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: November 30, 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
![](https://capedge.com/proxy/N-CSRS/0001193125-18-034377/g481961imgd3e44fab1.gif)
to Shareholders
![](https://capedge.com/proxy/N-CSRS/0001193125-18-034377/g481961img1a1fb33e2.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-18-034377/g481961img8b59215c3.jpg)
Comments
and Dividend Information
and Effective Leverage Ratios
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 0.52% | 4.73% | 2.15% | 3.92% | |
Class A Shares at maximum Offering Price | (2.47)% | 1.64% | 1.54% | 3.60% | |
S&P Municipal Bond Intermediate Index | (0.06)% | 4.96% | 2.38% | 4.39% | |
Lipper Other States Intermediate Municipal Debt Funds Classification Average | (0.27)% | 3.56% | 1.26% | 3.17% | |
Class I Shares | 0.70% | 4.94% | 2.36% | 4.07% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class C Shares | 0.11% | 3.81% | N/A | 2.21% | |
Class C1 Shares | 0.28% | 4.24% | 1.70% | 3.31% | |
Class C2 Shares | 0.23% | 4.14% | 1.61% | 3.40% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 1.55% | 4.58% | 2.54% | 3.98% | |
Class A Shares at maximum Offering Price | (1.48)% | 1.41% | 1.92% | 3.67% | |
Class I Shares | 1.74% | 4.78% | 2.76% | 4.14% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class C Shares | 1.25% | 3.76% | N/A | 2.37% | |
Class C1 Shares | 1.31% | 4.09% | 2.07% | 3.37% | |
Class C2 Shares | 1.26% | 3.99% | 1.98% | 3.47% |
Share Class | |||||
Class A | Class C | Class C1 | Class C2 | Class I | |
Expense Ratios | 0.81% | 1.61% | 1.26% | 1.36% | 0.61% |
Effective Leverage Ratio | 0.00% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 1.09% | 6.55% | 2.72% | 4.79% | |
Class A Shares at maximum Offering Price | (3.12)% | 2.04% | 1.83% | 4.34% | |
S&P Municipal Bond Index | 0.46% | 5.00% | 2.60% | 4.33% | |
Lipper Minnesota Municipal Debt Funds Classification Average | 0.42% | 4.35% | 1.96% | 3.68% | |
Class C1 Shares | 0.86% | 6.08% | 2.25% | 4.29% | |
Class I Shares | 1.19% | 6.78% | 2.92% | 4.97% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class C Shares | 0.68% | 5.78% | N/A | 3.69% | |
Class C2 Shares | 0.80% | 6.04% | 2.17% | 5.21% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 2.28% | 6.40% | 3.21% | 4.94% | |
Class A Shares at maximum Offering Price | (2.00)% | 1.93% | 2.33% | 4.49% | |
Class C1 Shares | 2.05% | 5.93% | 2.74% | 4.46% | |
Class I Shares | 2.47% | 6.62% | 3.41% | 5.14% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class C Shares | 1.86% | 5.53% | N/A | 3.86% | |
Class C2 Shares | 1.99% | 5.80% | 2.65% | 5.29% |
Share Class | |||||
Class A | Class C | Class C1 | Class C2 | Class I | |
Expense Ratios | 0.81% | 1.61% | 1.26% | 1.36% | 0.61% |
Effective Leverage Ratio | 0.00% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 0.34% | 4.81% | 1.90% | 4.07% | |
Class A Shares at maximum Offering Price | (3.86)% | 0.40% | 1.02% | 3.62% | |
S&P Municipal Bond Index | 0.46% | 5.00% | 2.60% | 4.33% | |
Lipper Other States Municipal Debt Funds Classification Average | (0.05)% | 3.47% | 1.56% | 3.36% | |
Class C1 Shares | 0.18% | 4.31% | 1.44% | 3.62% | |
Class I Shares | 0.52% | 5.08% | 2.09% | 4.29% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class C Shares | 0.01% | 4.04% | N/A | 2.94% | |
Class C2 Shares | 0.15% | 4.21% | 1.33% | 4.01% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 1.74% | 4.92% | 2.61% | 4.20% | |
Class A Shares at maximum Offering Price | (2.53)% | 0.54% | 1.74% | 3.75% | |
Class C1 Shares | 1.49% | 4.42% | 2.15% | 3.74% | |
Class I Shares | 1.82% | 4.99% | 2.78% | 4.41% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class C Shares | 1.32% | 4.05% | N/A | 3.15% | |
Class C2 Shares | 1.45% | 4.33% | 2.04% | 4.13% |
Share Class | |||||
Class A | Class C | Class C1 | Class C2 | Class I | |
Gross Expense Ratios | 0.93% | 1.73% | 1.38% | 1.48% | 0.73% |
Net Expense Ratios | 0.89% | 1.69% | 1.34% | 1.44% | 0.69% |
Effective Leverage Ratio | 0.00% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (0.26)% | 4.20% | 1.52% | 3.39% | |
Class A Shares at maximum Offering Price | (3.26)% | 1.06% | 0.91% | 3.08% | |
S&P Municipal Bond Intermediate Index | (0.06)% | 4.96% | 2.38% | 4.39% | |
Lipper Other States Intermediate Municipal Debt Funds Classification Average | (0.27)% | 3.56% | 1.26% | 3.17% | |
Class I Shares | (0.17)% | 4.38% | 1.71% | 3.57% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class C Shares | (0.67)% | 3.26% | N/A | 1.63% | |
Class C2 Shares | (0.55)% | 3.60% | 0.97% | 2.83% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 0.92% | 3.98% | 1.97% | 3.47% | |
Class A Shares at maximum Offering Price | (2.13)% | 0.87% | 1.35% | 3.16% | |
Class I Shares | 1.01% | 4.05% | 2.15% | 3.64% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class C Shares | 0.51% | 3.04% | N/A | 1.81% | |
Class C2 Shares | 0.63% | 3.28% | 1.39% | 2.90% |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Expense Ratios | 0.81% | 1.61% | 1.36% | 0.61% |
Effective Leverage Ratio | 0.00% |
Share Class | |||||
Class A1 | Class C | Class C1 | Class C2 | Class I | |
Dividend Yield | 2.69% | 1.98% | 2.31% | 2.21% | 2.97% |
SEC 30-Day Yield | 1.63% | 0.88% | 1.23% | 1.13% | 1.88% |
Taxable-Equivalent Yield (35.1%)2 | 2.51% | 1.36% | 1.90% | 1.74% | 2.90% |
Share Class | |||||
Class A1 | Class C | Class C1 | Class C2 | Class I | |
Dividend Yield | 2.90% | 2.21% | 2.58% | 2.46% | 3.24% |
SEC 30-Day Yield | 2.00% | 1.29% | 1.64% | 1.54% | 2.29% |
Taxable-Equivalent Yield (35.1%)2 | 3.08% | 1.99% | 2.53% | 2.37% | 3.53% |
Share Class | |||||
Class A1 | Class C | Class C1 | Class C2 | Class I | |
Dividend Yield | 2.86% | 2.15% | 2.50% | 2.42% | 3.15% |
SEC 30-Day Yield - Subsidized | 1.49% | 0.76% | 1.11% | 1.01% | 1.75% |
SEC 30-Day Yield - Unsubsidized | 1.49% | 0.76% | 1.10% | 1.00% | 1.75% |
Taxable-Equivalent Yield - Subsidized (32.9%)2 | 2.22% | 1.13% | 1.65% | 1.51% | 2.61% |
Taxable-Equivalent Yield - Unsubsidized (32.9%)2 | 2.22% | 1.13% | 1.64% | 1.49% | 2.61% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.17% | 1.42% | 1.65% | 2.41% |
SEC 30-Day Yield | 1.16% | 0.40% | 0.65% | 1.40% |
Taxable-Equivalent Yield (35.1%)2 | 1.79% | 0.62% | 1.00% | 2.16% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.2% |
Short-Term Municipal Bonds | 0.5% |
Other Assets Less Liabilities | 1.3% |
Net Assets | 100% |
Portfolio Composition (% of total investments) | |
Education and Civic Organizations | 19.0% |
U.S. Guaranteed | 15.5% |
Health Care | 15.3% |
Tax Obligation/General | 13.9% |
Utilities | 11.8% |
Long-Term Care | 10.7% |
Transportation | 5.5% |
Other | 8.3% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
AAA/U.S. Guaranteed | 18.3% |
AA | 31.8% |
A | 24.0% |
BBB | 7.1% |
BB or Lower | 3.9% |
N/R (not rated) | 14.9% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 97.4% |
Short-Term Municipal Bonds | 2.1% |
Other Assets Less Liabilities | 0.5% |
Net Assets | 100% |
Portfolio Composition (% of total investments) | |
Health Care | 17.4% |
Education and Civic Organizations | 16.8% |
Tax Obligation/General | 15.8% |
U.S. Guaranteed | 13.9% |
Utilities | 11.9% |
Long-Term Care | 9.7% |
Tax Obligation/Limited | 5.7% |
Transportation | 5.1% |
Other | 3.7% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
AAA/U.S. Guaranteed | 17.5% |
AA | 26.1% |
A | 27.2% |
BBB | 8.2% |
BB or Lower | 6.9% |
N/R (not rated) | 14.1% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.4% |
Other Assets Less Liabilities | 1.6% |
Net Assets | 100% |
Portfolio Composition (% of total investments) | |
U.S. Guaranteed | 21.3% |
Utilities | 18.7% |
Health Care | 13.1% |
Tax Obligation/General | 12.3% |
Education and Civic Organizations | 11.4% |
Long-Term Care | 6.8% |
Tax Obligation/Limited | 5.8% |
Other | 10.6% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
AAA/U.S. Guaranteed | 26.0% |
AA | 37.2% |
A | 32.8% |
BBB | 3.0% |
BB or Lower | 1.0% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 94.8% |
Short-Term Municipal Bonds | 2.0% |
Other Assets Less Liabilities | 3.2% |
Net Assets | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 32.0% |
Health Care | 18.7% |
Tax Obligation/Limited | 12.5% |
U.S. Guaranteed | 10.8% |
Water and Sewer | 10.1% |
Education and Civic Organizations | 6.4% |
Other | 9.5% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
AAA/U.S. Guaranteed | 25.2% |
AA | 47.4% |
A | 17.1% |
BBB | 8.1% |
N/R (not rated) | 2.2% |
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 | $1,005.20 | $1,001.10 | $1,002.80 | $1,002.30 | $1,007.00 |
Expenses Incurred During the Period | $ 4.12 | $ 8.13 | $ 6.38 | $ 6.88 | $ 3.12 |
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 | $1,020.96 | $1,016.95 | $1,018.70 | $1,018.20 | $1,021.96 |
Expenses Incurred During the Period | $ 4.15 | $ 8.19 | $ 6.43 | $ 6.93 | $ 3.14 |
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 | $1,010.90 | $1,006.80 | $1,008.60 | $1,008.00 | $1,011.90 |
Expenses Incurred During the Period | $ 4.13 | $ 8.15 | $ 6.39 | $ 6.90 | $ 3.13 |
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 | $1,020.96 | $1,016.95 | $1,018.70 | $1,018.20 | $1,021.96 |
Expenses Incurred During the Period | $ 4.15 | $ 8.19 | $ 6.43 | $ 6.93 | $ 3.14 |
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 | $1,003.40 | $1,000.10 | $1,001.80 | $1,001.50 | $1,005.20 |
Expenses Incurred During the Period | $ 4.42 | $ 8.42 | $ 6.67 | $ 7.17 | $ 3.42 |
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 | $1,020.66 | $1,016.65 | $1,018.40 | $1,017.90 | $1,021.66 |
Expenses Incurred During the Period | $ 4.46 | $ 8.49 | $ 6.73 | $ 7.23 | $ 3.45 |
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 | $ 997.40 | $ 993.30 | $ 994.50 | $ 998.30 |
Expenses Incurred During the Period | $ 4.11 | $ 8.09 | $ 6.85 | $ 3.11 |
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 | $1,020.96 | $1,016.95 | $1,018.20 | $1,021.96 |
Expenses Incurred During the Period | $ 4.15 | $ 8.19 | $ 6.93 | $ 3.14 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.2% | ||||||
MUNICIPAL BONDS – 98.2% | ||||||
Education and Civic Organizations – 18.8% | ||||||
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+ | $418,888 | ||
720 | 3.500%, 8/01/25 | No Opt. Call | BB+ | 719,496 | ||
130 | 4.000%, 8/01/28 | 8/26 at 100.00 | BB+ | 129,771 | ||
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 | 103,737 | ||
1,000 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 1,014,590 | ||
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- | 226,907 | ||
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+ | 204,235 | ||
710 | 5.250%, 7/01/37 | 7/25 at 100.00 | BB+ | 755,546 | ||
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A: | ||||||
200 | 4.000%, 7/01/22 | No Opt. Call | BB+ | 209,884 | ||
465 | 4.000%, 7/01/23 | No Opt. Call | BB+ | 489,189 | ||
300 | 4.000%, 7/01/24 | No Opt. Call | BB+ | 314,847 | ||
135 | 4.000%, 7/01/25 | No Opt. Call | BB+ | 141,471 | ||
130 | 4.000%, 7/01/26 | 7/25 at 100.00 | BB+ | 134,992 | ||
300 | 4.000%, 7/01/27 | 7/25 at 100.00 | BB+ | 310,902 | ||
370 | 4.000%, 7/01/28 | 7/25 at 100.00 | BB+ | 381,862 | ||
250 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Seven Hills Preparatory Academy Project, Series 2017A, 4.375%, 10/01/27 | 10/24 at 100.00 | N/R | 248,705 | ||
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+ | 695,865 | ||
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 | 1,008,546 | ||
40 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 39,522 | ||
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 | 1,809,153 | ||
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 | 1,015,460 | ||
500 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 505,890 |
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 | $641,693 | ||
255 | 4.000%, 5/01/19 | No Opt. Call | A2 | 263,017 | ||
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 | 1,417,297 | ||
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 | 1,390,532 | ||
Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refundinjg Series 2010: | ||||||
550 | 4.000%, 9/01/19 | No Opt. Call | A2 | 570,834 | ||
315 | 4.000%, 9/01/21 | 9/20 at 100.00 | A2 | 330,942 | ||
1,040 | Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Refunding Series 2015, 4.000%, 12/01/28 | 12/24 at 100.00 | Aa1 | 1,124,240 | ||
Minneapolis, Minnesota, Revenue Bonds, YMCA of Greater Twin Cities Project, Series 2016: | ||||||
500 | 3.000%, 6/01/21 | No Opt. Call | Baa1 | 519,870 | ||
710 | 3.000%, 6/01/23 | No Opt. Call | Baa1 | 739,607 | ||
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 | 829,148 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017: | ||||||
2,300 | 5.000%, 5/01/32 | 5/27 at 100.00 | BBB- | 2,613,973 | ||
405 | 5.000%, 5/01/37 | 5/27 at 100.00 | BBB- | 453,329 | ||
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 | 1,725,568 | ||
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 | 319,965 | ||
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 | 641,782 | ||
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 | 160,440 | ||
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 | 210,486 | ||
310 | 3.375%, 12/01/22 | No Opt. Call | Baa2 | 318,395 | ||
380 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 2007-6S, 4.500%, 12/01/17 | No Opt. Call | Baa2 | 380,000 | ||
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 | 793,275 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W: | ||||||
350 | 4.000%, 10/01/21 | No Opt. Call | A3 | 377,122 | ||
250 | 5.000%, 10/01/22 | No Opt. Call | A3 | 284,203 | ||
500 | 5.000%, 10/01/23 | No Opt. Call | A3 | 579,095 | ||
990 | 4.250%, 10/01/28 | 10/23 at 100.00 | A3 | 1,082,218 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 1,250 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/29 | 3/25 at 100.00 | Aa3 | $1,278,350 | ||
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 | 831,938 | ||
490 | 5.000%, 10/01/24 | 10/22 at 100.00 | Baa1 | 551,965 | ||
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 | 717,675 | ||
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 | 1,182,460 | ||
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 | 1,153,114 | ||
1,975 | 4.500%, 10/01/19 | No Opt. Call | A2 | 2,072,091 | ||
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 | 2,182,020 | ||
775 | 4.000%, 4/01/26 | 4/23 at 100.00 | A2 | 840,658 | ||
300 | 4.000%, 4/01/27 | 4/23 at 100.00 | A2 | 323,385 | ||
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 | 1,181,040 | ||
Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2009A: | ||||||
985 | 4.000%, 10/01/22 | 10/19 at 100.00 | AA- | 1,023,356 | ||
1,755 | 4.000%, 10/01/23 | 10/19 at 100.00 | AA- | 1,818,829 | ||
Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A: | ||||||
1,515 | 4.250%, 10/01/24 | 10/21 at 100.00 | AA- | 1,638,139 | ||
880 | 4.375%, 10/01/25 | 10/21 at 100.00 | AA- | 949,819 | ||
905 | 4.500%, 10/01/26 | 10/21 at 100.00 | AA- | 980,939 | ||
1,185 | Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2015A, 3.000%, 10/01/26 | 4/25 at 100.00 | AA- | 1,239,783 | ||
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 | 1,029,245 | ||
1,060 | 4.000%, 12/01/32 | 12/25 at 100.00 | Baa1 | 1,105,686 | ||
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+ | 965,705 | ||
560 | 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- | 594,468 | ||
680 | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 144A, 5.000%, 8/01/22 | No Opt. Call | BB+ | 727,920 | ||
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- | 52,505 | ||
480 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Great River School Project, Series 2017A, 144A, 5.500%, 7/01/38 | 7/27 at 100.00 | N/R | 500,280 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 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+ | $2,091,456 | ||
600 | 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- | 645,636 | ||
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 | 922,913 | ||
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+ | 257,425 | ||
700 | 5.000%, 7/01/33 | 7/23 at 100.00 | BB+ | 726,145 | ||
260 | 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- | 266,183 | ||
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 | 2,596,108 | ||
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 | 2,753,103 | ||
University of Minnesota, General Obligation Bonds, Series 2014B: | ||||||
1,000 | 4.000%, 1/01/31 | 1/24 at 100.00 | Aa1 | 1,079,360 | ||
1,000 | 4.000%, 1/01/32 | 1/24 at 100.00 | Aa1 | 1,075,280 | ||
1,000 | 4.000%, 1/01/34 | 1/24 at 100.00 | Aa1 | 1,066,590 | ||
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 | 205,703 | ||
10 | 4.500%, 6/01/36 | 6/24 at 100.00 | N/R | 10,050 | ||
63,685 | Total Education and Civic Organizations | 67,283,811 | ||||
Health Care – 14.5% | ||||||
3,370 | 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 | 3,494,488 | ||
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 | 1,213,929 | ||
1,040 | 4.000%, 4/01/32 | 4/27 at 100.00 | BBB | 1,091,168 | ||
1,150 | Crookston, Minnesota, Health Care Facilities Revenue Bonds, RiverView Health Project, Refunding Series 2017A, 4.000%, 5/01/32 | 5/25 at 100.00 | N/R | 1,140,018 | ||
400 | Fergus Falls, Minnesota, Health Care Facilities Revenue Bonds, Lake Region Healthcare Corporation Project, Series 2010, 4.750%, 8/01/25 | 2/18 at 100.00 | BBB- | 400,728 | ||
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
100 | 4.000%, 4/01/21 | No Opt. Call | BBB | 105,376 | ||
660 | 4.000%, 4/01/25 | 4/22 at 100.00 | BBB | 690,386 | ||
400 | 4.000%, 4/01/26 | 4/22 at 100.00 | BBB | 416,592 | ||
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 | 2,281,840 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017: | ||||||
$ 495 | 5.000%, 5/01/31 | 5/27 at 100.00 | Baa1 | $567,745 | ||
405 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 462,749 | ||
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+ | 1,183,185 | ||
1,000 | 5.000%, 11/15/29 | 11/25 at 100.00 | A+ | 1,165,220 | ||
1,000 | 5.000%, 11/15/30 | 11/25 at 100.00 | A+ | 1,161,130 | ||
2,000 | 5.000%, 11/15/32 | 11/25 at 100.00 | A+ | 2,308,900 | ||
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- | 1,086,520 | ||
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- | 596,700 | ||
1,085 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Refunding Series 2008C-1, 5.500%, 2/15/25 – AGC Insured | 2/20 at 100.00 | AA | 1,173,894 | ||
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 | 278,327 | ||
250 | 4.050%, 12/01/26 | 12/20 at 100.00 | N/R | 251,823 | ||
250 | 4.150%, 12/01/27 | 12/20 at 100.00 | N/R | 251,328 | ||
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 | 515,850 | ||
760 | Redwood Falls, Minnesota, Gross Revenue Hospital Facilities Bonds, Redwood Area Hospital Project, Series 2006, 5.000%, 12/01/21 | 12/18 at 100.00 | N/R | 761,087 | ||
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B: | ||||||
2,300 | 5.000%, 11/15/29 | No Opt. Call | AA | 2,842,662 | ||
1,000 | 5.000%, 11/15/33 | No Opt. Call | AA | 1,269,540 | ||
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 | 1,295,813 | ||
695 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.125%, 7/01/20 | No Opt. Call | A | 735,289 | ||
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 | 515,090 | ||
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 | 84,758 | ||
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+ | 3,760,930 | ||
1,240 | 5.000%, 7/01/30 | 7/25 at 100.00 | A+ | 1,425,926 | ||
4,500 | 5.000%, 7/01/32 | 7/25 at 100.00 | A+ | 5,131,845 | ||
1,115 | 4.000%, 7/01/35 | 7/25 at 100.00 | A+ | 1,163,190 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 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- | $1,644,874 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A: | ||||||
1,000 | 5.000%, 11/15/34 | 11/27 at 100.00 | A+ | 1,168,280 | ||
1,745 | 4.000%, 11/15/35 | 11/27 at 100.00 | A+ | 1,838,741 | ||
625 | 4.000%, 11/15/36 | 11/27 at 100.00 | A+ | 656,956 | ||
1,855 | 4.000%, 11/15/37 | 11/27 at 100.00 | A+ | 1,945,042 | ||
500 | 4.000%, 11/15/43 | 11/27 at 100.00 | A+ | 522,980 | ||
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 | 1,364,280 | ||
1,140 | 5.000%, 9/01/29 | 9/24 at 100.00 | A | 1,283,366 | ||
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 | 504,963 | ||
260 | 5.000%, 7/01/34 | 7/21 at 100.00 | BBB | 270,507 | ||
46,970 | Total Health Care | 52,024,015 | ||||
Housing/Multifamily – 0.1% | ||||||
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 | 514,235 | ||
Housing/Single Family – 1.2% | ||||||
500 | 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+ | 524,320 | ||
535 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26 | 7/21 at 100.00 | Aaa | 557,588 | ||
405 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (Alternative Minimum Tax) | 1/22 at 100.00 | AA+ | 428,778 | ||
130 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (Alternative Minimum Tax) | 5/18 at 100.00 | AA+ | 138,759 | ||
260 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.100%, 7/01/26 | 7/24 at 100.00 | AA+ | 265,985 | ||
185 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 190,711 | ||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A: | ||||||
1,485 | 1.750%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | AA+ | 1,459,012 | ||
735 | 3.200%, 7/01/30 (Alternative Minimum Tax) | 1/27 at 100.00 | AA+ | 728,606 | ||
4,235 | Total Housing/Single Family | 4,293,759 | ||||
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+ | 2,136,534 | ||
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+ | 1,041,340 | ||
3,020 | Total Industrials | 3,177,874 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care – 10.6% | ||||||
$ 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 | Baa1 | $1,162,510 | ||
565 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 4.550%, 11/01/26 | 11/19 at 100.00 | Baa1 | 589,453 | ||
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 | 896,329 | ||
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 | 1,097,057 | ||
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 | 322,621 | ||
500 | City of West Saint Paul, Minnesota Housing and Health Care Facilities Revenue Refunding Bonds, Walker Westwood Ridge Campus Project, Series 2017, 5.000%, 11/01/37 | 11/25 at 100.00 | N/R | 522,210 | ||
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 | 238,055 | ||
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 | 1,039,390 | ||
500 | 5.000%, 1/01/34 | 1/23 at 100.00 | N/R | 518,325 | ||
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 144A: | ||||||
2,385 | 3.875%, 8/01/29 | 8/22 at 100.00 | N/R | 2,238,418 | ||
1,100 | 5.000%, 8/01/36 | 8/22 at 100.00 | N/R | 1,122,814 | ||
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 | 1,455,162 | ||
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 | 1,462,888 | ||
1,650 | 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,657,177 | ||
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 | 442,446 | ||
750 | 5.250%, 11/01/45 | 5/23 at 100.00 | N/R | 776,340 | ||
Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. Project, Refunding Series 2017A: | ||||||
775 | 3.875%, 8/01/26 | 8/25 at 100.00 | N/R | 786,013 | ||
805 | 4.000%, 8/01/27 | 8/25 at 100.00 | N/R | 816,648 | ||
2,615 | 4.000%, 8/01/30 | 8/25 at 100.00 | N/R | 2,602,030 | ||
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 | 1,000,030 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
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 | $209,693 | ||
230 | 2.125%, 6/01/20 | No Opt. Call | N/R | 229,639 | ||
250 | 2.500%, 6/01/22 | 6/21 at 101.00 | N/R | 248,423 | ||
250 | 3.050%, 6/01/27 | 6/21 at 101.00 | N/R | 246,750 | ||
2,760 | 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 | 2,813,544 | ||
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 | 1,002,970 | ||
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017: | ||||||
500 | 3.250%, 9/01/26 | 9/24 at 100.00 | N/R | 496,970 | ||
515 | 3.500%, 9/01/27 | 9/24 at 100.00 | N/R | 515,901 | ||
550 | 3.700%, 9/01/28 | 9/24 at 100.00 | N/R | 553,569 | ||
350 | 3.800%, 9/01/29 | 9/24 at 100.00 | N/R | 352,471 | ||
565 | 3.900%, 9/01/30 | 9/24 at 100.00 | N/R | 570,656 | ||
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 | 2,135,520 | ||
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 | 1,122,102 | ||
1,590 | Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC Project, Refunding Series 2017, 5.000%, 9/01/27 | No Opt. Call | N/R | 1,810,708 | ||
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013: | ||||||
180 | 5.000%, 1/01/21 | No Opt. Call | N/R | 189,520 | ||
2,395 | 5.125%, 1/01/39 | 1/23 at 100.00 | N/R | 2,424,219 | ||
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 | 666,825 | ||
310 | 5.300%, 5/01/27 | 5/19 at 102.00 | N/R | 329,980 | ||
500 | 5.300%, 11/01/27 | 5/19 at 102.00 | N/R | 532,225 | ||
515 | 5.500%, 11/01/32 | 5/19 at 102.00 | N/R | 540,503 | ||
36,705 | Total Long-Term Care | 37,738,104 | ||||
Tax Obligation/General – 13.7% | ||||||
285 | Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008C, 4.100%, 2/01/18 | No Opt. Call | Aa1 | 286,308 | ||
Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2017A: | ||||||
1,000 | 5.000%, 2/01/21 – AGM Insured | No Opt. Call | AA | 1,095,860 | ||
1,170 | 5.000%, 2/01/24 – AGM Insured | No Opt. Call | AA | 1,366,490 | ||
2,105 | 4.000%, 2/01/29 – AGM Insured | 2/28 at 100.00 | AA | 2,350,611 | ||
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 | 2,169,640 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 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+ | $451,859 | ||
1,385 | Chisago Lakes, Minnesota, Independent School District 2144, General Obligation Bonds, Series 2017A, 3.000%, 2/01/31 | 2/27 at 100.00 | AA+ | 1,380,485 | ||
1,000 | Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,045,570 | ||
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+ | 1,838,985 | ||
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 | 2,438,515 | ||
665 | Goodhue County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2015A, 3.000%, 2/01/27 | 2/23 at 100.00 | Aa2 | 681,632 | ||
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+ | 468,350 | ||
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+ | 2,080,282 | ||
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 | 1,088,320 | ||
1,275 | 4.000%, 2/01/27 | 2/23 at 100.00 | Aa2 | 1,381,118 | ||
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+ | 1,732,093 | ||
1,000 | Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 4.000%, 10/01/25 | 10/23 at 100.00 | AAA | 1,109,430 | ||
2,000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/25 | 8/23 at 100.00 | AAA | 2,339,260 | ||
2,000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.500%, 10/01/28 | 10/23 at 100.00 | AAA | 2,115,540 | ||
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 | 578,104 | ||
600 | 4.000%, 2/01/26 | 2/23 at 100.00 | Aaa | 659,454 | ||
1,475 | Moose Lake Independent School District 97, Carlton and Pine Counties, Minnesota, General Obligation Bonds, School Buidling Series 2015A, 4.000%, 2/01/30 | 2/25 at 100.00 | Aa2 | 1,600,006 | ||
Northland Independent School District 118, Minnesota, General Obligation Bonds, Series 2016A: | ||||||
560 | 3.000%, 2/01/27 | 2/24 at 100.00 | Aa2 | 576,201 | ||
655 | 3.000%, 2/01/28 | 2/24 at 100.00 | Aa2 | 669,056 | ||
1,185 | 3.000%, 2/01/29 | 2/24 at 100.00 | Aa2 | 1,200,974 | ||
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+ | 675,254 | ||
1,880 | Perham Independent School District 549, Minnesota, General Obligation Bonds, Series 2016A, 3.000%, 2/01/30 | 2/24 at 100.00 | Aa2 | 1,894,720 | ||
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 | 1,731,261 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 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 | $1,205,237 | ||
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+ | 633,024 | ||
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 | 1,725,428 | ||
Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A: | ||||||
1,340 | 4.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,496,914 | ||
750 | 3.125%, 2/01/31 | 2/26 at 100.00 | Aa2 | 760,523 | ||
1,225 | 3.200%, 2/01/32 | 2/26 at 100.00 | Aa2 | 1,244,355 | ||
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 | 1,396,630 | ||
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 | 1,326,428 | ||
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 | 2,180,940 | ||
45,720 | Total Tax Obligation/General | 48,974,857 | ||||
Tax Obligation/Limited – 4.7% | ||||||
780 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 | 1/22 at 100.00 | A | 827,650 | ||
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+ | 691,670 | ||
1,000 | 5.000%, 12/15/29 | 12/17 at 100.00 | AA+ | 1,002,750 | ||
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+ | 2,706,023 | ||
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015: | ||||||
215 | 3.050%, 3/01/21 | No Opt. Call | N/R | 217,382 | ||
495 | 3.650%, 3/01/24 | 3/23 at 100.00 | N/R | 505,415 | ||
200 | 3.800%, 3/01/25 | 3/23 at 100.00 | N/R | 204,190 | ||
200 | 4.000%, 3/01/27 | 3/23 at 100.00 | N/R | 203,686 | ||
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 | 348,225 | ||
Minneapolis, Minnesota, Tax Incriment Revenue Bonds, Ivy Tower Project, Series 2015: | ||||||
1,115 | 4.000%, 3/01/25 | 3/24 at 100.00 | N/R | 1,134,691 | ||
500 | 5.000%, 3/01/29 | 3/24 at 100.00 | N/R | 520,615 | ||
1,170 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 4.000%, 8/01/27 | 8/24 at 100.00 | AA | 1,269,520 | ||
1,185 | Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.250%, 8/01/27 | 8/21 at 100.00 | AA | 1,325,067 | ||
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015B: | ||||||
605 | 3.125%, 2/01/29 | 2/25 at 100.00 | A1 | 614,511 | ||
350 | 3.250%, 2/01/30 | 2/25 at 100.00 | A1 | 356,723 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Plymouth Intermediate District 287, Minnesota, Facilities Maintence Bonds, Series 2017B: | ||||||
$ 205 | 5.000%, 5/01/22 | No Opt. Call | A1 | $228,165 | ||
235 | 4.000%, 5/01/26 | No Opt. Call | A1 | 262,523 | ||
175 | 4.000%, 5/01/27 | No Opt. Call | A1 | 195,174 | ||
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 | 730,831 | ||
735 | Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 5.000%, 11/01/29 | 11/24 at 100.00 | A+ | 852,424 | ||
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 | 2,107,297 | ||
500 | Worthington Independent School District 518, Nobles County, Minnesota, Certificates of Participation, Series 2017A, 4.000%, 2/01/30 | 2/26 at 100.00 | A+ | 535,180 | ||
15,905 | Total Tax Obligation/Limited | 16,839,712 | ||||
Transportation – 5.5% | ||||||
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- | 1,025,360 | ||
1,000 | 5.000%, 1/01/20 | 1/19 at 100.00 | AA- | 1,038,160 | ||
500 | 5.000%, 1/01/21 | 1/19 at 100.00 | AA- | 519,025 | ||
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+ | 2,549,113 | ||
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+ | 2,837,334 | ||
2,750 | 5.000%, 1/01/30 | 1/22 at 100.00 | A+ | 3,021,452 | ||
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+ | 2,305,720 | ||
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- | 767,312 | ||
1,940 | 5.000%, 1/01/35 | 1/27 at 100.00 | AA- | 2,285,010 | ||
1,325 | 5.000%, 1/01/37 | 1/27 at 100.00 | AA- | 1,553,669 | ||
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+ | 1,681,459 | ||
17,675 | Total Transportation | 19,583,614 | ||||
U.S. Guaranteed – 15.3% (4) | ||||||
395 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/32 (Pre-refunded 6/01/20) | 6/20 at 102.00 | BBB- (4) | 434,654 | ||
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) | 1,005,620 | ||
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) | 597,689 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011: | ||||||
$ 635 | 5.500%, 2/01/23 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 (4) | $710,127 | ||
750 | 5.500%, 2/01/24 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 (4) | 838,733 | ||
875 | 5.500%, 2/01/25 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 (4) | 978,521 | ||
1,010 | 5.500%, 2/01/26 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 (4) | 1,129,493 | ||
1,150 | 5.500%, 2/01/27 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 (4) | 1,286,057 | ||
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) | 1,204,956 | ||
1,910 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19 (ETM) | No Opt. Call | AA+ (4) | 1,963,251 | ||
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) | 1,190,700 | ||
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) | 1,165,939 | ||
465 | 4.500%, 2/01/22 (Pre-refunded 2/01/18) | 2/18 at 100.00 | AA (4) | 467,381 | ||
1,100 | 4.625%, 2/01/24 (Pre-refunded 2/01/18) | 2/18 at 100.00 | AA (4) | 1,105,852 | ||
500 | Litchfield, Minnesota, Electric Utility Revenue Bonds, Series 2009C, 5.000%, 2/01/29 (Pre-refunded 2/01/18) – AGC Insured | 2/18 at 100.00 | AA (4) | 502,955 | ||
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) | 4,792,404 | ||
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) | 3,561,160 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B: | ||||||
1,040 | 5.000%, 10/01/23 (Pre-refunded 10/01/19) | 10/19 at 100.00 | A3 (4) | 1,102,743 | ||
175 | 4.250%, 10/01/24 (Pre-refunded 10/01/19) | 10/19 at 100.00 | A3 (4) | 183,208 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University of Minnesota, Refunding Series 2010E: | ||||||
1,000 | 4.125%, 10/01/18 (ETM) | No Opt. Call | Baa3 (4) | 1,022,590 | ||
1,385 | 4.375%, 10/01/20 (ETM) | No Opt. Call | Baa3 (4) | 1,487,532 | ||
500 | 4.500%, 10/01/21 (Pre-refunded 10/01/20) | 10/20 at 100.00 | Baa3 (4) | 538,735 | ||
250 | 5.000%, 10/01/29 (Pre-refunded 10/01/20) | 10/20 at 100.00 | Baa3 (4) | 272,800 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1: | ||||||
1,000 | 4.250%, 10/01/18 (ETM) | No Opt. Call | Baa3 (4) | 1,023,610 | ||
625 | 6.000%, 10/01/32 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 (4) | 722,594 | ||
Minnesota Higher Education Facilities Authority, Saint John's University Revenue Bonds, Series 2008-6U: | ||||||
290 | 4.200%, 10/01/19 (Pre-refunded 10/01/18) | 10/18 at 100.00 | A2 (4) | 296,850 | ||
385 | 4.300%, 10/01/20 (Pre-refunded 10/01/18) | 10/18 at 100.00 | A2 (4) | 394,409 | ||
145 | 4.500%, 10/01/22 (Pre-refunded 10/01/18) | 10/18 at 100.00 | A2 (4) | 148,780 | ||
1,050 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 1/01/19 (Pre-refunded 1/01/18) – AGC Insured | 1/18 at 100.00 | AA (4) | 1,052,951 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 2,155 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A, 5.000%, 1/01/21 (Pre-refunded 1/01/18) – AGC Insured | 1/18 at 100.00 | AA (4) | $2,161,056 | ||
500 | Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Series 2008B, 4.500%, 2/01/21 (Pre-refunded 2/01/18) | 2/18 at 100.00 | Aa2 (4) | 502,560 | ||
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) | 1,052,200 | ||
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) | 1,023,990 | ||
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 | 2,562,600 | ||
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 | 1,571,316 | ||
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) | 1,699,185 | ||
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 (ETM) | No Opt. Call | A (4) | 1,065,303 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Faility 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) | 190,000 | ||
290 | 4.500%, 12/01/20 (Pre-refunded 12/01/17) | 12/17 at 100.00 | AA+ (4) | 290,000 | ||
St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A: | ||||||
805 | 4.000%, 8/01/21 (Pre-refunded 8/01/18) | 8/18 at 102.00 | A+ (4) | 835,155 | ||
895 | 4.125%, 8/01/23 (Pre-refunded 8/01/18) | 8/18 at 102.00 | A+ (4) | 929,252 | ||
935 | 4.250%, 8/01/24 (Pre-refunded 8/01/18) | 8/18 at 102.00 | A+ (4) | 971,549 | ||
575 | 4.250%, 8/01/25 (Pre-refunded 8/01/18) | 8/18 at 102.00 | A+ (4) | 597,477 | ||
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | ||||||
1,000 | �� | 5.000%, 11/15/29 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 1,214,500 | |
2,285 | 5.000%, 11/15/30 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 2,775,132 | ||
1,250 | 5.250%, 11/15/35 (Pre-refunded 11/15/20) | 11/20 at 100.00 | A+ (4) | 1,375,888 | ||
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) | 334,061 | ||
340 | 4.100%, 2/01/20 (ETM) | No Opt. Call | AA- (4) | 357,734 | ||
1,020 | University of Minnesota, General Revenue Bonds, Series 2009C, 5.000%, 12/01/19 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa1 (4) | 1,071,530 | ||
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) | 640,000 | ||
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) | 200,744 | ||
51,815 | Total U.S. Guaranteed | 54,603,526 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities – 11.6% | ||||||
Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A: | ||||||
$ 395 | 3.500%, 12/01/22 – AGM Insured | No Opt. Call | AA | $420,110 | ||
475 | 4.000%, 12/01/28 | 12/24 at 100.00 | AA | 507,542 | ||
495 | 4.000%, 12/01/29 | 12/24 at 100.00 | AA | 524,408 | ||
1,140 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/25 – AGM Insured | 10/22 at 100.00 | AA | 1,272,046 | ||
Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A: | ||||||
500 | 5.000%, 12/01/25 | 12/22 at 100.00 | A1 | 564,075 | ||
670 | 5.000%, 12/01/26 | 12/22 at 100.00 | A1 | 754,849 | ||
340 | Marshall, Minnesota, Public Utility Revenue Bonds, Series 2009A, 3.750%, 7/01/18 – AGC Insured | No Opt. Call | AA | 344,556 | ||
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014: | ||||||
500 | 5.000%, 10/01/29 | 10/24 at 100.00 | A2 | 584,460 | ||
500 | 5.000%, 10/01/30 | 10/24 at 100.00 | A2 | 583,770 | ||
1,000 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 3.500%, 10/01/28 | 10/24 at 100.00 | A2 | 1,028,130 | ||
3,090 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2010A-1, 5.000%, 1/01/20 | No Opt. Call | A- | 3,295,022 | ||
1,430 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/30 | 1/23 at 100.00 | A- | 1,587,843 | ||
570 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/33 | 12/23 at 100.00 | Aa3 | 652,593 | ||
750 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2015E, 3.000%, 12/01/29 | 12/25 at 100.00 | Aa3 | 755,850 | ||
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A: | ||||||
1,000 | 5.000%, 12/01/33 | 12/26 at 100.00 | Aa3 | 1,179,910 | ||
450 | 5.000%, 12/01/34 | 12/26 at 100.00 | Aa3 | 528,606 | ||
580 | 5.000%, 12/01/35 | 12/26 at 100.00 | Aa3 | 679,801 | ||
1,070 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-4, 4.000%, 10/01/40 (Alternative Minimum Tax) | 10/27 at 100.00 | A- | 1,094,428 | ||
295 | Shakopee Public Utilities Commission, Minnesota, Public Utilities Crossover Refunding Revenue Bonds, Series 2006A, 4.250%, 2/01/18 – AGM Insured | No Opt. Call | A1 | 295,566 | ||
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+ | 2,700,400 | ||
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A: | ||||||
3,500 | 0.000%, 1/01/20 – NPFG Insured | No Opt. Call | A+ | 3,370,185 | ||
5,000 | 0.000%, 1/01/21 – NPFG Insured | No Opt. Call | A+ | 4,710,350 | ||
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 | 1,022,240 | ||
1,250 | 5.000%, 1/01/29 | 1/23 at 100.00 | Aa3 | 1,415,900 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
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 | $1,559,574 | ||
1,000 | 5.000%, 1/01/33 | 1/26 at 100.00 | Aa3 | 1,159,560 | ||
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A: | ||||||
2,850 | 5.000%, 1/01/29 | 1/24 at 100.00 | Aa3 | 3,299,673 | ||
2,750 | 5.000%, 1/01/30 | 1/24 at 100.00 | Aa3 | 3,172,043 | ||
1,000 | 5.000%, 1/01/31 | 1/24 at 100.00 | Aa3 | 1,151,640 | ||
1,150 | 5.000%, 1/01/32 | 1/24 at 100.00 | Aa3 | 1,322,270 | ||
38,585 | Total Utilities | 41,537,400 | ||||
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 | 2,086,242 | ||
2,000 | 4.000%, 11/01/28 – BAM Insured | 11/23 at 100.00 | AA | 2,139,940 | ||
250 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 7/01/22 | No Opt. Call | A- | 277,850 | ||
4,155 | Total Water and Sewer | 4,504,032 | ||||
$ 328,970 | Total Long-Term Investments (cost $339,504,922) | 351,074,939 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.5% | ||||||
MUNICIPAL BONDS – 0.5% | ||||||
Health Care – 0.5% | ||||||
$ 2,000 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligation, Mayo Clinic Series 2008A, 1.210%, 11/15/38 (Mandatory put 12/04/17) (5) | 2/18 at 100.00 | A-1+ | $ 2,000,000 | ||
$ 2,000 | Total Short-Term Investments (cost $2,000,000) | 2,000,000 | ||||
Total Investments (cost $341,504,922) – 98.7% | 353,074,939 | |||||
Other Assets Less Liabilities – 1.3% | 4,563,039 | |||||
Net Assets – 100% | $ 357,637,978 |
(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. | |
(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. | |
(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 not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S. Government or agency. | |
(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, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
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. | |
ETM | Escrowed to maturity. |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 97.4% | ||||||
MUNICIPAL BONDS – 97.4% | ||||||
Consumer Staples – 0.5% | ||||||
$ 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+ | $ 1,917,702 | ||
Education and Civic Organizations – 15.7% | ||||||
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+ | 60,128 | ||
800 | Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series, 8.000%, 12/01/43 | 12/21 at 100.00 | N/R | 901,576 | ||
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 | 101,459 | ||
1,000 | 5.000%, 7/01/47 | 7/24 at 102.00 | N/R | 1,002,730 | ||
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- | 1,594,007 | ||
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+ | 430,981 | ||
500 | 5.500%, 7/01/50 | 7/25 at 100.00 | BB+ | 544,940 | ||
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+ | 288,933 | ||
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+ | 1,817,078 | ||
875 | 5.875%, 11/01/40 | 11/18 at 102.00 | BB+ | 903,551 | ||
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+ | 1,084,040 | ||
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 | 98,805 | ||
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 | 5,469,412 | ||
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A: | ||||||
600 | 5.000%, 7/01/29 | 7/24 at 100.00 | BB+ | 644,052 | ||
1,000 | 5.000%, 7/01/34 | 7/24 at 100.00 | BB+ | 1,046,680 | ||
525 | 5.000%, 7/01/44 | 7/24 at 100.00 | BB+ | 534,056 | ||
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 | 3,759,226 | ||
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 | 100,776 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
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 | $2,882,644 | ||
1,260 | 6.125%, 7/01/48 | 7/23 at 100.00 | BB | 1,330,043 | ||
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 | 451,268 | ||
395 | 3.500%, 5/01/23 | 5/21 at 100.00 | Baa3 | 406,388 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017: | ||||||
1,845 | 5.000%, 5/01/37 | 5/27 at 100.00 | BBB- | 2,065,164 | ||
2,200 | 5.000%, 5/01/47 | 5/27 at 100.00 | BBB- | 2,440,174 | ||
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 | 1,065,180 | ||
1,000 | 4.000%, 3/01/39 | 3/27 at 100.00 | Aa2 | 1,061,880 | ||
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 | 1,961,523 | ||
600 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2017, 4.000%, 3/01/48 | 3/27 at 100.00 | Aa3 | 633,684 | ||
1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/30 | 3/25 at 100.00 | Aa3 | 1,017,440 | ||
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 | 400,057 | ||
385 | 5.000%, 10/01/34 | 10/25 at 100.00 | A2 | 438,619 | ||
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 | 2,173,958 | ||
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+ | 1,154,555 | ||
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- | 688,591 | ||
560 | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 144A, 5.000%, 8/01/22 | No Opt. Call | BB+ | 599,463 | ||
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- | 89,639 | ||
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- | 2,951,642 | ||
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+ | 1,566,365 | ||
1,695 | 5.500%, 9/01/43 | 9/20 at 101.00 | BB+ | 1,703,255 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
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 | $651,069 | ||
1,030 | 5.375%, 7/01/50 | 7/25 at 100.00 | BB | 1,072,508 | ||
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+ | 1,485,351 | ||
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- | 185,135 | ||
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 | 1,864,717 | ||
205 | 5.125%, 10/01/48 | 10/26 at 100.00 | N/R | 189,354 | ||
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- | 1,518,646 | ||
University of Minnesota, General Obligation Bonds, Series 2014B: | ||||||
2,235 | 4.000%, 1/01/33 | 1/24 at 100.00 | Aa1 | 2,392,858 | ||
1,185 | 4.000%, 1/01/34 | 1/24 at 100.00 | Aa1 | 1,263,909 | ||
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 | 20,100 | ||
55,835 | Total Education and Civic Organizations | 58,107,609 | ||||
Health Care – 16.5% | ||||||
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 | 511,050 | ||
2,000 | 4.000%, 3/01/37 | 3/26 at 100.00 | N/R | 1,983,980 | ||
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 | 548,377 | ||
485 | 5.000%, 4/01/41 | 4/27 at 100.00 | BBB | 533,112 | ||
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
375 | 4.000%, 4/01/22 | No Opt. Call | BBB | 398,704 | ||
500 | 4.000%, 4/01/27 | 4/22 at 100.00 | BBB | 519,095 | ||
760 | 4.000%, 4/01/31 | 4/22 at 100.00 | BBB | 782,177 | ||
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 | 2,706,950 | ||
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 | 1,027,450 | ||
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 | 487,458 | ||
430 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 491,314 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | ||||||
$ 485 | 4.000%, 11/15/40 | 11/25 at 100.00 | A+ | $507,518 | ||
2,000 | 5.000%, 11/15/44 | 11/25 at 100.00 | A+ | 2,261,660 | ||
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 | 137,497 | ||
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- | 2,635,352 | ||
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- | 596,700 | ||
1,005 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Refunding Series 2008C-1, 5.000%, 2/15/30 – AGC Insured | 2/20 at 100.00 | AA | 1,071,531 | ||
2,400 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B, 5.000%, 11/15/33 | No Opt. Call | AA | 3,046,896 | ||
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 | 1,856,128 | ||
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 | 64,475 | ||
675 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 5.000%, 5/01/46 | 5/26 at 100.00 | A1 | 764,593 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A: | ||||||
8,230 | 5.000%, 7/01/30 | 7/25 at 100.00 | A+ | 9,464,006 | ||
4,500 | 4.000%, 7/01/35 | 7/25 at 100.00 | A+ | 4,694,490 | ||
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- | 1,618,943 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A: | ||||||
630 | 4.000%, 11/15/36 | 11/27 at 100.00 | A+ | 662,212 | ||
640 | 4.000%, 11/15/37 | 11/27 at 100.00 | A+ | 671,066 | ||
9,120 | 4.000%, 11/15/43 | 11/27 at 100.00 | A+ | 9,539,155 | ||
3,750 | 5.000%, 11/15/47 | 11/27 at 100.00 | A+ | 4,325,250 | ||
1,375 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 | 2/18 at 100.00 | N/R | 1,377,214 | ||
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 | 2,080,208 | ||
1,410 | 5.000%, 9/01/34 | 9/24 at 100.00 | A | 1,560,940 |
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: | ||||||
$ 500 | 3.750%, 7/01/21 | No Opt. Call | BBB | $507,855 | ||
350 | 4.000%, 7/01/22 | 7/21 at 100.00 | BBB | 356,062 | ||
1,270 | 4.500%, 7/01/24 | 7/21 at 100.00 | BBB | 1,322,273 | ||
56,175 | Total Health Care | 61,111,691 | ||||
Housing/Multifamily – 0.7% | ||||||
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 | 2,603,200 | ||
Housing/Single Family – 1.2% | ||||||
60 | 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+ | 62,022 | ||
21 | 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) | 12/17 at 100.00 | AA+ | 21,399 | ||
195 | 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+ | 198,586 | ||
65 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011B, 4.000%, 7/01/21 | No Opt. Call | Aaa | 67,477 | ||
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D: | ||||||
25 | 4.375%, 7/01/26 | 7/21 at 100.00 | Aaa | 26,056 | ||
400 | 4.700%, 1/01/31 | 7/21 at 100.00 | Aaa | 422,136 | ||
10 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011E, 4.000%, 7/01/26 | 7/21 at 100.00 | Aaa | 10,169 | ||
1,125 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 1,159,729 | ||
1,255 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2016A, 3.200%, 1/01/33 (Alternative Minimum Tax) | 7/25 at 100.00 | AA+ | 1,240,166 | ||
1,095 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (Alternative Minimum Tax) | 1/27 at 100.00 | AA+ | 1,085,473 | ||
4,251 | Total Housing/Single Family | 4,293,213 | ||||
Long-Term Care – 9.7% | ||||||
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 | 1,631,292 | ||
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 | Baa1 | 384,323 | ||
500 | 5.000%, 11/01/44 | 11/24 at 100.00 | Baa1 | 553,740 | ||
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 | Baa1 | 1,665,840 | ||
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 | 1,595,790 | ||
1,500 | City of West Saint Paul, Minnesota Housing and Health Care Facilities Revenue Refunding Bonds, Walker Westwood Ridge Campus Project, Series 2017, 5.000%, 11/01/49 | 11/25 at 100.00 | N/R | 1,544,355 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 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 | $1,185,345 | ||
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 | 598,052 | ||
1,175 | 5.250%, 1/01/46 | 1/23 at 100.00 | N/R | 1,218,863 | ||
1,195 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 144A, 5.000%, 8/01/46 | 8/22 at 100.00 | N/R | 1,210,272 | ||
1,185 | Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen Second Century & Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory put 9/01/24) | 9/18 at 100.00 | N/R | 1,201,649 | ||
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | ||||||
450 | 5.000%, 11/15/24 | 11/22 at 100.00 | N/R | 470,214 | ||
1,500 | 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,506,525 | ||
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 | 1,552,680 | ||
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 | 2,170,140 | ||
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 | 1,041,340 | ||
1,055 | Owatonna, Minnesota, Housing and Health Care Revenue Bonds, Ecumen Second Century & Owatonna Senior Living Project, Refunding Series 2014B, 4.500%, 9/01/44 (Mandatory put 9/01/24) | 9/18 at 100.00 | N/R | 1,067,882 | ||
1,500 | Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. Project, Refunding Series 2017A, 5.000%, 8/01/48 | 8/25 at 100.00 | N/R | 1,548,045 | ||
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 | 2,849,013 | ||
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 | 246,915 | ||
1,808 | Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 | 4/18 at 100.00 | N/R | 1,809,808 | ||
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 | 4/18 at 100.00 | N/R | 1,099,934 | ||
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 | 1,004,770 | ||
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017: | ||||||
590 | 4.000%, 9/01/31 | 9/24 at 100.00 | N/R | 596,932 | ||
400 | 4.000%, 9/01/32 | 9/24 at 100.00 | N/R | 403,276 | ||
500 | 4.100%, 9/01/33 | 9/24 at 100.00 | N/R | 505,260 | ||
315 | 4.200%, 9/01/36 | 9/24 at 100.00 | N/R | 317,561 | ||
300 | 4.250%, 9/01/37 | 9/24 at 100.00 | N/R | 302,787 |
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 | $870,112 | ||
2,390 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 5.125%, 1/01/39 | 1/23 at 100.00 | N/R | 2,419,158 | ||
Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A: | ||||||
700 | 5.500%, 11/01/32 | 5/19 at 102.00 | N/R | 734,664 | ||
330 | 6.000%, 5/01/47 | 5/19 at 102.00 | N/R | 347,233 | ||
34,563 | Total Long-Term Care | 35,653,770 | ||||
Materials – 0.5% | ||||||
2,150 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 144A, 4.500%, 10/01/37 (Alternative Minimum Tax) | 10/22 at 100.00 | BBB- | 2,005,369 | ||
Tax Obligation/General – 15.8% | ||||||
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 | 2,022,981 | ||
955 | 5.000%, 2/01/26 | 2/25 at 100.00 | Aa2 | 1,127,712 | ||
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+ | 1,888,725 | ||
1,570 | Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2017A, 5.000%, 2/01/25 – AGM Insured | No Opt. Call | AA | 1,861,926 | ||
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+ | 2,152,420 | ||
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 | 2,495,984 | ||
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 | 432,251 | ||
2,345 | Chisago Lakes, Minnesota, Independent School District 2144, General Obligation Bonds, Series 2017A, 3.000%, 2/01/32 | 2/27 at 100.00 | AA+ | 2,323,543 | ||
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+ | 517,570 | ||
1,005 | Clay County, Minnesota, General Obligation Bonds, Capital Improvement Series 2017B, 3.000%, 2/01/31 | 2/27 at 100.00 | AA+ | 1,013,010 | ||
Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B: | ||||||
1,000 | 5.000%, 2/01/26 | 2/25 at 100.00 | Aa2 | 1,180,850 | ||
1,000 | 5.000%, 2/01/27 | 2/25 at 100.00 | Aa2 | 1,173,630 | ||
1,000 | 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,045,570 | ||
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 | 1,131,537 | ||
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 | 990,850 | ||
2,000 | 3.000%, 2/01/34 | 2/26 at 100.00 | Aa2 | 1,954,740 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
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 | $1,095,270 | ||
585 | Forest Lake Independent School District 831, Washington County, Minnesota, General Obligation Bonds, School Building Series 2016A, 3.125%, 2/01/40 | 2/26 at 100.00 | AA+ | 569,884 | ||
Fridley Independent School District 14, Anoka County, Minnesota, General Obligation Bonds, Alternative Facility, Series 2016B: | ||||||
2,620 | 5.000%, 2/01/27 | 2/26 at 100.00 | Aa2 | 3,147,720 | ||
1,075 | 4.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,192,476 | ||
480 | Fridley, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2017, 3.250%, 2/01/34 | 2/26 at 100.00 | Aa2 | 484,104 | ||
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 | 2,609,050 | ||
Madison, Minnesota, General Obligation Bonds, Refunding Series 2015A: | ||||||
660 | 3.600%, 1/01/35 – AGM Insured | 1/23 at 100.00 | AA | 675,998 | ||
500 | 4.000%, 1/01/45 – AGM Insured | 1/23 at 100.00 | AA | 512,925 | ||
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+ | 1,191,050 | ||
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+ | 2,188,120 | ||
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+ | 1,904,962 | ||
1,000 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/38 (WI/DD, Settling 12/06/17) | 2/28 at 100.00 | AA+ | 1,079,660 | ||
1,280 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2017A, 4.000%, 2/01/32 (WI/DD, Settling 12/06/17) | 2/28 at 100.00 | AA+ | 1,419,661 | ||
1,185 | Minnesota State, General Obligation Bonds, Various Purpose Series 2015A, 5.000%, 8/01/32 | 8/25 at 100.00 | AAA | 1,398,418 | ||
1,240 | 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 | 1,194,294 | ||
550 | Mountain Lake, Minnesota, General Obligation Bonds, Series 2017B, 4.000%, 2/01/43 | 2/25 at 100.00 | A+ | 573,633 | ||
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+ | 996,740 | ||
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 | 1,058,219 | ||
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 | 450,419 | ||
525 | 3.125%, 2/01/35 | 2/25 at 100.00 | Aa2 | 519,136 | ||
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+ | 1,061,440 | ||
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 | 1,533,504 | ||
1,885 | 3.200%, 2/01/32 | 2/26 at 100.00 | Aa2 | 1,914,783 |
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 | $1,309,025 | ||
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 | 2,909,580 | ||
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 | 1,461,780 | ||
500 | 3.125%, 2/01/35 | 2/26 at 100.00 | Aa2 | 493,110 | ||
55,215 | Total Tax Obligation/General | 58,258,260 | ||||
Tax Obligation/Limited – 5.7% | ||||||
600 | Elbow Lake Economic Development Authority, Minnesota, Lease Revenue Bonds, Public Project, Series 2017A, 4.200%, 12/15/43 | 12/27 at 100.00 | N/R | 601,944 | ||
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 | 136,266 | ||
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 | 324,487 | ||
1,090 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 3.250%, 8/01/30 | 8/24 at 100.00 | AA | 1,100,399 | ||
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2016C: | ||||||
385 | 4.000%, 8/01/34 | 8/25 at 100.00 | AA | 406,564 | ||
400 | 4.000%, 8/01/35 | 8/25 at 100.00 | AA | 421,012 | ||
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2017A: | ||||||
200 | 4.000%, 8/01/30 | 8/27 at 100.00 | AA | 221,074 | ||
475 | 4.000%, 8/01/34 | 8/27 at 100.00 | AA | 516,221 | ||
325 | 4.000%, 8/01/35 | 8/27 at 100.00 | AA | 351,783 | ||
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 | 1,093,490 | ||
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015A: | ||||||
1,470 | 3.625%, 2/01/34 | 2/25 at 100.00 | A1 | 1,509,646 | ||
580 | 3.750%, 2/01/36 | 2/25 at 100.00 | A1 | 596,872 | ||
4,600 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015B, 4.000%, 2/01/42 | 2/25 at 100.00 | A1 | 4,779,814 | ||
1,000 | Plymouth Intermediate District 287, Minnesota, Certificates of Participation, Refunding Series 2017A, 4.000%, 2/01/36 | 2/27 at 100.00 | A1 | 1,063,860 | ||
Plymouth Intermediate District 287, Minnesota, Facilities Maintence Bonds, Series 2017B: | ||||||
175 | 4.000%, 5/01/29 | 5/27 at 100.00 | A1 | 191,200 | ||
200 | 4.000%, 5/01/32 | 5/27 at 100.00 | A1 | 216,284 | ||
100 | 4.000%, 5/01/33 | 5/27 at 100.00 | A1 | 107,547 | ||
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 | 408,807 | ||
520 | 5.000%, 2/01/34 | 2/25 at 100.00 | A1 | 595,535 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
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 | $508,440 | ||
430 | 4.875%, 4/01/30 | 4/23 at 100.00 | N/R | 437,250 | ||
1,665 | 5.250%, 4/01/43 | 4/23 at 100.00 | N/R | 1,682,249 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012: | ||||||
600 | 5.000%, 9/01/26 | 3/20 at 102.00 | N/R | 631,110 | ||
1,360 | 5.000%, 3/01/29 | 3/20 at 102.00 | N/R | 1,423,580 | ||
1,530 | Worthington Independent School District 518, Nobles County, Minnesota, Certificates of Participation, Series 2017A, 4.000%, 2/01/42 | 2/26 at 100.00 | A+ | 1,593,755 | ||
20,035 | Total Tax Obligation/Limited | 20,919,189 | ||||
Transportation – 5.1% | ||||||
1,000 | Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41 | 1/21 at 100.00 | N/R | 1,027,190 | ||
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- | 4,148,240 | ||
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- | 161,764 | ||
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+ | 135,312 | ||
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+ | 306,215 | ||
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+ | 2,298,380 | ||
1,175 | 5.000%, 1/01/32 | 1/24 at 100.00 | A+ | 1,346,715 | ||
800 | 5.000%, 1/01/33 | 1/24 at 100.00 | A+ | 914,000 | ||
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+ | 1,143,710 | ||
750 | 5.000%, 1/01/26 (Alternative Minimum Tax) | 1/24 at 100.00 | A+ | 851,438 | ||
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- | 1,794,047 | ||
1,000 | 5.000%, 1/01/41 | 1/27 at 100.00 | AA- | 1,163,020 | ||
3,000 | 5.000%, 1/01/46 | 1/27 at 100.00 | AA- | 3,476,100 | ||
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+ | 123,788 | ||
16,915 | Total Transportation | 18,889,919 | ||||
U.S. Guaranteed – 13.8% (4) | ||||||
660 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43 (Pre-refunded 6/01/20) | 6/20 at 102.00 | BBB- (4) | 726,257 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 1,680 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2014A, 5.000%, 6/01/47 (Pre-refunded 6/01/20) | 6/20 at 102.00 | BBB- (4) | $1,848,655 | ||
10,000 | Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011, 6.000%, 2/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A1 (4) | 11,336,400 | ||
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) | 1,357,460 | ||
2,000 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19 (ETM) | No Opt. Call | AA+ (4) | 2,055,760 | ||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A: | ||||||
40 | 6.000%, 11/15/18 (ETM) | No Opt. Call | A+ (4) | 41,760 | ||
3,225 | 6.625%, 11/15/28 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A+ (4) | 3,385,799 | ||
245 | 6.750%, 11/15/32 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A+ (4) | 257,502 | ||
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) | 152,840 | ||
4,100 | 4.875%, 8/01/25 (Pre-refunded 8/01/18) | 8/18 at 100.00 | N/R (4) | 4,194,341 | ||
1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B, 5.000%, 10/01/31 (Pre-refunded 10/01/19) | 10/19 at 100.00 | A3 (4) | 1,060,330 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1: | ||||||
625 | 6.000%, 10/01/32 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 (4) | 722,594 | ||
2,000 | 6.000%, 10/01/40 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 (4) | 2,312,300 | ||
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) | 2,005,540 | ||
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) | 36,827 | ||
65 | 5.500%, 5/01/39 (Pre-refunded 5/01/19) – AGC Insured | 5/19 at 100.00 | A1 (4) | 68,506 | ||
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 | 1,081,700 | ||
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 | 1,266,801 | ||
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 | 15,926 | ||
2,625 | 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 2,797,121 | ||
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) | 1,763,670 | ||
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) | 1,663,990 | ||
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 (Pre-refunded 2/01/19) | 2/19 at 100.00 | A (4) | 2,140,999 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 500 | Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Faility 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) | $500,000 | ||
St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A: | ||||||
1,070 | 5.000%, 8/01/30 (Pre-refunded 8/01/18) | 8/18 at 102.00 | A+ (4) | 1,117,069 | ||
1,500 | 5.000%, 8/01/35 (Pre-refunded 8/01/18) | 8/18 at 102.00 | A+ (4) | 1,565,985 | ||
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | ||||||
110 | 5.250%, 11/15/35 (Pre-refunded 11/15/20) | 11/20 at 100.00 | A+ (4) | 121,078 | ||
1,615 | 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 1,961,418 | ||
400 | St. Paul Housing and Redevelopment Authority, Minnesota, Perfromaing Arts Facility Revenue Bonds, Ordway Center for the Performing Arts, Series 2012, 2.200%, 7/01/18 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 400,000 | ||
1,540 | University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 (Pre-refunded 12/01/20) | 12/20 at 100.00 | Aa1 (4) | 1,702,131 | ||
1,200 | West St. Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46 (Pre-refunded 9/01/19) | 9/19 at 100.00 | N/R (4) | 1,308,000 | ||
46,885 | Total U.S. Guaranteed | 50,968,759 | ||||
Utilities – 11.8% | ||||||
235 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 248,527 | ||
5,045 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/30 | 10/20 at 100.00 | A2 | 5,480,333 | ||
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: | ||||||
1,000 | 4.000%, 10/01/31 | 10/24 at 100.00 | A2 | 1,064,450 | ||
1,000 | 4.000%, 10/01/32 | 10/24 at 100.00 | A2 | 1,061,270 | ||
2,250 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/47 | 10/26 at 100.00 | A2 | 2,572,155 | ||
250 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/26 | 12/23 at 100.00 | Aa3 | 290,922 | ||
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A: | ||||||
2,000 | 5.000%, 12/01/42 | 12/26 at 100.00 | Aa3 | 2,330,320 | ||
1,500 | 5.000%, 12/01/47 | 12/26 at 100.00 | Aa3 | 1,741,305 | ||
2,000 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42 | 10/27 at 100.00 | A- | 2,099,440 | ||
180 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-4, 4.000%, 10/01/40 (Alternative Minimum Tax) | 10/27 at 100.00 | A- | 184,109 |
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 | A+ | $1,483,560 | ||
1,825 | 0.000%, 1/01/21 – NPFG Insured | No Opt. Call | A+ | 1,719,278 | ||
65 | 0.000%, 1/01/22 – NPFG Insured | No Opt. Call | A+ | 59,719 | ||
3,055 | 0.000%, 1/01/23 – NPFG Insured | No Opt. Call | A+ | 2,732,545 | ||
10,530 | 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | A+ | 9,147,621 | ||
4,805 | 0.000%, 1/01/25 – NPFG Insured | No Opt. Call | A+ | 4,041,726 | ||
6,230 | 0.000%, 1/01/26 – NPFG Insured | No Opt. Call | A+ | 5,057,016 | ||
2,000 | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 | 1/24 at 100.00 | Aa3 | 2,269,300 | ||
45,480 | Total Utilities | 43,583,596 | ||||
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- | 1,361,793 | ||
$ 343,044 | Total Long-Term Investments (cost $344,267,498) | 359,674,070 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 2.1% | ||||||
MUNICIPAL BONDS – 2.1% | ||||||
Education and Civic Organizations – 1.0% | ||||||
$ 600 | Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Variable Rate Demand Obligation, Series 2002, 1.300%, 6/01/32 (Mandatory put 12/04/17) (5) | 3/18 at 100.00 | A-1+ | $600,000 | ||
3,000 | Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Variable Rate Demand Obligation, Series 2009, 1.300%, 12/01/40 (Mandatory put 12/04/17) (5) | 2/18 at 100.00 | A-1+ | 3,000,000 | ||
3,600 | Total Education and Civic Organizations | 3,600,000 | ||||
Housing/Single Family – 0.3% | ||||||
1,375 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Variable Rate Demand Obligation Series 2015D, 1.360%, 1/01/46 (Alternative Minimum Tax)(Mandatory put 12/04/17) (5) | 2/18 at 100.00 | A-1+ | 1,375,000 | ||
Health Care – 0.8% | ||||||
3,000 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligation, Mayo Clinic Series 2008A, 1.210%, 11/15/38 (Mandatory put 12/04/17) (5) | 2/18 at 100.00 | A-1+ | 3,000,000 | ||
$ 7,975 | Total Short-Term Investments (cost $7,975,000) | 7,975,000 | ||||
Total Investments (cost $352,242,498) – 99.5% | 367,649,070 | |||||
Other Assets Less Liabilities – 0.5% | 1,753,270 | |||||
Net Assets – 100% | $ 369,402,340 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
(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. | |
(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. | |
(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 not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S. Government or agency. | |
(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, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
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. | |
ETM | Escrowed to maturity. | |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.4% | ||||||
MUNICIPAL BONDS – 98.4% | ||||||
Consumer Staples – 0.6% | ||||||
$ 500 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 | 12/17 at 100.00 | B- | $ 468,680 | ||
Education and Civic Organizations – 11.2% | ||||||
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 | 1,009,830 | ||
1,500 | Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University Projects, Refunding Series 2017, 5.000%, 7/01/47 (WI/DD, Settling 12/04/17) | 7/27 at 100.00 | A2 | 1,719,795 | ||
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- | 705,612 | ||
410 | 4.000%, 4/01/32 | 4/22 at 100.00 | A- | 425,490 | ||
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 | 494,835 | ||
525 | Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.450%, 9/01/35 | 5/21 at 100.00 | Aa3 | 583,322 | ||
1,000 | University of Nebraska Facilities Corporation, Nebraska, Revenue Bonds, Series 2017B, 4.000%, 5/15/37 | 11/27 at 100.00 | Aa1 | 1,077,410 | ||
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 | 1,100,750 | ||
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 | 911,490 | ||
7,620 | Total Education and Civic Organizations | 8,028,534 | ||||
Health Care – 12.9% | ||||||
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+ | 218,104 | ||
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017: | ||||||
180 | 5.000%, 11/15/37 | 5/27 at 100.00 | AA- | 206,901 | ||
550 | 5.000%, 11/15/47 | 5/27 at 100.00 | AA- | 624,486 | ||
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+ | 833,683 | ||
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- | 519,160 | ||
1,000 | 5.000%, 11/01/45 | 11/25 at 100.00 | A- | 1,110,240 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
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- | $1,014,490 | ||
2,800 | 5.000%, 11/01/42 | 11/21 at 100.00 | A- | 2,992,808 | ||
250 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Refunding Series 2017A, 5.000%, 7/01/30 | 7/27 at 100.00 | BBB | 281,798 | ||
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- | 520,390 | ||
405 | 3.000%, 5/15/46 | 5/26 at 100.00 | AA- | 357,336 | ||
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+ | 532,885 | ||
8,660 | Total Health Care | 9,212,281 | ||||
Housing/Single Family – 2.8% | ||||||
955 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Refunding Series 2016A, 3.500%, 9/01/36 | 3/25 at 100.00 | AA+ | 974,004 | ||
990 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2016C, 3.350%, 9/01/36 | 9/25 at 100.00 | AA+ | 1,001,593 | ||
1,945 | Total Housing/Single Family | 1,975,597 | ||||
Long-Term Care – 6.7% | ||||||
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 | 949,140 | ||
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 | 3,619,580 | ||
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 | 254,980 | ||
4,505 | Total Long-Term Care | 4,823,700 | ||||
Tax Obligation/General – 12.1% | ||||||
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 | 718,966 | ||
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 | 534,550 | ||
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- | 476,875 | ||
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- | 976,610 | ||
1,350 | Douglas County School District 1, Nebraska, General Obligation Bonds, Refunding Series 2012, 5.000%, 6/15/24 | No Opt. Call | AA+ | 1,596,780 | ||
750 | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Series 2016, 4.000%, 12/15/36 | 12/25 at 100.00 | AA- | 790,560 | ||
1,000 | Kearney County School District 503, Nebraska, General Obligation Bonds, Series 2014, 4.000%, 12/15/39 | 12/19 at 100.00 | A+ | 1,037,910 | ||
535 | Lincoln, Nebraska, General Obligation Bonds, Stormwater Drainage & Flood Management System, Refunding Series 2017, 4.000%, 6/01/27 | No Opt. Call | AAA | 620,563 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 195 | Omaha, Nebraska, General Obligation Bonds, Convention Center Project, Series 2004, 5.250%, 4/01/26 | No Opt. Call | AA+ | $239,846 | ||
500 | Omaha, Nebraska, General Obligation Bonds, Various Purpose & Refunding Series 2017A, 4.000%, 4/15/33 | 4/27 at 100.00 | AA+ | 544,375 | ||
500 | Sarpy County School District 1, Bellevue Public School, Nebraska, General Obligation Bonds, School Building Series 2017, 5.000%, 12/15/35 | 12/27 at 100.00 | Aa3 | 589,860 | ||
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 | 545,875 | ||
8,035 | Total Tax Obligation/General | 8,672,770 | ||||
Tax Obligation/Limited – 5.7% | ||||||
265 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | A | 279,244 | ||
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 | 2,719,259 | ||
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 | 529,535 | ||
500 | Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2017, 4.000%, 12/15/31 | 6/22 at 100.00 | AA- | 536,370 | ||
3,725 | Total Tax Obligation/Limited | 4,064,408 | ||||
Transportation – 3.1% | ||||||
165 | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) | 10/23 at 100.00 | BBB | 187,384 | ||
825 | Lincoln, Nebraska, Airport Revenue Bonds, Series 2015A, 4.000%, 7/01/45 | 7/25 at 100.00 | Aa1 | 860,038 | ||
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- | 1,152,050 | ||
1,990 | Total Transportation | 2,199,472 | ||||
U.S. Guaranteed – 21.0% (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) | 358,783 | ||
1,210 | 5.500%, 11/01/38 (Pre-refunded 11/01/18) | 11/18 at 100.00 | A- (4) | 1,255,617 | ||
1,000 | Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University Projects, Refunding Series 2010A, 5.500%, 7/01/30 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A2 (4) | 1,097,450 | ||
1,300 | Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/25 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R (4) | 1,483,144 | ||
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 | AA+ (4) | 505,815 | ||
Nebraska Cooperative Republican Platte Enhancement Project, River Flow Enhancement Revenue Bonds, Series 2013A: | ||||||
2,000 | 5.125%, 12/15/33 (Pre-refunded 9/10/18) | 9/18 at 100.00 | A+ (4) | 2,057,980 | ||
520 | 5.000%, 12/15/38 (Pre-refunded 9/10/18) | 9/18 at 100.00 | A+ (4) | 534,581 | ||
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) | 1,016,767 | ||
1,200 | 5.500%, 2/01/35 (Pre-refunded 2/01/18) | 2/18 at 100.00 | AA (4) | 1,208,040 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 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) | $467,100 | ||
Omaha, Nebraska, General Obligation Bonds, Various Purpose & Refunding Series 2013A: | ||||||
715 | 4.500%, 11/15/28 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA+ (4) | 819,933 | ||
365 | 4.500%, 11/15/29 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA+ (4) | 418,567 | ||
650 | Omaha, Nebraska, Special Tax Redevelopment Bonds, Redevelopment 2008, 5.250%, 10/15/28 (Pre-refunded 10/15/18) | 10/18 at 100.00 | AA+ (4) | 671,515 | ||
500 | Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2013, 4.250%, 12/15/33 (Pre-refunded 7/26/18) | 7/18 at 100.00 | AA- (4) | 508,975 | ||
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) | 1,559,505 | ||
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) | 1,036,902 | ||
14,285 | Total U.S. Guaranteed | 15,000,674 | ||||
Utilities – 18.4% | ||||||
Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A: | ||||||
20 | 5.250%, 12/01/19 | No Opt. Call | A | 21,279 | ||
800 | 5.250%, 12/01/21 | No Opt. Call | A | 898,944 | ||
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 | 2,562,698 | ||
1,500 | Fremont, Nebraska, Combined Utilities System Revenue Bonds, Series 2014B, 5.000%, 7/15/34 | 7/21 at 100.00 | AA- | 1,649,925 | ||
235 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 248,527 | ||
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+ | 78,349 | ||
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A: | ||||||
100 | 5.000%, 4/01/22 | No Opt. Call | A | 112,368 | ||
110 | 5.000%, 4/01/31 | 4/22 at 100.00 | A | 120,824 | ||
1,850 | Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/34 | 1/22 at 100.00 | A+ | 2,041,697 | ||
1,500 | Nebraska Public Power District, General Revenue Bonds, Series 2016A, 5.000%, 1/01/41 | 1/26 at 100.00 | A+ | 1,724,130 | ||
500 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Series 2015C, 4.000%, 2/01/38 | 2/25 at 100.00 | AA | 526,375 | ||
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+ | 321,401 | ||
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 | 1,144,440 | ||
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 | 1,695,045 | ||
11,860 | Total Utilities | 13,146,002 | ||||
Water and Sewer – 3.9% | ||||||
320 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 (WI/DD, Settling 12/20/17) | 7/27 at 100.00 | A- | 357,478 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
$ 430 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A- | $472,235 | ||
500 | Metropolitan Utilities District Omaha, Nebraska, Water Revenue Bonds, Series 2015, 3.250%, 12/01/32 | 12/25 at 100.00 | Aa2 | 507,400 | ||
1,395 | Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2011, 4.250%, 11/15/41 | 11/21 at 100.00 | AA | 1,467,400 | ||
2,645 | Total Water and Sewer | 2,804,513 | ||||
$ 65,770 | Total Long-Term Investments (cost $68,045,187) | 70,396,631 | ||||
Other Assets Less Liabilities – 1.6% | 1,169,188 | |||||
Net Assets – 100% | $ 71,565,819 |
(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. | |
(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. | |
(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 not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S. Government or agency. | |
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 | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 94.8% | ||||||
MUNICIPAL BONDS – 94.8% | ||||||
Education and Civic Organizations – 6.2% | ||||||
$ 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 | $2,372,668 | ||
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 | 1,230,200 | ||
Forest Grove, Oregon, Student Housing Revenue Bonds, Oak Tree Foundation, Inc. Project, Series 2017: | ||||||
440 | 5.000%, 3/01/24 | No Opt. Call | BBB- | 493,992 | ||
405 | 5.000%, 3/01/25 | No Opt. Call | BBB- | 456,791 | ||
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 | 1,487,043 | ||
1,260 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2015C, 5.000%, 4/01/24 | No Opt. Call | AAA | 1,493,365 | ||
1,000 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2015A, 5.000%, 4/01/28 | 4/25 at 100.00 | AAA | 1,193,670 | ||
500 | Oregon Facilities Authority, Revenue Bonds, Lewis & Clark College Project, Refunding Series 2011A, 5.250%, 10/01/24 | 10/21 at 100.00 | A- | 555,055 | ||
500 | Oregon Facilities Authority, Revenue Bonds, Linfield College, Series 2010A, 4.750%, 10/01/28 | 10/20 at 100.00 | Baa1 | 530,765 | ||
100 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2015A, 144A, 5.500%, 6/15/35 | 6/25 at 100.00 | N/R | 104,081 | ||
600 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2016A, 5.000%, 6/15/33 | 6/25 at 100.00 | N/R | 604,860 | ||
Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A: | ||||||
795 | 5.000%, 7/01/30 (WI/DD, Settling 12/05/17) | 7/27 at 100.00 | Aa2 | 955,749 | ||
400 | 4.000%, 7/01/32 (WI/DD, Settling 12/05/17) | 7/27 at 100.00 | Aa2 | 436,192 | ||
Oregon Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A: | ||||||
450 | 5.000%, 4/01/29 | 4/25 at 100.00 | A- | 515,776 | ||
700 | 5.000%, 4/01/30 | 4/25 at 100.00 | A- | 799,827 | ||
210 | Oregon Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2010A, 4.000%, 10/01/24 | 4/20 at 100.00 | A | 217,741 | ||
11,915 | Total Education and Civic Organizations | 13,447,775 | ||||
Health Care – 16.1% | ||||||
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- | 1,136,130 | ||
375 | 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+ | 393,225 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
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- | $317,229 | ||
495 | 5.000%, 9/01/29 | 9/26 at 100.00 | A- | 576,239 | ||
400 | 5.000%, 9/01/31 | 9/26 at 100.00 | A- | 461,856 | ||
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- | 538,860 | ||
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 | 2,063,780 | ||
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 | 891,799 | ||
1,940 | 5.000%, 9/01/21 | 9/19 at 100.00 | A | 2,054,654 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/30 | 6/26 at 100.00 | AA- | 1,167,080 | ||
1,020 | Oregon Facilities Authority, Revenue Bonds, Legacy Health System, Refunding Series 2010A, 4.750%, 3/15/24 | 3/20 at 100.00 | AA- | 1,080,976 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2009A, 5.000%, 11/01/20 | 11/19 at 100.00 | A+ | 1,063,400 | ||
Oregon Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2014A: | ||||||
690 | 5.000%, 11/15/25 | 5/24 at 100.00 | A+ | 805,216 | ||
4,155 | 4.125%, 11/15/32 | 5/24 at 100.00 | A+ | 4,438,994 | ||
375 | Oregon Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2011C, 5.000%, 10/01/20 | No Opt. Call | AA- | 408,506 | ||
1,815 | Oregon Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2013A, 5.000%, 10/01/23 | No Opt. Call | AA- | 2,108,232 | ||
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2010A: | ||||||
1,250 | 5.000%, 10/01/19 | No Opt. Call | BBB+ | 1,312,238 | ||
500 | 5.000%, 10/01/24 | 10/20 at 100.00 | BBB+ | 541,850 | ||
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A: | ||||||
485 | 5.000%, 10/01/29 | 10/26 at 100.00 | BBB+ | 559,879 | ||
1,325 | 5.000%, 10/01/30 | 10/26 at 100.00 | BBB+ | 1,521,325 | ||
Oregon Health and Science University, Revenue Bonds, Refunding Series 2012A: | ||||||
925 | 5.000%, 7/01/25 | 7/22 at 100.00 | AA- | 1,043,141 | ||
1,195 | 5.000%, 7/01/26 | 7/22 at 100.00 | AA- | 1,344,291 | ||
4,000 | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/33 | 7/26 at 100.00 | AA- | 4,713,360 | ||
1,000 | Oregon Health and Science University, Revenue Bonds, Series 2012E, 4.000%, 7/01/29 | 7/22 at 100.00 | AA- | 1,062,670 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
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+ | $1,577,545 | ||
560 | 5.000%, 5/15/30 | 5/26 at 100.00 | A+ | 646,834 | ||
1,000 | 5.000%, 5/15/31 | 5/26 at 100.00 | A+ | 1,150,080 | ||
31,450 | Total Health Care | 34,979,389 | ||||
Housing/Multifamily – 2.3% | ||||||
Clackamas County Housing Authority, Oregon, Multifamily Housing Revenue Bonds, Easton Ridge Apartments Project, Series 2013A: | ||||||
285 | 4.000%, 9/01/22 | No Opt. Call | Aa3 | 308,823 | ||
195 | 4.000%, 9/01/23 | 3/23 at 100.00 | Aa3 | 211,909 | ||
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 | 364,929 | ||
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 | 1,259,667 | ||
400 | 4.700%, 7/01/33 – AGM Insured | 7/22 at 100.00 | AA | 424,988 | ||
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- | 1,108,940 | ||
Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A: | ||||||
360 | 4.000%, 7/01/19 (Alternative Minimum Tax) | 3/18 at 100.00 | Aaa | 370,238 | ||
240 | 4.250%, 7/01/21 (Alternative Minimum Tax) | 1/20 at 100.00 | Aaa | 250,267 | ||
705 | Portland Housing Authority, Oregon, Housing Revenue Bonds, Yards at Union Station Project, Refunding Series 2007, 4.750%, 5/01/22 (Alternative Minimum Tax) | 5/18 at 100.00 | Aa2 | 706,297 | ||
4,710 | Total Housing/Multifamily | 5,006,058 | ||||
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- | 265,363 | ||
450 | 5.000%, 10/01/24 | 10/23 at 100.00 | A- | 514,813 | ||
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 | 1,660,095 | ||
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 | 377,283 | ||
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 | 773,507 | ||
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 | 1,088,776 | ||
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc., Refunding Series 2012: | ||||||
550 | 5.000%, 5/15/22 | No Opt. Call | N/R | 590,254 | ||
550 | 5.750%, 5/15/27 | 5/22 at 100.00 | N/R | 609,862 |
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 | $ 489,618 | ||
5,815 | Total Long-Term Care | 6,369,571 | ||||
Tax Obligation/General – 31.0% | ||||||
1,365 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/26 | No Opt. Call | AA+ | 1,609,704 | ||
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 | 702,187 | ||
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+ | 1,291,513 | ||
Blue Mountain Hospital District, Grant County, Oregon, General Obligation Bonds, Refunding Series 2010: | ||||||
605 | 4.250%, 2/01/19 | No Opt. Call | Baa3 | 620,845 | ||
655 | 4.500%, 2/01/20 | No Opt. Call | Baa3 | 687,986 | ||
280 | 5.000%, 2/01/21 | No Opt. Call | Baa3 | 303,251 | ||
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+ | 1,036,910 | ||
810 | 4.500%, 6/15/20 | No Opt. Call | AA+ | 868,020 | ||
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 | 578,040 | ||
1,100 | Chemeketa Community College District, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/26 | 6/24 at 100.00 | AA+ | 1,287,132 | ||
200 | Clackamas and Multnomah Counties School District 7J Lake Oswego, Oregon, General Obligation Bonds, Refunding Series 2005, 5.250%, 6/01/25 – AGM Insured | No Opt. Call | Aa1 | 245,170 | ||
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+ | 1,486,888 | ||
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+ | 1,325,079 | ||
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+ | 1,210,830 | ||
1,500 | Clackamas County School District 46 Oregon Trail, Oregon, General Obligation Bonds, Refunding Series 2017, 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 1,816,245 | ||
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 | 666,762 | ||
525 | Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2012A, 5.000%, 6/15/25 | 6/22 at 100.00 | AA+ | 598,022 | ||
450 | Columbia County School District 502 Saint Helens, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/33 | 6/27 at 100.00 | Aa1 | 540,225 | ||
1,000 | David Douglas School District 40, Multnomah County, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25 | No Opt. Call | AA+ | 834,930 | ||
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 | 1,907,033 | ||
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 | 1,099,294 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 3,055 | Deshutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Series 2008, 0.000%, 6/15/22 | No Opt. Call | Aa1 | $2,784,113 | ||
2,000 | Greater Albany School District 8J, Linn & Benton Counties, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/32 | 6/27 at 100.00 | AA+ | 2,401,000 | ||
Jackson County School District 549C, Oregon, General Obligation Bonds, Refunding Series 2015: | ||||||
2,000 | 5.000%, 12/15/20 | No Opt. Call | AA+ | 2,198,500 | ||
1,250 | 5.000%, 12/15/28 | 6/25 at 100.00 | AA+ | 1,484,038 | ||
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 | 1,067,450 | ||
545 | 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 | 554,434 | ||
Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Series 2013A: | ||||||
975 | 4.000%, 9/15/19 | No Opt. Call | Baa1 | 1,012,928 | ||
1,105 | 4.250%, 9/15/23 | 9/21 at 100.00 | Baa1 | 1,174,306 | ||
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 | 1,190,270 | ||
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 | 347,748 | ||
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 | 1,775,145 | ||
2,250 | 5.000%, 6/15/30 | 6/25 at 100.00 | Aa1 | 2,652,503 | ||
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+ | 1,629,075 | ||
Oregon State, General Obligation Bonds, Alterrnative Energy Series 2011B: | ||||||
540 | 5.000%, 1/01/20 (Alternative Minimum Tax) | No Opt. Call | AA+ | 577,433 | ||
560 | 5.000%, 1/01/21 (Alternative Minimum Tax) | No Opt. Call | AA+ | 615,838 | ||
100 | 5.000%, 1/01/23 (Alternative Minimum Tax) | 1/21 at 100.00 | AA+ | 108,902 | ||
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+ | 2,716,102 | ||
Pacific Communities Health District, Oregon, General Obligation Bonds, Series 2016: | ||||||
750 | 5.000%, 6/01/29 | 6/26 at 100.00 | A1 | 888,240 | ||
1,000 | 5.000%, 6/01/30 | 6/26 at 100.00 | A1 | 1,174,320 | ||
770 | 5.000%, 6/01/31 | 6/26 at 100.00 | A1 | 899,768 | ||
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 | 1,081,836 | ||
2,235 | Portland, Oregon, General Obligation Bonds, Sellwood Bridge Project, Series 2014A, 5.000%, 6/01/28 | 6/24 at 100.00 | Aaa | 2,623,465 | ||
340 | Redmond, Oregon, Full Faith and Credit Obligations, Refunding Series 2012A, 4.000%, 6/01/25 | 6/22 at 100.00 | Aa3 | 365,435 | ||
350 | Redmond, Oregon, Full Faith and Credit Obligations, Series 2014A, 5.000%, 6/01/25 | 6/24 at 100.00 | Aa3 | 406,455 |
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 | $247,951 | ||
200 | 4.250%, 6/01/23 | 6/19 at 100.00 | Aa3 | 207,060 | ||
500 | 4.625%, 6/01/29 | 6/19 at 100.00 | Aa3 | 518,520 | ||
500 | Rogue Community College District, Jackson and Jospehine Counties, Oregon, General Obligation Bonds, Jackson County Service Area, Series 2016B, 4.000%, 6/15/31 | 6/26 at 100.00 | Aa1 | 546,835 | ||
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+ | 729,720 | ||
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 | 1,653,607 | ||
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 | 1,249,495 | ||
Umatilla County School District 6R Umatilla, Oregon, General Obligation Bonds, Series 2017: | ||||||
245 | 0.000%, 6/15/27 | No Opt. Call | AA+ | 229,322 | ||
340 | 0.000%, 6/15/29 | 6/27 at 100.00 | AA+ | 314,214 | ||
315 | 0.000%, 6/15/31 | 6/27 at 100.00 | AA+ | 288,477 | ||
500 | Wasco County School District 012, Oregon, General Obligation Bonds, Series 2001 Refunding, 5.500%, 6/15/19 – AGM Insured | No Opt. Call | AA | 529,990 | ||
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+ | 1,513,538 | ||
965 | Washington County School District 15, Forest Grove, Washington, General Obligation Bonds, Series 2012, 0.000%, 6/15/25 | No Opt. Call | AA+ | 802,716 | ||
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 | 1,439,882 | ||
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 | 1,307,808 | ||
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+ | 1,210,830 | ||
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+ | 1,097,660 | ||
1,000 | 4.000%, 6/15/32 | 6/26 at 100.00 | AA+ | 1,089,700 | ||
60,630 | Total Tax Obligation/General | 67,422,695 | ||||
Tax Obligation/Limited – 12.1% | ||||||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
2,260 | 5.000%, 11/15/28 | 11/25 at 100.00 | A | 2,531,652 | ||
500 | 5.000%, 11/15/29 | 11/25 at 100.00 | A | 556,765 | ||
750 | Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, 5.000%, 6/15/30 | 6/27 at 100.00 | Aa3 | 894,787 | ||
585 | Oregon Department of Administrative Services, Certificates of Participation, Series 2009C, 5.000%, 11/01/25 | 11/19 at 100.00 | AA | 620,410 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
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 2014A: | ||||||
$ 1,980 | 5.000%, 11/15/26 | 11/24 at 100.00 | AAA | $2,352,161 | ||
1,000 | 5.000%, 11/15/27 | 11/24 at 100.00 | AAA | 1,184,410 | ||
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 | 2,368,820 | ||
3,000 | 5.000%, 11/15/28 | 11/24 at 100.00 | AAA | 3,542,610 | ||
3,400 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 11/15/27 | 5/27 at 100.00 | AAA | 4,208,044 | ||
1,000 | Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012B, 5.000%, 6/15/23 | 6/22 at 100.00 | A1 | 1,132,100 | ||
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 | 2,089,621 | ||
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 | 2,873,852 | ||
1,000 | Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2017A, 5.000%, 10/01/27 | No Opt. Call | A | 1,224,370 | ||
655 | 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 | 723,035 | ||
22,815 | Total Tax Obligation/Limited | 26,302,637 | ||||
Transportation – 3.0% | ||||||
Jackson County, Oregon, Airport Revenue Bonds, Refunding Series 2016: | ||||||
395 | 5.000%, 12/01/30 – AGM Insured | 6/26 at 100.00 | AA | 466,155 | ||
430 | 5.000%, 12/01/31 – AGM Insured | 6/26 at 100.00 | AA | 506,746 | ||
380 | 5.000%, 12/01/33 – AGM Insured | 6/26 at 100.00 | AA | 444,041 | ||
350 | 4.000%, 12/01/34 – AGM Insured | 6/26 at 100.00 | AA | 374,437 | ||
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- | 1,143,609 | ||
350 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/18 (Alternative Minimum Tax) | No Opt. Call | AA- | 357,291 | ||
1,250 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2015-23, 5.000%, 7/01/28 | 7/25 at 100.00 | AA- | 1,474,813 | ||
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 | 1,677,615 | ||
5,685 | Total Transportation | 6,444,707 | ||||
U.S. Guaranteed – 10.5% (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) | 1,022,240 | ||
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 | A1 (4) | 1,054,430 | ||
1,000 | Clackamas County School District 46 Oregon Trail, Oregon, General Obligation Bonds, Series 2009A, 5.000%, 6/15/24 (Pre-refunded 6/15/19) | 6/19 at 100.00 | AA+ (4) | 1,051,820 |
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) | $1,590,930 | ||
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) | 1,549,800 | ||
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) | 1,565,340 | ||
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) | 499,634 | ||
945 | Oregon Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 144A, 6.125%, 9/01/30 (Pre-refunded 9/01/20) | 9/20 at 100.00 | N/R (4) | 1,038,130 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, Reed College, Refunding Series 2011A, 5.000%, 7/01/29 (Pre-refunded 7/01/20) | 7/20 at 100.00 | Aa2 (4) | 1,084,900 | ||
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) | 2,020,900 | ||
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 | 1,107,507 | ||
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) | 1,513,753 | ||
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) | 1,545,075 | ||
400 | Salem, Oregon, General Obligation Bonds, Series 2009, 5.000%, 6/01/22 (Pre-refunded 6/01/19) | 6/19 at 100.00 | AA (4) | 420,208 | ||
Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A: | ||||||
1,000 | 5.000%, 10/01/25 (Pre-refunded 10/01/21) | 10/21 at 100.00 | A (4) | 1,121,290 | ||
1,715 | 5.000%, 10/01/26 (Pre-refunded 10/01/21) | 10/21 at 100.00 | A (4) | 1,923,012 | ||
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 | 2,624,104 | ||
21,345 | Total U.S. Guaranteed | 22,733,073 | ||||
Utilities – 1.0% | ||||||
Central Lincoln Peoples Utility District, Oregon, Electric Revenue Bonds, Series 2016: | ||||||
500 | 3.500%, 12/01/29 | 12/25 at 100.00 | AA- | 522,350 | ||
350 | 5.000%, 12/01/33 | 12/25 at 100.00 | AA- | 402,364 | ||
350 | 5.000%, 12/01/34 | 12/25 at 100.00 | AA- | 400,750 | ||
500 | Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/22 – AGM Insured | No Opt. Call | A1 | 567,530 | ||
250 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/21 – AGM Insured | No Opt. Call | AA | 275,345 | ||
1,950 | Total Utilities | 2,168,339 | ||||
Water and Sewer – 9.7% | ||||||
1,295 | Albany, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/01/25 | 8/23 at 100.00 | Aa3 | 1,505,593 | ||
630 | Bend, Deschutes County, Oregon, Water Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/23 | No Opt. Call | AA | 742,058 |
Portfolio of Investments | November 30, 2017 (Unaudited) |
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- | $332,826 | ||
150 | 5.000%, 11/01/28 | 5/25 at 100.00 | AA- | 176,433 | ||
350 | 5.000%, 11/01/30 | 5/25 at 100.00 | AA- | 409,346 | ||
270 | 5.000%, 11/01/33 | 5/25 at 100.00 | AA- | 312,811 | ||
400 | Eugene, Oregon, Water Utility System Revenue Bonds, Refunding Series 2016, 5.000%, 8/01/27 | 8/26 at 100.00 | AA+ | 486,792 | ||
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- | 1,208,935 | ||
1,120 | 5.000%, 7/01/29 | 7/26 at 100.00 | A- | 1,264,200 | ||
1,180 | 5.000%, 7/01/30 | 7/26 at 100.00 | A- | 1,324,420 | ||
2,250 | Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Refunding Series 2016, 4.000%, 11/01/24 | No Opt. Call | AA | 2,537,438 | ||
3,070 | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Series 2015B, 5.000%, 6/01/25 | No Opt. Call | AA- | 3,693,609 | ||
2,500 | Portland, Oregon, Water System Revenue Bonds, Refunding First Lien Series 2016A, 4.000%, 4/01/33 | 4/26 at 100.00 | Aaa | 2,719,400 | ||
Redmond, Oregon, Water Revenue Bonds, Series 2010: | ||||||
450 | 4.500%, 6/01/25 | 6/20 at 100.00 | Aa3 | 478,454 | ||
5 | 4.500%, 6/01/30 | 6/20 at 100.00 | Aa3 | 5,272 | ||
1,000 | Sunrise Water Authority, Oregon, Water Revenue Bonds, Refunding Series 2014, 4.000%, 3/01/23 | No Opt. Call | AA | 1,101,130 | ||
325 | The Dalles, Oregon, Water Revenue Bonds, Series 200, 4.250%, 6/01/20 – AMBAC Insured | 12/17 at 100.00 | N/R | 325,744 | ||
1,435 | Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/26 | 8/22 at 100.00 | AA- | 1,622,124 | ||
900 | Woodburn, Marion County, Oregon, Wastewater Revenue Bonds, Refunding Series 2011A, 5.000%, 3/01/20 | No Opt. Call | A2 | 963,999 | ||
18,695 | Total Water and Sewer | 21,210,584 | ||||
$ 185,010 | Total Long-Term Investments (cost $200,584,177) | 206,084,828 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 2.0% | ||||||
MUNICIPAL BONDS – 2.0% | ||||||
Health Care – 2.0% | ||||||
$ 4,300 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital, Variable Rate Demand Obligation Series 2008B, 1.300%, 8/15/34 (Mandatory Put 12/04/17) (5) | 2/18 at 100.00 | A-1+ | $ 4,300,000 | ||
$ 4,300 | Total Short-Term Investments (cost $4,300,000) | 4,300,000 | ||||
Total Investments (cost $204,884,177) – 96.8% | 210,384,828 | |||||
Other Assets Less Liabilities – 3.2% | 6,902,205 | |||||
Net Assets – 100% | $ 217,287,033 |
(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. | |
(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. | |
(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 not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S. Government or agency. | |
(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, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
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. |
Assets and Liabilities
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Assets | ||||
Long-term investments, at value (cost $339,504,922, $344,267,498, $68,045,187 and $200,584,177, respectively) | $351,074,939 | $359,674,070 | $70,396,631 | $206,084,828 |
Short-term investments, at value (cost approximates value) | 2,000,000 | 7,975,000 | — | 4,300,000 |
Cash | 1,539,809 | 1,041,800 | 2,022,906 | 5,512,111 |
Receivable for: | ||||
Interest | 4,133,115 | 4,244,439 | 939,959 | 2,625,897 |
Shares sold | 658,997 | 958,776 | 500,186 | 1,038,443 |
Other assets | 19,943 | 14,184 | 11,212 | 5,231 |
Total assets | 359,426,803 | 373,908,269 | 73,870,894 | 219,566,510 |
Liabilities | ||||
Payable for: | ||||
Dividends | 424,498 | 209,785 | 36,615 | 221,523 |
Investments purchased | — | 3,530,915 | 2,097,168 | 1,410,064 |
Shares redeemed | 1,072,917 | 434,197 | 97,435 | 483,192 |
Accrued expenses: | ||||
Directors fees | 14,844 | 8,164 | 343 | 1,096 |
Management fees | 154,256 | 155,084 | 31,129 | 94,614 |
Professional fees | 17,730 | 21,335 | 9,482 | 15,262 |
12b-1 distribution and service fees | 31,658 | 61,146 | 10,500 | 14,112 |
Other | 72,922 | 85,303 | 22,403 | 39,614 |
Total liabilities | 1,788,825 | 4,505,929 | 2,305,075 | 2,279,477 |
Net assets | $357,637,978 | $369,402,340 | $71,565,819 | $217,287,033 |
Class A Shares | ||||
Net assets | $ 95,141,213 | $158,618,266 | $29,123,019 | $ 46,191,890 |
Shares outstanding | 9,177,208 | 13,567,653 | 2,736,349 | 4,538,105 |
Net asset value ("NAV") per share | $ 10.37 | $ 11.69 | $ 10.64 | $ 10.18 |
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) | $ 10.69 | $ 12.20 | $ 11.11 | $ 10.49 |
Class C Shares | ||||
Net assets | $ 13,799,920 | $ 29,921,624 | $ 3,004,878 | $ 3,482,763 |
Shares outstanding | 1,339,432 | 2,562,497 | 283,044 | 344,137 |
NAV and offering price per share | $ 10.30 | $ 11.68 | $ 10.62 | $ 10.12 |
Class C1 Shares | ||||
Net assets | $ 2,012,724 | $ 10,939,827 | $ 2,265,381 | $ — |
Shares outstanding | 193,559 | 939,729 | 214,310 | — |
NAV and offering price per share | $ 10.40 | $ 11.64 | $ 10.57 | $ — |
Class C2 Shares | ||||
Net assets | $ 5,501,297 | $ 7,423,200 | $ 3,331,189 | $ 5,774,784 |
Shares outstanding | 532,568 | 634,682 | 312,732 | 568,628 |
NAV and offering price per share | $ 10.33 | $ 11.70 | $ 10.65 | $ 10.16 |
Class I Shares | ||||
Net assets | $241,182,824 | $162,499,423 | $33,841,352 | $161,837,596 |
Shares outstanding | 23,381,365 | 13,913,543 | 3,175,277 | 15,879,421 |
NAV and offering price per share | $ 10.32 | $ 11.68 | $ 10.66 | $ 10.19 |
Net assets consist of: | ||||
Capital paid-in | $347,473,043 | $362,518,133 | $71,419,398 | $214,814,872 |
Undistributed (Over-distribution of) net investment income | 281,024 | 371,668 | 39,016 | (70,650) |
Accumulated net realized gain (loss) | (1,686,106) | (8,894,033) | (2,244,039) | (2,957,840) |
Net unrealized appreciation (depreciation) | 11,570,017 | 15,406,572 | 2,351,444 | 5,500,651 |
Net assets | $357,637,978 | $369,402,340 | $71,565,819 | $217,287,033 |
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 | $ 6,327,196 | $ 7,015,377 | $1,282,539 | $ 3,219,157 |
Expenses | ||||
Management fees | 919,622 | 928,206 | 178,915 | 576,278 |
12b-1 service fees - Class A Shares | 92,878 | 155,011 | 27,498 | 46,035 |
12b-1 distibution and service fees - Class C Shares | 68,293 | 146,329 | 15,276 | 18,063 |
12b-1 distibution and service fees - Class C1 Shares | 6,715 | 36,649 | 7,507 | — |
12b-1 distibution and service fees - Class C2 Shares | 21,717 | 28,913 | 12,903 | 22,838 |
Shareholder servicing agent fees | 54,488 | 72,194 | 15,430 | 27,005 |
Custodian fees | 41,896 | 28,224 | 9,031 | 23,139 |
Directors fees | 6,108 | 6,250 | 1,159 | 3,783 |
Professional fees | 21,213 | 22,293 | 12,133 | 17,129 |
Shareholder reporting expenses | 25,226 | 39,351 | 10,710 | 15,008 |
Federal and state registration fees | 12,313 | 13,223 | 14,859 | 8,222 |
Other | 6,924 | 6,325 | 2,202 | 5,355 |
Total expenses before fee waiver/expense reimbursement | 1,277,393 | 1,482,968 | 307,623 | 762,855 |
Fee waiver/expense reimbursement | — | — | (14,994) | — |
Net expenses | 1,277,393 | 1,482,968 | 292,629 | 762,855 |
Net investment income (loss) | 5,049,803 | 5,532,409 | 989,910 | 2,456,302 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from investments | 795 | 173,288 | (6,668) | 16,591 |
Change in net unrealized appreciation (depreciation) of investments | (3,183,734) | (1,891,215) | (724,423) | (2,981,507) |
Net realized and unrealized gain (loss) | (3,182,939) | (1,717,927) | (731,091) | (2,964,916) |
Net increase (decrease) in net assets from operations | $ 1,866,864 | $ 3,814,482 | $ 258,819 | $ (508,614) |
Changes in Net Assets
Minnesota Intermediate | Minnesota | ||||
Six Months Ended 11/30/17 | Year Ended 5/31/17 | Six Months Ended 11/30/17 | Year Ended 5/31/17 | ||
Operations | |||||
Net investment income (loss) | $ 5,049,803 | $ 9,888,580 | $ 5,532,409 | $ 10,860,574 | |
Net realized gain (loss) from investments | 795 | (842,084) | 173,288 | (2,682,236) | |
Change in net unrealized appreciation (depreciation) of investments | (3,183,734) | (6,739,454) | (1,891,215) | (6,365,914) | |
Net increase (decrease) in net assets from operations | 1,866,864 | 2,307,042 | 3,814,482 | 1,812,424 | |
Distributions to Shareholders | |||||
From net investment income: | |||||
Class A Shares | (1,275,014) | (2,605,055) | (2,327,615) | (4,922,214) | |
Class C Shares | (133,656) | (255,608) | (320,391) | (583,803) | |
Class C1 Shares | (23,576) | (50,499) | (144,119) | (327,401) | |
Class C2 Shares | (63,233) | (139,877) | (94,185) | (226,803) | |
Class I Shares | (3,491,651) | (6,716,834) | (2,536,676) | (4,774,932) | |
Decrease in net assets from distributions to shareholders | (4,987,130) | (9,767,873) | (5,422,986) | (10,835,153) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 44,165,492 | 105,369,222 | 43,634,927 | 168,178,245 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,459,393 | 4,387,380 | 4,164,999 | 7,875,724 | |
46,624,885 | 109,756,602 | 47,799,926 | 176,053,969 | ||
Cost of shares redeemed | (24,364,984) | (105,187,713) | (29,914,319) | (140,734,258) | |
Net increase (decrease) in net assets from Fund share transactions | 22,259,901 | 4,568,889 | 17,885,607 | 35,319,711 | |
Net increase (decrease) in net assets | 19,139,635 | (2,891,942) | 16,277,103 | 26,296,982 | |
Net assets at the beginning of period | 338,498,343 | 341,390,285 | 353,125,237 | 326,828,255 | |
Net assets at the end of period | $357,637,978 | $ 338,498,343 | $369,402,340 | $ 353,125,237 | |
Undistributed (Over-distribution of) net investment income at the end of period | $ 281,024 | $ 218,351 | $ 371,668 | $ 262,245 |
Nebraska | Oregon Intermediate | ||||
Six Months Ended 11/30/17 | Year Ended 5/31/17 | Six Months Ended 11/30/17 | Year Ended 5/31/17 | ||
Operations | |||||
Net investment income (loss) | $ 989,910 | $ 1,976,303 | $ 2,456,302 | $ 5,249,529 | |
Net realized gain (loss) from investments | (6,668) | (176,606) | 16,591 | (1,586,506) | |
Change in net unrealized appreciation (depreciation) of investments | (724,423) | (1,731,266) | (2,981,507) | (3,059,136) | |
Net increase (decrease) in net assets from operations | 258,819 | 68,431 | (508,614) | 603,887 | |
Distributions to Shareholders | |||||
From net investment income: | |||||
Class A Shares | (424,342) | (864,804) | (507,620) | (1,219,869) | |
Class C Shares | (34,526) | (73,368) | (25,315) | (58,517) | |
Class C1 Shares | (30,140) | (71,539) | — | — | |
Class C2 Shares | (43,600) | (97,048) | (49,628) | (122,865) | |
Class I Shares | (504,068) | (927,403) | (1,924,348) | (3,791,803) | |
Decrease in net assets from distributions to shareholders | (1,036,676) | (2,034,162) | (2,506,911) | (5,193,054) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 13,018,538 | 11,549,182 | 26,314,225 | 84,698,519 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 803,806 | 1,517,771 | 1,183,362 | 2,351,707 | |
13,822,344 | 13,066,953 | 27,497,587 | 87,050,226 | ||
Cost of shares redeemed | (4,736,330) | (10,986,021) | (22,744,818) | (95,758,858) | |
Net increase (decrease) in net assets from Fund share transactions | 9,086,014 | 2,080,932 | 4,752,769 | (8,708,632) | |
Net increase (decrease) in net assets | 8,308,157 | 115,201 | 1,737,244 | (13,297,799) | |
Net assets at the beginning of period | 63,257,662 | 63,142,461 | 215,549,789 | 228,847,588 | |
Net assets at the end of period | $71,565,819 | $ 63,257,662 | $217,287,033 | $215,549,789 | |
Undistributed (Over-distribution of) net investment income at the end of period | $ 39,016 | $ 85,782 | $ (70,650) | $ (20,041) |
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) | |||||||||
2018(d) | $10.46 | $0.15 | $(0.10) | $ 0.05 | $(0.14) | $ — | $(0.14) | $10.37 | |
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) | |||||||||
2018(d) | 10.39 | 0.10 | (0.09) | 0.01 | (0.10) | — | (0.10) | 10.30 | |
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(e) | 10.27 | 0.06 | 0.16 | 0.22 | (0.07) | — | (0.07) | 10.42 | |
Class C1 (10/09) | |||||||||
2018(d) | 10.49 | 0.12 | (0.09) | 0.03 | (0.12) | — | (0.12) | 10.40 | |
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)(f) | |||||||||
2018(d) | 10.42 | 0.12 | (0.10) | 0.02 | (0.11) | — | (0.11) | 10.33 | |
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) | |||||||||
2018(d) | 10.40 | 0.15 | (0.08) | 0.07 | (0.15) | — | (0.15) | 10.32 | |
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) |
0.52% | $ 95,141 | 0.82%* | 2.77%* | 7% |
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 |
0.11 | 13,800 | 1.62* | 1.97* | 7 |
(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 |
0.28 | 2,013 | 1.27* | 2.32* | 7 |
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 |
0.23 | 5,501 | 1.37* | 2.23* | 7 |
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 |
0.70 | 241,183 | 0.62* | 2.97* | 7 |
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 six months ended November 30, 2017. |
(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 (07/88) | |||||||||
2018(d) | $11.74 | $0.18 | $(0.05) | $0.13 | $(0.18) | $ — | $(0.18) | $11.69 | |
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) | |||||||||
2018(d) | 11.73 | 0.13 | (0.05) | 0.08 | (0.13) | — | (0.13) | 11.68 | |
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(e) | 11.25 | 0.08 | 0.40 | 0.48 | (0.10) | — | (0.10) | 11.63 | |
Class C1 (02/99) | |||||||||
2018(d) | 11.69 | 0.15 | (0.05) | 0.10 | (0.15) | — | (0.15) | 11.64 | |
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)(f) | |||||||||
2018(d) | 11.75 | 0.15 | (0.06) | 0.09 | (0.14) | — | (0.14) | 11.70 | |
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) | |||||||||
2018(d) | 11.73 | 0.19 | (0.05) | 0.14 | (0.19) | — | (0.19) | 11.68 | |
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) |
1.09% | $158,618 | 0.82%* | 3.07%* | 8% |
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 |
0.68 | 29,922 | 1.62* | 2.26* | 8 |
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 |
0.86 | 10,940 | 1.27* | 2.62* | 8 |
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 |
0.80 | 7,423 | 1.37* | 2.52* | 8 |
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 |
1.19 | 162,499 | 0.62* | 3.26* | 8 |
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 six months ended November 30, 2017. |
(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 | Return of Capital | Total | Ending NAV | |
Class A (02/01) | ||||||||||
2018(e) | $10.77 | $0.16 | $(0.12) | $ 0.04 | $(0.17) | $ — | $ — | $(0.17) | $10.64 | |
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) | ||||||||||
2018(e) | 10.74 | 0.11 | (0.11) | — | (0.12) | — | — | (0.12) | 10.62 | |
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(f) | 10.38 | 0.03 | 0.32 | 0.35 | (0.08) | — | — | (0.08) | 10.65 | |
Class C1 (02/01) | ||||||||||
2018(e) | 10.69 | 0.13 | (0.11) | 0.02 | (0.14) | — | — | (0.14) | 10.57 | |
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)(g) | ||||||||||
2018(e) | 10.77 | 0.13 | (0.11) | 0.02 | (0.14) | — | — | (0.14) | 10.65 | |
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) | ||||||||||
2018(e) | 10.78 | 0.17 | (0.11) | 0.06 | (0.18) | — | — | (0.18) | 10.66 | |
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) | |
0.34% | $29,123 | 0.93%* | 2.88%* | 0.88%* | 2.93%* | 2% | |
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 | |
0.01 | 3,005 | 1.73* | 2.09* | 1.68* | 2.13* | 2 | |
(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 | 2,265 | 1.38* | 2.44* | 1.33* | 2.49* | 2 | |
(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 | |
0.15 | 3,331 | 1.48* | 2.35* | 1.43* | 2.39* | 2 | |
(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 | |
0.52 | 33,841 | 0.73* | 3.08* | 0.68* | 3.13* | 2 | |
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 six months ended November 30, 2017. |
(f) | For the period February 10, 2014 (commencement of operations) through May 31, 2014. |
(g) | 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) | |||||||||
2018(d) | $10.32 | $0.11 | $(0.14) | $(0.03) | $(0.11) | $ — | $(0.11) | $10.18 | |
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) | |||||||||
2018(d) | 10.26 | 0.07 | (0.14) | (0.07) | (0.07) | — | (0.07) | 10.12 | |
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(e) | 10.16 | 0.04 | 0.15 | 0.19 | (0.06) | — | (0.06) | 10.29 | |
Class C2 (01/11)(f) | |||||||||
2018(d) | 10.30 | 0.08 | (0.14) | (0.06) | (0.08) | — | (0.08) | 10.16 | |
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) | |||||||||
2018(d) | 10.33 | 0.12 | (0.14) | (0.02) | (0.12) | — | (0.12) | 10.19 | |
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) |
(0.26)% | $ 46,192 | 0.82%* | 2.14%* | 3% |
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 |
(0.67) | 3,483 | 1.62* | 1.34* | 3 |
(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 |
(0.55) | 5,775 | 1.37* | 1.59* | 3 |
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 |
(0.17) | 161,838 | 0.62* | 2.34* | 3 |
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 six months ended November 30, 2017. |
(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. |
** | Rounds to less than $0.01 per share. |
Financial Statements (Unaudited)
Minnesota | Nebraska | Oregon Intermediate | |
Outstanding when-issued/delayed delivery purchase commitments | $2,507,448 | $2,097,168 | $1,410,064 |
Minnesota Intermediate | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $351,074,939 | $ — | $351,074,939 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 2,000,000 | — | 2,000,000 |
Total | $ — | $353,074,939 | $ — | $353,074,939 |
Minnesota | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $359,674,070 | $ — | $359,674,070 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 7,975,000 | — | 7,975,000 |
Total | $ — | $367,649,070 | $ — | $367,649,070 |
Nebraska | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $70,396,631 | $ — | $70,396,631 |
Oregon Intermediate | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $206,084,828 | $ — | $206,084,828 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 4,300,000 | — | 4,300,000 |
Total | $ — | $210,384,828 | $ — | $210,384,828 |
* | 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. |
Six Months Ended 11/30/17 | Year Ended 5/31/17 | ||||
Minnesota Intermediate | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 912,330 | $ 9,536,629 | 3,127,399 | $ 32,669,056 | |
Class C | 152,595 | 1,584,248 | 493,675 | 5,179,456 | |
Class C1 | 1 | 15 | — | — | |
Class C2 | 3,178 | 33,110 | 474 | 4,877 | |
Class I | 3,173,976 | 33,011,490 | 6,521,957 | 67,515,833 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 119,252 | 1,243,749 | 244,509 | 2,558,766 | |
Class C | 12,675 | 131,326 | 24,279 | 252,318 | |
Class C1 | 2,254 | 23,575 | 4,807 | 50,499 | |
Class C2 | 5,993 | 62,273 | 13,226 | 137,938 | |
Class I | 96,229 | 998,470 | 133,416 | 1,387,859 | |
4,478,483 | 46,624,885 | 10,563,742 | 109,756,602 | ||
Shares redeemed: | |||||
Class A | (501,738) | (5,244,810) | (3,434,146) | (35,457,925) | |
Class C | (126,862) | (1,317,938) | (366,905) | (3,815,995) | |
Class C1 | (10,625) | (111,682) | (26,082) | (278,067) | |
Class C2 | (46,451) | (483,441) | (67,845) | (703,831) | |
Class I | (1,657,530) | (17,207,113) | (6,327,935) | (64,931,895) | |
(2,343,206) | (24,364,984) | (10,222,913) | (105,187,713) | ||
Net increase (decrease) | 2,135,277 | $ 22,259,901 | 340,829 | $ 4,568,889 |
Six Months Ended 11/30/17 | Year Ended 5/31/17 | ||||
Minnesota | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,461,823 | $ 17,182,065 | 6,754,550 | $ 79,064,661 | |
Class C | 361,490 | 4,242,159 | 1,002,685 | 11,835,244 | |
Class C1 | 663 | 7,745 | 1,561 | 18,252 | |
Class C2 | 124 | 1,458 | 2,802 | 32,513 | |
Class I | 1,891,925 | 22,201,500 | 6,617,810 | 77,227,575 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 194,256 | 2,278,566 | 407,380 | 4,781,703 | |
Class C | 26,550 | 310,979 | 48,502 | 567,713 | |
Class C1 | 11,572 | 135,163 | 26,083 | 305,174 | |
Class C2 | 7,787 | 91,369 | 18,656 | 219,384 | |
Class I | 115,130 | 1,348,922 | 171,028 | 2,001,750 | |
4,071,320 | 47,799,926 | 15,051,057 | 176,053,969 | ||
Shares redeemed: | |||||
Class A | (1,094,261) | (12,843,615) | (6,888,388) | (79,491,678) | |
Class C | (229,897) | (2,697,287) | (366,784) | (4,251,156) | |
Class C1 | (61,368) | (718,042) | (128,174) | (1,495,101) | |
Class C2 | (63,349) | (744,889) | (118,104) | (1,371,668) | |
Class I | (1,099,342) | (12,910,486) | (4,712,917) | (54,124,655) | |
(2,548,217) | (29,914,319) | (12,214,367) | (140,734,258) | ||
Net increase (decrease) | 1,523,103 | $ 17,885,607 | 2,836,690 | $ 35,319,711 |
Six Months Ended 11/30/17 | Year Ended 5/31/17 | ||||
Nebraska | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 452,715 | $ 4,856,586 | 358,237 | $ 3,902,909 | |
Class C | 23,494 | 251,571 | 119,627 | 1,295,054 | |
Class C1 | 11 | 121 | 39 | 419 | |
Class C2 | — | — | 17,052 | 183,489 | |
Class I | 736,425 | 7,910,260 | 573,348 | 6,167,311 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 39,347 | 421,376 | 79,644 | 860,043 | |
Class C | 3,187 | 34,055 | 6,739 | 72,370 | |
Class C1 | 2,738 | 29,126 | 6,212 | 66,667 | |
Class C2 | 4,036 | 43,268 | 8,955 | 96,784 | |
Class I | 25,743 | 275,981 | 39,047 | 421,907 | |
1,287,696 | 13,822,344 | 1,208,900 | 13,066,953 | ||
Shares redeemed: | |||||
Class A | (189,598) | (2,035,637) | (389,570) | (4,151,407) | |
Class C | (19,933) | (213,157) | (80,799) | (861,249) | |
Class C1 | (7,268) | (77,640) | (42,113) | (448,156) | |
Class C2 | (20,763) | (223,068) | (46,682) | (502,700) | |
Class I | (203,403) | (2,186,828) | (467,561) | (5,022,509) | |
(440,965) | (4,736,330) | (1,026,725) | (10,986,021) | ||
Net increase (decrease) | 846,731 | $ 9,086,014 | 182,175 | $ 2,080,932 |
Six Months Ended 11/30/17 | Year Ended 5/31/17 | ||||
Oregon Intermediate | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 451,580 | $ 4,652,861 | 998,350 | $ 10,394,486 | |
Class C | 29,526 | 301,800 | 159,195 | 1,633,221 | |
Class C2 | — | — | 1,001 | 10,564 | |
Class I | 2,074,164 | 21,359,564 | 7,103,780 | 72,660,248 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 45,978 | 472,091 | 112,556 | 1,160,837 | |
Class C | 2,480 | 25,316 | 5,705 | 58,456 | |
Class C2 | 4,647 | 47,607 | 11,517 | 118,522 | |
Class I | 62,089 | 638,348 | 98,358 | 1,013,892 | |
2,670,464 | 27,497,587 | 8,490,462 | 87,050,226 | ||
Shares redeemed: | |||||
Class A | (297,006) | (3,060,098) | (2,183,560) | (22,176,929) | |
Class C | (83,975) | (858,236) | (131,943) | (1,329,142) | |
Class C2 | (87,371) | (897,607) | (133,313) | (1,357,340) | |
Class I | (1,738,792) | (17,928,877) | (6,979,696) | (70,895,447) | |
(2,207,144) | (22,744,818) | (9,428,512) | (95,758,858) | ||
Net increase (decrease) | 463,320 | $ 4,752,769 | (938,050) | $ (8,708,632) |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Purchases | $42,656,285 | $51,080,953 | $10,119,119 | $ 7,061,392 |
Sales and maturities | 22,613,697 | 27,739,554 | 1,369,883 | 12,141,498 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Tax cost of investments | $341,219,802 | $351,397,935 | $67,976,043 | $204,864,629 |
Gross unrealized: | ||||
Appreciation | $ 12,194,711 | $ 16,350,893 | $ 2,639,248 | $ 6,032,174 |
Depreciation | (339,574) | (99,758) | (218,660) | (511,975) |
Net unrealized appreciation (depreciation) of investments | $ 11,855,137 | $ 16,251,135 | $ 2,420,588 | $ 5,520,199 |
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. |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Distributions from net tax-exempt income | $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 | — | — | — | — |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
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 |
Average Daily Net Assets | Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate |
For the first $125 million | 0.3500% | 0.3500% | 0.3500% | 0.3500% |
For the next $125 million | 0.3375 | 0.3375 | 0.3375 | 0.3375 |
For the next $250 million | 0.3250 | 0.3250 | 0.3250 | 0.3250 |
For the next $500 million | 0.3125 | 0.3125 | 0.3125 | 0.3125 |
For the next $1 billion | 0.3000 | 0.3000 | 0.3000 | 0.3000 |
For the next $3 billion | 0.2750 | 0.2750 | 0.2750 | 0.2750 |
For the next $5 billion | 0.2500 | 0.2500 | 0.2500 | 0.2500 |
For net assets over $10 billion | 0.2375 | 0.2375 | 0.2375 | 0.2375 |
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 | 0.1829% |
Minnesota | 0.1752% |
Nebraska | 0.1803% |
Oregon Intermediate | 0.1851% |
Fund | Expense Cap | Expense Cap Expiration Date |
Nebraska | 0.70% | July 31, 2019 |
Inter-Fund Trades | Minnesota |
Purchases | $753,833 |
Sales | — |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Sales charges collected | $82,007 | $187,966 | $66,137 | $28,945 |
Paid to financial intermediaries | 75,894 | 173,637 | 62,290 | 28,347 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Commission advances | $69,202 | $126,321 | $38,794 | $28,918 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
12b-1 fees retained | $17,347 | $45,688 | $4,921 | $5,029 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
CDSC retained | $2,579 | $20,880 | $1,010 | $5,417 |
Fund Information
Used in this Report
![](https://capedge.com/proxy/N-CSRS/0001193125-18-034377/g481961imgd3e44fab1.gif)
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
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 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 to this filing.
(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: February 7, 2018
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: February 7, 2018
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: February 7, 2018