UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Catherine Kennedy
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: December 31
Registrant is making a filing for 2 of its series:
Wells Fargo Managed Account CoreBuilder® Shares - Series M and Wells Fargo Managed Account CoreBuilder® Shares – Series SM.
Date of reporting period: June 30, 2021
ITEM 1. REPORT TO STOCKHOLDERS
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g203134img19f4d97f1.jpg)
■ | Wells Fargo Managed Account CoreBuilder® Shares – Series M |
4 | |
6 | |
7 | |
Financial statements | |
31 | |
32 | |
33 | |
34 | |
35 | |
39 | |
Board considerations | |
43 | |
46 | |
50 |
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti |
Average annual total returns (%) as of June 30, 2021 | ||||||
Expense ratios (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 1 | |
Wells Fargo Managed Account CoreBuilder Shares - Series M (WFCMX) | 4-14-2008 | 6.26 | 3.93 | 5.76 | 0.03 | 0.00 |
Bloomberg Barclays Municipal Bond Index2 | – | 4.17 | 3.25 | 4.28 | – | – |
1 | Generally, no ordinary fees or expenses are charged to the Fund. Wells Fargo Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
2 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g203134img44caafa92.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g203134img367405c43.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2021 | Ending account value 6-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,019.88 | $0.00* | 0.00%* |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.79 | $0.00* | 0.00%* |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 97.02% | |||||
Alabama: 1.24% | |||||
Tax revenue: 0.68% | |||||
Alabama Federal Aid Highway Finance Authority Series A | 5.00% | 9-1-2035 | $ 4,995,000 | $ 6,056,127 | |
Utilities revenue: 0.33% | |||||
Southeast Alabama Gas Supply District Project #2 Series B (1 Month LIBOR +0.85%) ± | 0.91 | 6-1-2049 | 2,925,000 | 2,952,475 | |
Water & sewer revenue: 0.23% | |||||
Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00 | 10-1-2026 | 1,350,000 | 1,162,878 | |
Jefferson County AL Sewer Revenue Senior Lien (AGM Insured) | 5.50 | 10-1-2053 | 760,000 | 856,201 | |
2,019,079 | |||||
11,027,681 | |||||
Alaska: 0.25% | |||||
Health revenue: 0.25% | |||||
Alaska Industrial Development & Export Authority Series A | 5.00 | 10-1-2032 | 1,740,000 | 2,187,718 | |
Arizona: 2.43% | |||||
Education revenue: 1.66% | |||||
Arizona IDA Education Revenue Candeo Schools Incorporated Project Series A (State School District Credit Program Insured) | 4.00 | 7-1-2047 | 650,000 | 732,749 | |
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses | 5.00 | 7-1-2023 | 280,000 | 290,570 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 4.90 | 6-15-2028 | 460,000 | 493,023 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 5.75 | 6-15-2038 | 1,000,000 | 1,109,173 | |
Maricopa County AZ IDA Horizon Community Learning Center Project | 5.00 | 7-1-2035 | 3,000,000 | 3,326,461 | |
Phoenix AZ IDA Education Great Hearts Academies-Veritas Project | 6.00 | 7-1-2032 | 600,000 | 600,000 | |
Phoenix AZ IDA Education Great Hearts Academies-Veritas Project | 6.25 | 7-1-2032 | 275,000 | 275,000 | |
Pima County AZ IDA Educational Facility Charter School Project Series R | 2.88 | 7-1-2021 | 190,000 | 190,000 | |
Pima County AZ IDA Educational Facility Desert Heights Charter School | 7.00 | 5-1-2034 | 1,000,000 | 1,101,993 | |
Pima County AZ IDA New Plan Learning Project Series A | 7.75 | 7-1-2035 | 985,000 | 989,316 | |
Pima County AZ IDA Noah Webster Schools Project Series A | 6.75 | 12-15-2033 | 1,120,000 | 1,257,317 | |
Pima County AZ IDA Paideia Academies Project 144A | 5.00 | 7-1-2025 | 505,000 | 529,370 | |
Pima County AZ IDA Paideia Academies Project 144A | 6.00 | 7-1-2035 | 1,475,000 | 1,627,646 | |
Pima County AZ IDA Paideia Academies Project 144A | 6.13 | 7-1-2045 | 2,000,000 | 2,186,450 | |
Yavapai County AZ IDA Business & Equine Center Project 144A | 4.63 | 3-1-2022 | 75,000 | 76,799 | |
14,785,867 | |||||
GO revenue: 0.06% | |||||
Verrado AZ Community Facilities District #1 144A | 5.00 | 7-15-2022 | 500,000 | 512,184 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.15% | |||||
City of San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00% | 7-1-2038 | $ 1,200,000 | $ 1,348,293 | |
Utilities revenue: 0.56% | |||||
Salt River Agricultural Improvement & Power Project Series A | 5.00 | 12-1-2045 | 2,000,000 | 2,313,324 | |
Salt Verde Financial Corporation (Citibank NA Guaranty Agreement) | 5.00 | 12-1-2032 | 2,055,000 | 2,724,079 | |
5,037,403 | |||||
21,683,747 | |||||
California: 3.11% | |||||
Airport revenue: 1.71% | |||||
San Francisco CA City & County Airport Commission San Francisco International Airport Series B | 5.00 | 5-1-2046 | 10,000,000 | 11,856,693 | |
San Jose CA Airport Revenue Refunding AMT Series A | 5.00 | 3-1-2033 | 1,695,000 | 2,238,087 | |
San Jose CA Airport Revenue Refunding AMT Series A | 5.00 | 3-1-2035 | 1,000,000 | 1,205,583 | |
15,300,363 | |||||
Education revenue: 0.25% | |||||
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 1,000,000 | 1,107,590 | |
University of California Series AI | 5.00 | 5-15-2038 | 1,000,000 | 1,083,549 | |
2,191,139 | |||||
GO revenue: 0.51% | |||||
Compton CA Community College District Election of 2002 CAB Series C ¤ | 0.00 | 8-1-2029 | 500,000 | 438,269 | |
Hawthorne CA School District CAB Series C (NPFGC Insured) ¤ | 0.00 | 11-1-2025 | 100,000 | 95,100 | |
Los Angeles CA Unified School District Series R | 4.00 | 7-1-2044 | 3,000,000 | 3,555,026 | |
Peralta CA Community College District Alameda County | 5.00 | 8-1-2024 | 450,000 | 473,188 | |
4,561,583 | |||||
Health revenue: 0.26% | |||||
California HFFA Revenue Stanford Health Care Series A | 4.00 | 8-15-2050 | 1,000,000 | 1,201,208 | |
University of California Regents Medical Center Prerefunded Bond Series J | 5.25 | 5-15-2038 | 780,000 | 853,616 | |
University of California Regents Medical Center Unrefunded Bond Series J | 5.25 | 5-15-2038 | 220,000 | 238,670 | |
2,293,494 | |||||
Housing revenue: 0.13% | |||||
California Community Housing Agency Essential Housing Revenue Serenity at Larkspur Series C 144A | 5.00 | 2-1-2050 | 500,000 | 580,068 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 488,520 | 575,890 | |
1,155,958 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.19% | |||||
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00% | 5-1-2046 | $ 1,000,000 | $ 1,100,195 | |
San Diego CA Public Financing Authority Capital Improvement Project Series B | 5.00 | 10-15-2029 | 500,000 | 593,918 | |
1,694,113 | |||||
Water & sewer revenue: 0.06% | |||||
Los Angeles CA Department of Water & Power Series A | 5.00 | 7-1-2039 | 500,000 | 566,407 | |
27,763,057 | |||||
Colorado: 2.52% | |||||
Education revenue: 0.36% | |||||
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A | 6.00 | 12-15-2037 | 1,435,000 | 1,582,589 | |
Colorado ECFA Charter School Community Leadership Academy Second Campus Project | 7.00 | 8-1-2033 | 425,000 | 468,910 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 8.13 | 9-1-2048 | 1,000,000 | 1,165,078 | |
3,216,577 | |||||
GO revenue: 0.54% | |||||
Aviation Station North Metropolitan District #2 Limited Series A | 5.00 | 12-1-2039 | 750,000 | 814,923 | |
Broadway Station Metropolitan District #3 | 5.00 | 12-1-2039 | 750,000 | 828,922 | |
Colorado Aviation Station North Metropolitan District #2 Refunding & Improvement Bonds Limited Tax Series A | 5.00 | 12-1-2048 | 850,000 | 917,392 | |
Southlands CO Metropolitan District #1 Series A-2 | 5.00 | 12-1-2047 | 650,000 | 737,489 | |
Thompson Crossing Metropolitan District #4 | 5.00 | 12-1-2039 | 1,400,000 | 1,534,199 | |
4,832,925 | |||||
Health revenue: 0.68% | |||||
Colorado Health Facilities Authority Commonspirit Health Series A2 | 5.00 | 8-1-2044 | 3,000,000 | 3,727,352 | |
Colorado Health Facilities Authority Revenue Hospital Advent Health Obligated Group Series A | 4.00 | 11-15-2043 | 2,000,000 | 2,364,256 | |
6,091,608 | |||||
Industrial development revenue: 0.33% | |||||
Denver CO Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 | 5.00 | 12-1-2033 | 2,500,000 | 2,929,708 | |
Miscellaneous revenue: 0.61% | |||||
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2038 | 2,000,000 | 2,463,234 | |
Regents of the University of Colorado Certificate of Participation Series A | 5.00 | 11-1-2028 | 1,000,000 | 1,102,854 | |
Westminster CO Public Schools Certificate of Participation Series 2019 (AGM Insured) | 5.00 | 12-1-2048 | 1,500,000 | 1,847,115 | |
5,413,203 | |||||
22,484,021 |
Interest rate | Maturity date | Principal | Value | ||
Connecticut: 1.30% | |||||
Education revenue: 0.57% | |||||
Connecticut State HEFAR Trinity College Series R | 5.00% | 6-1-2035 | $ 850,000 | $ 1,106,779 | |
Connecticut State HEFAR Trinity College Series R | 5.00 | 6-1-2036 | 880,000 | 1,142,756 | |
University of Connecticut Series A | 5.00 | 2-15-2041 | 2,200,000 | 2,803,731 | |
5,053,266 | |||||
GO revenue: 0.62% | |||||
Bridgeport CT Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,264,734 | |
Hamden CT (BAM Insured) | 5.00 | 8-15-2024 | 450,000 | 511,512 | |
Hamden CT (BAM Insured) | 5.00 | 8-15-2025 | 275,000 | 312,316 | |
Hamden CT Series A (BAM Insured) | 4.00 | 8-1-2039 | 500,000 | 575,152 | |
Hamden CT Series A (BAM Insured) | 5.00 | 8-1-2035 | 500,000 | 631,563 | |
Hartford CT Series 2013B | 5.00 | 4-1-2028 | 2,055,000 | 2,214,031 | |
5,509,308 | |||||
Health revenue: 0.11% | |||||
Connecticut HEFA Revenue Nuvance Health Series A | 4.00 | 7-1-2041 | 860,000 | 993,991 | |
11,556,565 | |||||
Delaware: 0.19% | |||||
Education revenue: 0.19% | |||||
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00 | 9-1-2045 | 1,500,000 | 1,692,178 | |
District of Columbia: 0.63% | |||||
Airport revenue: 0.20% | |||||
Metropolitan Washington DC Airports Authority Series A %% | 4.00 | 10-1-2051 | 1,500,000 | 1,778,218 | |
Miscellaneous revenue: 0.03% | |||||
District of Columbia Association of American Medical Colleges Series A | 5.00 | 10-1-2024 | 270,000 | 299,108 | |
Tax revenue: 0.40% | |||||
District of Columbia Income Tax Revenue Secured Series A | 4.00 | 3-1-2045 | 3,000,000 | 3,565,217 | |
5,642,543 | |||||
Florida: 4.58% | |||||
Airport revenue: 2.25% | |||||
Broward County FL Airport System Revenue Bond AMT Series 2015A | 5.00 | 10-1-2036 | 4,500,000 | 5,235,579 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2040 | 2,625,000 | 3,260,659 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2044 | 5,500,000 | 6,747,161 | |
Miami-Dade County FL Aviation Refunding Bond AMT Series A | 5.00 | 10-1-2049 | 3,000,000 | 3,728,888 | |
Miami-Dade County FL Seaport AMT Series B | 6.00 | 10-1-2033 | 1,000,000 | 1,113,815 | |
20,086,102 | |||||
Education revenue: 0.49% | |||||
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50 | 6-15-2044 | 1,000,000 | 1,115,904 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Florida Higher Educational Facilities Financing Authority Jacksonville University 144A | 4.50% | 6-1-2033 | $ 1,300,000 | $ 1,547,027 | |
Miami-Dade County FL IDA Youth Co-Op Charter School Project Series 2015A 144A | 5.75 | 9-15-2035 | 1,500,000 | 1,661,043 | |
4,323,974 | |||||
Health revenue: 0.71% | |||||
Atlantic Beach FL Health Care Facilities Fleet Landing Project Series B | 5.63 | 11-15-2043 | 1,500,000 | 1,616,492 | |
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | 11-1-2038 | 250,000 | 250,059 | |
Jacksonville FL HCFR Brooks Rehabilitation | 4.00 | 11-1-2045 | 1,500,000 | 1,725,841 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2030 | 225,000 | 296,692 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2031 | 450,000 | 587,682 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2032 | 250,000 | 325,599 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2033 | 250,000 | 324,595 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2035 | 475,000 | 614,106 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2036 | 475,000 | 612,516 | |
6,353,582 | |||||
Miscellaneous revenue: 0.44% | |||||
CityPlace Florida Community Development District | 5.00 | 5-1-2022 | 500,000 | 519,139 | |
Miami-Dade County FL School Board Certificate of Participation Series A | 5.00 | 5-1-2031 | 3,000,000 | 3,379,735 | |
3,898,874 | |||||
Transportation revenue: 0.53% | |||||
Florida State Department of Transportation Sunshine Bridge (AGM Insured) | 4.00 | 7-1-2037 | 4,000,000 | 4,741,972 | |
Water & sewer revenue: 0.16% | |||||
Orange County FL Water and Wastewater Revenue Utility | 5.00 | 10-1-2040 | 1,090,000 | 1,441,514 | |
40,846,018 | |||||
Georgia: 3.51% | |||||
Energy revenue: 0.25% | |||||
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project M | 5.00 | 1-1-2036 | 800,000 | 991,231 | |
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 5.00 | 1-1-2044 | 1,000,000 | 1,229,245 | |
2,220,476 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 1.18% | |||||
Brookhaven GA Development Authority Childrens Healthcare Atlanta | 4.00% | 7-1-2049 | $ 8,000,000 | $ 9,341,495 | |
Fulton County GA Development Authority Hospital WellStar Health System Series A | 5.00 | 4-1-2042 | 1,000,000 | 1,199,606 | |
10,541,101 | |||||
Industrial development revenue: 0.14% | |||||
Atlanta GA Development Authority Tuff Yamacraw LLC Project Series A (Ambac Insured) | 5.00 | 1-1-2027 | 50,000 | 58,347 | |
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2054 | 1,000,000 | 1,198,286 | |
1,256,633 | |||||
Utilities revenue: 1.94% | |||||
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project | 2.25 | 10-1-2032 | 1,000,000 | 1,034,064 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Series 2 | 2.93 | 11-1-2048 | 5,000,000 | 5,321,592 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series C (Royal Bank of Canada LIQ) | 4.00 | 8-1-2048 | 4,000,000 | 4,319,560 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ) | 4.00 | 4-1-2048 | 1,700,000 | 1,823,634 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ± | 0.81 | 4-1-2048 | 4,800,000 | 4,823,914 | |
17,322,764 | |||||
31,340,974 | |||||
Guam: 0.29% | |||||
Tax revenue: 0.17% | |||||
Guam Government Business Privilege Tax Series A | 5.00 | 1-1-2031 | 365,000 | 373,499 | |
Guam Government Privilege Business Tax Revenue Refunding Bond Series F %% | 4.00 | 1-1-2036 | 1,000,000 | 1,160,369 | |
1,533,868 | |||||
Water & sewer revenue: 0.12% | |||||
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013 | 5.25 | 7-1-2021 | 550,000 | 550,000 | |
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013 | 5.25 | 7-1-2022 | 500,000 | 523,393 | |
1,073,393 | |||||
2,607,261 | |||||
Hawaii: 0.27% | |||||
Airport revenue: 0.27% | |||||
Hawaii Airports System Revenue Series A | 5.00 | 7-1-2048 | 2,000,000 | 2,435,372 |
Interest rate | Maturity date | Principal | Value | ||
Idaho: 0.17% | |||||
Education revenue: 0.17% | |||||
Idaho Housing & Finance Association Idaho Arts Charter School Series A 144A | 5.00% | 12-1-2036 | $ 1,000,000 | $ 1,095,007 | |
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 5.85 | 5-1-2033 | 415,000 | 439,248 | |
1,534,255 | |||||
Illinois: 17.27% | |||||
Airport revenue: 1.31% | |||||
Chicago IL Midway Airport Second Lien Refunding Bonds Series A | 5.50 | 1-1-2031 | 4,500,000 | 4,819,116 | |
Chicago IL O'Hare International Airport AMT Senior Lien Series C | 5.50 | 1-1-2044 | 1,100,000 | 1,176,124 | |
Chicago IL O'Hare International Airport AMT Series A | 5.00 | 1-1-2048 | 2,000,000 | 2,447,219 | |
Chicago IL O'Hare International Airport Customer Facility Charge Senior Lien Series D | 5.75 | 1-1-2043 | 1,500,000 | 1,612,883 | |
Chicago IL O'Hare International Airport Senior Lien Series D | 5.25 | 1-1-2032 | 1,000,000 | 1,071,716 | |
Chicago IL O'Hare International Airport Transportation Infrastructure Properties Obligated Group | 5.00 | 7-1-2038 | 500,000 | 599,784 | |
11,726,842 | |||||
Education revenue: 0.37% | |||||
Illinois Finance Authority Wesley University | 5.00 | 9-1-2036 | 2,345,000 | 2,723,248 | |
Southern Illinois University Housing and Auziliary Facilities System Refunding Revenue Series A (BAM Insured) | 4.00 | 4-1-2031 | 450,000 | 546,701 | |
3,269,949 | |||||
GO revenue: 6.61% | |||||
Bureau County IL Township High School District #502 Series A (BAM Insured) | 6.25 | 12-1-2033 | 750,000 | 857,640 | |
Chicago IL Board of Education Series A | 5.00 | 12-1-2034 | 3,250,000 | 4,218,679 | |
Chicago IL Board of Education Series A | 5.00 | 12-1-2037 | 1,000,000 | 1,288,542 | |
Chicago IL Board of Education Series A (NPFGC Insured) | 5.25 | 12-1-2021 | 2,555,000 | 2,604,359 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2027 | 6,000,000 | 5,429,098 | |
Chicago IL City Colleges Capital Improvement Project CAB (NPFGC Insured) ¤ | 0.00 | 1-1-2031 | 800,000 | 634,558 | |
Chicago IL Emergency Telephone System Project (NPFGC Insured) | 5.50 | 1-1-2023 | 380,000 | 397,795 | |
Chicago IL Neighborhoods Alive 21 Program Series B | 5.50 | 1-1-2032 | 1,300,000 | 1,494,755 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2030 | 1,000,000 | 1,152,036 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2031 | 1,000,000 | 1,148,166 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2032 | 1,225,000 | 1,403,805 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2035 | 1,000,000 | 1,141,005 | |
Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016A | 5.00 | 11-15-2028 | 1,655,000 | 1,965,313 | |
Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016E | 5.00 | 11-15-2029 | 1,735,000 | 2,049,216 | |
Chicago IL Series A | 5.00 | 1-1-2027 | 2,000,000 | 2,431,215 | |
Chicago IL Series A | 6.00 | 1-1-2038 | 3,500,000 | 4,391,485 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) ¤ | 0.00% | 12-1-2025 | $ 675,000 | $ 634,884 | |
Cook County IL School District #159 CAB Prerefunded Bond (AGM Insured) ¤ | 0.00 | 12-1-2023 | 455,000 | 449,981 | |
Cook County IL School District #159 CAB Unrefunded Bond (AGM Insured) ¤ | 0.00 | 12-1-2023 | 160,000 | 156,418 | |
Illinois (AGM Insured) | 5.00 | 4-1-2026 | 1,130,000 | 1,268,280 | |
Illinois | 5.00 | 11-1-2025 | 2,000,000 | 2,355,599 | |
Illinois Refunding Bond Series 2018A | 5.00 | 10-1-2021 | 2,000,000 | 2,023,791 | |
Illinois Series A (AGM Insured) | 5.00 | 4-1-2024 | 1,905,000 | 2,063,296 | |
Illinois Series B | 5.00 | 10-1-2031 | 2,000,000 | 2,581,579 | |
Kane, Cook & DuPage Counties IL Series A | 5.00 | 1-1-2034 | 1,000,000 | 1,111,053 | |
Kane, Cook & DuPage Counties IL Series D | 5.00 | 1-1-2034 | 1,700,000 | 1,888,791 | |
Village Bolingbrook IL (AGM Insured) | 5.00 | 1-1-2031 | 500,000 | 575,148 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2033 | 1,625,000 | 1,228,176 | |
Will County IL Community High School Refunding Bond Series A (AGM Insured) | 5.00 | 1-1-2027 | 4,000,000 | 4,254,668 | |
Will County IL Community High School Refunding Bond Series B (BAM Insured) | 5.00 | 1-1-2030 | 1,000,000 | 1,056,802 | |
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | 1-1-2032 | 715,000 | 812,386 | |
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | 1-1-2033 | 745,000 | 844,582 | |
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | 1-1-2035 | 475,000 | 536,389 | |
Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2027 | 1,030,000 | 939,645 | |
Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2028 | 475,000 | 421,604 | |
Winnebago County IL Series A (AGM Insured) | 4.00 | 12-30-2025 | 1,035,000 | 1,185,257 | |
58,995,996 | |||||
Health revenue: 0.13% | |||||
Illinois Finance Authority Health Services Facility Lease Revenue Provident Group UIC Surgery | 4.00 | 10-1-2050 | 1,000,000 | 1,141,947 | |
Miscellaneous revenue: 1.03% | |||||
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 2,050,000 | 2,128,054 | |
Illinois | 5.00 | 5-1-2025 | 870,000 | 973,689 | |
Illinois | 5.50 | 7-1-2025 | 1,250,000 | 1,374,483 | |
Illinois | 5.50 | 7-1-2033 | 1,000,000 | 1,085,397 | |
Illinois Finance Authority Prerefunded Bond Art Institute of Chicago Series A | 5.00 | 3-1-2034 | 5,000 | 5,158 | |
Illinois Finance Authority Rogers Park Montessori School | 5.00 | 2-1-2024 | 265,000 | 276,289 | |
Illinois Finance Authority Unrefunded Bond Art Institute of Chicago Series A | 5.00 | 3-1-2034 | 495,000 | 510,856 | |
Illinois Refunding Bonds Series 2016 | 5.00 | 2-1-2026 | 1,000,000 | 1,185,489 | |
Illinois Series B | 5.25 | 7-1-2028 | 400,000 | 435,449 | |
Illinois Sports Facilities Authority | 5.00 | 6-15-2029 | 1,000,000 | 1,237,477 | |
9,212,341 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 4.91% | |||||
Chicago IL Sales Tax | 5.00% | 1-1-2031 | $ 4,525,000 | $ 5,247,161 | |
Chicago IL Sales Tax | 5.00 | 1-1-2033 | 2,785,000 | 3,229,468 | |
Chicago IL Sales Tax Refunding Bond | 5.00 | 1-1-2030 | 2,250,000 | 2,609,086 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2038 | 1,350,000 | 1,749,710 | |
Illinois Sales Tax Revenue Build Illinois Bond | 5.00 | 6-15-2029 | 1,000,000 | 1,005,964 | |
Illinois Sales Tax Revenue Build Illinois Bond | 5.00 | 6-15-2032 | 1,560,000 | 1,568,306 | |
Illinois Series 2013 | 5.00 | 6-15-2024 | 1,000,000 | 1,085,699 | |
Illinois Series A | 4.00 | 1-1-2029 | 1,000,000 | 1,016,905 | |
Illinois Series A | 5.00 | 1-1-2027 | 2,000,000 | 2,047,357 | |
Illinois Sports Facilities Authority State Tax Supported (AGM Insured) | 5.25 | 6-15-2031 | 2,500,000 | 2,774,860 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2028 | 1,500,000 | 1,665,623 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2030 | 11,000,000 | 9,069,523 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (NPFGC Insured) ¤ | 0.00 | 6-15-2029 | 1,950,000 | 1,681,206 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 3,000,000 | 3,132,570 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B1 (AGM Insured) ¤ | 0.00 | 6-15-2027 | 5,150,000 | 4,736,744 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 4.00 | 1-1-2038 | 1,000,000 | 1,183,299 | |
43,803,481 | |||||
Tobacco revenue: 0.38% | |||||
Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2024 | 3,000,000 | 3,399,423 | |
Transportation revenue: 0.90% | |||||
Illinois Toll Highway Authority | 5.00 | 1-1-2031 | 1,500,000 | 1,967,017 | |
Illinois Toll Highway Authority Series B | 5.00 | 1-1-2028 | 1,830,000 | 2,311,199 | |
Illinois Toll Highway Authority Toll Senior Series A | 5.00 | 1-1-2041 | 2,000,000 | 2,617,156 | |
Illinois Toll Highway Authority Toll Senior Series B | 5.00 | 1-1-2039 | 1,030,000 | 1,137,062 | |
8,032,434 | |||||
Water & sewer revenue: 1.63% | |||||
Chicago IL Wastewater Second Lien Transmission Revenue Project Bonds Series 2014 | 5.00 | 1-1-2025 | 1,985,000 | 2,217,551 | |
Chicago IL Wastewater Transmission Second Lien Series 2012 | 5.00 | 1-1-2027 | 1,000,000 | 1,024,256 | |
Chicago IL Water Revenue Refunding Bond Second Lien | 5.00 | 11-1-2025 | 2,600,000 | 3,075,620 | |
Chicago IL Water Revenue Second Lien Project | 5.00 | 11-1-2026 | 2,750,000 | 3,148,590 | |
Chicago IL Waterworks Second Lien Revenue Bonds Series 2004 | 5.00 | 11-1-2027 | 2,250,000 | 2,757,428 | |
Chicago IL Waterworks Second Lien Series 2012 | 5.00 | 11-1-2030 | 1,000,000 | 1,056,499 | |
Chicago IL Waterworks Second Lien Series 2017-2 (AGM Insured) | 5.00 | 11-1-2037 | 1,000,000 | 1,232,534 | |
14,512,478 | |||||
154,094,891 | |||||
Indiana: 2.13% | |||||
Health revenue: 1.43% | |||||
Indiana Finance Authority Health System Franciscan Alliance Incorporated Obligated Group Series C | 4.00 | 11-1-2034 | 5,360,000 | 6,129,866 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Indiana Health and Educational Facility Financing Authority Revenue Unrefunded Balance Ascension | 1.75% | 11-15-2031 | $ 105,000 | $ 105,450 | |
Indiana Health and Educational Facility Financing Authority Revenue Unrefunded Balance Ascension | 1.75 | 11-15-2031 | 6,450,000 | 6,484,183 | |
12,719,499 | |||||
Industrial development revenue: 0.12% | |||||
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A | 5.00 | 7-1-2035 | 1,000,000 | 1,085,820 | |
Miscellaneous revenue: 0.43% | |||||
Indiana Finance Authority Series M | 5.00 | 7-1-2029 | 605,000 | 634,291 | |
Indianapolis IN Local Public Improvement Series 2015E | 5.00 | 1-1-2035 | 2,675,000 | 3,210,972 | |
3,845,263 | |||||
Water & sewer revenue: 0.15% | |||||
Indiana Finance Authority Wastewater Utility Project Series A | 5.25 | 10-1-2031 | 1,310,000 | 1,326,504 | |
18,977,086 | |||||
Kansas: 0.58% | |||||
Tax revenue: 0.58% | |||||
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤ | 0.00 | 9-1-2034 | 15,750,000 | 5,180,369 | |
Kentucky: 3.36% | |||||
Transportation revenue: 0.13% | |||||
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2029 | 1,400,000 | 1,156,988 | |
Utilities revenue: 3.23% | |||||
Kentucky Public Energy Authority Gas Supply Series A-1 | 4.00 | 12-1-2049 | 9,020,000 | 10,156,784 | |
Kentucky Public Energy Authority Gas Supply Series B | 4.00 | 1-1-2049 | 6,500,000 | 7,219,650 | |
Kentucky Public Energy Authority Gas Supply Series C-1 | 4.00 | 2-1-2050 | 8,050,000 | 9,591,923 | |
Paducah KY Electric Plant (AGM Insured) | 5.00 | 10-1-2035 | 1,510,000 | 1,829,541 | |
28,797,898 | |||||
29,954,886 | |||||
Louisiana: 0.55% | |||||
Airport revenue: 0.09% | |||||
Port New Orleans LA Board Commuters Port Facility Revenue AMT Series E | 5.00 | 4-1-2038 | 640,000 | 801,138 | |
Industrial development revenue: 0.12% | |||||
St. John the Baptist Parish LA Series A | 2.20 | 6-1-2037 | 1,000,000 | 1,045,387 | |
Water & sewer revenue: 0.34% | |||||
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2033 | 600,000 | 720,617 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2034 | 500,000 | 599,039 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2035 | 500,000 | 598,125 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Greater Ouachita Water Company (BAM Insured) | 4.00% | 9-1-2036 | $ 565,000 | $ 674,504 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2037 | 415,000 | 494,181 | |
3,086,466 | |||||
4,932,991 | |||||
Maine: 0.04% | |||||
Airport revenue: 0.04% | |||||
Portland ME General Airport | 5.00 | 7-1-2022 | 150,000 | 156,461 | |
Portland ME General Airport | 5.00 | 7-1-2023 | 175,000 | 190,414 | |
346,875 | |||||
Maryland: 1.22% | |||||
Airport revenue: 0.46% | |||||
Maryland State Economic Development Corporation | 4.00 | 7-1-2039 | 1,100,000 | 1,278,837 | |
Maryland State Economic Development Corporation | 4.00 | 7-1-2044 | 750,000 | 866,530 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2024 | 645,000 | 726,140 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2027 | 800,000 | 976,701 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2029 | 220,000 | 279,752 | |
4,127,960 | |||||
Education revenue: 0.69% | |||||
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 5.75 | 8-1-2033 | 1,000,000 | 1,101,821 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 7.00 | 8-1-2046 | 1,500,000 | 1,708,242 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2018-A2 | 6.00 | 8-1-2048 | 2,825,000 | 3,287,527 | |
6,097,590 | |||||
Health revenue: 0.07% | |||||
Maryland HEFAR Frederick Health System | 4.00 | 7-1-2040 | 550,000 | 651,140 | |
10,876,690 | |||||
Massachusetts: 1.37% | |||||
Airport revenue: 0.14% | |||||
Massachusetts Port Authority AMT Series E | 5.00 | 7-1-2046 | 1,000,000 | 1,284,420 | |
Health revenue: 0.63% | |||||
Massachusetts Development Finance Agency Partners Healthcare Series S-4 | 5.00 | 7-1-2038 | 5,000,000 | 5,600,434 | |
Miscellaneous revenue: 0.14% | |||||
Massachusetts Refunding Bond Series D | 4.00 | 11-1-2040 | 1,000,000 | 1,217,958 | |
Tax revenue: 0.46% | |||||
Massachusetts School Building Authority Series A | 5.00 | 11-15-2034 | 1,470,000 | 1,760,478 | |
Massachusetts School Building Authority Series D | 5.00 | 8-15-2037 | 2,000,000 | 2,357,778 | |
4,118,256 | |||||
12,221,068 |
Interest rate | Maturity date | Principal | Value | ||
Michigan: 4.25% | |||||
Education revenue: 0.05% | |||||
Western Michigan University | 5.25% | 11-15-2031 | $ 400,000 | $ 447,826 | |
Health revenue: 1.32% | |||||
Michigan Finance Authority Trinity Health Credit Group Series A | 5.00 | 12-1-2047 | 11,000,000 | 11,754,840 | |
Miscellaneous revenue: 0.26% | |||||
Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project | 4.00 | 11-1-2048 | 2,000,000 | 2,295,172 | |
Tax revenue: 0.48% | |||||
Michigan Finance Authority Refunding Bond Local Government Loan Program Public Lighting Authority Series B | 5.00 | 7-1-2039 | 4,000,000 | 4,299,342 | |
Water & sewer revenue: 2.14% | |||||
Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C | 5.00 | 7-1-2036 | 3,560,000 | 4,275,653 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D | 4.00 | 7-1-2032 | 4,000,000 | 4,573,094 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured) | 4.00 | 7-1-2033 | 4,000,000 | 4,560,322 | |
Michigan Finance Authority Local Government Loan Program Series D | 5.00 | 7-1-2030 | 4,000,000 | 4,533,818 | |
Michigan Finance Authority Local Government Loan Program Series D4 | 5.00 | 7-1-2029 | 1,000,000 | 1,133,455 | |
19,076,342 | |||||
37,873,522 | |||||
Minnesota: 0.04% | |||||
Education revenue: 0.04% | |||||
Independence MN Charter School Lease Series A | 4.25 | 7-1-2026 | 370,000 | 397,538 | |
Mississippi: 0.75% | |||||
Miscellaneous revenue: 0.40% | |||||
Mississippi City of Jackson Convention Center Series A (Municipal Government Guaranty Insured) | 5.00 | 3-1-2026 | 3,050,000 | 3,592,115 | |
Resource recovery revenue: 0.23% | |||||
Mississippi Business Finance Corporation AMT Waste Pro USA Incorporated Project 144A | 5.00 | 2-1-2036 | 2,000,000 | 2,077,364 | |
Water & sewer revenue: 0.12% | |||||
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured) | 5.00 | 9-1-2030 | 990,000 | 1,038,833 | |
6,708,312 | |||||
Missouri: 0.71% | |||||
Health revenue: 0.02% | |||||
Missouri HEFA | 5.00 | 2-1-2022 | 220,000 | 225,783 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.69% | |||||
Kansas City MO IDA Series B (AGM Insured) | 5.00% | 3-1-2049 | $ 5,000,000 | $ 6,146,766 | |
6,372,549 | |||||
Nebraska: 0.51% | |||||
Utilities revenue: 0.51% | |||||
Central Plains Energy Nebraska Gas Project #1 (Royal Bank of Canada LIQ) | 4.00 | 12-1-2049 | 4,000,000 | 4,531,305 | |
Nevada: 1.14% | |||||
GO revenue: 1.14% | |||||
Clark County NV School District Limited Tax Building Series A (AGM Insured) | 4.00 | 6-15-2040 | 750,000 | 893,437 | |
Clark County NV School District Limited Tax Building Series B (BAM Insured) | 5.00 | 6-15-2031 | 2,500,000 | 3,298,915 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2035 | 2,000,000 | 2,297,676 | |
Clark County NV Series A | 5.00 | 5-1-2048 | 3,000,000 | 3,661,001 | |
10,151,029 | |||||
New Hampshire: 0.79% | |||||
Housing revenue: 0.27% | |||||
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 1,962,010 | 2,361,670 | |
Water & sewer revenue: 0.52% | |||||
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2026 | 1,000,000 | 1,152,049 | |
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2027 | 845,000 | 1,003,933 | |
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2028 | 480,000 | 570,282 | |
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2028 | 1,690,000 | 1,946,962 | |
4,673,226 | |||||
7,034,896 | |||||
New Jersey: 5.65% | |||||
Education revenue: 1.98% | |||||
Atlantic County NJ Improvement Authority Stockton University Series A (AGM Insured) | 4.00 | 7-1-2041 | 530,000 | 637,238 | |
New Jersey EDA Educational Facilities Series AB | 5.00 | 6-1-2022 | 1,920,000 | 2,002,848 | |
New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A | 5.00 | 7-1-2027 | 500,000 | 562,102 | |
New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A | 5.25 | 7-1-2037 | 1,500,000 | 1,628,224 | |
New Jersey EDA School Facilities Construction Project Series NN | 5.00 | 3-1-2027 | 3,150,000 | 3,390,071 | |
New Jersey EDA School Facilities Construction Project Series NN | 5.00 | 3-1-2028 | 5,000,000 | 5,378,278 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
New Jersey Educational Facilities Authority Higher Education Facilities Trust Fund | 5.00% | 6-15-2025 | $ 1,000,000 | $ 1,132,749 | |
New Jersey Higher Education Assistance Authority Student Loan Series 2011-1 | 5.50 | 12-1-2021 | 2,900,000 | 2,961,965 | |
17,693,475 | |||||
GO revenue: 0.31% | |||||
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2025 | 2,355,000 | 2,709,544 | |
Housing revenue: 1.14% | |||||
New Jersey Housing and Mortgage Finance Agency Series B | 3.30 | 10-1-2025 | 3,850,000 | 4,149,891 | |
New Jersey Housing and Mortgage Finance Agency Series B | 3.40 | 4-1-2026 | 3,885,000 | 4,184,910 | |
New Jersey Housing and Mortgage Finance Agency Series B | 3.45 | 10-1-2026 | 1,705,000 | 1,851,136 | |
10,185,937 | |||||
Miscellaneous revenue: 0.23% | |||||
Union County NJ Utilities Authority Refunding Bond AMT Covanta Union Series A | 5.25 | 12-1-2031 | 2,000,000 | 2,041,177 | |
Tax revenue: 0.24% | |||||
New Jersey EDA Unrefunded Bond Motor Vehicle Surcharges Series A (NPFGC Insured) | 5.25 | 7-1-2026 | 205,000 | 251,065 | |
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 1,500,000 | 1,848,911 | |
2,099,976 | |||||
Transportation revenue: 1.59% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2031 | 2,500,000 | 2,017,939 | |
New Jersey TTFA Series A %% | 4.00 | 6-15-2042 | 750,000 | 845,128 | |
New Jersey TTFA Series A | 5.00 | 6-15-2029 | 2,000,000 | 2,373,512 | |
New Jersey TTFA Series A | 5.25 | 12-15-2022 | 600,000 | 643,318 | |
New Jersey TTFA Series AA | 4.00 | 6-15-2039 | 2,250,000 | 2,662,049 | |
New Jersey TTFA Series AA | 4.00 | 6-15-2045 | 2,000,000 | 2,333,711 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2040 | 1,250,000 | 1,593,855 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2045 | 1,500,000 | 1,725,233 | |
14,194,745 | |||||
Water & sewer revenue: 0.16% | |||||
New Jersey EDA | 2.20 | 10-1-2039 | 1,350,000 | 1,436,878 | |
50,361,732 | |||||
New Mexico: 0.68% | |||||
Utilities revenue: 0.68% | |||||
New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue Refunding Bonds and Acquisition Subordinated Series A (Royal Bank of Canada LIQ) | 5.00 | 11-1-2039 | 5,240,000 | 6,093,660 | |
New York: 6.77% | |||||
Airport revenue: 0.13% | |||||
Port Authority of New York and New Jersey Consolidated Two Hundred Twenty First Series | 4.00 | 7-15-2040 | 1,000,000 | 1,190,131 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue: 1.56% | |||||
City of Troy NY Capital Resource Corporation Renevue Refunding Bonds | 4.00% | 9-1-2030 | $ 500,000 | $ 613,597 | |
City of Troy NY Capital Resource Corporation Renevue Refunding Bonds | 4.00 | 9-1-2032 | 350,000 | 423,438 | |
Hempstead NY Local Development Corporation Education Revenue Refunding Bond Academy Charter School Project | 5.66 | 2-1-2044 | 4,585,000 | 5,189,958 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | 2-1-2041 | 1,155,000 | 1,183,960 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.60 | 2-1-2051 | 1,915,000 | 1,957,178 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 6.24 | 2-1-2047 | 3,500,000 | 3,995,719 | |
Monroe County NY IDA Refunding Bond Monroe Community College Association (AGM Insured) | 5.00 | 1-15-2038 | 500,000 | 552,396 | |
13,916,246 | |||||
GO revenue: 0.12% | |||||
New York NY Series F-1 | 5.00 | 3-1-2032 | 1,000,000 | 1,080,566 | |
Health revenue: 0.23% | |||||
Broome County NY Local Development Corporation Revenue United Health Services Hospitals Incorporate Project (AGM Insured) | 4.00 | 4-1-2038 | 1,250,000 | 1,475,330 | |
Dutchess County NY Local Development Corporation Series B | 4.00 | 7-1-2049 | 515,000 | 594,706 | |
2,070,036 | |||||
Industrial development revenue: 1.22% | |||||
New York Liberty Development Corporation Refunding Bonds | 2.80 | 9-15-2069 | 1,000,000 | 1,026,052 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated LaGuardia | 5.00 | 1-1-2031 | 1,135,000 | 1,397,322 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated LaGuardia | 5.00 | 10-1-2035 | 3,500,000 | 4,536,455 | |
New York Transportation Development Corporation Special Facility Revenue Terminal 4 JFK International Airport | 5.00 | 12-1-2033 | 1,000,000 | 1,320,987 | |
New York Transportation Development Corporation Special Facility Revenue Terminal 4 JFK International Airport | 5.00 | 12-1-2034 | 2,000,000 | 2,627,552 | |
10,908,368 | |||||
Tax revenue: 0.80% | |||||
New York Urban Development Corporation Personal Income Tax General Purpose | 4.00 | 3-15-2045 | 3,000,000 | 3,547,213 | |
New York Urban Development Corporation Personal Income Tax General Purpose | 4.00 | 3-15-2045 | 3,000,000 | 3,547,213 | |
7,094,426 | |||||
Tobacco revenue: 0.06% | |||||
Suffolk NY Tobacco Asset Securitization Corporation | 5.00 | 6-1-2024 | 500,000 | 515,262 | |
Transportation revenue: 1.93% | |||||
New York Metropolitan Transportation Authority Refunding Bond Subordinated Series C | 5.25 | 11-15-2031 | 3,000,000 | 3,545,717 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
New York Metropolitan Transportation Authority Revenue BAN Subordinated Bond Series B-1 | 5.00% | 5-15-2022 | $ 2,420,000 | $ 2,520,115 | |
New York Metropolitan Transportation Authority Revenue BAN Subordinated Bond Series C-2 | 5.00 | 9-1-2021 | 5,000,000 | 5,039,002 | |
New York Metropolitan Transportation Authority Series C | 5.00 | 11-15-2034 | 3,000,000 | 3,711,513 | |
New York Metropolitan Transportation Authority Series C | 5.25 | 11-15-2030 | 2,000,000 | 2,366,216 | |
17,182,563 | |||||
Water & sewer revenue: 0.72% | |||||
New York NY Municipal Water Finance Authority Water and Sewer System Revenue Second General Resolution | 4.00 | 6-15-2042 | 5,000,000 | 5,992,782 | |
Western Nassau County NY Water Authority Series B | 5.00 | 4-1-2025 | 355,000 | 416,600 | |
6,409,382 | |||||
60,366,980 | |||||
Ohio: 2.46% | |||||
Health revenue: 1.51% | |||||
Cleveland Cuyahoga County OH Port Authority Economic Development Center for Dialysis Care Project Series A | 5.00 | 12-1-2037 | 2,700,000 | 3,079,256 | |
Lucas County OH Hospital Revenue Promedica Healthcare Obligation | 5.25 | 11-15-2048 | 5,000,000 | 5,803,765 | |
Middleburg Heights OH Hospital Revenue Refunding Facilities Southwest General Health | 4.00 | 8-1-2041 | 2,000,000 | 2,359,205 | |
Montgomery County OH Hospital Revenue Refunding Bonds | 4.00 | 11-15-2039 | 2,000,000 | 2,259,507 | |
13,501,733 | |||||
Industrial development revenue: 0.24% | |||||
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series A | 2.88 | 2-1-2026 | 2,000,000 | 2,116,548 | |
Miscellaneous revenue: 0.52% | |||||
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2035 | 2,000,000 | 2,286,696 | |
Ohio Private Activity Bond Series A (AGM Insured) | 5.00 | 12-31-2029 | 2,070,000 | 2,382,431 | |
4,669,127 | |||||
Utilities revenue: 0.19% | |||||
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Project Series A | 3.25 | 9-1-2029 | 1,500,000 | 1,642,172 | |
21,929,580 | |||||
Oklahoma: 1.75% | |||||
Airport revenue: 0.81% | |||||
Oklahoma City OK Airport Trust AMT Junior Lien Thirty Third Series | 5.00 | 7-1-2037 | 3,805,000 | 4,718,671 | |
Tulsa OK Airports Improvement Trust Series A (AGM Insured) | 5.25 | 6-1-2048 | 2,000,000 | 2,462,951 | |
7,181,622 | |||||
Miscellaneous revenue: 0.94% | |||||
Custer County OK EDA Series E | 4.00 | 12-1-2031 | 3,250,000 | 3,773,292 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Garfield County OK Educational Facilities Authority Enid Public Schools Project | 5.00% | 9-1-2027 | $ 1,895,000 | $ 2,294,187 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2030 | 2,000,000 | 2,320,270 | |
8,387,749 | |||||
15,569,371 | |||||
Oregon: 0.42% | |||||
Education revenue: 0.02% | |||||
Oregon Facilities Authority Southern Oregon University Project (AGM Insured) | 4.00 | 7-1-2023 | 185,000 | 192,114 | |
Health revenue: 0.40% | |||||
Medford OR Hospital Facilities Authority Revenue Refunding Asante Projects Series A | 5.00 | 8-15-2045 | 2,750,000 | 3,525,238 | |
3,717,352 | |||||
Pennsylvania: 7.04% | |||||
Airport revenue: 0.55% | |||||
Philadelphia PA Airport Series A (AGM Insured) %% | 4.00 | 7-1-2046 | 750,000 | 883,064 | |
Philadelphia PA Airport Series A | 5.00 | 6-15-2027 | 1,000,000 | 1,008,782 | |
Philadelphia PA Airport Series B | 5.00 | 7-1-2042 | 2,500,000 | 2,992,838 | |
4,884,684 | |||||
Education revenue: 0.68% | |||||
Allegheny County PA IDA Propel Charter School Sunrise Project | 5.25 | 7-15-2023 | 175,000 | 183,102 | |
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University | 5.00 | 7-1-2021 | 660,000 | 660,000 | |
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University | 5.00 | 7-1-2023 | 760,000 | 831,234 | |
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A | 7.00 | 6-15-2033 | 1,000,000 | 1,159,528 | |
Philadelphia PA IDA Discovery Charter School Project | 5.00 | 4-1-2022 | 100,000 | 102,763 | |
Philadelphia PA IDA Mariana Bracetti Academy Project | 6.25 | 12-15-2021 | 45,000 | 46,227 | |
Philadelphia PA IDA New Foundations Charter School Project | 6.00 | 12-15-2027 | 270,000 | 291,480 | |
Philadelphia PA IDA Southwest Leadership Academy Series A | 6.47 | 11-1-2037 | 2,500,000 | 2,758,370 | |
6,032,704 | |||||
GO revenue: 1.65% | |||||
Allegheny County PA Series C-72 | 5.25 | 12-1-2032 | 1,000,000 | 1,121,545 | |
Armstrong PA School District Series A (BAM Insured) | 4.00 | 3-15-2037 | 1,000,000 | 1,187,829 | |
North Pocono PA School District Notes Series A (AGM Insured) | 4.00 | 9-15-2028 | 2,500,000 | 3,036,033 | |
Philadelphia PA Refunding Bond Series A | 5.25 | 7-15-2033 | 1,010,000 | 1,129,870 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2036 | 3,000,000 | 3,589,289 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2037 | 1,000,000 | 1,194,208 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Philadelphia PA School District Unrefunded Bond Series F | 5.00% | 9-1-2030 | $ 1,000,000 | $ 1,205,925 | |
Philadelphia PA Series A | 5.00 | 8-1-2025 | 1,905,000 | 2,243,633 | |
14,708,332 | |||||
Health revenue: 0.73% | |||||
Bucks County PA IDA Hospital Revenue | 4.00 | 8-15-2035 | 450,000 | 524,652 | |
Bucks County PA IDA Hospital Revenue | 4.00 | 8-15-2036 | 900,000 | 1,047,313 | |
Bucks County PA IDA Hospital Revenue | 4.00 | 8-15-2037 | 2,285,000 | 2,653,066 | |
Geisinger PA Health System Series A-1 | 4.00 | 4-1-2050 | 1,000,000 | 1,165,167 | |
Pennsylvania EDFA Series A-1 | 4.00 | 4-15-2045 | 1,000,000 | 1,173,019 | |
6,563,217 | |||||
Industrial development revenue: 0.66% | |||||
Pennsylvania EDFA Bridges FinCo LP | 5.00 | 12-31-2034 | 5,000,000 | 5,852,798 | |
Miscellaneous revenue: 1.70% | |||||
Pennsylvania Commonwealth Financing Authority Series B-1 (AGM Insured) | 5.00 | 6-1-2025 | 500,000 | 589,960 | |
Philadelphia PA IDA | 5.00 | 12-1-2037 | 1,500,000 | 1,828,555 | |
Philadelphia PA IDA Cultural & Commercial Corridors Program Series A | 5.00 | 12-1-2025 | 1,995,000 | 2,336,545 | |
Philadelphia PA Municipal Authority Revenue Refunding Bond City Agreement Juvenile | 5.00 | 4-1-2033 | 2,355,000 | 2,854,834 | |
Philadelphia PA Public School Building Authority Prerefunded Bond Series A | 5.00 | 6-1-2036 | 190,000 | 233,783 | |
Philadelphia PA Public School Building Authority Unrefunded Bond Series A | 5.00 | 6-1-2036 | 4,525,000 | 5,442,748 | |
State Public School Building Authority Prerefunded Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 260,000 | 289,369 | |
State Public School Building Authority Prerefunded Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 1,450,000 | 1,593,827 | |
15,169,621 | |||||
Tax revenue: 0.15% | |||||
Pennsylvania Turnpike Commission Series B | 5.00 | 12-1-2043 | 1,115,000 | 1,379,020 | |
Transportation revenue: 0.63% | |||||
Lancaster PA Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2041 | 1,500,000 | 1,703,733 | |
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,000,000 | 1,216,082 | |
Pennsylvania Turnpike Commission Subordinate Bond Series A | 4.00 | 12-1-2045 | 1,000,000 | 1,182,456 | |
Pennsylvania Turnpike Commission Subordinate Bond Series E | 6.38 | 12-1-2038 | 1,150,000 | 1,524,958 | |
5,627,229 | |||||
Water & sewer revenue: 0.29% | |||||
Philadelphia PA Water & Sewer Series B | 5.00 | 7-1-2032 | 1,145,000 | 1,341,433 | |
Reading PA Water Authority Series 2011 | 5.25 | 12-1-2036 | 1,250,000 | 1,276,101 | |
2,617,534 | |||||
62,835,139 |
Interest rate | Maturity date | Principal | Value | ||
South Carolina: 0.98% | |||||
Education revenue: 0.14% | |||||
South Carolina Jobs EDA York Preparatory Academy Project Series A | 7.00% | 11-1-2033 | $ 1,090,000 | $ 1,223,840 | |
Health revenue: 0.16% | |||||
Lexington County SC Health Services District LexMed Obligated Group | 5.00 | 11-1-2021 | 250,000 | 253,947 | |
Lexington County SC Health Services District LexMed Obligated Group | 5.00 | 11-1-2022 | 1,120,000 | 1,190,892 | |
1,444,839 | |||||
Resource recovery revenue: 0.08% | |||||
South Carolina Jobs EDA | 8.00 | 12-6-2029 | 115,000 | 104,433 | |
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A† | 6.00 | 2-1-2035 | 1,500,000 | 600,000 | |
704,433 | |||||
Water & sewer revenue: 0.60% | |||||
Columbia SC Waterworks & Sewer System | 5.00 | 2-1-2043 | 5,000,000 | 5,381,852 | |
8,754,964 | |||||
Tennessee: 1.16% | |||||
Utilities revenue: 1.16% | |||||
Tennessee Energy Acquisition Corporation Gas Project | 4.00 | 11-1-2049 | 8,000,000 | 9,055,238 | |
Tennessee Energy Acquisition Corporation Series A | 5.00 | 5-1-2052 | 1,000,000 | 1,325,085 | |
10,380,323 | |||||
Texas: 5.79% | |||||
Airport revenue: 1.43% | |||||
Austin TX Airport System AMT | 5.00 | 11-15-2044 | 2,500,000 | 2,830,316 | |
Dallas-Fort Worth TX International Airport AMT Series D | 5.00 | 11-1-2038 | 3,315,000 | 3,367,545 | |
Dallas-Fort Worth TX International Airport Series H | 5.00 | 11-1-2042 | 6,500,000 | 6,603,029 | |
12,800,890 | |||||
Education revenue: 1.39% | |||||
Arlington TX Higher Education Finance Corporation Universal Academy Project Series A | 7.13 | 3-1-2044 | 1,250,000 | 1,360,225 | |
Clifton TX Higher Education Finance Corporation International Leadership Series A | 5.75 | 8-15-2038 | 1,000,000 | 1,163,918 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.00 | 8-15-2038 | 2,500,000 | 2,934,602 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.13 | 8-15-2048 | 2,250,000 | 2,626,849 | |
Clifton TX Higher Educational Finance Corporation International Leadership Series A | 5.50 | 8-15-2035 | 2,000,000 | 2,319,256 | |
Clifton TX Higher Educational Finance Corporation Uplift Education Project Series A | 3.10 | 12-1-2022 | 650,000 | 657,295 | |
Houston TX Higher Education Finance Corporation Series A | 4.00 | 2-15-2022 | 30,000 | 30,617 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
New Hope Cultural Educational Facilities Finance Corporation Series A 144A | 5.00% | 8-15-2026 | $ 500,000 | $ 502,265 | |
Newark TX Higher Educational Finance Corporation Austin Achieve Public School Incorporated Series A | 5.00 | 6-15-2032 | 750,000 | 783,659 | |
12,378,686 | |||||
GO revenue: 1.02% | |||||
El Paso County TX Hospital District | 5.00 | 8-15-2029 | 1,555,000 | 1,669,048 | |
Houston TX Public Improvement Refunding Bonds Series A | 5.00 | 3-1-2029 | 1,000,000 | 1,228,379 | |
Port Isabel TX 144A | 5.10 | 2-15-2049 | 495,000 | 564,074 | |
San Antonio TX Independent School District | 5.00 | 8-15-2048 | 4,890,000 | 5,621,936 | |
9,083,437 | |||||
Miscellaneous revenue: 0.94% | |||||
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 5.50 | 9-1-2039 | 1,840,000 | 1,843,943 | |
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 6.00 | 9-1-2037 | 5,605,000 | 5,839,593 | |
Texas Transportation Commission Highway | 5.00 | 4-1-2028 | 565,000 | 679,677 | |
8,363,213 | |||||
Tax revenue: 0.14% | |||||
Old Spanish Trail Alameda Corridors RDA (BAM Insured) | 4.00 | 9-1-2035 | 1,070,000 | 1,247,644 | |
Transportation revenue: 0.71% | |||||
Central Texas Regional Mobility Authority Revenue Refunding Senior Lien Series B | 4.00 | 1-1-2038 | 550,000 | 648,906 | |
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2049 | 1,000,000 | 1,247,130 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 4.00 | 12-31-2037 | 2,500,000 | 2,936,477 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00 | 12-31-2038 | 1,300,000 | 1,480,410 | |
6,312,923 | |||||
Water & sewer revenue: 0.16% | |||||
Upper Trinity TX Regional Water District (BAM Insured) | 5.00 | 8-1-2028 | 750,000 | 892,439 | |
Upper Trinity TX Regional Water District (BAM Insured) | 5.00 | 8-1-2029 | 500,000 | 593,222 | |
1,485,661 | |||||
51,672,454 | |||||
Utah: 1.15% | |||||
Airport revenue: 0.28% | |||||
Salt Lake City UT Series A | 5.00 | 7-1-2043 | 1,000,000 | 1,240,662 | |
Salt Lake City UT Series A | 5.25 | 7-1-2048 | 1,000,000 | 1,227,456 | |
2,468,118 | |||||
Education revenue: 0.87% | |||||
Utah Charter School Finance Authority Christian School Early Light Academy Project 144A | 4.50 | 7-15-2027 | 625,000 | 672,374 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Utah Charter School Finance Authority Freedom Academy Foundation Project 144A | 5.25% | 6-15-2037 | $ 3,000,000 | $ 3,402,153 | |
Utah Charter School Finance Authority Refunding Freedom Academy Foundation Project 144A | 5.38 | 6-15-2048 | 1,500,000 | 1,682,442 | |
Utah Charter School Finance Authority Refunding Summit Academy Incorporate Series A (CSCE Insured) | 5.00 | 4-15-2039 | 700,000 | 844,117 | |
Utah Charter School Finance Authority Wallace Stegner Academy Project 144A | 3.63 | 6-15-2029 | 410,000 | 432,654 | |
Utah Charter School Finance Authority Wallace Stegner Academy Project 144A | 5.00 | 6-15-2039 | 675,000 | 745,374 | |
7,779,114 | |||||
10,247,232 | |||||
Virginia: 0.90% | |||||
Health revenue: 0.06% | |||||
Roanoke VA EDA Residential Care Facility Revenue Richfield Living | 5.00 | 9-1-2050 | 500,000 | 489,446 | |
Transportation revenue: 0.84% | |||||
Chesapeake VA Bay Bridge & Tunnel District First Tier Generation Resolution | 5.00 | 11-1-2023 | 1,000,000 | 1,106,303 | |
Virginia Commonweallth Transportation Series A | 5.00 | 5-15-2028 | 2,000,000 | 2,537,971 | |
Virginia Small Business Financing Authority AMT 95 Express Lanes LLC Project | 5.00 | 7-1-2049 | 2,000,000 | 2,045,450 | |
Virginia Small Business Financing Authority Senior Lien 95 Express Lanes LLC Project | 5.00 | 7-1-2034 | 1,800,000 | 1,841,837 | |
7,531,561 | |||||
8,021,007 | |||||
Washington: 2.27% | |||||
Airport revenue: 0.85% | |||||
Port of Seattle WA Revenue AMT Intermediate Lien | 4.00 | 4-1-2044 | 3,500,000 | 3,971,246 | |
Port of Seattle WA Revenue AMT Intermediate Lien | 5.00 | 4-1-2044 | 3,000,000 | 3,665,284 | |
7,636,530 | |||||
GO revenue: 0.80% | |||||
King County WA Public Hospital District #1 Series 2016 | 5.00 | 12-1-2036 | 475,000 | 567,365 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2035 | 5,500,000 | 6,575,870 | |
7,143,235 | |||||
Health revenue: 0.55% | |||||
Washington HCFR Catholic Health Initiatives Series A | 5.00 | 1-1-2029 | 1,300,000 | 1,504,612 | |
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.40%) ± | 1.43 | 1-1-2035 | 2,000,000 | 2,011,608 | |
Washington Health Care Facilities Authority Revenue Seattle Cancer Care Alliance Series A | 5.00 | 9-1-2036 | 365,000 | 479,408 | |
Washington Health Care Facilities Authority Revenue Seattle Cancer Care Alliance Series A | 5.00 | 9-1-2037 | 670,000 | 877,614 | |
4,873,242 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.07% | |||||
King County WA Sewer Revenue | 5.00% | 7-1-2049 | $ 500,000 | $ 600,506 | |
20,253,513 | |||||
Wisconsin: 4.80% | |||||
Airport revenue: 0.30% | |||||
Wisconsin PFA Airport Facilities Series C | 5.00 | 7-1-2042 | 2,585,000 | 2,676,692 | |
Education revenue: 1.35% | |||||
Wisconsin PFA Carolina International School Series A 144A | 7.20 | 8-1-2048 | 1,000,000 | 1,104,132 | |
Wisconsin PFA Lease Development University of Kansas Campus Development Project | 5.00 | 3-1-2046 | 4,500,000 | 5,293,903 | |
Wisconsin PFA Pine Lake Preparatory 144A | 4.95 | 3-1-2030 | 1,370,000 | 1,526,445 | |
Wisconsin PFA Research Triangle High School Project Series 2015-A 144A | 5.63 | 7-1-2045 | 1,790,000 | 1,942,562 | |
Wisconsin PFA Research Triangle High School Project Series A 144A | 4.38 | 7-1-2025 | 310,000 | 322,892 | |
Wisconsin PFA Research Triangle High School Project Series A 144A | 5.38 | 7-1-2035 | 1,730,000 | 1,886,411 | |
12,076,345 | |||||
Health revenue: 1.83% | |||||
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2034 | 700,000 | 836,352 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2035 | 500,000 | 596,247 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2036 | 600,000 | 713,292 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2037 | 550,000 | 652,123 | |
Wisconsin HEFA Revenue Rogers Memorial Hospital Incorporated Series A | 5.00 | 7-1-2044 | 1,050,000 | 1,238,112 | |
Wisconsin HEFA Revenue Rogers Memorial Hospital Incorporated Series B | 5.00 | 7-1-2038 | 750,000 | 890,377 | |
Wisconsin PFA Series A | 4.00 | 10-1-2049 | 10,000,000 | 11,378,968 | |
16,305,471 | |||||
Miscellaneous revenue: 0.31% | |||||
Wisconsin PFA Capital Improvements Boynton Beach FL Municipal Improvements Project | 5.00 | 7-1-2041 | 2,280,000 | 2,807,938 | |
Tax revenue: 1.01% | |||||
Mount Pleasant WI Series A | 5.00 | 4-1-2043 | 5,000,000 | 6,100,932 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 330,000 | 398,235 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 2,090,000 | 2,485,522 | |
8,984,689 | |||||
42,851,135 | |||||
Total Municipal obligations (Cost $803,269,447) | 865,509,839 |
Yield | Shares | Value | |||
Short-term investments: 2.42% | |||||
Investment companies: 2.42% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01% | 21,541,149 | $ 21,547,611 | ||
Total Short-term investments (Cost $21,547,611) | 21,547,611 | ||||
Total investments in securities (Cost $824,817,058) | 99.44% | 887,057,450 | |||
Other assets and liabilities, net | 0.56 | 5,029,865 | |||
Total net assets | 100.00% | $892,087,315 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
† | Non-income-earning security |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CAB | Capital appreciation bond |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class | $1,683,658 | $81,779,980 | $(61,916,027) | $151 | $(151) | $21,547,611 | 2.42% | 21,541,149 | $406 |
Assets | |
Investments in unaffiliated securities, at value (cost $803,269,447) | $ 865,509,839 |
Investments in affiliated securites, at value (cost $21,547,611) | 21,547,611 |
Cash | 125,000 |
Receivable for interest | 9,608,179 |
Receivable for Fund shares sold | 2,098,631 |
Receivable for investments sold | 1,130,580 |
Prepaid expenses and other assets | 141,361 |
Total assets | 900,161,201 |
Liabilities | |
Payable for when-issued transactions | 4,616,483 |
Dividends payable | 2,297,779 |
Payable for investments purchased | 678,672 |
Payable for Fund shares redeemed | 480,952 |
Total liabilities | 8,073,886 |
Total net assets | $892,087,315 |
Net assets consist of | |
Paid-in capital | $ 845,272,333 |
Total distributable earnings | 46,814,982 |
Total net assets | $892,087,315 |
Computation of net asset value per share | |
Net assets | $ 892,087,315 |
Share outstanding 1 | 71,252,547 |
Net asset value per share | $12.52 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 13,564,034 |
Income from affiliated securities | 406 |
Total investment income | 13,564,440 |
Expenses | |
Custody and accounting fees | 25,707 |
Professional fees | 3,494 |
Registration fees | 21,075 |
Shareholder report expenses | 9,478 |
Trustees’ fees and expenses | 6,004 |
Other fees and expenses | 11,177 |
Total expenses | 76,935 |
Less: Fee waivers and/or expense reimbursements | (76,935) |
Net expenses | 0 |
Net investment income | 13,564,440 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 645,299 |
Affiliated securities | 151 |
Net realized gains on investments | 645,450 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 3,095,616 |
Affiliated securities | (151) |
Net change in unrealized gains (losses) on investments | 3,095,465 |
Net realized and unrealized gains (losses) on investments | 3,740,915 |
Net increase in net assets resulting from operations | $17,305,355 |
Six months ended June 30, 2021 (unaudited) | Year ended December 31, 2020 | |||
Operations | ||||
Net investment income | $ 13,564,440 | $ 27,497,799 | ||
Net realized gains (losses) on investments | 645,450 | (11,278,510) | ||
Net change in unrealized gains (losses) on investments | 3,095,465 | 17,323,778 | ||
Net increase in net assets resulting from operations | 17,305,355 | 33,543,067 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | (13,572,951) | (27,496,579) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | 8,805,467 | 109,854,392 | 21,307,732 | 260,380,117 |
Payment for shares redeemed | (7,226,234) | (90,070,863) | (21,056,988) | (255,957,315) |
Net increase in net assets resulting from capital share transactions | 19,783,529 | 4,422,802 | ||
Total increase in net assets | 23,515,933 | 10,469,290 | ||
Net assets | ||||
Beginning of period | 868,571,382 | 858,102,092 | ||
End of period | $892,087,315 | $ 868,571,382 |
Year ended December 31 | ||||||
Six months ended June 30, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value, beginning of period | $12.47 | $12.36 | $11.79 | $11.91 | $11.51 | $11.96 |
Net investment income | 0.19 | 0.40 | 0.41 | 0.43 | 0.40 | 0.37 |
Net realized and unrealized gains (losses) on investments | 0.05 | 0.11 | 0.57 | (0.13) | 0.40 | (0.45) |
Total from investment operations | 0.24 | 0.51 | 0.98 | 0.30 | 0.80 | (0.08) |
Distributions to shareholders from | ||||||
Net investment income | (0.19) | (0.40) | (0.41) | (0.42) | (0.40) | (0.37) |
Net asset value, end of period | $12.52 | $12.47 | $12.36 | $11.79 | $11.91 | $11.51 |
Total return1 | 1.99% | 4.19% | 8.42% | 2.63% | 7.02% | (0.75)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.02% | 0.03% | 0.02% | 0.03% | 0.04% | 0.04% |
Net expenses | 0.00% 2 | 0.00% 2 | 0.00% 2 | 0.00% 2 | 0.00% 2 | 0.00% 2 |
Net investment income | 3.16% | 3.23% | 3.37% | 3.62% | 3.39% | 3.05% |
Supplemental data | ||||||
Portfolio turnover rate | 4% | 19% | 7% | 28% | 19% | 15% |
Net assets, end of period (000s omitted) | $892,087 | $868,571 | $858,102 | $656,446 | $618,341 | $539,047 |
1 | Returns for periods of less than one year are not annualized. |
2 | The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for service provided the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and others expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
Gross unrealized gains | $64,542,608 |
Gross unrealized losses | (2,302,216) |
Net unrealized gains | $62,240,392 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $ 0 | $ 865,509,839 | $0 | $ 865,509,839 |
Short-term investments | ||||
Investment companies | 21,547,611 | 0 | 0 | 21,547,611 |
Total assets | $21,547,611 | $865,509,839 | $0 | $887,057,450 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Fund. |
■ | Impact of the Transaction on the Fund and its Shareholders: (i) information regarding anticipated benefits to the Fund as a result of the Transaction; (ii) a commitment that the Fund would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Fund in a manner consistent with the Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Fund as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g203134img19f4d97f1.jpg)
Attn: Management Account Services
P.O. Box 1450
Milwaukee, WI 53201
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g203134img39d35c114.jpg)
SCBM/SAR130 06-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g178484img3e6ba9531.jpg)
■ | Wells Fargo Managed Account CoreBuilder® Shares – Series SM |
2 | |
4 | |
5 | |
Financial statements | |
10 | |
11 | |
12 | |
13 | |
14 | |
18 | |
Board considerations | |
22 | |
25 | |
29 |
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti |
Average annual total returns (%) as of June 30, 2021 | |||||
Expense ratios (%) | |||||
Inception date | Since inception | Gross | Net 1 | ||
Wells Fargo Managed Account CoreBuilder Shares - Series SM (WFCSX) | 5-26-2021 | 0.05 | 0.00 | 0.00 | |
Bloomberg Barclays Municipal Bond Index2 | – | 0.29 * | – | – |
* | Based on the Fund's inception date. |
1 | Generally, no ordinary fees or expenses are charged to the Fund. Wells Fargo Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
2 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g178484img286a418c2.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g178484imgeb32ae383.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2021 | Ending account value 6-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,034.17 | $0.00* | 0.00%* |
Hypothetical (5% return before expenses) | $1,000.00 | $1,004.79 | $0.00* | 0.00%* |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 114.33% | |||||
Arizona: 2.36% | |||||
Health revenue: 2.36% | |||||
Maricopa County AZ IDA HonorHealth Project Series A | 4.00% | 9-1-2051 | $ 500,000 | $ 590,489 | |
California: 4.60% | |||||
Transportation revenue: 4.60% | |||||
Bay Area Toll Authority Series E-1 (Bank of Tokyo-Mitsubishi LOC) ø## | 0.01 | 4-1-2045 | 1,150,000 | 1,150,000 | |
Connecticut: 0.62% | |||||
Education revenue: 0.62% | |||||
Connecticut HEFA Trinity College Series S %% | 5.00 | 6-1-2029 | 120,000 | 156,126 | |
Delaware: 4.60% | |||||
Education revenue: 4.60% | |||||
University of Delaware (TD Bank NA SPA) ø | 0.01 | 11-1-2035 | 1,150,000 | 1,150,000 | |
District of Columbia: 4.74% | |||||
Water & sewer revenue: 4.74% | |||||
District of Columbia Water & Sewer Authority Subordinated Lien Bond Series A | 4.00 | 10-1-2049 | 1,000,000 | 1,186,044 | |
Florida: 0.53% | |||||
Education revenue: 0.53% | |||||
Florida Development Finance Corporation Global Outreach Charter Project 144A | 4.00 | 6-30-2056 | 125,000 | 133,402 | |
Georgia: 1.02% | |||||
Education revenue: 1.02% | |||||
Georgia Private College & University Authority Mercer University Project %% | 5.00 | 10-1-2028 | 200,000 | 255,039 | |
Illinois: 12.43% | |||||
Education revenue: 4.60% | |||||
Illinois Finance Authority Bradley University Series B (PNC Bank NA LOC) ø## | 0.03 | 4-1-2038 | 1,150,000 | 1,150,000 | |
Health revenue: 4.60% | |||||
Illinois Finance Authority Elmhurst Memorial Healthcare Series D (Bank of America NA LOC) ø## | 0.03 | 1-1-2048 | 1,150,000 | 1,150,000 | |
Miscellaneous revenue: 3.23% | |||||
Chicago IL Transit Authority Federal Transit Administration Capital Grant Receipts | 5.00 | 6-1-2029 | 625,000 | 808,217 | |
3,108,217 | |||||
Indiana: 5.00% | |||||
Education revenue: 5.00% | |||||
Purdue Univserity Student Facilities System Series A ø | 0.02 | 7-1-2033 | 1,250,000 | 1,250,000 |
Interest rate | Maturity date | Principal | Value | ||
Kentucky: 1.18% | |||||
Health revenue: 1.18% | |||||
Hazard KY Appalachian Regional Healthcare | 4.00% | 7-1-2051 | $ 250,000 | $ 294,923 | |
Louisiana: 2.72% | |||||
Education revenue: 2.72% | |||||
Louisiana Public Facilities Authority Refunding Bonds Loyola University Project %% | 4.00 | 10-1-2051 | 575,000 | 678,758 | |
Maryland: 1.15% | |||||
Education revenue: 1.15% | |||||
Prince Georges County MD Chesapeake Lighthouse Charter 144A | 6.50 | 8-1-2035 | 250,000 | 286,367 | |
Massachusetts: 1.63% | |||||
Education revenue: 1.63% | |||||
Massachusetts Development Finance Authority Boston College Project Series V | 5.00 | 7-1-2055 | 250,000 | 407,188 | |
Michigan: 9.39% | |||||
Education revenue: 5.00% | |||||
University of Michigan Series D-2 ø | 0.02 | 12-1-2029 | 1,250,000 | 1,250,000 | |
GO revenue: 4.39% | |||||
Redford MI Union School District Series 1 (Qualified School Board Loan Fund Insured) | 5.00 | 11-1-2029 | 845,000 | 1,097,717 | |
2,347,717 | |||||
New Hampshire: 2.55% | |||||
Health revenue: 2.55% | |||||
New Hampshire HEFA Concord Hospital Project Series A %% | 5.00 | 10-1-2028 | 500,000 | 638,055 | |
New Jersey: 4.26% | |||||
Miscellaneous revenue: 3.59% | |||||
New Jersey EDA School Facilities Construction Series Q | 4.00 | 6-15-2034 | 750,000 | 897,216 | |
Transportation revenue: 0.67% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2032 | 215,000 | 168,709 | |
1,065,925 | |||||
New York: 15.97% | |||||
Education revenue: 4.21% | |||||
Build New York City Resource Corporation Academic Leadership Charter Project | 4.00 | 6-15-2036 | 400,000 | 459,194 | |
Build New York City Resource Corporation New World Preparatory Charter School Project | 4.00 | 6-15-2031 | 300,000 | 336,418 | |
Saint Lawrence County NY IDA Civic Development Corporation Clarkson University Project Series A | 5.00 | 9-1-2040 | 100,000 | 128,964 | |
Saint Lawrence County NY IDA Civic Development Corporation Clarkson University Project Series A | 5.00 | 9-1-2041 | 100,000 | 128,618 | |
1,053,194 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 4.60% | |||||
Triborough Bridge & Tunnel Authority Subordinated Bonds Series B-2 (State Street Bank & Trust Company LOC) ø | 0.03% | 1-1-2032 | $1,150,000 | $ 1,150,000 | |
Water & sewer revenue: 7.16% | |||||
Buffalo NY Sewer Authority Green Bonds (BAM Insured) | 5.00 | 6-15-2031 | 175,000 | 221,620 | |
New York City NY Municipal Water Finance Authority Series 2021 | 5.00 | 6-15-2051 | 1,000,000 | 1,295,962 | |
Western Nassau County NY Water Authority Series A Green Bonds | 4.00 | 4-1-2041 | 225,000 | 273,292 | |
1,790,874 | |||||
3,994,068 | |||||
North Carolina: 4.80% | |||||
Health revenue: 4.80% | |||||
Charlotte Mecklenburg Hospital Authority Atrium Health Series G (JPMorgan Chase & Company SPA) ø | 0.03 | 1-15-2048 | 1,200,000 | 1,200,000 | |
Ohio: 9.52% | |||||
Education revenue: 4.72% | |||||
The Ohio State University Series B-1 ø | 0.03 | 12-1-2039 | 1,180,000 | 1,180,000 | |
Health revenue: 4.80% | |||||
Allen County OH Catholic Healthcare Series C (Bank of Montreal LOC) ø | 0.02 | 6-1-2034 | 1,200,000 | 1,200,000 | |
2,380,000 | |||||
Pennsylvania: 8.30% | |||||
Education revenue: 2.37% | |||||
Montgomery County PA IDA Germantown Academy Project %% | 4.00 | 10-1-2046 | 400,000 | 475,499 | |
Pennsylvania Higher Educational Facilities Authority Widener University Series A %% | 4.00 | 7-15-2046 | 100,000 | 117,674 | |
593,173 | |||||
Health revenue: 2.00% | |||||
Montgomery County PA Higher Education & Health Authority Series 2018D ø | 0.12 | 9-1-2050 | 500,000 | 500,000 | |
Transportation revenue: 3.93% | |||||
Pennsylvania Trunpike Commission Subordinated Bonds | 5.00 | 6-1-2028 | 275,000 | 326,136 | |
Pennsylvania Trunpike Commission Subordinated Bonds Series B-1 | 5.00 | 6-1-2030 | 535,000 | 656,321 | |
982,457 | |||||
2,075,630 | |||||
Rhode Island: 3.08% | |||||
Education revenue: 3.08% | |||||
Rhode Island HEFA Building Corporation Providence College Project Series A | 4.00 | 11-1-2050 | 645,000 | 769,638 |
Interest rate | Maturity date | Principal | Value | ||
South Carolina: 1.00% | |||||
Health revenue: 1.00% | |||||
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø | 0.12% | 5-1-2048 | $ 250,000 | $ 250,000 | |
Tennessee: 2.60% | |||||
Health revenue: 2.60% | |||||
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (AGM Insured, U.S. Bank NA SPA) ø | 0.02 | 6-1-2042 | 650,000 | 650,000 | |
Texas: 5.68% | |||||
Education revenue: 4.72% | |||||
Waco TX Education Finance Corporation Baylor University Project %% | 4.00 | 3-1-2046 | 1,000,000 | 1,181,598 | |
Water & sewer revenue: 0.96% | |||||
Upper Trinity Regional Water District Regional Treated Water Supply Project (BAM Insured) | 4.00 | 8-1-2038 | 200,000 | 239,677 | |
1,421,275 | |||||
Utah: 4.60% | |||||
Health revenue: 4.60% | |||||
Utah County UT IHC Health Services Series B (U.S. Bank NA SPA) ø | 0.03 | 5-15-2035 | 1,150,000 | 1,150,000 | |
Total Municipal obligations (Cost $28,591,147) | 28,588,861 |
Yield | Shares | ||||
Short-term investments: 0.52% | |||||
Investment companies: 0.52% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞ | 0.01 | 129,483 | 129,522 | ||
Total Short-term investments (Cost $129,522) | 129,522 | ||||
Total investments in securities (Cost $28,720,669) | 114.85% | 28,718,383 | |||
Other assets and liabilities, net | (14.85) | (3,713,423) | |||
Total net assets | 100.00% | $25,004,960 |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
EDA | Economic Development Authority |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
IDA | Industrial Development Authority |
LOC | Letter of credit |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class | $0 | $29,530,857 | $(29,401,335) | $0 | $0 | $129,522 | 0.52% | 129,483 | $6 |
Assets | |
Investments in unaffiliated securities, at value (cost $28,591,147) | $ 28,588,861 |
Investments in affiliated securites, at value (cost $129,522) | 129,522 |
Receivable for interest | 37,736 |
Receivable from manager | 123 |
Total assets | 28,756,242 |
Liabilities | |
Payable for when-issued transactions | 3,501,259 |
Payable for investments purchased | 241,482 |
Dividends payable | 8,541 |
Total liabilities | 3,751,282 |
Total net assets | $25,004,960 |
Net assets consist of | |
Paid-in capital | $ 25,000,000 |
Total distributable earnings | 4,960 |
Total net assets | $25,004,960 |
Computation of net asset value | |
Net assets | $ 25,004,960 |
Share outstanding 1 | 1,250,000 |
Net asset value per share | $20.00 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 9,994 |
Income from affiliated securities | 6 |
Total investment income | 10,000 |
Expenses | |
Professional fees | 3,600 |
Registration fees | 36,324 |
Shareholder report expenses | 4,816 |
Other fees and expenses | 186 |
Total expenses | 44,926 |
Less: Fee waivers and/or expense reimbursements | (44,926) |
Net expenses | 0 |
Net investment income | 10,000 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 6,473 |
Net change in unrealized gains (losses) on investments | (2,286) |
Net realized and unrealized gains (losses) on investments | 4,187 |
Net increase in net assets resulting from operations | $ 14,187 |
1 | For the period from May 26, 2021 (commencement of operations) to June 30, 2021 |
Period ended June 30, 20211 (unaudited) | ||
Operations | ||
Net investment income | $ 10,000 | |
Net realized gains on investments | 6,473 | |
Net change in unrealized gains (losses) on investments | (2,286) | |
Net increase in net assets resulting from operations | 14,187 | |
Distributions to shareholders from | ||
Net investment income and net realized gains | (9,227) | |
Capital share transactions | Shares | |
Proceeds from shares sold | 1,250,000 | 25,000,000 |
Total increase in net assets | 25,004,960 | |
Net assets | ||
Beginning of period | 0 | |
End of period | $25,004,960 |
1 | For the period from May 26, 2021 (commencement of operations) to June 30, 2021 |
Period ended June 30, 20211 (unaudited) | |
Net asset value, beginning of period | $20.00 |
Net investment income | 0.20 |
Net realized and unrealized gains (losses) on investments | 0.00 2 |
Total from investment operations | 0.20 |
Distributions to shareholders from | |
Net investment income | (0.20) |
Net asset value, end of period | $20.00 |
Total return3 | 0.05% |
Ratios to average net assets (annualized) | |
Gross expenses | 1.87% |
Net expenses4 | 0.00% |
Net investment income | 0.41% |
Supplemental data | |
Portfolio turnover rate | 2% |
Net assets, end of period (000s omitted) | $25,005 |
1 | For the period from May 26, 2021 (commencement of operations) to June 30, 2021 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for service provided the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and others expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
Gross unrealized gains | $ 26,652 |
Gross unrealized losses | (28,938) |
Net unrealized losses | $ (2,286) |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $ 0 | $ 28,588,861 | $0 | $ 28,588,861 |
Short-term investments | ||||
Investment companies | 129,522 | 0 | 0 | 129,522 |
Total assets | $129,522 | $28,588,861 | $0 | $28,718,383 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will |
continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. | |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with the Funds’ current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g178484img3e6ba9531.jpg)
Attn: Management Account Services
P.O. Box 1450
Milwaukee, WI 53201
![](https://capedge.com/proxy/N-CSRS/0001193125-21-262206/g178484img5383ac794.jpg)
SCBSM/SAR131 06-21
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for each series of Wells Fargo Funds Trust 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 that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust | ||
By: | ||
/s/ Andrew Owen | ||
Andrew Owen | ||
President | ||
Date: | August 27, 2021 |
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 date indicated.
Wells Fargo Funds Trust | ||
By: | ||
/s/ Andrew Owen | ||
Andrew Owen | ||
President | ||
Date: | August 27, 2021 | |
By: | ||
/s/ Jeremy DePalma | ||
Jeremy DePalma | ||
Treasurer | ||
Date: | August 27, 2021 |