | ||
1,320 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2016A, 3.200%, 1/01/33 (Alternative Minimum Tax) | 7/25 at 100.00 | AA+ | 1,305,586 | ||
3,515 | Total Housing/Single Family | 3,601,147 | ||||
Long-Term Care – 10.2% | ||||||
1,500 | Anoka County Housing and Redevelopment Authority, Minnesota, Health Care Facility Care Center Project, Series 2010D, 6.750%, 11/01/36 | 7/17 at 100.00 | N/R | 1,506,660 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 1,590 | 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 | $1,614,597 | ||
Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014: | ||||||
375 | 4.000%, 11/01/39 | 11/24 at 100.00 | A3 | 385,665 | ||
500 | 5.000%, 11/01/44 | 11/24 at 100.00 | A3 | 544,855 | ||
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 | 1,672,112 | ||
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 | 1,604,055 | ||
1,180 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43 | 3/20 at 100.00 | N/R | 1,199,529 | ||
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 | 582,464 | ||
1,175 | 5.250%, 1/01/46 | 1/23 at 100.00 | N/R | 1,181,145 | ||
710 | Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project, Series 2006A, 5.000%, 12/01/31 | 12/17 at 100.00 | N/R | 710,405 | ||
1,195 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/46 | 8/22 at 100.00 | N/R | 1,216,689 | ||
1,885 | 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 | 1,889,109 | ||
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | ||||||
450 | 5.000%, 11/15/24 | 11/22 at 100.00 | N/R | 481,032 | ||
1,500 | 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,540,920 | ||
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 | 1,550,730 | ||
2,000 | North Oaks, Minnesota, Senior Housing Revenue Bonds, Waverly Gardens Project, Refunding Series 2016, 5.000%, 10/01/47 | 10/24 at 102.00 | N/R | 2,047,060 | ||
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 | 1,068,960 | ||
1,715 | 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 | 1,718,739 | ||
2,700 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 2.000%, 6/01/49 | 12/17 at 100.00 | N/R | 2,649,483 | ||
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 | 250,128 | ||
1,842 | Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 | 10/17 at 100.00 | N/R | 1,849,817 | ||
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 | 1,102,739 | ||
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 | 11/20 at 100.00 | N/R | 1,009,170 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 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 | $837,240 | ||
2,390 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39 | 1/23 at 100.00 | N/R | 2,411,367 | ||
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 | 276,047 | ||
680 | 5.000%, 11/01/23 | 5/19 at 102.00 | N/R | 721,840 | ||
700 | 5.500%, 11/01/32 | 5/19 at 102.00 | N/R | 740,019 | ||
330 | 6.000%, 5/01/47 | 5/19 at 102.00 | N/R | 348,797 | ||
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 | 1,245,696 | ||
35,202 | Total Long-Term Care | 35,957,069 | ||||
Materials – 0.5% | ||||||
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- | 1,900,664 | ||
Tax Obligation/General – 20.0% | ||||||
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 | 2,085,208 | ||
955 | 5.000%, 2/01/26 | 2/25 at 100.00 | Aa2 | 1,156,276 | ||
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+ | 1,912,612 | ||
10,000 | Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011, 6.000%, 2/01/41 | 2/21 at 100.00 | Aa3 | 11,453,800 | ||
2,000 | Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 | 2/27 at 100.00 | AA+ | 2,161,440 | ||
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 | 2,519,691 | ||
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 | 448,718 | ||
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+ | 513,516 | ||
Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B: | ||||||
1,000 | 5.000%, 2/01/26 | 2/25 at 100.00 | Aa2 | 1,210,760 | ||
1,000 | 5.000%, 2/01/27 | 2/25 at 100.00 | Aa2 | 1,200,670 | ||
1,000 | 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,052,580 | ||
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 | 1,138,951 | ||
Delano Independent School District 879, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A: | ||||||
1,000 | 3.000%, 2/01/32 | 2/26 at 100.00 | Aa2 | 1,003,710 | ||
2,000 | 3.000%, 2/01/34 | 2/26 at 100.00 | Aa2 | 1,974,280 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 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 | $1,115,830 | ||
Forest Lake Independent School District 831, Washington County, Minnesota, General Obligation Bonds, School Building Series 2016A: | ||||||
2,405 | 3.125%, 2/01/40 | 2/26 at 100.00 | AA+ | 2,360,844 | ||
500 | 3.150%, 2/01/42 | 2/26 at 100.00 | AA+ | 490,880 | ||
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 | 2,461,460 | ||
1,075 | 4.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,213,686 | ||
480 | Fridley, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2017, 3.250%, 2/01/34 | 2/26 at 100.00 | Aa2 | 489,758 | ||
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 | 2,617,600 | ||
Madison, Minnesota, General Obligation Bonds, Refunding Series 2015A: | ||||||
660 | 3.600%, 1/01/35 – AGM Insured | 1/23 at 100.00 | AA | 681,582 | ||
500 | 4.000%, 1/01/45 – AGM Insured | 1/23 at 100.00 | AA | 515,640 | ||
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+ | 1,221,090 | ||
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+ | 2,223,900 | ||
1,905 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Alternate Facility Series 2015B, 3.000%, 2/01/31 | 2/24 at 100.00 | AA+ | 1,939,614 | ||
1,185 | Minnesota State, General Obligation Bonds, Various Purpose Series 2015A, 5.000%, 8/01/32 | 8/25 at 100.00 | AAA | 1,423,896 | ||
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 | 1,940,220 | ||
4,305 | Mountain Iron-Buhl Independent School District 712, St. Louis County, Minnesota, General Obligation Bonds, School Building Series 2016A, 3.000%, 2/01/37 | 2/26 at 100.00 | Aa2 | 4,179,940 | ||
1,000 | Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Series 2016C, 3.000%, 2/01/31 | 2/26 at 100.00 | AA+ | 1,033,980 | ||
930 | Rocori Independent School District 750, Stearns County, Minnesota, General Obligation Bonds, School Building Series 2017A, 4.000%, 2/01/28 | 2/27 at 100.00 | Aa2 | 1,078,019 | ||
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 | 460,642 | ||
525 | 3.125%, 2/01/35 | 2/25 at 100.00 | Aa2 | 533,101 | ||
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+ | 1,069,480 | ||
Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A: | ||||||
1,400 | 4.000%, 2/01/30 | 2/26 at 100.00 | Aa2 | 1,557,976 | ||
1,885 | 3.200%, 2/01/32 | 2/26 at 100.00 | Aa2 | 1,935,292 | ||
2,005 | Shakopee, Minnesota, General Obligation Tax Abatement Revenue Bonds, Series 2016A, 3.000%, 2/01/35 | 2/25 at 100.00 | Aa1 | 1,959,106 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 1,295 | 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 | $1,336,880 | ||
3,000 | Spring Lake Independent School District 16, Anoka County, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/35 | 2/26 at 100.00 | Aa2 | 2,991,750 | ||
Waseca Independent School District 829, Steele, Rice, and Waseca Counties, Minnesota, General Obligation Bonds, Series 2015A: | ||||||
1,315 | 4.000%, 2/01/27 | 2/26 at 100.00 | Aa2 | 1,492,275 | ||
500 | 3.125%, 2/01/35 | 2/26 at 100.00 | Aa2 | 504,065 | ||
66,235 | Total Tax Obligation/General | 70,660,718 | ||||
Tax Obligation/Limited – 4.3% | ||||||
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 | 134,646 | ||
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 | 323,291 | ||
1,090 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 3.250%, 8/01/30 | 8/24 at 100.00 | AA | 1,115,092 | ||
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2016C: | ||||||
385 | 4.000%, 8/01/34 | 8/25 at 100.00 | AA | 410,106 | ||
400 | 4.000%, 8/01/35 | 8/25 at 100.00 | AA | 424,892 | ||
325 | Minnetonka Independent School District 276, Hennepin County, Minnesota, Certificates of Participation, Series 2016O, 3.000%, 2/01/36 | 2/24 at 100.00 | Aa1 | 317,161 | ||
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 | 1,123,483 | ||
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015A: | ||||||
1,470 | 3.625%, 2/01/34 | 2/25 at 100.00 | A1 | 1,506,089 | ||
580 | 3.750%, 2/01/36 | 2/25 at 100.00 | A1 | 595,045 | ||
4,600 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 4.000%, 2/01/42 | 2/25 at 100.00 | A1 | 4,759,574 | ||
Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A: | ||||||
355 | 5.000%, 2/01/32 | 2/25 at 100.00 | A1 | 410,657 | ||
520 | 5.000%, 2/01/34 | 2/25 at 100.00 | A1 | 595,717 | ||
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 | 510,075 | ||
430 | 4.875%, 4/01/30 | 4/23 at 100.00 | N/R | 437,172 | ||
1,665 | 5.250%, 4/01/43 | 4/23 at 100.00 | N/R | 1,678,187 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012: | ||||||
150 | 5.000%, 9/01/26 | 3/20 at 102.00 | N/R | 156,294 | ||
800 | 5.000%, 3/01/29 | 3/20 at 102.00 | N/R | 828,280 | ||
14,745 | Total Tax Obligation/Limited | 15,325,761 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation – 6.2% | ||||||
$ 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 | $956,250 | ||
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- | 4,249,360 | ||
135 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 1/01/31 | 1/27 at 100.00 | AA- | 163,728 | ||
130 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2011A, 3.500%, 1/01/24 | 1/21 at 100.00 | A+ | 137,774 | ||
275 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2012B, 5.000%, 1/01/28 | 1/22 at 100.00 | A+ | 314,325 | ||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014A: | ||||||
2,000 | 5.000%, 1/01/31 | 1/24 at 100.00 | A+ | 2,332,100 | ||
1,175 | 5.000%, 1/01/32 | 1/24 at 100.00 | A+ | 1,365,432 | ||
800 | 5.000%, 1/01/33 | 1/24 at 100.00 | A+ | 925,952 | ||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014B: | ||||||
1,000 | 5.000%, 1/01/25 (Alternative Minimum Tax) | 1/24 at 100.00 | A+ | 1,161,400 | ||
750 | 5.000%, 1/01/26 (Alternative Minimum Tax) | 1/24 at 100.00 | A+ | 860,700 | ||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C: | ||||||
1,530 | 5.000%, 1/01/37 | 1/27 at 100.00 | AA- | 1,811,168 | ||
1,000 | 5.000%, 1/01/41 | 1/27 at 100.00 | AA- | 1,172,760 | ||
3,000 | 5.000%, 1/01/46 | 1/27 at 100.00 | AA- | 3,501,870 | ||
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+ | 126,043 | ||
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+ | 1,134,350 | ||
1,500 | 5.000%, 8/01/35 | 8/18 at 102.00 | A+ | 1,592,805 | ||
19,485 | Total Transportation | 21,806,017 | ||||
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) | 1,376,324 | ||
2,000 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19 (ETM) | No Opt. Call | AA+ (4) | 2,100,260 | ||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A: | ||||||
70 | 6.000%, 11/15/18 (ETM) | No Opt. Call | A+ (4) | 73,214 | ||
3,225 | 6.625%, 11/15/28 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A+ (4) | 3,490,901 | ||
245 | 6.750%, 11/15/32 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A+ (4) | 265,622 | ||
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 | N/R (4) | 155,763 | ||
4,100 | 4.875%, 8/01/25 (Pre-refunded 8/01/18) | 8/18 at 100.00 | N/R (4) | 4,289,174 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 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) | $2,048,660 | ||
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) | 37,941 | ||
65 | 5.500%, 5/01/39 (Pre-refunded 5/01/19) – AGC Insured | 5/19 at 100.00 | A1 (4) | 70,617 | ||
1,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 (Pre-refunded 5/01/20) | 5/20 at 100.00 | Aaa | 1,117,970 | ||
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 | 1,299,973 | ||
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 | 16,404 | ||
2,625 | 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 2,884,298 | ||
1,500 | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.625%, 9/01/42 (Pre-refunded 9/01/21) | 9/21 at 100.00 | BBB- (4) | 1,829,730 | ||
1,555 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R (4) | 1,715,010 | ||
500 | Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008, 4.750%, 12/01/26 (Pre-refunded 12/01/17) | 12/17 at 100.00 | AA+ (4) | 509,850 | ||
21,455 | Total U.S. Guaranteed | 23,281,711 | ||||
Utilities – 11.8% | ||||||
235 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 249,887 | ||
5,045 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/30 | 10/20 at 100.00 | A2 | 5,632,591 | ||
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: | ||||||
1,000 | 4.000%, 10/01/31 | 10/24 at 100.00 | A2 | 1,065,360 | ||
1,000 | 4.000%, 10/01/32 | 10/24 at 100.00 | A2 | 1,059,950 | ||
2,250 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/47 | 10/26 at 100.00 | A2 | 2,595,600 | ||
250 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/26 | 12/23 at 100.00 | Aa3 | 299,488 | ||
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A: | ||||||
2,000 | 5.000%, 12/01/42 | 12/26 at 100.00 | Aa3 | 2,352,020 | ||
1,500 | 5.000%, 12/01/47 | 12/26 at 100.00 | Aa3 | 1,755,855 |
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- | $1,478,985 | ||
1,825 | 0.000%, 1/01/21 – NPFG Insured | No Opt. Call | AA- | 1,723,402 | ||
65 | 0.000%, 1/01/22 – NPFG Insured | No Opt. Call | AA- | 60,107 | ||
3,055 | 0.000%, 1/01/23 – NPFG Insured | No Opt. Call | AA- | 2,760,315 | ||
10,530 | 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | AA- | 9,264,083 | ||
4,805 | 0.000%, 1/01/25 – NPFG Insured | No Opt. Call | AA- | 4,108,707 | ||
6,230 | 0.000%, 1/01/26 – NPFG Insured | No Opt. Call | AA- | 5,165,480 | ||
2,000 | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 | 1/24 at 100.00 | Aa3 | 2,247,460 | ||
43,300 | Total Utilities | 41,819,290 | ||||
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- | 1,357,354 | ||
$ 322,462 | Total Long-Term Investments (cost $320,883,120) | 338,180,907 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 3.0% | ||||||
MUNICIPAL BONDS – 3.0% | ||||||
Health Care – 2.4% | ||||||
$ 3,000 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2007C1, Variable Rate Demand Obligation, 0.890%, 11/15/34 (WI/DD, Settling 6/01/17) (5) | 7/17 at 100.00 | AAA | $3,000,000 | ||
5,500 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic Series 2008A, Variable Rate Demand Obligation, 0.870%, 11/15/38 (5) | 7/17 at 100.00 | AA | 5,500,000 | ||
8,500 | Total Health Care | 8,500,000 | ||||
Housing/Single Family – 0.4% | ||||||
1,375 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015D, Variable Rate Demand Obligation, 0.940%, 1/01/46 Alternative Minimum Tax (5) | 7/17 at 100.00 | AA+ | 1,375,000 | ||
Education and Civic Organizations – 0.2% | ||||||
865 | Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Refunding Series 2009, Variable Rate Demand Obligation, 0.910%, 12/01/40 (5) | 8/17 at 100.00 | Aa1 | 865,000 | ||
$ 10,740 | Total Short-Term Investments (cost $10,740,000) | 10,740,000 | ||||
Total Investments (cost $331,623,120) – 98.8% | 348,920,907 | |||||
Other Assets Less Liabilities – 1.2% | 4,204,330 | |||||
Net Assets – 100% | $ 353,125,237 |
Portfolio of Investments | May 31, 2017 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: 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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Ratings are not covered by the report of independent registered public accounting firm. | |
(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) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(ETM) | Escrowed to maturity. | |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.9% | ||||||
MUNICIPAL BONDS – 98.9% | ||||||
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- | $ 482,615 | ||
Education and Civic Organizations – 10.1% | ||||||
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 | 1,036,380 | ||
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 | 1,105,560 | ||
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- | 714,729 | ||
410 | 4.000%, 4/01/32 | 4/22 at 100.00 | A- | 428,495 | ||
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 | 488,875 | ||
525 | Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.450%, 9/01/35 | 5/21 at 100.00 | Aa3 | 592,835 | ||
1,000 | University of Nebraska, Revenue Bonds, Refunding Lincoln Student Fees and Facilities Series 2011, 5.000%, 7/01/42 | 1/22 at 100.00 | Aa1 | 1,124,680 | ||
1,000 | University of Nebraska, Revenue Bonds, Refunding Lincoln Student Fees and Facilities Series 2016A, 3.000%, 7/01/39 | 7/26 at 100.00 | Aa1 | 923,810 | ||
6,120 | Total Education and Civic Organizations | 6,415,364 | ||||
Health Care – 14.2% | ||||||
200 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 144A, 5.250%, 12/01/56 | 6/26 at 100.00 | BB+ | 218,708 | ||
565 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Refunding Series 2008B, 6.000%, 8/15/28 | 8/17 at 100.00 | A1 | 570,266 | ||
180 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017, 5.000%, 11/15/37 | 5/27 at 100.00 | AA- | 208,265 | ||
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+ | 834,799 | ||
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- | 522,415 | ||
1,000 | 5.000%, 11/01/45 | 11/25 at 100.00 | A- | 1,113,910 | ||
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012: | ||||||
1,000 | 4.000%, 11/01/37 | 11/21 at 100.00 | A- | 1,018,220 | ||
2,800 | 5.000%, 11/01/42 | 11/21 at 100.00 | A- | 3,019,156 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Sarpy County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Nebraska Medicine, Series 2016: | ||||||
$ 500 | 4.000%, 5/15/41 | 5/26 at 100.00 | AA- | $515,575 | ||
500 | 3.000%, 5/15/46 | 5/26 at 100.00 | AA- | 438,930 | ||
500 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/20/37 | 2/27 at 100.00 | BBB+ | 542,985 | ||
8,520 | Total Health Care | 9,003,229 | ||||
Housing/Single Family – 3.2% | ||||||
975 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Refunding Series 2016A, 3.500%, 9/01/36 | 3/25 at 100.00 | AA+ | 1,004,367 | ||
1,000 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2016C, 3.350%, 9/01/36 | 9/25 at 100.00 | AA+ | 1,014,400 | ||
1,975 | Total Housing/Single Family | 2,018,767 | ||||
Long-Term Care – 8.1% | ||||||
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 | 961,290 | ||
240 | Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26 | 7/17 at 100.00 | N/R | 240,334 | ||
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 | 3,677,193 | ||
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 | 256,225 | ||
4,745 | Total Long-Term Care | 5,135,042 | ||||
Tax Obligation/General – 14.2% | ||||||
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 | 724,056 | ||
500 | Adams County School District 18, Nebraska, General Obligation Bonds, Hastings Public Schools, Series 2017, 4.500%, 12/15/44 | 1/22 at 100.00 | Aa3 | 539,880 | ||
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- | 478,520 | ||
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- | 978,550 | ||
1,350 | Douglas County School District 1, Nebraska, General Obligation Bonds, Refunding Series 2012, 5.000%, 6/15/24 | No Opt. Call | AAA | 1,658,974 | ||
750 | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Series 2016, 4.000%, 12/15/36 | 12/25 at 100.00 | AA- | 796,238 | ||
1,000 | Kearney County School District 503, Nebraska, General Obligation Bonds, Series 2014, 4.000%, 12/15/39 | 12/19 at 100.00 | A+ | 1,047,270 | ||
195 | Omaha, Nebraska, General Obligation Bonds, Convention Center Project, Series 2004, 5.250%, 4/01/26 | No Opt. Call | AA+ | 246,712 | ||
Omaha, Nebraska, General Obligation Bonds, Various Purpose & Refunding Series 2013A: | ||||||
715 | 4.500%, 11/15/28 | 11/23 at 100.00 | AA+ | 825,911 | ||
365 | 4.500%, 11/15/29 | 11/23 at 100.00 | AA+ | 419,020 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 650 | Omaha, Nebraska, Special Tax Redevelopment Bonds, Redevelopment 2008, 5.250%, 10/15/28 | 10/18 at 100.00 | AA+ | $685,276 | ||
500 | Scotts Bluff County School District 16, Nebraska, General Obligation Bonds, Gering Public Schools Series 2017, 5.000%, 12/01/46 | 5/22 at 100.00 | A2 | 555,925 | ||
8,230 | Total Tax Obligation/General | 8,956,332 | ||||
Tax Obligation/Limited – 7.3% | ||||||
265 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | A | 279,350 | ||
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 | 2,776,848 | ||
500 | Omaha Public Facilities Corporation, Nebraska, Lease Revenue Bonds, Omaha Baseball Stadium Project, Series 2016, 4.000%, 6/01/36 | 6/26 at 100.00 | AA | 533,485 | ||
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- | 519,355 | ||
500 | Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2017, 4.000%, 12/15/31 (WI/DD, Settling 6/15/17) | 6/22 at 100.00 | AA- | 530,450 | ||
4,225 | Total Tax Obligation/Limited | 4,639,488 | ||||
Transportation – 3.5% | ||||||
165 | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) | 10/23 at 100.00 | BBB | 189,006 | ||
825 | Lincoln, Nebraska, Airport Revenue Bonds, Series 2015A, 4.000%, 7/01/45 | 7/25 at 100.00 | Aa1 | 863,280 | ||
1,000 | Omaha Airport Authority, Nebraska, Airport Facilities Revenue Refunding Bonds, Series 2017A, 5.000%, 12/15/36 (Alternative Minimum Tax) | 12/26 at 100.00 | AA- | 1,162,130 | ||
1,990 | Total Transportation | 2,214,416 | ||||
U.S. Guaranteed – 16.2% (4) | ||||||
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) | 368,684 | ||
1,210 | 5.500%, 11/01/38 (Pre-refunded 11/01/18) | 11/18 at 100.00 | A- (4) | 1,288,807 | ||
500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2008A, 5.375%, 3/15/39 (Pre-refunded 3/15/18) | 3/18 at 100.00 | AAA | 517,940 | ||
Nebraska Cooperative Republican Platte Enhancement, Middle Republican Natural Resources District, Platte River Flow Revenue, Series 2013: | ||||||
2,000 | 5.125%, 12/15/33 (Pre-refunded 9/10/18) | 9/18 at 100.00 | A+ (4) | 2,107,920 | ||
520 | 5.000%, 12/15/38 (Pre-refunded 9/10/18) | 9/18 at 100.00 | A+ (4) | 547,238 | ||
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) | 1,041,522 | ||
1,200 | 5.500%, 2/01/35 (Pre-refunded 2/01/18) | 2/18 at 100.00 | AA (4) | 1,237,452 | ||
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) | 479,956 | ||
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) | 1,600,080 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 1,020 | University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008, 5.000%, 5/15/33 (Pre-refunded 5/15/18) | 5/18 at 100.00 | Aa1 (4) | $ 1,060,474 | ||
9,755 | Total U.S. Guaranteed | 10,250,073 | ||||
Utilities – 17.4% | ||||||
Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A: | ||||||
20 | 5.250%, 12/01/19 | No Opt. Call | A | 21,875 | ||
800 | 5.250%, 12/01/21 | No Opt. Call | A | 910,616 | ||
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 | 2,530,433 | ||
1,500 | Fremont, Nebraska, Combined Utilities System Revenue Bonds, Series 2014B, 5.000%, 7/15/34 | 7/21 at 100.00 | AA- | 1,687,605 | ||
235 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 249,887 | ||
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+ | 80,471 | ||
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A: | ||||||
100 | 5.000%, 4/01/22 | No Opt. Call | A | 116,272 | ||
110 | 5.000%, 4/01/31 | 4/22 at 100.00 | A | 123,295 | ||
1,850 | Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/34 | 1/22 at 100.00 | A+ | 2,092,738 | ||
320 | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Refunding Series 2015A, 3.500%, 2/01/42 | 2/25 at 100.00 | A+ | 321,696 | ||
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 | 1,143,480 | ||
1,500 | Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/40 | 7/26 at 100.00 | A2 | 1,706,265 | ||
9,860 | Total Utilities | 10,984,633 | ||||
Water and Sewer – 3.9% | ||||||
415 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A- | 454,276 | ||
500 | Metropolitan Utilities District Omaha, Nebraska, Water Revenue Bonds, Series 2015, 3.250%, 12/01/32 | 12/25 at 100.00 | AA- | 507,440 | ||
1,395 | Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2011, 4.250%, 11/15/41 | 11/21 at 100.00 | AA | 1,476,161 | ||
2,310 | Total Water and Sewer | 2,437,877 | ||||
$ 58,230 | Total Long-Term Investments (cost $59,461,969) | 62,537,836 | ||||
Other Assets Less Liabilities – 1.1% | 719,826 | |||||
Net Assets – 100% | $ 63,257,662 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: 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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Ratings are not covered by the report of independent registered public accounting firm. | |
(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. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 99.8% | ||||||
MUNICIPAL BONDS – 99.8% | ||||||
Education and Civic Organizations – 7.2% | ||||||
$ 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 | $2,376,303 | ||
1,095 | Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2015A, 5.000%, 5/01/30 | 5/25 at 100.00 | BBB | 1,245,256 | ||
Forest Grove, Oregon, Student Housing Revenue Bonds, Oak Tree Foundation, Inc. Project, Series 2017: | ||||||
440 | 5.000%, 3/01/24 | No Opt. Call | BBB- | 499,712 | ||
405 | 5.000%, 3/01/25 | No Opt. Call | BBB- | 461,429 | ||
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 | 1,522,070 | ||
1,260 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2015C, 5.000%, 4/01/24 | No Opt. Call | AAA | 1,545,617 | ||
1,000 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2015A, 5.000%, 4/01/28 | 4/25 at 100.00 | AAA | 1,228,910 | ||
1,040 | Oregon Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30 | 9/20 at 100.00 | BB+ | 1,204,809 | ||
Oregon Facilities Authority, Revenue Bonds, Lewis & Clark College Project, Refunding Series 2011A: | ||||||
625 | 4.000%, 10/01/17 | No Opt. Call | A- | 630,487 | ||
500 | 5.250%, 10/01/24 | 10/21 at 100.00 | A- | 567,780 | ||
500 | Oregon Facilities Authority, Revenue Bonds, Linfield College, Series 2010A, 4.750%, 10/01/28 | 10/20 at 100.00 | Baa1 | 535,005 | ||
100 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2015A, 5.500%, 6/15/35 | 6/25 at 100.00 | N/R | 104,147 | ||
600 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2016A, 5.000%, 6/15/33 | 6/25 at 100.00 | N/R | 605,922 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, Reed College, Refunding Series 2011A, 5.000%, 7/01/29 | 7/20 at 100.00 | Aa2 | 1,106,340 | ||
Oregon Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A: | ||||||
450 | 5.000%, 4/01/29 | 4/25 at 100.00 | A- | 524,439 | ||
700 | 5.000%, 4/01/30 | 4/25 at 100.00 | A- | 814,310 | ||
210 | Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2010A, 4.000%, 10/01/24 | 4/20 at 100.00 | A | 221,388 | ||
285 | Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 4.300%, 10/01/21 | 10/17 at 100.00 | A | 287,391 | ||
13,670 | Total Education and Civic Organizations | 15,481,315 | ||||
Health Care – 16.5% | ||||||
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- | 1,171,682 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 500 | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles Health System, Inc., Series 2016A, 4.000%, 1/01/33 | 1/26 at 100.00 | A+ | $529,420 | ||
Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Refunding Series 2016: | ||||||
300 | 4.000%, 9/01/20 | No Opt. Call | A- | 325,755 | ||
495 | 5.000%, 9/01/29 | 9/26 at 100.00 | A- | 586,877 | ||
400 | 5.000%, 9/01/31 | 9/26 at 100.00 | A- | 468,768 | ||
500 | Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/24 | 9/22 at 100.00 | A- | 551,950 | ||
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 | 2,105,504 | ||
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 | 912,105 | ||
1,940 | 5.000%, 9/01/21 | 9/19 at 100.00 | A | 2,110,371 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/30 | 6/26 at 100.00 | AA- | 1,183,710 | ||
1,020 | Oregon Facilities Authority, Revenue Bonds, Legacy Health System, Refunding Series 2010A, 4.750%, 3/15/24 | 3/20 at 100.00 | AA- | 1,104,181 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2009A, 5.000%, 11/01/20 | 11/19 at 100.00 | A+ | 1,093,580 | ||
Oregon Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2014A: | ||||||
690 | 5.000%, 11/15/25 | 5/24 at 100.00 | A+ | 826,641 | ||
4,155 | 4.125%, 11/15/32 | 5/24 at 100.00 | A+ | 4,484,367 | ||
375 | Oregon Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2011C, 5.000%, 10/01/20 | No Opt. Call | AA- | 421,485 | ||
1,815 | Oregon Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2013A, 5.000%, 10/01/23 | No Opt. Call | AA- | 2,181,303 | ||
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2010A: | ||||||
1,250 | 5.000%, 10/01/19 | No Opt. Call | BBB+ | 1,350,525 | ||
500 | 5.000%, 10/01/24 | 10/20 at 100.00 | BBB+ | 545,585 | ||
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A: | ||||||
485 | 5.000%, 10/01/29 | 10/26 at 100.00 | BBB+ | 555,674 | ||
1,325 | 5.000%, 10/01/30 | 10/26 at 100.00 | BBB+ | 1,510,897 | ||
Oregon Health and Science University, Revenue Bonds, Refunding Series 2012A: | ||||||
925 | 5.000%, 7/01/25 | 7/22 at 100.00 | AA- | 1,070,613 | ||
1,195 | 5.000%, 7/01/26 | 7/22 at 100.00 | AA- | 1,373,067 | ||
4,000 | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/33 | 7/26 at 100.00 | AA- | 4,711,920 | ||
1,000 | Oregon Health and Science University, Revenue Bonds, Series 2012E, 4.000%, 7/01/29 | 7/22 at 100.00 | AA- | 1,066,990 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A: | ||||||
$ 1,355 | 5.000%, 5/15/29 | 5/26 at 100.00 | A+ | $1,606,678 | ||
560 | 5.000%, 5/15/30 | 5/26 at 100.00 | A+ | 657,110 | ||
1,000 | 5.000%, 5/15/31 | 5/26 at 100.00 | A+ | 1,167,150 | ||
31,575 | Total Health Care | 35,673,908 | ||||
Housing/Multifamily – 2.4% | ||||||
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 | 316,267 | ||
195 | 4.000%, 9/01/23 | 3/23 at 100.00 | Aa3 | 216,676 | ||
340 | Home Forward, Oregon, Multifamily Housing Revenue Bonds, Lovejoy Station Apartments, Refunding Series 2016, 4.000%, 7/15/29 | 7/26 at 100.00 | Aa2 | 368,716 | ||
Oregon 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 | 1,278,568 | ||
400 | 4.700%, 7/01/33 – AGM Insured | 7/22 at 100.00 | AA | 429,564 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, College Housing Northwest Projects, Refunding Series 2013, 5.000%, 10/01/24 | 10/23 at 100.00 | BBB- | 1,107,910 | ||
Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A: | ||||||
375 | 4.000%, 7/01/19 (Alternative Minimum Tax) | No Opt. Call | Aaa | 392,419 | ||
255 | 4.250%, 7/01/21 (Alternative Minimum Tax) | 1/20 at 100.00 | Aaa | 270,897 | ||
705 | Portland Housing Authority, Oregon, Housing Revenue Bonds, Yards at Union Station Project, Refunding Series 2007, 4.750%, 5/01/22 (Alternative Minimum Tax) | 7/17 at 100.00 | Aa2 | 706,544 | ||
4,740 | Total Housing/Multifamily | 5,087,561 | ||||
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- | 269,865 | ||
450 | 5.000%, 10/01/24 | 10/23 at 100.00 | A- | 522,364 | ||
1,500 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bond, Terwilliger Plaza, Inc., Refunding Series 2012, 5.000%, 12/01/29 | 12/22 at 100.00 | BBB | 1,672,455 | ||
325 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bond, Terwilliger Plaza, Inc., Refunding Series 2016, 5.000%, 12/01/30 | 12/26 at 100.00 | BBB | 373,220 | ||
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 | 771,883 | ||
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 | 1,048,507 | ||
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc., Refunding Series 2012: | ||||||
550 | 5.000%, 5/15/22 | No Opt. Call | N/R | 596,497 | ||
550 | 5.750%, 5/15/27 | 5/22 at 100.00 | N/R | 608,905 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 450 | Yamhill County Hospital Authority, Oregon, Revenue Bonds, Friendsview Retirement Community, Refunding Series 2016A, 5.000%, 11/15/31 | 11/24 at 102.00 | N/R | $ 485,501 | ||
5,815 | Total Long-Term Care | 6,349,197 | ||||
Tax Obligation/General – 31.7% | ||||||
1,365 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 0.000%, 6/15/26 | No Opt. Call | AA+ | 1,607,151 | ||
620 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Refunding Series 2016, 4.000%, 6/01/25 | No Opt. Call | Aa2 | 721,928 | ||
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+ | 1,329,182 | ||
Blue Mountain Hospital District, Grant County, Oregon, General Obligation Bonds, Refunding Series 2010: | ||||||
605 | 4.250%, 2/01/19 | No Opt. Call | Baa3 | 630,132 | ||
655 | 4.500%, 2/01/20 | No Opt. Call | Baa3 | 700,149 | ||
280 | 5.000%, 2/01/21 | No Opt. Call | Baa3 | 309,179 | ||
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+ | 1,062,160 | ||
810 | 4.500%, 6/15/20 | No Opt. Call | AA+ | 894,499 | ||
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- | 585,100 | ||
1,100 | Chemeketa Community College District, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/26 | 6/24 at 100.00 | AA+ | 1,323,234 | ||
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+ | 1,516,650 | ||
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+ | 1,359,015 | ||
1,000 | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2017B, 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 1,237,300 | ||
1,500 | Clackamas County School District 46 Oregon Trail, Oregon, General Obligation Bonds, Refunding Series 2017, 5.000%, 6/15/30 (WI/DD, Settling 6/13/17) | 6/27 at 100.00 | AA+ | 1,851,900 | ||
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+ | 1,082,290 | ||
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 | 684,452 | ||
525 | Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2012A, 5.000%, 6/15/25 | 6/22 at 100.00 | AA+ | 619,930 | ||
1,000 | David Douglas School District 40, Multnomah County, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25 | No Opt. Call | AA+ | 848,690 | ||
3,055 | Deschutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Series 2008, 0.000%, 6/15/22 | No Opt. Call | Aa1 | 2,830,641 | ||
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 | 1,974,860 | ||
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 | 1,127,384 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Jackson County School District 549C, Oregon, General Obligation Bonds, Refunding Series 2015: | ||||||
$ 2,000 | 5.000%, 12/15/20 | No Opt. Call | AA+ | $2,275,000 | ||
1,250 | 5.000%, 12/15/28 | 6/25 at 100.00 | AA+ | 1,513,050 | ||
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 | 1,099,590 | ||
560 | 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 | Aa3 | 579,230 | ||
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 | 252,630 | ||
Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Series 2013A: | ||||||
975 | 4.000%, 9/15/19 | No Opt. Call | Baa1 | 1,019,489 | ||
1,105 | 4.250%, 9/15/23 | 9/21 at 100.00 | Baa1 | 1,174,725 | ||
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 | 1,215,430 | ||
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 | 355,488 | ||
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 | 1,811,370 | ||
2,250 | 5.000%, 6/15/30 | 6/25 at 100.00 | Aa1 | 2,701,845 | ||
1,015 | Multnomah-Clackamas Counties School District 10JT, Oregon, General Obligation Bonds, Series 2005, 5.250%, 6/15/17 – AGM Insured | No Opt. Call | AA+ | 1,016,807 | ||
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+ | 1,682,415 | ||
Oregon State, General Obligation Bonds, Alternative Energy Series 2011B: | ||||||
540 | 5.000%, 1/01/20 (Alternative Minimum Tax) | No Opt. Call | AA+ | 587,709 | ||
560 | 5.000%, 1/01/21 (Alternative Minimum Tax) | No Opt. Call | AA+ | 626,461 | ||
100 | 5.000%, 1/01/23 (Alternative Minimum Tax) | 1/21 at 100.00 | AA+ | 110,688 | ||
2,255 | Oregon State, General Obligation Bonds, Article XI-Q State Projects, Refunding Series 2016G, 5.000%, 11/01/29 | 5/26 at 100.00 | AA+ | 2,761,924 | ||
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 | 456,574 | ||
Pacific Communities Health District, Oregon, General Obligation Bonds, Series 2016: | ||||||
750 | 5.000%, 6/01/29 | 6/26 at 100.00 | A1 | 906,390 | ||
1,000 | 5.000%, 6/01/30 | 6/26 at 100.00 | A1 | 1,194,290 | ||
770 | 5.000%, 6/01/31 | 6/26 at 100.00 | A1 | 914,044 | ||
900 | Portland Community College District, Multnomah County, Oregon, General Obligation Bonds, Refunding Series 2016, 5.000%, 6/15/29 | 6/26 at 100.00 | Aa1 | 1,104,561 | ||
2,235 | Portland, Oregon, General Obligation Bonds, Sellwood Bridge Project, Series 2014A, 5.000%, 6/01/28 | 6/24 at 100.00 | Aaa | 2,661,438 | ||
340 | Redmond, Oregon, Full Faith and Credit Obligations, Refunding Series 2012A, 4.000%, 6/01/25 | 6/22 at 100.00 | Aa3 | 371,389 | ||
350 | Redmond, Oregon, Full Faith and Credit Obligations, Series 2014A, 5.000%, 6/01/25 | 6/24 at 100.00 | Aa3 | 418,065 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Redmond, Oregon, Full Faith and Credit Obligations, Terminal Expansion Project, Series 2009: | ||||||
$ 240 | 4.000%, 6/01/21 | 6/19 at 100.00 | Aa3 | $252,370 | ||
200 | 4.250%, 6/01/23 | 6/19 at 100.00 | Aa3 | 210,304 | ||
500 | 4.625%, 6/01/29 | 6/19 at 100.00 | Aa3 | 527,510 | ||
400 | Salem, Oregon, General Obligation Bonds, Series 2009, 5.000%, 6/01/22 | 6/19 at 100.00 | AA | 431,340 | ||
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+ | 741,248 | ||
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 | 1,695,185 | ||
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 | 1,275,286 | ||
Umatilla County School District 6R Umatilla, Oregon, General Obligation Bonds, Series 2017: | ||||||
245 | 0.000%, 6/15/27 | No Opt. Call | AA+ | 229,496 | ||
340 | 0.000%, 6/15/29 | 6/27 at 100.00 | AA+ | 313,113 | ||
315 | 0.000%, 6/15/31 | 6/27 at 100.00 | AA+ | 286,549 | ||
500 | Wasco County School District 012, Oregon, General Obligation Bonds, Series 2001 Refunding, 5.500%, 6/15/19 – AGM Insured | No Opt. Call | AA | 546,060 | ||
1,250 | Washington and Clackamas Counties School District 23J Tigard-Tualatin, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 1,546,625 | ||
965 | Washington County School District 15, Forest Grove, Washington, General Obligation Bonds, Series 2012, 0.000%, 6/15/25 | No Opt. Call | AA+ | 818,986 | ||
1,320 | Washington County, Oregon, General Obligation Bonds, Full Faith & Credit Obligation Series 2016B, 4.000%, 3/01/31 | 3/26 at 100.00 | Aaa | 1,457,227 | ||
1,200 | Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Refunding Series 2012, 4.000%, 6/15/23 | 6/22 at 100.00 | Aa1 | 1,350,720 | ||
1,000 | Washington, Clackamas and Yamhill Counties School District 88J Sherwood, Oregon, General Obligation Bonds, Series 2017B, 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 1,235,290 | ||
Yamhill County School District 40, McMinnville, Oregon, General Obligation Bonds, Refunding Series 2016: | ||||||
1,000 | 4.000%, 6/15/31 | 6/26 at 100.00 | AA+ | 1,112,120 | ||
1,000 | 4.000%, 6/15/32 | 6/26 at 100.00 | AA+ | 1,103,640 | ||
60,565 | Total Tax Obligation/General | 68,239,497 | ||||
Tax Obligation/Limited – 13.2% | ||||||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
2,260 | 5.000%, 11/15/28 | 11/25 at 100.00 | A | 2,544,783 | ||
500 | 5.000%, 11/15/29 | 11/25 at 100.00 | A | 558,700 | ||
585 | Oregon Department of Administrative Services, Certificates of Participation, Series 2009C, 5.000%, 11/01/25 | 11/19 at 100.00 | AA | 637,100 | ||
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 | 2,429,896 | ||
1,000 | 5.000%, 11/15/27 | 11/24 at 100.00 | AAA | 1,219,210 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
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 | $2,438,420 | ||
3,000 | 5.000%, 11/15/28 | 11/24 at 100.00 | AAA | 3,636,090 | ||
3,400 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 11/15/27 (WI/DD, Settling 6/08/17) | 5/27 at 100.00 | AAA | 4,322,012 | ||
1,000 | Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012B, 5.000%, 6/15/23 | 6/22 at 100.00 | A1 | 1,168,770 | ||
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 | 2,133,002 | ||
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 | 2,936,244 | ||
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 | 1,134,920 | ||
1,715 | 5.000%, 10/01/26 | 10/21 at 100.00 | A | 1,933,971 | ||
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 | 1,348,130 | ||
24,330 | Total Tax Obligation/Limited | 28,441,248 | ||||
Transportation – 3.5% | ||||||
Jackson County, Oregon, Airport Revenue Bonds, Refunding Series 2016: | ||||||
395 | 5.000%, 12/01/30 – AGM Insured | 6/26 at 100.00 | AA | 475,616 | ||
430 | 5.000%, 12/01/31 – AGM Insured | 6/26 at 100.00 | AA | 515,394 | ||
380 | 5.000%, 12/01/33 – AGM Insured | 6/26 at 100.00 | AA | 450,752 | ||
350 | 4.000%, 12/01/34 – AGM Insured | 6/26 at 100.00 | AA | 374,857 | ||
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- | 1,008,477 | ||
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- | 1,169,194 | ||
350 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/18 (Alternative Minimum Tax) | No Opt. Call | AA- | 364,851 | ||
1,250 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2015-23, 5.000%, 7/01/28 | 7/25 at 100.00 | AA- | 1,507,875 | ||
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 | 1,680,600 | ||
6,690 | Total Transportation | 7,547,616 | ||||
U.S. Guaranteed – 10.8% (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) | 1,048,450 | ||
1,000 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Legacy Health System, Series 2009A, 5.000%, 7/15/21 (Pre-refunded 7/15/19) | 7/19 at 100.00 | AA- (4) | 1,085,020 | ||
685 | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B, 5.000%, 6/15/19 (Pre-refunded 6/15/17) – AGM Insured | 6/17 at 100.00 | AA+ (4) | 686,130 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 1,500 | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Cascade Healthcare Community, Inc., Refunding Series 2008, 7.375%, 1/01/23 (Pre-refunded 1/01/19) | 1/19 at 100.00 | A2 (4) | $1,648,065 | ||
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) | 1,587,165 | ||
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 | 1,635,000 | ||
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) | 1,606,380 | ||
470 | Oregon Department of Administrative Services, Certificates of Participation, Series 2009C, 5.000%, 11/01/25 (Pre-refunded 11/01/19) | 11/19 at 100.00 | N/R (4) | 515,205 | ||
2,000 | Oregon Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2007A, 4.500%, 4/01/21 (Pre-refunded 4/01/18) | 4/18 at 100.00 | A- (4) | 2,061,400 | ||
800 | Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 4.300%, 10/01/21 (Pre-refunded 10/01/17) | 10/17 at 100.00 | N/R (4) | 809,232 | ||
1,055 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2009A, 5.000%, 11/15/21 (Pre-refunded 5/15/19) | 5/19 at 100.00 | AAA | 1,138,451 | ||
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) | 1,556,908 | ||
1,500 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Series 2008A, 5.750%, 8/15/23 (Pre-refunded 8/15/18) | 8/18 at 100.00 | A+ (4) | 1,587,900 | ||
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 | 2,742,420 | ||
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) | 2,494,158 | ||
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) | 1,041,726 | ||
21,935 | Total U.S. Guaranteed | 23,243,610 | ||||
Utilities – 1.3% | ||||||
Central Lincoln Peoples Utility District, Oregon, Electric Revenue Bonds, Series 2016: | ||||||
500 | 3.500%, 12/01/29 | 12/25 at 100.00 | AA- | 529,255 | ||
610 | 3.750%, 12/01/30 | 12/25 at 100.00 | AA- | 654,560 | ||
350 | 5.000%, 12/01/33 | 12/25 at 100.00 | AA- | 408,174 | ||
350 | 5.000%, 12/01/34 | 12/25 at 100.00 | AA- | 406,452 | ||
500 | Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/22 – AGM Insured | No Opt. Call | A1 | 583,145 | ||
250 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/21 – AGM Insured | No Opt. Call | AA | 282,305 | ||
2,560 | Total Utilities | 2,863,891 | ||||
Water and Sewer – 10.3% | ||||||
1,295 | Albany, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/01/25 | 8/23 at 100.00 | Aa3 | 1,554,168 | ||
630 | Bend, Deschutes County, Oregon, Water Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/23 | No Opt. Call | AA | 769,595 |
Portfolio of Investments | May 31, 2017 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
Clackamas River Water, Oregon, Water Revenue Bonds, Series 2016: | ||||||
$ 300 | 4.000%, 11/01/27 | 5/25 at 100.00 | AA- | $339,108 | ||
150 | 5.000%, 11/01/28 | 5/25 at 100.00 | AA- | 180,137 | ||
350 | 5.000%, 11/01/30 | 5/25 at 100.00 | AA- | 415,849 | ||
270 | 5.000%, 11/01/33 | 5/25 at 100.00 | AA- | 316,089 | ||
Eugene, Oregon, Water Utility System Revenue Bonds, Refunding Series 2016: | ||||||
400 | 5.000%, 8/01/27 | 8/26 at 100.00 | AA+ | 497,896 | ||
500 | 4.000%, 8/01/32 | 8/26 at 100.00 | AA+ | 549,895 | ||
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- | 1,228,659 | ||
1,120 | 5.000%, 7/01/29 | 7/26 at 100.00 | A- | 1,282,086 | ||
1,180 | 5.000%, 7/01/30 | 7/26 at 100.00 | A- | 1,341,766 | ||
2,250 | Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Refunding Series 2016, 4.000%, 11/01/24 | No Opt. Call | AA | 2,618,460 | ||
3,070 | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Series 2015B, 5.000%, 6/01/25 | No Opt. Call | AA- | 3,802,625 | ||
2,500 | Portland, Oregon, Water System Revenue Bonds, Refunding First Lien Series 2016A, 4.000%, 4/01/33 | 4/26 at 100.00 | Aaa | 2,749,700 | ||
Redmond, Oregon, Water Revenue Bonds, Series 2010: | ||||||
450 | 4.500%, 6/01/25 | 6/20 at 100.00 | Aa3 | 488,795 | ||
5 | 4.500%, 6/01/30 | 6/20 at 100.00 | Aa3 | 5,346 | ||
1,000 | Sunrise Water Authority, Oregon, Water Revenue Bonds, Refunding Series 2014, 4.000%, 3/01/23 | No Opt. Call | AA | 1,137,150 | ||
325 | The Dalles, Oregon, Water Revenue Bonds, Series 200, 4.250%, 6/01/20 – AMBAC Insured | 6/17 at 100.00 | N/R | 325,868 | ||
1,435 | Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/26 | 8/22 at 100.00 | AA- | 1,688,392 | ||
900 | Woodburn, Marion County, Oregon, Wastewater Revenue Bonds, Refunding Series 2011A, 5.000%, 3/01/20 | No Opt. Call | A2 | 984,537 | ||
19,195 | Total Water and Sewer | 22,276,121 | ||||
$ 191,075 | Total Long-Term Investments (cost $206,721,806) | 215,203,964 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 1.8% | ||||||
MUNICIPAL BONDS – 1.8% | ||||||
Health Care – 1.8% | ||||||
$ 3,750 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital, Variable Rate Demand Obligation Series 2008B, 0.890%, 8/15/34 (5) | 7/17 at 100.00 | A-1+ | $ 3,750,000 | ||
$ 3,750 | Total Short-Term Investments (cost $3,750,000) | 3,750,000 | ||||
Total Investments (cost $210,471,806) – 101.6% | 218,953,964 | |||||
Other Assets Less Liabilities – (1.6)% | (3,404,175) | |||||
Net Assets – 100% | $ 215,549,789 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: 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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Ratings are not covered by the report of independent registered public accounting firm. | |
(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) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
Assets and Liabilities
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Assets | ||||
Long-term investments, at value (cost $320,117,487, $320,883,120, $59,461,969 and $206,721,806, respectively) | $334,871,238 | $338,180,907 | $62,537,836 | $215,203,964 |
Short-term investments, at value (cost approximates value) | — | 10,740,000 | — | 3,750,000 |
Cash | 444,215 | 1,230,258 | 650,987 | 482,768 |
Receivable for: | ||||
Interest | 4,006,651 | 4,096,925 | 842,455 | 2,662,392 |
Shares sold | 184,755 | 887,670 | 21,891 | 78,572 |
Other assets | 20,491 | 15,935 | 14,251 | 9,741 |
Total assets | 339,527,350 | 355,151,695 | 64,067,420 | 222,187,437 |
Liabilities | ||||
Payable for: | ||||
Dividends | 417,256 | 210,865 | 39,196 | 223,706 |
Investments purchased | — | 516,615 | 523,055 | 6,047,562 |
Shares redeemed | 337,494 | 979,020 | 172,126 | 196,535 |
Accrued expenses: | ||||
Directors fees | 12,908 | 7,049 | 637 | 2,122 |
Management fees | 149,216 | 153,238 | 25,761 | 96,692 |
12b-1 distribution and service fees | 31,710 | 60,971 | 10,630 | 15,328 |
Other | 80,423 | 98,700 | 38,353 | 55,703 |
Total liabilities | 1,029,007 | 2,026,458 | 809,758 | 6,637,648 |
Net assets | $338,498,343 | $353,125,237 | $63,257,662 | $215,549,789 |
Class A Shares | ||||
Net assets | $ 90,430,662 | $152,704,441 | $26,200,839 | $ 44,776,403 |
Shares outstanding | 8,647,364 | 13,005,835 | 2,433,885 | 4,337,553 |
Net asset value ("NAV") per share | $ 10.46 | $ 11.74 | $ 10.77 | $ 10.32 |
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) | $ 10.78 | $ 12.25 | $ 11.24 | $ 10.64 |
Class C Shares | ||||
Net assets | $ 13,521,938 | $ 28,194,851 | $ 2,966,446 | $ 4,065,585 |
Shares outstanding | 1,301,024 | 2,404,354 | 276,296 | 396,106 |
NAV and offering price per share | $ 10.39 | $ 11.73 | $ 10.74 | $ 10.26 |
Class C1 Shares | ||||
Net assets | $ 2,117,923 | $ 11,561,586 | $ 2,339,299 | $ — |
Shares outstanding | 201,929 | 988,862 | 218,829 | — |
NAV and offering price per share | $ 10.49 | $ 11.69 | $ 10.69 | $ — |
Class C2 Shares | ||||
Net assets | $ 5,937,276 | $ 8,105,906 | $ 3,549,456 | $ 6,707,954 |
Shares outstanding | 569,848 | 690,120 | 329,459 | 651,352 |
NAV and offering price per share | $ 10.42 | $ 11.75 | $ 10.77 | $ 10.30 |
Class I Shares | ||||
Net assets | $226,490,544 | $152,558,453 | $28,201,622 | $159,999,847 |
Shares outstanding | 21,768,690 | 13,005,830 | 2,616,512 | 15,481,960 |
NAV and offering price per share | $ 10.40 | $ 11.73 | $ 10.78 | $ 10.33 |
Net assets consist of: | ||||
Capital paid-in | $325,213,142 | $344,632,526 | $62,333,384 | $210,062,103 |
Undistributed (Over-distribution of) net investment income | 218,351 | 262,245 | 85,782 | (20,041) |
Accumulated net realized gain (loss) | (1,686,901) | (9,067,321) | (2,237,371) | (2,974,431) |
Net unrealized appreciation (depreciation) | 14,753,751 | 17,297,787 | 3,075,867 | 8,482,158 |
Net assets | $338,498,343 | $353,125,237 | $63,257,662 | $215,549,789 |
Authorized shares – per class | 2 billion | 2 billion | 2 billion | 2 billion |
Par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Operations
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Investment Income | $12,352,002 | $13,713,409 | $ 2,537,704 | $ 6,826,393 |
Expenses | ||||
Management fees | 1,795,539 | 1,799,468 | 337,301 | 1,182,635 |
12b-1 service fees - Class A Shares | 188,377 | 316,996 | 53,383 | 109,085 |
12b-1 distibution and service fees - Class C Shares | 129,423 | 254,691 | 30,181 | 40,896 |
12b-1 distibution and service fees - Class C1 Shares | 14,263 | 79,898 | 16,872 | — |
12b-1 distibution and service fees - Class C2 Shares | 47,595 | 66,454 | 27,374 | 55,411 |
Shareholder servicing agent fees | 99,735 | 124,341 | 28,684 | 52,574 |
Custodian fees | 70,496 | 64,073 | 17,224 | 45,987 |
Directors fees | 10,234 | 10,409 | 2,047 | 6,603 |
Professional fees | 46,492 | 47,490 | 28,254 | 38,853 |
Shareholder reporting expenses | 26,597 | 45,284 | 14,688 | 17,151 |
Federal and state registration fees | 21,609 | 29,784 | 29,560 | 18,828 |
Other | 13,062 | 13,947 | 4,263 | 8,841 |
Total expenses before fee waiver/expense reimbursement | 2,463,422 | 2,852,835 | 589,831 | 1,576,864 |
Fee waiver/expense reimbursement | — | — | (28,430) | — |
Net expenses | 2,463,422 | 2,852,835 | 561,401 | 1,576,864 |
Net investment income (loss) | 9,888,580 | 10,860,574 | 1,976,303 | 5,249,529 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from investments | (842,084) | (2,682,236) | (176,606) | (1,586,506) |
Change in net unrealized appreciation (depreciation) of investments | (6,739,454) | (6,365,914) | (1,731,266) | (3,059,136) |
Net realized and unrealized gain (loss) | (7,581,538) | (9,048,150) | (1,907,872) | (4,645,642) |
Net increase (decrease) in net assets from operations | $ 2,307,042 | $ 1,812,424 | $ 68,431 | $ 603,887 |
Changes in Net Assets
Minnesota Intermediate | Minnesota | ||||
Year Ended 5/31/17 | Year Ended 5/31/16 | Year Ended 5/31/17 | Year Ended 5/31/16 | ||
Operations | |||||
Net investment income (loss) | $ 9,888,580 | $ 9,071,080 | $ 10,860,574 | $ 9,414,649 | |
Net realized gain (loss) from investments | (842,084) | (203,453) | (2,682,236) | 16,963 | |
Change in net unrealized appreciation (depreciation) of investments | (6,739,454) | 7,155,967 | (6,365,914) | 7,831,343 | |
Net increase (decrease) in net assets from operations | 2,307,042 | 16,023,594 | 1,812,424 | 17,262,955 | |
Distributions to Shareholders | |||||
From net investment income: | |||||
Class A Shares | (2,605,055) | (2,366,664) | (4,922,214) | (4,666,892) | |
Class C Shares | (255,608) | (200,050) | (583,803) | (374,219) | |
Class C1 Shares | (50,499) | (56,725) | (327,401) | (409,457) | |
Class C2 Shares | (139,877) | (155,072) | (226,803) | (291,498) | |
Class I Shares | (6,716,834) | (6,379,600) | (4,774,932) | (4,084,494) | |
Decrease in net assets from distributions to shareholders | (9,767,873) | (9,158,111) | (10,835,153) | (9,826,560) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 105,369,222 | 84,471,907 | 168,178,245 | 106,658,528 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 4,387,380 | 3,769,715 | 7,875,724 | 6,831,038 | |
109,756,602 | 88,241,622 | 176,053,969 | 113,489,566 | ||
Cost of shares redeemed | (105,187,713) | (46,280,514) | (140,734,258) | (34,681,176) | |
Net increase (decrease) in net assets from Fund share transactions | 4,568,889 | 41,961,108 | 35,319,711 | 78,808,390 | |
Net increase (decrease) in net assets | (2,891,942) | 48,826,591 | 26,296,982 | 86,244,785 | |
Net assets at the beginning of period | 341,390,285 | 292,563,694 | 326,828,255 | 240,583,470 | |
Net assets at the end of period | $ 338,498,343 | $341,390,285 | $ 353,125,237 | $326,828,255 | |
Undistributed (Over-distribution of) net investment income at the end of period | $ 218,351 | $ 97,644 | $ 262,245 | $ 236,824 |
Nebraska | Oregon Intermediate | ||||
Year Ended 5/31/17 | Year Ended 5/31/16 | Year Ended 5/31/17 | Year Ended 5/31/16 | ||
Operations | |||||
Net investment income (loss) | $ 1,976,303 | $ 1,871,463 | $ 5,249,529 | $ 4,914,828 | |
Net realized gain (loss) from investments | (176,606) | (4,879) | (1,586,506) | 174,540 | |
Change in net unrealized appreciation (depreciation) of investments | (1,731,266) | 1,592,245 | (3,059,136) | 3,611,271 | |
Net increase (decrease) in net assets from operations | 68,431 | 3,458,829 | 603,887 | 8,700,639 | |
Distributions to Shareholders | |||||
From net investment income: | |||||
Class A Shares | (864,804) | (727,367) | (1,219,869) | (1,334,561) | |
Class C Shares | (73,368) | (35,608) | (58,517) | (55,969) | |
Class C1 Shares | (71,539) | (69,862) | — | — | |
Class C2 Shares | (97,048) | (94,793) | (122,865) | (171,987) | |
Class I Shares | (927,403) | (809,919) | (3,791,803) | (3,532,188) | |
Decrease in net assets from distributions to shareholders | (2,034,162) | (1,737,549) | (5,193,054) | (5,094,705) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 11,549,182 | 11,011,396 | 84,698,519 | 85,131,968 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 1,517,771 | 1,229,525 | 2,351,707 | 2,368,372 | |
13,066,953 | 12,240,921 | 87,050,226 | 87,500,340 | ||
Cost of shares redeemed | (10,986,021) | (8,238,986) | (95,758,858) | (27,543,986) | |
Net increase (decrease) in net assets from Fund share transactions | 2,080,932 | 4,001,935 | (8,708,632) | 59,956,354 | |
Net increase (decrease) in net assets | 115,201 | 5,723,215 | (13,297,799) | 63,562,288 | |
Net assets at the beginning of period | 63,142,461 | 57,419,246 | 228,847,588 | 165,285,300 | |
Net assets at the end of period | $ 63,257,662 | $63,142,461 | $215,549,789 | $228,847,588 | |
Undistributed (Over-distribution of) net investment income at the end of period | $ 85,782 | $ 143,641 | $ (20,041) | $ (76,516) |
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) | |||||||||
2017 | $10.66 | $0.29 | $(0.20) | $ 0.09 | $(0.29) | $ — | $(0.29) | $10.46 | |
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 | |
Class C (02/14) | |||||||||
2017 | 10.60 | 0.21 | (0.21) | — | (0.21) | — | (0.21) | 10.39 | |
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(d) | 10.27 | 0.06 | 0.16 | 0.22 | (0.07) | — | (0.07) | 10.42 | |
Class C1 (10/09) | |||||||||
2017 | 10.69 | 0.25 | (0.21) | 0.04 | (0.24) | — | (0.24) | 10.49 | |
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 | |
Class C2 (01/11)(e) | |||||||||
2017 | 10.62 | 0.23 | (0.20) | 0.03 | (0.23) | — | (0.23) | 10.42 | |
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 | |
Class I (02/94) | |||||||||
2017 | 10.60 | 0.31 | (0.20) | 0.11 | (0.31) | — | (0.31) | 10.40 | |
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 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
0.88% | $ 90,431 | 0.81% | 2.79% | 16% |
5.15 | 92,835 | 0.82 | 2.81 | 11 |
2.52 | 74,086 | 0.82 | 2.97 | 11 |
2.68 | 65,375 | 0.84 | 3.25 | 12 |
2.25 | 62,493 | 0.82 | 3.03 | 11 |
(0.02) | 13,522 | 1.61 | 2.00 | 16 |
4.34 | 12,184 | 1.61 | 1.99 | 11 |
1.82 | 7,067 | 1.62 | 2.13 | 11 |
2.19 | 1,052 | 1.64* | 2.29* | 12 |
0.42 | 2,118 | 1.26 | 2.34 | 16 |
4.66 | 2,386 | 1.27 | 2.36 | 11 |
2.05 | 2,415 | 1.27 | 2.53 | 11 |
2.20 | 2,836 | 1.29 | 2.81 | 12 |
1.88 | 3,804 | 1.27 | 2.60 | 11 |
0.30 | 5,937 | 1.36 | 2.25 | 16 |
4.57 | 6,626 | 1.37 | 2.27 | 11 |
2.05 | 7,093 | 1.38 | 2.44 | 11 |
2.09 | 8,021 | 1.39 | 2.70 | 12 |
1.63 | 8,795 | 1.36 | 2.44 | 11 |
1.06 | 226,491 | 0.61 | 2.99 | 16 |
5.36 | 227,359 | 0.62 | 3.01 | 11 |
2.71 | 201,903 | 0.63 | 3.19 | 11 |
2.88 | 176,410 | 0.64 | 3.45 | 12 |
2.42 | 213,723 | 0.62 | 3.23 | 11 |
(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. |
* | Annualized. |
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) | |||||||||
2017 | $12.00 | $0.37 | $(0.26) | $0.11 | $(0.37) | $ — | $(0.37) | $11.74 | |
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 | |
Class C (02/14) | |||||||||
2017 | 11.98 | 0.27 | (0.25) | 0.02 | (0.27) | — | (0.27) | 11.73 | |
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(d) | 11.25 | 0.08 | 0.40 | 0.48 | (0.10) | — | (0.10) | 11.63 | |
Class C1 (02/99) | |||||||||
2017 | 11.95 | 0.31 | (0.26) | 0.05 | (0.31) | — | (0.31) | 11.69 | |
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 | |
Class C2 (01/11)(e) | |||||||||
2017 | 12.00 | 0.30 | (0.25) | 0.05 | (0.30) | — | (0.30) | 11.75 | |
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 | |
Class I (08/97) | |||||||||
2017 | 11.99 | 0.39 | (0.26) | 0.13 | (0.39) | — | (0.39) | 11.73 | |
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 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
0.92% | $152,704 | 0.81% | 3.11% | 22% |
6.48 | 152,744 | 0.82 | 3.43 | 6 |
4.18 | 118,335 | 0.84 | 3.65 | 10 |
2.19 | 110,265 | 0.86 | 3.88 | 15 |
4.01 | 132,705 | 0.84 | 3.57 | 7 |
0.19 | 28,195 | 1.61 | 2.32 | 22 |
5.50 | 20,608 | 1.62 | 2.59 | 6 |
3.39 | 8,623 | 1.64 | 2.77 | 10 |
4.32 | 1,242 | 1.66* | 2.75* | 15 |
0.46 | 11,562 | 1.26 | 2.67 | 22 |
5.93 | 13,015 | 1.28 | 2.99 | 6 |
3.81 | 13,296 | 1.29 | 3.21 | 10 |
1.79 | 14,398 | 1.31 | 3.43 | 15 |
3.43 | 19,234 | 1.30 | 3.15 | 7 |
0.45 | 8,106 | 1.36 | 2.57 | 22 |
5.81 | 9,442 | 1.38 | 2.90 | 6 |
3.69 | 10,199 | 1.39 | 3.10 | 10 |
1.67 | 12,473 | 1.41 | 3.33 | 15 |
3.32 | 16,833 | 1.39 | 2.96 | 7 |
1.13 | 152,558 | 0.61 | 3.31 | 22 |
6.61 | 131,019 | 0.62 | 3.62 | 6 |
4.49 | 90,131 | 0.64 | 3.85 | 10 |
2.45 | 67,580 | 0.66 | 4.07 | 15 |
4.08 | 90,341 | 0.65 | 3.78 | 7 |
(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. |
* | Annualized. |
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) | ||||||||||
2017 | $11.09 | $0.34 | $(0.31) | $ 0.03 | $(0.35) | $ — | $ — | $(0.35) | $10.77 | |
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 | |
Class C (02/14) | ||||||||||
2017 | 11.06 | 0.25 | (0.31) | (0.06) | (0.26) | — | — | (0.26) | 10.74 | |
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) | ||||||||||
2017 | 11.01 | 0.29 | (0.31) | (0.02) | (0.30) | — | — | (0.30) | 10.69 | |
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 | |
Class C2 (02/11)(f) | ||||||||||
2017 | 11.10 | 0.28 | (0.32) | (0.04) | (0.29) | — | — | (0.29) | 10.77 | |
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 | |
Class I (02/01) | ||||||||||
2017 | 11.10 | 0.36 | (0.31) | 0.05 | (0.37) | — | — | (0.37) | 10.78 | |
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 |
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) | |
0.32% | $26,201 | 0.93% | 3.08% | 0.89% | 3.13% | 11% | |
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 | |
(0.51) | 2,966 | 1.73 | 2.28 | 1.69 | 2.33 | 11 | |
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 | |
(0.18) | 2,339 | 1.38 | 2.63 | 1.34 | 2.68 | 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 | |
(0.35) | 3,549 | 1.48 | 2.54 | 1.44 | 2.58 | 11 | |
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 | |
0.48 | 28,202 | 0.73 | 3.28 | 0.69 | 3.33 | 11 | |
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 |
(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. |
* | Annualized. |
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) | |||||||||
2017 | $10.49 | $0.23 | $(0.17) | $ 0.06 | $(0.23) | $ — | $(0.23) | $10.32 | |
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 | |
Class C (02/14) | |||||||||
2017 | 10.43 | 0.15 | (0.17) | (0.02) | (0.15) | — | (0.15) | 10.26 | |
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) | |||||||||
2017 | 10.46 | 0.17 | (0.16) | 0.01 | (0.17) | — | (0.17) | 10.30 | |
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 | |
Class I (08/97) | |||||||||
2017 | 10.50 | 0.25 | (0.17) | 0.08 | (0.25) | — | (0.25) | 10.33 | |
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 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
0.61% | $ 44,776 | 0.81% | 2.24% | 25% |
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 |
(0.21) | 4,066 | 1.61 | 1.44 | 25 |
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 |
0.12 | 6,708 | 1.36 | 1.69 | 25 |
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 |
0.78 | 160,000 | 0.61 | 2.44 | 25 |
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 |
(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. |
* | Annualized. |
** | Rounds to less than $0.01 per share. |
Financial Statements
Minnesota | Nebraska | Oregon Intermediate | |
Outstanding when-issued/delayed delivery purchase commitments | $516,615 | $523,055 | $6,047,562 |
Minnesota Intermediate | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $334,871,238 | $ — | $334,871,238 |
Minnesota | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $338,180,907 | $ — | $338,180,907 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 10,740,000 | — | 10,740,000 |
Total | $ — | $348,920,907 | $ — | $348,920,907 |
Nebraska | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $62,537,836 | $ — | $62,537,836 |
Oregon Intermediate | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $215,203,964 | $ — | $215,203,964 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 3,750,000 | — | 3,750,000 |
Total | $ — | $218,953,964 | $ — | $218,953,964 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
(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. |
Year Ended 5/31/17 | Year Ended 5/31/16 | ||||
Minnesota Intermediate | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 3,127,399 | $ 32,669,056 | 2,582,776 | $ 27,204,254 | |
Class C | 493,675 | 5,179,456 | 578,307 | 6,055,990 | |
Class C1 | — | — | — | — | |
Class C2 | 474 | 4,877 | 183 | 1,920 | |
Class I | 6,521,957 | 67,515,833 | 4,872,138 | 51,209,743 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 244,509 | 2,558,766 | 220,874 | 2,329,954 | |
Class C | 24,279 | 252,318 | 18,847 | 197,855 | |
Class C1 | 4,807 | 50,499 | 5,353 | 56,596 | |
Class C2 | 13,226 | 137,938 | 14,584 | 153,152 | |
Class I | 133,416 | 1,387,859 | 98,342 | 1,032,158 | |
10,563,742 | 109,756,602 | 8,391,404 | 88,241,622 | ||
Shares redeemed: | |||||
Class A | (3,434,146) | (35,457,925) | (1,198,204) | (12,632,129) | |
Class C | (366,905) | (3,815,995) | (128,750) | (1,353,018) | |
Class C1 | (26,082) | (278,067) | (13,088) | (137,617) | |
Class C2 | (67,845) | (703,831) | (73,590) | (769,447) | |
Class I | (6,327,935) | (64,931,895) | (2,993,418) | (31,388,303) | |
(10,222,913) | (105,187,713) | (4,407,050) | (46,280,514) | ||
Net increase (decrease) | 340,829 | $ 4,568,889 | 3,984,354 | $ 41,961,108 |
Year Ended 5/31/17 | Year Ended 5/31/16 | ||||
Minnesota | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 6,754,550 | $ 79,064,661 | 3,616,820 | $ 42,886,892 | |
Class C | 1,002,685 | 11,835,244 | 1,030,774 | 12,200,789 | |
Class C1 | 1,561 | 18,252 | 1,954 | 22,994 | |
Class C2 | 2,802 | 32,513 | 8,142 | 95,669 | |
Class I | 6,617,810 | 77,227,575 | 4,358,449 | 51,452,184 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 407,380 | 4,781,703 | 381,496 | 4,512,867 | |
Class C | 48,502 | 567,713 | 30,483 | 360,836 | |
Class C1 | 26,083 | 305,174 | 32,686 | 384,760 | |
Class C2 | 18,656 | 219,384 | 24,253 | 286,774 | |
Class I | 171,028 | 2,001,750 | 108,662 | 1,285,801 | |
15,051,057 | 176,053,969 | 9,593,719 | 113,489,566 | ||
Shares redeemed: | |||||
Class A | (6,888,388) | (79,491,678) | (1,393,251) | (16,484,157) | |
Class C | (366,784) | (4,251,156) | (79,828) | (944,769) | |
Class C1 | (128,174) | (1,495,101) | (87,829) | (1,030,249) | |
Class C2 | (118,104) | (1,371,668) | (118,112) | (1,387,923) | |
Class I | (4,712,917) | (54,124,655) | (1,256,196) | (14,834,078) | |
(12,214,367) | (140,734,258) | (2,935,216) | (34,681,176) | ||
Net increase (decrease) | 2,836,690 | $ 35,319,711 | 6,658,503 | $ 78,808,390 |
Year Ended 5/31/17 | Year Ended 5/31/16 | ||||
Nebraska | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 358,237 | $ 3,902,909 | 373,393 | $ 4,089,775 | |
Class C | 119,627 | 1,295,054 | 132,963 | 1,454,507 | |
Class C1 | 39 | 419 | 109 | 1,176 | |
Class C2 | 17,052 | 183,489 | 48 | 523 | |
Class I | 573,348 | 6,167,311 | 499,263 | 5,465,415 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 79,644 | 860,043 | 66,123 | 722,350 | |
Class C | 6,739 | 72,370 | 3,176 | 34,653 | |
Class C1 | 6,212 | 66,667 | 6,012 | 65,180 | |
Class C2 | 8,955 | 96,784 | 8,625 | 94,228 | |
Class I | 39,047 | 421,907 | 28,641 | 313,114 | |
1,208,900 | 13,066,953 | 1,118,353 | 12,240,921 | ||
Shares redeemed: | |||||
Class A | (389,570) | (4,151,407) | (257,848) | (2,804,105) | |
Class C | (80,799) | (861,249) | (11,744) | (128,664) | |
Class C1 | (42,113) | (448,156) | (11,801) | (127,619) | |
Class C2 | (46,682) | (502,700) | (46,706) | (504,629) | |
Class I | (467,561) | (5,022,509) | (428,742) | (4,673,969) | |
(1,026,725) | (10,986,021) | (756,841) | (8,238,986) | ||
Net increase (decrease) | 182,175 | $ 2,080,932 | 361,512 | $ 4,001,935 |
Year Ended 5/31/17 | Year Ended 5/31/16 | ||||
Oregon Intermediate | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 998,350 | $ 10,394,486 | 1,464,505 | $ 15,222,897 | |
Class C | 159,195 | 1,633,221 | 159,301 | 1,644,244 | |
Class C2 | 1,001 | 10,564 | 6,741 | 69,163 | |
Class I | 7,103,780 | 72,660,248 | 6,549,972 | 68,195,664 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 112,556 | 1,160,837 | 123,483 | 1,282,711 | |
Class C | 5,705 | 58,456 | 5,417 | 55,979 | |
Class C2 | 11,517 | 118,522 | 15,969 | 165,366 | |
Class I | 98,358 | 1,013,892 | 83,069 | 864,316 | |
8,490,462 | 87,050,226 | 8,408,457 | 87,500,340 | ||
Shares redeemed: | |||||
Class A | (2,183,560) | (22,176,929) | (919,476) | (9,518,139) | |
Class C | (131,943) | (1,329,142) | (46,256) | (477,834) | |
Class C2 | (133,313) | (1,357,340) | (88,362) | (913,976) | |
Class I | (6,979,696) | (70,895,447) | (1,599,472) | (16,634,037) | |
(9,428,512) | (95,758,858) | (2,653,566) | (27,543,986) | ||
Net increase (decrease) | (938,050) | $ (8,708,632) | 5,754,891 | $ 59,956,354 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Purchases | $62,910,428 | $102,005,853 | $9,811,992 | $53,582,136 |
Sales and maturities | 54,009,001 | 74,586,574 | 6,862,363 | 56,598,608 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Cost of investments | $319,832,367 | $330,778,557 | $59,392,825 | $210,452,258 |
Gross unrealized: | ||||
Appreciation | $ 15,246,111 | $ 18,472,279 | $ 3,277,132 | $ 8,715,638 |
Depreciation | (207,240) | (329,929) | (132,121) | (213,932) |
Net unrealized appreciation (depreciation) of investments | $ 15,038,871 | $ 18,142,350 | $ 3,145,011 | $ 8,501,706 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Capital paid-in | $ (12) | $ (12) | $(199,036) | $ (12) |
Undistributed (Over-distribution of) net investment income | — | — | — | — |
Accumulated net realized gain (loss) | 12 | 12 | 199,036 | 12 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Undistributed net tax-exempt income1 | $740,120 | $ — | $180,840 | $374,923 |
Undistributed net ordinary income2 | — | 309,066 | — | — |
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, 2017 through May 31, 2017, and paid on June 1, 2017. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
2017 | Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate |
Distributions from net tax-exempt income3 | $9,789,546 | $10,810,717 | $1,939,106 | $5,238,853 |
Distributions from net ordinary income2 | — | 18,083 | 87,879 | — |
Distributions from net long-term capital gains | — | — | — | — |
2016 | Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate |
Distributions from net tax-exempt income | $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 | — | — | — | — |
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, 2017, as Exempt Interest Dividends. |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Expiration: | ||||
May 31, 2018 | $ — | $ — | $ 36,230 | $ — |
Not subject to expiration | 1,686,901 | 9,000,300 | 2,201,141 | 2,974,431 |
Total | $1,686,901 | $9,000,300 | $2,237,371 | $2,974,431 |
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 |
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 |
Fund | Complex-Level Fee |
Minnesota Intermediate | 0.1847% |
Minnesota | 0.1763% |
Nebraska | 0.1832% |
Oregon Intermediate | 0.1854% |
Fund | Expense Cap | Expense Cap Expiration Date |
Nebraska | 0.70% | September 30, 2018 |
Inter-Fund Trades | Minnesota Intermediate | Minnesota |
Purchases | $ 4,603,767 | $10,990,320 |
Sales | 11,728,323 | 5,275,885 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Sales charges collected (Unaudited) | $219,217 | $619,087 | $84,306 | $54,612 |
Paid to financial intermediaries (Unaudited) | 189,805 | 564,875 | 72,657 | 48,641 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Commission advances (Unaudited) | $122,462 | $344,260 | $15,978 | $50,898 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
12b-1 fees retained (Unaudited) | $53,577 | $132,090 | $16,191 | $15,078 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
CDSC retained (Unaudited) | $3,755 | $20,771 | $538 | $4,695 |
Minnesota Intermediate | Minnesota | Oregon Intermediate | |
Maximum Outstanding Balance | $6,000,000 | $10,000,000 | $10,000,000 |
Minnesota Intermediate | Minnesota | Oregon Intermediate | |
Average daily balance outstanding | $6,000,000 | $5,818,182 | $5,500,000 |
Average annual interest rate | 2.01% | 1.88% | 1.96% |
Average Daily Net Assets | Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate |
For the first $125 million | 0.3500% | 0.3500% | 0.3500% | 0.3500% |
For the next $125 million | 0.3375 | 0.3375 | 0.3375 | 0.3375 |
For the next $250 million | 0.3250 | 0.3250 | 0.3250 | 0.3250 |
For the next $500 million | 0.3125 | 0.3125 | 0.3125 | 0.3125 |
For the next $1 billion | 0.3000 | 0.3000 | 0.3000 | 0.3000 |
For the next $3 billion | 0.2750 | 0.2750 | 0.2750 | 0.2750 |
For the next $5 billion | 0.2500 | 0.2500 | 0.2500 | 0.2500 |
For net assets of $10 billion and greater | 0.2375 | 0.2375 | 0.2375 | 0.2375 |
Fund Information (Unaudited)
Used in this Report (Unaudited)
Approval Process (Unaudited)
and Officers (Unaudited)
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 Director |
Independent Directors: | ||||
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Director | 1996 | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of 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. | 176 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); 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. | 176 |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; past Director (2005-2015), 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. | 176 |
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 Director |
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606 | Director | 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). | 176 |
Albin F. Moschner(2) 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 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). | 176 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 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. | 176 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 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). | 176 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 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). | 176 |
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 Director |
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Director | 2008 | Co-Founding Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: 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). | 176 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 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. | 176 |
Robert L. Young3 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 174 |
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 Director |
Interested Director: | ||||
Margo L. Cook(2)(4) 1964 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | President (since April 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since February 2017) of Nuveen, LLC; President, Global Products and Solutions (since July 2017), and Co-Chief Executive Officer, formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Co-President (since October 2016), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011- 2016); Chartered Financial Analyst. | 176 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (5) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 West Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since October 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | 92 |
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 1998 | Senior Managing Director (since February 2017), formerly, Managing Director (2004-2017) of Nuveen. | 177 |
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. | 177 |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Chartered Financial Analyst. | 177 |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since January 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | 177 |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since January 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | 177 |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2007 | Senior Managing Director (since February 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since January 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Associate General Counsel (since 2011 of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since February 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management LLC Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010); Vice President (since 2010) and Secretary (since 2016) of Nuveen Commodities Asset Management, LLC, formerly Assistant Secretary (2010-2016). | 177 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (5) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer |
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). | 177 |
Christopher M. Rohrbacher 1971 333 West Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director (since January 2017) of Nuveen Securities, LLC; Managing Director (Since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary (since 2010) of Nuveen Commodities Asset Management, LLC. | 177 |
Joel T. Slager 1978 333 W. 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). | 177 |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 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); Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; 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); Chartered Financial Analyst. | 177 |
![](https://capedge.com/proxy/N-CSR/0001193125-17-249543/g412319img99ebdcf51.gif)
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).
Fiscal Year Ended May 31, 2017 | 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 | 19,345 | 1,629 | 0 | 0 | ||||||||||||
Nuveen Minnesota Intermediate Municipal Bond Fund | 19,277 | 1,629 | 0 | 0 | ||||||||||||
Nuveen Nebraska Municipal Bond Fund | 18,096 | 1,629 | 0 | 0 | ||||||||||||
Nuveen Oregon Intermediate Municipal Bond Fund | 18,735 | 1,629 | 0 | 0 | ||||||||||||
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| |||||||||
Total | $ | 75,453 | $ | 6,516 | $ | 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 | % |
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 | ||||||||||||
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| |||||||||
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 | % |
Fiscal Year Ended May 31, 2017 | 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 | 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, 2017 | 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 | ||||||||||||
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| |||||||||
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.
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, 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 | ||||||||||||
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| |||||||||
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.
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. |
b) | Not applicable. |
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/ Kathleen L. Prudhomme | |
Kathleen L. Prudhomme | ||
Vice President and Secretary |
Date: August 7, 2017
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/ Greg A. Bottjer | |
Greg A. Bottjer | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: August 7, 2017
By (Signature and Title) | /s/ Stephen D. Foy | |
Stephen D. Foy | ||
Vice President and Controller | ||
(principal financial officer) |
Date: August 7, 2017