N-CSR
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: 811-06153
Integrity Managed Portfolios
(Exact name of registrant as specified in charter)
1 Main Street North, Minot, ND |
| 58703 |
(Address of principal offices) |
| (Zip code) |
Brent Wheeler and/or Kevin Flagstad, PO Box 500, Minot, ND 58702
(Name and address of agent for service)
Registrant's telephone number, including area code: 701-852-5292
Date of fiscal year end: July 31
Date of reporting period: July 31, 2015
Item 1. REPORTS TO STOCKHOLDERS.
[Logo]
INTEGRITY MANAGED PORTFOLIOS
Kansas Municipal Fund
Maine Municipal Fund
Nebraska Municipal Fund
New Hampshire Municipal Fund
Oklahoma Municipal Fund
Annual Report
July 31, 2014
|
|
Investment Adviser | Principal Underwriter |
Transfer Agent | Custodian |
Independent Registered Public Accounting Firm | |
| |
*The Funds are distributed through Integrity Funds Distributor, LLC. Member FINRA | |
|
DEAR SHAREHOLDERS:
Enclosed is the report of the operations for the Kansas Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Maine Municipal Fund, and New Hampshire Municipal Fund (each a "Fund", and collectively the "Funds") for the year ended July 31, 2015. Each Fund's portfolio and related financial statements are presented within for your review.
Economic Recap
The latter half of 2014 continued to build on the strength of the first half as economic activity expanded at a moderate pace throughout the remainder of the year and into early 2015. With the economy and labor market showing sustained signs of growth, the Federal Open Market Committee ("FOMC") was able to end its asset purchases in October. With the FOMC having concluded its asset purchases in the fourth quarter, attention turned to the federal funds rate and when the FOMC would make its first move. In its December statement the FOMC noted that the Committee intended to maintain the 0% to ¼% target range for a considerable time. However, in the January statement the "considerable time" language was dropped and the committee stated they would be patient in judging when to increase rates depending on progress made towards its objectives of maximum employment and 2% inflation.
In the first quarter of 2015 economic activity moderated somewhat according to the FOMC statement in mid-March. Labor market conditions improved, with job gains and a lower unemployment rate. Other positive indications included an increase in household spending, likely driven by a decrease in energy prices, and advancement in business fixed investment. During the second quarter of the calendar year, economic activity expanded moderately after little change during the first quarter, as noted by the FOMC statement in mid-July. Labor market conditions continued to improve with job gains and the unemployment rate remaining steady. Household spending also increased. Attention remains on the FOMC and when they will make the first move to normalize rates, which will likely be late 2015/early 2016, according to most analysts.
Municipal Bond Market Recap
The municipal bond market was relatively quiet in the second half of 2014, as the yield curve continued to flatten, and the FOMC offered no specific guidance on a possible federal funds rate hike. The stable economy and little forward direction from the Fed allowed municipal bonds to continue to perform well, as low issuance in the third quarter of 2014 paired with positive fund flows into municipal bond funds also led to moderately higher share prices over the quarter for the Funds. Throughout October and November yields in the municipal market moved little even as municipal issuance increased from the first half of the year. Yields on the mid to long range of the curve fell considerably during the month of December as fund flows picked up as investors locked in gains in the equity market and started to allocate more cash to municipal bond funds. The fourth quarter of 2014 was another solid quarter for the municipal market, leading to the fourth consecutive positive quarter for the Funds.
While January represented a continuation of the strong muni market in 2014, February brought increased volatility as the Fed continued to lay the groundwork for an eventual rate hike and supply was robust. Munis underperformed Treasuries due to a supply/demand dynamic that was much less favorable than in 2014. In the first quarter of 2015, U.S. states and cities issued $107.3 billion of bonds, the third highest quarterly volume ever, driven predominately by refunding. February's correction in munis restored some measure of value to the market resulting in an opportunity for investors. Despite the February pullback, share prices of the Funds moved slightly higher over the first quarter of 2015.
Yields increased throughout the curve in the second quarter as investors kept an eye on the FOMC and the time frame in which they believe the Fed would begin to normalize rates. In addition, supply remained robust for the quarter, driven by refunding issues. In the latter half of the quarter, municipal yields rose as economic data showed signs of strength. However, worry of a potential Greek default in late June spurred an investor flight to quality that caused rates to reverse. Municipal bond issuance in the second quarter came in at $109.9 billion, an increase of 2.5% from the first quarter and an increase of 21.7% over the second quarter of last year. In the second quarter, Fund share prices were down, however a strong July led to positive returns on all the Funds for the first seven months of 2015 and contributed to a positive total return for all the Funds during the period.
Fund Performance and Outlook
We continue to follow a disciplined strategy of investing to maximize tax-exempt income while seeking value in the municipal market. Recent market activity and the possibility of rising rates has lead us to favor high quality, higher coupon (4% to 5%) bonds. As interest rates fluctuate, the portfolio becomes diversified with a broad range of securities that help us achieve a high level of current tax-free income for shareholders. All else equal, the shorter maturity structure and higher coupons will be more defensive, mitigating some negative impact to each Fund's share price should a rise in rates occur.
The Kansas Municipal Fund began the period at $10.85 per share and ended the period at $10.87 per share for a total return of 3.03%*. This compares to the Barclays Capital Municipal Index's return of 3.56%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.92% and 12 years, respectively.
The Maine Municipal Fund began the period at $11.00 per share and ended the period at $10.99 per share for a total return of 2.37%*. This compares to the Barclays Capital Municipal Index's return of 3.56%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.72% and 13 years, respectively.
The Nebraska Municipal Fund began the period at $10.40 per share and ended the period at $10.48 per share for a total return of 3.54%*. This compares to the Barclays Capital Municipal Index's return of 3.56%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.91% and 14 years, respectively.
The New Hampshire Municipal Fund began the period at $10.74 per share and ended the period at $10.76 per share for a total return of 2.45%*. This compares to the Barclays Capital Municipal Index's return of 3.56%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.65% and 10 years, respectively.
The Oklahoma Municipal Fund began the period at $11.60 per share and ended the period at $11.64 per share for a total return of 2.82%*. This compares to the Barclays Capital Municipal Index's return of 3.56%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.77% and 14 years, respectively.
Income exempt from federal income taxes and each Fund's respective state tax (interest and dividend tax with respect to New Hampshire) with preservation of capital remains the primary objective of the Funds.
If you would like more frequent updates, please visit the Funds' website at www.integrityvikingfunds.com for daily prices along with pertinent Fund information.
Sincerely,
Monte Avery
Senior Portfolio Manager
The views expressed are those of Monte Avery, Senior Portfolio Manager with Viking Fund Management, LLC ("Viking Fund Management", "VFM", or the "Adviser"). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector, the markets generally, or any of the funds in the Integrity Viking family of funds.
* | Performance does not include applicable front-end or contingent deferred sales charges, which would have reduced the performance. For Kansas Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Maine Municipal Fund, and New Hampshire Municipal Fund, the total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17%, 1.20%, 1.20%, 1.29%, and 1.73%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%, 0.98%, 0.98%, 0.98%, and 0.98%, respectively. The Fund's investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2015 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98%, 0.98%, 0.98%, 0.98%, and 0.98%, respectively of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2015 with the approval of the Fund's Board of Trustees. |
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
You should consider each Fund's investment objectives, risks, charges, and expenses carefully before investing. For this and other important information, please obtain a Fund prospectus at no cost from your financial adviser and read it carefully before investing.
Bond prices and therefore the value of bond funds decline as interest rates rise. Because each Fund invests in securities of a single state, the Funds are more susceptible to factors adversely impacting the respective state than a municipal bond fund that does not concentrate its securities in a single state.
For investors subject to the alternative minimum tax, a portion of the each Fund's dividends may be taxable. Distributions of capital gains are generally taxable.
KANSAS MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Kansas Municipal Fund | Kansas Municipal Fund | Barclays Capital | |
7/29/05 | $10,000 | $9,627 | $10,000 |
7/31/06 | $10,439 | $10,049 | $10,255 |
7/31/07 | $10,758 | $10,356 | $10,693 |
7/31/08 | $11,070 | $10,656 | $10,997 |
7/31/09 | $11,519 | $11,089 | $11,559 |
7/30/10 | $12,224 | $11,767 | $12,617 |
7/29/11 | $12,593 | $12,123 | $13,025 |
7/31/12 | $13,609 | $13,101 | $14,393 |
7/31/13 | $13,287 | $12,791 | $14,077 |
7/31/14 | $14,059 | $13,534 | $15,099 |
7/31/15 | $14,485 | $13,944 | $15,636 |
Average Annual Total Returns for the periods ended July 31, 2015
1 year | 3 year | 5 year | 10 year | Since Inception | |
Without sales charge | 3.03% | 2.10% | 3.45% | 3.77% | 4.29% |
With sales charge (3.75%) | -0.81% | 0.82% | 2.66% | 3.38% | 4.13% |
The total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17%. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%. The Fund's investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2015 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2015 with the approval of the Fund's Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund's performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund's total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
NEBRASKA MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Nebraska Municipal Fund | Nebraska Municipal Fund | Barclays Capital | |
7/29/05 | $10,000 | $9,629 | $10,000 |
7/31/06 | $10,490 | $10,100 | $10,255 |
7/31/07 | $10,822 | $10,420 | $10,693 |
7/31/08 | $11,123 | $10,710 | $10,997 |
7/31/09 | $11,536 | $11,107 | $11,559 |
7/30/10 | $11,186 | $11,733 | $12,617 |
7/29/11 | $12,587 | $12,119 | $13,025 |
7/31/12 | $13,623 | $13,117 | $14,393 |
7/31/13 | $13,083 | $12,597 | $14,077 |
7/31/14 | $14,017 | $13,497 | $15,099 |
7/31/15 | $14,513 | $13,974 | $15,636 |
Average Annual Total Returns for the periods ended July 31, 2015
1 year | 3 year | 5 year | 10 year | Since Inception | |
Without sales charge | 3.54% | 2.13% | 3.55% | 3.79% | 3.79% |
With sales charge (3.75%) | -0.39% | 0.83% | 2.76% | 3.40% | 3.60% |
The total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.20%. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%. The Fund's investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2015 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2015 with the approval of the Fund's Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund's performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund's total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
OKLAHOMA MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Oklahoma Municipal Fund | Oklahoma Municipal Fund | Barclays Capital | |
7/29/05 | $10,000 | $9,624 | $10,000 |
7/31/06 | $10,439 | $10,046 | $10,255 |
7/31/07 | $10,763 | $10,358 | $10,693 |
7/31/08 | $10,871 | $10,462 | $10,997 |
7/31/09 | $11,337 | $10,910 | $11,559 |
7/30/10 | $12,200 | $11,741 | $12,617 |
7/29/11 | $12,706 | $12,228 | $13,025 |
7/31/12 | $13,888 | $13,365 | $14,393 |
7/31/13 | $13,396 | $12,892 | $14,077 |
7/31/14 | $14,255 | $13,719 | $15,099 |
7/31/15 | $14,658 | $14,106 | $15,636 |
Average Annual Total Returns for the periods ended July 31, 2015
1 year | 3 year | 5 year | 10 year | Since Inception | |
Without sales charge | 2.82% | 1.81% | 3.74% | 3.89% | 4.06% |
With sales charge (3.75%) | -1.02% | 0.54% | 2.94% | 3.50% | 3.85% |
The total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.20%. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%. The Fund's investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2015 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2015 with the approval of the Fund's Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund's performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund's total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
MAINE MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Maine Municipal Fund | Maine Municipal Fund | Barclays Capital | |
7/29/05 | $10,000 | $9,622 | $10,000 |
7/31/06 | $10,412 | $10,019 | $10,255 |
7/31/07 | $10,713 | $10,308 | $10,693 |
7/31/08 | $11,080 | $10,661 | $10,997 |
7/31/09 | $11,658 | $11,218 | $11,559 |
7/30/10 | $12,298 | $11,834 | $12,617 |
7/29/11 | $12,605 | $12,129 | $13,025 |
7/31/12 | $13,713 | $13,196 | $14,393 |
7/31/13 | $13,389 | $12,883 | $14,077 |
7/31/14 | $14,020 | $13,491 | $15,099 |
7/31/15 | $14,353 | $13,811 | $15,636 |
Average Annual Total Returns for the periods ended July 31, 2015
1 year | 3 year | 5 year | 10 year | Since Inception | |
Without sales charge | 2.37% | 1.53% | 3.13% | 3.68% | 4.49% |
With sales charge (3.75%) | -1.48% | 0.25% | 2.36% | 3.28% | 4.32% |
The total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.29%. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%. The Fund's investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2015 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2015 with the approval of the Fund's Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund's performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund's total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
NEW HAMPSHIRE MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
New Hampshire Municipal Fund | New Hampshire Municipal Fund | Barclays Capital | |
7/29/05 | $10,000 | $9,623 | $10,000 |
7/31/06 | $10,376 | $9,984 | $10,255 |
7/31/07 | $10,689 | $10,286 | $10,693 |
7/31/08 | $11,087 | $10,669 | $10,997 |
7/31/09 | $11,601 | $11,164 | $11,559 |
7/30/10 | $12,225 | $11,764 | $12,617 |
7/29/11 | $12,548 | $12,074 | $13,025 |
7/31/12 | $13,432 | $12,925 | $14,393 |
7/31/13 | $13,137 | $12,642 | $14,077 |
7/31/14 | $13,731 | $13,213 | $15,099 |
7/31/15 | $14,068 | $13,537 | $15,636 |
Average Annual Total Returns for the periods ended July 31, 2015
1 year | 3 year | 5 year | 10 year | Since Inception | |
Without sales charge | 2.45% | 1.55% | 2.84% | 3.47% | 4.13% |
With sales charge (3.75%) | -1.41% | 0.27% | 2.06% | 3.07% | 3.96% |
The total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.73%. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%. The Fund's investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2015 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2015 with the approval of the Fund's Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund's performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund's total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
KANSAS MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2015
General Obligation | 47.9% |
Health Care | 20.5% |
Other Revenue | 16.7% |
Utilities | 10.7% |
Education | 1.9% |
Cash Equivalents and Other | 1.4% |
Transportation | 0.5% |
Housing | 0.4% |
| 100.0% |
Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2015
Principal | Fair | |||
MUNICIPAL BONDS (98.6%) | ||||
Education (1.9%) | ||||
KS Dev Fin Auth Rev (KS St Proj) 4.375% 11/01/18 | $ | 100,000 | $ | 108,422 |
KS Dev Fin Auth Rev (Univ KS Research Cent) 5.000% 02/01/26 | 500,000 | 511,835 | ||
KS Dev Fin Auth Rev Wichita ST Univ Student Hsg 5.000% 06/01/27 | 250,000 | 281,620 | ||
KS Dev Fin Auth Sales Tax Rev K-St-Olathe Innovation-L1 5.000% 09/01/39 | 200,000 | 219,840 | ||
1,121,717 | ||||
General Obligation (47.9%) | ||||
Atchison Cnty KS USD #409 Ref & Impt Ser A 4.000% 09/01/25 | 500,000 | 553,405 | ||
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 9/01/27 | 250,000 | 291,032 | ||
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 9/01/28 | 250,000 | 286,968 | ||
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 9/01/30 | 250,000 | 283,408 | ||
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 9/01/31 | 500,000 | 563,540 | ||
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 9/01/29 | 250,000 | 284,460 | ||
Butler Cnty KS USD #385 5.000% 09/01/18 | 500,000 | 557,140 | ||
Butler Cnty KS USD #402 5.250% 09/01/21 | 560,000 | 630,218 | ||
Cowley Cnty KS USD #470 4.750% 09/01/27 | 490,000 | 550,152 | ||
Cowley Cnty KS USD #470 5.500% 09/01/21 | 100,000 | 112,370 | ||
Dickinson Cnty KS USD #473 4.400% 09/01/29 | 100,000 | 106,425 | ||
Dickinson Cnty KS USD #473 5.000% 09/01/27 | 325,000 | 363,750 | ||
Douglas Cnty KS USD #348 Baldwin GO 4.000% 09/01/30 | 250,000 | 274,667 | ||
Douglas Cnty KS USD #491 Eudora 5.000% 09/01/23 | 375,000 | 422,160 | ||
Douglas Cnty KS USD #491 Eudora 5.125% 09/01/29 | 250,000 | 281,048 | ||
Douglas Cnty KS USD #491 Eudora 5.500% 09/01/24 | 250,000 | 277,298 | ||
Ford Cnty KS Sales Tax - Ser A 4.500% 09/01/24 | 500,000 | 513,375 | ||
Franklin Cnty KS USD #290 5.000% 09/01/40 | 3,000,000 | 3,285,270 | ||
Geary Cnty KS USD #475 4.500% 09/01/23 | 650,000 | 652,288 | ||
Harvey Cnty KS USD #373 (Newton) 4.000% 09/01/18 | 250,000 | 274,780 | ||
Harvey Cnty KS USD #373 (Newton) 5.000% 09/01/23 | 200,000 | 225,822 | ||
Harvey Cnty KS USD #373 (Newton) 5.000% 09/01/25 | 1,000,000 | 1,129,110 | ||
Jackson Cnty KS USD #336 5.000% 09/01/29 | 250,000 | 278,213 | ||
Jackson Cnty KS USD #336 5.000% 09/01/34 | 250,000 | 273,940 | ||
Johnson Cnty KS USD #231 5.000% 10/01/25 | 250,000 | 294,580 | ||
Johnson Cnty KS USD #232 (Desoto) 5.000% 09/01/15 | 100,000 | 100,406 | ||
Johnson Cnty KS USD #232 (Desoto) 5.250% 09/01/23 | 500,000 | 502,585 | ||
Johnson Cnty KS USD #233 4.000% 09/01/18 | 150,000 | 165,716 | ||
Junction City KS Ref & Impt 5.000% 09/01/25 | 250,000 | 262,430 | ||
Junction City KS Unlimited GO 4.250% 09/01/21 | 100,000 | 110,246 | ||
Junction City KS Unlimited GO 4.400% 09/01/22 | 100,000 | 109,768 | ||
Junction City KS Unlimited GO 4.500% 09/01/23 | 100,000 | 108,762 | ||
Leavenworth Cnty KS USD #453 4.750% 09/01/25 | 300,000 | 332,154 | ||
Leavenworth Cnty KS USD #453 GO Impt & Ref 5.250% 03/01/24 | 200,000 | 233,124 | ||
*Leavenworth Cnty KS USD #453 GO Impt & Ref 5.125% 03/01/29 | 1,000,000 | 1,164,570 | ||
Leavenworth Cnty KS USD #458 5.000% 09/01/29 | 500,000 | 569,140 | ||
Leavenworth Cnty KS USD #469 Lansing 4.000% 09/01/30 | 320,000 | 336,810 | ||
Manhattan KS GO 5.000% 11/01/28 | 130,000 | 142,553 | ||
Miami Cnty KD USD #368 5.000% 09/01/27 | 250,000 | 285,248 | ||
Miami Cnty USD #416 Louisburg 5.000% 09/01/20 | 275,000 | 289,523 | ||
Montgomery Cnty KS USD #446 5.000% 09/01/33 | 250,000 | 273,438 | ||
Neosho Cnty KS USD #413 4.000% 09/01/31 | 250,000 | 260,800 | ||
Newton KS Unlimited GO 4.750% 09/01/29 | 435,000 | 474,955 | ||
Newton KS Unlimited GO 5.000% 09/01/21 | 100,000 | 114,904 | ||
Olathe KS GO 4.000% 10/01/19 | 100,000 | 104,294 | ||
Park City KS 5.100% 12/01/20 | 200,000 | 228,700 | ||
Park City KS 5.500% 12/01/24 | 100,000 | 113,342 | ||
Park City KS 6.000% 12/01/29 | 500,000 | 582,750 | ||
Park City KS GO Ref & Impr 5.375% 12/01/25 | 250,000 | 276,407 | ||
Reno County Kansas GO 4.000% 09/01/23 | 175,000 | 187,150 | ||
Salina KS GO 4.625% 10/01/27 | 200,000 | 210,526 | ||
Sedgwick Cnty KS USD #261 5.000% 11/01/21 | 245,000 | 269,267 | ||
Sedgwick Cnty KS USD #261 5.000% 11/01/21 | 5,000 | 5,450 | ||
Sedgwick Cnty KS USD #262 5.000% 09/01/18 | 100,000 | 112,840 | ||
Sedgwick Cnty KS USD #262 5.000% 09/01/24 | 250,000 | 274,438 | ||
Sedgwick Cnty KS USD #262 5.000% 09/01/28 | 485,000 | 547,594 | ||
Sedgwick Cnty KS USD #262 5.000% 09/01/28 | 15,000 | 16,322 | ||
Sedgwick Cnty KS USD #265 (Goddard) 4.250% 10/01/20 | 750,000 | 816,278 | ||
Sedgwick Cnty KS USD #265 (Goddard) 4.500% 10/01/26 | 250,000 | 266,182 | ||
Sedgwick Cnty KS USD #266 Maize Sch 5.250% 09/01/19 | 515,000 | 582,733 | ||
Sedgwick Cnty KS USD #266 Maize Sch 5.250% 09/01/20 | 360,000 | 402,674 | ||
Seward Cty KS Unlimited GO Hosp Ref & Impt 5.000% 08/01/40 | 500,000 | 549,765 | ||
Seward Cty KS USD #480 GO 5.000% 09/01/33 | 500,000 | 548,535 | ||
Seward Cty KS USD #480 GO 5.000% 09/01/34 | 500,000 | 552,175 | ||
Shawnee Cnty KS GO 5.000% 09/01/16 | 655,000 | 657,830 | ||
Shawnee Cnty KS USD #345 (Seaman) GO 5.000 % 9/01/25 | 250,000 | 294,905 | ||
Wichita Cnty KS USD #467 (Leoti) 5.000% 10/01/18 | 100,000 | 112,858 | ||
Wichita KS GO 4.500% 09/01/22 | 150,000 | 159,936 | ||
Wichita KS GO 4.750% 09/01/27 | 180,000 | 191,632 | ||
Wyandotte Cnty KS GO 5.000% 08/01/19 | 150,000 | 157,110 | ||
Wyandotte Cnty KS GO 5.000% 08/01/25 | 250,000 | 266,765 | ||
Wyandotte Cnty KS GO 5.000% 08/01/27 | 500,000 | 532,105 | ||
Wyandotte Cnty KS USD #202 5.000% 09/01/25 | 250,000 | 293,608 | ||
Wyandotte Cnty KS USD #202 5.250% 09/01/18 | 100,000 | 113,846 | ||
28,030,568 | ||||
Health Care (20.5%) | ||||
KS Dev Fin Auth Hlth Facs Rev (KU Hlth Sys) 5.000% 03/01/28 | 755,000 | 828,741 | ||
KS Dev Fin Auth Hlth Facs Rev Hays Med Ctr 5.000% 05/15/25 | 250,000 | 271,122 | ||
KS Dev Fin Auth Hlth Facs Rev Hays Med Ctr 5.000% 05/15/35 | 1,000,000 | 1,071,390 | ||
KS Dev Fin Auth Hlth Facs Rev Hays Med Ctr 5.000% 11/15/22 | 500,000 | 504,530 | ||
KS Dev Fin Auth Hlth Facs Rev Stormont-Vail Healthcare 4.125% 11/15/27 | 100,000 | 105,706 | ||
KS Dev Fin Auth Hlth Facs Rev Stormont-Vail Healthcare 5.125% 11/15/32 | 410,000 | 429,844 | ||
KS Dev Fin Auth Hlth Facs Rev Stormont-Vail Healthcare 5.125% 11/15/36 | 500,000 | 522,760 | ||
KS Dev Fin Auth Lease Rev Univ KS Tenant 5.000% 06/15/39 | 1,000,000 | 1,079,170 | ||
KS Dev Fin Auth Rev Adventist Health 5.150% 11/15/23 | 250,000 | 280,990 | ||
KS Dev Fin Auth Rev Adventist Health 5.250% 11/15/24 | 250,000 | 282,622 | ||
KS Dev Fin Auth Rev Adventist Health 5.500% 11/15/29 | 100,000 | 113,299 | ||
KS Dev Fin Auth Rev Sisters Leavenworth-Ser A 5.000% 01/01/40 | 500,000 | 540,365 | ||
Lawrence KS (Mem Hosp) Rev 5.125% 07/01/26 | 500,000 | 509,810 | ||
Lawrence KS (Mem Hosp) Rev 5.125% 07/01/36 | 300,000 | 304,413 | ||
Lincoln Cnty KS Pub Bldg (Lincoln Cnty Hosp) 5.500% 03/01/35 | 500,000 | 536,595 | ||
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/23 | 250,000 | 285,960 | ||
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/24 | 250,000 | 285,303 | ||
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/29 | 500,000 | 552,585 | ||
Olathe KS Hlth Facs Rev Olathe Med Ctr 4.000% 09/01/28 | 250,000 | 259,460 | ||
Olathe KS Hlth Facs Rev Olathe Med Ctr 4.000% 09/01/30 | 445,000 | 459,400 | ||
Olathe KS Hlth Facs Rev Olathe Med Ctr 5.000% 09/01/29 | 500,000 | 524,730 | ||
Olathe KS Hlth Facs Rev Olathe Med Ctr 5.000% 09/01/30 | 250,000 | 271,317 | ||
Sedgwick Cnty KS Hlth Care Facs Rev (Catholic Care Ctr) 5.000% 08/01/25 | 1,000,000 | 1,000,000 | ||
Univ KS Hosp Auth 5.000% 09/01/26 | 60,000 | 63,047 | ||
Univ KS Hosp Auth 5.000% 09/01/26 | 40,000 | 41,202 | ||
Univ KS Hosp Auth 5.000% 09/01/35 | 500,000 | 555,010 | ||
Wichita KS Hosp Rev (Via Christi Hlth Sys) 5.000% 11/15/29 | 300,000 | 360,870 | ||
12,040,241 | ||||
Housing (0.4%) | ||||
Kansas City KS Mtg Rev Rev 5.900% 11/01/27 | 20,000 | 20,005 | ||
KS Dev Fin Auth Rev (Sec. 8) Rev Ref. 6.400% 01/01/24 | 185,000 | 185,144 | ||
205,149 | ||||
Other Revenue (16.7%) | ||||
Butler Cnty KS Pub Bldg Impt Rev 4.500% 10/01/21 | 160,000 | 160,806 | ||
Dodge City KS Sales Tax Rev 4.400% 06/01/25 | 350,000 | 376,807 | ||
Dodge City KS Sales Tax Rev 4.500% 06/01/28 | 100,000 | 106,641 | ||
Dodge City KS Sales Tax Rev 5.000% 06/01/21 | 310,000 | 347,752 | ||
*Dodge City KS Sales Tax Rev 5.250% 06/01/31 | 1,000,000 | 1,114,290 | ||
KS Dev Fin Auth Rev (Dept Admin) 5.000% 11/01/25 | 250,000 | 264,815 | ||
KS Dev Fin Auth Rev (KS St Proj) 4.100% 05/01/19 | 250,000 | 257,187 | ||
KS Dev Fin Auth Rev (KS St Proj) 5.000% 05/01/35 | 250,000 | 269,070 | ||
KS Dev Fin Auth Rev (KS St Proj) 5.000% 11/01/34 | 500,000 | 542,300 | ||
KS Dev Fin Auth Rev (KS St Proj) 5.250% 11/01/25 | 350,000 | 384,216 | ||
KS Dev Fin Auth Rev (KS St Proj) Unrefunded 4.500% 11/01/17 | 125,000 | 135,744 | ||
KS Dev Fin Auth Rev (KS St Proj) Unrefunded 5.000% 10/01/17 | 20,000 | 20,031 | ||
KS Dev Fin Auth Rev Athletic Facs (K-St Athletics Inc) 5.000% 07/01/32 | 250,000 | 262,552 | ||
KS Dev Fin Auth Rev KS Projs-Ser B 4.125% 05/01/31 | 500,000 | 520,600 | ||
Lincoln Cnty KS Pub Bldg (Lincoln Cnty Hosp) 5.000% 03/01/28 | 250,000 | 267,790 | ||
Manhattan KS Sales Oblig Rev North Proj Area - Downtown A 5.000% 12/01/26 | 500,000 | 534,500 | ||
Manhattan KS Sales Tax Rev 4.500% 12/01/25 | 500,000 | 541,555 | ||
*Manhattan KS Sales Tax Rev 5.000% 12/01/32 | 1,000,000 | 1,119,640 | ||
Manhattan KS Sales Tax Rev Downtown Redev 5.250% 12/01/26 | 100,000 | 107,390 | ||
Neosho Cnty KS Sales Tax Rev 4.000% 10/01/23 | 500,000 | 548,125 | ||
Topeka KS Pub Bldg Commn Lease Rev Social & Rehab Proj 5.000% 06/01/22 | 255,000 |
| 282,866 | |
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 4.000% 09/01/28 | 600,000 | 640,512 | ||
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 5.000% 09/01/32 | 500,000 | 550,185 | ||
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 5.000% 09/01/37 | 400,000 | 435,444 | ||
9,790,818 | ||||
Transportation (0.5%) | ||||
KS Dev Fin Auth Rev (Road Revolving Fund) 4.625% 10/01/26 | 250,000 | 269,432 | ||
Overland Park KS Trans Dev Dist Sales Tax Rev Oak Park Mall 5.200% 04/01/20 | 30,000 | 33,053 | ||
302,485 | ||||
Utilities (10.7%) | ||||
Burlington KS Envrn Impt Rev Kansas City Power & Lights 4.650% 09/01/35 | 300,000 | 300,171 | ||
Burlington KS PCR (Gas & Elec) 4.850% 06/01/31 | 250,000 | 255,017 | ||
*KS Municipal Energy Agency (Jameson Energy Project) Rev 5.750% 07/01/38 | 1,000,000 | 1,146,360 | ||
Kansas Power Pool Elec Util Rev Dogwood Fac-Ser A 4.000% 12/01/31 | 500,000 | 502,640 | ||
KS Pwr Pool Elec Util Rev 4.500% 12/01/28 | 500,000 | 522,865 | ||
KS Pwr Pool Elec Util Rev 5.000% 12/01/31 | 750,000 | 792,420 | ||
Wichita KS Wtr & Swr Rev 5.000% 10/01/23 | 300,000 | 317,937 | ||
*Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/32 | 1,250,000 | 1,389,600 | ||
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/24 | 200,000 | 220,716 | ||
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/29 | 500,000 | 546,605 | ||
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/36 | 250,000 | 272,775 | ||
6,267,106 | ||||
TOTAL MUNICIPAL BONDS (COST: $54,758,655) | $ | 57,758,084 | ||
SHORT-TERM SECURITIES (0.3%) | Shares | |||
^Wells Fargo Advantage National Tax-Free Money Market 0.010% (COST: $166,343) | 166,343 | $ | 166,343 | |
TOTAL INVESTMENTS IN SECURITIES (COST: $54,924,998) (98.9%) | $ | 57,924,427 | ||
OTHER ASSETS LESS LIABILITIES (1.1%) | 653,829 | |||
NET ASSETS (100.0%) | $ | 58,578,256 |
* | Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
|
|
^ | Variable rate security; rate shown represents rate as of July 31, 2015. |
The accompanying notes are an integral part of these financial statements.
NEBRASKA MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2015
Utilities | 33.2% |
Education | 25.3% |
General Obligation | 17.3% |
Health Care | 11.2% |
Other Revenue | 7.9% |
Housing | 2.0% |
Cash Equivalents and Other | 1.8% |
Transportation | 1.3% |
| 100.0% |
Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2015
Principal | Fair | |||
MUNICIPAL BONDS (98.2%) | ||||
Education (25.3%) | ||||
Douglas Cnty NE Edl Facs Rev Creighton Univ 5.500% 07/01/30 | $ | 350,000 | $ | 397,516 |
*Douglas Cnty NE Edl Facs Rev Creighton Univ 5.875% 07/01/40 | 1,500,000 | 1,723,260 | ||
Douglas Cnty NE Hosp Auth #2 (Boys Town Proj) 4.750% 09/01/28 | 200,000 | 213,658 | ||
Lincoln NE Ed & Fac Rev (Wesleyan Univ) 4.000% 04/01/32 | 750,000 | 764,783 | ||
NE St Colleges Student Fees (Wayne St College) 4.000% 07/01/30 | 200,000 | 200,794 | ||
NE Edl Fin Auth Rev Ref - Clarkson College Proj 5.050% 09/01/30 | 250,000 | 279,980 | ||
NE Elem & Secondary Sch Auth Ed Facs Rev 4.750% 09/01/28 | 250,000 | 268,615 | ||
Univ of NE Fac Corp Deferred Maintenance 5.000% 07/15/20 | 500,000 | 520,890 | ||
Univ of NE Brd of Regt (Sutudent Fees & Fac) 5.000% 07/01/35 | 1,500,000 | 1,722,780 | ||
Univ of NE Brd of Regt (Sutudent Fees & Fac) 5.000% 05/15/35 | 500,000 | 573,215 | ||
Univ of NE Univ Rev Kearney Student Fees & Facs 5.000% 07/01/35 | 600,000 | 611,808 | ||
Univ of NE Brd of Regt Student Facs 5.000% 05/15/32 | 250,000 | 263,245 | ||
Univ of NE Brd of Regt (Hlth & Rec Proj) 5.000% 05/15/33 | 600,000 | 642,126 | ||
Univ of NE Rev Lincoln Student 4.000% 07/01/24 | 250,000 | 266,420 | ||
Univ of NE Omaha Student Hsg Proj 4.500% 05/15/30 | 250,000 | 271,070 | ||
Univ of NE Omaha Student Hsg Proj 5.000% 05/15/35 | 275,000 | 308,189 | ||
Univ of NE (Univ of NE - Lincoln Student Fees) Rev 5.000% 07/01/42 | 1,000,000 | 1,095,230 | ||
Univ of NE Lincoln Student Facs 5.000% 07/01/38 | 250,000 |
| 277,430 | |
| 10,401,009 | |||
General Obligation (17.3%) | ||||
Buffalo County NE GO 4.000% 12/15/30 | 135,000 | 137,498 | ||
Hall Cnty NE Ref GO 4.000% 12/15/29 | 250,000 | 255,375 | ||
Hall Cnty NE Sch Dist #2 Grand Is GO 5.000% 12/15/23 | 500,000 | 509,075 | ||
Hall Cnty NE Sch Dist #2 Grand Is GO 5.000% 12/15/33 | 500,000 | 572,580 | ||
Hall Cnty NE Sch Dist #2 Grand Is GO 5.000% 12/15/39 | 500,000 | 560,690 | ||
Lincoln-Lancaster Cnty Neb Pub Bldg Lease Rev 4.000% 10/15/30 | 100,000 | 102,479 | ||
Omaha NE (Convention Center) GO 5.250% 04/01/27 | 1,000,000 | 1,260,540 | ||
Omaha NE Various Purpose 4.250% 10/15/26 | 500,000 | 523,915 | ||
Omaha NE Unlimited GO 5.000% 10/15/25 | 250,000 | 281,917 | ||
Sarpy Cnty Sch Dist #27 Papillion-LA Vista GO 5.000% 12/01/28 | 250,000 | 275,790 | ||
Papio Missouri River NE Natural Res Dist GO 4.000% 12/15/23 | 250,000 | 261,015 | ||
Papio Missouri River NE Natural Res Dist GO 4.000% 12/15/24 | 250,000 | 260,925 | ||
Papio Missouri River NE Natural Res Dist GO 5.000% 12/15/26 | 250,000 | 273,190 | ||
Papio Missouri River NE Ref-Flood Protn & Wtr Quality Enhancement 4.000% 12/15/30 | 1,000,000 | 1,045,160 | ||
Ralston NE Arena GO 4.500% 09/15/31 | 500,000 | 509,415 | ||
Scotts Bluff Cnty NE Sch Dist #32 GO 5.000% 12/01/31 | 250,000 |
| 290,110 | |
| 7,119,674 | |||
Health Care (11.2%) | ||||
Adams Cnty NE Hosp Auth #1 Hosp Rev (Mary Lanning Mem Hosp) 5.250% 12/15/33 | 250,000 | 268,320 | ||
Douglas Cnty NE Hosp Auth #002 (NE Med Ctr) 5.000% 11/15/16 | 250,000 | 262,248 | ||
Douglas Cnty NE Hosp Auth #002 Immanuel Group 5.500% 01/01/30 | 500,000 | 556,820 | ||
Douglas Cnty NE Hosp Methodist Health 5.500% 11/01/38 | 795,000 | 901,021 | ||
Douglas Cnty NE Hosp Methodist Health 5.500% 11/01/38 | 415,000 | 470,344 | ||
*Lancaster Cnty NE Hosp Auth #1 (BryanLGH Med Ctr Proj) 4.750% 06/01/21 | 1,000,000 | 1,020,420 | ||
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/23 | 250,000 | 282,428 | ||
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/24 | 250,000 | 282,005 | ||
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/25 | 250,000 | 281,470 | ||
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/32 | 250,000 |
| 271,458 | |
| 4,596,534 | |||
Housing (2.0%) | ||||
Lancaster Cnty NE Hosp Auth #1 Immanuel Oblig Group 5.500% 01/01/30 | 250,000 | 278,410 | ||
Sarpy Cnty NE Hosp Auth #1 Immanuel Oblig Group 5.500% 01/01/30 | 500,000 |
| 556,820 | |
| 835,230 | |||
Other Revenue (7.9%) | ||||
Lincoln NE West Haymarket Joint Pub Agy GO Fac 5.000% 12/15/42 | 750,000 | 822,533 | ||
NE Coop Republican Platte Enhancement Project River 5.125% 12/15/33 | 250,000 | 272,485 | ||
NE Coop Republican Platte Enhancement Project River 5.000% 12/15/38 | 160,000 | 169,493 | ||
Omaha Convention Hotel Corp 5.000% 02/01/35 | 500,000 | 512,560 | ||
Omaha Pub Fac Corp Lease Rev Omaha Tech & Forestry Equip 4.000% 11/15/31 | 115,000 | 120,060 | ||
*Omaha NE Special Tax Rev 5.000% 02/01/27 | 1,000,000 | 1,149,430 | ||
Upper Republican Natural Resource District 4.000% 12/15/24 | 200,000 |
| 208,876 | |
| 3,255,437 | |||
Transportation (1.3%) | ||||
Lincoln NE Pkg Rev 5.500% 08/15/31 | 500,000 | 567,935 | ||
Utilities (33.2%) | ||||
*Central Plains Energy Proj Rev 5.000% 09/01/27 | 1,000,000 | 1,118,050 | ||
Central Plains Energy Proj Rev 5.250% 09/01/37 | 500,000 | 547,150 | ||
Central Plains Energy Proj Rev 5.000% 09/01/42 | 500,000 | 532,435 | ||
Grand Island NE Sewer Sys Rev 5.000% 09/15/26 | 250,000 | 288,733 | ||
Hastings NE Comb Utility Rev Ref 4.000% 10/15/32 | 500,000 | 528,235 | ||
*Lincoln NE Elec Syst Rev 5.000% 09/01/37 | 1,000,000 | 1,119,130 | ||
Lincoln NE Elec Syst Rev 5.000% 09/01/31 | 250,000 | 251,032 | ||
Lincoln NE San Swr Rev 4.500% 06/15/29 | 250,000 | 258,805 | ||
Lincoln NE Solid Waste Mgmt Rev 4.000% 08/01/25 | 275,000 | 306,422 | ||
Lincoln NE Solid Waste Mgmt Rev 4.000% 08/01/27 | 400,000 | 439,296 | ||
Lincoln NE Wtr Rev 4.000% 08/15/25 | 250,000 | 269,043 | ||
Lincoln NE Wtr Rev 4.500% 08/15/34 | 250,000 | 267,287 | ||
NE Metro Util Dist Omaha Wtr Rev 4.000% 12/15/24 | 750,000 | 820,380 | ||
NE Metro Util Dist Omaha Wtr Rev 4.000% 12/15/26 | 250,000 | 271,348 | ||
Muni Energy Agy of NE Pwr Supply Sys Rev 5.125% 04/01/24 | 195,000 | 216,555 | ||
Muni Energy Agy of NE Pwr Supply Sys Rev 5.000% 04/01/30 | 500,000 | 554,675 | ||
Muni Energy Agy of NE Pwr Supply Sys Rev 5.000% 04/01/32 | 100,000 | 108,824 | ||
NE Pub Pwr Dist Rev 5.000% 01/01/28 | 500,000 | 564,435 | ||
NE Pub Pwr Dist Rev 5.000% 01/01/30 | 500,000 | 557,365 | ||
Omaha NE Metro Util Wtr Dist Rev 4.375% 12/01/26 | 400,000 | 410,932 | ||
Omaha NE Pub Pwr Dist Elec Sys Rev 5.250% 02/01/23 | 250,000 | 278,235 | ||
Omaha NE Pub Pwr Dist Elec Sys Rev 5.500% 02/01/33 | 100,000 | 111,913 | ||
Omaha NE Pub Pwr Dist Elec Sys Rev 6.200% 02/01/17 | 270,000 | 285,495 | ||
Omaha Sanitation & Sewer 5.000% 11/15/29 | 250,000 | 293,798 | ||
Omaha Sanitation & Sewer 5.000% 11/15/30 | 250,000 | 292,685 | ||
Omaha Sanitation & Sewer 5.000% 11/15/31 | 500,000 | 582,085 | ||
Omaha NE Pub Pwr Dist Sep Elec Sys Rev 4.750% 02/01/25 | 250,000 | 255,210 | ||
Omaha NE Pub Pwr Dist Sep Elec Sys Rev 5.000% 02/01/2032 | 250,000 | 285,180 | ||
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/24 | 250,000 | 265,357 | ||
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/27 | 250,000 | 265,358 | ||
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/32 | 780,000 | 826,659 | ||
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/32 | 220,000 | 228,443 | ||
Southern Pub Pwr Dist 5.000% 12/15/23 | 250,000 |
| 283,900 | |
| 13,684,450 | |||
TOTAL MUNICIPAL BONDS (COST: $38,858,634) | $ | 40,460,269 | ||
SHORT-TERM SECURITIES (1.0%) | Shares | |||
^Wells Fargo Advantage National Tax-Free Money Market 0.010% (COST: $399,283) | 399,283 | $ | 399,283 | |
TOTAL INVESTMENTS IN SECURITIES (COST: $39,257,917) (99.2%) | $ | 40,859,552 | ||
OTHER ASSETS LESS LIABILITIES (0.8%) | 329,679 | |||
NET ASSETS (100.0%) | $ | 41,189,231 |
* | Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
|
|
^ | Variable rate security; rate shown represents rate as of July 31, 2015. |
The accompanying notes are an integral part of these financial statements.
OKLAHOMA MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2015
Utilities | 33.5% |
Other Revenue | 23.4% |
Education | 18.0% |
Transportation | 9.1% |
Cash Equivalents and Other | 6.8% |
General Obligation | 4.4% |
Health Care | 3.8% |
Housing | 1.0% |
| 100.0% |
Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2015
Principal | Fair | |||
MUNICIPAL BONDS (93.2%) | ||||
Education (18.0%) | ||||
*OK Community College Student Fac Rev 4.375% 07/01/30 | $ | 750,000 | $ | 794,888 |
Brd of Regt (OK Univ Science Ctr) 5.000% 07/01/36 | 1,000,000 | 1,067,650 | ||
McClain Cnty OK Econ Dev Auth Ed Lease Rev (Purcell Schs) 4.250% 09/01/20 | 335,000 | 336,109 | ||
OK Agric & Mech Colleges Rev (OK St Univ) 4.400% 08/01/39 | 630,000 | 656,680 | ||
OK Agric & Mech Colleges Rev (OK St Univ) 5.000% 07/01/39 | 140,000 | 154,091 | ||
OK Dev Fin Auth Lease Rev (OK St Higher Ed Master Lease) 4.500% 06/01/26 | 250,000 | 255,142 | ||
OK Dev Fin Auth Lease Rev Higher Ed Master Ppty 5.000% 06/01/29 | 500,000 | 586,095 | ||
OK Dev Fin Auth Lease Rev Higher Ed Master Ppty 5.000% 06/01/34 | 500,000 | 575,255 | ||
OK Dev Fin Auth Lease Rev Higher Ed Master Ppty 5.000% 06/01/39 | 500,000 | 561,995 | ||
OK Dev Fin Auth Lease Rev Higher Ed Master Ppty 5.000% 06/01/39 | 500,000 | 563,215 | ||
OK Dev Fin Auth Lease Rev Master St Higher Ed 4.400% 12/01/29 | 250,000 | 267,860 | ||
OK Dev Fin Auth Rev East Central Univ 4.000% 08/01/30 | 280,000 | 295,375 | ||
OK Dev Fin Auth Rev East Central Univ 4.000% 08/01/31 | 290,000 | 304,538 | ||
OK Dev Fin Auth Rev East Central Univ 4.000% 08/01/32 | 305,000 | 319,085 | ||
OK Dev Fin Auth Rev East Central Univ 4.000% 08/01/33 | 315,000 | 328,551 | ||
Univ of OK Rev 5.000% 07/01/37 | 290,000 | 318,635 | ||
Univ of OK Student Hsg (Cameron Univ) Rev 5.500% 07/01/23 | 250,000 | 250,892 | ||
7,636,056 | ||||
General Obligation (4.4%) | ||||
Broken Arrow GO Series A 4.125% 08/01/31 | 180,000 | 192,368 | ||
Oklahoma City OK 4.000% 03/01/24 | 1,000,000 | 1,125,360 | ||
Oklahoma City OK 4.250% 03/01/22 | 110,000 | 112,556 | ||
Oklahoma City OK 5.000% 03/01/27 | 400,000 | 432,196 | ||
1,862,480 | ||||
Health Care (3.8%) | ||||
OK Dev Fin Auth Rev (St John Hlth Sys) 5.000% 02/15/37 | 10,000 | 10,702 | ||
OK Dev Fin Auth Rev (St John Hlth Sys) 5.000% 02/15/37 | 490,000 | 503,348 | ||
OK Dev Fin Auth Rev (St John Hlth Sys) 5.000% 02/15/42 | 250,000 | 269,610 | ||
OK St Dev Fin Auth Hlth Sys Rev Ref Sef A 4.000% 08/15/38 | 250,000 | 251,825 | ||
OK St Dev Fin Auth Hlth Sys Rev Ref Sef A 5.000% 08/15/29 | 250,000 | 289,237 | ||
Tulsa Cnty Ind Auth Health Fac 4.600% 02/01/35 | 250,000 | 264,882 | ||
1,589,604 | ||||
Housing (1.0%) | ||||
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.050% 09/01/23 | 190,000 | 192,263 | ||
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.100% 03/01/17 | 25,000 | 25,531 | ||
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.100% 09/01/17 | 20,000 | 20,457 | ||
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.150% 09/01/29 | 95,000 | 95,897 | ||
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.200% 09/01/32 | 95,000 | 96,016 | ||
430,164 | ||||
Other Revenue (23.4%) | ||||
*Rogers Cnty OK Indl Dev Auth Cap Impt Rev 4.900% 04/01/35 | 500,000 | 541,365 | ||
Collinsville OK Mun Auth Sales Tax Rev 5.000% 03/01/35 | 275,000 | 322,317 | ||
Collinsville OK Mun Auth Sales Tax Rev 5.000% 03/01/40 | 250,000 | 293,015 | ||
OK Cap Impt Auth (OK St Bureau of Investigation) 4.375% 07/01/22 | 100,000 | 102,314 | ||
OK Cap Impt Auth (OK St Bureau of Investigation) 4.375% 07/01/23 | 100,000 | 102,082 | ||
OK Cap Impt Auth (OK St Bureau of Investigation) 4.500% 07/01/24 | 200,000 | 204,408 | ||
OK Cap Impt Auth (Supreme Court Proj) 4.500% 07/01/26 | 500,000 | 510,195 | ||
OK State Water Resources Board Rev. 5.000% 10/01/29 | 250,000 | 292,603 | ||
OK State Water Resources Loan Program Rev. 5.000% 10/01/33 | 500,000 | 582,360 | ||
Oklahoma City OK Economic Dev Trust 5.000% 03/01/32 | 250,000 | 277,710 | ||
Oklahoma City OK Economic Dev Trust 5.000% 03/01/33 | 250,000 | 277,205 | ||
Oklahoma City OK Economic Dev Trust 5.000% 03/01/34 | 500,000 | 553,270 | ||
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 4.500% 10/01/31 | 155,000 | 160,899 | ||
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/27 | 350,000 | 404,722 | ||
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/28 | 400,000 | 459,604 | ||
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/29 | 625,000 | 714,256 | ||
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/36 | 230,000 | 255,233 | ||
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/39 | 835,000 | 920,654 | ||
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.500% 10/01/19 | 250,000 | 251,925 | ||
Pawnee Cnty OK Pub Programs Auth Sales Tax Rev 4.875% 02/01/30 | 145,000 | 159,343 | ||
Tahlequah OK Pub Facs Auth Sales Tax Rev 4.000% 04/01/23 | 550,000 | 597,855 | ||
Tulsa Airport Impt Rev 5.000% 06/01/23 | 420,000 | 467,074 | ||
Tulsa Airport Impt Rev 5.000% 06/01/24 | 230,000 | 254,240 | ||
Tulsa Airport Impt Rev 5.250% 06/01/25 | 245,000 | 272,920 | ||
Tulsa Airport Impt Rev 5.250% 06/01/26 | 360,000 | 399,233 | ||
Tulsa OK Pkg Auth Pkg Rev 4.000% 07/01/25 | 500,000 | 534,175 | ||
9,910,977 | ||||
Transportation (9.1%) | ||||
OK St Cap Impt Auth 4.000% 10/01/24 | 1,000,000 | 1,096,570 | ||
OK St Cap Impt Auth 4.000% 10/01/25 | 1,000,000 | 1,092,650 | ||
OK St Turnpike Auth Rev 5.000% 01/01/23 | 500,000 | 585,070 | ||
OK St Turnpike Auth Rev 5.000% 01/01/28 | 250,000 | 282,992 | ||
OK St Turnpike Auth Rev 5.000% 01/01/30 | 250,000 | 281,078 | ||
Oklahoma City OK Airport Tr Jr Lien Ref Series B 5.000% 07/01/19 | 250,000 | 270,585 | ||
Oklahoma City OK Airport Tr Jr Lien Ref Series B 5.000% 07/01/21 | 250,000 | 267,920 | ||
3,876,865 | ||||
Utilities (33.5%) | ||||
*Grand River Dam Auth Rev 5.250% 06/01/40 | 2,000,000 | 2,249,340 | ||
*Midwest City Municipal Auth Cap Impt Rev 5.000 % 03/01/25 | 2,000,000 | 2,308,560 | ||
*OK Mun Pwr Auth Rev 5.750% 01/01/24 | 2,230,000 | 2,481,410 | ||
Claremore, OK (Public Works Util Rev.) 4.000% 07/01/19 | 300,000 | 330,783 | ||
Clinton OK Public Works Auth Utility 4.000% 12/01/34 | 750,000 | 776,378 | ||
Clinton OK Public Works Auth Utility 4.000% 12/01/39 | 500,000 | 501,910 | ||
Coweta Pub Works Util Rev 5.000% 08/01/34 | 100,000 | 109,260 | ||
Glenpool Util Rev 5.100% 12/01/35 | 250,000 | 280,487 | ||
Grand River Dam Auth Rev 4.800% 06/01/33 | 200,000 | 213,840 | ||
Grand River Dam Auth Rev 5.000% 06/01/27 | 1,000,000 | 1,094,520 | ||
McAlester OK Pub Works Auth 5.100% 02/01/30 | 100,000 | 100,000 | ||
OK Wtr Resources Brd 5.000% 04/01/28 | 500,000 | 559,850 | ||
OK Wtr Resources Brd 5.000% 04/01/32 | 140,000 | 158,757 | ||
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 4.000% 07/01/34 | 250,000 | 258,638 | ||
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 4.000% 07/01/39 | 175,000 | 181,566 | ||
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/31 | 250,000 | 283,373 | ||
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/34 | 100,000 | 116,142 | ||
Oklahoma St Wtr Resource Brd Rev 4.000% 04/01/25 | 150,000 | 165,280 | ||
Oklahoma St Wtr Resource Brd Rev 5.000% 04/01/23 | 100,000 | 119,528 | ||
Oklahoma St Wtr Resource Brd Rev 5.000% 04/01/24 | 150,000 | 178,395 | ||
Sallisaw OK Mun Auth Rev 4.450% 01/01/28 | 100,000 | 106,432 | ||
Sapulpa OK Mun Auth Util Sys Rev 5.000% 04/01/28 | 750,000 | 849,810 | ||
Seminole OK Utilities Auth Sales Tax Rev 3.000% 09/01/24 | 100,000 | 100,133 | ||
Seminole OK Utilities Auth Sales Tax Rev 3.150% 09/01/25 | 380,000 | 380,479 | ||
Seminole OK Utilities Auth Sales Tax Rev 3.300% 09/01/26 | 315,000 | 315,085 | ||
14,219,956 | ||||
TOTAL MUNICIPAL BONDS (COST: $38,030,228) | $ | 39,526,102 | ||
SHORT-TERM SECURITIES (6.0%) | Shares | |||
^Wells Fargo Advantage National Tax-Free Money Market 0.010% (COST: $2,557,158) | 2,557,158 | $ | 2,557,158 | |
TOTAL INVESTMENTS IN SECURITIES (COST: $40,587,386) (99.2%) | $ | 42,083,260 | ||
OTHER ASSETS LESS LIABILITIES (0.8%) | 344,228 | |||
NET ASSETS (100.0%) | $ | 42,427,488 |
* | Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
|
|
^ | Variable rate security; rate shown represents rate as of July 31, 2015. |
The accompanying notes are an integral part of these financial statements.
MAINE MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2015
Health Care | 24.1% |
General Obligation | 19.1% |
Education | 14.5% |
Transportation | 11.4% |
Housing | 10.3% |
Other Revenue | 8.4% |
Cash Equivalents and Other | 6.2% |
Utilities | 6.0% |
| 100.0% |
Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2015
Principal | Fair | |||
MUNICIPAL BONDS (93.8%) | ||||
Education (14.5%) | ||||
ME Edl Ln Auth Student Ln Rev 5.875% 12/01/39 | $ | 130,000 | $ | 140,494 |
ME Edl Ln Auth Student Ln Rev 4.450% 12/01/25 | 100,000 | 107,194 | ||
*ME Health & Higher Ed Facs Auth Rev Ser A-Bowdoin College 5.125% 07/01/39 | 715,000 | 780,472 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/23 | 110,000 | 114,632 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/23 | 25,000 | 25,981 | ||
ME Health & Higher Ed Facs Auth Rev 4.750% 07/01/31 | 250,000 | 270,670 | ||
ME Health & Higher Ed Facs Auth Rev Colby Clg 4.000% 07/01/24 | 270,000 | 297,580 | ||
Regl Sch Unit No 1 ME Lower Kennebec Region Sch Unit 5.000% 02/01/26 | 100,000 | 112,142 | ||
Univ of ME Sys Rev 4.625% 03/01/29 | 100,000 | 106,489 | ||
Univ of ME Sys Rev 4.750% 03/01/37 | 545,000 | 581,433 | ||
Univ of ME Sys Rev 4.750% 03/01/37 | 5,000 | 5,186 | ||
2,542,273 | ||||
General Obligation (19.1%) | ||||
Auburn, ME GO 4.500% 09/01/22 | 100,000 | 115,277 | ||
Bangor ME 4.000% 09/01/24 | 155,000 | 165,036 | ||
Falmouth ME GO 4.250% 11/15/31 | 200,000 | 215,120 | ||
Gorham, ME Unlimited GO 4.000% 10/01/23 | 100,000 | 111,519 | ||
Gray ME Unlimited GO 4.000% 10/15/26 | 280,000 | 300,614 | ||
Gray ME Unlimited GO 4.000% 10/15/27 | 280,000 | 299,796 | ||
ME Sch Adminstrative Dist # 51 4.250% 10/15/29 | 250,000 | 267,617 | ||
ME Sch Adminstrative Dist # 51 4.000% 10/15/29 | 100,000 | 111,007 | ||
ME St Hsg Auth Energy Recovery Fd 5.000% 06/15/24 | 250,000 | 277,510 | ||
Portland ME 4.250% 05/01/29 | 150,000 | 161,229 | ||
Portland ME 4.125% 10/01/29 | 100,000 | 106,586 | ||
Portland ME UNLTD GO 5.000% 08/01/21 | 125,000 | 150,724 | ||
Portland ME 5.000% 08/01/22 | 125,000 | 147,494 | ||
Saco ME GO 4.000% 04/01/28 | 100,000 | 106,656 | ||
Scarborough, ME GO 4.000% 11/01/28 | 100,000 | 107,558 | ||
State of Maine General Obligation 4.000% 06/01/20 | 150,000 | 170,995 | ||
Waterville ME GO 4.000% 07/01/25 | 135,000 | 148,250 | ||
Waterville ME GO 3.000% 04/01/25 | 250,000 | 262,345 | ||
Wells-Ogunquit Community School Dist. 4.000% 11/01/24 | 100,000 | 114,625 | ||
3,339,958 | ||||
Health Care (24.1%) | ||||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/39 | 500,000 | 562,405 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/22 | 15,000 | 16,325 | ||
*ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/39 | 610,000 | 652,011 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/26 | 115,000 | 125,002 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20 | 250,000 | 286,908 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/40 | 250,000 | 266,825 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/22 | 235,000 | 250,550 | ||
ME Health & Higher Ed Facs Auth Rev 4.500% 07/01/31 | 200,000 | 209,008 | ||
ME Health & Higher Ed Facs Auth Rev 5.250% 07/01/23 | 200,000 | 226,616 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20 | 180,000 | 207,488 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/23 | 250,000 | 296,680 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/30 | 500,000 | 555,210 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/31 | 500,000 | 550,790 | ||
4,205,818 | ||||
Housing (10.3%) | ||||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/29 | 1,000,000 | 1,110,550 | ||
ME St Hsg Auth Mtg Pur 4.000% 11/15/24 | 45,000 | 46,973 | ||
ME St Hsg Auth Mtg Pur 4.450% 11/15/30 | 95,000 | 98,452 | ||
ME St Hsg Auth Mtg Pur 4.375% 11/15/25 | 100,000 | 101,689 | ||
ME St Hsg Auth Mtg Pur 4.000% 11/15/35 | 435,000 | 435,383 | ||
1,793,047 | ||||
Other Revenue (8.4%) | ||||
ME Governmental Facs Auth Ser A 4.000% 10/01/24 | 200,000 | 214,668 | ||
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/34 | 250,000 | 286,820 | ||
Maine Municipal Bond Bank 4.000% 11/01/38 | 125,000 | 129,229 | ||
Maine Municipal Bond Bank 5.000% 11/01/25 | 125,000 | 146,432 | ||
Maine Municipal Bond Bank 5.000% 11/01/27 | 100,000 | 119,500 | ||
ME Mun Bd Bk (Swr & Wtr) Rev Unrefunded 4.900% 11/01/24 | 5,000 | 5,005 | ||
*PR Pub Fin Corp Comwlth Appropriations 5.375% 06/01/18 | 515,000 | 571,223 | ||
1,472,877 | ||||
Transportation (11.4%) | ||||
*ME Mun Bd Bk Transn Infrastructure Rev 5.000% 09/01/24 | 1,000,000 | 1,119,120 | ||
Maine St Tpk Auth Spl Oblig 4.000% 07/01/32 | 250,000 | 254,770 | ||
Portland ME Airport Rev 5.250% 01/01/35 | 250,000 | 269,590 | ||
Portland ME Airport Rev 5.000% 07/01/22 | 100,000 | 115,130 | ||
Portland ME Airport Rev 5.000% 07/01/23 | 100,000 | 115,840 | ||
Portland ME Airport Rev 5.000% 07/01/24 | 100,000 | 114,545 | ||
1,988,995 | ||||
Utilities (6.0%) | ||||
*Kennebunk ME Pwr & Light Dist 5.000% 08/01/22 | 500,000 | 529,060 | ||
Portland ME Wtr Dist Rev 4.250% 11/01/27 | 500,000 | 519,205 | ||
1,048,265 | ||||
TOTAL MUNICIPAL BONDS (COST: $15,785,960) | $ | 16,391,233 | ||
SHORT-TERM SECURITIES (5.6%) | Shares | |||
^Wells Fargo Advantage National Tax-Free Money Market Fund 0.010% (Cost: $982,016) | 982,016 | $ | 982,016 | |
TOTAL INVESTMENTS IN SECURITIES (COST: $16,767,976) (99.4%) | $ | 17,373,249 | ||
OTHER ASSETS LESS LIABILITIES (0.6%) | 101,543 | |||
NET ASSETS (100.0%) | $ | 17,474,792 |
* | Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
|
|
^ | Variable rate security; rate shown represents rate as of July 31, 2015. |
The accompanying notes are an integral part of these financial statements.
NEW HAMPSHIRE MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2015
General Obligation | 42.2% |
Health Care | 19.2% |
Education | 10.9% |
Cash Equivalents and Other | 10.2% |
Housing | 7.9% |
Utilities | 4.3% |
Other Revenue | 3.0% |
Transportation | 2.3% |
| 100% |
Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2015
Principal | Fair | |||
MUNICIPAL BONDS (89.8%) | ||||
Education (10.9%) | ||||
NH Health & Ed Facs Auth Rev (Pinkerton Academy) 4.625% 06/01/30 | $ | 50,000 | $ | 53,516 |
NH Health & Ed Facs Auth Rev (Pinkerton Academy) 4.875% 06/01/35 | 70,000 | 76,080 | ||
NH Health & Ed Facs Auth Rev Southern NH Univ 5.000% 01/01/17 | 200,000 | 211,470 | ||
NH Health & Ed Facs Auth Rev Southern NH Univ 5.000% 01/01/20 | 100,000 | 112,793 | ||
NH Health & Ed Facs Auth Rev Dartmouth College 5.250% 06/01/39 | 100,000 | 110,820 | ||
564,679 | ||||
General Obligation (42.2%) | ||||
Carroll County NH UNLTD GO 4.000% 08/01/20 | 100,000 | 111,688 | ||
*Concord NH 4.000% 01/15/24 | 100,000 | 113,387 | ||
Dover NH GO 4.000% 6/15/28 | 100,000 | 107,331 | ||
Hillsborough NH GO 4.000% 11/01/20 | 100,000 | 101,129 | ||
Hillsborough NH GO 4.000% 11/01/21 | 100,000 | 101,065 | ||
Hooksett, NH Sch Dist GO 5.000% 07/15/22 | 100,000 | 119,118 | ||
Merrimack Cnty NH GO 4.250% 12/01/19 | 100,000 | 108,410 | ||
Merrimack Cnty NH GO 4.500% 12/01/26 | 100,000 | 108,964 | ||
Merrimack Cnty NH GO 4.500% 12/01/27 | 100,000 | 108,964 | ||
Nashua NH Unltd Go Capital Impt 3.000% 10/15/21 | 100,000 | 108,605 | ||
NH Mun Bd Bk Ref-Ser A 5.000% 08/15/25 | 100,000 | 122,210 | ||
*NH Mun Bd Bk 2009 Series D 4.000% 07/15/25 | 175,000 | 187,110 | ||
New Hampshire State G.O. Cap Impt-Ser B 5.000% 12/01/28 | 75,000 | 90,611 | ||
NH St Cap Impt GO 5.000% 12/01/26 | 100,000 | 121,670 | ||
NH St Cap Impt GO 4.750% 03/01/27 | 100,000 | 110,387 | ||
Portsmouth NH GO Cap Impt 4.000% 08/01/19 | 100,000 | 100,000 | ||
Portsmouth NH GO Cap Impt 4.000% 12/01/30 | 100,000 | 106,298 | ||
Rochester NH GO Ser A 3.000% 03/1/32 | 130,000 | 130,329 | ||
Salem NH School District GO 5.000% 11/15/24 | 100,000 | 121,669 | ||
2,178,945 | ||||
Health Care (19.2%) | ||||
NH Health & Ed Facs Auth Rev Wentworth Douglas Hosp 5.500% 01/01/26 | 100,000 | 113,334 | ||
NH Health & Ed Facs Auth Rev Conway Hosp 5.250% 06/01/16 | 100,000 | 102,645 | ||
NH Health & Ed Facs Auth Rev Southern NH Med Ctr 5.250% 10/01/23 | 100,000 | 106,513 | ||
NH Health & Ed Facs Auth Rev Healthcare Sys-Covenant Hlth-B 5.000% 07/01/24 | 100,000 | 107,667 | ||
NH Health & Ed Facs Auth Rev Cheshire Med Ctr 4.000% 07/01/39 | 100,000 | 99,729 | ||
*NH Health & Ed Facs Auth Rev Covenant Health 5.000% 07/01/31 | 150,000 | 158,596 | ||
NH Health & Ed Facs Auth Rev Catholic Med Center 5.000% 07/01/24 | 100,000 | 112,487 | ||
*NH Health & Ed Facs Auth Rev Concord Hosp-Ser A 5.000% 10/01/26 | 100,000 | 112,634 | ||
NH St Health & Ed Fac Covenant Hlth Sys 5.000% 07/01/42 | 75,000 | 79,405 | ||
993,010 | ||||
Housing (7.9%) | ||||
NH St Hsg Fin Auth Single Family Mtg Rev 5.350% 07/01/40 | 75,000 | 76,153 | ||
*NH St Hsg Fin Auth Single Family Mtg Rev 4.625% 07/01/25 | 145,000 | 149,238 | ||
NH St Hsg Fin Auth Single Family Mtg Rev 4.875% 07/01/28 | 75,000 | 78,387 | ||
NH St Hsg Fin Auth Multi Family Hsg 5.200% 07/01/31 | 100,000 | 105,765 | ||
409,543 | ||||
Other Revenue (3.0%) | ||||
NH St Business Fin Auth Solid Waste Disp Rev - Waste Mgmt Inc 5.200% 05/01/27 | 150,000 | 154,471 | ||
Transportation (2.3%) | ||||
NH St Turnpike Sys Rev 5.000% 08/01/25 | 100,000 | 117,291 | ||
Utilities (4.3%) | ||||
NH St Bus Fin Auth Wtr Fac Rev AMT Pennuchuck Wtr Wks 5.000% 01/01/29 | 100,000 | 111,282 | ||
NH St Bus Fin Auth Wtr Fac Rev AMT Pennuchuck Wtr Wks 5.000% 01/01/30 | 100,000 | 109,510 | ||
220,792 | ||||
TOTAL MUNICIPAL BONDS (COST: $4,530,090) | $ | 4,638,731 | ||
SHORT-TERM SECURITIES (12.1%) | Shares | |||
^Wells Fargo Advantage National Tax-Free Money Market Fund 0.010% (Cost: $624,542) | 624,542 | $ | 624,542 | |
TOTAL INVESTMENTS IN SECURITIES (COST: $5,154,632) (101.9%) | $ | 5,263,273 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.9%) | (99,054) | |||
NET ASSETS (100.0%) | $ | 5,164,219 |
* | Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
|
|
^ | Variable rate security; rate shown represents rate as of July 31, 2015. |
The accompanying notes are an integral part of these financial statements.
FINANCIAL STATEMENTS
Statements of Assets and Liabilities July 31, 2015
Kansas | Nebraska | Oklahoma | Maine | New Hampshire | |||||||||||
ASSETS | |||||||||||||||
Investments in securities, at cost | $ | 54,924,998 | $ | 39,257,917 | $ | 40,587,386 | $ | 16,767,976 | $ | 5,154,632 | |||||
Investments in securities, at fair value | $ | 57,924,427 | $ | 40,859,552 | $ | 42,083,260 | $ | 17,373,249 | $ | 5,263,273 | |||||
Cash | 0 | 64 | 0 | 0 | 0 | ||||||||||
Receivable for Fund shares sold | 2,040 | 3,300 | 46,038 | 0 | 0 | ||||||||||
Accrued dividends receivable | 3 | 4 | 43 | 10 | 5 | ||||||||||
Accrued interest receivable | 824,861 | 413,526 | 393,371 | 136,299 | 35,543 | ||||||||||
Prepaid expenses | 1,730 | 2,277 | 1,643 | 2,075 | 876 | ||||||||||
Total assets | $ | 58,753,061 | $ | 41,278,723 | $ | 42,524,355 | $ | 17,511,633 | $ | 5,299,697 | |||||
LIABILITIES | |||||||||||||||
Payable for securities purchased | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 123,416 | |||||
Payable for Fund shares redeemed | 61,257 | 5,467 | 6,001 | 2,991 | 17 | ||||||||||
Dividends payable | 43,453 | 35,236 | 38,778 | 11,098 | 3,899 | ||||||||||
Trustees' fees payable | 2,090 | 1,452 | 1,474 | 627 | 169 | ||||||||||
Payable to affiliates | 45,039 | 30,804 | 34,102 | 13,427 | 3,653 | ||||||||||
Accrued expenses | 22,966 | 16,533 | 16,512 | 8,698 | 4,324 | ||||||||||
Total liabilities | $ | 174,805 | $ | 89,492 | $ | 96,867 | $ | 36,841 | $ | 135,478 | |||||
NET ASSETS | $ | 58,578,256 | $ | 41,189,231 | $ | 42,427,488 | $ | 17,474,792 | $ | 5,164,219 | |||||
NET ASSETS ARE REPRESENTED BY: | |||||||||||||||
Capital stock outstanding, no par value, unlimited shares authorized | $ | 55,836,261 | $ | 39,854,982 | $ | 41,340,851 | $ | 16,847,924 | $ | 5,068,332 | |||||
Accumulated net realized gain (loss) on investments | (262,545) | (269,719) | (410,097) | 8,442 | (22,202) | ||||||||||
Accumulated undistributed net investment income (loss) | 5,111 | 2,333 | 860 | 13,153 | 9,448 | ||||||||||
Unrealized appreciation (depreciation) on investments | 2,999,429 | 1,601,635 | 1,495,874 | 605,273 | 108,641 | ||||||||||
NET ASSETS | $ | 58,578,256 | $ | 41,189,231 | $ | 42,427,488 | $ | 17,474,792 | $ | 5,164,219 | |||||
Shares outstanding | 5,389,216 | 3,930,328 | 3,644,559 | 1,590,549 | 480,146 | ||||||||||
Net asset value per share* | $ | 10.87 | $ | 10.48 | $ | 11.64 | $ | 10.99 | $ | 10.76 | |||||
Public offering price (sales charge of 3.75%) | $ | 11.29 | $ | 10.89 | $ | 12.09 | $ | 11.42 | $ | 11.18 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
The accompanying notes are an integral part of these financial statements.
FINANCIAL STATEMENTS
Statements of Operations For the year ended July 31, 2015
Kansas | Nebraska | Oklahoma | Maine | New Hampshire | |||||||||||
INVESTMENT INCOME | |||||||||||||||
Interest | $ | 2,223,939 | $ | 1,495,255 | $ | 1,397,888 | $ | 600,552 | $ | 152,975 | |||||
Dividends | 193 | 128 | 275 | 118 | 38 | ||||||||||
Total investment income | $ | 2,224,132 | $ | 1,495,383 | $ | 1,398,163 | $ | 600,670 | $ | 153,013 | |||||
EXPENSES | |||||||||||||||
Investment advisory fees | $ | 293,863 | $ | 202,305 | $ | 204,261 | $ | 87,609 | $ | 23,516 | |||||
Distribution (12b-1) fees | 146,932 | 101,152 | 102,131 | 43,805 | 11,758 | ||||||||||
Transfer agent fees | 82,282 | 56,646 | 57,193 | 24,531 | 6,584 | ||||||||||
Administrative service fees | 106,282 | 80,646 | 81,193 | 48,531 | 30,585 | ||||||||||
Professional fees | 12,219 | 9,146 | 9,367 | 5,359 | 3,267 | ||||||||||
Reports to shareholders | 4,215 | 2,724 | 2,247 | 1,250 | 397 | ||||||||||
License, fees, and registrations | 2,880 | 5,266 | 3,905 | 2,159 | 1,082 | ||||||||||
Audit fees | 14,263 | 9,941 | 10,192 | 4,231 | 1,123 | ||||||||||
Trustees' fees | 3,294 | 2,267 | 2,288 | 983 | 262 | ||||||||||
Transfer agent out-of-pockets | 5,177 | 3,297 | 2,976 | 1,474 | 484 | ||||||||||
Custodian fees | 5,784 | 4,117 | 4,153 | 2,228 | 915 | ||||||||||
Legal fees | 4,328 | 2,988 | 2,784 | 1,292 | 345 | ||||||||||
Insurance expense | 946 | 640 | 612 | 273 | 76 | ||||||||||
Total expenses | $ | 682,465 | $ | 481,135 | $ | 483,302 | $ | 223,725 | $ | 80,394 | |||||
Less expenses waived or reimbursed | (106,493) | (84,617) | (82,950) | (52,011) | (34,303) | ||||||||||
Total net expenses | $ | 575,972 | $ | 396,518 | $ | 400,352 | $ | 171,714 | $ | 46,091 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INVESTMENT INCOME (LOSS) | $ | 1,648,160 | $ | 1,098,865 | $ | 997,811 | $ | 428,956 | $ | 106,922 | |||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||||||||||||||
Net realized gain (loss) from investment transactions | $ | (5,419) | $ | 5,696 | $ | 27,061 | $ | 14,679 | $ | 5,549 | |||||
Net change in unrealized appreciation (depreciation) on investments | 98,524 | 313,698 | 104,391 | (38,419) | 1,109 | ||||||||||
Net realized and unrealized gain (loss) on investments | $ | 93,105 | $ | 319,394 | $ | 131,452 | $ | (23,740) | $ | 6,658 | |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,741,265 | $ | 1,418,259 | $ | 1,129,263 | $ | 405,216 | $ | 113,580 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL STATEMENTS
Statements of Changes in Net Assets For the year ended July 31, 2015
Kansas | Nebraska | Oklahoma | Maine | New Hampshire | |||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | |||||||||||||||
Net investment income (loss) | $ | 1,648,160 | $ | 1,098,865 | $ | 997,811 | $ | 428,956 | $ | 106,922 | |||||
Net realized gain (loss) from investment transactions | (5,419) | 5,696 | 27,061 |
| 14,679 |
| 5,549 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 98,524 | 313,698 | 104,391 |
| (38,419) |
| 1,109 | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,741,265 | $ | 1,418,259 | $ | 1,129,263 | $ | 405,216 | $ | 113,580 | |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | |||||||||||||||
Net investment income | $ | (1,647,296) | $ | (1,098,476) | $ | (997,700) | $ | (427,448) | $ | (105,037) | |||||
Total distributions | $ | (1,647,296) | $ | (1,098,476) | $ | (997,700) | $ | (427,448) | $ | (105,037) | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||||||||
Proceeds from sale of shares | $ | 4,753,374 | $ | 4,850,261 | $ | 6,684,819 | $ | 1,283,466 | $ | 1,170,331 | |||||
Proceeds from reinvested dividends | 1,141,713 | 665,490 | 522,925 | 294,444 | 66,338 | ||||||||||
Cost of shares redeemed | (6,926,940) | (4,380,652) | (3,707,085) | (1,532,262) | (764,914) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | (1,031,853) | $ | 1,135,099 | $ | 3,500,659 | $ | 45,648 | $ | 471,755 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (937,884) | $ | 1,454,882 | $ | 3,632,222 | $ | 23,416 | $ | 480,298 | |||||
NET ASSETS, BEGINNING OF PERIOD | $ | 59,516,140 | 39,734,349 | $ | 38,795,266 | $ | 17,451,376 | $ | 4,683,921 | ||||||
NET ASSETS, END OF PERIOD | $ | 58,578,256 | $ | 41,189,231 | $ | 42,427,488 | $ | 17,474,792 | $ | 5,164,219 | |||||
Accumulated undistributed net investment income | $ | 5,111 | $ | 2,333 | $ | 860 | $ | 13,153 | $ | 9,448 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL STATEMENTS
Statements of Changes in Net Assets For the year ended July 31, 2014
Kansas | Nebraska | Oklahoma | Maine | New Hampshire | |||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | |||||||||||||||
Net investment income (loss) | $ | 1,795,219 | $ | 1,161,335 | $ | 1,068,486 | $ | 467,251 | $ | 128,894 | |||||
Net realized gain (loss) from investment transactions |
| (203,844) |
| (169,547) |
| (114,349) |
| (6,237) |
| (28,820) | |||||
Net change in unrealized appreciation (depreciation) on investments |
| 1,826,352 |
| 1,784,976 |
| 1,442,340 |
| 332,816 |
| 109,055 | |||||
Net increase (decrease) in net assets resulting from operations | $ | 3,417,727 | $ | 2,776,764 | $ | 2,396,477 | $ | 793,830 | $ | 209,129 | |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | |||||||||||||||
Net investment income | $ | (1,794,350) | $ | (1,160,828) | $ | (1,068,379) | $ | (465,827) | $ | (126,990) | |||||
Total distributions | $ | (1,794,350) | $ | (1,160,828) | $ | (1,068,379) | $ | (465,827) | $ | (126,990) | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||||||||
Proceeds from sale of shares | $ | 2,249,385 | $ | 1,680,840 | $ | 4,674,416 | $ | 1,129,308 | $ | 257,076 | |||||
Proceeds from reinvested dividends | 1,227,022 | 706,079 | 556,905 | 311,490 | 81,078 | ||||||||||
Cost of shares redeemed | (9,988,156) | (5,901,017) | (9,315,278) | (2,019,448) | (909,202) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | (6,511,749) | $ | (3,514,098) | $ | (4,083,957) | $ | (578,650) | $ | (571,048) | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (4,888,372) | $ | (1,898,162) | $ | (2,755,859) | $ | (250,647) | $ | (488,909) | |||||
NET ASSETS, BEGINNING OF PERIOD | $ | 64,404,512 | 41,632,511 | $ | 41,551,125 | $ | 17,702,023 | $ | 5,172,830 | ||||||
NET ASSETS, END OF PERIOD | $ | 59,516,140 | $ | 39,734,349 | $ | 38,795,266 | $ | 17,451,376 | $ | 4,683,921 | |||||
Accumulated undistributed net investment income | $ | 4,248 | $ | 3,289 | $ | 749 | $ | 11,645 | $ | 8,983 |
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS
NOTE 1: Organization
Integrity Managed Portfolios (the "Trust") was organized as a Massachusetts business trust on August 10, 1990 and commenced operations on November 15, 1990. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company and consists of five series (the "Funds").
The Kansas Municipal Fund ("KS Muni Fund"), Nebraska Municipal Fund ("NE Muni Fund"), and Oklahoma Municipal Fund ("OK Muni Fund"), each a non-diversified Fund, seek the highest level of current income that is exempt from both federal income tax and each Fund's respective state income tax as is consistent with preservation of capital. The Maine Municipal Fund ("ME Muni Fund") and New Hampshire Municipal Fund ("NH Muni Fund"), each a non-diversified Fund, seek the highest level of current income that is exempt from both federal income tax and each Fund's respective state income tax (interest and dividend tax with respect to New Hampshire) without assuming undue risk.
NOTE 2: Summary of Significant Accounting Policies
Investment security valuation—Securities for which quotations are not readily available are valued using a matrix system at fair value as determined by Integrity Fund Services, LLC ("Integrity Fund Services" or "IFS"). The matrix system has been developed based on procedures approved by the Board of Trustees and includes consideration of the following: yields or prices of municipal bonds of comparable quality; type of issue, coupon, maturity, and rating; indications as to value from dealers; indications as to value from municipal bond market activity; and general market conditions. Because the market value of securities can only be established by agreement between parties in a sales transaction, and because of the uncertainty inherent in the valuation process, the fair values as determined may differ from the values that would have been used had a ready market for the securities existed. Refer to Note 3 for further disclosures related to the inputs used to value the Funds' investments. Shares of a registered investment company, including money market funds that are not traded on an exchange are valued at the investment company's net asset value per share.
When-issued securities—The Funds may purchase securities on a when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The values of the securities purchased on a when-issued basis are identified as such in the Funds' Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its custodial records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. There were no when-issued securities as of July 31, 2015.
Contingent deferred sales charge—In the case of investments of $1 million or more, a 1.00% contingent deferred sales charge ("CDSC") may be assessed on shares redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions).
Federal and state income taxes—Each Fund is a separate taxpayer for federal income tax purposes. Each Fund's policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gain on investments to its shareholders; therefore, no provision for income taxes is required.
As of and during the year ended July 31, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for the tax years before 2011.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities. Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Premiums and discounts—Premiums and discounts on municipal securities are accreted and amortized over the lives of the respective securities.
Security transactions, investment income, expenses and distributions—Income and expenses are recorded on the accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the first in, first out basis unless specifically identified. Interest income and estimated expenses are accrued daily. The Funds declare dividends from net investment income daily and pay such dividends monthly. Capital gains, when available, are distributed at least annually. Dividends are reinvested in additional shares of the Funds at net asset value or paid in cash. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains determined in accordance with accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatment for market discount and capital loss carryforwards. In addition, other amounts have been reclassified within the composition of net assets to more appropriately conform financial accounting to tax basis treatment.
Use of estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Common expenses—Common expenses of the Trust are allocated among the Funds within the Trust based on relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.
NOTE 3: Fair Value Measurements
Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of July 31, 2015:
Level 1 | Level 2 | Level 3 | Total | ||||||||||
KS Muni Fund | Short-Term Securities | $ | 166,343 | $ | 0 | $ | 0 | $ | 166,343 | ||||
Municipal Bonds | 0 | 57,758,084 | 0 | 57,758,084 | |||||||||
Total | $ | 166,343 | $ | 57,758,084 | $ | 0 | $ | 57,924,427 | |||||
NE Muni Fund | Short-Term Securities | $ | 399,283 | $ | 0 | $ | 0 | $ | 399,283 | ||||
Municipal Bonds | 0 | 40,460,269 | 0 | 40,460,269 | |||||||||
Total | $ | 399,283 | $ | 40,460,269 | $ | 0 | $ | 40,859,552 | |||||
OK Muni Fund | Short-Term Securities | $ | 2,557,158 | $ | 0 | $ | 0 | $ | 2,557,158 | ||||
Municipal Bonds | 0 | 39,526,102 | 0 | 39,526,102 | |||||||||
Total | $ | 2,557,158 | $ | 39,526,102 | $ | 0 | $ | 42,083,260 | |||||
ME Muni Fund | Short-Term Securities | $ | 982,016 | $ | 0 | $ | 0 | $ | 982,016 | ||||
Municipal Bonds | 0 | 16,391,233 | 0 | 16,391,233 | |||||||||
Total | $ | 982,016 | $ | 16,391,233 | $ | 0 | $ | 17,373,249 | |||||
NH Muni Fund | Short-Term Securities | $ | 624,542 | $ | 0 | $ | 0 | $ | 624,542 | ||||
Municipal Bonds | 0 | 4,638,731 | 0 | 4,638,731 | |||||||||
Total | $ | 624,542 | $ | 4,638,731 | $ | 0 | $ | 5,263,273 |
See Schedule of Investments to view by type of obligation. The Funds did not hold any Level 3 assets during the year ended July 31, 2015. There were no transfers into or out of Level 1 or Level 2 during the year ended July 31, 2015. The Funds consider transfers into or out of Level 1 and Level 2 as of the end of the reporting period. The Funds did not hold any derivative instruments at any time during the year ended July 31, 2015.
NOTE 4: Investment Transactions
Purchases and sales of investment securities (excluding short-term securities) for the year ended July 31, 2015, were as follows:
KS Muni | NE Muni | OK Muni | ME Muni | NH Muni | ||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||
Purchases | $ | 6,893,398 | $ | 6,817,772 | $ | 10,520,168 | $ | 3,212,951 | $ | 926,346 | ||||
Sales | $ | 6,199,518 | $ | 4,606,457 | $ | 5,545,391 | $ | 2,662,300 | $ | 567,000 |
NOTE 5: Capital Share Transactions
Transactions in capital shares were as follows:
KS Muni | NE Muni | OK Muni | ME Muni | NH Muni | ||||||
Year Ended 7/31/15: | Fund | Fund | Fund | Fund | Fund | |||||
Shares sold | 434,821 | 462,386 | 572,764 | 116,160 | 108,612 | |||||
Shares issued on reinvestment of dividends | 104,484 | 63,312 | 44,740 | 26,611 | 6,140 | |||||
Shares redeemed | (633,613) | (416,575) | (317,309) | (138,627) | (70,882) | |||||
Net increase (decrease) | (94,308) | 109,123 | 300,195 | 4,144 | 43,870 | |||||
KS Muni | NE Muni | OK Muni | ME Muni | NH Muni | ||||||
Year Ended 7/31/14: | Fund | Fund | Fund | Fund | Fund | |||||
Shares sold | 209,797 | 165,008 | 408,076 | 103,905 | 24,096 | |||||
Shares issued on reinvestment of dividends | 114,553 | 69,285 | 48,847 | 28,636 | 7,632 | |||||
Shares redeemed | (938,341) | (582,370) | (821,520) | (186,424) | (85,817) | |||||
Net increase (decrease) | (613,991) | (348,077) | (364,597) | (53,883) | (54,089) |
NOTE 6: Income Tax Information
At July 31, 2015, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:
| KS Muni | NE Muni | OK Muni | ME Muni | NH Muni |
| Fund | Fund | Fund | Fund | Fund |
Investments at cost | $54,919,887 | $39,255,584 | $40,586,526 | $16,754,823 | $5,145,184 |
Unrealized appreciation | $3,038,918 | $1,716,298 | $1,541,523 | $682,811 | $135,943 |
Unrealized depreciation | (34,378) | (112,330) | (44,789) | (64,385) | (17,854) |
Net unrealized appreciation* | $3,004,540 | $1,603,968 | $1,496,734 | $618,426 | $118,089 |
* | Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount. |
Tax-exempt income distributions paid or accrued were as follows:
| KS Muni | NE Muni | OK Muni | ME Muni | NH Muni |
Tax-exempt income: | Fund | Fund | Fund | Fund | Fund |
Year Ended 7/31/15 | $1,647,296 | $1,098,476 | $997,700 | $427,448 | $105,037 |
Year Ended 7/31/14 | $1,794,350 | $1,160,828 | $1,068,379 | $465,827 | $126,990 |
As of July 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| KS Muni | NE Muni | OK Muni | ME Muni | NH Muni |
| Fund | Fund | Fund | Fund | Fund |
Undistributed ordinary income | $0 | $0 | $0 | $0 | $0 |
Undistributed capital gain | 0 | 0 | 0 | $8,442 | 0 |
Accumulated capital and other losses | ($262,545) | ($269,719) | ($410,097) | $0 | ($22,202) |
Unrealized appreciation/(depreciation)* | 3,004,540 | 1,603,968 | 1,496,734 | 618,426 | 118,089 |
Total accumulated earnings/(deficit) | $2,741,995 | $1,334,249 | $1,086,637 | $626,868 | $95,887 |
* | Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount. |
Under the Regulated Investment Company Modernization Act of 2010 ("Act"), funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period of time. The short-term and long-term character of such losses are retained rather than being treated as short-term as under previous law. Pre-enactment losses are eligible to be carried forward for a maximum period of eight years. Pursuant to the Act, post-enactment capital losses must be utilized before pre-enactment capital losses. As a result, pre-enactment capital loss carryforwards may be more likely to expire unused. The Funds' capital loss carryforward amounts as of July 31, 2015 are as follows:
|
| KS Muni |
|
| NE Muni |
|
| OK Muni |
|
| NH Muni |
Expires in 2016 |
| - |
|
| - |
|
| - |
|
| 529 |
Expires in 2018 |
| - |
|
| - |
|
| 260,308 |
|
| - |
Non-expiring S-T losses |
| 133,526 |
|
| 177,427 |
|
| 52,684 |
|
| 8,318 |
Non-expiring L-T losses |
| 129,019 |
|
| 92,292 |
|
| 97,105 |
|
| 13,355 |
Total | $ | 262,545 |
| $ | 269,719 |
| $ | 410,097 |
| $ | 22,202 |
For the year ended July 31, 2015, KS Muni Fund has expired capital loss carryforwards of $240,848. For the year ended July 31, 2015, OK Muni Fund and NH Muni Fund utilized capital loss carryforwards of $23,571 and $6,970, respectively.
NOTE 7: Investment Advisory Fees and Other Transactions with Affiliates
Viking Fund Management ("VFM"), the Funds' investment adviser; Integrity Funds Distributor, LLC ("Integrity Funds Distributor" or "IFD"), the Funds' underwriter; and IFS, the Funds' transfer, accounting, and administrative services agent; are subsidiaries of Corridor Investors, LLC ("Corridor Investors" or "Corridor"), the Funds' sponsor. A Trustee of the Funds is also a Governor of Corridor.
VFM provides investment advisory and management services to the Funds. The Investment Advisory Agreement (the "Advisory Agreement") provides for fees to be computed at an annual rate of 0.50% of the each Fund's average daily net assets. Under the terms of the Advisory Agreement, VFM has contractually agreed to waive its management fee and to reimburse expenses for the Funds, other than extraordinary or non-recurring expenses and acquired fund fees and expenses, until November 29, 2015 so that the net annual operating expenses do not exceed 0.98%. After November 29, 2015, the expense limitation may be terminated or revised. VFM and affiliated service providers may also voluntarily waive fees or reimburse expenses not required under the advisory or other contracts from time to time. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.
Year Ended 7/31/15 | Payable at 7/31/15 | ||||
Advisory Fees | Advisory Fees | ||||
KS Muni Fund | $ | 293,863 | $ | 24,273 | |
NE Muni Fund | $ | 202,305 | $ | 17,086 | |
OK Muni Fund | $ | 204,261 | $ | 17,628 | |
ME Muni Fund | $ | 87,609 | $ | 7,257 | |
NH Muni Fund | $ | 23,516 | $ | 2,151 |
IFD serves as the principal underwriter for the Funds and receives sales charges deducted from sale proceeds and CDSC from applicable redemptions. Also, the Funds have adopted a distribution plan for each class of shares as allowed by Rule 12b-1 of the 1940 Act. Distribution plans permit the Funds to reimburse their principal underwriter for costs related to selling shares of the Funds and for various other services. These costs, which consist primarily of commissions and service fees to broker-dealers who sell shares of the Funds, are paid by shareholders through expenses called "Distribution Plan expenses." The Funds currently pay an annual distribution fee of up to 0.25% of the average daily net assets. Certain Officers of the Funds are also Officers and Governors of IFD.
Year Ended 7/31/15 | Payable at 7/31/15 | ||||||||||||
Sales | Distribution | Sales | Distribution | ||||||||||
Charges | CDSC | Fees | Charges | CDSC | Fees | ||||||||
KS Muni Fund | $ | 93,558 | $ | 0 | $ | 146,932 | $ | 1,028 | $ | 0 | $ | 12,137 | |
NE Muni Fund | $ | 81,661 | $ | 0 | $ | 101,152 | $ | 154 | $ | 0 | $ | 8,543 | |
OK Muni Fund | $ | 127,446 | $ | 0 | $ | 102,131 | $ | 2,348 | $ | 0 | $ | 8,814 | |
ME Muni Fund | $ | 15,864 | $ | 0 | $ | 43,805 | $ | 584 | $ | 0 | $ | 3,628 | |
NH Muni Fund | $ | 17,700 | $ | 0 | $ | 11,758 | $ | 2 | $ | 0 | $ | 1,075 |
IFS acts as the Funds' transfer agent for a monthly variable fee equal to 0.14% of the Funds' average daily net assets on an annual basis for the Funds' first $200 million and at a lower rate on the average daily net assets in excess of $200 million plus reimbursement of out-of-pocket expenses. IFS also acts as the Funds' administrative services agent for a monthly fee equal to the sum of a fixed fee of $2,000 and a variable fee equal to 0.14% of the Funds' average daily net assets on an annual basis for the Funds' first $200 million and at a lower rate on the average daily net assets in excess of $200 million plus reimbursement of out-of-pocket expenses. Certain Officers of the Funds are also Officers and Governors of IFS.
Year Ended 7/31/15 | Payable at 7/31/15 | ||||||||||||
Transfer | Transfer | Admin. | Admin. | Transfer | Admin. | ||||||||
Agency | Agency | Service | Service | Agency | Service | ||||||||
Fees Net* | Fees Waived | Fees Net* | Fees Waived | Fees* | Fees* | ||||||||
KS Muni Fund | $ | 40,990 | $ | 46,469 | $ | 46,258 | $ | 60,024 | $ | 4,049 | $ | 3,552 | |
NE Muni Fund | $ | 25,030 | $ | 34,913 | $ | 30,942 | $ | 49,704 | $ | 2,627 | $ | 2,394 | |
OK Muni Fund | $ | 25,885 | $ | 34,284 | $ | 32,527 | $ | 48,666 | $ | 2,734 | $ | 2,578 | |
ME Muni Fund | $ | 8,542 | $ | 17,463 | $ | 13,983 | $ | 34,548 | $ | 922 | $ | 1,036 | |
NH Muni Fund | $ | 992 | $ | 6,076 | $ | 2,358 | $ | 28,227 | $ | 193 | $ | 232 |
* | After waivers |
NOTE 8: Principal Risks
The Funds invest primarily in municipal securities from a specific state. The Funds may also invest in municipal securities of U.S. territories and possessions (such as Puerto Rico, the U.S. Virgin Islands, and Guam). Each Fund is therefore more susceptible to political, economic, legislative, or regulatory factors adversely affecting issuers of municipal securities in its specific state or U.S. territories and possessions.
Interest rate risk is the risk that bond prices will decline in value because of changes in interest rates. There is normally an inverse relationship between the fair value of securities sensitive to prevailing interest rates and actual changes in interest rates. The longer the average maturity of a Fund's portfolio, the greater its interest rate risk.
KANSAS MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | ||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.85 | $ | 10.56 | $ | 11.12 | $ | 10.64 | $ | 10.70 |
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | $ | 0.31 | $ | 0.32 | $ | 0.30 | $ | 0.37 | $ | 0.37 |
Net realized and unrealized gain (loss) on investments3 | 0.02 | 0.29 | (0.56) | 0.48 | (0.06) | |||||
Total from investment operations | $ | 0.33 | $ | 0.61 | $ | (0.26) | $ | 0.85 | $ | 0.31 |
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Distributions from net investment income | $ | (0.31) | $ | (0.32) | $ | (0.30) | $ | (0.37) | $ | (0.37) |
NET ASSET VALUE, END OF PERIOD | $ | 10.87 | $ | 10.85 | $ | 10.56 | $ | 11.12 | $ | 10.64 |
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Total Return (excludes any applicable sales charge) | 3.03% | 5.81% | (2.37%) | 8.07% | 3.02% | |||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||
Net assets, end of period (in thousands) | $58,578 | $59,516 | $64,405 | $48,093 | $45,175 | |||||
Ratio of expenses to average net assets after waivers1,2* | 0.98% | 1.01% | 1.08% | 1.07% | 1.07% | |||||
Ratio of expenses to average net assets before waivers2 | 1.16% | 1.16% | 1.17% | 1.18% | 1.30% | |||||
Ratio of net investment income to average net assets1,2* | 2.80% | 2.95% | 2.75% | 3.36% | 3.54% | |||||
Portfolio turnover rate | 10.87% | 6.63% | 13.40% | 11.46% | 8.31% |
1 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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2 | Average net assets was calculated using a 360-day period. |
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3 | Realized and unrealized gains and loss per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
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* | For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the year ended July 29, 2011, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
NEBRASKA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | ||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.40 | $ | 9.99 | $ | 10.69 | $ | 10.20 | $ | 10.22 |
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.34 | $ | 0.35 |
Net realized and unrealized gain (loss) on investments3 | 0.08 | 0.41 | (0.70) | 0.49 | (0.02) | |||||
Total from investment operations | $ | 0.37 | $ | 0.70 | $ | (0.41) | $ | 0.83 | $ | 0.33 |
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Distributions from net investment income | $ | (0.29) | $ | (0.29) | $ | (0.29) | $ | (0.34) | $ | (0.35) |
NET ASSET VALUE, END OF PERIOD | $ | 10.48 | $ | 10.40 | $ | 9.99 | $ | 10.69 | $ | 10.20 |
Total Return (excludes any applicable sales charge) | 3.54% | 7.14% | (3.96%) | 8.23% | 3.29% | |||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||
Net assets, end of period (in thousands) | $41,189 | $39,734 | $41,633 | $46,038 | $35,808 | |||||
Ratio of expenses to average net assets after waivers1,2* | 0.98% | 1.01% | 1.08% | 1.07% | 1.07% | |||||
Ratio of expenses to average net assets before waivers2 | 1.19% | 1.20% | 1.20% | 1.21% | 1.33% | |||||
Ratio of net investment income to average net assets1,2* | 2.72% | 2.89% | 2.72% | 3.22% | 3.44% | |||||
Portfolio turnover rate | 11.76% | 3.88% | 23.65% | 12.38% | 11.01% |
1 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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2 | Average net assets was calculated using a 360-day period. |
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3 | Realized and unrealized gains and loss per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
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* | For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the years ended July 29, 2011, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
OKLAHOMA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | ||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 11.60 | $ | 11.20 | $ | 11.93 | $ | 11.24 | $ | 11.19 |
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | $ | 0.29 | $ | 0.31 | $ | 0.32 | $ | 0.34 | $ | 0.40 |
Net realized and unrealized gain (loss) on investments3 | 0.04 | 0.40 | (0.73) | 0.69 | 0.05 | |||||
Total from investment operations | $ | 0.33 | $ | 0.71 | $ | (0.41) | $ | 1.03 | $ | 0.45 |
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Distributions from net investment income | $ | (0.29) | $ | (0.31) | $ | (0.32) | $ | (0.34) | $ | (0.40) |
NET ASSET VALUE, END OF PERIOD | $ | 11.64 | $ | 11.60 | $ | 11.20 | $ | 11.93 | $ | 11.24 |
Total Return (excludes any applicable sales charge) | 2.82% | 6.42% | (3.54%) | 9.30% | 4.15% | |||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||
Net assets, end of period (in thousands) | $42,427 | $38,795 | $41,551 | $43,253 | $33,156 | |||||
Ratio of expenses to average net assets after waivers1,2* | 0.98% | 1.01% | 1.08% | 1.07% | 1.07% | |||||
Ratio of expenses to average net assets before waivers2 | 1.18% | 1.19% | 1.18% | 1.19% | 1.32% | |||||
Ratio of net investment income to average net assets1,2* | 2.44% | 2.72% | 2.70% | 2.93% | 3.62% | |||||
Portfolio turnover rate | 14.53% | 1.41% | 9.54% | 17.72% | 13.35% |
1 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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2 | Average net assets was calculated using a 360-day period. |
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3 | Realized and unrealized gains and loss per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
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* | For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the year ended July 29, 2011, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
MAINE MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | ||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 11.00 | $ | 10.79 | $ | 11.36 | $ | 10.77 | $ | 10.85 |
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | $ | 0.27 | $ | 0.29 | $ | 0.31 | $ | 0.34 | $ | 0.34 |
Net realized and unrealized gain (loss) on investments3 | (0.01) | 0.21 | (0.57) | 0.59 | (0.08) | |||||
Total from investment operations | $ | 0.26 | $ | 0.50 | $ | (0.26) | $ | 0.93 | $ | 0.26 |
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Distributions from net investment income | $ | (0.27) | $ | (0.29) | $ | (0.31) | $ | (0.34) | $ | (0.34) |
NET ASSET VALUE, END OF PERIOD | $ | 10.99 | $ | 11.00 | $ | 10.79 | $ | 11.36 | $ | 10.77 |
Total Return (excludes any applicable sales charge) | 2.37% | 4.72% | (2.37%) | 8.79% | 2.50% | |||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||
Net assets, end of period (in thousands) | $17,475 | $17,451 | $17,702 | $18,084 | $16,176 | |||||
Ratio of expenses to average net assets after waivers1,2* | 0.98% | 1.01% | 1.08% | 1.07% | 1.07% | |||||
Ratio of expenses to average net assets before waivers2 | 1.28% | 1.28% | 1.27% | 1.29% | 1.41% | |||||
Ratio of net investment income to average net assets1,2* | 2.45% | 2.70% | 2.76% | 3.11% | 3.22% | |||||
Portfolio turnover rate | 16.18% | 11.27% | 11.52% | 1.87% | 8.00% |
1 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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2 | Average net assets was calculated using a 360-day period. |
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3 | Realized and unrealized gains and loss per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
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* | For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the year ended July 29, 2011, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
NEW HAMPSHIRE MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | ||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.74 | $ | 10.55 | $ | 11.07 | $ | 10.66 | $ | 10.73 |
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | $ | 0.24 | $ | 0.28 | $ | 0.28 | $ | 0.33 | $ | 0.35 |
Net realized and unrealized gain (loss) on investments3 | 0.02 | 0.19 | (0.52) | 0.41 | (0.07) | |||||
Total from investment operations | $ | 0.26 | $ | 0.47 | $ | (0.24) | $ | 0.74 | $ | 0.28 |
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Distributions from net investment income | $ | (0.24) | $ | (0.28) | $ | (0.28) | $ | (0.33) | $ | (0.35) |
NET ASSET VALUE, END OF PERIOD | $ | 10.76 | $ | 10.74 | $ | 10.55 | $ | 11.07 | $ | 10.66 |
Total Return (excludes any applicable sales charge) | 2.45% | 4.53% | (2.19%) | 7.04% | 2.64% | |||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||
Net assets, end of period (in thousands) | $5,164 | $4,684 | $5,173 | $4,854 | $4,150 | |||||
Ratio of expenses to average net assets after waivers1,2* | 0.98% | 1.01% | 1.08% | 1.07% | 1.07% | |||||
Ratio of expenses to average net assets before waivers2 | 1.71% | 1.71% | 1.67% | 1.78% | 1.93% | |||||
Ratio of net investment income to average net assets1,2* | 2.27% | 2.68% | 2.62% | 3.07% | 3.30% | |||||
Portfolio turnover rate | 13.08% | 4.85% | 10.57% | 13.73% | 10.19% |
1 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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2 | Average net assets was calculated using a 360-day period. |
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3 | Realized and unrealized gains and loss per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
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* | For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the year ended July 29, 2011, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees
Integrity Managed Portfolios
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Integrity Managed Portfolios, comprising Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, New Hampshire Municipal Fund, and Oklahoma Municipal Fund (the "Funds") as of July 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2015, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting Integrity Managed Portfolios as of July 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Cohen Fund Audit Services
COHEN FUND AUDIT SERVICES, LTD.
Cleveland, Ohio
September 24, 2015
EXPENSE EXAMPLE (unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the one-half year period shown below and held for the entire one-half year period.
Actual expenses—The section in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an account value of $8,600 divided by $1,000 equals 8.6), then multiply the result by the number in the appropriate column for your share class in the column entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes—The section in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the section in the table under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Expenses | Annualized |
Kansas Municipal Fund |
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Actual | $1,000.00 | $995.87 | $4.89 | 0.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.03 | $4.95 | 0.98% |
Nebraska Municipal Fund |
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Actual | $1,000.00 | $994.54 | $4.89 | 0.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.03 | $4.95 | 0.98% |
Oklahoma Municipal Fund | ||||
Actual | $1,000.00 | $991.86 | $4.88 | 0.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.03 | $4.95 | 0.98% |
Maine Municipal Fund |
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Actual | $1,000.00 | $988.22 | $4.87 | 0.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.03 | $4.95 | 0.98% |
New Hampshire Municipal Fund |
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Actual | $1,000.00 | $994.31 | $4.89 | 0.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.03 | $4.95 | 0.98% |
* | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 180 days in one-half year period, and dividend by 360 days in the fiscal year (to reflect the one-half year period). |
BOARD OF TRUSTEES AND OFFICERS (unaudited)
The Board of Trustees ("Board") of the Funds consists of four Trustees (the "Trustees"). These same individuals, unless otherwise noted, also serve as Trustees for the five series of Integrity Managed Portfolios, the four series of The Integrity Funds, and the two series of Viking Mutual Funds. Three Trustees are not "interested persons" (75% of the total) as defined under the 1940 Act (the "Independent Trustees"). The remaining Trustee is "interested" (the "Interested Trustees") by virtue of his affiliation with Viking Fund Management, LLC and its affiliates."
For the purposes of this section, the "Fund Complex" consists of the five series of Integrity Managed Portfolios, the four series of The Integrity Funds, and the two series of Viking Mutual Funds.
Each Trustee serves a Fund until its termination; or until the Trustee's retirement, resignation, or death; or otherwise as specified in the Funds' organizational documents. Each Officer serves an annual term. The tables that follow show information for each Trustee and Officer of the Funds.
INDEPENDENT TRUSTEES | |
Name, Date of Birth, Date Service Began, and Number of Funds Overseen in Fund Complex | Principal Occupations for Past Five Years |
Jerry M. Stai | Principal occupation(s): Minot State University (1999 to present); Non-Profit Specialist, Bremer Bank (2006 to 2014); Director/Trustee: Integrity Fund of Funds, Inc. (2006 to 2012), The Integrity Funds and Integrity Managed Portfolios (2006 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable |
Orlin W. Backes | Principal occupation(s): Attorney: McGee, Hankla, Backes & Dobrovolny, P.C. (1963 to 2012); Director/Trustee: Integrity Fund of Funds, Inc. (1995 to 2012), Integrity Managed Portfolios (1996 to present), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: First Western Bank & Trust |
R. James Maxson | Principal occupation(s): Attorney: Maxson Law Office P.C. (2002 to present); Director/Trustee: Integrity Fund of Funds, Inc. (1999 to 2012), Integrity Managed Portfolios (1999 to present), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Vincent United Methodist Foundation, Peoples State Bank of Velva, St. Joseph's Community Health Foundation and St. Joseph's Foundation, Minot Area Development Corporation, Kennedy Memorial Foundation, Minot Community Land Trust |
The Statement of Additional Information ("SAI") contains more information about the Funds' Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.
INTERESTED TRUSTEE | |
Name, Position with Trust, Date of Birth, Date Service Began, and Number of Funds Overseen in Fund Complex | Principal Occupations for Past Five Years |
Robert E. Walstad(1) | Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Portfolio Manager (2010 to 2013): Viking Fund Management, LLC; Director and Chairman: Integrity Fund of Funds, Inc. (1994 to 2012); Trustee and Chairman: Integrity Managed Portfolios (1996 to present), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Governor: Mainstream Investors, LLC (2012) |
(1) | Trustee who is an "interested person" of the Funds as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). Mr. Walstad is an interested person by virtue of being an Officer of the Funds and ownership in Corridor Investors the parent company of Viking Fund Management, Integrity Fund Services and Integrity Funds Distributor. |
OTHER OFFICERS | |
Name, Position with Trust, Date of Birth, and Date Service Began | Principal Occupations for Past Five Years |
Shannon D. Radke | Principal occupation(s): Governor, CEO and President (2009 to present): Corridor Investors, LLC; Governor and President (1998 to present): Viking Fund Management, LLC; Governor and President (2009 to present): Integrity Fund Services, LLC and Integrity Funds Distributor, LLC; President (2009 to 2012): Integrity Fund of Funds, Inc.; President (1999 to present): Viking Mutual Funds; President: (2009 to present), The Integrity Funds and Integrity Managed Portfolios Other Directorships Held: Minot Chamber of Commerce |
Peter A. Quist | Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Attorney (inactive); Vice President (1994 to 2012): Integrity Fund of Funds, Inc.; Vice President: Integrity Managed Portfolios (1996 to present); The Integrity Funds (2003 to present); and Viking Mutual Funds (2009 to present) Other Directorships Held: Not applicable |
Adam C. Forthun | Principal occupation(s): Fund Accounting Manager (2008 to present) and Chief Operating Officer (2013 to present): Integrity Fund Services, LLC; Treasurer: Integrity Fund of Funds, Inc. (2008 to 2012), Integrity Managed Portfolios and The Integrity Funds (2008 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Not applicable |
Brent M. Wheeler MF CCO: October 2005 | Principal occupation(s): Mutual Fund Chief Compliance Officer: Integrity Fund of Funds, Inc. (2005 to 2012), Integrity Managed Portfolios and The Integrity Funds, (2005 to present), and Viking Mutual Funds (2009 to present); Secretary (2009 to 2012): Integrity Fund of Funds, Inc.; Secretary (2009 to present): Integrity Managed Portfolios, The Integrity Funds, and Viking Mutual Funds Other Directorships Held: Not applicable |
The SAI contains more information about the Funds' Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.
PRIVACY POLICY
Rev. 12/2012
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FACTS | WHAT DOES INTEGRITY VIKING FUNDS DO WITH YOUR PERSONAL INFORMATION? | |
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Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
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What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: | |
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• | Social Security number, name, address | |
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• | Account balance, transaction history, account transactions | |
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• | Investment experience, wire transfer instructions | |
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When you are no longer our customer, we continue to share your information as described in this notice. | ||
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How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Integrity Viking Funds chooses to share; and whether you can limit this sharing. | |
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Reasons we can share your personal information | Does Integrity Viking Funds share? | Can you limit this sharing? | |
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For our everyday business purposes— | Yes | No | |
| such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | ||
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For our marketing purposes— | Yes | No | |
| to offer our products and services to you | ||
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For joint marketing with other financial companies | No | We don't share | |
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For our affiliates' everyday business purposes— | Yes | No | |
| information about your transactions and experiences | ||
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For our affiliates' everyday business purposes— | No | We don't share | |
| information about your creditworthiness | ||
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For non-affiliates to market to you | No | We don't share | |
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Questions? | Call 1-800-601-5593 or go to www.integrityvikingfunds.com |
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PRIVACY POLICY (Continued)
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Who we are | |
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Who is providing this notice? | Integrity Viking Funds (a family of investment companies) |
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What we do | ||
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How does Integrity Viking Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We | |
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• | train employees on privacy, information security and protection of client information. | |
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• | limit access to nonpublic personal information to those employees requiring such information in performing their job functions. | |
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How does Integrity Viking Funds collect my personal information? | We collect your personal information, for example, when you: | |
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• | open an account or seek financial or tax advice | |
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• | provide account information or give us your contact information | |
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• | make a wire transfer | |
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We also collect your personal information from other companies. | ||
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Why can't I limit all sharing? | Federal law gives you the right to limit only: | |
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• | sharing for affiliates' everyday business purposes—information about your creditworthiness | |
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• | affiliates from using your information to market to you | |
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• | sharing for non-affiliates to market to you | |
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State laws and individual companies may give you additional rights to limit sharing. | ||
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Definitions | ||
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Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies | |
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• | The Integrity Funds | |
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• | Viking Mutual Funds | |
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• | Integrity Managed Portfolios | |
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• | Corridor Investors, LLC | |
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• | Viking Fund Management, LLC | |
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• | Integrity Funds Distributor, LLC | |
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• | Integrity Fund Services, LLC | |
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Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. | |
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Integrity Viking Funds does not share with non-affiliates so they can market to you. | ||
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Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. | |
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Integrity Viking Funds doesn't jointly market. | ||
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Integrity Viking Funds includes: | |
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• | The Integrity Funds |
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• | Viking Mutual Funds |
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• | Integrity Managed Portfolios |
PROXY VOTING OF FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in each Fund's portfolio is available, without charge and upon request, by calling 800-276-1262. A report on Form N-PX of how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through the Funds' website at www.integrityvikingfunds.com. The information is also available from the Electronic Data Gathering Analysis and Retrieval ("EDGAR") database on the website of the Securities and Exchange Commission ("SEC") at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
Within 60 days of the end of its second and fourth fiscal quarters, the Funds provide a complete schedule of portfolio holdings in their semi-annual and annual reports on the Form N-CSR(S). These reports are filed electronically with the SEC and are delivered to the shareholders of the Funds. The Funds also file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q and N-CSR(S) are available on the SEC's website at www.sec.gov. The Funds' Forms N-Q and N-CSR(S) may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202-551-8090. You may also access this information from the Funds' website at www.integrityvikingfunds.com.
SHAREHOLDER INQUIRIES AND MAILINGS
Direct inquiries regarding the Funds to: | Direct inquiries regarding account information to: |
To reduce their expenses, the Funds may mail only one copy of its prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive additional copies of these documents, please call Integrity Funds Distributor at 800-276-1262 or contact your financial institution. Integrity Funds Distributor will begin sending you individual copies 30 days after receiving your request.
Integrity Viking Funds are sold by prospectus only. An investor should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. You may obtain a prospectus at no cost from your financial adviser or at www.integrityvikingfunds.com. Please read the prospectus carefully before investing.
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Equity Funds
Williston Basin/Mid-North America Stock Fund (ICPAX/ICPUX)
Integrity Dividend Harvest Fund (IDIVX/IDHCX)
Integrity Growth & Income Fund (IGIAX/IGIUX)
Corporate Bond Fund
Integrity High Income Fund (IHFAX/IHFCX)
State-Specific Tax-Exempt Bond Funds
Viking Tax-Free Fund for North Dakota (VNDFX)
Viking Tax-Free Fund for Montana (VMTTX)
Kansas Municipal Fund (KSMUX)
Maine Municipal Fund (MEMUX)
Nebraska Municipal Fund (NEMUX)
New Hampshire Municipal Fund (NHMUX)
Oklahoma Municipal Fund (OKMUX)
Item 2. CODE OF ETHICS.
At the end of the period covered by this report, the registrant has adopted a code of ethics as defined in Item 2 of Form N-CSR that applies to the registrant's principal executive officer and principal financial officer (herein referred to as the "Code"). There were no amendments to the Code during the period covered by this report. The registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period of this report. The Code is available on the Integrity Viking Funds website at http://www.integrityvikingfunds.com. A copy of the Code is also available, without charge, upon request by calling 800-601-5593. The Code is filed herewith pursuant to Item 12(a)(1) as EX-99.CODE ETH.
Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that Jerry Stai is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stai is "independent" for purposes of Item 3 of Form N-CSR.
Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
| (a) | Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by Cohen Fund Audit Services, Ltd. ("Cohen"), the principal accountants for the audit of the registrant's annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $39,750 for the year ended July 31, 2015 and $39,750 for the year ended July 31, 2014. | ||
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| (b) | Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by Cohen that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended July 31, 2015 and $0 for the year ended July 31, 2014. | ||
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| (c) | Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by Cohen for tax compliance, tax advice, and tax planning were $12,500 for the year ended July 31, 2015 and $12,500 for the year ended July 31, 2014. Such services included review of excise distribution calculations (if applicable), preparation of the Trust's federal, state, and excise tax returns, tax services related to mergers, and routine counseling. | ||
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| (d) | All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by Cohen other than the services reported in paragraphs (a) through (c) of this Item: None. | ||
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| (e) | (1) | Audit Committee Pre-Approval Policies and Procedures | |
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| The registrant's audit committee has adopted policies and procedures that require the audit committee to pre-approve all audit and non-audit services provided to the registrant by the principal accountant. |
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| (2) | Percentage of services referred to in 4(b) through 4(d) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X | |
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| 0% of the services described in paragraphs (b) through (d) of Item 4 were not pre-approved by the audit committee. |
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| (f) | All services performed on the engagement to audit the registrant's financial statements for the most recent fiscal year-end were performed by Cohen's full-time permanent employees. | ||
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| (g) | Non-Audit Fees: None. | ||
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| (h) | Principal Accountant's Independence: The registrant's auditor did not provide any non-audit services to the registrant's investment adviser or any entity controlling, controlled by, or controlled with the registrant's investment adviser that provides ongoing services to the registrant. |
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable
Item 6. INVESTMENTS.
The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable
Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable
Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable
Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees in the last fiscal half year.
Item 11. CONTROLS AND PROCEDURES.
| (a) | Based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the "Report"), the registrant's principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effectively designed to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant's principal executive officer and principal financial officer who are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure. |
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| (b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 12. EXHIBITS.
| (a) | (1) | Code of ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99. CODE ETH. |
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| (2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the 1940 Act (17 CFR 270.30a-2) is filed and attached hereto as EX-99. CERT. |
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| (3) | Not applicable. |
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| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto. |
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.
Integrity Managed Portfolios
By: /s/ Shannon D. Radke
Shannon D. Radke
President
September 29, 2015
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: /s/ Shannon D. Radke
Shannon D. Radke
President
September 29, 2015
By: /s/ Adam Forthun
Adam Forthun
Treasurer
September 29, 2015