UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
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: June 30
Registrant is making a filing for 13 of its series:
Wells Fargo Alternative Risk Premia Fund, Wells Fargo California Limited-Term Tax-Free Fund, Wells Fargo California Tax-Free Fund, Wells Fargo High Yield Municipal Bond Fund, Wells Fargo Intermediate Tax/AMT-Free Fund, Wells Fargo Minnesota Tax-Free Fund, Wells Fargo Municipal Bond Fund, Wells Fargo Municipal Sustainability Fund, Wells Fargo Pennsylvania Tax-Free Fund, Wells Fargo Short-Term Municipal Bond Fund, Wells Fargo Strategic Municipal Bond Fund, Wells Fargo Ultra Short-Term Municipal Income Fund, and Wells Fargo Wisconsin Tax-Free Fund.
Date of reporting period: June 30, 2021
ITEM 1. REPORT TO STOCKHOLDERS
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Limited-Term Tax-Free Fund
2 | |
6 | |
10 | |
11 | |
Financial statements | |
26 | |
27 | |
28 | |
29 | |
33 | |
38 | |
39 | |
Board considerations | |
43 | |
47 | |
53 |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Terry J. Goode, Kim Nakahara*, Brandon Pae, Adrian Van Poppel |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SFCIX) | 11-18-1992 | -0.06 | 0.78 | 1.83 | 1.99 | 1.20 | 2.03 | 0.85 | 0.80 | ||
Class C (SFCCX) | 8-30-2002 | 0.23 | 0.44 | 1.27 | 1.23 | 0.44 | 1.27 | 1.60 | 1.55 | ||
Administrator Class (SCTIX) | 9-6-1996 | – | – | – | 2.21 | 1.41 | 2.25 | 0.79 | 0.60 | ||
Institutional Class (SFCNX)3 | 10-31-2014 | – | – | – | 2.31 | 1.51 | 2.31 | 0.52 | 0.50 | ||
Bloomberg Barclays Municipal 1-5 Year Blend Index4 | – | – | – | – | 1.57 | 1.91 | 1.92 | – | – | ||
Bloomberg Barclays California Municipal 1-5 Year Blend Index5 | – | – | – | – | 1.01 | 1.65 | 1.82 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.80% for Class A, 1.55% for Class C, 0.60% for Administrator Class, and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | The Bloomberg Barclays Municipal 1–5 Year Blend Index is the 1–5 Year component of the Bloomberg Barclays Municipal Bond Index. 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. |
5 | The Bloomberg Barclays California Municipal 1-5 Year Blend Index is the 1-5 Year component of the Bloomberg Barclays California Municipal Bond Index. You cannot invest directly in an index. |
* | Ms. Nakahara became a portfolio manager of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g118017img7c28b7244.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal 1-5 Year Blend Index and Bloomberg Barclays California Municipal 1-5 Year Blend Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%. |
■ | The Fund (Class A, excluding sales charge) outperformed both of its benchmarks, the Bloomberg Barclays Municipal 1–5 Year Blend Index and the Bloomberg Barclays California Municipal 1–5 Year Blend Index, during the 12-month period that ended June 30, 2021. |
■ | The primary drivers of relative performance were the Fund’s credit profile and duration positioning, followed by sector allocation. |
■ | Among the highest-quality segment, the Fund’s yield-curve positioning was a detractor. We maintained an overweight in the 10-year maturity range where benchmark yield increases were largest during the year. |
Credit quality as of June 30, 20211 |
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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-CSR/0001193125-21-262222/g118017img22a29b6d6.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 | |
Class A | ||||
Actual | $1,000.00 | $1,003.93 | $3.97 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.83 | $4.01 | 0.80% |
Class C | ||||
Actual | $1,000.00 | $1,000.20 | $7.69 | 1.55% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.11 | $7.75 | 1.55% |
Administrator Class | ||||
Actual | $1,000.00 | $1,005.81 | $2.98 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,005.36 | $2.49 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.19% | |||||
California: 0.19% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (10 shares) 0.33% 144Aø | $ 1,000,000 | $ 1,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $1,000,000) | 1,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 96.63% | |||||
California: 90.74% | |||||
Airport revenue: 8.33% | |||||
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00% | 12-31-2023 | 1,100,000 | 1,223,323 | |
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00 | 6-30-2024 | 955,000 | 1,081,731 | |
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00 | 12-31-2024 | 750,000 | 864,412 | |
Los Angeles CA Department of Airports AMT Series B | 5.00 | 5-15-2024 | 5,000,000 | 5,656,256 | |
Los Angeles CA Department of Airports AMT Series B | 5.00 | 5-15-2025 | 6,000,000 | 7,018,111 | |
Los Angeles CA Department of Airports AMT Series B | 5.00 | 5-15-2026 | 2,500,000 | 3,017,074 | |
Los Angeles CA Department of Airports AMT Subordinate Bond Series C | 5.00 | 5-15-2024 | 4,315,000 | 4,881,349 | |
Palm Springs CA Airport Passenger Facility Charge Revenue Palm Springs International Airport (BAM Insured) | 5.00 | 6-1-2027 | 1,205,000 | 1,396,299 | |
Port of Oakland Revenue Refunding Bond AMT Senior Lien Series P | 5.00 | 5-1-2026 | 1,000,000 | 1,039,811 | |
Port of Oakland Revenue Refunding Bond Intermediate Lien Series E | 5.00 | 11-1-2023 | 200,000 | 221,113 | |
Sacramento County CA Airport System Subordinate Refunding Bond AMT Series F | 5.00 | 7-1-2021 | 2,585,000 | 2,585,000 | |
Sacramento County CA Airport System Subordinate Refunding Bond AMT Series F | 5.00 | 7-1-2022 | 2,590,000 | 2,710,871 | |
Sacramento County CA Airport System Subordinate Refunding Bond AMT Series F | 5.00 | 7-1-2023 | 2,585,000 | 2,823,540 | |
Sacramento County CA Airport System Subordinate Refunding Bond AMT Series F | 5.00 | 7-1-2024 | 1,760,000 | 1,997,701 | |
San Diego County CA Regional Airport Authority Airport Revenue Refunding Bond AMT Subordinated Series C | 5.00 | 7-1-2027 | 750,000 | 927,902 | |
San Diego County CA Regional Airport Authority Airport Revenue Refunding Bond AMT Subordinated Series C | 5.00 | 7-1-2028 | 1,000,000 | 1,271,784 | |
San Diego County CA Regional Airport Authority Airport Revenue Refunding Bond AMT Subordinated Series C | 5.00 | 7-1-2029 | 1,000,000 | 1,285,556 | |
San Francisco CA City and County Refunding Bond AMT Second Series A | 5.00 | 5-1-2025 | 740,000 | 769,149 | |
San Francisco CA City and County Refunding Bond AMT Second Series A | 5.00 | 5-1-2030 | 3,850,000 | 3,994,405 | |
San Francisco CA City and County Refunding Bond AMT Second Series A | 5.50 | 5-1-2028 | 250,000 | 272,640 | |
45,038,027 | |||||
Education revenue: 5.52% | |||||
California CDA Revenue Bond California Baptist University Series A 144A | 3.00 | 11-1-2022 | 895,000 | 912,639 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
California CDA Revenue Bond California Baptist University Series A | 5.13% | 11-1-2023 | $ 440,000 | $ 466,495 | |
California CDA School Facilities | 5.88 | 7-1-2022 | 645,000 | 645,000 | |
California Educational Facilities Authority Revenue Loma Linda University Series A | 5.00 | 4-1-2024 | 550,000 | 619,973 | |
California Educational Facilities Authority Revenue Loma Linda University Series A | 5.00 | 4-1-2026 | 325,000 | 392,149 | |
California Municipal Finance Authority California Baptist University Series A 144A | 4.00 | 11-1-2021 | 195,000 | 197,211 | |
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 6.00 | 8-1-2023 | 305,000 | 323,391 | |
California Municipal Finance Authority Charter School Revenue Palmdale Aerospace Academy Project Series A 144A | 3.88 | 7-1-2028 | 1,535,000 | 1,659,854 | |
California Municipal Finance Authority Revenue Anticipation Notes Highlands Community 144A | 4.00 | 11-15-2021 | 1,650,000 | 1,650,895 | |
California Municipal Finance Authority Revenue Refunding Bond Biola University | 5.00 | 10-1-2027 | 790,000 | 974,197 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2021 | 250,000 | 252,832 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2022 | 250,000 | 264,229 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2023 | 225,000 | 247,044 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2024 | 275,000 | 312,352 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2025 | 275,000 | 321,826 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2026 | 300,000 | 361,049 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A %% | 5.00 | 11-1-2024 | 600,000 | 681,846 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A %% | 5.00 | 11-1-2025 | 600,000 | 702,936 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A %% | 5.00 | 11-1-2026 | 625,000 | 752,843 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A %% | 5.00 | 11-1-2027 | 650,000 | 800,175 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A %% | 5.00 | 11-1-2028 | 700,000 | 877,877 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A %% | 5.00 | 11-1-2029 | 470,000 | 600,286 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A %% | 5.00 | 11-1-2030 | 500,000 | 647,786 | |
California School Finance Authority Bright Star School Obligation Group 144A | 5.00 | 6-1-2027 | 1,415,000 | 1,555,471 | |
California School Finance Authority Charter School Revenue Classical Academies Vista Project 144A | 3.00 | 10-1-2031 | 375,000 | 405,209 | |
California School Finance Authority Charter School Revenue Santa Clarita Valley International School Project 144A%% | 4.00 | 6-1-2031 | 260,000 | 289,409 | |
California School Finance Authority Classical Academies Project Series A 144A | 3.25 | 10-1-2022 | 1,320,000 | 1,338,981 | |
California School Finance Authority Coastal Academy Project Series A 144A | 5.00 | 10-1-2022 | 140,000 | 143,714 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
California School Finance Authority Rocketship Education Series A 144A | 5.00% | 6-1-2026 | $ 500,000 | $ 547,966 | |
University of California Series AK | 5.00 | 5-15-2048 | 10,000,000 | 10,904,309 | |
29,849,944 | |||||
GO revenue: 23.02% | |||||
Bassett CA Unified School District Refunding Bond Series B (BAM Insured) | 5.00 | 8-1-2021 | 550,000 | 552,171 | |
Bassett CA Unified School District Refunding Bond Series B (BAM Insured) | 5.00 | 8-1-2023 | 725,000 | 793,755 | |
California Refunding Bond Various Purpose | 5.00 | 11-1-2022 | 2,500,000 | 2,661,713 | |
California Refunding Bond Various Purpose | 5.00 | 10-1-2023 | 8,400,000 | 9,306,860 | |
California Refunding Bond Various Purpose | 5.00 | 8-1-2025 | 3,500,000 | 4,150,192 | |
California Refunding Bond Various Purpose %% | 5.00 | 9-1-2031 | 1,500,000 | 2,040,640 | |
California Refunding Bond Various Purpose Bidding Group C (BAM Insured) | 5.00 | 9-1-2027 | 8,500,000 | 10,428,627 | |
California Series B | 5.00 | 9-1-2023 | 10,730,000 | 11,847,567 | |
California Series E (SIFMA Municipal Swap Index +0.43%) ± | 0.46 | 12-1-2029 | 3,050,000 | 3,058,036 | |
California Various Purpose | 5.00 | 10-1-2021 | 6,795,000 | 6,877,466 | |
California Various Purpose | 5.25 | 10-1-2022 | 2,750,000 | 2,925,433 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2031 | 300,000 | 349,073 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2032 | 350,000 | 403,436 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2034 | 300,000 | 340,453 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2035 | 250,000 | 282,461 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2036 | 350,000 | 393,311 | |
Central California Unified School District Refunding Bond (AGM Insured) | 5.00 | 7-1-2021 | 400,000 | 400,000 | |
Central California Unified School District Refunding Bond (AGM Insured) | 5.00 | 7-1-2022 | 750,000 | 785,774 | |
Coachella Valley CA Unified School District (BAM Insured) | 4.00 | 8-1-2021 | 2,230,000 | 2,236,730 | |
Coachella Valley CA Unified School District (BAM Insured) | 4.00 | 8-1-2022 | 1,000,000 | 1,040,410 | |
Dixon CA Unified School District (AGM Insured) | 5.00 | 8-1-2021 | 1,210,000 | 1,214,775 | |
Dixon CA Unified School District (AGM Insured) | 5.00 | 8-1-2022 | 1,285,000 | 1,352,945 | |
El Cerrito CA Tax and Revenue Anticipation Notes | 3.00 | 7-1-2021 | 1,000,000 | 1,000,000 | |
El Monte CA City School District CAB BAN ¤ | 0.00 | 4-1-2023 | 2,000,000 | 1,984,046 | |
Hayward CA Unified School District Certificate of Participation (AGM Insured) | 5.00 | 8-1-2022 | 500,000 | 526,382 | |
Hayward CA Unified School District Certificate of Participation (AGM Insured) | 5.00 | 8-1-2023 | 805,000 | 883,639 | |
Huntington Beach CA City School District Election of 2002 | 4.00 | 8-1-2021 | 505,000 | 506,586 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 4.00 | 8-1-2021 | 320,000 | 320,976 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 4.00 | 8-1-2022 | 200,000 | 208,193 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2023 | 195,000 | 213,964 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2024 | 150,000 | 170,917 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2025 | 170,000 | 200,144 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2026 | 235,000 | 284,708 | |
Kern CA Community College District CAB BAN ¤ | 0.00 | 8-1-2023 | 2,000,000 | 1,983,558 | |
La Habra CA School District Refunding Bond | 5.00 | 8-1-2021 | 805,000 | 808,177 | |
Long Beach CA Harbor Revenue AMT Series C | 5.00 | 5-15-2027 | 500,000 | 579,845 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Los Angeles CA Unified School District Refunding Bond Series D | 5.00% | 7-1-2023 | $ 6,180,000 | $ 6,775,036 | |
Los Angeles CA Unified School District Series C | 4.00 | 7-1-2032 | 1,000,000 | 1,239,126 | |
Mount San Antonio Community College District CAB ¤ | 0.00 | 4-1-2022 | 10,000,000 | 9,986,565 | |
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA RDA | 5.00 | 7-1-2021 | 950,000 | 950,000 | |
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA RDA | 5.00 | 7-1-2022 | 750,000 | 785,310 | |
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA RDA | 5.00 | 7-1-2023 | 755,000 | 822,609 | |
Oakland CA Unified School District Alameda County Election of 2012 Series A | 5.00 | 8-1-2022 | 750,000 | 788,479 | |
Oakland CA Unified School District Alameda County Election of 2012 Series A | 5.00 | 8-1-2024 | 600,000 | 683,471 | |
Oakland CA Unified School District Refunding Bond | 5.00 | 8-1-2025 | 1,540,000 | 1,815,116 | |
Oakland CA Unified School District Refunding Bond Measure B Series B | 5.00 | 8-1-2026 | 500,000 | 607,432 | |
Oakland CA Unified School District Refunding Bond Measure J Series C | 5.00 | 8-1-2025 | 795,000 | 937,024 | |
Palomar Pomerado Health CAB Electric Series A (NPFGC Insured) ¤ | 0.00 | 8-1-2025 | 1,000,000 | 960,697 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series E | 5.00 | 8-1-2029 | 1,500,000 | 1,839,445 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series G (AGM Insured) %% | 4.00 | 8-1-2030 | 150,000 | 183,800 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series G (AGM Insured) %% | 4.00 | 8-1-2031 | 200,000 | 243,807 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series G (AGM Insured) %% | 4.00 | 8-1-2032 | 200,000 | 242,545 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series G (AGM Insured) %% | 4.00 | 8-1-2033 | 200,000 | 241,590 | |
Sacramento CA City Unified School Refunding Bond | 5.00 | 7-1-2022 | 485,000 | 507,584 | |
Sacramento CA City Unified School Refunding Bond | 5.00 | 7-1-2026 | 2,430,000 | 2,438,505 | |
San Bernardino CA City Unified School District Refunding Bond Series A (AGM Insured) | 1.25 | 8-1-2029 | 435,000 | 434,418 | |
San Bernardino CA City Unified School District Refunding Bond Series A (AGM Insured) | 4.00 | 8-1-2029 | 1,000,000 | 1,229,926 | |
San Bernardino CA City Unified School District Refunding Bond Series A (AGM Insured) | 4.00 | 8-1-2031 | 875,000 | 1,084,638 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 4.00 | 8-1-2027 | 1,090,000 | 1,262,570 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 4.00 | 8-1-2030 | 580,000 | 693,404 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 5.00 | 8-1-2021 | 275,000 | 275,951 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 5.00 | 8-1-2022 | 500,000 | 523,142 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 5.00 | 8-1-2023 | 1,000,000 | 1,086,761 | |
Sierra Kings CA Health Care Refunding Bond | 4.00 | 8-1-2021 | 345,000 | 345,973 | |
Sierra Kings CA Health Care Refunding Bond | 4.00 | 8-1-2022 | 425,000 | 440,808 | |
Sierra Kings CA Health Care Refunding Bond | 4.00 | 8-1-2023 | 405,000 | 433,539 | |
Sierra Kings CA Health Care Refunding Bond | 4.00 | 8-1-2024 | 420,000 | 461,656 | |
Soledad CA Unified School District Premium CAB Refunding Bond BAN ¤ | 0.00 | 8-1-2021 | 3,000,000 | 2,999,517 | |
SouthWestern Community College District Refunding Bond | 5.00 | 8-1-2021 | 2,710,000 | 2,720,695 | |
Sweetwater CA Union High School District PFA Refunding Bond (BAM Insured) | 5.00 | 8-1-2021 | 620,000 | 622,314 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Vacaville CA Unified School District Series C (BAM Insured) | 5.00% | 8-1-2022 | $ 675,000 | $ 710,691 | |
Vallejo City CA Unified School District Refunding Bond Series A (NPFGC Insured) | 5.90 | 2-1-2022 | 3,905,000 | 4,019,420 | |
124,506,527 | |||||
Health revenue: 9.71% | |||||
California CDA Adventist Health Systems West Series A | 5.00 | 3-1-2024 | 800,000 | 900,260 | |
California CDA Health Facilities Catholic Series F (AGM Insured) € | 0.17 | 7-1-2040 | 1,000,000 | 1,000,000 | |
California CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured) | 5.00 | 10-1-2021 | 500,000 | 505,777 | |
California CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured) | 5.00 | 10-1-2022 | 395,000 | 417,943 | |
California CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured) | 5.00 | 10-1-2023 | 500,000 | 550,052 | |
California CDA Huntington Memorial Hospital | 5.00 | 7-1-2025 | 500,000 | 587,294 | |
California CDA Huntington Memorial Hospital | 5.00 | 7-1-2026 | 500,000 | 605,145 | |
California CDA Loma Linda University Medical Center Series A 144A | 5.00 | 12-1-2026 | 250,000 | 298,672 | |
California CDA Loma Linda University Medical Center Series A 144A | 5.00 | 12-1-2027 | 300,000 | 364,098 | |
California CDA Loma Linda University Medical Center Series A 144A | 5.00 | 12-1-2028 | 250,000 | 304,307 | |
California CDA Revenue Emanate Health Series A | 5.00 | 4-1-2028 | 755,000 | 955,879 | |
California CDA Revenue Emanate Health Series A | 5.00 | 4-1-2029 | 795,000 | 1,027,394 | |
California CDA Revenue Emanate Health Series A | 5.00 | 4-1-2031 | 1,465,000 | 1,917,581 | |
California CDA Viamonte Senior Living Project Series B | 3.00 | 7-1-2025 | 3,000,000 | 3,006,035 | |
California HFFA El Camino Hospital | 5.00 | 2-1-2025 | 1,000,000 | 1,164,669 | |
California HFFA Memorial Health Services Series A | 5.00 | 10-1-2023 | 2,475,000 | 2,622,930 | |
California HFFA Revenue Common Spirit Health Series A | 5.00 | 4-1-2032 | 1,500,000 | 1,968,965 | |
California HFFA Revenue Health Series A | 5.00 | 6-1-2031 | 3,990,000 | 5,280,518 | |
California HFFA Revenue On Lok Senior Health Services Social | 3.00 | 8-1-2022 | 325,000 | 333,663 | |
California HFFA Revenue On Lok Senior Health Services Social | 3.00 | 8-1-2025 | 475,000 | 517,368 | |
California HFFA Revenue On Lok Senior Health Services Social | 3.00 | 8-1-2028 | 400,000 | 448,375 | |
California HFFA Revenue On Lok Senior Health Services Social | 3.00 | 8-1-2030 | 210,000 | 238,551 | |
California HFFA Sutter Health Series A | 5.00 | 11-15-2023 | 2,500,000 | 2,781,243 | |
California Municipal Finance Authority Community Medical Centers Series A | 5.00 | 2-1-2023 | 735,000 | 790,008 | |
California Municipal Finance Authority Community Medical Centers Series A | 5.00 | 2-1-2024 | 500,000 | 560,135 | |
California Municipal Finance Authority Revenue Community Medical Centers Series A | 5.00 | 2-1-2025 | 1,000,000 | 1,162,338 | |
California Municipal Finance Authority Revenue Refunding Bond Channing House Project Series A | 5.00 | 5-15-2023 | 925,000 | 1,009,014 | |
California Municipal Finance Authority Revenue Refunding Bond Community Medical Centers Series A | 5.00 | 2-1-2022 | 1,000,000 | 1,027,663 | |
California Municipal Finance Authority Revenue Refunding Bond Eisenhower Medical Center Series A | 5.00 | 7-1-2027 | 1,650,000 | 2,024,095 | |
California Municipal Finance Authority Revenue Refunding Bond Eisenhower Medical Center Series A | 5.00 | 7-1-2029 | 400,000 | 482,851 | |
California Municipal Finance Authority Revenue Refunding Bond Paradise Valley Estates Project Series B1 | 2.25 | 7-1-2025 | 2,200,000 | 2,201,878 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
California Municipal Finance Authority Revenue Refunding Bond Paradise Valley Estates Project Series B2 | 2.00% | 7-1-2024 | $ 2,500,000 | $ 2,502,029 | |
California Municipal Finance Authority Revenue Refunding Bond Series A 144A | 5.00 | 11-1-2029 | 1,170,000 | 1,345,568 | |
California PFA Revenue Bond Henry Mayo Newhall Hospital Series A | 4.00 | 10-15-2028 | 360,000 | 423,623 | |
California PFA Revenue Bond Henry Mayo Newhall Hospital Series B | 4.00 | 10-15-2051 | 690,000 | 839,635 | |
California PFA Senior Living Revenue Refunding Bond Enso Village Projext Series B2 144A | 2.38 | 11-15-2028 | 1,000,000 | 1,013,838 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2021 | 275,000 | 278,886 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2022 | 375,000 | 396,199 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2023 | 300,000 | 328,653 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2024 | 300,000 | 339,450 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2025 | 330,000 | 384,072 | |
San Buenaventura CA Community Mental Health System | 6.50 | 12-1-2021 | 2,585,000 | 2,650,903 | |
Sierra View CA Local Health Care District Revenue Refunding Bond | 4.00 | 7-1-2023 | 500,000 | 533,918 | |
Sierra View CA Local Health Care District Revenue Refunding Bond | 4.00 | 7-1-2025 | 580,000 | 652,980 | |
Sierra View CA Local Health Care District Revenue Refunding Bond | 5.00 | 7-1-2027 | 630,000 | 775,304 | |
Sierra View CA Local Health Care District Revenue Refunding Bond | 5.00 | 7-1-2029 | 630,000 | 808,795 | |
Washington Township CA Health Care District Refunding Bond Series A | 4.00 | 7-1-2033 | 275,000 | 316,646 | |
Washington Township CA Health Care District Refunding Bond Series A | 5.00 | 7-1-2023 | 600,000 | 650,219 | |
Washington Township CA Health Care District Refunding Bond Series A | 5.00 | 7-1-2029 | 350,000 | 436,067 | |
Washington Township CA Health Care District Refunding Bond Series A | 5.00 | 7-1-2030 | 300,000 | 378,406 | |
Washington Township CA Health Care District Refunding Bond Series A | 5.00 | 7-1-2031 | 325,000 | 407,554 | |
52,517,446 | |||||
Housing revenue: 6.20% | |||||
California CDA Lancer Educational Student Housing Project Series A 144A | 3.00 | 6-1-2029 | 750,000 | 802,715 | |
California Department of Veterans Affairs Home Purchase Series A | 3.50 | 12-1-2021 | 855,000 | 856,090 | |
California Enterprise Development Authority Student Housing Revenue Provident Group | 5.00 | 8-1-2029 | 200,000 | 256,940 | |
California Enterprise Development Authority Student Housing Revenue Provident Group | 5.00 | 8-1-2030 | 225,000 | 294,736 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 5,109,915 | 6,023,807 | |
California HFA Municipal Certificates Series 2021-1 Class A | 3.50 | 11-20-2035 | 2,989,384 | 3,499,663 | |
California Independent Cities Finance Authority Mobile Home Park Revenue Refunding Bond Union City Tropics | 4.25 | 5-15-2024 | 745,000 | 823,247 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
California Municipal Finance Authority Peppertree Senior Apartments Series A (FHLMC Insured, FHLMC LIQ) | 2.80% | 6-1-2023 | $ 2,500,000 | $ 2,618,691 | |
California Municipal Finance Authority Student Housing Davis I LLC West Village Student Housing Project | 5.00 | 5-15-2024 | 1,200,000 | 1,349,612 | |
California Municipal Finance Authority Student Housing Davis I LLC West Village Student Housing Project | 5.00 | 5-15-2025 | 3,435,000 | 3,997,865 | |
California Municipal Finance Authority Student Housing Revenue Green Bond Orchard Park Student Housing Project (BAM Insured) | 4.00 | 5-15-2032 | 700,000 | 862,500 | |
California Municipal Finance Authority Student Housing Revenue Green Bond Orchard Park Student Housing Project (BAM Insured) | 5.00 | 5-15-2029 | 400,000 | 515,409 | |
California Municipal Finance Authority Student Housing Revenue Green Bond Orchard Park Student Housing Project (BAM Insured) | 5.00 | 5-15-2030 | 450,000 | 590,718 | |
California Municipal Finance Authority Student Housing Revenue Green Bond Orchard Park Student Housing Project (BAM Insured) | 5.00 | 5-15-2031 | 400,000 | 535,522 | |
California Municipal Finance Authority Village Grove Apartments Series A (FHLMC Insured, FHLMC LIQ) | 3.10 | 12-1-2021 | 1,000,000 | 1,011,907 | |
FHLMC Multifamily Variable Rate Certificates Series M 057 Class A | 2.40 | 10-15-2029 | 5,990,000 | 6,322,452 | |
Sacramento County CA Housing Authority Multifamily Housing Revenue (FNMA Insured, FNMA LIQ) ø | 0.04 | 7-15-2029 | 445,000 | 445,000 | |
San Diego CA Housing Revenue Park & Market Apartments Series A (Bank of Tokyo-Mitsubishi LOC) ø | 0.05 | 6-1-2057 | 2,700,000 | 2,700,000 | |
33,506,874 | |||||
Industrial development revenue: 0.64% | |||||
San Francisco CA City and County Airports Commission International Airport Revenue AMT Special Facilities Lease SFO Fuel Company Series 2019A | 5.00 | 1-1-2025 | 3,000,000 | 3,462,165 | |
Miscellaneous revenue: 11.37% | |||||
Alameda County CA Joint Powers Authority Multiple Capital Projects Series A | 5.00 | 12-1-2021 | 1,000,000 | 1,020,269 | |
Brentwood CA Infrastructure Financing Authority Subordinate Bond Series B | 4.00 | 9-2-2021 | 1,135,000 | 1,142,280 | |
California CDA Community Infrastructure Program Revenue Series | 4.00 | 9-2-2028 | 260,000 | 292,654 | |
California CDA Community Infrastructure Program Revenue Series A | 4.00 | 9-2-2027 | 390,000 | 435,627 | |
California CDA Refunding Bond (AGM Insured) | 5.00 | 11-15-2021 | 200,000 | 203,619 | |
California CDA Refunding Bond (AGM Insured) | 5.00 | 11-15-2022 | 200,000 | 213,351 | |
California Community Monterey County Savers Bond (BAM Insured) | 5.00 | 8-1-2027 | 2,185,000 | 2,670,383 | |
California HFA Revenue Social Bonds Series N | 5.00 | 4-1-2029 | 630,000 | 807,150 | |
California HFA Revenue Social Bonds Series N | 5.00 | 4-1-2031 | 730,000 | 963,283 | |
California Public Works Board Department of Corrections & Rehabilitation Series C | 5.00 | 10-1-2022 | 1,500,000 | 1,590,824 | |
California Public Works Board Judicial Council Projects Series B | 5.00 | 10-1-2022 | 500,000 | 530,275 | |
California Refunding Bond Various Purpose | 5.00 | 9-1-2022 | 2,240,000 | 2,366,937 | |
Chula Vista CA Certificate of Participation Refunding Bond Police Facility Project | 5.00 | 10-1-2021 | 720,000 | 728,501 | |
Compton CA PFA Refunding Bond 144A | 4.00 | 9-1-2022 | 1,040,000 | 1,059,646 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Compton CA PFA Refunding Bond 144A | 4.00% | 9-1-2027 | $ 2,000,000 | $ 2,146,195 | |
Desert Sands CA Unified School District Certificate of Participation (BAM Insured) | 5.00 | 3-1-2024 | 1,500,000 | 1,683,717 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2028 | 500,000 | 584,556 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2030 | 550,000 | 656,894 | |
Inglewood CA Unified School District School Facilities Authority (AGM Insured) | 5.25 | 10-15-2023 | 8,670,000 | 9,379,435 | |
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2 | 5.00 | 9-2-2023 | 800,000 | 883,604 | |
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2 | 5.00 | 9-2-2024 | 850,000 | 977,033 | |
Irvine CA Limited Obligation Improvement Reassessment District | 4.00 | 9-2-2029 | 1,220,000 | 1,508,803 | |
Irvine CA Limited Obligation Improvement Reassessment District (BAM Insured) | 4.00 | 9-2-2032 | 1,000,000 | 1,262,134 | |
Irvine CA Limited Obligation Improvement Reassessment District (BAM Insured) | 4.00 | 9-2-2033 | 270,000 | 339,006 | |
Lodi CA PFA Electric Refunding Bond (AGM Insured) | 5.00 | 9-1-2024 | 1,100,000 | 1,256,772 | |
Los Angeles CA Public Works Series D | 5.00 | 12-1-2027 | 1,605,000 | 1,918,897 | |
Los Angeles CA Unified School District Certificate of Participation Headquarters Building Projects Series B | 5.00 | 10-1-2025 | 1,875,000 | 1,983,789 | |
Mountain HFA California Utility System Revenue Refunding Bond Series A | 5.00 | 12-1-2029 | 520,000 | 667,466 | |
Mountain HFA California Utility System Revenue Refunding Bond Series A | 5.00 | 12-1-2030 | 710,000 | 902,544 | |
Mountain HFA California Utility System Revenue Refunding Bond Series A | 5.00 | 12-1-2031 | 745,000 | 941,077 | |
Palo Alto CA Improvement Bond Act of 1915 University Area Off-Street Parking Assessment District | 4.00 | 9-2-2021 | 450,000 | 452,902 | |
Sacramento CA City Financing Refunding Bond Master Lease Program Facilities (BAM Insured) | 5.00 | 12-1-2022 | 800,000 | 855,066 | |
Sacramento CA City Schools Joint Powers Financing Authority Series A (BAM Insured) | 5.00 | 3-1-2022 | 775,000 | 800,042 | |
Sacramento CA City Schools Joint Powers Financing Authority Series A (BAM Insured) | 5.00 | 3-1-2023 | 815,000 | 877,310 | |
San Joaquin CA Area Flood Control Agency Smith Canal Area Assessment District Assessment Revenue (AGM Insured) | 5.00 | 10-1-2025 | 250,000 | 289,962 | |
San Joaquin CA Area Flood Control Agency Smith Canal Area Assessment District Assessment Revenue (AGM Insured) | 5.00 | 10-1-2027 | 350,000 | 425,477 | |
San Joaquin CA Area Flood Control Agency Smith Canal Area Assessment District Assessment Revenue (AGM Insured) | 5.00 | 10-1-2029 | 380,000 | 477,262 | |
Santa Clara County CA Financing Capital Projects Series A | 4.00 | 2-1-2024 | 6,000,000 | 6,133,049 | |
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured) | 5.00 | 8-1-2021 | 125,000 | 125,477 | |
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured) | 5.00 | 8-1-2022 | 165,000 | 173,429 | |
Sutter Butte CA Flood Agency Assessment (BAM Insured) | 5.00 | 10-1-2023 | 1,280,000 | 1,418,188 | |
Sutter Butte CA Flood Agency Assessment (BAM Insured) | 5.00 | 10-1-2024 | 715,000 | 822,574 | |
Sutter Butte CA Flood Agency Assessment (BAM Insured) | 5.00 | 10-1-2025 | 1,575,000 | 1,872,175 | |
Turlock CA PFA Water Revenue BAN | 4.00 | 3-1-2027 | 5,000,000 | 5,031,304 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Visalia CA Certificate of Participation (AGM Insured) | 4.00% | 12-1-2021 | $ 250,000 | $ 253,940 | |
Visalia CA Certificate of Participation (AGM Insured) | 5.00 | 12-1-2022 | 335,000 | 356,528 | |
61,481,406 | |||||
Resource recovery revenue: 0.21% | |||||
California Municipal Finance Authority Solid Waste Disposal Revenue Waste Management Incorporate Project Series A | 2.40 | 10-1-2044 | 1,050,000 | 1,153,448 | |
Tax revenue: 16.08% | |||||
California Community Facilities District #2015-01 | 5.00 | 9-1-2027 | 450,000 | 508,791 | |
California School Infrastructure Financing Agency Refunding Bond (AGM Insured) | 5.00 | 9-1-2021 | 500,000 | 504,014 | |
Carson CA RDA Project Area #1 Series A (AGM Insured) | 5.00 | 10-1-2021 | 855,000 | 865,095 | |
Carson CA RDA Project Area #1 Series A (AGM Insured) | 5.00 | 10-1-2022 | 600,000 | 635,628 | |
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A | 5.00 | 8-1-2021 | 2,425,000 | 2,433,589 | |
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A | 5.00 | 8-1-2022 | 2,550,000 | 2,668,876 | |
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A | 5.00 | 8-1-2023 | 1,735,000 | 1,909,459 | |
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A (AGM Insured) | 5.00 | 8-1-2024 | 1,770,000 | 2,010,984 | |
Cathedral City CA RDA Successor Agency Tax Allocation Revenue Refunding Bond Subordinated Merged Redevelopment Project Area (BAM Insured) | 4.00 | 8-1-2027 | 580,000 | 674,407 | |
Cathedral City CA RDA Successor Agency Tax Allocation Revenue Refunding Bond Subordinated Merged Redevelopment Project Area (BAM Insured) | 4.00 | 8-1-2029 | 500,000 | 594,894 | |
Cathedral City CA RDA Successor Agency Tax Allocation Revenue Refunding Bond Subordinated Merged Redevelopment Project Area (BAM Insured) | 4.00 | 8-1-2031 | 600,000 | 718,092 | |
Chino CA PFA Local Agency Series A (AGM Insured) | 5.00 | 9-1-2022 | 1,830,000 | 1,931,488 | |
Chino CA PFA Local Agency Series A (AGM Insured) | 5.00 | 9-1-2024 | 660,000 | 746,261 | |
Commerce CA RDA CAB Project #1 ¤ | 0.00 | 8-1-2021 | 290,000 | 289,930 | |
Commerce CA Successor Agency to the Community Development Commission Refunding Bond Series A (AGM Insured) | 5.00 | 8-1-2023 | 600,000 | 656,901 | |
Dinuba CA RDA Successor Agency to Merged City Project #2 (BAM Insured) | 5.00 | 9-1-2021 | 250,000 | 251,919 | |
Dinuba CA RDA Successor Agency to Merged City Project #2 (BAM Insured) | 5.00 | 9-1-2022 | 250,000 | 263,442 | |
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond | 5.00 | 8-1-2021 | 3,170,000 | 3,182,458 | |
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond | 5.00 | 8-1-2022 | 2,395,000 | 2,512,255 | |
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond | 5.00 | 8-1-2023 | 1,025,000 | 1,126,259 | |
Fontana CA Special Tax Community Facilities District Number 90 Summit | 3.00 | 9-1-2025 | 110,000 | 117,718 | |
Fontana CA Special Tax Community Facilities District Number 90 Summit | 4.00 | 9-1-2026 | 110,000 | 123,855 | |
Fontana CA Special Tax Community Facilities District Number 90 Summit | 4.00 | 9-1-2027 | 125,000 | 142,111 | |
Fontana CA Special Tax Community Facilities District Number 90 Summit | 4.00 | 9-1-2028 | 255,000 | 293,245 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Fontana CA Special Tax Community Facilities District Number 90 Summit | 4.00% | 9-1-2030 | $ 140,000 | $ 162,496 | |
Fontana CA Special Tax Community Facilities District Number 90 Summit | 4.00 | 9-1-2032 | 300,000 | 346,203 | |
Fremont CA Community Facilities District | 5.00 | 9-1-2024 | 1,000,000 | 1,138,112 | |
Garden Grove CA Agency Community Refunding Bond Garden Grove Community Project (BAM Insured) | 4.00 | 10-1-2021 | 770,000 | 777,423 | |
Garden Grove CA Agency Community Refunding Bond Garden Grove Community Project (BAM Insured) | 5.00 | 10-1-2022 | 3,015,000 | 3,188,559 | |
Hollister CA RDA Refunding Bond Hollister Community Development Project (BAM Insured) | 5.00 | 10-1-2026 | 700,000 | 799,666 | |
Inglewood CA Redevelopment Refunding Bond Subordinate Lien Merged Redevelopment Project (BAM Insured) | 5.00 | 5-1-2025 | 1,000,000 | 1,169,024 | |
Irwindale CA CDA City Industrial Development Project (AGM Insured) | 5.00 | 7-15-2021 | 340,000 | 340,590 | |
Irwindale CA CDA City Industrial Development Project (AGM Insured) | 5.00 | 7-15-2022 | 365,000 | 383,160 | |
Irwindale CA CDA City Industrial Development Project (AGM Insured) | 5.00 | 7-15-2023 | 375,000 | 411,291 | |
La Quinta CA RDA Project Areas #1 & 2 Series A | 5.00 | 9-1-2021 | 565,000 | 569,488 | |
La Quinta CA RDA Project Areas #1 & 2 Series A | 5.00 | 9-1-2022 | 615,000 | 649,522 | |
Lancaster CA RDA Refunding Bond Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2024 | 870,000 | 991,033 | |
Lancaster CA RDA Refunding Bond Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2029 | 400,000 | 481,320 | |
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project | 4.00 | 9-1-2024 | 600,000 | 666,086 | |
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project | 5.00 | 9-1-2025 | 550,000 | 649,254 | |
Menifee CA Union School District Public Series A | 4.00 | 9-1-2022 | 540,000 | 558,975 | |
Oakdale CA Successor Agency to Oakdale Community RDA Series A (AGM Insured) | 5.00 | 6-1-2027 | 350,000 | 426,750 | |
Orange County CA Community Facilities #2015-1 Esencia Village Series A | 5.00 | 8-15-2023 | 365,000 | 399,900 | |
Orange County CA Community Facilities #2015-1 Esencia Village Series A | 5.00 | 8-15-2025 | 325,000 | 382,087 | |
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured) | 5.00 | 8-1-2021 | 1,885,000 | 1,892,423 | |
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured) | 5.00 | 8-1-2022 | 1,305,000 | 1,370,494 | |
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured) | 5.00 | 8-1-2023 | 780,000 | 855,169 | |
Poway CA Unified School District PFA (BAM Insured) | 4.00 | 10-1-2021 | 185,000 | 186,783 | |
Poway CA Unified School District PFA Series B (BAM Insured) | 5.00 | 9-1-2024 | 1,115,000 | 1,280,372 | |
Poway CA Unified School District PFA Series B (BAM Insured) | 5.00 | 9-1-2025 | 775,000 | 921,903 | |
Rialto CA RDA Successor Agency to Merged Project Area | 5.00 | 9-1-2022 | 475,000 | 499,910 | |
Riverside CA PFA Local Measure Certificate of Participation Riverside Pavement Rehabilitation Project (AGM Insured) | 5.00 | 6-1-2023 | 845,000 | 923,200 | |
Roseville CA Finance Authority Special Refunding Bond Series A | 5.00 | 9-1-2023 | 400,000 | 441,661 | |
Roseville CA Finance Authority Special Refunding Bond Series A | 5.00 | 9-1-2029 | 300,000 | 373,661 | |
Roseville CA Special Tax Refunding Bond Community Facilities District | 5.00 | 9-1-2021 | 500,000 | 503,779 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Roseville CA Special Tax Refunding Bond Fiddyment Ranch Community | 5.00% | 9-1-2024 | $ 1,905,000 | $ 2,168,102 | |
Roseville CA Special Tax Refunding Bond Fiddyment Ranch Community | 5.00 | 9-1-2029 | 1,595,000 | 1,949,128 | |
Sacramento CA Transient Occupancy Tax Revenue Convention Center Complex Senior | 5.00 | 6-1-2027 | 575,000 | 701,383 | |
San Francisco CA City & County RDA Successor Agency to Community Facilities District #6 Mission Bay South Series A | 5.00 | 8-1-2025 | 1,600,000 | 1,678,825 | |
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Series A | 5.00 | 8-1-2022 | 375,000 | 393,694 | |
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Subordinate Bond Series D 144A | 3.00 | 8-1-2021 | 1,020,000 | 1,022,074 | |
San Jose CA Convention Center Expansion & Renovation Project | 5.25 | 5-1-2023 | 1,465,000 | 1,469,246 | |
San Marcos CA Unified School District Community Facilities District #5 (BAM Insured) | 5.00 | 9-1-2021 | 270,000 | 272,168 | |
San Marcos CA Unified School District Community Facilities District #5 (BAM Insured) | 5.00 | 9-1-2022 | 250,000 | 264,228 | |
San Pablo CA RDA Series B (AGM Insured) | 5.00 | 6-15-2022 | 1,865,000 | 1,947,061 | |
San Pablo CA RDA Series B (AGM Insured) | 5.00 | 6-15-2023 | 1,945,000 | 2,117,772 | |
Stockton CA RDA Refunding Bond Series A (AGM Insured) | 5.00 | 9-1-2025 | 1,675,000 | 1,979,548 | |
Successor Agency to the Morgan Hill CA RDA Series A | 5.00 | 9-1-2021 | 1,055,000 | 1,063,468 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 4.50 | 9-1-2025 | 160,000 | 178,913 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 5.00 | 9-1-2021 | 310,000 | 312,390 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 5.00 | 9-1-2022 | 300,000 | 316,311 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 5.00 | 9-1-2023 | 265,000 | 290,901 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 5.00 | 9-1-2025 | 150,000 | 170,124 | |
Successor Agency to the Riverside County CA RDA Desert Communities Project Series D | 5.00 | 10-1-2022 | 445,000 | 470,213 | |
Successor Agency to the Riverside County CA RDA Desert Communities Project Series D | 5.00 | 10-1-2023 | 470,000 | 517,718 | |
Successor Agency to the Riverside County CA RDA Project Area #1 Series A | 5.00 | 10-1-2022 | 240,000 | 253,598 | |
Successor Agency to the Riverside County CA RDA Project Area #1 Series A | 5.00 | 10-1-2023 | 460,000 | 506,702 | |
Tracy CA Community Facilities District | 4.00 | 9-1-2021 | 140,000 | 140,759 | |
Tracy CA Community Facilities District | 4.00 | 9-1-2022 | 180,000 | 186,710 | |
Tracy CA Community Facilities District | 4.00 | 9-1-2024 | 135,000 | 147,636 | |
Tracy CA Community Facilities District | 4.00 | 9-1-2025 | 155,000 | 173,213 | |
Tracy CA Community Facilities District | 5.00 | 9-1-2028 | 425,000 | 500,187 | |
Transbay Joint Powers Authority Green Subordinated Bond Tax Allocation Bond Series B | 2.40 | 10-1-2049 | 1,820,000 | 1,887,863 | |
Transbay Joint Powers Authority Green Tax Allocation Bond Senior Series A | 5.00 | 10-1-2029 | 500,000 | 652,630 | |
Transbay Joint Powers Authority Green Tax Allocation Bond Senior Series A | 5.00 | 10-1-2030 | 500,000 | 655,865 | |
Transbay Joint Powers Authority Green Tax Allocation Bond Senior Series A | 5.00 | 10-1-2031 | 400,000 | 522,666 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Tustin CA Community Facilities District #6-1 Legacy Columbus Villages Series A | 5.00% | 9-1-2025 | $ 1,000,000 | $ 1,190,009 | |
Upland CA Successor Agency to Merged Project Tax Allocation Bond (AGM Insured) | 5.00 | 9-1-2023 | 1,000,000 | 1,100,026 | |
Vacaville CA RDA Tax Allocation Subordinate Refunding Bond Redevelopment Projects | 5.00 | 9-1-2021 | 600,000 | 604,727 | |
Vacaville CA RDA Tax Allocation Subordinate Refunding Bond Redevelopment Projects | 5.00 | 9-1-2022 | 1,050,000 | 1,104,179 | |
Val Verde CA Unified School District (BAM Insured) | 4.00 | 10-1-2021 | 375,000 | 378,511 | |
Val Verde CA Unified School District (BAM Insured) | 5.00 | 10-1-2022 | 665,000 | 703,281 | |
Western Placer CA Unified School District Special Tax BAN Community Facilities | 2.00 | 6-1-2025 | 2,000,000 | 2,059,947 | |
Western Placer CA Unified School District Special Tax BAN Community Facilities | 2.00 | 6-1-2025 | 5,000,000 | 5,137,275 | |
Yuba City CA RDA Refunding Bond (AGM Insured) | 5.00 | 9-1-2025 | 750,000 | 883,989 | |
86,975,005 | |||||
Tobacco revenue: 1.41% | |||||
California County Tobacco Securitization Agency Settlement Senior Refunding Bond Series A | 5.00 | 6-1-2030 | 450,000 | 606,774 | |
California County Tobacco Securitization Agency Settlement Senior Refunding Bond Series A | 5.00 | 6-1-2031 | 550,000 | 736,899 | |
California County Tobacco Securitization Agency Settlement Senior Refunding Bond Series A | 5.00 | 6-1-2032 | 300,000 | 399,876 | |
California County Tobacco Securitization Agency Settlement Subordinate Refunding Bond Series B1 | 1.75 | 6-1-2030 | 110,000 | 111,111 | |
California County Tobacco Securitization Agency Tobacco Settlement Revenue Sonoma County Securitization | 5.00 | 6-1-2029 | 950,000 | 1,249,930 | |
California County Tobacco Securitization Agency Tobacco Settlement Revenue Sonoma County Securitization | 5.00 | 6-1-2030 | 200,000 | 268,320 | |
California County Tobacco Securitization Agency Tobacco Settlement Revenue Sonoma County Securitization | 5.00 | 6-1-2031 | 225,000 | 304,121 | |
California County Tobacco Securitization Agency Tobacco Settlement Revenue Sonoma County Securitization | 5.00 | 6-1-2032 | 250,000 | 336,030 | |
Golden State Tobacco Securitization Corporation Tobacco Settlement Refunding Bond Series A1 | 5.00 | 6-1-2026 | 3,000,000 | 3,633,845 | |
7,646,906 | |||||
Transportation revenue: 0.56% | |||||
Bay Area Toll Authority Series E-1 (Bank of Tokyo-Mitsubishi LOC) ø | 0.01 | 4-1-2045 | 3,000,000 | 3,000,000 | |
Utilities revenue: 3.28% | |||||
Los Angeles CA Department Water and Power Revenue Various Power System Series A2 ø | 0.01 | 7-1-2051 | 15,600,000 | 15,600,000 | |
Los Angeles CA Department Water and Power Revenue Various Power System Subordinated Bond Series A5 (Bank of America NA SPA) ø | 0.01 | 7-1-2035 | 1,150,000 | 1,150,000 | |
Southern California Public Power Authority Refunding Bond Canyon Power Project Series A | 5.00 | 7-1-2027 | 1,000,000 | 1,000,000 | |
17,750,000 | |||||
Water & sewer revenue: 4.41% | |||||
Florin CA Resource Conservation District Series A (NPFGC Insured) | 5.00 | 9-1-2021 | 1,250,000 | 1,259,637 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Florin CA Resource Conservation District Series A (NPFGC Insured) | 5.00% | 9-1-2022 | $ 1,250,000 | $ 1,318,265 | |
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2 (Sumitomo Mitsui Banking Corporation LOC) ø | 0.02 | 7-1-2035 | 4,800,000 | 4,800,000 | |
Lower Tule River Irrigation District California Revenue Refunding Bond Series A | 5.00 | 8-1-2027 | 680,000 | 813,237 | |
Lower Tule River Irrigation District California Revenue Refunding Bond Series A | 5.00 | 8-1-2031 | 700,000 | 867,910 | |
Middle Fork CA Project Finance Authority Revenue Refunding Bond | 5.00 | 4-1-2029 | 3,525,000 | 4,498,224 | |
San Francisco City & County CA Public Utilities Commission Series C Green Bond | 2.13 | 10-1-2048 | 10,000,000 | 10,317,972 | |
23,875,245 | |||||
490,762,993 | |||||
Guam: 1.02% | |||||
Airport revenue: 0.26% | |||||
Guam Port Authority AMT Series B | 5.00 | 7-1-2023 | 540,000 | 581,725 | |
Guam Port Authority AMT Series B | 5.00 | 7-1-2024 | 750,000 | 834,178 | |
1,415,903 | |||||
Miscellaneous revenue: 0.76% | |||||
Guam Education Financing Foundation Certificate of Participation Refunding Bond Series A | 5.00 | 10-1-2023 | 3,840,000 | 4,103,747 | |
5,519,650 | |||||
Illinois: 2.60% | |||||
Miscellaneous revenue: 2.13% | |||||
Illinois Refunding Bond | 5.00 | 2-1-2025 | 10,000,000 | 11,525,430 | |
Tax revenue: 0.47% | |||||
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B | 5.00 | 12-15-2025 | 650,000 | 771,108 | |
Sales Tax Securitization Corporation Series 2017A | 5.00 | 1-1-2026 | 1,500,000 | 1,782,682 | |
2,553,790 | |||||
14,079,220 | |||||
Louisiana: 0.19% | |||||
Industrial development revenue: 0.19% | |||||
St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø | 0.09 | 11-1-2040 | 1,000,000 | 1,000,000 | |
New Jersey: 0.23% | |||||
Tax revenue: 0.23% | |||||
New Jersey COVID-19 Emergency Series A | 5.00 | 6-1-2027 | 1,000,000 | 1,241,773 |
Interest rate | Maturity date | Principal | Value | ||
New York: 1.24% | |||||
Airport revenue: 0.10% | |||||
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00% | 12-1-2032 | $ 400,000 | $ 520,576 | |
Industrial development revenue: 1.14% | |||||
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment | 5.00 | 1-1-2029 | 5,000,000 | 6,198,534 | |
6,719,110 | |||||
Texas: 0.61% | |||||
Industrial development revenue: 0.61% | |||||
Houston TX Airport System AMT Revenue Refunding Bond United Airlines Incorporated Terminal E Project | 5.00 | 7-1-2029 | 3,000,000 | 3,302,669 | |
Total Municipal obligations (Cost $503,303,066) | 522,625,415 |
Yield | Shares | ||||
Short-term investments: 3.58% | |||||
Investment companies: 3.58% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 19,375,453 | 19,381,265 | ||
Total Short-term investments (Cost $19,381,248) | 19,381,265 | ||||
Total investments in securities (Cost $523,684,314) | 100.40% | 543,006,680 | |||
Other assets and liabilities, net | (0.40) | (2,151,939) | |||
Total net assets | 100.00% | $540,854,741 |
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. |
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. |
± | 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. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
## | 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 |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SPA | Standby purchase agreement |
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 | $212,124,599 | $(192,745,189) | $1,838 | $17 | $19,381,265 | 3.58% | 19,375,453 | $1,441 |
Assets | |
Investments in unaffiliated securities, at value (cost $504,303,066) | $ 523,625,415 |
Investments in affiliated securites, at value (cost $19,381,248) | 19,381,265 |
Receivable for interest | 5,713,621 |
Receivable for Fund shares sold | 1,041,085 |
Receivable for investments sold | 555,000 |
Prepaid expenses and other assets | 1,410 |
Total assets | 550,317,796 |
Liabilities | |
Payable for when-issued transactions | 8,220,749 |
Payable for Fund shares redeemed | 792,866 |
Dividends payable | 226,996 |
Management fee payable | 159,107 |
Administration fees payable | 43,071 |
Distribution fee payable | 3,416 |
Trustees’ fees and expenses payable | 1,050 |
Accrued expenses and other liabilities | 15,800 |
Total liabilities | 9,463,055 |
Total net assets | $540,854,741 |
Net assets consist of | |
Paid-in capital | $ 530,536,821 |
Total distributable earnings | 10,317,920 |
Total net assets | $540,854,741 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 106,601,925 |
Shares outstanding – Class A1 | 9,904,556 |
Net asset value per share – Class A | $10.76 |
Maximum offering price per share – Class A2 | $10.98 |
Net assets – Class C | $ 5,464,480 |
Shares outstanding – Class C1 | 507,832 |
Net asset value per share – Class C | $10.76 |
Net assets – Administrator Class | $ 32,293,554 |
Shares outstanding – Administrator Class1 | 3,046,870 |
Net asset value per share – Administrator Class | $10.60 |
Net assets – Institutional Class | $ 396,494,782 |
Shares outstanding – Institutional Class1 | 37,430,415 |
Net asset value per share – Institutional Class | $10.59 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 12,586,532 |
Income from affiliated securities | 1,441 |
Total investment income | 12,587,973 |
Expenses | |
Management fee | 2,171,045 |
Administration fees | |
Class A | 171,661 |
Class C | 12,910 |
Administrator Class | 33,665 |
Institutional Class | 317,272 |
Shareholder servicing fees | |
Class A | 268,022 |
Class C | 20,104 |
Administrator Class | 83,625 |
Distribution fee | |
Class C | 60,285 |
Custody and accounting fees | 28,319 |
Professional fees | 54,102 |
Registration fees | 60,073 |
Shareholder report expenses | 34,620 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 19,509 |
Total expenses | 3,354,484 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (95,437) |
Class A | (32,255) |
Class C | (2,051) |
Administrator Class | (56,617) |
Net expenses | 3,168,124 |
Net investment income | 9,419,849 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 300,455 |
Affiliated securities | 1,838 |
Net realized gains on investments | 302,293 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 2,444,088 |
Affiliated securities | 17 |
Net change in unrealized gains (losses) on investments | 2,444,105 |
Net realized and unrealized gains (losses) on investments | 2,746,398 |
Net increase in net assets resulting from operations | $12,166,247 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 9,419,849 | $ 10,591,143 | ||
Net realized gains (losses) on investments | 302,293 | (2,011,911) | ||
Net change in unrealized gains (losses) on investments | 2,444,105 | 156,794 | ||
Net increase in net assets resulting from operations | 12,166,247 | 8,736,026 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,618,458) | (1,951,518) | ||
Class C | (60,821) | (155,931) | ||
Administrator Class | (574,907) | (1,557,961) | ||
Institutional Class | (7,172,560) | (6,927,187) | ||
Total distributions to shareholders | (9,426,746) | (10,592,597) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,821,487 | 19,591,892 | 3,369,604 | 36,073,328 |
Class C | 7,218 | 77,788 | 88,077 | 949,155 |
Administrator Class | 174,034 | 1,843,917 | 1,703,444 | 18,088,534 |
Institutional Class | 16,339,501 | 173,081,922 | 19,764,617 | 207,728,606 |
194,595,519 | 262,839,623 | |||
Reinvestment of distributions | ||||
Class A | 139,511 | 1,501,487 | 167,382 | 1,796,887 |
Class C | 5,478 | 58,942 | 13,502 | 145,080 |
Administrator Class | 54,215 | 574,491 | 146,796 | 1,555,763 |
Institutional Class | 398,495 | 4,220,626 | 351,574 | 3,712,830 |
6,355,546 | 7,210,560 | |||
Payment for shares redeemed | ||||
Class A | (2,159,775) | (23,256,332) | (2,891,560) | (30,846,221) |
Class C | (623,921) | (6,706,947) | (834,983) | (8,963,587) |
Administrator Class | (651,239) | (6,902,732) | (8,618,652) | (91,158,851) |
Institutional Class | (15,425,954) | (163,379,634) | (14,430,301) | (152,265,703) |
(200,245,645) | (283,234,362) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 705,420 | (13,184,179) | ||
Total increase (decrease) in net assets | 3,444,921 | (15,040,750) | ||
Net assets | ||||
Beginning of period | 537,409,820 | 552,450,570 | ||
End of period | $ 540,854,741 | $ 537,409,820 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.71 | $10.76 | $10.61 | $10.79 | $11.04 |
Net investment income | 0.16 | 0.19 | 0.20 | 0.19 | 0.18 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.05) | 0.15 | (0.18) | (0.25) |
Total from investment operations | 0.21 | 0.14 | 0.35 | 0.01 | (0.07) |
Distributions to shareholders from | |||||
Net investment income | (0.16) | (0.19) | (0.20) | (0.19) | (0.18) |
Net asset value, end of period | $10.76 | $10.71 | $10.76 | $10.61 | $10.79 |
Total return1 | 1.99% | 1.30% | 3.33% | 0.05% | (0.64)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.85% | 0.85% | 0.85% | 0.84% | 0.83% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income | 1.51% | 1.76% | 1.87% | 1.73% | 1.65% |
Supplemental data | |||||
Portfolio turnover rate | 18% | 27% | 11% | 45% | 21% |
Net assets, end of period (000s omitted) | $106,602 | $108,189 | $101,765 | $119,657 | $148,933 |
1 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.71 | $10.76 | $10.61 | $10.79 | $11.04 |
Net investment income | 0.08 1 | 0.11 1 | 0.12 | 0.11 | 0.10 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.05) | 0.15 | (0.18) | (0.25) |
Total from investment operations | 0.13 | 0.06 | 0.27 | (0.07) | (0.15) |
Distributions to shareholders from | |||||
Net investment income | (0.08) | (0.11) | (0.12) | (0.11) | (0.10) |
Net asset value, end of period | $10.76 | $10.71 | $10.76 | $10.61 | $10.79 |
Total return2 | 1.23% | 0.54% | 2.56% | (0.70)% | (1.38)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.59% | 1.60% | 1.60% | 1.59% | 1.58% |
Net expenses | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Net investment income | 0.75% | 1.01% | 1.12% | 0.98% | 0.90% |
Supplemental data | |||||
Portfolio turnover rate | 18% | 27% | 11% | 45% | 21% |
Net assets, end of period (000s omitted) | $5,464 | $11,981 | $19,929 | $26,868 | $34,113 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.55 | $10.60 | $10.45 | $10.63 | $10.87 |
Net investment income | 0.18 1 | 0.21 1 | 0.22 | 0.20 1 | 0.20 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.05) | 0.15 | (0.18) | (0.24) |
Total from investment operations | 0.23 | 0.16 | 0.37 | 0.02 | (0.04) |
Distributions to shareholders from | |||||
Net investment income | (0.18) | (0.21) | (0.22) | (0.20) | (0.20) |
Net asset value, end of period | $10.60 | $10.55 | $10.60 | $10.45 | $10.63 |
Total return | 2.21% | 1.50% | 3.56% | 0.23% | (0.38)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.79% | 0.78% | 0.79% | 0.78% | 0.77% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 1.71% | 1.95% | 2.07% | 1.93% | 1.84% |
Supplemental data | |||||
Portfolio turnover rate | 18% | 27% | 11% | 45% | 21% |
Net assets, end of period (000s omitted) | $32,294 | $36,591 | $108,484 | $133,581 | $162,747 |
1 | Calculated based upon average shares outstanding |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.54 | $10.59 | $10.44 | $10.62 | $10.86 |
Net investment income | 0.19 | 0.22 | 0.23 | 0.21 | 0.21 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.05) | 0.15 | (0.18) | (0.24) |
Total from investment operations | 0.24 | 0.17 | 0.38 | 0.03 | (0.03) |
Distributions to shareholders from | |||||
Net investment income | (0.19) | (0.22) | (0.23) | (0.21) | (0.21) |
Net asset value, end of period | $10.59 | $10.54 | $10.59 | $10.44 | $10.62 |
Total return | 2.31% | 1.60% | 3.66% | 0.33% | (0.28)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.52% | 0.52% | 0.52% | 0.51% | 0.50% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 1.81% | 2.06% | 2.17% | 2.03% | 1.95% |
Supplemental data | |||||
Portfolio turnover rate | 18% | 27% | 11% | 45% | 21% |
Net assets, end of period (000s omitted) | $396,495 | $380,649 | $322,273 | $325,973 | $370,824 |
Gross unrealized gains | $20,087,580 |
Gross unrealized losses | (825,316) |
Net unrealized gains | $19,262,264 |
■ | 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: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 1,000,000 | $0 | $ 1,000,000 |
Municipal obligations | 0 | 522,625,415 | 0 | 522,625,415 |
Short-term investments | ||||
Investment companies | 19,381,265 | 0 | 0 | 19,381,265 |
Total assets | $19,381,265 | $523,625,415 | $0 | $543,006,680 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.80% |
Class C | 1.55 |
Administrator Class | 0.60 |
Institutional Class | 0.50 |
Undistributed tax-exempt income | Undistributed long-term gain | Unrealized gains | Capital loss carryforward |
$1,032,429 | $(18,721) | $19,262,264 | $(9,731,056) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g118017img9673faaf7.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A248/AR248 06-21
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California Tax-Free Fund
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Board considerations | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax and California individual income tax. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Terry J. Goode, Kim Nakahara*, Brandon Pae, Adrian Van Poppel |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SCTAX) | 10-6-1988 | -0.10 | 1.56 | 4.27 | 4.59 | 2.50 | 4.75 | 0.81 | 0.75 | ||
Class C (SCTCX) | 7-1-1993 | 2.86 | 1.73 | 3.97 | 3.86 | 1.73 | 3.97 | 1.56 | 1.50 | ||
Administrator Class (SGCAX) | 12-15-1997 | – | – | – | 4.89 | 2.71 | 4.97 | 0.75 | 0.55 | ||
Institutional Class (SGTIX)3 | 10-31-2014 | – | – | – | 4.96 | 2.78 | 5.02 | 0.48 | 0.48 | ||
Bloomberg Barclays Municipal Bond Index4 | – | – | – | – | 4.17 | 3.25 | 4.28 | – | – | ||
Bloomberg Barclays Municipal Bond: California Index5 | – | – | – | – | 3.39 | 3.11 | 4.59 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, 0.55% for Administrator Class, and 0.48% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | 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. |
5 | The Bloomberg Barclays Municipal Bond: California Index is the California component of the Bloomberg Barclays Municipal Bond Index. You cannot invest directly in an index. |
* | Ms. Nakahara became a portfolio manager of the Fund on September 1, 2020. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index and Bloomberg Barclays Municipal Bond: California Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund (Class A, excluding sales charge), outperformed its primary benchmark, the Bloomberg Barclays Municipal Bond Index, while also outperforming the Bloomberg Barclays Municipal Bond: California Index, for the 12-month period that ended June 30, 2021. |
■ | The primary drivers of relative performance were the Fund’s credit profile and security selection. Duration positioning was also a contributor to performance for the period. |
■ | Certain sector allocations, including underweights in industrial development revenue/pollution control revenue and transportation, were the largest detractors from relative performance. Yield-curve positioning offset some negative performance as our overweight in the longer-maturity segments outperformed the broader index. |
Credit quality as of June 30, 20211 |
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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 |
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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 | |
Class A | ||||
Actual | $1,000.00 | $1,013.21 | $3.74 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.08 | $3.76 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,009.44 | $7.47 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.36 | $7.50 | 1.50% |
Administrator Class | ||||
Actual | $1,000.00 | $1,015.05 | $2.75 | 0.55% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.07 | $2.76 | 0.55% |
Institutional Class | ||||
Actual | $1,000.00 | $1,015.40 | $2.40 | 0.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.41 | $2.41 | 0.48% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.39% | |||||
California: 0.39% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (50 Shares) 0.33% 144Aø | $ 5,000,000 | $ 5,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $5,000,000) | 5,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 99.40% | |||||
California: 96.84% | |||||
Airport revenue: 6.76% | |||||
California Municipal Finance Authority AMT Senior Lien Linxs Apartment Project Series A | 5.00% | 12-31-2043 | 5,730,000 | 6,976,214 | |
Los Angeles CA Department of Airports AMT Subordinated Bond Los Angeles International Airport | 5.00 | 5-15-2044 | 2,880,000 | 3,557,407 | |
Los Angeles CA Department of Airports AMT Subordinated Bond Series A | 4.00 | 5-15-2044 | 3,500,000 | 4,006,552 | |
Los Angeles CA Department of Airports AMT Subordinated Bond Series A | 5.00 | 5-15-2047 | 5,000,000 | 6,080,447 | |
Los Angeles CA Department of Airports Revenue AMT Senior Los Angeles International Airport | 4.00 | 5-15-2050 | 17,040,000 | 19,815,208 | |
Ontario CA International Airport Authority Revenue Series A (AGM Insured) | 4.00 | 5-15-2051 | 2,500,000 | 2,990,953 | |
Sacramento County CA Airport System Refunding Bond AMT Senior Series C | 5.00 | 7-1-2037 | 7,300,000 | 8,970,920 | |
Sacramento County CA Airport System Refunding Bond AMT Senior Series C | 5.00 | 7-1-2038 | 3,000,000 | 3,680,129 | |
San Diego County CA Regional Airport Authority Revenue Refunding Subordinated Bond Series A | 5.00 | 7-1-2044 | 3,045,000 | 3,801,945 | |
San Francisco CA City & County Airport Commission San Francisco International Airport Series A | 5.00 | 5-1-2047 | 7,715,000 | 9,327,892 | |
San Francisco CA City & County Airport Commission San Francisco International Airport Series E | 5.00 | 5-1-2050 | 8,040,000 | 9,912,519 | |
San Jose CA Airport AMT Refunding Bond Series A | 5.00 | 3-1-2047 | 4,000,000 | 4,786,575 | |
San Jose CA Airport Refunding Bond Series B | 5.00 | 3-1-2042 | 1,750,000 | 2,122,080 | |
86,028,841 | |||||
Education revenue: 7.12% | |||||
California CDA Refunding Bond California Baptist University Series A 144A | 5.00 | 11-1-2032 | 1,135,000 | 1,374,033 | |
California CDA Refunding Bond California Baptist University Series A 144A | 5.00 | 11-1-2041 | 2,875,000 | 3,409,817 | |
California CDA School Facility Alliance for College-Ready Public Schools | 6.75 | 7-1-2031 | 1,625,000 | 1,625,000 | |
California Educational Facilities Authority Loma Linda University Series A | 5.00 | 4-1-2042 | 2,645,000 | 3,139,169 | |
California Educational Facilities Authority Stanford University Series V-2 | 5.00 | 4-1-2051 | 4,000,000 | 6,486,770 | |
California Financial Authority Charter School Palmdale Aerospace Academy Project 144A | 5.00 | 7-1-2046 | 1,670,000 | 1,874,162 | |
California Municipal Finance Authority California Baptist University Series A 144A | 4.00 | 11-1-2021 | 195,000 | 197,211 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
California Municipal Finance Authority California Baptist University Series A 144A | 5.00% | 11-1-2025 | $ 1,025,000 | $ 1,135,196 | |
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 6.75 | 8-1-2033 | 1,525,000 | 1,689,038 | |
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 1,000,000 | 1,107,590 | |
California Municipal Finance Authority Charter School Palmdale Aerospace Academy Project 144A | 5.00 | 7-1-2041 | 1,250,000 | 1,411,616 | |
California Municipal Finance Authority Education Revenue Literacy First Charter Schools | 5.00 | 12-1-2039 | 1,390,000 | 1,654,801 | |
California Municipal Finance Authority Education Revenue Stream Charter School Project 144A | 5.00 | 6-15-2041 | 925,000 | 1,036,878 | |
California Municipal Finance Authority Education Revenue Stream Charter School Project 144A | 5.00 | 6-15-2051 | 1,265,000 | 1,397,454 | |
California Municipal Finance Authority Refunding Bond Biola University Incorporated | 5.00 | 10-1-2035 | 600,000 | 719,000 | |
California Municipal Finance Authority Revenue Refunding University Pacific Series A %% | 4.00 | 11-1-2042 | 1,600,000 | 1,844,503 | |
California School Finance Authority Bright Star Schools Obligation Group 144A | 5.00 | 6-1-2047 | 1,000,000 | 1,122,591 | |
California School Finance Authority Bright Star Schools Obligation Group 144A | 5.00 | 6-1-2054 | 1,000,000 | 1,118,536 | |
California School Finance Authority Charter School Revenue Aspire Public Schools 144A | 5.00 | 8-1-2050 | 1,770,000 | 2,115,330 | |
California School Finance Authority Charter School Revenue Lifeline Education Charter School Project 144A | 5.00 | 7-1-2045 | 800,000 | 927,658 | |
California School Finance Authority Classical Academies Vista Project 144A | 4.00 | 10-1-2046 | 1,250,000 | 1,399,183 | |
California School Finance Authority Green Dot Public Schools Projects 144A | 4.00 | 8-1-2025 | 475,000 | 522,980 | |
California School Finance Authority Green Dot Public Schools Projects 144A | 5.00 | 8-1-2035 | 2,525,000 | 2,847,850 | |
California School Finance Authority KIPP Louisiana School Projects Series A 144A | 5.00 | 7-1-2035 | 1,000,000 | 1,132,506 | |
California School Finance Authority Rocketship Education Series A 144A | 5.00 | 6-1-2036 | 945,000 | 1,039,960 | |
California School Finance Authority Rocketship Education Series A 144A | 5.00 | 6-1-2046 | 2,100,000 | 2,283,094 | |
California School Finance Authority Santa Clarita Valley International School Project 144A%% | 4.00 | 6-1-2041 | 500,000 | 543,891 | |
California School Finance Authority Santa Clarita Valley International School Project 144A%% | 4.00 | 6-1-2051 | 650,000 | 697,115 | |
California University Systemwide Refunding Bond Series A | 4.00 | 11-1-2038 | 8,000,000 | 9,093,872 | |
California University Systemwide Refunding Bond Series A | 5.00 | 11-1-2045 | 6,400,000 | 7,657,550 | |
University of California Series AI | 5.00 | 5-15-2038 | 2,000,000 | 2,167,098 | |
University of California Series K | 4.00 | 5-15-2046 | 5,295,000 | 5,962,631 | |
University of California Series M | 4.00 | 5-15-2047 | 11,155,000 | 12,690,197 | |
University of California Series Q | 4.00 | 5-15-2051 | 6,000,000 | 7,184,276 | |
90,608,556 | |||||
GO revenue: 29.71% | |||||
Alhambra CA Unified School District Election of 2008 Series B (AGM Insured) | 6.00 | 8-1-2029 | 4,100,000 | 4,119,409 | |
Alvord CA Unified School District Election of 2012 Series A (AGM Insured) | 5.25 | 8-1-2037 | 1,620,000 | 1,791,561 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Bassett CA Unified School District Refunding Bond Series B (BAM Insured) | 5.00% | 8-1-2027 | $ 1,050,000 | $ 1,233,860 | |
Beaumont CA Unified School District Election of 2008 Series D (BAM Insured) | 5.25 | 8-1-2044 | 2,000,000 | 2,470,393 | |
Buena Park CA School District Election of 2014 | 4.00 | 8-1-2048 | 2,750,000 | 3,266,818 | |
Cabrillo CA Unified School District CAB Series A (Ambac Insured) ¤## | 0.00 | 8-1-2021 | 1,500,000 | 1,499,325 | |
California Various Purposes | 3.00 | 12-1-2046 | 2,135,000 | 2,310,123 | |
California Various Purposes | 3.00 | 12-1-2049 | 1,500,000 | 1,618,161 | |
California Various Purposes | 4.00 | 3-1-2050 | 6,000,000 | 7,129,691 | |
California Various Purposes | 5.00 | 9-1-2029 | 1,475,000 | 1,486,839 | |
California Various Purposes | 5.00 | 9-1-2032 | 5,100,000 | 5,614,800 | |
California Various Purposes (BAM Insured) | 5.00 | 9-1-2035 | 35,000,000 | 42,622,171 | |
California Various Purposes | 5.00 | 2-1-2038 | 5,000,000 | 5,368,417 | |
California Various Purposes | 5.00 | 10-1-2039 | 5,000,000 | 5,986,338 | |
California Various Purposes %% | 5.00 | 9-1-2041 | 5,000,000 | 6,596,452 | |
California Various Purposes | 5.00 | 8-1-2046 | 10,000,000 | 12,065,290 | |
California Various Purposes | 5.00 | 4-1-2049 | 2,500,000 | 3,180,746 | |
California Various Purposes | 5.25 | 9-1-2028 | 1,460,000 | 1,472,194 | |
California Various Purposes | 5.25 | 9-1-2028 | 3,540,000 | 3,569,863 | |
California Various Purposes | 5.25 | 4-1-2035 | 12,640,000 | 13,117,399 | |
Center Unified School District California CAB Series C (NPFGC Insured) ¤## | 0.00 | 9-1-2021 | 5,000,000 | 4,995,590 | |
Centinela Valley CA Union High School District Election of 2008 Series B | 6.00 | 8-1-2036 | 2,500,000 | 2,796,441 | |
Centinela Valley CA Union High School District Election of 2008 Series C | 5.00 | 8-1-2035 | 2,000,000 | 2,288,683 | |
Cerritos CA Community College CAB Election of 2004 ¤ | 0.00 | 8-1-2029 | 1,750,000 | 1,550,012 | |
Cerritos CA Community College CAB Election of 2004 ¤ | 0.00 | 8-1-2033 | 1,500,000 | 1,197,416 | |
College of the Sequoias Tulare Area Improvement District #3 California CAB Election of 2008 Series A (AGC Insured) ¤ | 0.00 | 8-1-2024 | 1,000,000 | 978,476 | |
Compton CA Community College CAB Election of 2002 Series C ¤ | 0.00 | 8-1-2035 | 3,445,000 | 2,556,374 | |
Contra Costa County CA Community College District Election of 2006 | 5.00 | 8-1-2038 | 3,250,000 | 3,577,310 | |
Delano CA Union High School Election of 2010 Series B (AGM Insured) | 5.75 | 8-1-2035 | 4,510,000 | 4,529,102 | |
Escondido CA Union High School CAB Election of 2008 Series A (AGC Insured) ¤ | 0.00 | 8-1-2027 | 8,385,000 | 7,865,437 | |
Escondido CA Union School District | 4.00 | 8-1-2043 | 2,150,000 | 2,458,541 | |
Eureka CA City Schools Election of 2014 (BAM Insured) | 4.00 | 8-1-2049 | 3,750,000 | 4,340,817 | |
Garden Grove CA Unified School District Election of 2010 Series C | 5.25 | 8-1-2037 | 2,000,000 | 2,211,804 | |
Hayward CA Unified School District Refunding Bond | 5.00 | 8-1-2038 | 6,000,000 | 6,866,048 | |
Inglewood CA Unified School District Election of 2012 GO Bond Series B (BAM Insured) | 5.00 | 8-1-2036 | 200,000 | 235,952 | |
Inglewood CA Unified School District Election of 2012 GO Bond Series B (BAM Insured) | 5.00 | 8-1-2038 | 500,000 | 587,998 | |
Lancaster CA School District Election of 2012 Series D (BAM Insured) | 4.00 | 8-1-2045 | 5,970,000 | 6,892,443 | |
Lancaster CA School District Election of 2012 Series D (BAM Insured) | 4.00 | 8-1-2047 | 4,305,000 | 4,963,313 | |
Long Beach CA Unified School District CAB Election of 2008 Series B ¤ | 0.00 | 8-1-2035 | 2,000,000 | 1,532,461 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Long Beach CA Unified School District Election of 2008 Series F | 3.00% | 8-1-2047 | $15,000,000 | $ 16,023,123 | |
Long Beach CA Unified School District Unrefunded Bond Election of 2008 Series A | 5.50 | 8-1-2026 | 95,000 | 95,409 | |
Los Angeles CA Community College District Refunding Bond | 4.00 | 8-1-2038 | 10,000,000 | 11,597,306 | |
Los Angeles CA Unified School District Series C | 4.00 | 7-1-2044 | 3,480,000 | 4,123,830 | |
Lynwood CA Unified School District Election of 2012 Series A (AGM Insured) | 5.00 | 8-1-2033 | 5,000 | 5,487 | |
Merced CA City School District Election of 2014 | 5.00 | 8-1-2045 | 1,000,000 | 1,164,553 | |
Merced CA Union High School District CAB Series C ¤ | 0.00 | 8-1-2032 | 3,380,000 | 2,743,156 | |
Mount San Antonio CA Community College District CAB Election of 2008 Series A ¤ | 0.00 | 8-1-2024 | 1,610,000 | 1,580,676 | |
Natomas CA Unified School District Series 1999 (NPFGC Insured) | 5.95 | 9-1-2021 | 45,000 | 45,409 | |
New Haven CA Unified School District Election of 2014 Series C | 3.00 | 8-1-2049 | 2,750,000 | 2,926,120 | |
Norwalk-La Mirada CA Unified School District CAB Election of 2002 Series D (AGM Insured) ¤ | 0.00 | 8-1-2023 | 1,500,000 | 1,487,360 | |
Oakland CA Unified School District Alameda | 5.00 | 8-1-2029 | 10,125,000 | 12,267,538 | |
Oakland CA Unified School District Election of 2012 | 5.50 | 8-1-2023 | 485,000 | 524,644 | |
Oakland CA Unified School District Election of 2012 | 6.63 | 8-1-2038 | 7,750,000 | 7,790,199 | |
Oakland CA Unified School District Election of 2012 Series A | 5.00 | 8-1-2040 | 3,600,000 | 4,209,102 | |
Oxnard CA School District Election of 2012 Series D (AGM Insured) | 5.00 | 8-1-2034 | 1,695,000 | 2,008,746 | |
Pajaro Valley CA Unified School District Election of 2012 Series A | 5.00 | 8-1-2038 | 1,700,000 | 1,871,208 | |
Paramount CA Unified School District CAB Election of 2006 ¤ | 0.00 | 8-1-2033 | 2,500,000 | 2,005,271 | |
Piedmont CA Unified School District Election of 2016 | 3.00 | 8-1-2049 | 10,325,000 | 11,072,284 | |
Pomona CA Unified School District Series A (NPFGC Insured) | 6.55 | 8-1-2029 | 1,480,000 | 1,857,669 | |
Poway CA Unified School District CAB Election of 2008 Improvement District 07-1-A ¤ | 0.00 | 8-1-2024 | 1,800,000 | 1,768,301 | |
Rialto CA Unified School District CAB Election of 2010 Series A (AGM Insured) ¤ | 0.00 | 8-1-2026 | 3,320,000 | 3,149,723 | |
Sacramento CA Unified School District Election of 2012 Series A (BAM Insured) | 5.25 | 8-1-2033 | 1,000,000 | 1,095,915 | |
Sacramento CA Unified School District Election of 2012 Series C (AGM Insured) | 5.00 | 8-1-2033 | 2,735,000 | 3,182,820 | |
San Bernardino County CA Community Election of 2008 Series D | 5.00 | 8-1-2045 | 2,000,000 | 2,370,202 | |
San Bernardino County CA Unified School District Election of 2012 Series C (AGM Insured) | 5.00 | 8-1-2040 | 8,000,000 | 9,316,422 | |
San Diego CA Community College Election of 2002 | 5.00 | 8-1-2031 | 4,000,000 | 4,402,843 | |
San Diego CA Unified School District | 4.00 | 7-1-2047 | 2,025,000 | 2,338,382 | |
San Francisco CA Community College District Election of 2020 Series A | 4.00 | 6-15-2045 | 3,400,000 | 4,026,281 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 5.00 | 8-1-2032 | 1,750,000 | 1,924,636 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 5.50 | 8-1-2028 | 2,525,000 | 2,839,919 | |
San Joaquin CA Delta Community College District Election of 2004 Series C | 5.00 | 8-1-2033 | 3,195,000 | 3,656,171 | |
San Joaquin CA Delta Community College District Election of 2004 Series C | 5.00 | 8-1-2034 | 3,315,000 | 3,793,492 | |
San Jose CA Unified School District Santa Clara County | 4.00 | 8-1-2042 | 4,000,000 | 4,739,734 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
San Mateo County CA Jefferson Union High School District CAB Election of 2006 Series D ¤ | 0.00% | 8-1-2033 | $ 7,000,000 | $ 2,637,473 | |
San Mateo County CA Jefferson Union High School District CAB Election of 2006 Series D ¤ | 0.00 | 8-1-2036 | 11,130,000 | 3,271,810 | |
San Mateo County CA Jefferson Union High School District Prerefunded CAB Election of 2006 Series D ¤ | 0.00 | 8-1-2034 | 6,915,000 | 2,395,960 | |
San Mateo County CA Jefferson Union High School District Unrefunded CAB Election of 2006 Series D ¤ | 0.00 | 8-1-2034 | 2,990,000 | 1,035,955 | |
San Rafael CA City High School District CAB Election of 2002 Series B (NPFGC Insured) ¤ | 0.00 | 8-1-2023 | 1,260,000 | 1,249,382 | |
San Rafael City CA High School District Election of 2015 Series C | 4.00 | 8-1-2043 | 1,500,000 | 1,763,145 | |
Sanger CA Unified School District Refunding Bond (NPFGC Insured) | 5.60 | 8-1-2023 | 145,000 | 151,348 | |
Santa Ana CA Unified School District CAB Election of 2008 Series B (AGC Insured) ¤ | 0.00 | 8-1-2038 | 15,000,000 | 10,486,892 | |
Santa Rosa CA High School District Prerefunded Bond | 5.00 | 8-1-2024 | 750,000 | 789,090 | |
Santa Rosa CA High School District Unrefunded Bond | 5.00 | 8-1-2024 | 255,000 | 268,290 | |
Sierra Kings CA Health Care District | 5.00 | 8-1-2028 | 1,000,000 | 1,148,619 | |
Sierra Kings CA Health Care District | 5.00 | 8-1-2032 | 1,500,000 | 1,706,205 | |
Sierra Kings CA Health Care District | 5.00 | 8-1-2037 | 1,750,000 | 1,978,396 | |
Simi Valley CA Unified School District | 4.00 | 8-1-2048 | 3,250,000 | 3,737,093 | |
Sonoma Valley CA Unified School District CAB Election of 2010 Series A ¤ | 0.00 | 8-1-2027 | 1,020,000 | 948,159 | |
Stockton CA Unified School District Election of 2012 Series A (AGM Insured) | 5.00 | 8-1-2038 | 1,025,000 | 1,156,817 | |
Tulare CA Local Health Care District Refunding Bond (BAM Insured) | 4.00 | 8-1-2039 | 1,850,000 | 2,198,490 | |
Washington Township CA Health Care District Election of 2004 Series B | 5.50 | 8-1-2038 | 1,500,000 | 1,687,796 | |
West Contra Costa CA Unified School District (AGM Insured) | 5.25 | 8-1-2024 | 1,350,000 | 1,355,542 | |
West Contra Costa CA Unified School District CAB Election of 2005 Series B | 6.00 | 8-1-2027 | 1,080,000 | 1,401,874 | |
West Contra Costa CA Unified School District CAB Election of 2005 Series C-1 (AGC Insured) ¤## | 0.00 | 8-1-2021 | 6,000,000 | 5,998,654 | |
West Contra Costa CA Unified School District Election of 2010 Series F (AGM Insured) | 4.00 | 8-1-2049 | 1,265,000 | 1,496,652 | |
West Contra Costa CA Unified School District Election of 2012 Series E (AGM Insured) | 4.00 | 8-1-2049 | 2,060,000 | 2,437,235 | |
Whittier CA Union High School District Election of 2020 Series A | 3.00 | 8-1-2046 | 2,000,000 | 2,147,305 | |
Wiseburn CA School District CAB (AGC Insured) ¤ | 0.00 | 8-1-2027 | 1,525,000 | 1,426,187 | |
377,822,368 | |||||
Health revenue: 15.36% | |||||
Association of Bay Area Governments California Finance Authority for Nonprofit Corporation Insured O'Connor Woods Project | 5.00 | 1-1-2043 | 5,000,000 | 5,334,846 | |
Association of Bay Area Governments California Finance Authority for Nonprofit Corporation Insured Senior Living Odd Fellows Home of California Series A | 5.00 | 4-1-2042 | 1,100,000 | 1,173,514 | |
California CDA Adventist Health System Series A | 5.00 | 3-1-2045 | 2,500,000 | 2,948,103 | |
California CDA Enloe Medical Center | 5.00 | 8-15-2033 | 1,650,000 | 1,957,448 | |
California CDA Enloe Medical Center | 5.00 | 8-15-2035 | 1,000,000 | 1,184,029 | |
California CDA Enloe Medical Center | 5.00 | 8-15-2038 | 2,000,000 | 2,359,601 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
California CDA Loma Linda University Medical Center Refunding Bond Series A | 5.25% | 12-1-2044 | $ 5,150,000 | $ 5,840,586 | |
California CDA Redwoods Projects | 5.13 | 11-15-2035 | 1,500,000 | 1,638,582 | |
California CDA Revenue Emanate Heath Series A | 3.00 | 4-1-2050 | 1,000,000 | 1,070,084 | |
California CDA Revenue Emanate Heath Series A | 4.00 | 4-1-2045 | 2,000,000 | 2,339,347 | |
California CDA Revenue Refunding Bond Adventist Health System West Series A | 5.00 | 3-1-2048 | 5,000,000 | 6,081,518 | |
California Communities Marin General Hospital Series A | 5.00 | 8-1-2036 | 700,000 | 845,577 | |
California Communities Marin General Hospital Series A | 5.00 | 8-1-2037 | 500,000 | 602,752 | |
California Communities Marin General Hospital Series A | 5.00 | 8-1-2038 | 450,000 | 541,564 | |
California Health Facilities Financing Kaiser Permanente Subordinated Bond Series A-2 | 5.00 | 11-1-2047 | 3,000,000 | 4,586,373 | |
California HFFA | 4.00 | 11-15-2048 | 5,000,000 | 5,734,143 | |
California HFFA | 4.00 | 11-1-2051 | 3,000,000 | 3,414,873 | |
California HFFA | 5.00 | 11-15-2046 | 2,040,000 | 2,513,567 | |
California HFFA | 5.00 | 11-15-2046 | 2,960,000 | 3,563,223 | |
California HFFA El Camino Hospital | 5.00 | 2-1-2035 | 3,000,000 | 3,686,457 | |
California HFFA LA Biomedical Research Institute at Harbor-UCLA Medical Center | 5.00 | 9-1-2048 | 6,095,000 | 7,269,906 | |
California HFFA Lucile Salter Packard Children's Hospital %% | 4.00 | 5-15-2051 | 5,000,000 | 5,751,604 | |
California HFFA Nevada Methodist Homes | 5.00 | 7-1-2030 | 1,830,000 | 2,113,366 | |
California HFFA Nevada Methodist Homes | 5.00 | 7-1-2035 | 1,000,000 | 1,146,731 | |
California HFFA Nevada Methodist Homes | 5.00 | 7-1-2045 | 4,500,000 | 5,103,897 | |
California HFFA Refunding Bond Cedars Sinai Medical Center Series B | 4.00 | 8-15-2039 | 10,500,000 | 11,862,098 | |
California HFFA Refunding Bond Children's Hospital Series A | 5.00 | 8-15-2047 | 10,050,000 | 11,823,505 | |
California HFFA Revenue City of Hope | 5.00 | 11-15-2049 | 8,000,000 | 9,578,722 | |
California HFFA Revenue Stanford Health Care Series A | 4.00 | 8-15-2050 | 11,000,000 | 13,213,286 | |
California HFFA Senior Health Services | 5.00 | 8-1-2040 | 700,000 | 878,259 | |
California HFFA Senior Health Services | 5.00 | 8-1-2050 | 1,000,000 | 1,236,007 | |
California HFFA Series A | 4.00 | 11-1-2040 | 1,375,000 | 1,623,269 | |
California HFFA Series A | 4.00 | 4-1-2045 | 5,500,000 | 6,467,139 | |
California HFFA Sutter Health Series D | 5.25 | 8-15-2031 | 3,100,000 | 3,118,870 | |
California Municipal Finance Authority Refunding Bond Channing House Project Series A | 5.00 | 5-15-2034 | 1,000,000 | 1,234,937 | |
California Municipal Finance Authority Refunding Bond Community Medical Centers Series A | 5.00 | 2-1-2047 | 6,625,000 | 7,968,586 | |
California Municipal Finance Authority Refunding Bond Eisenhower Medical Center Series A | 5.00 | 7-1-2047 | 1,400,000 | 1,633,796 | |
California Municipal Finance Authority Revenue | 4.00 | 12-1-2039 | 1,240,000 | 1,485,042 | |
California Municipal Finance Authority Revenue | 4.00 | 12-1-2049 | 2,915,000 | 3,403,589 | |
California Municipal Finance Authority Revenue | 5.00 | 7-1-2039 | 1,000,000 | 1,252,790 | |
California Municipal Finance Authority Revenue | 5.00 | 7-1-2049 | 2,650,000 | 3,262,482 | |
California PFA Refunding Bond Henry Mayo Newhall Hospital | 5.00 | 10-15-2037 | 500,000 | 594,283 | |
California PFA Refunding Bond Henry Mayo Newhall Hospital | 5.00 | 10-15-2047 | 5,365,000 | 6,319,153 | |
California PFA Senior Living Enso Village Project Series A 144A | 5.00 | 11-15-2051 | 1,255,000 | 1,447,947 | |
California PFA Senior Living Enso Village Project Series A 144A | 5.00 | 11-15-2056 | 1,235,000 | 1,416,967 | |
Palomar Health Refunding Bond | 5.00 | 11-1-2042 | 4,000,000 | 4,651,819 | |
San Buenaventura CA Community Mental Health System | 8.00 | 12-1-2031 | 1,615,000 | 1,665,768 | |
University of California Regents Medical Center Prerefunded Bond Series J | 5.25 | 5-15-2038 | 7,790,000 | 8,525,212 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
University of California Regents Medical Center Series J | 5.00% | 5-15-2033 | $ 2,265,000 | $ 2,468,207 | |
University of California Regents Medical Center Series L | 4.00 | 5-15-2044 | 4,065,000 | 4,563,446 | |
University of California Regents Medical Center Unrefunded Bond Series J | 5.25 | 5-15-2038 | 2,210,000 | 2,397,547 | |
Washington Township CA Health Care District Series A | 5.00 | 7-1-2026 | 1,190,000 | 1,364,499 | |
Washington Township CA Health Care District Series A | 5.00 | 7-1-2042 | 1,000,000 | 1,150,114 | |
195,409,030 | |||||
Housing revenue: 4.51% | |||||
California CDA Poway Retirement Housing Foundation Housing Incorporated Series A | 5.25 | 11-15-2035 | 1,500,000 | 1,642,952 | |
California Community Housing Agency Essential Housing Revenue Creekwood Series A 144A | 4.00 | 2-1-2056 | 3,000,000 | 3,256,527 | |
California Community Housing Agency Essential Housing Revenue Serenity at Larkspur Series C 144A | 5.00 | 2-1-2050 | 3,000,000 | 3,480,406 | |
California Community Housing Agency Workforce Apartments Series A 144A | 5.00 | 4-1-2049 | 3,000,000 | 3,435,652 | |
California Enterprise Development Authority Student Housing Revenue Provident Group | 5.00 | 8-1-2050 | 565,000 | 700,335 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 8,426,963 | 9,934,098 | |
California Municipal Finance Authority Mobile Senior Caritas Projects Series A | 5.00 | 8-15-2029 | 500,000 | 605,472 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2033 | 600,000 | 736,788 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2034 | 700,000 | 856,123 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2035 | 700,000 | 853,894 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2036 | 600,000 | 728,436 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2037 | 700,000 | 849,446 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2038 | 750,000 | 907,891 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2039 | 550,000 | 664,069 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2041 | 550,000 | 662,181 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2046 | 1,750,000 | 2,091,810 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC West Village Projects | 5.00 | 5-15-2051 | 6,700,000 | 8,004,872 | |
California Municipal Finance Authority Student Housing Revenue CHF Riverside I LLC Projects | 5.00 | 5-15-2029 | 625,000 | 799,591 | |
California Municipal Finance Authority Student Housing Revenue CHF Riverside I LLC Projects | 5.00 | 5-15-2052 | 5,650,000 | 6,872,408 | |
Contra Costa County CA Home Mortgage Revenue Bonds GNMA Mortgage-Backed Securities Program (GNMA Insured) | 7.75 | 5-1-2022 | 30,000 | 31,313 | |
CSCDA Community Improvement Authority CA Essential Housing Revenue Series A-2 144A | 4.00 | 10-1-2056 | 2,000,000 | 2,193,752 | |
CSCDA Community Improvement Authority Mezzanine Pasadena Portfolio 144A | 4.00 | 12-1-2056 | 2,500,000 | 2,726,810 | |
Independent Cities California Finance Authority Mobile Home Park Revenue | 5.00 | 5-15-2048 | 2,000,000 | 2,441,595 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
Independent Cities California Finance Refunding Bond Sanitary Juan Mobile Estates | 5.00% | 8-15-2030 | $ 1,000,000 | $ 1,122,144 | |
Independent Cities California Finance Refunding Bond Santa Rose Leisure Mobile | 5.00 | 8-15-2046 | 1,570,000 | 1,794,139 | |
57,392,704 | |||||
Miscellaneous revenue: 13.30% | |||||
Alameda CA Joint Powers Authority Multiple Capital Projects Series A | 5.00 | 12-1-2034 | 1,005,000 | 1,116,558 | |
Anaheim CA PFA CAB Subordinate Lien Bond Public Improvements Project Series C (AGM Insured) ¤ | 0.00 | 9-1-2025 | 10,000,000 | 9,607,269 | |
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00 | 5-1-2039 | 3,000,000 | 3,312,972 | |
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00 | 5-1-2046 | 4,200,000 | 4,620,819 | |
California CDA Infrastructure Program Revenue Series A | 4.00 | 9-2-2051 | 1,295,000 | 1,430,753 | |
California CDA Water & Wastewater Pooled Financing Program Series B (AGM Insured) | 5.25 | 10-1-2027 | 1,040,000 | 1,044,210 | |
California Communities Series A | 5.00 | 9-2-2047 | 2,000,000 | 2,375,411 | |
California Enterprise Development Authority Lease Revenue Riverside County Library Facilities Project | 4.00 | 11-1-2049 | 1,900,000 | 2,138,775 | |
California Infrastructure & Economic Development Bank Lease Revenue | 5.00 | 8-1-2044 | 4,000,000 | 5,048,808 | |
California Infrastructure & Economic Development King City Joint Union High School | 5.75 | 8-15-2029 | 2,150,000 | 2,154,733 | |
California Public Works Board California State University Projects Series B-1 | 5.70 | 3-1-2035 | 2,210,000 | 2,219,638 | |
California Public Works Board Judicial Council Projects Series A | 5.00 | 3-1-2038 | 7,000,000 | 7,527,869 | |
California Public Works Board Judicial Council Projects Series D | 5.25 | 12-1-2025 | 4,000,000 | 4,083,522 | |
California Public Works Board Various Capital Projects Series A | 5.00 | 4-1-2037 | 4,925,000 | 5,092,354 | |
California Public Works Board Various Capital Projects Series B | 4.00 | 5-1-2046 | 1,255,000 | 1,509,249 | |
California Public Works Board Various Capital Projects Series G | 5.00 | 11-1-2037 | 23,000,000 | 24,385,782 | |
California Public Works Board Various Capital Projects Series I | 5.50 | 11-1-2033 | 2,000,000 | 2,236,770 | |
California Public Works University of California Board of Regents Series G | 5.00 | 12-1-2030 | 9,850,000 | 10,049,663 | |
Compton CA PFA Refunding Bond 144A | 4.00 | 9-1-2027 | 5,620,000 | 6,030,807 | |
Emeryville CA PFA Assessment District Refinancing | 5.90 | 9-2-2021 | 205,000 | 205,845 | |
Fresno CA Joint Powers Financing Authority Lease Revenue Master Lease Projects Series A (AGM Insured) | 4.00 | 4-1-2046 | 1,225,000 | 1,409,238 | |
Fullerton CA Joint Union High School Project Certificate of Participation (BAM Insured) | 5.00 | 9-1-2035 | 1,385,000 | 1,614,509 | |
Independent Cities California Finance Authority Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2041 | 1,700,000 | 1,995,757 | |
Independent Cities California Finance Authority Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2051 | 750,000 | 869,123 | |
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2 | 5.00 | 9-2-2025 | 725,000 | 864,154 | |
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2 | 5.00 | 9-2-2026 | 400,000 | 474,507 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2 | 5.00% | 9-2-2042 | $ 1,500,000 | $ 1,714,815 | |
Jefferson CA Union High School District Certificate of Participation Teacher and Staff Housing Project (BAM Insured) | 4.00 | 8-1-2045 | 1,400,000 | 1,635,683 | |
Los Angeles CA Community Redevelopment Vermont Manchester Social Services Project (Ambac Insured) | 5.00 | 9-1-2025 | 2,310,000 | 2,318,838 | |
Los Angeles CA Public Works Financing Authority Series A | 5.00 | 12-1-2039 | 2,860,000 | 3,280,730 | |
Modesto CA Irrigation District Financing Authority Series A | 5.00 | 10-1-2040 | 3,500,000 | 4,115,954 | |
Montclair CA PFA Lease Refunding Bond (AGM Insured) | 5.00 | 10-1-2035 | 2,400,000 | 2,723,498 | |
Mountain House CA Financing Authority Utility System Revenue Series A | 5.00 | 12-1-2034 | 535,000 | 665,454 | |
Porterville CA Water Revenue Certificates Participation Water System Financing Project (AGM Insured) | 4.00 | 8-15-2045 | 625,000 | 740,362 | |
Porterville CA Water Revenue Certificates Participation Water System Financing Project (AGM Insured) | 4.00 | 8-15-2050 | 1,000,000 | 1,175,258 | |
Riverside County CA Asset Leasing Corporation Riverside County Hospital Project (NPFGC Insured) ¤ | 0.00 | 6-1-2026 | 10,000,000 | 9,442,928 | |
Sacramento CA City Financing Authority Refunding Bond Master Lease Program Facilities (BAM Insured) | 5.00 | 12-1-2035 | 1,300,000 | 1,529,330 | |
Sacramento CA City School Joint Refunding Bond Series A (BAM Insured) | 5.00 | 3-1-2040 | 2,165,000 | 2,352,082 | |
San Jose CA Unified School District CAB (AGM Insured) ¤ | 0.00 | 1-1-2026 | 3,175,000 | 3,067,140 | |
San Marino CA Unified School District Certificate of Participation Los Angeles County Schools Pooled Financing Program Series A | 5.00 | 12-1-2041 | 500,000 | 501,215 | |
San Mateo Foster City CA PFA Revenue Sanitary Mateo Street & Flood Control Projects | 4.00 | 5-1-2045 | 3,750,000 | 4,352,094 | |
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (BAM Insured) | 5.00 | 9-1-2037 | 250,000 | 264,034 | |
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (BAM Insured) | 5.00 | 9-1-2042 | 625,000 | 660,084 | |
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (BAM Insured) | 5.00 | 9-1-2047 | 1,000,000 | 1,056,134 | |
Simi Valley CA Unified School District Capital Improvement Projects (Ambac Insured) | 5.25 | 8-1-2022 | 510,000 | 518,538 | |
Stockton CA Unified School District Community Improvement Project | 5.00 | 2-1-2033 | 550,000 | 668,134 | |
Sutter Butte CA Flood Control Agency (BAM Insured) | 5.00 | 10-1-2040 | 3,545,000 | 4,148,633 | |
Torrance CA Certificate of Participation | 5.25 | 6-1-2039 | 5,385,000 | 6,162,824 | |
Union Sanitary District CA Financing Authority Revenue Series A | 3.00 | 9-1-2045 | 2,500,000 | 2,688,348 | |
Union Sanitary District CA Financing Authority Revenue Series A | 3.00 | 9-1-2050 | 3,000,000 | 3,210,889 | |
Upland CA Certificate of Participation San Antonio Regional Hospital | 5.00 | 1-1-2047 | 1,955,000 | 2,226,496 | |
Ventura County CA PFA Series A | 5.00 | 11-1-2038 | 4,250,000 | 4,525,647 | |
169,164,237 | |||||
Tax revenue: 9.67% | |||||
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area Number 17C | 5.00 | 9-1-2043 | 750,000 | 860,809 | |
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area Number 17C | 5.00 | 9-1-2048 | 1,100,000 | 1,257,800 | |
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area Number 8D Series A | 5.00 | 9-1-2043 | 750,000 | 860,809 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area Number 8D Series A | 5.00% | 9-1-2048 | $ 1,035,000 | $ 1,183,476 | |
Belmont CA Community Facilities Special Tax District #2000-1 Library Project Series A (Ambac Insured) | 5.75 | 8-1-2030 | 3,190,000 | 4,154,349 | |
California CDA Community Facilities District #2015-01 | 5.00 | 9-1-2047 | 1,420,000 | 1,657,910 | |
California CDA Special Tax Community Facilities District #2017-01 | 5.00 | 9-1-2048 | 5,000,000 | 6,082,591 | |
California CDA Special Tax Community Facilities District #2020-02 | 4.00 | 9-1-2051 | 1,150,000 | 1,303,149 | |
Casitas CA Municipal Water District Community Facilities District #2013-1-OJAI Series B (BAM Insured) | 5.25 | 9-1-2047 | 5,000,000 | 6,237,135 | |
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (BAM Insured) | 4.00 | 8-1-2032 | 1,050,000 | 1,260,909 | |
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (BAM Insured) | 4.00 | 8-1-2034 | 1,250,000 | 1,496,779 | |
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (AGM Insured) | 5.00 | 8-1-2032 | 1,450,000 | 1,625,364 | |
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (AGM Insured) | 5.00 | 8-1-2033 | 880,000 | 986,978 | |
Chino CA Community Facilities District Special Tax #2003-3 Improvement Area #7 | 5.00 | 9-1-2048 | 2,500,000 | 3,004,022 | |
Chula Vista CA Community Facilities District Special Tax #16-I Improvement Area #1 | 5.00 | 9-1-2043 | 500,000 | 573,654 | |
Chula Vista CA Community Facilities District Special Tax #16-I Improvement Area #1 | 5.00 | 9-1-2048 | 1,000,000 | 1,142,151 | |
City of Roseville CA | 5.00 | 9-1-2045 | 1,280,000 | 1,510,345 | |
Corona CA Community Facilities District #2018-1 Improvement Area #1 2018 Special Tax Bond Series A | 5.00 | 9-1-2048 | 1,000,000 | 1,122,706 | |
Corona Norco CA Unified School Districts Special Tax Community Facilities District #16-1 | 5.00 | 9-1-2048 | 1,500,000 | 1,713,227 | |
Dinuba CA RDA Merged City Redevelopment Project (BAM Insured) | 5.00 | 9-1-2033 | 1,500,000 | 1,686,540 | |
Elk Grove CA Financing Authority Special Tax Refunding Bond (BAM Insured) | 5.00 | 9-1-2038 | 1,500,000 | 1,751,135 | |
Fairfield CA Community Facilities District Special Tax Bond Number 2019 One Lake Improvement Area 144A | 5.00 | 9-1-2050 | 3,000,000 | 3,622,271 | |
Folsom Ranch Financing Authority California Facilities District #20 Russell | 5.00 | 9-1-2048 | 1,650,000 | 1,882,402 | |
Fremont CA Community Facilities District #1 Refunding Bond | 5.00 | 9-1-2040 | 2,700,000 | 3,039,367 | |
Inglewood CA Redevelopment Successor Agency to Merged Redevelopment Project Tax Allocation Refunding Bond Subordinate Lien Series A (BAM Insured) | 5.00 | 5-1-2034 | 500,000 | 608,815 | |
Inglewood CA Redevelopment Successor Agency to Merged Redevelopment Project Tax Allocation Refunding Bond Subordinate Lien Series A (BAM Insured) | 5.00 | 5-1-2038 | 305,000 | 368,992 | |
Inland Valley CA Development Agency Series A | 5.25 | 9-1-2037 | 4,000,000 | 4,405,964 | |
Irvine CA Unified School District Special Tax Community Facilities District #09 1 Series A (BAM Insured) | 4.00 | 9-1-2044 | 1,000,000 | 1,179,045 | |
Irvine CA Unified School District Special Tax Community Facilities District #09 1 Series A (BAM Insured) | 4.00 | 9-1-2050 | 3,000,000 | 3,561,395 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Lafayette CA RDA Refunding Bond Lafayette Redevelopment Project (AGM Insured) | 5.00% | 8-1-2033 | $ 1,500,000 | $ 1,682,349 | |
Lafayette CA RDA Refunding Bond Lafayette Redevelopment Project (AGM Insured) | 5.00 | 8-1-2038 | 1,635,000 | 1,837,327 | |
Lancaster CA RDA Tax Allocation Refunding Bond Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2033 | 1,200,000 | 1,430,379 | |
Oakland CA Redevelopment Successor Agency Refunding Bond Subordinate Series TE (AGM Insured) | 5.00 | 9-1-2035 | 2,545,000 | 2,963,332 | |
Oakland CA Redevelopment Successor Agency Refunding Bond Subordinate Series TE (AGM Insured) | 5.00 | 9-1-2036 | 4,000,000 | 4,652,391 | |
Orange County CA Community Facilities District #2015-1 Esencia Village Series A | 5.25 | 8-15-2045 | 1,950,000 | 2,218,711 | |
Rancho Cucamonga CA RDA Rancho Redevelopment Project Area (AGM Insured) | 5.00 | 9-1-2032 | 1,870,000 | 2,105,077 | |
Redwood City CA RDA CAB Redevelopment Project Area Series 2-A (Ambac Insured) ¤ | 0.00 | 7-15-2030 | 3,505,000 | 2,955,045 | |
Rio Vista CA Community Facilities District Special Tax #2018-1 | 5.00 | 9-1-2048 | 1,185,000 | 1,352,421 | |
Riverside County CA Community Facilities Districts Special Tax #05-8 | 5.00 | 9-1-2048 | 1,600,000 | 1,829,528 | |
Romoland School District Community Facilities District #2004-1 Heritage Lake Improvement Area #4 Series 2018 Special Tax Bond | 5.00 | 9-1-2048 | 3,000,000 | 3,438,202 | |
Sacramento CA Transient Occupancy Tax Convention Center Complex Series A | 5.00 | 6-1-2048 | 3,750,000 | 4,468,071 | |
San Bernardino CA Special Tax Community Facilities District #2006-1 Series 2018 | 5.00 | 9-1-2048 | 1,200,000 | 1,369,019 | |
San Clemente CA Special Tax Community Facilities District #2006-1 | 5.00 | 9-1-2040 | 970,000 | 1,097,749 | |
San Clemente CA Special Tax Community Facilities District #2006-1 | 5.00 | 9-1-2046 | 1,180,000 | 1,326,865 | |
San Diego CA RDA CAB Tax Allocation Centre (AGM Insured) ¤ | 0.00 | 9-1-2023 | 885,000 | 878,037 | |
San Francisco CA City & County RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A¤ | 0.00 | 8-1-2026 | 4,000,000 | 3,158,682 | |
San Francisco CA City & County RDA Mission Bay South Redevelopment Project Series A | 5.00 | 8-1-2043 | 2,500,000 | 2,764,016 | |
San Francisco CA City & County RDA Tax Transbay Infrastructure Project Third Lien Series B (AGM Insured) | 5.00 | 8-1-2046 | 1,500,000 | 1,821,702 | |
San Marcos CA Unified School District Special Tax Community Facilities District #4 (BAM Insured) | 5.00 | 9-1-2034 | 1,705,000 | 1,941,057 | |
San Marcos CA Unified School District Special Tax Community Facilities District #5 (BAM Insured) | 5.00 | 9-1-2028 | 1,290,000 | 1,469,474 | |
San Marcos CA Unified School District Special Tax Community Facilities District #5 (BAM Insured) | 5.00 | 9-1-2029 | 1,325,000 | 1,509,343 | |
Sonoma CA CDA Successor Agency to Sonoma Redevelopment Project Tax Allocation Bond (NPFGC Insured) | 5.00 | 6-1-2033 | 1,325,000 | 1,569,619 | |
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series A | 5.00 | 9-1-2033 | 340,000 | 394,315 | |
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series A | 5.00 | 9-1-2038 | 400,000 | 460,034 | |
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series B | 5.00 | 9-1-2033 | 250,000 | 288,724 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series B | 5.00% | 9-1-2038 | $ 250,000 | $ 286,865 | |
Tracy Hills CA Improvement Area #1 Community Facilities District #2016-1 Special Tax Bonds Series 2018 | 5.00 | 9-1-2048 | 2,750,000 | 3,118,324 | |
Transbay Joint Powers Authority Tax Allocation California Senior Series A Green Bonds | 5.00 | 10-1-2045 | 2,000,000 | 2,527,528 | |
Transbay Joint Powers Authority Tax Allocation California Senior Series A Green Bonds | 5.00 | 10-1-2049 | 2,200,000 | 2,770,520 | |
Tustin CA Community Facilities District Special Tax #2014-1 Legacy/Standard Pacific Series A | 5.00 | 9-1-2040 | 750,000 | 852,336 | |
Tustin CA Community Facilities District Special Tax #2014-1 Legacy/Standard Pacific Series A | 5.00 | 9-1-2045 | 1,000,000 | 1,130,096 | |
Union City CA Community RDA Successor Agency to Community Redevelopment Project Tax Allocation Refunding Bond Series A | 5.00 | 10-1-2036 | 1,000,000 | 1,166,292 | |
122,973,519 | |||||
Tobacco revenue: 0.84% | |||||
California County CA Tobacco Securitization Agency | 5.00 | 6-1-2050 | 1,210,000 | 1,449,968 | |
California County CA Tobacco Securitization Agency CAB ¤ | 0.00 | 6-1-2055 | 14,000,000 | 2,818,337 | |
Golden State Tobacco Securitization Corporation California Tobacco Settlement Refunding Bond Series A-1 | 5.00 | 6-1-2028 | 2,000,000 | 2,471,861 | |
Golden State Tobacco Securitization Corporation California Tobacco Settlement Refunding Bond Series A-2 | 5.00 | 6-1-2047 | 3,000,000 | 3,101,320 | |
Northern California Tobacco Securitization Authority Tobacco Settlement Revenue CAB Refunding Asset ¤ | 0.00 | 6-1-2060 | 3,250,000 | 806,312 | |
10,647,798 | |||||
Transportation revenue: 2.34% | |||||
Bay Area CA Toll Authority Toll Bridge Series S-4 | 5.00 | 4-1-2030 | 2,000,000 | 2,169,927 | |
Bay Area CA Toll Authority Toll Bridge Series S-H | 5.00 | 4-1-2049 | 8,000,000 | 9,918,734 | |
Foothill-Eastern Transportation Corridor Agency Refunding Bond Senior Lien Series A | 4.00 | 1-15-2046 | 5,000,000 | 5,922,432 | |
Foothill-Eastern Transportation Corridor Agency Subordinated Bond Series B-3 | 5.50 | 1-15-2053 | 8,000,000 | 8,406,761 | |
San Francisco CA Municipal Transportation | 5.00 | 3-1-2039 | 3,000,000 | 3,382,381 | |
29,800,235 | |||||
Utilities revenue: 3.42% | |||||
Banning CA Financing Authority Refunding Bond Electric System Project (AGM Insured) | 5.00 | 6-1-2037 | 5,000,000 | 5,772,577 | |
Imperial CA Irrigation District Electric System Refunding Bond Series A | 5.00 | 11-1-2040 | 3,715,000 | 4,358,118 | |
Imperial CA Irrigation District Electric System Refunding Bond Series A | 5.00 | 11-1-2045 | 1,060,000 | 1,243,501 | |
Imperial CA Irrigation District Electric System Refunding Bond Series C | 5.00 | 11-1-2038 | 2,500,000 | 2,962,552 | |
Los Angeles CA Department of Water and Power Series E | 5.00 | 7-1-2044 | 12,475,000 | 14,088,014 | |
M-S-R California Energy Authority Gas Series B | 7.00 | 11-1-2034 | 4,000,000 | 6,296,325 | |
M-S-R California Energy Authority Gas Series C | 6.13 | 11-1-2029 | 1,035,000 | 1,314,669 | |
Northern California Power Agency Public Power Prerefunded Bond (Ambac Insured) | 7.50 | 7-1-2023 | 25,000 | 25,000 | |
Redding CA Joint Powers Financing Authority Election System Series A | 5.00 | 6-1-2032 | 440,000 | 522,660 | |
Roseville CA Natural Gas Financing Authority | 5.00 | 2-15-2025 | 1,930,000 | 2,228,947 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Southern California Public Power Authority Natural Gas Project #1 Series A | 5.25% | 11-1-2025 | $ 1,000,000 | $ 1,194,047 | |
Walnut CA Energy Center Authority Series A | 5.00 | 1-1-2034 | 3,115,000 | 3,517,769 | |
43,524,179 | |||||
Water & sewer revenue: 3.81% | |||||
Adelanto CA Public Utility Authority Refunding Bond (AGM Insured) | 5.00 | 7-1-2039 | 2,000,000 | 2,470,132 | |
Bakersfield CA Wastewater Revenue Refunding Series A | 5.00 | 9-15-2032 | 1,615,000 | 2,176,855 | |
Bay Area CA Water Supply & Conservation Agency Series A | 5.00 | 10-1-2034 | 6,000,000 | 6,470,282 | |
Compton CA Sewer Revenue | 6.00 | 9-1-2039 | 1,775,000 | 1,779,205 | |
El Dorado CA Irrigation District Refunding Bond Series A (AGM Insured) | 5.25 | 3-1-2039 | 2,000,000 | 2,268,198 | |
Florin CA Resource Conservation Refunding Bond Second Senior Lien Series A (NPFGC Insured) | 5.00 | 9-1-2032 | 2,000,000 | 2,268,795 | |
Los Angeles CA Department of Water and Power Series A | 5.00 | 7-1-2047 | 4,285,000 | 5,576,999 | |
Los Angeles CA Department of Water and Power Series C | 5.00 | 7-1-2041 | 5,000,000 | 6,565,282 | |
Merced CA Irrigation District Water & Hydroelectric System Series A (AGM Insured) | 5.00 | 10-1-2038 | 4,000,000 | 4,539,163 | |
Pico Rivera CA Water Authority Series A | 6.25 | 12-1-2032 | 3,385,000 | 3,422,445 | |
San Buenaventura CA Public Facilities Financing Authority Series B | 5.00 | 7-1-2042 | 4,000,000 | 4,194,483 | |
San Francisco CA City & County Public Utilities Commission Water Revenue Subordinated Bond Series A | 4.00 | 11-1-2050 | 1,525,000 | 1,832,570 | |
San Francisco CA City & County Public Utilities Commission Water Revenue Subordinated Series Bond C | 4.00 | 11-1-2045 | 1,650,000 | 1,995,685 | |
Tulare CA Sewer Refunding Bond (AGM Insured) | 5.00 | 11-15-2041 | 1,500,000 | 1,761,626 | |
Vallejo CA Refunding Bond | 5.25 | 5-1-2031 | 1,000,000 | 1,091,451 | |
48,413,171 | |||||
1,231,784,638 | |||||
Guam: 0.67% | |||||
Tax revenue: 0.17% | |||||
Guam Government Business Privilege Tax Series A %% | 4.00 | 1-1-2042 | 1,000,000 | 1,139,281 | |
Guam Government Business Privilege Tax Series A | 5.00 | 1-1-2031 | 1,000,000 | 1,023,284 | |
2,162,565 | |||||
Water & sewer revenue: 0.50% | |||||
Guam Government Waterworks Authority | 5.25 | 7-1-2033 | 1,500,000 | 1,644,891 | |
Guam Government Waterworks Authority | 5.50 | 7-1-2043 | 3,125,000 | 3,442,384 | |
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 1,000,000 | 1,227,627 | |
6,314,902 | |||||
8,477,467 | |||||
Illinois: 0.91% | |||||
Miscellaneous revenue: 0.91% | |||||
Illinois Refunding Bond | 5.00 | 2-1-2025 | 10,000,000 | 11,525,430 |
Interest rate | Maturity date | Principal | Value | ||
New York: 0.49% | |||||
Industrial development revenue: 0.49% | |||||
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment | 5.00% | 1-1-2029 | $ 5,000,000 | $ 6,198,534 | |
Ohio: 0.06% | |||||
Tobacco revenue: 0.06% | |||||
Buckeye Tobacco Settlement Financing Authority CAB ¤ | 0.00 | 6-1-2057 | 5,000,000 | 818,509 | |
Texas: 0.43% | |||||
Resource recovery revenue: 0.43% | |||||
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series C ø | 0.07 | 4-1-2040 | 500,000 | 500,000 | |
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Subordinate Bond Series D ø | 0.08 | 11-1-2040 | 5,000,000 | 5,000,000 | |
5,500,000 | |||||
Total Municipal obligations (Cost $1,154,866,899) | 1,264,304,578 |
Yield | Shares | ||||
Short-term investments: 0.46% | |||||
Investment companies: 0.46% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 5,811,287 | 5,813,031 | ||
Total Short-term investments (Cost $5,812,985) | 5,813,031 | ||||
Total investments in securities (Cost $1,165,679,884) | 100.25% | 1,275,117,609 | |||
Other assets and liabilities, net | (0.25) | (3,182,865) | |||
Total net assets | 100.00% | $1,271,934,744 |
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. |
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. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
## | 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: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
GNMA | Government National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment 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 | $1,010,188 | $231,773,071 | $(226,969,013) | $(1,160) | $(55) | $5,813,031 | 0.46% | 5,811,287 | $1,630 |
Assets | |
Investments in unaffiliated securities, at value (cost $1,159,866,899) | $ 1,269,304,578 |
Investments in affiliated securites, at value (cost $5,812,985) | 5,813,031 |
Cash | 143,250 |
Receivable for interest | 14,146,760 |
Receivable for investments sold | 435,000 |
Receivable for Fund shares sold | 279,362 |
Prepaid expenses and other assets | 3,756 |
Total assets | 1,290,125,737 |
Liabilities | |
Payable for when-issued transactions | 16,185,907 |
Payable for Fund shares redeemed | 790,728 |
Dividends payable | 584,084 |
Management fee payable | 311,150 |
Administration fees payable | 123,668 |
Distribution fee payable | 11,850 |
Trustees’ fees and expenses payable | 962 |
Accrued expenses and other liabilities | 182,644 |
Total liabilities | 18,190,993 |
Total net assets | $1,271,934,744 |
Net assets consist of | |
Paid-in capital | $ 1,190,488,135 |
Total distributable earnings | 81,446,609 |
Total net assets | $1,271,934,744 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 486,668,419 |
Shares outstanding – Class A1 | 40,109,366 |
Net asset value per share – Class A | $12.13 |
Maximum offering price per share – Class A2 | $12.70 |
Net assets – Class C | $ 19,065,528 |
Shares outstanding – Class C1 | 1,540,839 |
Net asset value per share – Class C | $12.37 |
Net assets – Administrator Class | $ 382,092,547 |
Shares outstanding – Administrator Class1 | 31,430,581 |
Net asset value per share – Administrator Class | $12.16 |
Net assets – Institutional Class | $ 384,108,250 |
Shares outstanding – Institutional Class1 | 31,596,664 |
Net asset value per share – Institutional Class | $12.16 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 42,014,712 |
Income from affiliated securities | 1,630 |
Total investment income | 42,016,342 |
Expenses | |
Management fee | 4,692,801 |
Administration fees | |
Class A | 804,210 |
Class C | 35,583 |
Administrator Class | 335,960 |
Institutional Class | 298,262 |
Shareholder servicing fees | |
Class A | 1,256,197 |
Class C | 55,532 |
Administrator Class | 839,790 |
Distribution fee | |
Class C | 166,594 |
Custody and accounting fees | 34,045 |
Professional fees | 62,923 |
Registration fees | 60,919 |
Shareholder report expenses | 40,401 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 27,963 |
Total expenses | 8,730,452 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (310,991) |
Class C | (13,109) |
Administrator Class | (674,477) |
Institutional Class | (3,197) |
Net expenses | 7,728,678 |
Net investment income | 34,287,664 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 865,682 |
Affiliated securities | (1,160) |
Net realized gains on investments | 864,522 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 21,767,108 |
Affiliated securities | (55) |
Net change in unrealized gains (losses) on investments | 21,767,053 |
Net realized and unrealized gains (losses) on investments | 22,631,575 |
Net increase in net assets resulting from operations | $56,919,239 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 34,287,664 | $ 33,386,632 | ||
Net realized gains (losses) on investments | 864,522 | (5,706,707) | ||
Net change in unrealized gains (losses) on investments | 21,767,053 | 2,627,052 | ||
Net increase in net assets resulting from operations | 56,919,239 | 30,306,977 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (13,386,834) | (14,141,709) | ||
Class C | (425,903) | (643,653) | ||
Administrator Class | (9,623,409) | (8,419,907) | ||
Institutional Class | (10,938,359) | (9,838,880) | ||
Total distributions to shareholders | (34,374,505) | (33,044,149) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 5,327,012 | 64,132,490 | 11,036,626 | 131,693,675 |
Class C | 249,799 | 3,071,761 | 278,006 | 3,385,392 |
Administrator Class | 7,040,860 | 85,143,861 | 8,864,944 | 106,569,369 |
Institutional Class | 11,782,367 | 142,462,275 | 10,316,056 | 123,479,416 |
294,810,387 | 365,127,852 | |||
Reinvestment of distributions | ||||
Class A | 1,059,299 | 12,769,000 | 1,122,167 | 13,411,897 |
Class C | 33,625 | 413,210 | 49,002 | 597,402 |
Administrator Class | 785,181 | 9,483,708 | 691,273 | 8,273,557 |
Institutional Class | 413,903 | 4,998,852 | 356,230 | 4,265,361 |
27,664,770 | 26,548,217 | |||
Payment for shares redeemed | ||||
Class A | (7,807,857) | (94,172,729) | (11,116,036) | (132,686,298) |
Class C | (1,000,471) | (12,267,500) | (765,067) | (9,324,238) |
Administrator Class | (1,706,901) | (20,630,018) | (3,617,140) | (42,474,283) |
Institutional Class | (8,105,883) | (97,903,173) | (7,724,779) | (92,150,306) |
(224,973,420) | (276,635,125) | |||
Net increase in net assets resulting from capital share transactions | 97,501,737 | 115,040,944 | ||
Total increase in net assets | 120,046,471 | 112,303,772 | ||
Net assets | ||||
Beginning of period | 1,151,888,273 | 1,039,584,501 | ||
End of period | $1,271,934,744 | $1,151,888,273 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.91 | $11.91 | $11.64 | $11.83 | $12.45 |
Net investment income | 0.32 | 0.35 | 0.37 | 0.37 | 0.36 |
Net realized and unrealized gains (losses) on investments | 0.22 | (0.00) 1 | 0.28 | (0.19) | (0.62) |
Total from investment operations | 0.54 | 0.35 | 0.65 | 0.18 | (0.26) |
Distributions to shareholders from | |||||
Net investment income | (0.32) | (0.35) | (0.38) | (0.37) | (0.36) |
Net asset value, end of period | $12.13 | $11.91 | $11.91 | $11.64 | $11.83 |
Total return2 | 4.59% | 2.93% | 5.70% | 1.55% | (2.09)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.81% | 0.81% | 0.83% | 0.83% | 0.82% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 2.66% | 2.92% | 3.22% | 3.15% | 2.99% |
Supplemental data | |||||
Portfolio turnover rate | 9% | 23% | 9% | 33% | 48% |
Net assets, end of period (000s omitted) | $486,668 | $494,450 | $482,395 | $443,165 | $472,584 |
1 | Amount is more than $(0.005) |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.14 | $12.15 | $11.87 | $12.07 | $12.70 |
Net investment income | 0.24 | 0.27 | 0.29 | 0.29 | 0.27 |
Net realized and unrealized gains (losses) on investments | 0.23 | (0.02) | 0.29 | (0.20) | (0.63) |
Total from investment operations | 0.47 | 0.25 | 0.58 | 0.09 | (0.36) |
Distributions to shareholders from | |||||
Net investment income | (0.24) | (0.26) | (0.30) | (0.29) | (0.27) |
Net asset value, end of period | $12.37 | $12.14 | $12.15 | $11.87 | $12.07 |
Total return1 | 3.86% | 2.08% | 4.95% | 0.74% | (2.80)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.56% | 1.56% | 1.58% | 1.58% | 1.57% |
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income | 1.91% | 2.18% | 2.47% | 2.40% | 2.24% |
Supplemental data | |||||
Portfolio turnover rate | 9% | 23% | 9% | 33% | 48% |
Net assets, end of period (000s omitted) | $19,066 | $27,413 | $32,758 | $47,831 | $57,727 |
1 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.93 | $11.94 | $11.66 | $11.86 | $12.48 |
Net investment income | 0.34 | 0.37 | 0.40 | 0.39 | 0.38 |
Net realized and unrealized gains (losses) on investments | 0.24 | (0.01) | 0.28 | (0.20) | (0.62) |
Total from investment operations | 0.58 | 0.36 | 0.68 | 0.19 | (0.24) |
Distributions to shareholders from | |||||
Net investment income | (0.35) | (0.37) | (0.40) | (0.39) | (0.38) |
Net asset value, end of period | $12.16 | $11.93 | $11.94 | $11.66 | $11.86 |
Total return | 4.89% | 3.05% | 5.99% | 1.67% | (1.88)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.75% | 0.75% | 0.77% | 0.77% | 0.76% |
Net expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Net investment income | 2.86% | 3.13% | 3.43% | 3.34% | 3.16% |
Supplemental data | |||||
Portfolio turnover rate | 9% | 23% | 9% | 33% | 48% |
Net assets, end of period (000s omitted) | $382,093 | $301,919 | $231,252 | $186,626 | $210,209 |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.93 | $11.94 | $11.66 | $11.86 | $12.48 |
Net investment income | 0.35 | 0.38 | 0.41 | 0.40 | 0.39 |
Net realized and unrealized gains (losses) on investments | 0.23 | (0.01) | 0.28 | (0.20) | (0.62) |
Total from investment operations | 0.58 | 0.37 | 0.69 | 0.20 | (0.23) |
Distributions to shareholders from | |||||
Net investment income | (0.35) | (0.38) | (0.41) | (0.40) | (0.39) |
Net asset value, end of period | $12.16 | $11.93 | $11.94 | $11.66 | $11.86 |
Total return | 4.96% | 3.12% | 6.07% | 1.74% | (1.81)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.48% | 0.48% | 0.50% | 0.50% | 0.49% |
Net expenses | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Net investment income | 2.93% | 3.19% | 3.49% | 3.42% | 3.28% |
Supplemental data | |||||
Portfolio turnover rate | 9% | 23% | 9% | 33% | 48% |
Net assets, end of period (000s omitted) | $384,108 | $328,107 | $293,180 | $287,616 | $309,253 |
Gross unrealized gains | $109,424,584 |
Gross unrealized losses | (117,454) |
Net unrealized gains | $109,307,130 |
■ | 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: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 5,000,000 | $0 | $ 5,000,000 |
Municipal obligations | 0 | 1,264,304,578 | 0 | 1,264,304,578 |
Short-term investments | ||||
Investment companies | 5,813,031 | 0 | 0 | 5,813,031 |
Total assets | $5,813,031 | $1,269,304,578 | $0 | $1,275,117,609 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.75% |
Class C | 1.50 |
Administrator Class | 0.55 |
Institutional Class | 0.48 |
Undistributed tax-exempt income | Unrealized gains | Capital loss carryforward |
$647,910 | $109,307,130 | $(27,923,334) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g119455img54a8ea817.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g119455img2f682dda1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g119455imgc53dd02a8.jpg)
A249/AR249 06-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g116407img29bf9f891.jpg)
High Yield Municipal Bond Fund
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Financial statements | |
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Board considerations | |
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![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g116407img2b5eeb252.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g116407imgf119a4bd3.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks high current income exempt from federal income tax, and capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Dennis Derby, Terry J. Goode, Kerry Laurin* |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WHYMX) | 1-31-2013 | 6.00 | 3.52 | 4.78 | 10.98 | 4.47 | 5.35 | 1.11 | 0.80 | ||
Class C (WHYCX) | 1-31-2013 | 9.14 | 3.69 | 4.57 | 10.14 | 3.69 | 4.57 | 1.86 | 1.55 | ||
Class R6 (EKHRX)3 | 7-31-2018 | – | – | – | 11.28 | 4.75 | 5.63 | 0.73 | 0.50 | ||
Administrator Class (WHYDX) | 1-31-2013 | – | – | – | 11.10 | 4.56 | 5.46 | 1.05 | 0.70 | ||
Institutional Class (WHYIX) | 1-31-2013 | – | – | – | 11.15 | 4.71 | 5.60 | 0.78 | 0.55 | ||
High Yield Municipal Bond Blended Index4 | – | – | – | – | 10.17 | 5.03 | 4.78 | – | – | ||
Bloomberg Barclays Municipal Bond Index5 | – | – | – | – | 4.17 | 3.25 | 3.53 | – | – | ||
Bloomberg Barclays High Yield Municipal Bond Index6 | – | – | – | – | 14.34 | 6.19 | 5.58 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.80% for Class A, 1.55% for Class C, 0.50% for Class R6, 0.70% for Administrator Class, and 0.55% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not be included, returns for the Class R6 shares would be higher. |
4 | Source: Wells Fargo Funds Management LLC. The High Yield Municipal Bond Blended Index is composed 60% of the Bloomberg Barclays High Yield Municipal Bond Index and 40% of the Bloomberg Barclays Municipal Bond Index. You cannot invest directly in an index. |
5 | 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. |
6 | The Bloomberg Barclays High Yield Municipal Bond Index measures the non-investment-grade and nonrated U.S. dollar–denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands). The index allows state and local general obligation, revenue, insured, and prefunded bonds; however, historically the index has been composed of mostly revenue bonds. You cannot invest directly in an index. |
* | Ms. Laurin became a portfolio manager of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g116407imgfe60ce454.gif)
1 | The chart compares the performance of Class A shares since inception with the High Yield Municipal Bond Blended Index, Bloomberg Barclays Municipal Bond Index and Bloomberg Barclays High Yield Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund (Class A, excluding sales charges) outperformed its benchmarks, the High Yield Municipal Bond Blended Index and the Bloomberg Barclays Municipal Bond Index for the year that ended June 30, 2021. The Fund underperformed the Bloomberg Barclays High Yield Municipal Bond Index for the same period. |
■ | Quality allocation and security selection were the largest contributors to performance, followed by sector allocation. |
■ | Duration was the largest detractor from relative performance. Yield-curve positioning did offset some of the negative performance due to duration positioning with an overweight to the better-performing maturity segments |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g116407img3e2c85df5.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-CSR/0001193125-21-262222/g116407img6f6018aa6.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 | |
Class A | ||||
Actual | $1,000.00 | $1,045.81 | $4.06 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.83 | $4.01 | 0.80% |
Class C | ||||
Actual | $1,000.00 | $1,040.96 | $7.84 | 1.55% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.11 | $7.75 | 1.55% |
Class R6 | ||||
Actual | $1,000.00 | $1,046.12 | $2.54 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50% |
Administrator Class | ||||
Actual | $1,000.00 | $1,045.42 | $3.50 | 0.69% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.37 | $3.46 | 0.69% |
Institutional Class | ||||
Actual | $1,000.00 | $1,046.15 | $2.79 | 0.55% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.07 | $2.76 | 0.55% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 97.76% | |||||
Alabama: 0.74% | |||||
Water & sewer revenue: 0.74% | |||||
Jefferson County AL Warrants CAB Senior Lien Series B (AGM Insured) ¤ | 0.00% | 10-1-2027 | $ 920,000 | $ 743,774 | |
Alaska: 0.45% | |||||
Tobacco revenue: 0.45% | |||||
Northern Alaska Tobacco Securitization Corporation Settlement CAB Asset-Backed Bonds Senior Class ¤%% | 0.00 | 6-1-2066 | 2,000,000 | 451,208 | |
Arizona: 4.02% | |||||
Education revenue: 1.46% | |||||
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses | 5.00 | 7-1-2023 | 110,000 | 114,152 | |
Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A | 6.50 | 7-1-2034 | 500,000 | 581,001 | |
Pima County AZ IDA Desert Heights Charter School Facility Refunding Bond | 6.00 | 5-1-2024 | 250,000 | 267,133 | |
Pima County AZ IDA New Plan Learning Project Series A | 8.13 | 7-1-2041 | 495,000 | 497,271 | |
1,459,557 | |||||
Health revenue: 2.56% | |||||
Maricopa County AZ IDA Senior Living Facility Series 2016 144A | 6.00 | 1-1-2048 | 1,000,000 | 1,036,376 | |
Tempe AZ IDA Mirabella at ASU Incorporated Project Series A 144A | 6.13 | 10-1-2052 | 1,400,000 | 1,534,552 | |
2,570,928 | |||||
4,030,485 | |||||
California: 6.25% | |||||
Airport revenue: 1.09% | |||||
Los Angeles CA Department of Airports AMT Los Angeles International Airport Subordinate Bond Series F | 4.00 | 5-15-2049 | 950,000 | 1,090,347 | |
Education revenue: 0.56% | |||||
California Infrastructure And Economic Development Bank Senior WFCS Portfolio Projects Series A1 144A | 5.00 | 1-1-2056 | 250,000 | 289,711 | |
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 250,000 | 276,898 | |
566,609 | |||||
Health revenue: 0.58% | |||||
California PFA Living Enso Village Project Refunding Bond Series A 144A | 5.00 | 11-15-2046 | 500,000 | 578,882 | |
Housing revenue: 1.09% | |||||
California Community Housing Agency Essential Housing Revenue Creekwood Series A 144A | 4.00 | 2-1-2056 | 500,000 | 542,755 | |
CSCDA Community Improvement Authority Mezzanine Pasadena Portfolio 144A | 4.00 | 12-1-2056 | 500,000 | 545,362 | |
1,088,117 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 1.65% | |||||
Compton CA PFA Refunding Bond 144A | 4.00% | 9-1-2027 | $1,000,000 | $ 1,073,097 | |
Independent Cities California Finance Authority Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2051 | 500,000 | 579,416 | |
1,652,513 | |||||
Tax revenue: 0.79% | |||||
San Francisco CA City & County RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A¤ | 0.00 | 8-1-2026 | 1,000,000 | 789,671 | |
Tobacco revenue: 0.49% | |||||
Northern California Tobacco Securitization Authority Tobacco Settlement Revenue CAB Refunding Asset ¤ | 0.00 | 6-1-2060 | 2,000,000 | 496,192 | |
6,262,331 | |||||
Colorado: 10.50% | |||||
GO revenue: 8.91% | |||||
Aurora CO Cornerstar Metropolitan District Refunding Bond Series A | 5.25 | 12-1-2047 | 1,000,000 | 1,056,183 | |
Colorado Big Dry Creek Metropolitan District Improvement & Refunding Bonds Limited Tax Series A | 5.75 | 12-1-2047 | 1,000,000 | 1,063,777 | |
Colorado Clear Creek Transit Metropolitan District #2 Series A | 5.00 | 12-1-2050 | 1,000,000 | 1,099,275 | |
Colorado Cottonwood Highlands Metropolitan District #1 Limited Tax Series A | 5.00 | 12-1-2049 | 900,000 | 970,214 | |
Colorado Whispering Pines Metropolitan District #1 Series A | 5.00 | 12-1-2047 | 966,000 | 1,018,642 | |
Denver CO International Business Center Metropolitan District #1 Series B | 6.00 | 12-1-2048 | 1,145,000 | 1,245,305 | |
Eaton CO Area Park & Recreation District | 5.00 | 12-1-2023 | 810,000 | 864,985 | |
Eaton CO Area Park & Recreation District | 5.50 | 12-1-2030 | 475,000 | 509,892 | |
Great Western CO Metropolitan District #5 Refunding Bond | 4.75 | 12-1-2050 | 1,000,000 | 1,093,282 | |
8,921,555 | |||||
Tax revenue: 1.05% | |||||
Pueblo CO Urban Renewal Authority Regional Tourism Act Project | 5.00 | 6-1-2036 | 1,000,000 | 1,056,239 | |
Transportation revenue: 0.54% | |||||
Colorado High Performance Transportation Enterprise U.S. 36 & I-25 Managed Lanes | 5.75 | 1-1-2044 | 500,000 | 538,793 | |
10,516,587 | |||||
Connecticut: 0.63% | |||||
GO revenue: 0.63% | |||||
Hartford CT Series A | 4.00 | 4-1-2032 | 325,000 | 340,507 | |
Hartford CT Series A | 5.00 | 4-1-2024 | 105,000 | 113,664 | |
Hartford CT Series B | 5.00 | 4-1-2033 | 50,000 | 53,708 | |
Hartford CT Unrefunded Bond Series A | 5.00 | 4-1-2029 | 45,000 | 46,470 | |
Hartford CT Unrefunded Bond Series A | 5.00 | 4-1-2030 | 70,000 | 72,255 | |
626,604 |
Interest rate | Maturity date | Principal | Value | ||
Delaware: 1.13% | |||||
Education revenue: 1.13% | |||||
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00% | 9-1-2045 | $1,000,000 | $ 1,128,119 | |
District of Columbia: 0.45% | |||||
Tobacco revenue: 0.45% | |||||
District of Columbia Tobacco Settlement Financing Corporation | 6.75 | 5-15-2040 | 435,000 | 448,641 | |
Florida: 4.44% | |||||
Education revenue: 4.19% | |||||
Florida Capital Trust Agency Educational Facilities Pineapple Cove Classical Academy Incorporated Project Series A 144A | 5.13 | 7-1-2039 | 2,000,000 | 2,277,690 | |
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50 | 6-15-2044 | 250,000 | 278,976 | |
Florida Development Finance Corporation Global Outreach Charter Project 144A | 4.00 | 6-30-2056 | 500,000 | 533,610 | |
Miami-Dade County FL IDA Youth Co-Op Charter Schools Project Series A 144A | 6.00 | 9-15-2045 | 1,000,000 | 1,102,804 | |
4,193,080 | |||||
Health revenue: 0.25% | |||||
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | 11-1-2038 | 250,000 | 250,059 | |
4,443,139 | |||||
Georgia: 3.11% | |||||
Housing revenue: 0.88% | |||||
Cobb County GA Development Authority Student Housing Kennesaw State University Foundation Project Refunding Bond Series C | 5.00 | 7-15-2028 | 800,000 | 884,053 | |
Industrial development revenue: 1.20% | |||||
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 | |
Transportation revenue: 1.03% | |||||
Georgia Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series B 144Aøø | 0.00 | 6-1-2049 | 1,000,000 | 1,035,133 | |
3,117,472 | |||||
Guam: 0.29% | |||||
Tax revenue: 0.29% | |||||
Guam Government Privilege Business Tax Revenue Refunding Bond Series F %% | 4.00 | 1-1-2036 | 250,000 | 290,092 | |
Idaho: 0.26% | |||||
Education revenue: 0.26% | |||||
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 6.25 | 5-1-2043 | 250,000 | 264,768 |
Interest rate | Maturity date | Principal | Value | ||
Illinois: 14.05% | |||||
Education revenue: 1.44% | |||||
Illinois Finance Authority Charter School Aid Intrinsic Schools Belmont School Project Series A 144A | 5.25% | 12-1-2025 | $ 800,000 | $ 864,732 | |
Illinois Finance Authority Charter Schools Improvement & Refunding Bonds Series A | 6.88 | 10-1-2031 | 575,000 | 582,619 | |
1,447,351 | |||||
GO revenue: 7.61% | |||||
Chicago IL Board of Education CAB School Reform Series A (NPFGC Insured) ¤ | 0.00 | 12-1-2025 | 500,000 | 475,469 | |
Chicago IL Neighborhoods Alive 21 Program Series B | 5.50 | 1-1-2032 | 700,000 | 804,868 | |
Chicago IL Series A | 5.00 | 1-1-2033 | 310,000 | 315,425 | |
Chicago IL Series A | 6.00 | 1-1-2038 | 1,500,000 | 1,882,065 | |
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) ¤ | 0.00 | 12-1-2025 | 730,000 | 686,615 | |
Illinois | 5.00 | 3-1-2033 | 1,000,000 | 1,031,144 | |
Lake County IL Community Unit School District #187 North Chicago CAB Series A (AGM Insured) ¤ | 0.00 | 1-1-2023 | 590,000 | 580,311 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2033 | 1,000,000 | 755,801 | |
Will County IL Community High School Refunding Bond Series A (BAM Insured) | 3.25 | 1-1-2030 | 450,000 | 461,872 | |
Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2027 | 685,000 | 624,909 | |
7,618,479 | |||||
Miscellaneous revenue: 2.43% | |||||
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 1,639,000 | 1,701,405 | |
Illinois Finance Authority Educational Facility Senior Rogers Park Montessori School | 6.00 | 2-1-2034 | 680,000 | 734,849 | |
2,436,254 | |||||
Tax revenue: 2.57% | |||||
Hillside IL Tax Increment Refunding Bond | 5.00 | 1-1-2030 | 1,345,000 | 1,499,146 | |
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2025 | 1,140,000 | 1,072,477 | |
2,571,623 | |||||
14,073,707 | |||||
Kansas: 2.51% | |||||
Health revenue: 1.06% | |||||
Kansas State Development Finance Authority Revenue Bond Series A | 5.25 | 11-15-2033 | 1,000,000 | 1,062,791 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 1.45% | |||||
Wyandotte County & Kansas City KS Special Obligation Improvement & Refunding Bonds Plaza Redevelopment Project | 4.00% | 12-1-2028 | $ 485,000 | $ 494,764 | |
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 | 2,895,000 | 952,201 | |
1,446,965 | |||||
2,509,756 | |||||
Kentucky: 1.03% | |||||
Health revenue: 1.03% | |||||
Kentucky EDFA Rosedale Green Project Refunding Bond | 5.50 | 11-15-2035 | 1,000,000 | 1,036,802 | |
Maryland: 1.73% | |||||
Education revenue: 1.15% | |||||
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A 144A | 6.90 | 8-1-2041 | 1,000,000 | 1,152,830 | |
Miscellaneous revenue: 0.58% | |||||
Maryland Economic Development Corporation Special Obligation Covington Project | 4.00 | 9-1-2050 | 500,000 | 576,342 | |
1,729,172 | |||||
Michigan: 5.42% | |||||
Education revenue: 0.45% | |||||
Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 4.80 | 9-1-2040 | 150,000 | 160,669 | |
Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project | 7.00 | 10-1-2036 | 292,500 | 293,209 | |
453,878 | |||||
Health revenue: 0.81% | |||||
Kentwood MI EDA Limited Obligation Holland Home Project %% | 4.00 | 11-15-2043 | 750,000 | 807,690 | |
Miscellaneous revenue: 2.39% | |||||
Charyl Stockwell Academy Michigan Public School Refunding Bond | 4.88 | 10-1-2023 | 205,000 | 212,063 | |
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bonds Series F | 4.50 | 10-1-2029 | 1,000,000 | 1,040,524 | |
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured) | 4.75 | 5-1-2027 | 950,000 | 951,626 | |
Michigan Public Educational Facilities Authority Chandler Park Academy Project | 6.35 | 11-1-2028 | 190,000 | 190,471 | |
2,394,684 | |||||
Tax revenue: 1.77% | |||||
Detroit MI Downtown Development Authority CAB ¤ | 0.00 | 7-1-2021 | 170,000 | 170,000 | |
Detroit MI Downtown Development Authority CAB ¤ | 0.00 | 7-1-2024 | 20,000 | 18,455 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Detroit MI Downtown Development Authority CAB ¤ | 0.00% | 7-1-2025 | $ 580,000 | $ 517,151 | |
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | 7-1-2044 | 1,000,000 | 1,069,462 | |
1,775,068 | |||||
5,431,320 | |||||
Minnesota: 2.36% | |||||
Education revenue: 1.03% | |||||
Deephaven MN Charter School Eagle Ridge Academy Project Series 2015-A | 4.40 | 7-1-2025 | 85,000 | 89,871 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2015-A | 5.00 | 7-1-2030 | 195,000 | 218,482 | |
Woodbury MN Charter School Woodbury Leadership Academy | 4.00 | 7-1-2051 | 660,000 | 722,309 | |
1,030,662 | |||||
Health revenue: 0.54% | |||||
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144A | 5.85 | 11-1-2058 | 500,000 | 542,687 | |
Housing revenue: 0.79% | |||||
Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond | 4.70 | 8-1-2026 | 335,000 | 358,670 | |
Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond | 4.80 | 8-1-2027 | 400,000 | 427,720 | |
786,390 | |||||
2,359,739 | |||||
Mississippi: 1.56% | |||||
Resource recovery revenue: 1.56% | |||||
Mississippi Business Finance Corporation AMT Waste Pro USA Incorporated Project 144A | 5.00 | 2-1-2036 | 1,500,000 | 1,558,023 | |
Missouri: 2.18% | |||||
Health revenue: 1.16% | |||||
Cape Girardeau County MO IDA Southeasthealth | 4.00 | 3-1-2041 | 1,000,000 | 1,159,542 | |
Tax revenue: 1.02% | |||||
Blue Springs MO Special Obligation Tax Improvement & Refunding Bonds Adams Farm Project Series A | 4.00 | 6-1-2026 | 295,000 | 302,319 | |
Richmond Heights MO Francis Place Redevelopment Project | 5.63 | 11-1-2025 | 720,000 | 720,674 | |
1,022,993 | |||||
2,182,535 | |||||
New Jersey: 3.36% | |||||
GO revenue: 1.14% | |||||
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2027 | 1,000,000 | 1,142,492 | |
Industrial development revenue: 0.26% | |||||
New Jersey EDA Continental Airlines Incorporated Project | 5.25 | 9-15-2029 | 250,000 | 264,306 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 1.96% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00% | 12-15-2031 | $1,000,000 | $ 807,176 | |
New Jersey TTFA Transportation System Series C | 5.25 | 6-15-2032 | 1,000,000 | 1,155,010 | |
1,962,186 | |||||
3,368,984 | |||||
New York: 6.20% | |||||
Education revenue: 5.15% | |||||
Build NYC Resource Corporation Friends of Hellenic Classical 144A | 5.00 | 12-1-2041 | 1,200,000 | 1,397,631 | |
Build NYC Resource Corporation New World Preparatory Charter School | 4.00 | 6-15-2051 | 690,000 | 747,727 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.60 | 2-1-2051 | 500,000 | 511,013 | |
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A | 5.73 | 2-1-2050 | 1,000,000 | 1,142,725 | |
New York Dormitory Authority Supported Debt St. Josephs College | 4.00 | 7-1-2035 | 400,000 | 455,429 | |
New York Dormitory Authority Supported Debt St. Josephs College | 5.00 | 7-1-2051 | 750,000 | 899,082 | |
5,153,607 | |||||
Health revenue: 1.05% | |||||
Dutchess County NY Local Development Corporation Series B | 4.00 | 7-1-2049 | 910,000 | 1,050,840 | |
6,204,447 | |||||
Ohio: 2.44% | |||||
Resource recovery revenue: 1.13% | |||||
Southern Ohio Port Authority Exempt Facility Revenue PureCycle Project 144A | 7.00 | 12-1-2042 | 1,000,000 | 1,129,798 | |
Tobacco revenue: 1.31% | |||||
Buckeye Tobacco Settlement Financing Authority CAB ¤ | 0.00 | 6-1-2057 | 8,000,000 | 1,309,614 | |
2,439,412 | |||||
Oregon: 0.49% | |||||
Health revenue: 0.49% | |||||
Polk County OR Hospital Facility Authority Revenue Bond Dallas Retirement Village Project Series 2015-A | 5.00 | 7-1-2025 | 450,000 | 487,902 | |
Pennsylvania: 2.99% | |||||
Education revenue: 0.75% | |||||
Allegheny County PA IDA Propel Charter School Sunrise Project | 5.25 | 7-15-2023 | 50,000 | 52,315 | |
Philadelphia PA IDA Independence Charter School Project | 5.00 | 6-15-2039 | 250,000 | 278,166 | |
Philadelphia PA IDA Tacony Academy Charter School Project | 6.88 | 6-15-2033 | 375,000 | 415,102 | |
745,583 | |||||
Health revenue: 1.00% | |||||
Quakertown PA General Authority Health LifeQuest Obligated Group Refunding Bond Series C | 5.30 | 7-1-2042 | 1,000,000 | 1,004,328 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 1.24% | |||||
Chester County PA IDA Woodlands at Graystone Project Series 2018 144A | 5.13% | 3-1-2048 | $1,047,000 | $ 1,242,237 | |
2,992,148 | |||||
South Carolina: 2.76% | |||||
Education revenue: 1.20% | |||||
South Carolina Jobs EDA Refunding Bond Columbia College Project | 5.75 | 10-1-2045 | 500,000 | 537,414 | |
South Carolina Jobs EDA York Preparatory Academy Project Series A | 5.75 | 11-1-2023 | 100,000 | 104,340 | |
South Carolina Jobs EDA York Preparatory Academy Project Series A | 7.25 | 11-1-2045 | 500,000 | 557,763 | |
1,199,517 | |||||
Health revenue: 1.07% | |||||
South Carolina Jobs EDA Residential Facilities Revenue Episcopal Home Still Hopes Refunding Bond Series A | 5.00 | 4-1-2048 | 1,000,000 | 1,077,189 | |
Resource recovery revenue: 0.49% | |||||
South Carolina Jobs EDA | 8.00 | 12-6-2029 | 100,000 | 90,811 | |
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A• | 6.25 | 2-1-2045 | 1,000,000 | ��� 400,000 | |
490,811 | |||||
2,767,517 | |||||
Tennessee: 1.16% | |||||
Tax revenue: 1.16% | |||||
Bristol TN Industrial Development Board Sales Tax CAB Series B 144A¤ | 0.00 | 12-1-2031 | 1,000,000 | 589,289 | |
Nashville TN Metropolitan Development & Housing Agency Tax Increment Fifth & Broadway Development Project 144A | 5.13 | 6-1-2036 | 500,000 | 577,699 | |
1,166,988 | |||||
Texas: 4.43% | |||||
Education revenue: 2.36% | |||||
Arlington TX Higher Education Finance Corporation Refunding Bond Wayside Schools Series A | 4.00 | 8-15-2046 | 860,000 | 940,490 | |
Arlington TX Higher Education Finance Corporation Universal Academy Series A | 7.00 | 3-1-2034 | 320,000 | 350,452 | |
Pottsboro TX Higher Education Finance Corporation Imagine International Academy of North Texas Series A | 3.88 | 8-15-2026 | 1,005,000 | 1,077,135 | |
2,368,077 | |||||
GO revenue: 1.11% | |||||
Port Isabel TX 144A | 5.10 | 2-15-2049 | 975,000 | 1,111,055 | |
Miscellaneous revenue: 0.49% | |||||
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 5.50 | 9-1-2039 | 495,000 | 496,061 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.23% | |||||
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00% | 12-31-2038 | $ 200,000 | $ 227,755 | |
Utilities revenue: 0.24% | |||||
Texas Gas Supply SA Energy Acquisition Public Facilities Corporation | 5.50 | 8-1-2027 | 190,000 | 238,469 | |
4,441,417 | |||||
Utah: 2.24% | |||||
Education revenue: 1.19% | |||||
Utah Charter School Finance Authority Freedom Academy Foundation St. George 144A | 5.00 | 6-15-2041 | 1,020,000 | 1,188,664 | |
Miscellaneous revenue: 1.05% | |||||
Mida Mountain UT Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2050 | 1,000,000 | 1,052,170 | |
2,240,834 | |||||
Virginia: 1.19% | |||||
Health revenue: 1.19% | |||||
Roanoke VA EDA Residential Care Richfield Living | 5.13 | 9-1-2055 | 1,210,000 | 1,189,783 | |
Washington: 1.17% | |||||
Tax revenue: 1.17% | |||||
Washington Convention Center Junior Lodging Tax Notes | 4.00 | 7-1-2031 | 1,000,000 | 1,170,202 | |
West Virginia: 1.73% | |||||
Tax revenue: 1.73% | |||||
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 5.75 | 6-1-2043 | 1,500,000 | 1,735,165 | |
Wisconsin: 4.49% | |||||
Education revenue: 2.89% | |||||
Wisconsin PFA Charter School Voyager Funding Incorporated Project Series A | 4.13 | 10-1-2024 | 130,000 | 134,744 | |
Wisconsin PFA Coral Academy Science Las Vegas Series A | 5.00 | 7-1-2024 | 235,000 | 247,665 | |
Wisconsin PFA Research Triangle High School Project Series 2015-A 144A | 5.63 | 7-1-2045 | 1,000,000 | 1,085,230 | |
Wisconsin PFA Wilson Preparatory Academy Series A 144A | 5.00 | 6-15-2039 | 1,285,000 | 1,421,767 | |
2,889,406 | |||||
Health revenue: 1.60% | |||||
Wisconsin HEFA Wisconsin Illinois Senior Housing Incorporated Series 2018-A | 5.25 | 8-1-2048 | 1,500,000 | 1,605,234 | |
4,494,640 | |||||
Total Municipal obligations (Cost $90,700,607) | 97,903,713 |
Yield | Shares | Value | |||
Short-term investments: 2.81% | |||||
Investment companies: 2.81% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01% | 2,811,858 | $ 2,812,701 | ||
Total Short-term investments (Cost $2,812,701) | 2,812,701 | ||||
Total investments in securities (Cost $93,513,308) | 100.57% | 100,716,414 | |||
Other assets and liabilities, net | (0.57) | (573,158) | |||
Total net assets | 100.00% | $100,143,256 |
¤ | 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. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
• | The Fund has stopped accruing interest on this 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 |
CAB | Capital appreciation bond |
CCAB | Convertible capital appreciation bond |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
IDA | Industrial Development Authority |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
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 | $699,474 | $43,967,267 | $(41,854,246) | $244 | $(38) | $2,812,701 | 2.81% | 2,811,858 | $262 |
Assets | |
Investments in unaffiliated securities, at value (cost $90,700,607) | $ 97,903,713 |
Investments in affiliated securites, at value (cost $2,812,701) | 2,812,701 |
Receivable for investments sold | 2,321,832 |
Receivable for interest | 1,101,657 |
Receivable for Fund shares sold | 26,382 |
Prepaid expenses and other assets | 40,441 |
Total assets | 104,206,726 |
Liabilities | |
Payable for investments purchased | 2,045,532 |
Payable for when-issued transactions | 1,531,443 |
Payable for Fund shares redeemed | 408,878 |
Dividends payable | 19,446 |
Management fee payable | 18,299 |
Administration fees payable | 9,875 |
Distribution fee payable | 5,127 |
Trustees’ fees and expenses payable | 1,061 |
Accrued expenses and other liabilities | 23,809 |
Total liabilities | 4,063,470 |
Total net assets | $100,143,256 |
Net assets consist of | |
Paid-in capital | $ 92,583,583 |
Total distributable earnings | 7,559,673 |
Total net assets | $100,143,256 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 37,513,810 |
Shares outstanding – Class A1 | 3,362,721 |
Net asset value per share – Class A | $11.16 |
Maximum offering price per share – Class A2 | $11.69 |
Net assets – Class C | $ 8,470,929 |
Shares outstanding – Class C1 | 759,247 |
Net asset value per share – Class C | $11.16 |
Net assets – Class R6 | $ 26,304 |
Shares outstanding – Class R61 | 2,356 |
Net asset value per share – Class R6 | $11.16 |
Net assets – Administrator Class | $ 9,692,456 |
Shares outstanding – Administrator Class1 | 868,448 |
Net asset value per share – Administrator Class | $11.16 |
Net assets – Institutional Class | $ 44,439,757 |
Shares outstanding – Institutional Class1 | 3,984,147 |
Net asset value per share – Institutional Class | $11.15 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 4,120,075 |
Income from affiliated securities | 262 |
Total investment income | 4,120,337 |
Expenses | |
Management fee | 452,732 |
Administration fees | |
Class A | 50,268 |
Class C | 14,337 |
Class R6 | 7 |
Administrator Class | 10,625 |
Institutional Class | 31,615 |
Shareholder servicing fees | |
Class A | 78,517 |
Class C | 22,212 |
Administrator Class | 26,465 |
Distribution fee | |
Class C | 66,631 |
Custody and accounting fees | 10,819 |
Professional fees | 55,711 |
Registration fees | 77,531 |
Shareholder report expenses | 36,247 |
Trustees’ fees and expenses | 19,271 |
Other fees and expenses | 11,797 |
Total expenses | 964,785 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (234,782) |
Class A | (28,790) |
Class C | (7,034) |
Administrator Class | (14,827) |
Net expenses | 679,352 |
Net investment income | 3,440,985 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 911,648 |
Affiliated securities | 244 |
Net realized gains on investments | 911,892 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 5,105,189 |
Affiliated securities | (38) |
Net change in unrealized gains (losses) on investments | 5,105,151 |
Net realized and unrealized gains (losses) on investments | 6,017,043 |
Net increase in net assets resulting from operations | $9,458,028 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 3,440,985 | $ 4,723,433 | ||
Net realized gains (losses) on investments | 911,892 | (115,607) | ||
Net change in unrealized gains (losses) on investments | 5,105,151 | (5,492,789) | ||
Net increase (decrease) in net assets resulting from operations | 9,458,028 | (884,963) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,172,015) | (1,016,115) | ||
Class C | (269,688) | (324,379) | ||
Class R6 | (1,024) | (1,113) | ||
Administrator Class | (411,592) | (557,564) | ||
Institutional Class | (1,575,840) | (2,837,133) | ||
Total distributions to shareholders | (3,430,159) | (4,736,304) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,673,934 | 18,163,880 | 1,136,030 | 12,292,528 |
Class C | 79,503 | 849,819 | 151,588 | 1,643,335 |
Administrator Class | 315,942 | 3,377,804 | 339,763 | 3,572,890 |
Institutional Class | 1,898,693 | 20,587,992 | 2,083,511 | 22,719,379 |
42,979,495 | 40,228,132 | |||
Reinvestment of distributions | ||||
Class A | 102,915 | 1,113,891 | 89,770 | 969,449 |
Class C | 24,792 | 267,616 | 29,127 | 314,674 |
Administrator Class | 23,595 | 254,696 | 35,739 | 388,413 |
Institutional Class | 144,580 | 1,563,015 | 255,191 | 2,782,732 |
3,199,218 | 4,455,268 | |||
Payment for shares redeemed | ||||
Class A | (790,074) | (8,625,088) | (1,007,385) | (10,751,077) |
Class C | (231,430) | (2,501,505) | (201,418) | (2,168,643) |
Administrator Class | (536,005) | (5,758,070) | (741,308) | (8,002,341) |
Institutional Class | (1,610,196) | (17,407,832) | (6,551,028) | (70,457,229) |
(34,292,495) | (91,379,290) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 11,886,218 | (46,695,890) | ||
Total increase (decrease) in net assets | 17,914,087 | (52,317,157) | ||
Net assets | ||||
Beginning of period | 82,229,169 | 134,546,326 | ||
End of period | $100,143,256 | $ 82,229,169 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.43 | $10.97 | $10.59 | $10.37 | $10.91 |
Net investment income | 0.41 | 0.44 | 0.39 | 0.40 | 0.37 |
Net realized and unrealized gains (losses) on investments | 0.73 | (0.54) | 0.38 | 0.22 | (0.46) |
Total from investment operations | 1.14 | (0.10) | 0.77 | 0.62 | (0.09) |
Distributions to shareholders from | |||||
Net investment income | (0.41) | (0.44) | (0.39) | (0.40) | (0.37) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Total distributions to shareholders | (0.41) | (0.44) | (0.39) | (0.40) | (0.45) |
Net asset value, end of period | $11.16 | $10.43 | $10.97 | $10.59 | $10.37 |
Total return1 | 10.98% | (0.98)% | 7.43% | 6.11% | (0.76)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.14% | 1.12% | 1.09% | 1.07% | 1.06% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.85% | 0.85% |
Net investment income | 3.74% | 4.05% | 3.68% | 3.82% | 3.51% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 14% | 20% | 50% | 82% |
Net assets, end of period (000s omitted) | $37,514 | $24,791 | $23,674 | $17,086 | $20,305 |
1 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.44 | $10.97 | $10.59 | $10.37 | $10.91 |
Net investment income | 0.32 | 0.36 | 0.31 | 0.32 | 0.29 |
Net realized and unrealized gains (losses) on investments | 0.72 | (0.53) | 0.38 | 0.22 | (0.46) |
Total from investment operations | 1.04 | (0.17) | 0.69 | 0.54 | (0.17) |
Distributions to shareholders from | |||||
Net investment income | (0.32) | (0.36) | (0.31) | (0.32) | (0.29) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Total distributions to shareholders | (0.32) | (0.36) | (0.31) | (0.32) | (0.37) |
Net asset value, end of period | $11.16 | $10.44 | $10.97 | $10.59 | $10.37 |
Total return1 | 10.14% | (1.63)% | 6.63% | 5.32% | (1.50)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.89% | 1.87% | 1.84% | 1.82% | 1.81% |
Net expenses | 1.55% | 1.55% | 1.55% | 1.60% | 1.60% |
Net investment income | 3.02% | 3.29% | 2.91% | 3.09% | 2.79% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 14% | 20% | 50% | 82% |
Net assets, end of period (000s omitted) | $8,471 | $9,250 | $9,955 | $8,896 | $8,709 |
1 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||
Class R6 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.44 | $10.98 | $10.61 |
Net investment income | 0.44 | 0.47 | 0.39 |
Net realized and unrealized gains (losses) on investments | 0.71 | (0.54) | 0.37 |
Total from investment operations | 1.15 | (0.07) | 0.76 |
Distributions to shareholders from | |||
Net investment income | (0.43) | (0.47) | (0.39) |
Net asset value, end of period | $11.16 | $10.44 | $10.98 |
Total return2 | 11.28% | (0.68)% | 7.29% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.76% | 0.73% | 0.71% |
Net expenses | 0.50% | 0.50% | 0.50% |
Net investment income | 4.07% | 4.34% | 3.96% |
Supplemental data | |||
Portfolio turnover rate | 55% | 14% | 20% |
Net assets, end of period (000s omitted) | $26 | $25 | $26 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.44 | $10.98 | $10.59 | $10.37 | $10.92 |
Net investment income | 0.42 | 0.45 | 0.40 | 0.41 | 0.38 |
Net realized and unrealized gains (losses) on investments | 0.72 | (0.54) | 0.39 | 0.22 | (0.47) |
Total from investment operations | 1.14 | (0.09) | 0.79 | 0.63 | (0.09) |
Distributions to shareholders from | |||||
Net investment income | (0.42) | (0.45) | (0.40) | (0.41) | (0.38) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Total distributions to shareholders | (0.42) | (0.45) | (0.40) | (0.41) | (0.46) |
Net asset value, end of period | $11.16 | $10.44 | $10.98 | $10.59 | $10.37 |
Total return | 11.10% | (0.87)% | 7.64% | 6.21% | (0.75)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.08% | 1.05% | 1.03% | 1.01% | 1.00% |
Net expenses | 0.69% | 0.70% | 0.71% | 0.75% | 0.75% |
Net investment income | 3.88% | 4.12% | 3.69% | 3.93% | 3.60% |
Supplemental data | �� | ||||
Portfolio turnover rate | 55% | 14% | 20% | 50% | 82% |
Net assets, end of period (000s omitted) | $9,692 | $11,115 | $15,704 | $24,627 | $22,839 |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.43 | $10.97 | $10.59 | $10.37 | $10.91 |
Net investment income | 0.43 | 0.46 | 0.42 | 0.43 | 0.40 |
Net realized and unrealized gains (losses) on investments | 0.72 | (0.53) | 0.38 | 0.22 | (0.46) |
Total from investment operations | 1.15 | (0.07) | 0.80 | 0.65 | (0.06) |
Distributions to shareholders from | |||||
Net investment income | (0.43) | (0.47) | (0.42) | (0.43) | (0.40) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Total distributions to shareholders | (0.43) | (0.47) | (0.42) | (0.43) | (0.48) |
Net asset value, end of period | $11.15 | $10.43 | $10.97 | $10.59 | $10.37 |
Total return | 11.15% | (0.74)% | 7.70% | 6.37% | (0.51)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.81% | 0.78% | 0.76% | 0.74% | 0.73% |
Net expenses | 0.55% | 0.55% | 0.55% | 0.60% | 0.60% |
Net investment income | 4.00% | 4.24% | 3.92% | 4.09% | 3.82% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 14% | 20% | 50% | 82% |
Net assets, end of period (000s omitted) | $44,440 | $37,049 | $85,187 | $75,560 | $73,989 |
Gross unrealized gains | $8,063,036 |
Gross unrealized losses | (859,930) |
Net unrealized gains | $7,203,106 |
■ | 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 | $ 97,903,713 | $0 | $ 97,903,713 |
Short-term investments | ||||
Investment companies | 2,812,701 | 0 | 0 | 2,812,701 |
Total assets | $2,812,701 | $97,903,713 | $0 | $100,716,414 |
Average daily net assets | Management fee |
First $500 million | 0.500% |
Next $500 million | 0.475 |
Next $2 billion | 0.450 |
Next $2 billion | 0.425 |
Next $5 billion | 0.390 |
Over $10 billion | 0.380 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.80% |
Class C | 1.55 |
Class R6 | 0.50 |
Administrator Class | 0.70 |
Institutional Class | 0.55 |
Undistributed ordinary income | Undistributed tax-exempt income | Unrealized gains |
$363,427 | $12,586 | $7,203,106 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g116407img7d1c95347.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g116407img29bf9f891.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g116407imgc9c5a1208.jpg)
A264/AR264 06-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g121686img56a3d4a11.jpg)
Intermediate Tax/AMT-Free Fund
2 | |
6 | |
11 | |
12 | |
Financial statements | |
47 | |
48 | |
49 | |
50 | |
55 | |
60 | |
61 | |
Board considerations | |
65 | |
69 | |
75 |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g121686img93fb6ef03.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Bruce R. Johns, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti* |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFTAX) | 7-31-2007 | 0.80 | 1.77 | 3.11 | 3.92 | 2.39 | 3.43 | 0.79 | 0.70 | ||
Class C (WFTFX) | 7-31-2007 | 2.14 | 1.63 | 2.66 | 3.14 | 1.63 | 2.66 | 1.54 | 1.45 | ||
Class R6 (WFRTX)3 | 7-31-2018 | – | – | – | 4.14 | 2.66 | 3.70 | 0.41 | 0.40 | ||
Administrator Class (WFITX) | 3-31-2008 | – | – | – | 4.02 | 2.50 | 3.53 | 0.73 | 0.60 | ||
Institutional Class (WITIX) | 3-31-2008 | – | – | – | 4.17 | 2.65 | 3.70 | 0.46 | 0.45 | ||
Bloomberg Barclays Municipal Bond 1-15 Year Blend Index4 | – | – | – | – | 3.08 | 2.82 | 3.52 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.70% for Class A, 1.45% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Bloomberg Barclays Municipal Bond 1–15 Year Blend Index is the 1–15 year component of the Bloomberg Barclays Municipal Bond Index. 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. |
* | Mr. Venditti became a portfolio manager of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g121686img6e979a524.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond 1-15 Year Blend Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 3.00%. |
■ | The Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond 1–15 Year Blend Index, for the 12-month period that ended June 30, 2021. |
■ | Credit positioning was the largest contributor to performance as our overweight lower investment-grade bonds (A-rated and BBB-rated) relative to higher investment-grade bonds (AAA-rated and AA-rated) aided returns as lower-grade bonds outperformed. Selection within the BBB category was a modest detractor. |
■ | Sector allocation was modestly positive while security selection was a key driver of positive performance. Underweights to state general obligation (GO), electric revenue, and water and sewer bonds were positive as these sectors underperformed while a modest overweight to local GO’s detracted. |
■ | Yield-curve positioning was a modest contributor to performance as our underweight to the short end of the yield curve and overweight to the longer end of the intermediate curve offset a modest overweight to the 4 – 8 year part of the curve which underperfomed. |
■ | We tactically moved duration around during the period from modestly short to modestly long relative to the benchmark. Overall duration positioning during the period had no material impact on performance. |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g121686imga0bb79e75.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-CSR/0001193125-21-262222/g121686imgd8c824716.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 | |
Class A | ||||
Actual | $1,000.00 | $1,010.86 | $3.49 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.32 | $3.51 | 0.70% |
Class C | ||||
Actual | $1,000.00 | $1,007.09 | $7.22 | 1.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.60 | $7.25 | 1.45% |
Class R6 | ||||
Actual | $1,000.00 | $1,012.36 | $2.00 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,011.36 | $2.99 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,012.11 | $2.25 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.56 | $2.26 | 0.45% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 99.49% | |||||
Alabama: 1.38% | |||||
Education revenue: 0.20% | |||||
Auburn AL Refunding Bond Series A | 4.00% | 6-1-2033 | $ 1,000,000 | $ 1,142,611 | |
University of West Alabama General Fee Bond (AGM Insured) | 4.00 | 1-1-2033 | 595,000 | 698,221 | |
University of West Alabama General Fee Bond (AGM Insured) | 4.00 | 1-1-2035 | 865,000 | 1,006,348 | |
University of West Alabama General Fee Bond (AGM Insured) | 4.00 | 1-1-2037 | 920,000 | 1,064,127 | |
3,911,307 | |||||
Utilities revenue: 1.18% | |||||
Lower Alabama Gas Supply District Project #2 | 4.00 | 12-1-2050 | 11,430,000 | 12,999,852 | |
Southeast Alabama Gas Supply District Project #2 Series B (1 Month LIBOR +0.85%) ± | 0.91 | 6-1-2049 | 10,000,000 | 10,093,930 | |
23,093,782 | |||||
27,005,089 | |||||
Alaska: 0.22% | |||||
Miscellaneous revenue: 0.22% | |||||
Matanuska Susitna Borough AK Goode Creek Correctional Project | 4.00 | 9-1-2030 | 3,870,000 | 4,266,456 | |
Arizona: 2.54% | |||||
Education revenue: 0.54% | |||||
Arizona Board of Regents University of Arizona System Series A | 5.00 | 6-1-2037 | 2,645,000 | 3,377,054 | |
Pima County AZ Community College District Series 2019 | 5.00 | 7-1-2034 | 500,000 | 626,456 | |
Pima County AZ Community College District Series 2019 | 5.00 | 7-1-2035 | 600,000 | 750,886 | |
Pima County AZ Community College District Series 2019 | 5.00 | 7-1-2036 | 500,000 | 624,430 | |
Pima County AZ IDA New Plan Learning Project Series A | 7.00 | 7-1-2021 | 185,000 | 185,000 | |
Pima County AZ IDA New Plan Learning Project Series A | 7.75 | 7-1-2035 | 4,910,000 | 4,931,513 | |
10,495,339 | |||||
GO revenue: 0.35% | |||||
Estrella Mountain Ranch AZ Community Facilities District Refunding Bond (AGM Insured) | 5.00 | 7-15-2025 | 585,000 | 680,359 | |
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B | 5.00 | 7-1-2027 | 420,000 | 460,252 | |
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B | 5.50 | 7-1-2029 | 960,000 | 1,061,569 | |
Phoenix AZ Refunding Bond | 5.00 | 7-1-2026 | 3,810,000 | 4,646,822 | |
6,849,002 | |||||
Health revenue: 0.56% | |||||
RBC Municipal Products Incorporated (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.06 | 2-1-2025 | 11,000,000 | 11,000,000 | |
Miscellaneous revenue: 0.63% | |||||
Arizona Refunding Bond Certificate of Participation | 5.00 | 9-1-2027 | 3,040,000 | 3,577,616 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Phoenix AZ Civic Improvement Corporation Series D | 5.00% | 7-1-2024 | $ 190,000 | $ 216,516 | |
Phoenix AZ Civic Improvement Corporation Series D | 5.00 | 7-1-2036 | 7,000,000 | 8,574,923 | |
12,369,055 | |||||
Tax revenue: 0.33% | |||||
Arizona Sports & Tourism Authority Series A | 5.00 | 7-1-2022 | 1,000,000 | 1,045,125 | |
San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00 | 7-1-2027 | 450,000 | 509,334 | |
San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00 | 7-1-2028 | 700,000 | 791,627 | |
San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00 | 7-1-2034 | 3,680,000 | 4,152,304 | |
6,498,390 | |||||
Utilities revenue: 0.13% | |||||
Salt River Project AZ Electric System Revenue Bond 2017 Series A | 5.00 | 1-1-2034 | 2,000,000 | 2,494,987 | |
49,706,773 | |||||
Arkansas: 0.14% | |||||
Miscellaneous revenue: 0.14% | |||||
Arkansas Development Finance Authority Arkansas Division of Emergency Management Project | 4.00 | 6-1-2033 | 500,000 | 589,313 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management Project | 4.00 | 6-1-2035 | 1,000,000 | 1,174,672 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management Project | 4.00 | 6-1-2036 | 850,000 | 996,403 | |
2,760,388 | |||||
California: 5.88% | |||||
Airport revenue: 0.44% | |||||
Sacramento CA Airport System Senior Bond Series A | 5.00 | 7-1-2026 | 1,315,000 | 1,599,473 | |
Sacramento CA Airport System Senior Bond Series B | 5.00 | 7-1-2032 | 600,000 | 754,896 | |
Sacramento CA Airport System Senior Bond Series B | 5.00 | 7-1-2033 | 500,000 | 626,370 | |
Sacramento CA Airport System Senior Bond Series B | 5.00 | 7-1-2034 | 1,000,000 | 1,249,109 | |
Sacramento CA Airport System Senior Bond Series E | 5.00 | 7-1-2026 | 750,000 | 912,247 | |
Sacramento CA Airport System Senior Bond Series E | 5.00 | 7-1-2027 | 1,750,000 | 2,183,624 | |
Sacramento CA Airport System Senior Bond Series E | 5.00 | 7-1-2028 | 1,000,000 | 1,275,667 | |
8,601,386 | |||||
Education revenue: 0.36% | |||||
California CDA Series A | 6.90 | 8-1-2031 | 1,670,000 | 1,677,822 | |
University of California Limited Project Unrefunded Bond Series G | 5.00 | 5-15-2037 | 5,210,000 | 5,431,802 | |
7,109,624 | |||||
GO revenue: 2.72% | |||||
California Various Purposes | 5.00 | 8-1-2030 | 1,575,000 | 1,922,223 | |
California Various Purposes | 5.00 | 8-1-2032 | 6,700,000 | 8,162,057 | |
Cerritos CA Community College District CAB Series D ¤ | 0.00 | 8-1-2025 | 1,800,000 | 1,739,116 | |
Compton CA Community College District Election of 2002 CAB Series C ¤ | 0.00 | 8-1-2029 | 1,565,000 | 1,371,781 | |
Compton CA Community College District Election of 2002 CAB Series C ¤ | 0.00 | 8-1-2031 | 2,400,000 | 1,988,148 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Los Angeles CA Unified School District Los Angeles County Series RYQ | 4.00% | 7-1-2037 | $ 2,000,000 | $ 2,429,265 | |
Monterey County CA Alisal Union School District Series A (BAM Insured) | 5.25 | 8-1-2042 | 1,500,000 | 1,885,694 | |
New Haven CA Unified School District CAB Project (AGC Insured) ¤ | 0.00 | 8-1-2033 | 5,590,000 | 4,388,247 | |
Patterson CA Unified School District CAB Election of 2008 Project Series B (AGM Insured) ¤ | 0.00 | 8-1-2033 | 3,000,000 | 2,349,426 | |
Peralta CA Community College District Alameda County | 5.00 | 8-1-2023 | 3,045,000 | 3,202,250 | |
Peralta CA Community College District Alameda County | 5.00 | 8-1-2024 | 3,000,000 | 3,154,589 | |
Rio Hondo CA Community College District ¤ | 0.00 | 8-1-2030 | 2,315,000 | 2,023,010 | |
San Diego CA Community College District Election of 2012 | 5.00 | 8-1-2032 | 3,095,000 | 3,406,700 | |
San Diego CA Unified School District Election of 1998 Series E-2 (AGM Insured) | 5.50 | 7-1-2027 | 5,000,000 | 6,453,027 | |
Sylvan CA Unified School District CAB Election of 2006 (AGM Insured) ¤ | 0.00 | 8-1-2031 | 2,590,000 | 2,156,285 | |
Sylvan CA Unified School District CAB Election of 2006 (AGM Insured) ¤ | 0.00 | 8-1-2032 | 2,800,000 | 2,272,437 | |
West Contra Costa CA Unified School District Election of 2005 Series C-1 (AGC Insured) ¤ | 0.00 | 8-1-2026 | 4,620,000 | 4,385,264 | |
53,289,519 | |||||
Health revenue: 0.29% | |||||
California CDA Series C | 5.25 | 8-15-2031 | 3,000,000 | 3,018,445 | |
California Municipal Finance Authority Institute of Aging Project | 5.00 | 8-15-2032 | 975,000 | 1,199,773 | |
California Municipal Finance Authority Institute of Aging Project | 5.00 | 8-15-2033 | 1,150,000 | 1,412,778 | |
5,630,996 | |||||
Housing revenue: 0.06% | |||||
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 977,039 | 1,151,780 | |
Miscellaneous revenue: 0.94% | |||||
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00 | 5-1-2039 | 2,500,000 | 2,760,810 | |
California Public Works Board Various Judicial Council Project Series D | 5.25 | 12-1-2026 | 1,000,000 | 1,020,880 | |
Foothill de Anza CA Community College District Certificate of Participation | 5.00 | 4-1-2033 | 500,000 | 576,936 | |
Gold Coast Transit District California Transit Finance Corporation Certificate of Participation | 5.00 | 7-1-2027 | 520,000 | 636,881 | |
San Diego CA Public Facilities Financing Authority Capital Improvement Projects Series B | 5.00 | 10-15-2027 | 500,000 | 595,792 | |
San Diego CA Public Facilities Financing Authority Capital Improvement Projects Series B | 5.00 | 10-15-2028 | 1,000,000 | 1,189,708 | |
Tender Option Bond Trust Receipts/Certifcates (Deutsche Bank LIQ) 144Aø | 0.10 | 6-15-2055 | 11,595,000 | 11,595,000 | |
18,376,007 | |||||
Transportation revenue: 0.52% | |||||
Bay Area CA Toll Authority Toll Bridge Series A (SIFMA Municipal Swap +1.25%) ± | 1.28 | 4-1-2036 | 9,810,000 | 10,179,639 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.55% | |||||
California Municipal Finance Authority | 5.00% | 10-1-2025 | $ 1,500,000 | $ 1,785,115 | |
M-S-R California Energy Authority Gas Series B | 7.00 | 11-1-2034 | 2,035,000 | 3,203,255 | |
M-S-R California Energy Authority Gas Series C | 7.00 | 11-1-2034 | 3,000,000 | 4,722,244 | |
Sacramento CA Municipal Utility District Series B | 5.00 | 8-15-2030 | 1,075,000 | 1,178,987 | |
10,889,601 | |||||
115,228,552 | |||||
Colorado: 1.51% | |||||
GO revenue: 0.38% | |||||
Adams County CO 12 Five Star Schools Series B | 5.00 | 12-15-2028 | 3,800,000 | 4,676,760 | |
Mesa County CO Valley School District #51 Grand Junction | 5.50 | 12-1-2035 | 2,175,000 | 2,800,052 | |
7,476,812 | |||||
Miscellaneous revenue: 0.85% | |||||
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2036 | 1,500,000 | 1,866,194 | |
Colorado Certificate of Participation Series A | 4.00 | 12-15-2035 | 7,400,000 | 9,221,692 | |
Regents of the University of Colorado Certificate of Participation Series A | 5.00 | 11-1-2028 | 5,000,000 | 5,514,271 | |
16,602,157 | |||||
Tax revenue: 0.16% | |||||
Colorado Regional Transportation District Denver Transit Partners Eagle P3 Project Series A & B | 5.00 | 7-15-2028 | 885,000 | 1,110,755 | |
Colorado Regional Transportation District Denver Transit Partners Eagle P3 Project Series A & B | 5.00 | 1-15-2029 | 600,000 | 760,583 | |
Colorado Regional Transportation District Denver Transit Partners Eagle P3 Project Series A & B | 5.00 | 1-15-2030 | 1,000,000 | 1,290,890 | |
3,162,228 | |||||
Utilities revenue: 0.09% | |||||
Colorado Springs CO Utilities System Series B (Landesbank Hessen-Thüringen SPA) ø | 0.07 | 11-1-2036 | 1,800,000 | 1,800,000 | |
Water & sewer revenue: 0.03% | |||||
Central Weld County CO Water District Revenue Bond (AGM Insured) | 4.00 | 12-1-2033 | 500,000 | 607,092 | |
29,648,289 | |||||
Connecticut: 1.50% | |||||
Education revenue: 0.40% | |||||
Connecticut HEFAR University of Hartford Issue Series N | 5.00 | 7-1-2029 | 480,000 | 604,576 | |
Connecticut HEFAR University of Hartford Issue Series N | 5.00 | 7-1-2030 | 870,000 | 1,087,115 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series D | 3.00 | 11-15-2035 | 1,000,000 | 1,036,039 | |
University of Connecticut Series A | 5.00 | 3-15-2032 | 4,355,000 | 5,184,412 | |
7,912,142 | |||||
GO revenue: 0.88% | |||||
Bridgeport CT Series A | 5.00 | 6-1-2031 | 1,855,000 | 2,377,236 | |
Connecticut Series A | 5.00 | 3-1-2029 | 2,500,000 | 2,796,611 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Connecticut Series B | 4.00% | 6-1-2034 | $ 750,000 | $ 930,287 | |
Connecticut Series B | 5.00 | 6-15-2027 | 3,000,000 | 3,525,131 | |
Connecticut Series F | 5.00 | 11-15-2032 | 300,000 | 354,067 | |
Hamden CT Refunding Bond Series A (BAM Insured) | 5.00 | 8-15-2029 | 500,000 | 619,580 | |
Hamden CT Refunding Bond Series A (BAM Insured) | 5.00 | 8-15-2030 | 1,200,000 | 1,477,788 | |
Hamden CT Series A (BAM Insured) | 5.00 | 8-15-2026 | 2,000,000 | 2,403,390 | |
Hamden CT Series A (BAM Insured) | 5.00 | 8-15-2027 | 1,200,000 | 1,473,065 | |
Hartford CT Series A (AGM Insured) | 5.00 | 7-1-2026 | 1,050,000 | 1,231,779 | |
17,188,934 | |||||
Miscellaneous revenue: 0.10% | |||||
Connecticut Series G | 4.00 | 10-15-2026 | 1,985,000 | 2,074,654 | |
Tax revenue: 0.12% | |||||
Connecticut Special Tax Obligation Bonds Series A | 4.00 | 9-1-2036 | 1,000,000 | 1,138,619 | |
Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes Series A | 5.00 | 8-1-2030 | 1,000,000 | 1,177,317 | |
2,315,936 | |||||
29,491,666 | |||||
Delaware: 0.12% | |||||
Education revenue: 0.12% | |||||
Delaware EDA Odyssey Charter School Project Series B 144A | 6.75 | 9-1-2035 | 2,000,000 | 2,267,209 | |
District of Columbia: 1.66% | |||||
GO revenue: 0.72% | |||||
District of Columbia Series 2014C | 5.00 | 6-1-2034 | 3,000,000 | 3,382,618 | |
District of Columbia Series 2014C | 5.00 | 6-1-2035 | 1,620,000 | 1,824,103 | |
District of Columbia Series 2016A | 5.00 | 6-1-2033 | 5,000,000 | 6,020,629 | |
District of Columbia Series 2017A | 5.00 | 6-1-2033 | 2,400,000 | 2,965,900 | |
14,193,250 | |||||
Miscellaneous revenue: 0.33% | |||||
District of Columbia Federal Highway Grant Anticipation Bond | 5.00 | 12-1-2025 | 3,520,000 | 3,749,825 | |
District of Columbia Federal Highway Grant Anticipation Bond | 5.25 | 12-1-2025 | 2,630,000 | 2,640,648 | |
6,390,473 | |||||
Tax revenue: 0.19% | |||||
Washington District of Columbia Convention and Sports Authority Dedicated Tax Refunding Bond Senior Lien Series A | 4.00 | 10-1-2034 | 750,000 | 908,223 | |
Washington District of Columbia Convention and Sports Authority Dedicated Tax Refunding Bond Senior Lien Series B | 4.00 | 10-1-2033 | 720,000 | 873,483 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Washington District of Columbia Convention and Sports Authority Dedicated Tax Refunding Bond Senior Lien Series B | 4.00% | 10-1-2034 | $ 650,000 | $ 787,126 | |
Washington District of Columbia Convention and Sports Authority Dedicated Tax Refunding Bond Senior Lien Series B | 4.00 | 10-1-2035 | 1,000,000 | 1,208,782 | |
3,777,614 | |||||
Transportation revenue: 0.27% | |||||
Washington Metropolitan Airport Authority Dulles Toll Road Series B | 5.00 | 10-1-2034 | 1,250,000 | 1,581,193 | |
Washington Metropolitan Area Transit Authority Series B | 5.00 | 7-1-2032 | 3,000,000 | 3,700,839 | |
5,282,032 | |||||
Water & sewer revenue: 0.15% | |||||
District of Columbia Water & Sewer Authority Public Utility Senior Lien Series A | 5.00 | 10-1-2037 | 2,260,000 | 2,838,777 | |
32,482,146 | |||||
Florida: 5.58% | |||||
Airport revenue: 0.95% | |||||
Hillsborough FL Aviation Authority Tampa International Airport Customer Facility Series A | 5.00 | 10-1-2044 | 8,335,000 | 9,429,760 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2035 | 2,045,000 | 2,577,495 | |
Miami-Dade County FL Aviation Refunding Bond Series A | 4.00 | 10-1-2035 | 1,600,000 | 1,929,466 | |
Miami-Dade County FL Aviation Refunding Bond Series A | 4.00 | 10-1-2036 | 1,700,000 | 2,045,878 | |
Miami-Dade County FL Aviation Refunding Bond Series A | 4.00 | 10-1-2037 | 2,250,000 | 2,700,172 | |
18,682,771 | |||||
Health revenue: 0.51% | |||||
Florida Health System Lee Memorial Hospital Series A | 5.00 | 4-1-2036 | 4,500,000 | 5,669,704 | |
Lee Memorial Health System Series B ø | 0.11 | 4-1-2049 | 1,800,000 | 1,800,000 | |
Miami-Dade County FL Health Facilities Authority Nicklaus Children's Hospital Project | 5.00 | 8-1-2031 | 500,000 | 613,514 | |
Miami-Dade County FL Health Facilities Authority Nicklaus Children's Hospital Project | 5.00 | 8-1-2033 | 1,645,000 | 2,010,088 | |
10,093,306 | |||||
Miscellaneous revenue: 2.21% | |||||
Boynton FL PFA Capital Improvement Series 2018 | 4.00 | 7-1-2030 | 2,090,000 | 2,505,609 | |
Boynton FL PFA Capital Improvement Series 2018 | 5.00 | 7-1-2035 | 3,590,000 | 4,514,710 | |
Duval County FL School Board Certificate of Participation Series B | 5.00 | 7-1-2028 | 2,500,000 | 2,915,958 | |
Duval County FL School Board Certificate of Participation Series B | 5.00 | 7-1-2029 | 5,000,000 | 5,821,176 | |
Miami-Dade County FL School Board Certificate of Participation Series A | 5.00 | 5-1-2031 | 3,000,000 | 3,379,735 | |
Miami-Dade County FL School Board Certificate of Participation Series D | 5.00 | 11-1-2027 | 6,600,000 | 7,554,462 | |
Monroe County FL School Board Certificate of Participation Series A | 5.00 | 6-1-2034 | 1,500,000 | 1,839,328 | |
Monroe County FL School Board Certificate of Participation Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,224,911 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Orange County FL School Board Certificate of Participation Series C | 5.00% | 8-1-2029 | $ 2,000,000 | $ 2,346,676 | |
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured) | 5.00 | 11-1-2032 | 2,000,000 | 2,487,697 | |
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured) | 5.00 | 11-1-2033 | 4,500,000 | 5,584,871 | |
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured) | 5.00 | 11-1-2034 | 600,000 | 743,346 | |
Palm Beach County FL Refunding Bond | 5.00 | 5-1-2029 | 2,000,000 | 2,416,188 | |
43,334,667 | |||||
Tax revenue: 0.44% | |||||
Miami-Dade County FL Special Obligation Series A | 5.00 | 10-1-2023 | 700,000 | 742,377 | |
Polk County FL School District | 5.00 | 10-1-2033 | 2,915,000 | 3,792,901 | |
Tampa FL Sports Authority Stadium Project | 5.00 | 1-1-2025 | 3,550,000 | 4,001,982 | |
8,537,260 | |||||
Transportation revenue: 0.50% | |||||
Florida Department of Transportation Turnpike System Series A | 5.00 | 7-1-2025 | 4,950,000 | 5,852,996 | |
Florida Mid-Bay Bridge Authority Series A | 5.00 | 10-1-2025 | 1,250,000 | 1,466,271 | |
Osceola County FL Transportation Improvement and Refunding Bond Series A-1 | 5.00 | 10-1-2034 | 375,000 | 485,837 | |
Osceola County FL Transportation Improvement and Refunding Bond Series A-1 | 5.00 | 10-1-2035 | 400,000 | 516,185 | |
Osceola County FL Transportation Improvement and Refunding Bond Series A-1 | 5.00 | 10-1-2036 | 600,000 | 771,182 | |
Osceola County FL Transportation Improvement and Refunding Bond Series A-1 | 5.00 | 10-1-2037 | 525,000 | 672,614 | |
9,765,085 | |||||
Water & sewer revenue: 0.97% | |||||
North Sumter County FL Utility Dependent District Bond (BAM Insured) | 5.00 | 10-1-2031 | 500,000 | 650,018 | |
North Sumter County FL Utility Dependent District Bond (BAM Insured) | 5.00 | 10-1-2032 | 950,000 | 1,232,659 | |
North Sumter County FL Utility Dependent District Bond (BAM Insured) | 5.00 | 10-1-2035 | 1,290,000 | 1,655,618 | |
North Sumter County FL Utility Dependent District Bond (BAM Insured) | 5.00 | 10-1-2036 | 880,000 | 1,126,586 | |
Tohopekaliga FL Water Authority Utility System Bond 144A | 5.00 | 10-1-2025 | 12,000,000 | 14,314,448 | |
18,979,329 | |||||
109,392,418 | |||||
Georgia: 1.96% | |||||
Health revenue: 0.09% | |||||
Brookhaven GA Development Authority Children's Healthcare Series A | 5.00 | 7-1-2035 | 1,300,000 | 1,681,688 | |
Industrial development revenue: 0.03% | |||||
George L. Smith II Georgia World Congress Center Authority Convention Center Series 2021A | 4.00 | 1-1-2036 | 500,000 | 596,519 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 1.84% | |||||
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series A | 1.50% | 1-1-2040 | $ 3,000,000 | $ 3,071,132 | |
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series E | 3.25 | 11-1-2045 | 6,000,000 | 6,512,503 | |
Dalton GA Utilities Bond | 4.00 | 3-1-2033 | 1,100,000 | 1,325,907 | |
Dalton GA Utilities Bond | 4.00 | 3-1-2034 | 1,200,000 | 1,442,243 | |
Georgia Municipal Electric Authority General Resolution Project Series A | 4.00 | 1-1-2036 | 1,500,000 | 1,788,114 | |
Georgia Municipal Electric Authority Project One Series A | 5.00 | 1-1-2035 | 925,000 | 1,151,706 | |
Georgia Municipal Electric Authority Units 3 & 4 Project Series A | 5.00 | 1-1-2032 | 525,000 | 655,657 | |
Georgia Municipal Electric Authority Units 3 & 4 Project Series A | 5.00 | 1-1-2034 | 930,000 | 1,155,959 | |
Georgia Municipal Electric Authority Units 3 & 4 Project Series A | 5.00 | 1-1-2035 | 600,000 | 744,502 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series A | 5.00 | 5-15-2029 | 2,600,000 | 3,343,390 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series A | 5.50 | 9-15-2022 | 1,000,000 | 1,061,659 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ± | 0.81 | 4-1-2048 | 10,000,000 | 10,049,820 | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XG0308 (Bank of America NA LIQ) 144Aø | 0.09 | 1-1-2052 | 3,835,000 | 3,835,000 | |
36,137,592 | |||||
38,415,799 | |||||
Guam: 0.34% | |||||
Airport revenue: 0.11% | |||||
Guam International Airport Authority | 5.00 | 10-1-2022 | 1,000,000 | 1,054,980 | |
Guam International Airport Authority | 5.00 | 10-1-2023 | 1,135,000 | 1,195,244 | |
2,250,224 | |||||
Tax revenue: 0.09% | |||||
Guam Government Privilege Business Tax Revenue Refunding Bond Series F %% | 4.00 | 1-1-2036 | 1,500,000 | 1,740,554 | |
Water & sewer revenue: 0.14% | |||||
Guam Government Waterworks Authority | 5.25 | 7-1-2033 | 2,500,000 | 2,741,485 | |
6,732,263 | |||||
Hawaii: 0.07% | |||||
Airport revenue: 0.07% | |||||
Hawaii Harbor System Series C | 4.00 | 7-1-2036 | 500,000 | 608,520 | |
Hawaii Harbor System Series C | 4.00 | 7-1-2037 | 600,000 | 728,216 | |
1,336,736 | |||||
Illinois: 16.82% | |||||
Airport revenue: 1.74% | |||||
Chicago IL Midway Airport Second Lien Refunding Bond Series B | 4.00 | 1-1-2035 | 2,860,000 | 3,193,907 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
Chicago IL O'Hare International Airport Senior Lien (AGM Insured) | 5.13% | 1-1-2030 | $ 2,610,000 | $ 2,792,315 | |
Chicago IL O'Hare International Airport Senior Lien (AGM Insured) | 5.13 | 1-1-2031 | 3,335,000 | 3,567,958 | |
Chicago IL O'Hare International Airport Senior Lien Series A | 4.00 | 1-1-2038 | 1,000,000 | 1,182,430 | |
Chicago IL O'Hare International Airport Senior Lien Series B | 5.00 | 1-1-2030 | 8,025,000 | 9,240,167 | |
Chicago IL O'Hare International Airport Senior Lien Series B | 5.00 | 1-1-2036 | 1,530,000 | 1,926,722 | |
Chicago IL O'Hare International Airport Senior Lien Series D | 5.25 | 1-1-2032 | 8,755,000 | 9,382,874 | |
Peoria IL Metropolitan Airport Authority Series D | 5.00 | 12-1-2027 | 2,250,000 | 2,755,851 | |
34,042,224 | |||||
Education revenue: 0.78% | |||||
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A | 5.00 | 10-1-2026 | 450,000 | 547,745 | |
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A | 5.00 | 10-1-2031 | 400,000 | 514,933 | |
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A | 5.00 | 10-1-2039 | 700,000 | 885,194 | |
Illinois Finance Authority Bradley University Project Series C | 5.00 | 8-1-2032 | 2,500,000 | 2,898,943 | |
Illinois Finance Authority University of Chicago Series 2021A %% | 5.00 | 10-1-2033 | 2,000,000 | 2,815,271 | |
Illinois Finance Authority Wesleyan University | 5.00 | 9-1-2026 | 680,000 | 812,439 | |
Northern Illinois University Board of Trustees Certificate of Participation (AGM Insured) | 5.00 | 9-1-2022 | 1,325,000 | 1,394,644 | |
Northern Illinois University Board of Trustees Certificate of Participation (AGM Insured) | 5.00 | 9-1-2024 | 1,000,000 | 1,136,759 | |
Quad Cities Illinois Regional EDA Augustana College Series 2005 (BMO Harris Bank NA LOC) ø | 0.05 | 10-1-2035 | 1,000,000 | 1,000,000 | |
Southern Illinois University Refunding Bond Housing And Auxiliary Facilities System (BAM Insured) | 4.00 | 4-1-2029 | 400,000 | 477,406 | |
Southern Illinois University Refunding Bond Housing And Auxiliary Facilities System (BAM Insured) | 4.00 | 4-1-2030 | 525,000 | 631,788 | |
University of Illinois Board of Trustees Auxiliary Facilities System Refunding Bonds | 4.00 | 4-1-2030 | 2,000,000 | 2,110,126 | |
15,225,248 | |||||
GO revenue: 3.45% | |||||
Bolingbrook, Will & Dupage Counties Refunding Bond Series A (AGM Insured) | 5.00 | 1-1-2023 | 85,000 | 90,965 | |
Chicago IL Board of Education CAB School Reform Series B-1 (NPFGC Insured) ¤ | 0.00 | 12-1-2025 | 3,380,000 | 3,214,172 | |
Chicago IL Board of Education CAB School Reform Series B-1 (NPFGC Insured) ¤ | 0.00 | 12-1-2026 | 4,030,000 | 3,755,454 | |
Chicago IL Board of Education Series 2021A | 5.00 | 12-1-2035 | 2,000,000 | 2,590,720 | |
Chicago IL CAB Series C ¤ | 0.00 | 1-1-2023 | 2,500,000 | 2,444,357 | |
Chicago IL Metropolitan Reclamation Series B | 5.00 | 12-1-2025 | 2,500,000 | 2,550,477 | |
Chicago IL Park District Series A | 5.00 | 1-1-2036 | 2,250,000 | 2,286,363 | |
Chicago IL Park District Series B (BAM Insured) | 5.00 | 1-1-2029 | 2,000,000 | 2,164,245 | |
Chicago IL Series A | 5.00 | 1-1-2025 | 750,000 | 830,280 | |
Chicago IL Series C | 5.00 | 1-1-2026 | 6,300,000 | 7,450,190 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2025 | 1,665,000 | 1,843,889 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Cook County IL Community College District #508 | 5.25% | 12-1-2027 | $ 1,295,000 | $ 1,431,503 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2028 | 1,250,000 | 1,380,492 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2030 | 3,000,000 | 3,304,637 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2031 | 3,200,000 | 3,519,713 | |
Cook County IL Series A | 5.00 | 11-15-2029 | 1,000,000 | 1,217,440 | |
Cook County IL Series A | 5.00 | 11-15-2034 | 1,300,000 | 1,576,073 | |
Cook County IL Series A | 5.25 | 11-15-2024 | 2,200,000 | 2,240,155 | |
Cook County IL Series B | 5.00 | 11-15-2023 | 600,000 | 666,137 | |
Cook County IL Series C | 5.00 | 11-15-2024 | 2,175,000 | 2,313,291 | |
Cook County IL Series C | 5.00 | 11-15-2025 | 2,450,000 | 2,604,858 | |
Illinois (AGM Insured) | 5.00 | 4-1-2026 | 5,000,000 | 5,611,859 | |
Illinois Series A | 5.00 | 4-1-2023 | 4,500,000 | 4,862,307 | |
McHenry & Kane Counties IL Community Consolidated School District #158 | 5.63 | 1-15-2031 | 2,000,000 | 2,059,098 | |
Sangamon, Logan & Menard Counties IL Williamsville Community Unit School District Series B (BAM Insured) | 4.00 | 12-1-2037 | 700,000 | 819,305 | |
Sangamon, Logan & Menard Counties IL Williamsville Community Unit School District Series B (BAM Insured) | 5.00 | 12-1-2034 | 400,000 | 505,717 | |
Sangamon, Logan & Menard Counties IL Williamsville Community Unit School District Series B (BAM Insured) | 5.00 | 12-1-2035 | 450,000 | 567,907 | |
Sangamon, Logan & Menard Counties IL Williamsville Community Unit School District Series B (BAM Insured) | 5.00 | 12-1-2036 | 500,000 | 630,110 | |
Stephenson County IL School District #145 Prerefunded Series 2018A (AGM Insured) | 5.00 | 2-1-2033 | 285,000 | 360,954 | |
Stephenson County IL School District #145 Unrefunded Series 2018A (AGM Insured) | 5.00 | 2-1-2033 | 1,265,000 | 1,580,667 | |
Waukegan IL Series B (AGM Insured) | 4.00 | 12-30-2024 | 1,030,000 | 1,140,111 | |
67,613,446 | |||||
Health revenue: 0.21% | |||||
Illinois Finance Authority Ann & Robert H. Laurie Children's Hospital Project of Chicago | 5.00 | 8-15-2034 | 1,000,000 | 1,238,822 | |
Illinois Finance Authority Edward Elmhurst Healthcare Series A | 5.00 | 1-1-2026 | 1,000,000 | 1,194,331 | |
Illinois Finance Authority Health Services Facility Lease Bond | 5.00 | 10-1-2032 | 520,000 | 668,313 | |
Illinois Finance Authority Lutheran Life Communities Obligated Group Series A | 5.00 | 11-1-2035 | 900,000 | 1,037,714 | |
4,139,180 | |||||
Housing revenue: 0.19% | |||||
Northern Illinois University Auxiliary Facilities System (BAM Insured) %% | 4.00 | 10-1-2033 | 1,000,000 | 1,190,681 | |
Northern Illinois University Auxiliary Facilities System (BAM Insured) %% | 4.00 | 10-1-2036 | 1,100,000 | 1,304,195 | |
Northern Illinois University Auxiliary Facilities System (BAM Insured) %% | 5.00 | 10-1-2031 | 900,000 | 1,167,957 | |
3,662,833 | |||||
Miscellaneous revenue: 0.75% | |||||
Illinois | 5.00 | 7-1-2023 | 5,065,000 | 5,525,284 | |
Illinois | 5.50 | 7-1-2026 | 2,300,000 | 2,522,840 | |
Illinois Refunding Bond | 5.00 | 8-1-2024 | 1,000,000 | 1,051,334 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Peoria IL Public Building Commission Illinois School District Facilities Refunding Bond (BAM Insured) | 5.00% | 12-1-2023 | $ 4,040,000 | $ 4,467,395 | |
Peoria IL Public Building Commission Illinois School District Facilities Refunding Bond (BAM Insured) | 5.00 | 12-1-2024 | 1,000,000 | 1,144,186 | |
14,711,039 | |||||
Tax revenue: 7.33% | |||||
Chicago IL Sales Tax Refunding Bond | 5.00 | 1-1-2027 | 3,000,000 | 3,478,781 | |
Chicago IL Sales Tax Refunding Bond | 5.00 | 1-1-2030 | 2,075,000 | 2,406,157 | |
Chicago IL Sales Tax Securitization Bond Series A | 5.00 | 1-1-2029 | 1,000,000 | 1,281,526 | |
Chicago IL Sales Tax Securitization Bond Series C | 5.00 | 1-1-2027 | 4,370,000 | 5,342,748 | |
Chicago IL Sales Tax Securitization Bond Series C | 5.25 | 1-1-2035 | 4,700,000 | 5,995,996 | |
Chicago IL Transit Authority Sales Tax Receipts | 5.25 | 12-1-2027 | 2,600,000 | 2,655,392 | |
Cook County IL Sales Tax Bond Series 2017 | 5.00 | 11-15-2033 | 4,000,000 | 4,994,777 | |
Cook County IL Sales Tax Bond Series 2018 | 5.25 | 11-15-2035 | 2,000,000 | 2,535,929 | |
Cook County IL Sales Tax Bond Series 2021A | 5.00 | 11-15-2036 | 1,160,000 | 1,515,798 | |
Cook County IL Sales Tax Bond Series 2021A | 5.00 | 11-15-2037 | 1,625,000 | 2,112,597 | |
Illinois | 5.00 | 6-15-2023 | 16,150,000 | 17,515,512 | |
Illinois Junior Obligation | 5.00 | 6-15-2025 | 6,000,000 | 6,515,422 | |
Illinois Regional Transportation Authority (NPFGC Insured) | 6.50 | 7-1-2026 | 8,615,000 | 10,455,680 | |
Illinois Sales Tax Revenue Build Illinois Bond | 5.00 | 6-15-2029 | 1,000,000 | 1,005,964 | |
Illinois Series A | 5.00 | 1-1-2027 | 10,625,000 | 10,876,585 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond | 5.00 | 6-15-2028 | 1,000,000 | 1,217,887 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2028 | 2,500,000 | 2,776,039 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.25 | 6-15-2030 | 4,000,000 | 4,447,148 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.25 | 6-15-2032 | 3,000,000 | 3,323,394 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2029 | 35,200,000 | 29,906,213 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2030 | 12,800,000 | 10,553,627 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (NPFGC Insured) ¤ | 0.00 | 6-15-2029 | 10,000,000 | 8,621,569 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 1,945,000 | 2,030,949 | |
Southwestern Illinois Development Authority Local Government Program Collinsville Limited | 5.00 | 3-1-2025 | 2,795,000 | 2,108,892 | |
143,674,582 | |||||
Tobacco revenue: 0.17% | |||||
Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2024 | 3,000,000 | 3,399,423 | |
Transportation revenue: 0.17% | |||||
Illinois Toll Highway Authority Senior Bond Class A | 5.00 | 1-1-2037 | 1,250,000 | 1,650,548 | |
Illinois Toll Highway Authority Senior Bond Class A | 5.00 | 1-1-2038 | 1,355,000 | 1,785,053 | |
3,435,601 | |||||
Water & sewer revenue: 2.03% | |||||
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2023 | 1,515,000 | 1,611,958 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2025 | 620,000 | 656,491 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2026 | 2,000,000 | 2,118,696 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Chicago IL Refunding Bond Second Lien Project | 5.00% | 11-1-2028 | $ 3,000,000 | $ 3,168,814 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2029 | 1,490,000 | 1,574,195 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2033 | 1,000,000 | 1,129,528 | |
Chicago IL Refunding Bond Second Lien Project (AGM Insured) | 5.25 | 11-1-2033 | 2,000,000 | 2,518,291 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2023 | 2,335,000 | 2,389,616 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2024 | 2,000,000 | 2,048,511 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2027 | 2,670,000 | 2,972,873 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2028 | 3,500,000 | 3,583,292 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2029 | 4,700,000 | 4,809,460 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2032 | 1,000,000 | 1,104,731 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2033 | 1,000,000 | 1,104,731 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2034 | 1,000,000 | 1,104,731 | |
Illinois Finance Authority Clean Water Initiative Revolving Fund Bond | 5.25 | 7-1-2035 | 3,000,000 | 3,924,615 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2029 | 525,000 | 616,496 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2030 | 600,000 | 711,779 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2031 | 625,000 | 749,101 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2033 | 500,000 | 595,150 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2036 | 570,000 | 672,395 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2037 | 525,000 | 617,539 | |
39,782,993 | |||||
329,686,569 | |||||
Indiana: 1.32% | |||||
Airport revenue: 0.07% | |||||
Indianapolis IN Local Public Improvement Bond Bank Series I | 5.00 | 1-1-2033 | 1,120,000 | 1,459,677 | |
Health revenue: 0.12% | |||||
Knox County IN EDA Series A | 5.00 | 4-1-2022 | 925,000 | 954,801 | |
Knox County IN EDA Series A | 5.00 | 4-1-2023 | 665,000 | 686,272 | |
Knox County IN EDA Series A | 5.00 | 4-1-2026 | 750,000 | 772,661 | |
2,413,734 | |||||
Miscellaneous revenue: 0.80% | |||||
Dubois IN Greater Jasper School Building Corporation First Mortgage Bond | 5.00 | 7-15-2029 | 1,625,000 | 2,068,998 | |
Indiana Finance Authority Stadium Project Series A | 5.25 | 2-1-2028 | 2,000,000 | 2,362,455 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2027 | 760,000 | 912,276 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2028 | 1,000,000 | 1,200,364 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2029 | 735,000 | 882,267 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2030 | 1,375,000 | 1,650,500 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00% | 1-1-2031 | $ 1,000,000 | $ 1,200,364 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2033 | 1,545,000 | 1,854,562 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2034 | 2,000,000 | 2,400,727 | |
North West Hendricks IN Multi-School Building Corporation Ad Valorem Mortgage Bond | 4.00 | 7-15-2031 | 900,000 | 1,069,888 | |
15,602,401 | |||||
Water & sewer revenue: 0.33% | |||||
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A | 5.00 | 10-1-2030 | 2,315,000 | 2,651,736 | |
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A | 5.00 | 10-1-2031 | 1,035,000 | 1,185,822 | |
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A | 5.25 | 10-1-2038 | 2,500,000 | 2,531,497 | |
6,369,055 | |||||
25,844,867 | |||||
Iowa: 0.45% | |||||
GO revenue: 0.14% | |||||
Altoona IA Annual Appropriation Urban Renewal Refunding Bond | 5.00 | 6-1-2027 | 2,310,000 | 2,775,910 | |
Industrial development revenue: 0.13% | |||||
Iowa Finance Authority Midwestern EDA CJ Bio-America Incorporated Project (Korea Development Bank LOC) ø | 0.09 | 4-1-2022 | 2,500,000 | 2,500,000 | |
Utilities revenue: 0.18% | |||||
Iowa Gas Project Public Expenditure and Financial Accountability Incorporated | 5.00 | 9-1-2049 | 3,000,000 | 3,606,920 | |
8,882,830 | |||||
Kansas: 0.30% | |||||
Miscellaneous revenue: 0.15% | |||||
Kansas Development Finance Authority Agro-Defense Facility Series G | 5.00 | 4-1-2030 | 2,650,000 | 2,867,417 | |
Tax revenue: 0.05% | |||||
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 | 3,350,000 | 1,101,856 | |
Utilities revenue: 0.10% | |||||
Burlington KS Environmental Impact Series A ø | 0.11 | 9-1-2035 | 2,000,000 | 2,000,000 | |
5,969,273 | |||||
Kentucky: 2.58% | |||||
Education revenue: 0.10% | |||||
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2030 | 170,000 | 207,448 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00% | 6-1-2031 | $ 260,000 | $ 321,595 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2032 | 230,000 | 281,916 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2033 | 180,000 | 219,509 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2035 | 460,000 | 557,756 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2036 | 235,000 | 284,080 | |
1,872,304 | |||||
Transportation revenue: 0.32% | |||||
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2022 | 4,320,000 | 4,296,246 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2025 | 1,020,000 | 889,175 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2029 | 1,400,000 | 1,156,988 | |
6,342,409 | |||||
Utilities revenue: 2.16% | |||||
Kentucky Public Energy Authority Gas Supply Series A-1 | 4.00 | 12-1-2049 | 16,255,000 | 18,303,606 | |
Kentucky Public Energy Authority Gas Supply Series B | 4.00 | 1-1-2049 | 13,000,000 | 14,439,300 | |
Kentucky Public Energy Authority Gas Supply Series C-1 | 4.00 | 2-1-2050 | 8,000,000 | 9,532,346 | |
42,275,252 | |||||
50,489,965 | |||||
Louisiana: 2.31% | |||||
Airport revenue: 0.17% | |||||
New Orleans LA Aviation Board Consolidated Rental Car Project (AGM Insured) | 5.00 | 1-1-2035 | 2,000,000 | 2,462,742 | |
New Orleans LA Aviation Board North Terminal Project Series A | 5.00 | 1-1-2033 | 750,000 | 909,179 | |
3,371,921 | |||||
Education revenue: 0.32% | |||||
Louisiana Public Facilities Authority Loyola University Project CAB øø | 0.00 | 10-1-2027 | 3,380,000 | 3,510,283 | |
Louisiana Public Facilities Authority Loyola University Project CAB øø | 0.00 | 10-1-2028 | 2,500,000 | 2,631,334 | |
6,141,617 | |||||
Miscellaneous revenue: 0.95% | |||||
Lafayette LA Communications System (AGM Insured) | 5.00 | 11-1-2025 | 1,500,000 | 1,781,459 | |
Louisiana Public Facilities Authority Archdiocese of New Orleans Project • | 5.00 | 7-1-2024 | 1,000,000 | 950,000 | |
Louisiana Public Facilities Authority Archdiocese of New Orleans Project • | 5.00 | 7-1-2025 | 600,000 | 570,000 | |
Louisiana Public Facilities Authority Archdiocese of New Orleans Project • | 5.00 | 7-1-2026 | 500,000 | 475,000 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2026 | 2,000,000 | 2,367,803 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00% | 9-1-2027 | $ 2,700,000 | $ 3,203,731 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2028 | 2,405,000 | 2,853,694 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2029 | 2,695,000 | 3,197,798 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2030 | 2,700,000 | 3,203,731 | |
18,603,216 | |||||
Tax revenue: 0.31% | |||||
Jefferson LA Sales Tax District Series B (AGM Insured) | 5.00 | 12-1-2031 | 1,000,000 | 1,254,361 | |
Jefferson LA Sales Tax District Series B (AGM Insured) | 5.00 | 12-1-2032 | 1,000,000 | 1,252,364 | |
St. Bernard Parish LA Sales Tax Refunding Bond | 4.00 | 3-1-2023 | 3,405,000 | 3,589,038 | |
6,095,763 | |||||
Transportation revenue: 0.18% | |||||
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured) | 5.00 | 11-1-2031 | 1,000,000 | 1,182,371 | |
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured) | 5.00 | 11-1-2032 | 1,000,000 | 1,182,473 | |
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured) | 5.00 | 11-1-2033 | 1,000,000 | 1,182,477 | |
3,547,321 | |||||
Water & sewer revenue: 0.38% | |||||
Greater Ouachita LA Waterworks and Sewer System Refunding Bond (BAM Insured) | 4.00 | 9-1-2030 | 500,000 | 608,337 | |
Greater Ouachita LA Waterworks and Sewer System Refunding Bond (BAM Insured) | 4.00 | 9-1-2031 | 600,000 | 726,669 | |
Greater Ouachita LA Waterworks and Sewer System Refunding Bond (BAM Insured) | 4.00 | 9-1-2032 | 655,000 | 791,191 | |
Louisiana Local Government Environmental Facilities & CDA East Baton Rouge Series A | 5.00 | 2-1-2030 | 1,000,000 | 1,122,104 | |
New Orleans LA Sewerage Service Series B (AGM Insured) | 4.00 | 6-1-2035 | 400,000 | 475,592 | |
New Orleans LA Sewerage Service Series B (AGM Insured) | 4.00 | 6-1-2036 | 325,000 | 385,354 | |
New Orleans LA Sewerage Service Series B (AGM Insured) | 4.00 | 6-1-2037 | 335,000 | 396,132 | |
New Orleans LA Sewerage Service Series B | 5.00 | 6-1-2032 | 1,000,000 | 1,310,799 | |
New Orleans LA Sewerage Service Series B | 5.00 | 6-1-2033 | 695,000 | 906,202 | |
New Orleans LA Sewerage Service Series B | 5.00 | 6-1-2034 | 600,000 | 778,359 | |
7,500,739 | |||||
45,260,577 | |||||
Maine: 0.50% | |||||
Education revenue: 0.32% | |||||
Maine Health and HEFAR University of New England Series A | 5.00 | 7-1-2029 | 1,015,000 | 1,235,015 | |
Maine Health and HEFAR University of New England Series A | 5.00 | 7-1-2030 | 1,200,000 | 1,458,033 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Maine Health and HEFAR University of New England Series A | 5.00% | 7-1-2032 | $ 1,415,000 | $ 1,716,155 | |
Maine Health and HEFAR University of New England Series A | 5.00 | 7-1-2033 | 1,485,000 | 1,799,052 | |
6,208,255 | |||||
Health revenue: 0.18% | |||||
Maine Health and HEFAR Series A | 4.00 | 7-1-2036 | 800,000 | 957,214 | |
Maine Health and HEFAR Series A | 4.00 | 7-1-2037 | 1,150,000 | 1,372,221 | |
Maine Health and HEFAR Series A | 5.00 | 7-1-2035 | 1,000,000 | 1,302,633 | |
3,632,068 | |||||
9,840,323 | |||||
Maryland: 0.85% | |||||
Education revenue: 0.26% | |||||
Maryland Economic Development Corporation Salisbury University Project | 5.00 | 6-1-2027 | 500,000 | 519,361 | |
Maryland HEFAR Stevenson University Series 2021A | 4.00 | 6-1-2035 | 470,000 | 550,204 | |
Maryland HEFAR Stevenson University Series 2021A | 4.00 | 6-1-2037 | 450,000 | 523,654 | |
Maryland HEFAR Stevenson University Series 2021A | 4.00 | 6-1-2039 | 500,000 | 578,924 | |
Westminster MD Educational Facilities McDaniel College | 5.00 | 11-1-2026 | 2,450,000 | 2,922,611 | |
5,094,754 | |||||
Miscellaneous revenue: 0.47% | |||||
Baltimore MD Public Schools Construction & Revitalization Program | 5.00 | 5-1-2041 | 5,000,000 | 6,064,497 | |
Prince Georges County MD Upper Marlboro Courthouse Project Series A | 5.00 | 5-1-2028 | 1,215,000 | 1,556,041 | |
Prince Georges County MD Upper Marlboro Courthouse Project Series A | 5.00 | 5-1-2029 | 1,275,000 | 1,621,586 | |
9,242,124 | |||||
Tax revenue: 0.08% | |||||
Howard County MD Downtown Columbia Project Series A 144A | 4.00 | 2-15-2028 | 480,000 | 517,396 | |
Howard County MD Downtown Columbia Project Series A 144A | 4.13 | 2-15-2034 | 1,000,000 | 1,061,027 | |
1,578,423 | |||||
Water & sewer revenue: 0.04% | |||||
Baltimore MD Mayor and City Council Project Series A | 5.00 | 7-1-2035 | 500,000 | 660,726 | |
16,576,027 | |||||
Massachusetts: 0.94% | |||||
GO revenue: 0.71% | |||||
Boston MA Series A | 4.00 | 4-1-2031 | 1,500,000 | 1,764,567 | |
Boston MA Series A | 5.00 | 4-1-2026 | 5,790,000 | 6,769,922 | |
Massachusetts Series B | 5.00 | 7-1-2035 | 1,500,000 | 1,920,236 | |
Massachusetts Series B | 5.00 | 7-1-2036 | 2,700,000 | 3,448,737 | |
13,903,462 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.07% | |||||
Massachusetts Development Finance Agency Wellforce Issue Series C (AGM Insured) | 5.00% | 10-1-2033 | $ 525,000 | $ 682,043 | |
Massachusetts Development Finance Agency Wellforce Issue Series C (AGM Insured) | 5.00 | 10-1-2034 | 500,000 | 647,915 | |
1,329,958 | |||||
Miscellaneous revenue: 0.16% | |||||
Massachusetts Consolidated Loan Series I | 5.00 | 12-1-2030 | 2,570,000 | 3,157,671 | |
18,391,091 | |||||
Michigan: 2.65% | |||||
Airport revenue: 0.09% | |||||
Wayne County MI Airport Authority Detroit Metropolitan Bond Series A | 5.00 | 12-1-2032 | 800,000 | 986,750 | |
Wayne County MI Airport Authority Detroit Metropolitan Bond Series A | 5.00 | 12-1-2034 | 600,000 | 743,427 | |
1,730,177 | |||||
Education revenue: 0.37% | |||||
Flint MI International Academy Public School | 5.38 | 10-1-2022 | 985,000 | 987,397 | |
Flint MI International Academy Public School | 5.50 | 10-1-2027 | 1,985,000 | 1,988,882 | |
Michigan State University Board of Trustees | 5.00 | 2-15-2036 | 1,325,000 | 1,680,449 | |
Western Michigan University Board of Trustees | 5.25 | 11-15-2027 | 600,000 | 671,739 | |
Western Michigan University Board of Trustees | 5.25 | 11-15-2029 | 1,000,000 | 1,119,565 | |
Western Michigan University Board of Trustees (AGM Insured) | 5.25 | 11-15-2033 | 750,000 | 839,674 | |
7,287,706 | |||||
GO revenue: 0.33% | |||||
Kent County MI Limited Tax Capital Improvement Bond | 5.00 | 6-1-2030 | 1,040,000 | 1,262,940 | |
Pinckney MI Community School District (Qualified School Board Loan Fund Insured) | 5.00 | 5-1-2025 | 2,040,000 | 2,313,679 | |
Pinckney MI Community School District (Qualified School Board Loan Fund Insured) | 5.00 | 5-1-2026 | 2,505,000 | 2,838,775 | |
6,415,394 | |||||
Health revenue: 0.25% | |||||
Michigan Finance Authority Sparrow Obligated Group | 5.00 | 11-15-2023 | 400,000 | 425,934 | |
Michigan Finance Authority Sparrow Obligated Group | 5.00 | 11-15-2026 | 800,000 | 850,841 | |
Michigan Finance Authority Trinity Health Credit Group Series MI-2 | 4.00 | 12-1-2035 | 3,000,000 | 3,624,569 | |
4,901,344 | |||||
Miscellaneous revenue: 0.38% | |||||
Michigan Finance Authority Local Government Loan Program Series F | 4.00 | 10-1-2024 | 3,000,000 | 3,130,145 | |
Michigan Strategic Fund Limited Obligation Cadillac Place Office Building Project | 5.25 | 10-15-2025 | 4,165,000 | 4,225,255 | |
7,355,400 | |||||
Water & sewer revenue: 1.23% | |||||
Great Lakes MI Water Authority Sewage Disposal System Series C | 5.00 | 7-1-2030 | 3,350,000 | 4,052,639 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Michigan Finance Authority Local Government Loan Program Series D (NPFGC Insured) | 5.00% | 7-1-2025 | $ 1,000,000 | $ 1,141,497 | |
Michigan Finance Authority Local Government Loan Program Series D | 5.00 | 7-1-2030 | 12,000,000 | 13,601,454 | |
Michigan Finance Authority Local Government Loan Program Series D (AGM Insured) | 5.00 | 7-1-2035 | 2,750,000 | 3,106,451 | |
Michigan Finance Authority Local Government Loan Program Series D (AGM Insured) | 5.00 | 7-1-2037 | 2,000,000 | 2,254,777 | |
24,156,818 | |||||
51,846,839 | |||||
Mississippi: 0.95% | |||||
Health revenue: 0.19% | |||||
Mississippi Hospital Equipment & Facilities Authority North Mississippi Health Services Series IV | 5.00 | 10-1-2037 | 1,000,000 | 1,253,162 | |
Mississippi Hospital Equipment & Facilities Authority North Mississippi Health Services Series IV | 5.00 | 10-1-2038 | 1,000,000 | 1,250,599 | |
Mississippi Hospital Equipment & Facilities Authority North Mississippi Health Services Series IV | 5.00 | 10-1-2039 | 1,000,000 | 1,247,907 | |
3,751,668 | |||||
Water & sewer revenue: 0.76% | |||||
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project (AGM Insured) | 6.00 | 12-1-2023 | 1,145,000 | 1,289,994 | |
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured) | 5.00 | 9-1-2030 | 9,895,000 | 10,383,087 | |
West Rankin MS Utility Authority Series 2018 (AGM Insured) | 5.00 | 1-1-2026 | 525,000 | 606,160 | |
West Rankin MS Utility Authority Series 2018 (AGM Insured) | 5.00 | 1-1-2027 | 435,000 | 502,006 | |
West Rankin MS Utility Authority Series 2018 (AGM Insured) | 5.00 | 1-1-2034 | 750,000 | 861,520 | |
West Rankin MS Utility Authority Series 2018 (AGM Insured) | 5.00 | 1-1-2035 | 1,000,000 | 1,148,759 | |
14,791,526 | |||||
18,543,194 | |||||
Missouri: 0.48% | |||||
Education revenue: 0.15% | |||||
Missouri HEFA Webster University Project | 5.00 | 4-1-2027 | 2,450,000 | 2,930,876 | |
Miscellaneous revenue: 0.33% | |||||
Kansas City MO Municipal Assistance Corporation CAB Series B-1 (Ambac Insured) ¤ | 0.00 | 4-15-2022 | 3,640,000 | 3,633,455 | |
Poplar Bluff MO School District (AGM Insured) | 5.00 | 3-1-2032 | 1,500,000 | 1,667,074 | |
Poplar Bluff MO School District (AGM Insured) | 5.00 | 3-1-2034 | 1,000,000 | 1,111,151 | |
6,411,680 | |||||
9,342,556 |
Interest rate | Maturity date | Principal | Value | ||
Nebraska: 0.26% | |||||
Health revenue: 0.08% | |||||
Douglas County NE Hospital Authority Children's Hospital Obligated Group Series A | 4.00% | 11-15-2038 | $ 1,200,000 | $ 1,437,352 | |
Utilities revenue: 0.18% | |||||
Nebraska Central Plains Energy Gas Project #3 | 5.00 | 9-1-2027 | 1,290,000 | 1,359,827 | |
Nebraska Central Plains Energy Gas Project #4 | 5.00 | 3-1-2050 | 2,000,000 | 2,212,856 | |
3,572,683 | |||||
5,010,035 | |||||
Nevada: 1.44% | |||||
GO revenue: 1.43% | |||||
Clark County NV Refunding Bond | 5.00 | 6-1-2030 | 3,955,000 | 4,900,544 | |
Clark County NV Refunding Bond Series B | 5.00 | 11-1-2028 | 5,000,000 | 6,138,301 | |
Clark County NV School District Building Bond Series A (AGM Insured) | 4.00 | 6-15-2034 | 6,790,000 | 7,829,810 | |
Clark County NV Stadium Improvement Bond Series A | 5.00 | 6-1-2032 | 1,615,000 | 2,022,635 | |
Clark County NV Water Reclamation District | 5.00 | 7-1-2027 | 4,155,000 | 4,891,236 | |
Las Vegas NV Series A | 5.00 | 5-1-2031 | 1,985,000 | 2,234,461 | |
28,016,987 | |||||
Miscellaneous revenue: 0.01% | |||||
Las Vegas NV Special Improvement District #607 | 4.25 | 6-1-2024 | 200,000 | 216,303 | |
28,233,290 | |||||
New Hampshire: 0.18% | |||||
Housing revenue: 0.18% | |||||
New Hampshire HFA SFMR Acquisition Series E & F | 4.80 | 7-1-2028 | 480,000 | 487,569 | |
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 2,452,512 | 2,952,087 | |
3,439,656 | |||||
New Jersey: 3.04% | |||||
Airport revenue: 0.26% | |||||
South Jersey NJ Port Corporation Marine Terminal Refunding Bond Series S | 5.00 | 1-1-2028 | 2,130,000 | 2,503,295 | |
South Jersey NJ Port Corporation Marine Terminal Refunding Bond Series S | 5.00 | 1-1-2029 | 2,200,000 | 2,575,839 | |
5,079,134 | |||||
GO revenue: 0.28% | |||||
Trenton City NJ (BAM Insured) | 5.00 | 12-1-2024 | 1,775,000 | 2,047,847 | |
Trenton City NJ (BAM Insured) | 5.00 | 12-1-2025 | 1,860,000 | 2,218,378 | |
Trenton City NJ (BAM Insured) | 5.00 | 12-1-2026 | 1,000,000 | 1,196,059 | |
5,462,284 | |||||
Miscellaneous revenue: 1.11% | |||||
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bonds Series A | 3.13 | 7-1-2029 | 445,000 | 449,077 | |
New Jersey EDA Motor Vehicle Surcharges Series A | 5.00 | 7-1-2033 | 2,500,000 | 2,967,970 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
New Jersey EDA School Facilities Construction Refunding Bond Series NN | 5.00% | 3-1-2026 | $ 9,830,000 | $ 10,585,527 | |
New Jersey Educational Facilities Authority | 5.00 | 6-15-2026 | 3,015,000 | 3,414,953 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0226 (BHAC/NPFGC Insured, Bank of America NA LIQ) 144Aø | 0.07 | 7-1-2026 | 1,500,000 | 1,500,000 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2538 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.06 | 6-15-2040 | 2,810,000 | 2,810,000 | |
21,727,527 | |||||
Tax revenue: 0.86% | |||||
New Jersey EDA Unrefunded Bond Motor Vehicle Surcharges Series A (NPFGC Insured) | 5.25 | 7-1-2026 | 2,320,000 | 2,841,323 | |
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 5,000,000 | 6,163,038 | |
New Jersey TTFA Transportation System Series AA | 4.00 | 6-15-2038 | 1,000,000 | 1,186,013 | |
New Jersey TTFA Transportation System Series AA | 5.00 | 6-15-2036 | 2,000,000 | 2,573,221 | |
New Jersey TTFA Transportation System Series AA | 5.00 | 6-15-2038 | 3,250,000 | 4,159,720 | |
16,923,315 | |||||
Transportation revenue: 0.53% | |||||
New Jersey TTFA CAB Transportation System Series A ¤ | 0.00 | 12-15-2030 | 2,000,000 | 1,662,952 | |
New Jersey TTFA CAB Transportation System Series C (Ambac Insured) ¤ | 0.00 | 12-15-2026 | 3,500,000 | 3,264,386 | |
New Jersey TTFA Transportation System Series A | 5.00 | 12-15-2036 | 2,000,000 | 2,487,688 | |
New Jersey TTFA Transportation System Series C | 5.25 | 6-15-2032 | 2,500,000 | 2,887,526 | |
10,302,552 | |||||
59,494,812 | |||||
New Mexico: 0.91% | |||||
GO revenue: 0.15% | |||||
Albuquerque NM Municipal School District #12 Bernalillo & Sandoval Counties | 5.00 | 8-1-2026 | 1,205,000 | 1,467,952 | |
Albuquerque NM Municipal School District #12 Bernalillo & Sandoval Counties | 5.00 | 8-1-2034 | 1,150,000 | 1,444,015 | |
2,911,967 | |||||
Housing revenue: 0.01% | |||||
New Mexico Mortgage Finance Authority SFMR Class I Series A (GNMA / FNMA / FHLMC Insured) | 4.63 | 9-1-2025 | 140,000 | 140,412 | |
Miscellaneous revenue: 0.60% | |||||
Clayton NM Jail Project Improvement & Refunding Bond (NPFGC Insured) | 5.00 | 11-1-2028 | 9,265,000 | 10,639,984 | |
Clayton NM Jail Project Improvement & Refunding Bond (NPFGC Insured) | 5.00 | 11-1-2029 | 1,000,000 | 1,144,654 | |
11,784,638 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.15% | |||||
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 | $ 2,570,000 | $ 2,988,684 | |
17,825,701 | |||||
New York: 10.91% | |||||
Airport revenue: 0.26% | |||||
New York & New Jersey Port Authority | 4.00 | 7-15-2036 | 1,000,000 | 1,209,432 | |
New York & New Jersey Port Authority | 4.00 | 7-15-2037 | 3,250,000 | 3,913,741 | |
5,123,173 | |||||
Education revenue: 1.28% | |||||
Albany NY IDA Foundation State University Project Series A ø | 0.14 | 7-1-2032 | 2,400,000 | 2,400,000 | |
Dutchess County NY Local Development Corporation The Culinary Institute of America Project Series A-1 | 5.00 | 7-1-2027 | 335,000 | 398,628 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | 2-1-2041 | 5,500,000 | 5,637,903 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 5.53 | 2-1-2040 | 2,725,000 | 3,118,744 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 5.89 | 2-1-2032 | 2,745,000 | 3,146,733 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 6.24 | 2-1-2047 | 1,750,000 | 1,997,859 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series B | 5.57 | 2-1-2041 | 4,140,000 | 4,739,676 | |
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured) | 5.00 | 1-15-2023 | 645,000 | 692,143 | |
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured) | 5.00 | 1-15-2024 | 905,000 | 1,012,326 | |
Westchester County NY Local Development Pace University Series B ø | 0.31 | 5-1-2044 | 1,910,000 | 1,910,000 | |
25,054,012 | |||||
GO revenue: 0.72% | |||||
Hempstead Nassau County NY Public Improvement Series A | 4.00 | 6-15-2028 | 5,000,000 | 5,802,392 | |
New York NY Series B | 5.00 | 12-1-2032 | 2,000,000 | 2,448,038 | |
New York NY Series C | 5.00 | 8-1-2031 | 5,000,000 | 5,780,747 | |
14,031,177 | |||||
Industrial development revenue: 0.23% | |||||
Monroe County NY IDAG Continuing Development Services Project (Citizens Bank LOC) ø | 0.17 | 7-1-2027 | 705,000 | 705,000 | |
New York Liberty Development Corporation Refunding Bonds | 2.80 | 9-15-2069 | 1,000,000 | 1,026,052 | |
New York NY Transportation Development John F. Kennedy International Airport Project Series C | 5.00 | 12-1-2029 | 1,160,000 | 1,525,526 | |
New York NY Transportation Development John F. Kennedy International Airport Project Series C | 5.00 | 12-1-2030 | 1,000,000 | 1,339,444 | |
4,596,022 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.29% | |||||
New York Dormitory Authority Series D | 5.00% | 10-1-2031 | $ 2,005,000 | $ 2,501,554 | |
New York NY Transitional Finance Authority Building Aid Bond Series S-1 | 5.00 | 7-15-2032 | 2,530,000 | 3,146,287 | |
5,647,841 | |||||
Tax revenue: 4.01% | |||||
New York Convention Center Development Corporation | 5.00 | 11-15-2028 | 8,000,000 | 9,455,656 | |
New York Dormitory Authority Series A | 5.00 | 3-15-2028 | 5,000,000 | 5,824,192 | |
New York Dormitory Authority Series A | 5.00 | 2-15-2031 | 3,000,000 | 3,653,715 | |
New York Dormitory Authority Series D | 4.00 | 2-15-2037 | 5,000,000 | 5,977,108 | |
New York Dormitory Authority Series D | 4.00 | 2-15-2039 | 5,000,000 | 5,950,363 | |
New York Dormitory Authority Series E | 5.00 | 3-15-2035 | 15,000,000 | 19,157,537 | |
New York Metropolitan Transportation Authority Refunding Bond Series A | 5.00 | 11-15-2024 | 6,010,000 | 6,397,438 | |
New York NY Transitional Finance Authority Series B | 5.00 | 8-1-2027 | 1,145,000 | 1,306,943 | |
New York NY Transitional Finance Authority Series C | 5.00 | 11-1-2027 | 5,000,000 | 5,859,672 | |
New York NY Transitional Finance Authority Subordinate Bond Series B-1 | 5.00 | 11-1-2028 | 1,000,000 | 1,189,056 | |
New York Urban Development Corporation Personal Income Tax Series A | 5.00 | 3-15-2031 | 3,815,000 | 4,277,608 | |
New York Urban Development Corporation Personal Income Tax Series A | 5.00 | 3-15-2032 | 5,000,000 | 5,970,851 | |
New York Urban Development Corporation Personal Income Tax Series C | 4.00 | 3-15-2037 | 3,000,000 | 3,617,447 | |
78,637,586 | |||||
Tobacco revenue: 0.05% | |||||
Suffolk NY Tobacco Asset Securitization Corporation Tobacco Settlement Series B | 4.00 | 6-1-2022 | 420,000 | 429,336 | |
Suffolk NY Tobacco Asset Securitization Corporation Tobacco Settlement Series B | 5.00 | 6-1-2023 | 500,000 | 515,540 | |
944,876 | |||||
Transportation revenue: 3.65% | |||||
New York Metropolitan Transportation Authority Refunding Bond Series A | 5.00 | 11-15-2030 | 4,010,000 | 4,249,059 | |
New York Metropolitan Transportation Authority Refunding Bond Series A | 5.00 | 11-15-2027 | 2,000,000 | 2,178,249 | |
New York Metropolitan Transportation Authority Refunding Bond Series B | 5.00 | 11-15-2033 | 2,175,000 | 2,595,974 | |
New York Metropolitan Transportation Authority Refunding Bond Series D | 5.00 | 11-15-2028 | 2,450,000 | 2,589,832 | |
New York Metropolitan Transportation Authority Refunding Bond Series D | 5.00 | 11-15-2031 | 3,415,000 | 4,089,193 | |
New York Metropolitan Transportation Authority Refunding Bond Series D1 | 5.00 | 9-1-2022 | 4,000,000 | 4,219,177 | |
New York Metropolitan Transportation Authority Refunding Bond Series D1 | 5.00 | 11-15-2030 | 2,010,000 | 2,342,457 | |
New York Metropolitan Transportation Authority Refunding Bond Subordinated Series C | 5.25 | 11-15-2031 | 11,540,000 | 13,639,193 | |
New York Metropolitan Transportation Authority Refunding Green Bonds and Climate Bond | 5.00 | 11-15-2027 | 12,640,000 | 15,585,085 | |
Triborough Bridge & Tunnel Authority Subordinated Bonds Series B-2 (State Street Bank & Trust Company LOC) ø | 0.03 | 1-1-2032 | 150,000 | 150,000 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Triborough NY Bridges & Tunnels Authority Series B | 5.00% | 11-15-2030 | $ 6,030,000 | $ 8,107,223 | |
Triborough NY Bridges & Tunnels Authority Series C | 5.00 | 11-15-2034 | 4,165,000 | 5,316,701 | |
Triborough NY Bridges & Tunnels Authority Series C | 5.00 | 11-15-2035 | 5,015,000 | 6,391,656 | |
71,453,799 | |||||
Utilities revenue: 0.07% | |||||
New York Utility Debt Securitization Authority | 5.00 | 12-15-2032 | 1,250,000 | 1,393,983 | |
Water & sewer revenue: 0.35% | |||||
New York NY Municipal Water Finance Authority Series GG | 5.00 | 6-15-2029 | 1,295,000 | 1,519,429 | |
New York NY Municipal Water Finance Authority Series HH | 5.00 | 6-15-2037 | 4,000,000 | 4,659,062 | |
Western Nassau NY Water Authority Series A | 5.00 | 4-1-2027 | 385,000 | 447,889 | |
Western Nassau NY Water Authority Series A | 5.00 | 4-1-2028 | 300,000 | 348,277 | |
6,974,657 | |||||
213,857,126 | |||||
North Carolina: 0.15% | |||||
Miscellaneous revenue: 0.15% | |||||
North Carolina Grant Anticipation Vehicle Bond | 5.00 | 3-1-2029 | 2,470,000 | 2,846,723 | |
Onslow County NC Limited Obligation Series A | 4.00 | 6-1-2022 | 90,000 | 93,189 | |
2,939,912 | |||||
Ohio: 1.62% | |||||
Education revenue: 0.07% | |||||
Ohio HEFAR Xavier University Project | 5.00 | 5-1-2029 | 1,080,000 | 1,390,566 | |
GO revenue: 0.11% | |||||
Columbus OH Various Purposes Series 2 | 5.00 | 7-1-2026 | 1,775,000 | 2,164,858 | |
Health revenue: 0.07% | |||||
Hamilton OH Hospital Facilities UC Health | 5.00 | 9-15-2035 | 1,100,000 | 1,406,348 | |
Miscellaneous revenue: 0.59% | |||||
Cincinnati OH City School District Improvement Project Certificate of Participation | 5.00 | 12-15-2024 | 4,815,000 | 5,562,666 | |
Cincinnati OH City School District Improvement Project Certificate of Participation | 5.00 | 12-15-2025 | 2,095,000 | 2,433,754 | |
Clermont County OH Port Authority West Clermont Local School District Project (BAM Insured) | 5.00 | 12-1-2025 | 500,000 | 595,134 | |
Clermont County OH Port Authority West Clermont Local School District Project (BAM Insured) | 5.00 | 12-1-2026 | 600,000 | 712,431 | |
Clermont County OH Port Authority West Clermont Local School District Project (BAM Insured) | 5.00 | 12-1-2028 | 1,250,000 | 1,476,457 | |
RiverSouth OH Lazarus Building Redevelopment Series A | 5.75 | 12-1-2027 | 700,000 | 701,206 | |
11,481,648 | |||||
Tax revenue: 0.16% | |||||
Cleveland OH Subordinate Lien Income Tax Refunding Bond Series B-1 | 5.00 | 10-1-2030 | 2,500,000 | 3,130,485 |
Interest rate | Maturity date | Principal | Value | ||
Tobacco revenue: 0.13% | |||||
Buckeye Tobacco Settlement Financing Authority Refunding Bond | 4.00% | 6-1-2038 | $ 2,100,000 | $ 2,522,294 | |
Transportation revenue: 0.06% | |||||
Ohio Turnpike Commission Junior Lien Infrastructure Projects Series A-1 | 5.25 | 2-15-2029 | 1,000,000 | 1,077,290 | |
Utilities revenue: 0.37% | |||||
Cleveland OH Public Power System Refunding Bond (AGM Insured) | 5.00 | 11-15-2033 | 625,000 | 774,416 | |
Hamilton OH Electric System Improvement and Refunding Bond (BAM Insured) | 4.00 | 10-1-2034 | 710,000 | 839,767 | |
Hamilton OH Electric System Improvement and Refunding Bond (BAM Insured) | 4.00 | 10-1-2035 | 1,000,000 | 1,180,843 | |
Lancaster OH Port Authority Gas Supply (Royal Bank of Canada LIQ) | 5.00 | 8-1-2049 | 3,000,000 | 3,455,082 | |
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Project Series A | 3.25 | 9-1-2029 | 1,000,000 | 1,094,781 | |
7,344,889 | |||||
Water & sewer revenue: 0.06% | |||||
Ohio Water Development Authority Pollution Control Series A | 5.00 | 12-1-2031 | 1,000,000 | 1,241,569 | |
31,759,947 | |||||
Oklahoma: 2.36% | |||||
Education revenue: 0.05% | |||||
Oklahoma Agricultural and Mechanical Colleges Refunding Bond Series A | 4.00 | 9-1-2036 | 750,000 | 918,478 | |
Miscellaneous revenue: 1.99% | |||||
Cache OK Educational Facilities Authority Cache Public Schools Project Series A | 5.00 | 9-1-2025 | 3,055,000 | 3,582,897 | |
Canadian County OK Education Facilities Authority Mustang Public Schools Project | 5.00 | 9-1-2027 | 2,000,000 | 2,426,950 | |
Canadian County OK Education Facilities Authority Mustang Public Schools Project | 5.00 | 9-1-2028 | 2,180,000 | 2,634,625 | |
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project | 5.00 | 12-1-2026 | 1,000,000 | 1,207,491 | |
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project | 5.00 | 12-1-2027 | 1,000,000 | 1,218,885 | |
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project | 5.00 | 12-1-2028 | 1,285,000 | 1,561,941 | |
Cleveland County OK Educational Facilities Authority Noble Public Schools Project | 5.00 | 9-1-2027 | 700,000 | 863,449 | |
Cleveland County OK Educational Facilities Authority Noble Public Schools Project | 5.00 | 9-1-2028 | 400,000 | 495,623 | |
Cleveland County OK Educational Facilities Authority Noble Public Schools Project | 5.00 | 9-1-2029 | 250,000 | 308,681 | |
Cleveland County OK Educational Facilities Authority Noble Public Schools Project | 5.00 | 9-1-2031 | 675,000 | 828,778 | |
Comanche County OK Educational Facilities Authority Elgin Public Schools Project Series A | 5.00 | 12-1-2032 | 1,600,000 | 1,973,500 | |
Cushing OK Educational Facilities Authority | 5.00 | 9-1-2022 | 2,210,000 | 2,325,097 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Dewey County OK Educational Facilities Authority Seiling Public Schools Project | 5.00% | 9-1-2026 | $ 1,230,000 | $ 1,435,882 | |
Dewey County OK Educational Facilities Authority Seiling Public Schools Project | 5.00 | 9-1-2027 | 1,240,000 | 1,499,114 | |
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project | 5.00 | 9-1-2026 | 1,000,000 | 1,174,861 | |
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project | 5.00 | 9-1-2027 | 1,245,000 | 1,458,454 | |
Grady County OK Educational Facilities Tuttle Public Schools Project | 5.00 | 9-1-2023 | 1,000,000 | 1,098,654 | |
Grady County OK Educational Facilities Tuttle Public Schools Project | 5.00 | 9-1-2025 | 500,000 | 587,748 | |
Grady County OK Educational Facilities Tuttle Public Schools Project | 5.00 | 9-1-2028 | 1,160,000 | 1,355,897 | |
Muskogee OK Industrial Trust Educational Facilities | 4.00 | 9-1-2029 | 3,000,000 | 3,517,258 | |
Muskogee OK Industrial Trust Educational Facilities | 5.00 | 9-1-2022 | 1,000,000 | 1,050,517 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2032 | 3,000,000 | 3,433,658 | |
Oklahoma Development Finance Authority State System of Higher Education Series B | 5.00 | 6-1-2030 | 500,000 | 645,358 | |
Oklahoma Development Finance Authority State System of Higher Education Series B | 5.00 | 6-1-2031 | 520,000 | 668,364 | |
Oklahoma Development Finance Authority State System of Higher Education Series B | 5.00 | 6-1-2032 | 550,000 | 705,109 | |
Tulsa County OK Industrial Authority Educational Facilities Glenpool Public Schools Project Series A | 5.00 | 9-1-2025 | 880,000 | 1,039,204 | |
39,097,995 | |||||
Tax revenue: 0.24% | |||||
Oklahoma City OK Public Property Authority | 5.00 | 10-1-2026 | 1,495,000 | 1,775,398 | |
Oklahoma City OK Public Property Authority | 5.00 | 10-1-2027 | 1,140,000 | 1,349,796 | |
Oklahoma City OK Public Property Authority | 5.00 | 10-1-2028 | 1,265,000 | 1,494,455 | |
4,619,649 | |||||
Utilities revenue: 0.05% | |||||
Claremore OK Public Works Authority | 4.00 | 6-1-2023 | 1,010,000 | 1,045,214 | |
Water & sewer revenue: 0.03% | |||||
McGee Creek OK Authority (NPFGC Insured) | 6.00 | 1-1-2023 | 485,000 | 511,285 | |
46,192,621 | |||||
Oregon: 0.75% | |||||
Airport revenue: 0.14% | |||||
Portland International Airport Refunding Bond Series 26A | 4.00 | 7-1-2037 | 565,000 | 682,562 | |
Portland International Airport Refunding Bond Series 26A | 5.00 | 7-1-2033 | 400,000 | 527,249 | |
Portland International Airport Refunding Bond Series 26B | 5.00 | 7-1-2033 | 530,000 | 698,604 | |
Portland International Airport Refunding Bond Series 26B | 5.00 | 7-1-2037 | 705,000 | 920,435 | |
2,828,850 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.42% | |||||
Benton & Linn Counties OR Corvallis School District Series B (AGM Insured) | 5.00% | 6-15-2031 | $ 5,110,000 | $ 6,479,165 | |
Washington & Multnomah Counties OR Beaverton School District Series D (AGM Insured) | 5.00 | 6-15-2035 | 1,500,000 | 1,843,331 | |
8,322,496 | |||||
Health revenue: 0.19% | |||||
Oregon Facilities Authority Asante Project Series A | 5.00 | 8-15-2037 | 1,400,000 | 1,827,662 | |
Oregon Facilities Authority Samaritan Health Services Project Series A | 5.00 | 10-1-2026 | 1,500,000 | 1,806,949 | |
3,634,611 | |||||
14,785,957 | |||||
Pennsylvania: 10.52% | |||||
Airport revenue: 0.05% | |||||
Philadelphia PA Airport Refunding Bond Series A | 5.00 | 7-1-2028 | 315,000 | 390,388 | |
Philadelphia PA Airport Refunding Bond Series A | 5.00 | 7-1-2031 | 450,000 | 554,425 | |
944,813 | |||||
Education revenue: 1.04% | |||||
Chester County PA IDA Collegium Charter School Project Series A | 5.00 | 10-15-2027 | 1,500,000 | 1,702,215 | |
Lycoming County PA Authority Pennsylvania College of Technology | 5.50 | 7-1-2026 | 4,000,000 | 4,000,000 | |
Northampton County PA General Purpose Authority College Refunding Bond | 5.00 | 11-1-2027 | 1,000,000 | 1,248,650 | |
Northeastern Pennsylvania Hospital & Education Authority Series A | 5.00 | 3-1-2026 | 885,000 | 1,037,896 | |
Northeastern Pennsylvania Hospital & Education Authority Series A | 5.00 | 3-1-2028 | 660,000 | 766,139 | |
Pennsylvania HEFAR Series AR | 5.00 | 6-15-2025 | 1,000,000 | 1,175,021 | |
Pennsylvania HEFAR Series AS | 5.00 | 6-15-2027 | 2,190,000 | 2,641,669 | |
Pennsylvania HEFAR Series LL1 | 5.00 | 11-1-2022 | 1,310,000 | 1,366,782 | |
Pennsylvania Public School Building Authority | 5.00 | 6-15-2025 | 2,265,000 | 2,637,231 | |
Philadelphia PA IDA | 5.88 | 6-15-2022 | 290,000 | 303,115 | |
Philadelphia PA IDA | 6.13 | 6-15-2023 | 380,000 | 407,814 | |
Philadelphia PA IDA | 7.00 | 5-1-2026 | 740,000 | 742,576 | |
Philadelphia PA Public School Building Authority (BAM Insured) | 5.00 | 6-15-2026 | 2,000,000 | 2,334,300 | |
20,363,408 | |||||
GO revenue: 4.06% | |||||
Allegheny County PA Moon Area School District Series A | 5.00 | 11-15-2024 | 3,425,000 | 3,914,314 | |
Allegheny County PA Series 72 | 5.25 | 12-1-2033 | 4,045,000 | 4,536,650 | |
Central Dauphin PA School District | 5.00 | 2-1-2030 | 1,110,000 | 1,346,643 | |
Norristown PA Area School District Montgomery County Series 2018 (BAM Insured) | 5.00 | 9-1-2035 | 2,035,000 | 2,462,066 | |
Philadelphia PA (AGM Insured) ## | 5.00 | 8-1-2025 | 7,000,000 | 8,259,848 | |
Philadelphia PA School District Refunding Bond Series F | 5.00 | 9-1-2028 | 5,000,000 | 6,054,938 | |
Philadelphia PA School District Refunding Bond Series F | 5.00 | 9-1-2029 | 5,000,000 | 6,035,239 | |
Philadelphia PA School District Refunding Bond Series F | 5.00 | 9-1-2031 | 1,240,000 | 1,494,651 | |
Philadelphia PA School District Refunding Bond Series F | 5.00 | 9-1-2032 | 1,000,000 | 1,204,243 | |
Philadelphia PA School District Series A | 5.00 | 9-1-2032 | 2,300,000 | 2,968,123 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Philadelphia PA School District Series C | 5.00% | 9-1-2033 | $ 6,180,000 | $ 7,947,304 | |
Philadelphia PA Series A | 5.00 | 8-1-2024 | 1,000,000 | 1,138,458 | |
Philadelphia PA Series A | 5.00 | 7-15-2026 | 3,000,000 | 3,350,105 | |
Philadelphia PA Series A | 5.00 | 8-1-2027 | 1,685,000 | 2,118,460 | |
Philadelphia PA Series A | 5.00 | 8-1-2033 | 2,020,000 | 2,477,617 | |
Philadelphia PA Series A | 5.25 | 7-15-2028 | 2,590,000 | 2,900,183 | |
Philadelphia PA Series A | 5.25 | 7-15-2029 | 4,410,000 | 4,933,392 | |
Philadelphia PA Series A | 5.25 | 7-15-2032 | 4,380,000 | 4,899,831 | |
Pittsburgh PA Moon Area School District Series A | 5.00 | 11-15-2029 | 1,000,000 | 1,148,281 | |
Pittsburgh PA Series A | 5.00 | 9-1-2023 | 3,810,000 | 4,025,255 | |
Reading Berks PA Series A (BAM Insured) | 5.00 | 11-1-2026 | 1,000,000 | 1,195,755 | |
Reading PA School District (AGM Insured) | 5.00 | 3-1-2037 | 2,000,000 | 2,416,481 | |
Reading PA School District (AGM Insured) | 5.00 | 3-1-2038 | 1,735,000 | 2,093,196 | |
Scranton Lackawanna County PA School District Bond Series A (BAM Insured) | 5.00 | 6-1-2037 | 500,000 | 618,322 | |
79,539,355 | |||||
Health revenue: 1.19% | |||||
Allegheny County PA Hospital Development Authority Series A | 4.00 | 7-15-2037 | 2,000,000 | 2,364,379 | |
Allegheny County PA Hospital Development Authority Series A | 5.00 | 7-15-2031 | 3,750,000 | 4,846,913 | |
Allegheny County PA Hospital Development Authority Series B (NPFGC Insured) | 6.00 | 7-1-2025 | 2,605,000 | 3,167,208 | |
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series A | 5.00 | 7-15-2025 | 155,000 | 182,562 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2025 | 170,000 | 196,488 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2025 | 1,170,000 | 1,341,321 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2026 | 155,000 | 179,151 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2026 | 1,215,000 | 1,388,833 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2027 | 150,000 | 173,372 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2027 | 1,075,000 | 1,226,404 | |
Montgomery County PA HEFA Thomas Jefferson University | 4.00 | 9-1-2037 | 1,000,000 | 1,175,681 | |
Pennsylvania EDFA University of Pittsburgh Medical Center Series A | 5.00 | 4-15-2031 | 1,000,000 | 1,317,781 | |
Pennsylvania EDFA University of Pittsburgh Medical Center Series A | 5.00 | 4-15-2034 | 1,650,000 | 2,155,235 | |
Pennsylvania EDFA University of Pittsburgh Medical Center Series A | 5.00 | 4-15-2035 | 1,450,000 | 1,890,814 | |
Pennsylvania Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0876 (Royal Bank of Canada LIQ) 144Aø | 0.07 | 8-15-2027 | 1,750,000 | 1,750,000 | |
23,356,142 | |||||
Miscellaneous revenue: 1.83% | |||||
Delaware County PA Vocational & Technical School Authority (BAM Insured) | 5.25 | 11-1-2033 | 2,000,000 | 2,216,776 | |
Pennsylvania Certificate of Participation (AGM Insured) | 5.00 | 11-1-2023 | 1,900,000 | 2,091,224 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Pennsylvania Certificate of Participation (AGM Insured) | 5.00% | 11-1-2024 | $ 1,660,000 | $ 1,892,378 | |
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A | 5.00 | 7-1-2028 | 435,000 | 544,471 | |
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A | 5.00 | 7-1-2029 | 480,000 | 599,210 | |
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A | 5.00 | 7-1-2030 | 375,000 | 466,331 | |
Pennsylvania Public School Building Authority Chester Upland School District Project Series B | 5.25 | 9-15-2030 | 1,990,000 | 2,485,516 | |
Pennsylvania Public School Building Authority Series A (AGM Insured) | 5.00 | 12-1-2028 | 480,000 | 590,609 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2024 | 625,000 | 709,670 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2024 | 625,000 | 722,614 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2025 | 340,000 | 393,393 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2026 | 605,000 | 699,490 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2026 | 645,000 | 743,672 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2027 | 360,000 | 413,486 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2027 | 650,000 | 751,519 | |
Pennsylvania Public School Building Authority Series B (AGM Insured) | 5.00 | 12-1-2028 | 3,020,000 | 3,701,932 | |
Pennsylvania Public School Building Authority Series B (AGM Insured) | 5.00 | 6-1-2029 | 2,000,000 | 2,530,910 | |
Pennsylvania Public School Building Authority Series B (AGM Insured) | 5.00 | 12-1-2033 | 920,000 | 1,132,001 | |
Pennsylvania Public School Building Authority Series B (AGM Insured) | 5.00 | 12-1-2033 | 3,505,000 | 4,250,777 | |
Philadelphia PA Municipal Authority Juvenile Justice Services Center | 5.00 | 4-1-2031 | 3,630,000 | 4,407,516 | |
Philadelphia PA Municipal Authority Juvenile Justice Services Center | 5.00 | 4-1-2034 | 1,800,000 | 2,178,853 | |
Southeastern Pennsylvania Transportation Authority | 5.00 | 3-1-2028 | 725,000 | 912,074 | |
York County PA School of Technology Authority Series B (BAM Insured) | 5.00 | 2-15-2027 | 800,000 | 908,021 | |
York County PA School of Technology Authority Series B (BAM Insured) | 5.00 | 2-15-2029 | 500,000 | 566,184 | |
35,908,627 | |||||
Resource recovery revenue: 0.32% | |||||
Lancaster County PA Solid Waste Management Authority Series A | 5.25 | 12-15-2028 | 5,665,000 | 6,349,152 | |
Tobacco revenue: 0.45% | |||||
Commonwealth Financing Authority Tobacco Master Settlement Payment | 5.00 | 6-1-2027 | 2,500,000 | 3,093,028 |
Interest rate | Maturity date | Principal | Value | ||
Tobacco revenue (continued) | |||||
Commonwealth Financing Authority Tobacco Master Settlement Payment | 5.00% | 6-1-2028 | $ 2,500,000 | $ 3,160,124 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0060 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.07 | 6-1-2034 | 2,650,000 | 2,650,000 | |
8,903,152 | |||||
Transportation revenue: 1.10% | |||||
Pennsylvania Turnpike Commission Refunding Bond | 5.00 | 6-1-2027 | 1,000,000 | 1,239,164 | |
Pennsylvania Turnpike Commission Refunding Bond | 5.00 | 12-1-2033 | 3,780,000 | 4,350,002 | |
Pennsylvania Turnpike Commission Refunding Bond (AGM Insured) | 6.00 | 12-1-2030 | 4,220,000 | 5,536,955 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B | 5.00 | 6-1-2031 | 5,000,000 | 6,117,158 | |
Pennsylvania Turnpike Commission Subordinate Bond Series C (AGM Insured) | 6.25 | 6-1-2033 | 1,350,000 | 1,696,609 | |
Pennsylvania Turnpike Commission Subordinate Bond Series E | 6.38 | 12-1-2038 | 2,000,000 | 2,652,100 | |
21,591,988 | |||||
Water & sewer revenue: 0.48% | |||||
Pennsylvania Capital Region Water System Series of 2017 | 5.00 | 7-15-2030 | 1,180,000 | 1,465,354 | |
Pennsylvania Capital Region Water System Series of 2018 | 5.00 | 7-15-2030 | 1,500,000 | 1,913,951 | |
Philadelphia PA Water and Wastewater Bond Series B | 5.00 | 11-1-2027 | 1,535,000 | 1,934,966 | |
Philadelphia PA Water and Wastewater Bond Series B | 5.00 | 11-1-2033 | 1,760,000 | 2,194,075 | |
Pittsburgh PA Water and Sewer Authority First Lien Series B (AGM Insured) | 5.00 | 9-1-2031 | 670,000 | 893,776 | |
Pittsburgh PA Water and Sewer Authority First Lien Series B (AGM Insured) | 5.00 | 9-1-2033 | 675,000 | 895,103 | |
9,297,225 | |||||
206,253,862 | |||||
South Carolina: 0.62% | |||||
Education revenue: 0.38% | |||||
South Carolina Education Assistance Authority Student Loan Series I | 5.00 | 10-1-2024 | 710,000 | 710,517 | |
South Carolina Jobs EDA Furman University Project | 5.00 | 10-1-2028 | 700,000 | 817,675 | |
South Carolina Jobs EDA Furman University Project | 5.00 | 10-1-2030 | 1,885,000 | 2,195,182 | |
South Carolina Jobs EDA Furman University Project | 5.00 | 10-1-2031 | 2,155,000 | 2,497,682 | |
South Carolina Jobs EDA York Preparatory Academy Project Series A | 7.00 | 11-1-2033 | 1,090,000 | 1,223,840 | |
7,444,896 | |||||
Health revenue: 0.02% | |||||
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø | 0.12 | 5-1-2048 | 275,000 | 275,000 | |
Miscellaneous revenue: 0.22% | |||||
Laurens County SC Education Assistance for District #55 | 5.00 | 12-1-2022 | 1,250,000 | 1,334,747 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Laurens County SC Education Assistance for District #55 | 5.00% | 12-1-2025 | $ 1,000,000 | $ 1,185,467 | |
Scago SC Educational Facilities Corporation for Sumter County School District #17 | 5.00 | 12-1-2022 | 1,720,000 | 1,828,508 | |
4,348,722 | |||||
12,068,618 | |||||
Tennessee: 0.83% | |||||
Education revenue: 0.03% | |||||
Franklin County TN HEFA | 5.00 | 9-1-2030 | 560,000 | 589,704 | |
Housing revenue: 0.10% | |||||
Chattanooga TN Health Educational & Housing Facilities University of Tennessee at Chattanooga Project | 5.00 | 10-1-2023 | 750,000 | 820,360 | |
Chattanooga TN Health Educational & Housing Facilities University of Tennessee at Chattanooga Project | 5.00 | 10-1-2028 | 1,000,000 | 1,146,583 | |
1,966,943 | |||||
Utilities revenue: 0.70% | |||||
Tennessee Energy Acquisition Corporation Gas Project | 4.00 | 11-1-2049 | 11,000,000 | 12,450,953 | |
Tennessee Energy Acquisition Corporation Series A | 5.00 | 5-1-2052 | 1,000,000 | 1,325,085 | |
13,776,038 | |||||
16,332,685 | |||||
Texas: 6.14% | |||||
Airport revenue: 0.97% | |||||
Dallas & Fort Worth TX International Airport Refunding Bond Series A | 4.00 | 11-1-2034 | 2,500,000 | 3,082,734 | |
Dallas & Fort Worth TX International Airport Refunding Bond Series A | 4.00 | 11-1-2035 | 2,500,000 | 3,076,801 | |
Galveston TX Wharves & Terminal | 5.00 | 2-1-2026 | 2,000,000 | 2,003,110 | |
Houston TX Airport System Subordinate Lien Refunding Bond Series D | 5.00 | 7-1-2033 | 3,010,000 | 3,803,003 | |
Houston TX Airport System Subordinate Lien Refunding Bond Series D | 5.00 | 7-1-2034 | 3,500,000 | 4,411,946 | |
Houston TX Airport System Subordinate Lien Refunding Bond Series D | 5.00 | 7-1-2035 | 2,000,000 | 2,518,221 | |
18,895,815 | |||||
Education revenue: 0.27% | |||||
Houston TX Higher Education Finance Corporation Series A | 4.00 | 2-15-2022 | 140,000 | 142,877 | |
University of Houston Series B | 5.25 | 7-1-2026 | 4,225,000 | 5,197,942 | |
5,340,819 | |||||
GO revenue: 2.33% | |||||
Austin TX Independent School District Series B | 5.00 | 8-1-2026 | 1,450,000 | 1,716,777 | |
Austin TX Public Improvement Bond | 5.00 | 9-1-2030 | 960,000 | 1,199,063 | |
Bexar County TX Hospital District Refunding Bond | 5.00 | 2-15-2037 | 1,250,000 | 1,550,731 | |
Collin County TX Unlimited Tax Road & Refunding Bond | 5.00 | 2-15-2026 | 1,000,000 | 1,166,631 | |
Collin County TX Unlimited Tax Road & Refunding Bond | 5.00 | 2-15-2027 | 1,300,000 | 1,513,044 | |
Crane County TX Water District Unlimited Tax Bond | 5.00 | 2-15-2026 | 1,000,000 | 1,156,246 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Crane County TX Water District Unlimited Tax Bond | 5.00% | 2-15-2030 | $ 1,130,000 | $ 1,300,470 | |
Crane County TX Water District Unlimited Tax Bond | 5.00 | 2-15-2031 | 1,000,000 | 1,130,699 | |
Del Rio TX Refunding Bond (BAM Insured) | 4.00 | 6-1-2023 | 720,000 | 770,722 | |
Del Rio TX Refunding Bond (BAM Insured) | 4.00 | 6-1-2024 | 745,000 | 822,629 | |
Denton County TX Permanent Improvement & Refunding Bond | 5.00 | 7-15-2030 | 1,000,000 | 1,142,597 | |
Eagle Pass TX Certificate of Participation (AGM Insured) | 4.00 | 3-1-2037 | 695,000 | 847,460 | |
El Paso County TX Hospital District | 5.00 | 8-15-2028 | 2,045,000 | 2,200,097 | |
El Paso County TX Refunding Bond Series A | 5.00 | 2-15-2031 | 2,000,000 | 2,383,493 | |
El Paso County TX Refunding Bond Series A | 5.00 | 2-15-2032 | 2,120,000 | 2,524,377 | |
Flower Mound, Denton & Tarrant Counties TX Refunding Bond | 4.00 | 3-1-2026 | 755,000 | 855,638 | |
Fort Worth TX Independent School District Unlimited Tax Refunding and School Building Bond | 5.00 | 2-15-2026 | 3,000,000 | 3,603,975 | |
Harris County TX Toll Road Project Series C (AGM Insured) | 5.25 | 8-15-2027 | 4,000,000 | 5,096,718 | |
Hays County TX Limited Tax Bond | 5.00 | 2-15-2027 | 1,000,000 | 1,230,829 | |
Plano TX | 5.00 | 9-1-2030 | 2,155,000 | 2,661,239 | |
San Antonio TX Certificate of Obligation | 5.00 | 8-1-2036 | 3,990,000 | 5,065,334 | |
San Antonio TX Independent School District Unlimited Tax Series 2018 | 5.00 | 8-15-2037 | 2,000,000 | 2,336,196 | |
Texas Independent School District Refunding Bond | 5.00 | 8-15-2025 | 2,260,000 | 2,675,191 | |
Viridian TX Municipal Management District Unlimited Road Improvement Bond (BAM Insured) | 4.00 | 12-1-2030 | 710,000 | 774,380 | |
45,724,536 | |||||
Miscellaneous revenue: 0.37% | |||||
Austin TX Community College District Public Facility Corporation Bond Series C | 5.00 | 8-1-2026 | 565,000 | 689,242 | |
Austin TX Community College District Public Facility Corporation Bond Series C | 5.00 | 8-1-2029 | 400,000 | 495,559 | |
Austin TX Community College District Public Facility Corporation Bond Series C | 5.00 | 8-1-2030 | 500,000 | 617,357 | |
Lower Colorado River TX Authority | 5.50 | 5-15-2031 | 2,500,000 | 2,732,101 | |
Nueces River TX Water Supply Facility Corpus Christi Lake Texana Project | 5.00 | 7-15-2026 | 1,000,000 | 1,180,014 | |
Nueces River TX Water Supply Facility Corpus Christi Lake Texana Project | 5.00 | 7-15-2027 | 1,250,000 | 1,470,627 | |
7,184,900 | |||||
Tax revenue: 0.46% | |||||
Houston TX Old Spanish Trail Almeda Corridors Redevelopment Authority (BAM Insured) | 4.00 | 9-1-2031 | 1,540,000 | 1,807,485 | |
Texas Midtown RDA Refunding Bond (BAM Insured) | 5.25 | 1-1-2027 | 1,880,000 | 2,011,306 | |
Texas Midtown RDA Refunding Bond (BAM Insured) | 5.25 | 1-1-2029 | 2,390,000 | 2,556,926 | |
Texas Midtown RDA Refunding Bond (BAM Insured) | 5.25 | 1-1-2030 | 1,500,000 | 1,604,766 | |
Texas Midtown RDA Refunding Bond (BAM Insured) | 5.25 | 1-1-2031 | 1,000,000 | 1,069,844 | |
9,050,327 | |||||
Transportation revenue: 0.87% | |||||
North Texas Thruway Authority Revenue Convertible CAB Special PJS System C øø | 0.00 | 9-1-2045 | 5,000,000 | 7,531,517 | |
Texas Grand Parkway Transportation Corporation System Series A | 5.00 | 10-1-2034 | 1,500,000 | 1,881,275 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Texas Private Activity Surface Transportation Corporation Senior Lien Series A | 5.00% | 12-31-2035 | $ 3,000,000 | $ 3,814,352 | |
Texas Private Activity Surface Transportation Corporation Senior Lien Series A | 5.00 | 12-31-2036 | 3,015,000 | 3,825,969 | |
17,053,113 | |||||
Utilities revenue: 0.52% | |||||
Austin TX Refunding Bond (NPFGC Insured) | 5.25 | 5-15-2025 | 1,205,000 | 1,324,279 | |
Brownsville TX Utilities System Refunding Bond | 5.00 | 9-1-2026 | 2,190,000 | 2,575,322 | |
Brownsville TX Utilities System Refunding Bond | 5.00 | 9-1-2029 | 1,500,000 | 1,759,870 | |
Brownsville TX Utilities System Refunding Bond | 5.00 | 9-1-2030 | 2,500,000 | 2,933,117 | |
Weatherford TX Utility System Refunding & Improvement Bond (AGM Insured) | 5.00 | 9-1-2025 | 1,000,000 | 1,172,798 | |
Weatherford TX Utility System Refunding & Improvement Bond (AGM Insured) | 5.00 | 9-1-2026 | 375,000 | 444,033 | |
10,209,419 | |||||
Water & sewer revenue: 0.35% | |||||
Amarillo TX Waterworks and Sewer System Bond Series B | 5.00 | 4-1-2028 | 645,000 | 816,611 | |
North Harris County TX Regional Water Authority Senior Lien (BAM Insured) | 5.00 | 12-15-2029 | 1,215,000 | 1,296,845 | |
Tarrant TX Water Project Refunding Bond | 4.00 | 2-1-2027 | 1,000,000 | 1,152,313 | |
Texas Water Development Board State Implementation Series A | 4.00 | 10-15-2032 | 3,000,000 | 3,586,535 | |
6,852,304 | |||||
120,311,233 | |||||
Utah: 0.31% | |||||
Education revenue: 0.11% | |||||
University of Utah (Citibank NA LIQ) ø | 0.06 | 8-1-2021 | 680,000 | 680,000 | |
Utah Charter School Finance Authority Refunding Bond (CSCE Insured) | 4.00 | 4-15-2023 | 400,000 | 423,676 | |
Utah Charter School Finance Authority Refunding Bond 144A | 4.50 | 6-15-2027 | 1,025,000 | 1,110,210 | |
2,213,886 | |||||
Miscellaneous revenue: 0.20% | |||||
West Valley UT Municipal Building Authority (AGM Insured) | 5.00 | 2-1-2028 | 1,000,000 | 1,222,434 | |
West Valley UT Municipal Building Authority (AGM Insured) | 5.00 | 2-1-2032 | 1,555,000 | 1,877,269 | |
West Valley UT Municipal Building Authority (AGM Insured) | 5.00 | 2-1-2033 | 645,000 | 776,777 | |
3,876,480 | |||||
6,090,366 | |||||
Virginia: 0.11% | |||||
Tax revenue: 0.11% | |||||
Greater Richmond VA Convention Center | 5.00 | 6-15-2025 | 1,000,000 | 1,178,894 | |
Marquis VA CDA CAB Series 2015 144A¤ | 0.00 | 9-1-2045 | 386,000 | 185,280 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Marquis VA CDA CAB Series C ¤ | 0.00% | 9-1-2041 | $ 1,772,000 | $ 105,129 | |
Marquis VA CDA Series B | 5.63 | 9-1-2041 | 1,274,000 | 630,165 | |
2,099,468 | |||||
Washington: 4.95% | |||||
Education revenue: 0.06% | |||||
Washington EDFA | 5.00 | 6-1-2028 | 1,000,000 | 1,127,850 | |
GO revenue: 1.76% | |||||
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2026 | 775,000 | 947,693 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2029 | 1,600,000 | 1,933,335 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2031 | 6,665,000 | 8,020,310 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2032 | 2,905,000 | 3,489,255 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2033 | 7,045,000 | 8,445,655 | |
Washington Various Purposes Bond Series C | 5.00 | 2-1-2034 | 5,800,000 | 6,910,181 | |
Washington Various Purposes Refunding Bond Series B | 5.00 | 7-1-2028 | 4,000,000 | 4,785,191 | |
34,531,620 | |||||
Health revenue: 0.79% | |||||
Washington HCFR Fred Hutchinson Cancer Research Center (SIFMA Municipal Swap +1.05%) ± | 1.08 | 1-1-2042 | 10,000,000 | 10,071,406 | |
Washington HCFR Fred Hutchinson Cancer Research Center | 5.00 | 1-1-2026 | 2,250,000 | 2,629,205 | |
Washington HCFR Fred Hutchinson Cancer Research Center | 5.00 | 1-1-2027 | 1,050,000 | 1,222,898 | |
Washington HCFR Fred Hutchinson Cancer Research Center | 5.00 | 1-1-2028 | 1,350,000 | 1,567,669 | |
15,491,178 | |||||
Housing revenue: 0.55% | |||||
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2032 | 1,955,000 | 2,432,547 | |
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2033 | 1,550,000 | 1,921,005 | |
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2034 | 655,000 | 809,711 | |
Washington Housing Finance Commission Downtowner Apartments Project (FHLMC LIQ) | 3.70 | 7-1-2030 | 5,000,000 | 5,678,914 | |
10,842,177 | |||||
Miscellaneous revenue: 0.98% | |||||
Washington Certificate of Participation Series B | 5.00 | 7-1-2037 | 1,585,000 | 2,028,080 | |
Washington Lease FYI Properties Refunding Bond | 5.00 | 6-1-2034 | 6,000,000 | 7,301,525 | |
Washington Motor Vehicle Fuel Tax Refunding Bond Series D | 5.00 | 7-1-2031 | 5,830,000 | 6,719,366 | |
Washington Office Building Refunding Bond | 5.00 | 7-1-2026 | 2,750,000 | 3,111,720 | |
19,160,691 |
Interest rate | Maturity date | Principal | Value | ||
Resource recovery revenue: 0.29% | |||||
Seattle WA Solid Waste System Improvement & Refunding Bond | 4.00% | 6-1-2033 | $ 1,175,000 | $ 1,343,782 | |
Tacoma WA Solid Waste Refunding Bond Series B | 5.00 | 12-1-2027 | 620,000 | 751,565 | |
Tacoma WA Solid Waste Refunding Bond Series B | 5.00 | 12-1-2028 | 1,455,000 | 1,759,042 | |
Tacoma WA Solid Waste Refunding Bond Series B | 5.00 | 12-1-2029 | 1,525,000 | 1,838,747 | |
5,693,136 | |||||
Utilities revenue: 0.52% | |||||
Chelan County WA Public Utility District #1 Refunding Bond Series A | 4.00 | 7-1-2038 | 2,805,000 | 3,396,688 | |
Lewis County WA Public Utility District Refunding Bond | 5.25 | 4-1-2032 | 6,115,000 | 6,780,179 | |
10,176,867 | |||||
97,023,519 | |||||
West Virginia: 0.73% | |||||
GO revenue: 0.26% | |||||
West Virginia Road Bond Series B | 5.00 | 12-1-2036 | 4,000,000 | 5,053,551 | |
Health revenue: 0.08% | |||||
West Virginia Hospital Finance Authority West Virginia University Health System Series A | 5.00 | 6-1-2031 | 375,000 | 455,670 | |
West Virginia Hospital Finance Authority West Virginia University Health System Series A | 5.00 | 6-1-2032 | 980,000 | 1,188,450 | |
1,644,120 | |||||
Miscellaneous revenue: 0.39% | |||||
West Virginia EDA Excess Lottery Series A | 5.00 | 7-1-2038 | 2,980,000 | 3,729,542 | |
West Virginia School Building Authority Capital Improvement Bond Series A | 5.00 | 7-1-2027 | 1,595,000 | 1,878,316 | |
West Virginia School Building Authority Capital Improvement Bond Series A | 5.00 | 7-1-2029 | 1,755,000 | 2,058,360 | |
7,666,218 | |||||
14,363,889 | |||||
Wisconsin: 0.61% | |||||
Education revenue: 0.26% | |||||
Wisconsin PFA KU Campus Development Corporation Central District Development Project | 5.00 | 3-1-2032 | 4,315,000 | 5,132,633 | |
Health revenue: 0.13% | |||||
Wisconsin HEFA Series A | 4.00 | 11-15-2039 | 2,250,000 | 2,573,766 | |
Miscellaneous revenue: 0.12% | |||||
Appleton WI RDA Redevelopment Revenue Adjustable Rate Demand Revenue Bond Fox Cities Arts Center B (Associated Trust Company NA LOC) ø | 0.09 | 6-1-2036 | 1,000,000 | 1,000,000 | |
Milwaukee WI RDA Public Schools | 5.00 | 11-15-2029 | 420,000 | 509,749 | |
Milwaukee WI RDA Public Schools | 5.00 | 11-15-2030 | 635,000 | 768,837 | |
2,278,586 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.10% | |||||
Wisconsin Center District Senior Dedicated Tax Bond Series C (AGM Insured) ¤ | 0.00% | 12-15-2034 | $ 1,250,000 | $ 922,893 | |
Wisconsin Center District Senior Dedicated Tax Bond Series C (AGM Insured) ¤ | 0.00 | 12-15-2035 | 1,600,000 | 1,136,107 | |
2,059,000 | |||||
12,043,985 | |||||
Total Municipal obligations (Cost $1,792,615,894) | 1,949,534,577 | ||||
Total investments in securities (Cost $1,792,615,894) | 99.49% | 1,949,534,577 | |||
Other assets and liabilities, net | 0.51 | 10,077,258 | |||
Total net assets | 100.00% | $1,959,611,835 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
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. |
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. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
• | The Fund has stopped accruing interest on this security. |
## | All or a portion of this security is segregated for when-issued securities. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
BAM | Build America Mutual Assurance Company |
BHAC | Berkshire Hathaway Assurance Corporation |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Assets | |
Investments in unaffiliated securities, at value (cost $1,792,615,894) | $ 1,949,534,577 |
Cash | 13,874,800 |
Receivable for interest | 20,563,251 |
Receivable for Fund shares sold | 1,716,290 |
Receivable for investments sold | 875,878 |
Prepaid expenses and other assets | 13,990 |
Total assets | 1,986,578,786 |
Liabilities | |
Payable for investments purchased | 13,166,616 |
Payable for when-issued transactions | 8,014,858 |
Payable for Fund shares redeemed | 3,480,355 |
Dividends payable | 1,610,486 |
Management fee payable | 538,618 |
Administration fees payable | 118,008 |
Distribution fee payable | 7,407 |
Trustees’ fees and expenses payable | 425 |
Accrued expenses and other liabilities | 30,178 |
Total liabilities | 26,966,951 |
Total net assets | $1,959,611,835 |
Net assets consist of | |
Paid-in capital | $ 1,817,949,011 |
Total distributable earnings | 141,662,824 |
Total net assets | $1,959,611,835 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 246,130,496 |
Shares outstanding – Class A1 | 20,648,849 |
Net asset value per share – Class A | $11.92 |
Maximum offering price per share – Class A2 | $12.29 |
Net assets – Class C | $ 11,990,470 |
Shares outstanding – Class C1 | 1,005,912 |
Net asset value per share – Class C | $11.92 |
Net assets – Class R6 | $ 728,546,736 |
Shares outstanding – Class R61 | 61,054,476 |
Net asset value per share – Class R6 | $11.93 |
Net assets – Administrator Class | $ 47,551,722 |
Shares outstanding – Administrator Class1 | 3,986,738 |
Net asset value per share – Administrator Class | $11.93 |
Net assets – Institutional Class | $ 925,392,411 |
Shares outstanding – Institutional Class1 | 77,521,334 |
Net asset value per share – Institutional Class | $11.94 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/97 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 64,356,614 |
Expenses | |
Management fee | 8,282,235 |
Administration fees | |
Class A | 402,979 |
Class C | 22,873 |
Class R6 | 263,266 |
Administrator Class | 50,327 |
Institutional Class | 852,139 |
Shareholder servicing fees | |
Class A | 629,193 |
Class C | 35,681 |
Administrator Class | 124,039 |
Distribution fee | |
Class C | 107,039 |
Custody and accounting fees | 97,956 |
Professional fees | 72,873 |
Registration fees | 138,410 |
Shareholder report expenses | 103,436 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 58,950 |
Total expenses | 11,260,668 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (405,408) |
Class A | (215,085) |
Class C | (11,210) |
Administrator Class | (59,445) |
Net expenses | 10,569,520 |
Net investment income | 53,787,094 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 28,079,093 |
Net change in unrealized gains (losses) on investments | 11,018,704 |
Net realized and unrealized gains (losses) on investments | 39,097,797 |
Net increase in net assets resulting from operations | $92,884,891 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 53,787,094 | $ 66,061,506 | ||
Net realized gains (losses) on investments | 28,079,093 | (11,184,895) | ||
Net change in unrealized gains (losses) on investments | 11,018,704 | 16,254,772 | ||
Net increase in net assets resulting from operations | 92,884,891 | 71,131,383 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,430,306) | (5,665,902) | ||
Class C | (199,452) | (320,518) | ||
Class R6 | (21,437,694) | (27,533,926) | ||
Administrator Class | (1,131,729) | (3,954,214) | ||
Institutional Class | (25,557,772) | (28,315,374) | ||
Total distributions to shareholders | (53,756,953) | (65,789,934) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 2,517,766 | 29,826,922 | 2,965,506 | 34,620,862 |
Class C | 179,989 | 2,134,820 | 144,337 | 1,694,521 |
Class R6 | 16,904,544 | 200,647,417 | 46,910,464 | 549,315,972 |
Administrator Class | 540,975 | 6,436,253 | 5,072,549 | 59,288,034 |
Institutional Class | 15,114,595 | 179,682,905 | 24,518,409 | 286,969,473 |
418,728,317 | 931,888,862 | |||
Reinvestment of distributions | ||||
Class A | 436,176 | 5,175,278 | 464,092 | 5,437,440 |
Class C | 16,407 | 194,593 | 24,503 | 287,109 |
Class R6 | 332,078 | 3,935,648 | 821,396 | 9,637,135 |
Administrator Class | 91,539 | 1,086,703 | 327,038 | 3,835,145 |
Institutional Class | 1,890,955 | 22,464,870 | 2,101,021 | 24,658,105 |
32,857,092 | 43,854,934 | |||
Payment for shares redeemed | ||||
Class A | (3,609,130) | (42,841,998) | (4,686,618) | (54,404,248) |
Class C | (818,394) | (9,682,479) | (833,633) | (9,778,713) |
Class R6 | (54,972,301) | (651,320,507) | (34,293,227) | (395,802,003) |
Administrator Class | (1,798,153) | (21,293,473) | (15,478,688) | (180,152,457) |
Institutional Class | (35,376,643) | (420,166,305) | (33,441,703) | (390,400,383) |
(1,145,304,762) | (1,030,537,804) | |||
Net decrease in net assets resulting from capital share transactions | (693,719,353) | (54,794,008) | ||
Total decrease in net assets | (654,591,415) | (49,452,559) | ||
Net assets | ||||
Beginning of period | 2,614,203,250 | 2,663,655,809 | ||
End of period | $ 1,959,611,835 | $ 2,614,203,250 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.72 | $11.66 | $11.31 | $11.46 | $11.89 |
Net investment income | 0.26 | 0.26 | 0.28 | 0.27 | 0.27 |
Net realized and unrealized gains (losses) on investments | 0.20 | 0.05 | 0.35 | (0.15) | (0.42) |
Total from investment operations | 0.46 | 0.31 | 0.63 | 0.12 | (0.15) |
Distributions to shareholders from | |||||
Net investment income | (0.26) | (0.25) | (0.28) | (0.27) | (0.27) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.26) | (0.25) | (0.28) | (0.27) | (0.28) |
Net asset value, end of period | $11.92 | $11.72 | $11.66 | $11.31 | $11.46 |
Total return1 | 3.92% | 2.72% | 5.67% | 1.08% | (1.27)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.80% | 0.79% | 0.80% | 0.80% | 0.79% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 2.16% | 2.18% | 2.47% | 2.38% | 2.31% |
Supplemental data | |||||
Portfolio turnover rate | 12% | 24% | 14% | 14% | 19% |
Net assets, end of period (000s omitted) | $246,130 | $249,724 | $263,113 | $287,408 | $359,649 |
1 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.72 | $11.66 | $11.31 | $11.46 | $11.89 |
Net investment income | 0.17 | 0.17 | 0.20 | 0.19 | 0.18 |
Net realized and unrealized gains (losses) on investments | 0.20 | 0.06 | 0.35 | (0.15) | (0.42) |
Total from investment operations | 0.37 | 0.23 | 0.55 | 0.04 | (0.24) |
Distributions to shareholders from | |||||
Net investment income | (0.17) | (0.17) | (0.20) | (0.19) | (0.18) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.17) | (0.17) | (0.20) | (0.19) | (0.19) |
Net asset value, end of period | $11.92 | $11.72 | $11.66 | $11.31 | $11.46 |
Total return1 | 3.14% | 1.95% | 4.88% | 0.32% | (2.01)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.55% | 1.54% | 1.55% | 1.55% | 1.54% |
Net expenses | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Net investment income | 1.40% | 1.43% | 1.73% | 1.63% | 1.56% |
Supplemental data | |||||
Portfolio turnover rate | 12% | 24% | 14% | 14% | 19% |
Net assets, end of period (000s omitted) | $11,990 | $19,082 | $26,737 | $35,421 | $44,462 |
1 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||
Class R6 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $11.74 | $11.67 | $11.33 |
Net investment income | 0.29 | 0.29 | 0.29 |
Net realized and unrealized gains (losses) on investments | 0.19 | 0.07 | 0.34 |
Total from investment operations | 0.48 | 0.36 | 0.63 |
Distributions to shareholders from | |||
Net investment income | (0.29) | (0.29) | (0.29) |
Net asset value, end of period | $11.93 | $11.74 | $11.67 |
Total return2 | 4.14% | 3.110% | 5.65% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.42% | 0.41% | 0.41% |
Net expenses | 0.40% | 0.40% | 0.40% |
Net investment income | 2.44% | 2.48% | 2.75% |
Supplemental data | |||
Portfolio turnover rate | 12% | 24% | 14% |
Net assets, end of period (000s omitted) | $728,547 | $1,159,305 | $996,477 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.73 | $11.67 | $11.32 | $11.47 | $11.90 |
Net investment income | 0.27 | 0.27 | 0.29 | 0.28 | 0.28 |
Net realized and unrealized gains (losses) on investments | 0.20 | 0.06 | 0.35 | (0.15) | (0.42) |
Total from investment operations | 0.47 | 0.33 | 0.64 | 0.13 | (0.14) |
Distributions to shareholders from | |||||
Net investment income | (0.27) | (0.27) | (0.29) | (0.28) | (0.28) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.27) | (0.27) | (0.29) | (0.28) | (0.29) |
Net asset value, end of period | $11.93 | $11.73 | $11.67 | $11.32 | $11.47 |
Total return | 4.02% | 2.82% | 5.77% | 1.18% | (1.17)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.73% | 0.73% | 0.74% | 0.73% | 0.73% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 2.25% | 2.28% | 2.57% | 2.48% | 2.39% |
Supplemental data | |||||
Portfolio turnover rate | 12% | 24% | 14% | 14% | 19% |
Net assets, end of period (000s omitted) | $47,552 | $60,435 | $177,742 | $183,624 | $309,793 |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.74 | $11.68 | $11.33 | $11.47 | $11.91 |
Net investment income | 0.29 | 0.28 | 0.31 | 0.30 | 0.30 |
Net realized and unrealized gains (losses) on investments | 0.20 | 0.06 | 0.35 | (0.14) | (0.43) |
Total from investment operations | 0.49 | 0.34 | 0.66 | 0.16 | (0.13) |
Distributions to shareholders from | |||||
Net investment income | (0.29) | (0.28) | (0.31) | (0.30) | (0.30) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.29) | (0.28) | (0.31) | (0.30) | (0.31) |
Net asset value, end of period | $11.94 | $11.74 | $11.68 | $11.33 | $11.47 |
Total return | 4.17% | 2.97% | 5.93% | 1.42% | (1.10)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.47% | 0.46% | 0.47% | 0.47% | 0.47% |
Net expenses | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Net investment income | 2.40% | 2.43% | 2.72% | 2.64% | 2.58% |
Supplemental data | |||||
Portfolio turnover rate | 12% | 24% | 14% | 14% | 19% |
Net assets, end of period (000s omitted) | $925,392 | $1,125,657 | $1,199,588 | $1,932,382 | $1,814,841 |
Gross unrealized gains | $158,156,511 |
Gross unrealized losses | (2,354,257) |
Net unrealized gains | $155,802,254 |
■ | 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 | $1,949,534,577 | $0 | $1,949,534,577 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.70% |
Class C | 1.45 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Undistributed tax-exempt income | Unrealized gains | Capital loss carryforward |
$1,864,883 | $155,802,254 | $(14,385,156) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g121686imgbf60bde47.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g121686img56a3d4a11.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g121686imgd5c6d6028.jpg)
A251/AR251 06-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200215imgbad6ca6f1.jpg)
Minnesota Tax-Free Fund
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Financial statements | |
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Board considerations | |
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47 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200215imgac7356922.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200215img692b9a053.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax and Minnesota individual income tax. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Bruce R. Johns, Kerry Laurin* |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (NMTFX) | 1-12-1988 | -1.33 | 1.44 | 2.94 | 3.32 | 2.38 | 3.42 | 0.93 | 0.85 | ||
Class C (WMTCX) | 4-8-2005 | 1.54 | 1.62 | 2.65 | 2.54 | 1.62 | 2.65 | 1.68 | 1.60 | ||
Administrator Class (NWMIX) | 8-2-1993 | – | – | – | 3.58 | 2.64 | 3.67 | 0.87 | 0.60 | ||
Institutional Class (WMTIX)3 | 10-31-2016 | – | – | – | 3.56 | 2.71 | 3.71 | 0.60 | 0.52 | ||
Bloomberg Barclays Municipal Bond Index4 | – | – | – | – | 4.17 | 3.25 | 4.28 | – | – | ||
Bloomberg Barclays Minnesota Municipal Bond Index5 | – | – | – | – | 2.99 | 2.83 | 3.68 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.85% for Class A, 1.60% for Class C, 0.60% for Administrator Class, and 0.52% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class share expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
4 | 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. |
5 | The Bloomberg Barclays Minnesota Municipal Bond Index is the Minnesota component of the Bloomberg Barclays Municipal Bond Index. You cannot invest directly in an index |
* | Ms. Laurin became a portfolio manager of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200215img0b443f5f4.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index and Bloomberg Barclays Minnesota Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund (Class A, excluding sales charges) had mixed results versus its indexes. It underperformed the broader Bloomberg Barclays Municipal Bond Index and outperformed the Bloomberg Barclays Minnesota Municipal Bond Index for the 12-month period that ended June 30, 2021. |
■ | The Fund’s overweight to lower-quality investment-grade bonds (A-rated and BBB-rated) drove performance, as these outperformed relative to higher-quality investment-grade bonds (AAA-rated and AA-rated). Our out-of-benchmark allocation to non-investment-grade bonds added to performance. |
■ | The Fund’s conservative duration positioning detracted from performance as longer-term bonds rallied and rates declined across that part of the yield curve. Yield-curve positioning detracted from performance as we were underweight longer-term bonds and overweight intermediate-term bonds. For the period, longer-term bonds outperformed intermediate-term bonds. |
■ | The Fund’s sector allocation and security selection detracted from performance. We were underweight revenue bonds, which detracted from performance. Our slight underweight to general obligation (GO) bonds was a contributor to performance. Security selection detracted from performance in the transportation, housing, and leasing sectors. |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200215img4f39f03a5.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-CSR/0001193125-21-262222/g200215imgb0f7b7fe6.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 | |
Class A | ||||
Actual | $1,000.00 | $1,007.87 | $4.23 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.58 | $4.26 | 0.85% |
Class C | ||||
Actual | $1,000.00 | $1,004.12 | $7.95 | 1.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.86 | $8.00 | 1.60% |
Administrator Class | ||||
Actual | $1,000.00 | $1,009.12 | $2.99 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,009.52 | $2.59 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.22 | $2.61 | 0.52% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 98.22% | |||||
Guam: 0.38% | |||||
Airport revenue: 0.38% | |||||
Guam Port Authority Series 2018B | 5.00% | 7-1-2035 | $ 605,000 | $ 717,013 | |
Minnesota: 97.63% | |||||
Airport revenue: 2.66% | |||||
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2014A | 5.00 | 1-1-2032 | 800,000 | 889,054 | |
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2016C | 5.00 | 1-1-2046 | 1,000,000 | 1,208,798 | |
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2016D | 5.00 | 1-1-2041 | 250,000 | 297,437 | |
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014A | 5.00 | 1-1-2029 | 775,000 | 862,707 | |
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014B | 5.00 | 1-1-2026 | 1,250,000 | 1,388,817 | |
Minneapolis & St. Paul MN Metropolitan Refunding Senior Series A | 5.00 | 1-1-2031 | 250,000 | 303,741 | |
4,950,554 | |||||
Education revenue: 26.45% | |||||
Brooklyn Park MN Charter School Athlos Leadership Academy Project Series 2015A | 5.50 | 7-1-2040 | 750,000 | 807,821 | |
Cologne MN Charter School Cologne Academy Project Series 2014A | 5.00 | 7-1-2029 | 590,000 | 642,142 | |
Cologne MN Charter School Cologne Academy Project Series 2014A | 5.00 | 7-1-2034 | 500,000 | 538,131 | |
Columbus MN Charter School New Millennium Academy Project Series 2015A | 5.50 | 7-1-2030 | 1,000,000 | 1,034,733 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2015A | 5.25 | 7-1-2040 | 500,000 | 561,514 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A | 4.00 | 7-1-2025 | 125,000 | 136,065 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A | 4.00 | 7-1-2026 | 100,000 | 108,690 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A | 4.00 | 7-1-2027 | 100,000 | 108,207 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A | 5.25 | 7-1-2037 | 400,000 | 451,180 | |
Forest Lakes MN Charter School Lakes International Language Academy Project Series 2014A | 5.50 | 8-1-2036 | 500,000 | 526,780 | |
Ham Lake MN Charter School DaVinci Academy Project Series 2012A | 4.00 | 7-1-2028 | 370,000 | 398,170 | |
Ham Lake MN Charter School DaVinci Academy Project Series 2016A | 5.00 | 7-1-2031 | 625,000 | 688,546 | |
Hugo MN Charter School Lease Revenue Bonds Noble Academy Project Series 2014A | 5.00 | 7-1-2029 | 600,000 | 646,118 | |
Hugo MN Charter School Lease Revenue Bonds Noble Academy Project Series A | 4.00 | 7-1-2022 | 480,000 | 491,304 | |
Minneapolis MN Charter School Northeast College Preparatory Project | 5.00 | 7-1-2055 | 700,000 | 766,859 | |
Minneapolis MN Charter School Yinghua Academy Project Series 2013A | 5.00 | 7-1-2023 | 125,000 | 129,484 | |
Minnesota HEFAR Bethel University Series 2017 | 5.00 | 5-1-2037 | 1,250,000 | 1,372,442 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Minnesota HEFAR College of St. Scholastica Series 2019 | 4.00% | 12-1-2040 | $1,000,000 | $ 1,109,230 | |
Minnesota HEFAR College of St. Scholastica Series 7R | 4.25 | 12-1-2027 | 400,000 | 415,362 | |
Minnesota HEFAR Hamline University Series 2017B | 5.00 | 10-1-2035 | 1,000,000 | 1,121,363 | |
Minnesota HEFAR St. Benedict College Series 2017 | 4.00 | 3-1-2036 | 410,000 | 458,967 | |
Minnesota HEFAR St. Catherine University Refunding Bond Series A | 5.00 | 10-1-2025 | 570,000 | 664,207 | |
Minnesota HEFAR St. Catherine University Series A | 5.00 | 10-1-2045 | 2,000,000 | 2,388,499 | |
Minnesota HEFAR St. Thomas University Series 2019 | 4.00 | 10-1-2041 | 515,000 | 600,540 | |
Minnesota HEFAR St. Thomas University Series 2019 | 5.00 | 10-1-2040 | 750,000 | 943,685 | |
Minnesota HEFAR St. Thomas University Series 7U | 5.00 | 4-1-2023 | 750,000 | 809,471 | |
Minnesota HEFAR St. Thomas University Series 8L | 5.00 | 4-1-2028 | 920,000 | 1,090,503 | |
Minnesota HEFAR St. Thomas University Series 8L | 5.00 | 4-1-2029 | 750,000 | 886,461 | |
Minnesota HEFAR St. Thomas University Series 8L | 5.00 | 4-1-2035 | 750,000 | 876,115 | |
Minnesota Office of Higher Education Supplemental Student Loan Program Revenue Bonds | 4.00 | 11-1-2037 | 3,000,000 | 3,300,621 | |
Minnesota Office of Higher Education Supplemental Student Loan Program Revenue Bonds | 5.00 | 11-1-2027 | 500,000 | 612,265 | |
Minnesota Office of Higher Education Supplemental Student Loan Program Revenue Bonds Series 2018 | 5.00 | 11-1-2026 | 700,000 | 839,833 | |
Minnesota State Colleges & Universities Revenue Fund & Refunding Bonds Series 2017A | 5.00 | 10-1-2027 | 500,000 | 615,057 | |
Minnesota State HEFAR St. Johns University | 4.00 | 10-1-2034 | 200,000 | 242,193 | |
Minnesota State HEFAR St. Johns University | 4.00 | 10-1-2035 | 170,000 | 205,493 | |
Minnesota State HEFAR St. Johns University | 4.00 | 10-1-2039 | 200,000 | 239,442 | |
Minnesota State HEFAR St. Johns University | 4.00 | 10-1-2040 | 200,000 | 238,843 | |
Minnesota State HEFAR St. Olaf College | 4.00 | 10-1-2046 | 1,250,000 | 1,488,208 | |
Minnesota State HEFAR St. Olaf College | 4.00 | 10-1-2050 | 1,500,000 | 1,778,827 | |
Minnesota Tender Option Bond Trust Receipts/Certificates Series 2018-XF2760 (Morgan Stanley Bank LIQ) 144Aø | 0.23 | 11-1-2037 | 3,000,000 | 3,000,000 | |
Moorhead MN Educational Facilities Bond The Concordia College Corporation Project Series 2016 | 5.00 | 12-1-2025 | 2,000,000 | 2,236,038 | |
Otsego MN Charter School Kaleidoscope Charter School Project Series 2014A | 4.15 | 9-1-2024 | 360,000 | 371,296 | |
Otsego MN Charter School Kaleidoscope Charter School Project Series 2014A | 5.00 | 9-1-2034 | 1,100,000 | 1,167,598 | |
Rice County MN Educational Facilities Shattuck-St. Mary's School Project 144A | 5.00 | 8-1-2022 | 930,000 | 958,760 | |
St. Cloud MN Charter School Lease Revenue Bonds Stride Academy Project Series 2016A | 5.00 | 4-1-2036 | 750,000 | 710,210 | |
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series 2016A | 5.25 | 9-1-2031 | 1,000,000 | 1,169,373 | |
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series 2020 | 5.00 | 9-1-2055 | 400,000 | 475,938 | |
St. Paul MN Housing & RDA Charter School Lease Revenue German Immersion School Project Series 2013A | 4.00 | 7-1-2023 | 80,000 | 82,151 | |
St. Paul MN Housing & RDA Charter School Lease Revenue Twin Cities Academy Project Series 2015A | 5.00 | 7-1-2035 | 925,000 | 1,006,932 | |
St. Paul MN Housing & RDA Charter School Twin Cities German Immersion School Project Series 2019 | 5.00 | 7-1-2055 | 750,000 | 846,087 | |
St. Paul MN Housing & RDA Conservatory for Performing Artists Series A | 4.00 | 3-1-2028 | 150,000 | 154,086 | |
St. Paul MN Housing & RDA Hope Community Academy Project Series 2015A | 5.00 | 12-1-2034 | 1,645,000 | 1,732,369 | |
University of Minnesota Series 2017A | 5.00 | 9-1-2042 | 770,000 | 941,002 | |
University of Minnesota Series 2019A | 5.00 | 4-1-2044 | 2,000,000 | 2,517,315 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
University of Minnesota State Supported Biomedical Science Series 2011B | 5.00% | 8-1-2036 | $1,000,000 | $ 1,003,699 | |
Woodbury MN Charter School Refunding Bond MSA Building Company Series A | 4.00 | 12-1-2050 | 500,000 | 529,379 | |
49,235,604 | |||||
GO revenue: 19.03% | |||||
Brainerd MN Independent School District #181 School Building Series A (State School District Credit Program Insured) | 4.00 | 2-1-2043 | 225,000 | 254,616 | |
Elk River MN Sales Tax Series A | 3.00 | 12-1-2044 | 2,000,000 | 2,164,861 | |
Hastings MN Independent School District #200 CAB Series A (State School District Credit Program Insured) ¤ | 0.00 | 2-1-2032 | 1,305,000 | 1,022,012 | |
Hastings MN Independent School District #200 CAB Series A (State School District Credit Program Insured) ¤ | 0.00 | 2-1-2033 | 1,145,000 | 859,389 | |
Hennepin County MN Series 2016B | 5.00 | 12-1-2029 | 450,000 | 554,842 | |
Hennepin County MN Series 2017C | 5.00 | 12-1-2031 | 2,000,000 | 2,461,168 | |
Hennepin County MN Series A | 5.00 | 12-1-2029 | 2,160,000 | 2,871,292 | |
Long Prairie MN Sewer Revenue Bond Series 2018A (Minnesota Credit Program Insured) | 5.00 | 2-1-2025 | 160,000 | 183,205 | |
Long Prairie MN Sewer Revenue Bond Series 2018A (Minnesota Credit Program Insured) | 5.00 | 2-1-2026 | 185,000 | 218,123 | |
Minnesota Series 2018A | 5.00 | 8-1-2032 | 2,700,000 | 3,463,458 | |
Minnesota Trunk Highway Series A | 5.00 | 8-1-2032 | 1,585,000 | 2,079,844 | |
Minnesota Trunk Highway Series B | 4.00 | 8-1-2031 | 250,000 | 300,455 | |
Minnesota Various Purpose Bonds Series 2015A | 5.00 | 8-1-2028 | 3,400,000 | 4,027,061 | |
North St. Paul and Maplewood MN Independent School District #622 Facilities Maintenance Series B (State School District Credit Program Insured) | 4.00 | 2-1-2029 | 2,735,000 | 3,263,909 | |
Rosemount MN Independent School District #196 School Building Series 2016A (State School District Credit Program Insured) | 5.00 | 2-1-2027 | 1,500,000 | 1,799,864 | |
Roseville MN Independent School District #623 School Building Series A (State School District Credit Program Insured) | 5.00 | 2-1-2031 | 2,090,000 | 2,532,616 | |
Sartell MN Independent School District #748 St. Stephen Public Schools GO Series 2016A (State School District Credit Program Insured) | 5.00 | 2-1-2027 | 1,450,000 | 1,684,265 | |
Shakopee MN Independent School District #720 Series A (State School District Credit Program Insured) | 5.00 | 2-1-2023 | 1,000,000 | 1,073,353 | |
Shakopee MN Independent School District #720 Series B (State School District Credit Program Insured) | 5.00 | 2-1-2025 | 405,000 | 469,179 | |
St. Cloud MN Series A | 4.00 | 2-1-2028 | 460,000 | 538,161 | |
St. Cloud MN Series A | 4.00 | 2-1-2029 | 475,000 | 552,427 | |
St. Cloud MN Series A | 4.00 | 2-1-2030 | 495,000 | 572,461 | |
St. Francis MN Independent School District #15 Series A (State School District Credit Program Insured) | 5.00 | 2-1-2027 | 485,000 | 520,977 | |
St. Francis MN Independent School District #15 Series A (State School District Credit Program Insured) | 5.00 | 2-1-2028 | 220,000 | 236,319 | |
Worthington MN Independent School District #518 School Building Series A (State School District Credit Program Insured) | 4.00 | 2-1-2030 | 440,000 | 501,051 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Worthington MN Independent School District #518 School Building Series A (State School District Credit Program Insured) | 4.00% | 2-1-2032 | $ 530,000 | $ 600,389 | |
Worthington MN Independent School District #518 School Building Series A (State School District Credit Program Insured) | 4.00 | 2-1-2033 | 555,000 | 627,671 | |
35,432,968 | |||||
Health revenue: 16.56% | |||||
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014 | 5.00 | 11-1-2026 | 750,000 | 852,300 | |
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014 | 5.00 | 11-1-2027 | 500,000 | 566,635 | |
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014 | 5.00 | 11-1-2029 | 300,000 | 337,658 | |
Duluth MN EDA Health Care Facilities Essentia Health Series A | 5.00 | 2-15-2048 | 650,000 | 782,456 | |
Duluth MN EDA Health Care Facilities Essentia Health Series A | 5.25 | 2-15-2053 | 2,500,000 | 3,039,865 | |
Glencoe MN HCFR Glencoe Regional Health Services Project Series 2013 | 4.00 | 4-1-2022 | 735,000 | 753,212 | |
Maple Grove MN HCFR Maple Grove Hospital Corporation | 5.00 | 5-1-2030 | 850,000 | 1,028,806 | |
Maple Grove MN HCFR North Memorial Health Care Series 2015 | 5.00 | 9-1-2023 | 655,000 | 718,124 | |
Maple Grove MN HCFR Series 2017 | 5.00 | 5-1-2031 | 500,000 | 603,117 | |
Maple Grove MN HCFR Series 2017 | 5.00 | 5-1-2032 | 500,000 | 601,878 | |
Minneapolis & St. Paul MN Housing & RDA Allina Health System | 5.00 | 11-15-2029 | 1,000,000 | 1,315,804 | |
Minneapolis & St. Paul MN Housing & RDA Allina Health System Series 2017A | 5.00 | 11-15-2029 | 1,000,000 | 1,226,902 | |
Minneapolis MN Health Care System Fairview Health Services Series 2015A | 5.00 | 11-15-2033 | 2,000,000 | 2,335,732 | |
Minneapolis MN Health Care System Revenue Refunded Bond Fairview Health Services Series A | 5.00 | 11-15-2049 | 1,000,000 | 1,208,062 | |
Plato MN Health Care Facilities Bond Glencoe Regional Health Services Project Series 2017 | 5.00 | 4-1-2041 | 550,000 | 624,061 | |
Red Wing MN Senior Housing Deer Crest Project Series A | 5.00 | 11-1-2032 | 660,000 | 667,677 | |
Red Wing MN Senior Housing Deer Crest Project Series A | 5.00 | 11-1-2042 | 560,000 | 566,324 | |
Rochester MN Healthcare Facilities Mayo Clinic ø | 0.01 | 11-15-2047 | 700,000 | 700,000 | |
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144Aøø | 5.85 | 11-1-2058 | 750,000 | 814,031 | |
Shakopee MN St. Francis Regional Medical Center Series 2014 | 5.00 | 9-1-2027 | 700,000 | 780,141 | |
Shakopee MN St. Francis Regional Medical Center Series 2014 | 5.00 | 9-1-2029 | 725,000 | 800,114 | |
St. Cloud MN Health Care Revenue Bonds Series 2016A | 5.00 | 5-1-2030 | 2,000,000 | 2,396,133 | |
St. Cloud MN Health Care Revenue Bonds Series 2016A | 5.00 | 5-1-2031 | 2,000,000 | 2,394,034 | |
St. Cloud MN Health Care Revenue Centracare Health System Series A | 5.00 | 5-1-2028 | 300,000 | 360,209 | |
St. Paul MN Housing & RDA Fairview Health Services Series 2017A | 5.00 | 11-15-2034 | 565,000 | 690,244 | |
St. Paul MN Housing & RDA Healthfirst Care Systems Project Series 2015A | 5.00 | 11-15-2027 | 1,000,000 | 1,192,811 | |
St. Paul MN Housing & RDA Healthpartners Obligation Group | 5.00 | 7-1-2025 | 520,000 | 611,688 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
St. Paul MN Housing & RDA Healthpartners Obligation Group | 5.00% | 7-1-2031 | $2,010,000 | $ 2,360,050 | |
Winona MN Health Care Facilities Refunding Bond Series 2012 | 5.00 | 7-1-2034 | 500,000 | 501,124 | |
30,829,192 | |||||
Housing revenue: 5.59% | |||||
Minneapolis MN Student Housing Riverton Community Housing Project Series 2014 | 5.00 | 8-1-2032 | 860,000 | 915,450 | |
Minnesota HFA Series D (SIFMA Municipal Swap +0.43%)(GNMA / FNMA / FHLMC Insured) ± | 0.46 | 1-1-2045 | 985,000 | 987,489 | |
Minnesota Housing Finance Agency Rental Bond Series 2019C | 1.60 | 8-1-2021 | 1,475,000 | 1,476,460 | |
Minnesota Housing Finance Agency Residential Housing Series E (GNMA / FNMA / FHLMC Insured) | 1.75 | 1-1-2028 | 735,000 | 761,417 | |
Minnesota Housing Finance Agency Residential Housing Series E (GNMA / FNMA / FHLMC Insured) | 1.75 | 7-1-2028 | 575,000 | 594,882 | |
Minnesota Housing Finance Agency State Appropriation Bonds Series 2015A | 5.00 | 8-1-2027 | 1,665,000 | 1,896,083 | |
Minnesota Housing Finance Agency State Appropriation Bonds Series 2015A | 5.00 | 8-1-2032 | 500,000 | 568,404 | |
Minnesota Housing Finance Agency State Appropriation Housing | 4.00 | 8-1-2031 | 300,000 | 362,543 | |
Oak Park Heights MN Boutwells Landing Project Series 2005 (FHLMC LIQ) ø | 0.03 | 11-1-2035 | 2,840,000 | 2,840,000 | |
10,402,728 | |||||
Miscellaneous revenue: 16.57% | |||||
Anoka Hennepin MN Independent School District #11 Certificate of Participation Series 2014A | 5.00 | 2-1-2034 | 1,000,000 | 1,108,234 | |
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 | 4.00 | 11-1-2030 | 250,000 | 296,755 | |
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 | 4.00 | 11-1-2031 | 250,000 | 294,756 | |
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 | 4.00 | 11-1-2034 | 300,000 | 348,166 | |
Duluth MN Independent School District #709 Certificate of Participation Series 2019A | 4.00 | 3-1-2026 | 700,000 | 758,779 | |
Duluth MN Independent School District #709 Certificate of Participation Series 2019B (State School District Credit Program Insured) | 5.00 | 2-1-2026 | 395,000 | 465,139 | |
Duluth MN Independent School District #709 Certificate of Participation Series 2019B (State School District Credit Program Insured) | 5.00 | 2-1-2028 | 700,000 | 865,142 | |
Goodhue County MN Education District #6051 Red Wing Certificate of Participation Series 2014A | 5.00 | 2-1-2029 | 750,000 | 839,512 | |
Lake Agassiz Education Cooperative #0397-52 Certificate of Participation Series A | 3.00 | 2-1-2028 | 290,000 | 312,014 | |
Lake Agassiz Education Cooperative #0397-52 Certificate of Participation Series A | 3.00 | 2-1-2029 | 300,000 | 320,013 | |
Lake Agassiz Education Cooperative #0397-52 Certificate of Participation Series A | 3.00 | 2-1-2030 | 310,000 | 327,955 | |
Minneapolis MN Development Limited Tax Supported Common Bond Series 2A | 6.00 | 12-1-2040 | 1,000,000 | 1,023,561 | |
Minnesota General Fund Appropriation Bonds Series 2012B | 5.00 | 3-1-2027 | 2,000,000 | 2,062,848 | |
Minnesota General Fund Appropriation Bonds Series 2012B | 5.00 | 3-1-2029 | 2,000,000 | 2,062,848 | |
Minnesota General Fund Appropriation Bonds Series 2014A | 5.00 | 6-1-2033 | 1,000,000 | 1,087,703 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Minnesota Legislative Office Facility Project Certificate of Participation Series 2014 | 5.00% | 6-1-2023 | $ 435,000 | $ 475,257 | |
Minnesota Rural Water Finance Authority Public Projects Construction Notes | 0.25 | 8-1-2022 | 2,750,000 | 2,750,430 | |
Minnetonka MN Independent School District #276 Certificate of Participation Series 2016F | 5.00 | 2-1-2025 | 205,000 | 219,767 | |
Minnetonka MN Independent School District #276 Certificate of Participation Series 2018C | 5.75 | 2-1-2042 | 2,145,000 | 2,555,936 | |
Northeastern Minnesota Metropolitan Intermediate School District #916 Certificate of Participation Series 2013A | 4.00 | 2-1-2024 | 1,100,000 | 1,159,340 | |
Northeastern Minnesota Metropolitan Intermediate School District #916 Certificate of Participation Series 2015B | 5.00 | 2-1-2034 | 1,500,000 | 1,714,692 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2016A | 4.00 | 5-1-2026 | 500,000 | 561,841 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2016A | 4.00 | 5-1-2027 | 1,000,000 | 1,119,038 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series A | 4.00 | 2-1-2023 | 230,000 | 241,713 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series A | 4.00 | 2-1-2024 | 130,000 | 141,173 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series A | 4.00 | 2-1-2025 | 215,000 | 239,264 | |
St. Cloud MN Independent School District #742 Certificate of Participation Series 2017A | 5.00 | 2-1-2032 | 500,000 | 572,707 | |
St. Cloud MN Independent School District #742 Certificate of Participation Series 2017A | 5.00 | 2-1-2034 | 350,000 | 400,095 | |
St. Cloud MN Infrastructure Management Series B | 4.00 | 2-1-2028 | 245,000 | 286,629 | |
St. Cloud MN Infrastructure Management Series B | 4.00 | 2-1-2029 | 255,000 | 296,566 | |
St. Cloud MN Infrastructure Management Series B | 4.00 | 2-1-2030 | 260,000 | 300,687 | |
St. Paul MN Housing & RDA Charter School Nova Classical Academy Project Series 2011A | 6.63 | 9-1-2042 | 865,000 | 874,202 | |
St. Paul MN Independent School District Series C (State School District Credit Program Insured) | 5.00 | 2-1-2030 | 2,965,000 | 3,603,372 | |
White Bear Lake MN Refunding Bonds YMCA of Greater Twin Cities Project Series 2018 | 5.00 | 6-1-2032 | 1,000,000 | 1,162,184 | |
30,848,318 | |||||
Resource recovery revenue: 0.74% | |||||
Douglas County MN Refunding Bond Solid Waste Series A | 5.00 | 8-1-2030 | 1,055,000 | 1,369,420 | |
Tax revenue: 0.87% | |||||
Hennepin County MN Series 2019B | 5.00 | 12-15-2031 | 1,260,000 | 1,621,101 | |
Transportation revenue: 0.92% | |||||
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A | 4.00 | 8-1-2026 | 525,000 | 565,962 | |
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A | 4.00 | 8-1-2027 | 545,000 | 584,958 | |
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A | 5.00 | 8-1-2025 | 500,000 | 560,888 | |
1,711,808 | |||||
Utilities revenue: 8.24% | |||||
Central Minnesota Municipal Power Agency Brookings Southeast Twin Cities Transmission Project Series 2012 | 5.00 | 1-1-2042 | 1,500,000 | 1,532,493 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Hutchinson MN Public Utility Revenue Refunding Bonds Series 2012A | 5.00% | 12-1-2026 | $ 700,000 | $ 746,013 | |
Northern Minnesota Municipal Power Agency Series 2013A | 4.00 | 1-1-2028 | 450,000 | 468,546 | |
Northern Minnesota Municipal Power Agency Series 2016 | 5.00 | 1-1-2030 | 520,000 | 612,189 | |
Northern Minnesota Municipal Power Agency Series 2016 | 5.00 | 1-1-2031 | 350,000 | 411,881 | |
Northern Minnesota Municipal Power Agency Series 2017 | 5.00 | 1-1-2041 | 400,000 | 465,537 | |
Rochester MN Electric Utility Revenue Series 2013B | 5.00 | 12-1-2025 | 315,000 | 351,391 | |
Rochester MN Electric Utility Revenue Series 2013B | 5.00 | 12-1-2026 | 250,000 | 278,882 | |
Rochester MN Electric Utility Revenue Series 2017A | 5.00 | 12-1-2037 | 500,000 | 605,212 | |
Southern Minnesota Municipal Power Agency Badger Coulee Project Series 2019A | 5.00 | 1-1-2032 | 700,000 | 899,834 | |
Southern Minnesota Municipal Power Agency Badger Coulee Project Series 2019A | 5.00 | 1-1-2033 | 560,000 | 717,875 | |
Southern Minnesota Municipal Power Agency Badger Coulee Project Series 2019A | 5.00 | 1-1-2034 | 615,000 | 786,156 | |
Southern Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2041 | 480,000 | 561,173 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 3.00 | 10-1-2023 | 200,000 | 211,280 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 3.00 | 10-1-2027 | 100,000 | 111,348 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 3.00 | 10-1-2034 | 225,000 | 239,060 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 4.00 | 10-1-2028 | 400,000 | 465,073 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 4.00 | 10-1-2041 | 500,000 | 557,771 | |
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2027 | 1,565,000 | 1,672,867 | |
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2030 | 1,000,000 | 1,068,925 | |
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2031 | 1,000,000 | 1,185,529 | |
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2032 | 1,250,000 | 1,397,719 | |
15,346,754 | |||||
181,748,447 | |||||
Virgin Islands: 0.21% | |||||
Tax revenue: 0.21% | |||||
Virgin Islands PFA Matching Fund Loan Notes Senior Lien Series B (AGM Insured) | 5.00 | 10-1-2025 | 375,000 | 387,376 | |
Total Municipal obligations (Cost $173,778,445) | 182,852,836 | ||||
Total investments in securities (Cost $173,778,445) | 98.22% | 182,852,836 | |||
Other assets and liabilities, net | 1.78 | 3,307,417 | |||
Total net assets | 100.00% | $186,160,253 |
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. |
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. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
CAB | Capital appreciation bond |
EDA | Economic Development Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
LIQ | Liquidity agreement |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
Assets | |
Investments in unaffiliated securities, at value (cost $173,778,445) | $ 182,852,836 |
Cash | 981,345 |
Receivable for interest | 2,295,497 |
Receivable for investments sold | 155,000 |
Receivable for Fund shares sold | 96,838 |
Prepaid expenses and other assets | 73,395 |
Total assets | 186,454,911 |
Liabilities | |
Payable for Fund shares redeemed | 168,217 |
Dividends payable | 47,414 |
Management fee payable | 42,083 |
Shareholder servicing fees payable | 19,245 |
Administration fees payable | 15,361 |
Distribution fee payable | 1,265 |
Trustees’ fees and expenses payable | 1,073 |
Total liabilities | 294,658 |
Total net assets | $186,160,253 |
Net assets consist of | |
Paid-in capital | $ 176,012,999 |
Total distributable earnings | 10,147,254 |
Total net assets | $186,160,253 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 31,586,081 |
Shares outstanding – Class A1 | 2,866,548 |
Net asset value per share – Class A | $11.02 |
Maximum offering price per share – Class A2 | $11.54 |
Net assets – Class C | $ 2,059,809 |
Shares outstanding – Class C1 | 186,912 |
Net asset value per share – Class C | $11.02 |
Net assets – Administrator Class | $ 60,727,040 |
Shares outstanding – Administrator Class1 | 5,512,289 |
Net asset value per share – Administrator Class | $11.02 |
Net assets – Institutional Class | $ 91,787,323 |
Shares outstanding – Institutional Class1 | 8,326,266 |
Net asset value per share – Institutional Class | $11.02 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 4,769,645 |
Expenses | |
Management fee | 719,593 |
Administration fees | |
Class A | 48,646 |
Class C | 4,207 |
Administrator Class | 65,553 |
Institutional Class | 65,050 |
Shareholder servicing fees | |
Class A | 76,009 |
Class C | 6,552 |
Administrator Class | 163,305 |
Distribution fee | |
Class C | 19,653 |
Custody and accounting fees | 7,808 |
Professional fees | 55,172 |
Registration fees | 63,104 |
Shareholder report expenses | 33,153 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 14,967 |
Total expenses | 1,362,044 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (110,087) |
Class A | (3,040) |
Administrator Class | (124,907) |
Institutional Class | (8,131) |
Net expenses | 1,115,879 |
Net investment income | 3,653,766 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 254,311 |
Net change in unrealized gains (losses) on investments | 2,217,903 |
Net realized and unrealized gains (losses) on investments | 2,472,214 |
Net increase in net assets resulting from operations | $6,125,980 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 3,653,766 | $ 4,024,264 | ||
Net realized gains on investments | 254,311 | 22,567 | ||
Net change in unrealized gains (losses) on investments | 2,217,903 | 1,163,068 | ||
Net increase in net assets resulting from operations | 6,125,980 | 5,209,899 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (548,293) | (610,435) | ||
Class C | (27,913) | (64,198) | ||
Administrator Class | (1,347,984) | (1,922,632) | ||
Institutional Class | (1,731,460) | (1,426,999) | ||
Total distributions to shareholders | (3,655,650) | (4,024,264) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 323,370 | 3,550,192 | 370,531 | 4,040,818 |
Class C | 7,552 | 83,001 | 26,763 | 287,731 |
Administrator Class | 1,282,905 | 14,097,375 | 2,134,245 | 23,116,572 |
Institutional Class | 2,957,625 | 32,571,701 | 4,681,191 | 50,627,321 |
50,302,269 | 78,072,442 | |||
Reinvestment of distributions | ||||
Class A | 49,779 | 546,374 | 56,114 | 607,757 |
Class C | 2,540 | 27,869 | 5,926 | 64,198 |
Administrator Class | 121,253 | 1,330,716 | 150,724 | 1,632,339 |
Institutional Class | 100,771 | 1,106,654 | 93,088 | 1,009,049 |
3,011,613 | 3,313,343 | |||
Payment for shares redeemed | ||||
Class A | (205,563) | (2,256,143) | (272,388) | (2,943,523) |
Class C | (193,345) | (2,116,163) | (150,576) | (1,631,910) |
Administrator Class | (2,334,032) | (25,663,314) | (4,676,308) | (50,444,414) |
Institutional Class | (1,208,730) | (13,262,498) | (1,604,815) | (17,232,329) |
(43,298,118) | (72,252,176) | |||
Net increase in net assets resulting from capital share transactions | 10,015,764 | 9,133,609 | ||
Total increase in net assets | 12,486,094 | 10,319,244 | ||
Net assets | ||||
Beginning of period | 173,674,159 | 163,354,915 | ||
End of period | $186,160,253 | $173,674,159 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.86 | $10.77 | $10.51 | $10.68 | $11.07 |
Net investment income | 0.20 1 | 0.23 | 0.27 1 | 0.28 1 | 0.28 1 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.09 | 0.26 | (0.16) | (0.34) |
Total from investment operations | 0.36 | 0.32 | 0.53 | 0.12 | (0.06) |
Distributions to shareholders from | |||||
Net investment income | (0.20) | (0.23) | (0.27) | (0.28) | (0.28) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01) | (0.05) |
Total distributions to shareholders | (0.20) | (0.23) | (0.27) | (0.29) | (0.33) |
Net asset value, end of period | $11.02 | $10.86 | $10.77 | $10.51 | $10.68 |
Total return2 | 3.32% | 2.99% | 5.13% | 1.10% | (0.53)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.92% | 0.93% | 0.94% | 0.85% | 0.91% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.84% | 0.85% |
Net investment income | 1.80% | 2.12% | 2.57% | 2.64% | 2.63% |
Supplemental data | |||||
Portfolio turnover rate | 9% | 16% | 18% | 15% | 22% |
Net assets, end of period (000s omitted) | $31,586 | $29,317 | $27,399 | $29,554 | $34,720 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.86 | $10.77 | $10.51 | $10.68 | $11.07 |
Net investment income | 0.12 1 | 0.15 1 | 0.19 | 0.20 | 0.20 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.09 | 0.26 | (0.16) | (0.34) |
Total from investment operations | 0.28 | 0.24 | 0.45 | 0.04 | (0.14) |
Distributions to shareholders from | |||||
Net investment income | (0.12) | (0.15) | (0.19) | (0.20) | (0.20) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01) | (0.05) |
Total distributions to shareholders | (0.12) | (0.15) | (0.19) | (0.21) | (0.25) |
Net asset value, end of period | $11.02 | $10.86 | $10.77 | $10.51 | $10.68 |
Total return2 | 2.54% | 2.22% | 4.35% | 0.34% | (1.27)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.66% | 1.68% | 1.69% | 1.59% | 1.65% |
Net expenses | 1.60% | 1.60% | 1.60% | 1.59% | 1.60% |
Net investment income | 1.06% | 1.37% | 1.83% | 1.89% | 1.88% |
Supplemental data | |||||
Portfolio turnover rate | 9% | 16% | 18% | 15% | 22% |
Net assets, end of period (000s omitted) | $2,060 | $4,020 | $5,254 | $7,387 | $9,525 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.86 | $10.76 | $10.51 | $10.68 | $11.07 |
Net investment income | 0.23 1 | 0.26 1 | 0.30 1 | 0.31 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.10 | 0.25 | (0.16) | (0.34) |
Total from investment operations | 0.39 | 0.36 | 0.55 | 0.15 | (0.03) |
Distributions to shareholders from | |||||
Net investment income | (0.23) | (0.26) | (0.30) | (0.31) | (0.31) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01) | (0.05) |
Total distributions to shareholders | (0.23) | (0.26) | (0.30) | (0.32) | (0.36) |
Net asset value, end of period | $11.02 | $10.86 | $10.76 | $10.51 | $10.68 |
Total return | 3.58% | 3.34% | 5.29% | 1.34% | (0.28)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.86% | 0.87% | 0.88% | 0.78% | 0.84% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 2.06% | 2.38% | 2.81% | 2.89% | 2.87% |
Supplemental data | |||||
Portfolio turnover rate | 9% | 16% | 18% | 15% | 22% |
Net assets, end of period (000s omitted) | $60,727 | $69,954 | $95,072 | $85,259 | $104,906 |
1 | Calculated based upon average shares outstanding |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $10.87 | $10.77 | $10.52 | $10.69 | $10.88 |
Net investment income | 0.23 | 0.26 | 0.30 | 0.32 | 0.21 |
Net realized and unrealized gains (losses) on investments | 0.15 | 0.10 | 0.25 | (0.16) | (0.14) |
Total from investment operations | 0.38 | 0.36 | 0.55 | 0.16 | 0.07 |
Distributions to shareholders from | |||||
Net investment income | (0.23) | (0.26) | (0.30) | (0.32) | (0.21) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01) | (0.05) |
Total distributions to shareholders | (0.23) | (0.26) | (0.30) | (0.33) | (0.26) |
Net asset value, end of period | $11.02 | $10.87 | $10.77 | $10.52 | $10.69 |
Total return2 | 3.56% | 3.42% | 5.37% | 1.43% | 0.62% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.59% | 0.60% | 0.61% | 0.52% | 0.52% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.51% |
Net investment income | 2.13% | 2.43% | 2.89% | 2.98% | 2.91% |
Supplemental data | |||||
Portfolio turnover rate | 9% | 16% | 18% | 15% | 22% |
Net assets, end of period (000s omitted) | $91,787 | $70,383 | $35,630 | $29,639 | $22,785 |
1 | For the period from October 31, 2016 (commencement of class operations) to June 30, 2017 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $9,244,988 |
Gross unrealized losses | (170,595) |
Net unrealized gains | $9,074,393 |
■ | 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 | $182,852,836 | $0 | $182,852,836 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.85% |
Class C | 1.60 |
Administrator Class | 0.60 |
Institutional Class | 0.52 |
Undistributed ordinary income | Undistributed tax-exempt income | Undistributed long-term gain | Unrealized gains |
$113,376 | $876,545 | $130,354 | $9,074,393 |
Wells Fargo Funds Trust:
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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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A252/AR252 06-21
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Financial statements | |
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Board considerations | |
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85 | |
91 |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Nicholos Venditti* |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WMFAX) | 4-8-2005 | 0.20 | 2.30 | 4.26 | 4.95 | 3.24 | 4.74 | 0.77 | 0.75 | ||
Class C (WMFCX) | 4-8-2005 | 3.16 | 2.49 | 3.97 | 4.16 | 2.49 | 3.97 | 1.52 | 1.50 | ||
Class R6 (WMBRX)3 | 7-31-2018 | – | – | – | 5.23 4 | 3.58 | 5.06 | 0.39 | 0.39 | ||
Administrator Class (WMFDX) | 4-8-2005 | – | – | – | 5.10 | 3.42 | 4.91 | 0.71 | 0.60 | ||
Institutional Class (WMBIX) | 3-31-2008 | – | – | – | 5.28 | 3.55 | 5.05 | 0.44 | 0.44 | ||
Bloomberg Barclays Municipal Bond Index5 | – | – | – | – | 4.17 | 3.25 | 4.28 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
5 | 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. |
* | Mr. Venditti became a portfolio manager of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200043imgd8f121304.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund (Class A, excluding sales charges) outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index, for the 12-month period that ended June 30, 2021. |
■ | Credit positioning was the largest contributor to performance as our overweight to lower-investment-grade bonds (A-rated and BBB-rated) relative to higher-investment-grade bonds (AAA-rated and AA-rated) and modest allocation to high yield aided returns as lower grade and high yield outperformed over the period by a wide margin. |
■ | Sector allocation was modestly positive, while security selection was a key driver of positive performance. Underweights to both state and local general obligation (GO), electric revenue, housing, and education bonds were positive as these sectors underperformed. We were overweight the water and sewer sector, which detracted from performance. Overweights to hospitals, transportation, leasing, and special tax bonds were positive as these sectors outperformed. |
■ | Yield-curve positioning was a modest contributor to performance as our underweight to the short end of the yield curve and our overweight to the longer end of the yield curve bore fruit, as the longer end of the curve outperformed. |
■ | We tactically moved duration around during the period from modestly short to modestly long relative to the benchmark. Overall duration positioning during the period had no material impact on performance. |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200043imgb3ccdb235.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-CSR/0001193125-21-262222/g200043img89e424a26.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 | |
Class A | ||||
Actual | $1,000.00 | $1,014.68 | $3.70 | 0.74% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.12 | $3.71 | 0.74% |
Class C | ||||
Actual | $1,000.00 | $1,010.88 | $7.48 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.36 | $7.50 | 1.50% |
Class R6 | ||||
Actual | $1,000.00 | $1,016.49 | $1.95 | 0.39% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.86 | $1.96 | 0.39% |
Administrator Class | ||||
Actual | $1,000.00 | $1,015.40 | $3.00 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,016.24 | $2.20 | 0.44% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.61 | $2.21 | 0.44% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.30% | |||||
California: 0.30% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (170 Shares) 0.33% 144Aø | $17,000,000 | $ 17,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $17,000,000) | 17,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 98.67% | |||||
Alabama: 2.10% | |||||
Airport revenue: 0.11% | |||||
Birmingham AL Airport Authority Revenue (BAM Insured) | 4.00% | 7-1-2036 | 500,000 | 605,701 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 4.00 | 7-1-2037 | 500,000 | 604,037 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 4.00 | 7-1-2038 | 400,000 | 482,134 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2028 | 700,000 | 894,602 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2029 | 750,000 | 979,450 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2030 | 500,000 | 665,829 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2032 | 600,000 | 793,326 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2033 | 650,000 | 856,779 | |
5,881,858 | |||||
GO revenue: 0.07% | |||||
Birmingham AL CAB Series A1 | 5.00 | 3-1-2045 | 3,160,000 | 3,697,538 | |
Health revenue: 0.17% | |||||
Alabama Health Care Authority Baptist Health Series B ø | 0.19 | 11-1-2042 | 7,035,000 | 7,035,000 | |
UAB Medicine Finance Authority Series B | 5.00 | 9-1-2034 | 1,000,000 | 1,290,037 | |
UAB Medicine Finance Authority Series B | 5.00 | 9-1-2035 | 1,000,000 | 1,288,113 | |
9,613,150 | |||||
Miscellaneous revenue: 0.20% | |||||
Alabama Federal Aid Highway Finance Authority Series A | 5.00 | 6-1-2037 | 9,000,000 | 11,221,562 | |
Tax revenue: 0.52% | |||||
Alabama Federal Aid Highway Finance Authority Series A | 5.00 | 9-1-2035 | 24,000,000 | 29,098,496 | |
Utilities revenue: 0.92% | |||||
Lower Alabama Gas Supply District Project #2 | 4.00 | 12-1-2050 | 7,660,000 | 8,712,062 | |
Southeast Alabama Gas Supply District Project #2 Series 2018A | 4.00 | 6-1-2049 | 28,850,000 | 31,660,769 | |
Southeast Energy Authority Alabama Project #1 Series A | 4.00 | 11-1-2051 | 6,465,000 | 7,723,169 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0184 (Morgan Stanley Bank LIQ) 144Aø | 0.28 | 9-1-2046 | 3,150,000 | 3,150,000 | |
51,246,000 | |||||
Water & sewer revenue: 0.11% | |||||
Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00 | 10-1-2025 | 710,000 | 651,641 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00% | 10-1-2026 | $ 3,000,000 | $ 2,584,174 | |
Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00 | 10-1-2029 | 4,115,000 | 2,909,183 | |
6,144,998 | |||||
116,903,602 | |||||
Alaska: 0.04% | |||||
Health revenue: 0.04% | |||||
Alaska IDA Tanana Chiefs Conference Project | 5.00 | 10-1-2033 | 1,930,000 | 2,419,812 | |
Arizona: 1.66% | |||||
Education revenue: 0.49% | |||||
Arizona Board of Regents University of Arizona Series C | 5.00 | 8-1-2027 | 1,000,000 | 1,253,182 | |
Arizona Board of Regents University of Arizona Series C | 5.00 | 8-1-2029 | 1,005,000 | 1,314,720 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 5.75 | 6-15-2038 | 1,085,000 | 1,203,453 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 5.88 | 6-15-2048 | 2,435,000 | 2,674,670 | |
Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A | 6.50 | 7-1-2034 | 2,000,000 | 2,324,004 | |
Phoenix AZ IDA Rowan University Project Series 2012 | 5.25 | 6-1-2034 | 1,000,000 | 1,043,863 | |
Pima County AZ IDA New Plan Learning Project Series A | 7.75 | 7-1-2035 | 7,375,000 | 7,407,314 | |
Pima County AZ IDA New Plan Learning Project Series A | 8.13 | 7-1-2041 | 6,385,000 | 6,414,293 | |
Pima County AZ IDA Noah Webster Schools-Pima Project | 7.00 | 12-15-2043 | 3,225,000 | 3,606,576 | |
27,242,075 | |||||
GO revenue: 0.08% | |||||
Maricopa County AZ Special Health Care District Series D | 4.00 | 7-1-2035 | 3,500,000 | 4,332,525 | |
Health revenue: 0.24% | |||||
Arizona Health Facilities Authority Revenue Bond Banner Health Series 2012A | 4.00 | 1-1-2043 | 5,565,000 | 5,672,579 | |
Arizona Health Facilities Authority Revenue Bond Banner Health Series A | 5.00 | 1-1-2044 | 5,000,000 | 5,488,356 | |
Tempe AZ IDA Friendship Village Project Series A | 5.38 | 12-1-2021 | 1,000,000 | 1,015,281 | |
Tempe AZ IDA Friendship Village Project Series A | 5.50 | 12-1-2022 | 1,000,000 | 1,015,375 | |
13,191,591 | |||||
Miscellaneous revenue: 0.81% | |||||
Arizona Board Regents Certificates Refunding Bonds University Arizona Series C | 5.00 | 6-1-2028 | 3,250,000 | 3,394,509 | |
Navajo Nation AZ Refunding Bond Series A 144A | 5.50 | 12-1-2030 | 7,275,000 | 8,240,630 | |
Phoenix AZ Civic Improvement Corporation Junior Lien Refunding Bond | 5.00 | 7-1-2034 | 8,805,000 | 10,584,593 | |
Phoenix AZ Civic Improvement Corporation Series A | 5.00 | 7-1-2034 | 13,875,000 | 16,237,371 | |
Phoenix AZ Civic Improvement Corporation Series B | 5.00 | 7-1-2049 | 5,570,000 | 6,904,033 | |
45,361,136 | |||||
Water & sewer revenue: 0.04% | |||||
Mesa AZ Utility System Revenue | 4.00 | 7-1-2042 | 1,000,000 | 1,199,855 | |
Mesa AZ Utility System Revenue | 4.00 | 7-1-2043 | 1,000,000 | 1,197,587 | |
2,397,442 | |||||
92,524,769 |
Interest rate | Maturity date | Principal | Value | ||
Arkansas: 0.15% | |||||
Miscellaneous revenue: 0.15% | |||||
Arkansas Development Finance Authority Arkansas Division of Emergency Management | 4.00% | 6-1-2038 | $ 1,170,000 | $ 1,366,410 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management | 4.00 | 6-1-2039 | 1,000,000 | 1,165,799 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management | 4.00 | 6-1-2040 | 500,000 | 581,839 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management | 4.00 | 6-1-2045 | 4,500,000 | 5,177,596 | |
8,291,644 | |||||
California: 5.50% | |||||
Airport revenue: 1.22% | |||||
Los Angeles CA Department of Airports AMT Subordinate Revenue Bond | 5.00 | 5-15-2034 | 1,750,000 | 2,092,584 | |
Los Angeles CA Department of Airports Subordinate Revenue Bonds | 4.00 | 5-15-2036 | 2,000,000 | 2,249,788 | |
Los Angeles CA Department of Airports Subordinate Revenue Bonds | 5.00 | 5-15-2034 | 1,465,000 | 1,836,106 | |
Los Angeles CA Department of Airports Subordinate Revenue Bonds Series A | 5.25 | 5-15-2048 | 15,000,000 | 18,726,653 | |
Port of Oakland CA Refunding Bonds Series H | 5.00 | 5-1-2026 | 2,500,000 | 2,989,920 | |
Port of Oakland CA Refunding Bonds Series H | 5.00 | 5-1-2029 | 1,875,000 | 2,402,863 | |
San Francisco CA City & County Airport Commission San Francisco International Airport Series B | 5.00 | 5-1-2046 | 30,000,000 | 35,570,079 | |
San Jose CA Refunding AMT Series A (BAM Insured) | 4.00 | 3-1-2034 | 1,800,000 | 2,191,509 | |
68,059,502 | |||||
Education revenue: 0.15% | |||||
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 2,230,000 | 2,469,926 | |
University of California Series K | 4.00 | 5-15-2046 | 5,075,000 | 5,714,892 | |
8,184,818 | |||||
GO revenue: 0.98% | |||||
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤ | 0.00 | 8-1-2031 | 2,175,000 | 1,845,493 | |
Alhambra CA Unified School District CAB Election of 2008 Series B (AGC Insured) ¤ | 0.00 | 8-1-2031 | 7,500,000 | 6,363,768 | |
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤ | 0.00 | 8-1-2032 | 3,795,000 | 3,148,360 | |
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤ | 0.00 | 8-1-2034 | 5,000,000 | 3,950,183 | |
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤ | 0.00 | 8-1-2035 | 6,700,000 | 5,169,678 | |
Colton CA Unified School District CAB Series B (AGM Insured) ¤ | 0.00 | 8-1-2031 | 1,000,000 | 829,223 | |
Colton CA Unified School District CAB Series B (AGM Insured) ¤ | 0.00 | 8-1-2032 | 1,000,000 | 808,917 | |
Colton CA Unified School District CAB Series B (AGM Insured) ¤ | 0.00 | 8-1-2033 | 1,000,000 | 787,839 | |
Compton CA Community College District CAB Election of 2002 Series C ¤ | 0.00 | 8-1-2032 | 2,515,000 | 2,029,965 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Compton CA Community College District CAB Election of 2002 Series C ¤ | 0.00% | 8-1-2033 | $ 2,000,000 | $ 1,570,035 | |
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤ | 0.00 | 6-1-2030 | 2,000,000 | 1,737,197 | |
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤ | 0.00 | 6-1-2031 | 2,000,000 | 1,691,244 | |
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤ | 0.00 | 6-1-2032 | 1,660,000 | 1,370,076 | |
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤ | 0.00 | 6-1-2033 | 1,230,000 | 989,197 | |
Los Angeles CA Unified School District Series R | 4.00 | 7-1-2044 | 11,000,000 | 13,035,096 | |
Ontario Montclair CA School District CAB (AGC Insured) ¤ | 0.00 | 8-1-2028 | 1,500,000 | 1,363,470 | |
Ontario Montclair CA School District CAB (AGC Insured) ¤ | 0.00 | 8-1-2030 | 2,000,000 | 1,719,627 | |
San Diego CA Unified School District CAB Series C ¤ | 0.00 | 7-1-2031 | 2,000,000 | 1,716,764 | |
San Diego CA Unified School District CAB Series C ¤ | 0.00 | 7-1-2033 | 1,000,000 | 818,095 | |
San Diego CA Unified School District CAB Series C ¤ | 0.00 | 7-1-2034 | 2,000,000 | 1,595,048 | |
Wiseburn CA School District CAB Election of 2010 Series B (AGM Insured) ¤ | 0.00 | 8-1-2034 | 2,530,000 | 1,950,165 | |
54,489,440 | |||||
Health revenue: 1.03% | |||||
California CDA Health Facilities Catholic Series E (AGM Insured) € | 0.26 | 7-1-2040 | 21,550,000 | 21,550,000 | |
California HFFA Revenue Stanford Health Care Series A | 4.00 | 8-15-2050 | 13,450,000 | 16,156,245 | |
California PFA Enso Village Project Series B-3 144A | 2.13 | 11-15-2027 | 4,000,000 | 4,053,298 | |
University of California Regents University Medical Center Pooled Revenue Bonds 2016 Series L | 4.00 | 5-15-2037 | 10,025,000 | 11,329,854 | |
University of California Regents University Medical Center Pooled Revenue Bonds 2016 Series L | 5.00 | 5-15-2047 | 3,885,000 | 4,581,493 | |
57,670,890 | |||||
Housing revenue: 0.14% | |||||
California Community Development Authority Uptown Newport Apartments Series 2017 AA & BB (East West Bank LOC) ø | 0.07 | 3-1-2057 | 1,500,000 | 1,500,000 | |
California Community Housing Agency Essential Housing Revenue Serenity at Larkspur Series C 144A | 5.00 | 2-1-2050 | 1,000,000 | 1,160,135 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 3,175,377 | 3,743,283 | |
CSCDA Community Improvement Authority Mezzanine Pasadena Portfolio 144A | 4.00 | 12-1-2056 | 1,500,000 | 1,636,086 | |
8,039,504 | |||||
Miscellaneous revenue: 0.58% | |||||
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00 | 5-1-2046 | 8,500,000 | 9,351,658 | |
California Public Works Board Judicial Council Project Series A | 5.00 | 3-1-2031 | 3,260,000 | 3,508,105 | |
Mesa CA Water District Participation Certificates | 4.00 | 3-15-2039 | 500,000 | 603,546 | |
Mesa CA Water District Participation Certificates | 4.00 | 3-15-2040 | 500,000 | 602,562 | |
Mesa CA Water District Participation Certificates | 4.00 | 3-15-2045 | 1,200,000 | 1,430,244 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2027 | 2,095,000 | 1,966,976 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2028 | 4,450,000 | 4,091,753 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2029 | 4,520,000 | 4,058,589 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2031 | 2,185,000 | 1,859,873 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00% | 3-1-2032 | $ 2,000,000 | $ 1,661,311 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2033 | 4,295,000 | 3,478,106 | |
32,612,723 | |||||
Tax revenue: 0.38% | |||||
Mizuho Tender Option Bond Trust Receipts/Floater Certificates (Mizuho Capital Markets LLC LIQ) 144Aø | 0.09 | 7-11-2040 | 15,000,000 | 15,000,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9003 (Mizuho Capital Markets LLC LIQ) 144Aø | 0.28 | 3-1-2036 | 4,930,000 | 4,930,000 | |
San Diego County CA Regional Transportation Commission Limited Tax Series A | 5.00 | 4-1-2048 | 915,000 | 1,083,752 | |
21,013,752 | |||||
Tobacco revenue: 0.04% | |||||
California County CA Tobacco Securitization Agency | 4.00 | 6-1-2039 | 500,000 | 607,611 | |
California County CA Tobacco Securitization Agency | 4.00 | 6-1-2040 | 300,000 | 363,666 | |
California County CA Tobacco Securitization Agency | 4.00 | 6-1-2049 | 1,200,000 | 1,420,812 | |
2,392,089 | |||||
Transportation revenue: 0.62% | |||||
Bay Area CA Toll Authority Toll Bridge Series A (SIFMA Municipal Swap +1.25%) ± | 1.28 | 4-1-2036 | 23,545,000 | 24,432,171 | |
Foothill-Eastern Transportation Corridor Agency Refunding Bond Senior Lien Series A | 4.00 | 1-15-2046 | 8,500,000 | 10,068,134 | |
34,500,305 | |||||
Utilities revenue: 0.36% | |||||
M-S-R California Energy Authority Gas Series B | 6.13 | 11-1-2029 | 15,685,000 | 19,923,264 | |
306,886,287 | |||||
Colorado: 4.70% | |||||
Airport revenue: 0.84% | |||||
Denver CO City & County Airport System Revenue Series 2012A | 5.00 | 12-1-2034 | 12,855,000 | 17,597,546 | |
Denver CO City & County Airport System Revenue Series 2012A | 5.00 | 12-1-2037 | 3,130,000 | 3,886,683 | |
Denver CO City & County Airport System Revenue Series 2012B | 5.00 | 11-15-2030 | 2,000,000 | 2,131,502 | |
Denver CO City & County Airport System Revenue Series 2012B | 5.00 | 12-1-2030 | 12,780,000 | 16,798,676 | |
Denver CO City & County Airport System Revenue Series 2012B | 5.00 | 12-1-2035 | 5,000,000 | 6,230,821 | |
46,645,228 | |||||
Education revenue: 0.72% | |||||
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bond Series 2018 E-1 | 5.00 | 3-1-2040 | 390,000 | 454,099 | |
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bond Series 2018 E-1 | 5.00 | 3-1-2040 | 555,000 | 646,217 | |
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bonds Series 2013C | 5.25 | 3-1-2033 | 725,000 | 786,294 | |
Colorado Board of Governors State University Enterprise System Revenue Unrefunded Bond Series 2018 E-1 | 5.00 | 3-1-2040 | 1,055,000 | 1,232,592 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Colorado ECFA Alexander Dawson School LLC Project | 5.00% | 2-15-2040 | $ 1,000,000 | $ 1,003,352 | |
Colorado ECFA Charter School Aspen Ridge School Project Series 2015A 144A | 4.13 | 7-1-2026 | 335,000 | 354,226 | |
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A | 6.00 | 12-15-2037 | 3,250,000 | 3,584,260 | |
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series B-2 | 7.00 | 12-15-2046 | 3,940,000 | 4,429,888 | |
Colorado ECFA Charter School Ben Franklin Academy Project | 5.00 | 7-1-2036 | 750,000 | 850,800 | |
Colorado ECFA Charter School Community Leadership Academy Second Campus Project | 7.00 | 8-1-2033 | 1,135,000 | 1,252,266 | |
Colorado ECFA Charter School District Montessori Charter School Project | 5.00 | 7-15-2037 | 1,150,000 | 1,193,193 | |
Colorado ECFA Charter School Refunding and Improvement Bonds Skyview Academy Project 2014 144A | 4.13 | 7-1-2024 | 310,000 | 321,304 | |
Colorado ECFA Charter School Refunding and Improvement Bonds University Laboratory School Project 2015 | 5.00 | 12-15-2028 | 600,000 | 670,459 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 7.50 | 9-1-2033 | 5,015,000 | 5,781,356 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 8.00 | 9-1-2043 | 5,930,000 | 6,892,967 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 8.13 | 9-1-2048 | 3,795,000 | 4,421,470 | |
Colorado ECFA Charter School Twin Peaks Charter Academy | 6.50 | 3-15-2043 | 1,290,000 | 1,294,655 | |
Colorado ECFA Refunding Bonds The University Corporation for Atmosphere Research Project Series B | 5.00 | 9-1-2030 | 1,770,000 | 1,850,535 | |
Colorado ECFA School Refunding and Improvment Bonds | 5.00 | 3-15-2035 | 2,000,000 | 2,561,256 | |
Colorado ECFA Union Colony School Project Revenue Bond Series 2018 | 5.00 | 4-1-2048 | 715,000 | 855,798 | |
40,436,987 | |||||
GO revenue: 0.17% | |||||
Aurora CO Cornerstar Metropolitan District Refunding Bond Series A | 5.25 | 12-1-2047 | 1,000,000 | 1,056,183 | |
Aurora CO Park 70 Metropolitan District | 5.00 | 12-1-2046 | 1,000,000 | 1,143,919 | |
Broadway Station Metropolitan District #3 Series A | 5.00 | 12-1-2049 | 1,250,000 | 1,375,528 | |
Colorado International Center Metropolitan District #3 Refunding Bonds | 4.63 | 12-1-2031 | 611,000 | 633,733 | |
Colorado Parker Homestead Metropolitan District Refunding & Improvement Bonds Series 2016 | 5.63 | 12-1-2044 | 1,000,000 | 1,051,096 | |
Thompson Crossing Metropolitan District #4 Refunding & Improvement Bonds | 5.00 | 12-1-2049 | 2,125,000 | 2,300,162 | |
Weld County CO Eaton Area Park & Recreation District Series 2015 | 5.50 | 12-1-2038 | 1,075,000 | 1,153,966 | |
Wheatlands CO Metropolitan District #2 Refunding Bond (BAM Insured) | 5.00 | 12-1-2030 | 650,000 | 769,620 | |
9,484,207 | |||||
Health revenue: 0.25% | |||||
Aspen Valley Hospital District Refunding Bonds Series 2012 | 5.00 | 10-15-2033 | 600,000 | 621,701 | |
Colorado Health Facilities Authority Commonspirit Health Series A2 | 5.00 | 8-1-2044 | 4,000,000 | 4,969,802 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Colorado Health Facilities Authority Evangelical Lutheran Good Samaritan Society Series 2015A | 5.00% | 6-1-2040 | $ 1,000,000 | $ 1,176,322 | |
Colorado Health Facilities Authority Revenue Hospital Advent Health Obligated Group Series A | 4.00 | 11-15-2043 | 3,500,000 | 4,137,447 | |
Colorado Health Facilities Authority Revenue Parkview Medical Center Incorporated | 4.00 | 9-1-2045 | 500,000 | 569,575 | |
Colorado Health Facilities Authority Sisters of Charity Leavenworth Health System Series 2013A | 5.50 | 1-1-2035 | 1,000,000 | 1,123,177 | |
Colorado Health Facilities Authority Sunny Vista Living Center Series 2015A 144A | 5.00 | 12-1-2025 | 670,000 | 705,015 | |
Denver CO Health & Hospital Authority Refunding Bonds Series 2017A 144A | 5.00 | 12-1-2034 | 500,000 | 607,781 | |
13,910,820 | |||||
Miscellaneous revenue: 0.92% | |||||
Colorado Bridge Enterprise Revenue | 4.00 | 12-31-2029 | 2,705,000 | 3,141,779 | |
Colorado Bridge Enterprise Revenue | 4.00 | 6-30-2030 | 3,115,000 | 3,606,818 | |
Colorado Bridge Enterprise Revenue | 4.00 | 6-30-2031 | 665,000 | 767,410 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2036 | 5,000,000 | 6,220,648 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2038 | 5,000,000 | 6,158,085 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2039 | 3,000,000 | 3,684,831 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2039 | 3,250,000 | 3,926,202 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2040 | 5,550,000 | 6,803,958 | |
Colorado E-470 Public Highway Authority CAB Series A (NPFGC Insured) ¤ | 0.00 | 9-1-2034 | 4,000,000 | 3,081,574 | |
Colorado Regional Transportation District Certificate of Participation Series 2014A | 5.00 | 6-1-2044 | 2,000,000 | 2,145,505 | |
Denver CO School District #1 Certificate of Participation Series B | 5.00 | 12-15-2035 | 1,000,000 | 1,179,152 | |
Denver CO School District #1 Certificate of Participation Series B | 5.00 | 12-15-2045 | 1,200,000 | 1,392,745 | |
Fremont County CO Finance Corporation Certificate of Participation Series 2013 | 5.25 | 12-15-2038 | 1,265,000 | 1,291,618 | |
Longmont CO Certificate of Participation Series 2014 | 5.00 | 12-1-2034 | 1,000,000 | 1,104,772 | |
Platte Valley CO Fire Protection District Series 2012 | 5.00 | 12-1-2036 | 325,000 | 328,434 | |
Westminster CO Certificate of Participation Series 2015A | 5.00 | 12-1-2035 | 2,000,000 | 2,356,617 | |
Westminster CO Public Schools Certificate of Participation Series 2019 (AGM Insured) | 5.00 | 12-1-2048 | 3,500,000 | 4,309,936 | |
51,500,084 | |||||
Tax revenue: 1.28% | |||||
Colorado Park Creek Metropolitan District Refunding Bonds Series A | 5.00 | 12-1-2045 | 500,000 | 572,094 | |
Colorado Regional Transportation District Certificate of Participation Series P-3 | 4.00 | 7-15-2039 | 800,000 | 1,047,301 | |
Colorado Regional Transportation District Certificate of Participation Series P-3 | 5.00 | 1-15-2031 | 500,000 | 657,719 | |
Colorado Regional Transportation District Certificate of Participation Series P-3 | 5.00 | 7-15-2031 | 500,000 | 656,260 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Colorado Regional Transportation District Fastracks Project Series 2013A | 5.00% | 11-1-2031 | $ 1,000,000 | $ 1,064,580 | |
Colorado Regional Transportation District Fastracks Project Series A | 5.00 | 11-1-2041 | 50,945,000 | 60,888,618 | |
Commerce City CO Sales and Use Tax Revenue Bond Series 2014 (AGM Insured) | 5.00 | 8-1-2044 | 1,250,000 | 1,400,990 | |
Denver CO City & County Refunding and Improvement Bonds Series A | 5.00 | 8-1-2044 | 3,000,000 | 3,539,287 | |
Thornton CO Development Authority East 144th Avenue and I-25 Project Series B | 5.00 | 12-1-2034 | 1,375,000 | 1,566,751 | |
71,393,600 | |||||
Transportation revenue: 0.28% | |||||
Colorado E-470 Public Highway Authority CAB Series A | 5.00 | 9-1-2034 | 1,300,000 | 1,698,369 | |
Colorado E-470 Public Highway Authority CAB Series A | 5.00 | 9-1-2035 | 1,250,000 | 1,630,364 | |
Colorado E-470 Public Highway Authority CAB Series A | 5.00 | 9-1-2036 | 1,400,000 | 1,822,003 | |
Colorado E-470 Public Highway Authority CAB Series A | 5.00 | 9-1-2040 | 2,000,000 | 2,262,622 | |
Colorado E-470 Public Highway Authority CAB Series B (NPFGC Insured) ¤ | 0.00 | 9-1-2022 | 4,600,000 | 4,580,470 | |
Colorado High Performance Transportation Enterprise U.S. 36 & I-25 Managed Lanes | 5.75 | 1-1-2044 | 3,360,000 | 3,620,690 | |
15,614,518 | |||||
Utilities revenue: 0.06% | |||||
Colorado Springs CO Utilities System Improvement Bonds Series 2013 B-2 | 5.00 | 11-15-2038 | 3,000,000 | 3,306,628 | |
Water & sewer revenue: 0.18% | |||||
Aurora CO Water Revenue Refunding Bond First Lien | 5.00 | 8-1-2046 | 5,000,000 | 5,966,655 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2035 | 800,000 | 965,493 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2037 | 400,000 | 480,981 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2038 | 400,000 | 479,465 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2039 | 450,000 | 537,632 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2040 | 500,000 | 595,375 | |
East Cherry Creek Valley CO Water and Sanitation District | 5.00 | 11-15-2032 | 750,000 | 883,988 | |
9,909,589 | |||||
262,201,661 | |||||
Connecticut: 1.36% | |||||
Education revenue: 0.35% | |||||
Connecticut HEFA Trinity College Series R | 4.00 | 6-1-2045 | 2,500,000 | 2,942,853 | |
Connecticut HEFA Trinity College Series R | 5.00 | 6-1-2037 | 950,000 | 1,230,378 | |
Connecticut HEFA Trinity College Series R | 5.00 | 6-1-2038 | 1,000,000 | 1,292,297 | |
Connecticut HEFA Trinity College Series R | 5.00 | 6-1-2039 | 1,600,000 | 2,062,905 | |
Connecticut HEFA Trinity College Series R | 5.00 | 6-1-2040 | 1,100,000 | 1,415,950 | |
Connecticut HEFA University of Hartford Series N | 5.00 | 7-1-2031 | 75,000 | 93,286 | |
Connecticut HEFA University of Hartford Series N | 5.00 | 7-1-2032 | 550,000 | 681,488 | |
Connecticut HEFA University of Hartford Series N | 5.00 | 7-1-2033 | 605,000 | 747,556 | |
Connecticut HEFA University of Hartford Series N | 5.00 | 7-1-2034 | 450,000 | 554,611 | |
Connecticut Higher Education Supplemental Loan Authority AMT | 3.25 | 11-15-2036 | 1,400,000 | 1,448,944 | |
Connecticut Higher Education Supplemental Loan Authority AMT | 5.00 | 11-15-2027 | 610,000 | 722,962 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Connecticut Higher Education Supplemental Loan Authority AMT | 5.00% | 11-15-2028 | $ 530,000 | $ 639,798 | |
Connecticut Higher Education Supplemental Loan Authority AMT | 5.00 | 11-15-2029 | 535,000 | 654,480 | |
University of Connecticut Series A | 5.00 | 2-15-2039 | 1,510,000 | 1,931,947 | |
University of Connecticut Series A | 5.00 | 2-15-2040 | 2,500,000 | 3,193,554 | |
19,613,009 | |||||
GO revenue: 0.27% | |||||
Bridgeport CT Series A | 4.00 | 6-1-2039 | 1,750,000 | 2,016,313 | |
Connecticut Series B | 5.00 | 6-1-2041 | 1,250,000 | 1,633,965 | |
Hartford CT Series A | 5.00 | 4-1-2028 | 3,165,000 | 3,409,931 | |
Hartford CT Series B | 5.00 | 4-1-2025 | 1,220,000 | 1,318,812 | |
Hartford CT Series B | 5.00 | 4-1-2026 | 1,470,000 | 1,587,315 | |
Hartford CT Series B | 5.00 | 4-1-2027 | 1,000,000 | 1,078,615 | |
New Haven CT Series A (AGM Insured) | 5.00 | 8-1-2039 | 3,000,000 | 3,765,731 | |
14,810,682 | |||||
Health revenue: 0.02% | |||||
Connecticut HEFA McLean Series A 144A | 5.00 | 1-1-2045 | 1,000,000 | 1,119,958 | |
Miscellaneous revenue: 0.09% | |||||
Connecticut GO 2012 Series E | 5.00 | 9-15-2032 | 4,860,000 | 5,112,946 | |
Tax revenue: 0.63% | |||||
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose | 4.00 | 5-1-2040 | 5,000,000 | 6,037,396 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose | 5.00 | 5-1-2040 | 1,700,000 | 2,198,631 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2014A | 5.00 | 9-1-2028 | 10,105,000 | 11,514,301 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2018B | 5.00 | 10-1-2036 | 5,000,000 | 6,286,648 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2018B | 5.00 | 10-1-2037 | 7,500,000 | 9,408,969 | |
35,445,945 | |||||
76,102,540 | |||||
Delaware: 0.41% | |||||
Education revenue: 0.25% | |||||
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00 | 9-1-2045 | 7,500,000 | 8,460,892 | |
Kent County DE Charter School Incorporated Project %% | 4.00 | 5-1-2024 | 195,000 | 195,010 | |
Kent County DE Charter School Incorporated Project | 7.38 | 5-1-2037 | 2,110,000 | 2,115,019 | |
Kent County DE Charter School Incorporated Project Series A %% | 4.00 | 5-1-2041 | 2,750,000 | 3,019,528 | |
13,790,449 | |||||
Miscellaneous revenue: 0.08% | |||||
Delaware EDA YMCA of Delaware Project (PNC Bank NA LOC) ø | 0.04 | 5-1-2036 | 4,365,000 | 4,365,000 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.08% | |||||
Delaware Transportation Authority U.S. 301 Project | 5.00% | 6-1-2055 | $ 3,950,000 | $ 4,462,990 | |
22,618,439 | |||||
District of Columbia: 1.45% | |||||
Airport revenue: 0.08% | |||||
Metropolitan Washington DC Airports Authority Revenue Refunding AMT Series A %% | 4.00 | 10-1-2040 | 2,000,000 | 2,417,897 | |
Metropolitan Washington DC Airports Authority Revenue Refunding AMT Series A %% | 4.00 | 10-1-2041 | 2,000,000 | 2,409,093 | |
4,826,990 | |||||
GO revenue: 0.11% | |||||
District of Columbia Series A | 5.00 | 6-1-2037 | 5,000,000 | 6,165,975 | |
Miscellaneous revenue: 0.30% | |||||
District of Columbia Revenue Refunding Bonds National Public Radio Incorporated | 4.00 | 4-1-2033 | 3,400,000 | 3,952,345 | |
District of Columbia Series A | 5.00 | 10-15-2044 | 10,000,000 | 12,674,595 | |
16,626,940 | |||||
Tax revenue: 0.64% | |||||
District of Columbia Income Tax Revenue Secured Series A | 4.00 | 3-1-2045 | 15,980,000 | 18,990,723 | |
District of Columbia Income Tax Revenue Unrefunded Balance Secured Series G | 5.00 | 12-1-2036 | 10,065,000 | 10,257,139 | |
Washington DC Convention and Sports Authority Refunding Senior Lien Series A | 4.00 | 10-1-2036 | 670,000 | 808,232 | |
Washington DC Convention and Sports Authority Refunding Senior Lien Series A | 4.00 | 10-1-2037 | 1,000,000 | 1,202,926 | |
Washington DC Convention and Sports Authority Refunding Senior Lien Series A | 4.00 | 10-1-2037 | 1,115,000 | 1,341,263 | |
Washington DC Convention and Sports Authority Refunding Senior Lien Series A | 4.00 | 10-1-2038 | 1,000,000 | 1,200,138 | |
Washington DC Convention and Sports Authority Refunding Senior Lien Series A | 4.00 | 10-1-2039 | 640,000 | 765,609 | |
Washington DC Convention and Sports Authority Refunding Senior Lien Series A | 4.00 | 10-1-2039 | 1,000,000 | 1,196,265 | |
35,762,295 | |||||
Transportation revenue: 0.32% | |||||
Metropolitan Washington DC Airports Authority Subordinated Lien Bond Series B (AGM Insured) | 4.00 | 10-1-2049 | 8,000,000 | 9,247,303 | |
Washington DC Metropolitan Area Transit Authroity Series A | 4.00 | 7-15-2045 | 1,000,000 | 1,197,781 | |
Washington DC Metropolitan Area Transit Authroity Series A | 4.00 | 7-15-2046 | 6,000,000 | 7,257,299 | |
17,702,383 | |||||
81,084,583 |
Interest rate | Maturity date | Principal | Value | ||
Florida: 6.45% | |||||
Airport revenue: 2.67% | |||||
Broward County FL Airport System Revenue Bond AMT Series 2015A | 5.00% | 10-1-2034 | $ 1,750,000 | $ 2,237,013 | |
Broward County FL Airport System Revenue Bond AMT Series 2015A | 5.00 | 10-1-2036 | 12,440,000 | 14,473,467 | |
Broward County FL Port Facilities Revenue AMT Series B | 4.00 | 9-1-2044 | 7,300,000 | 8,438,017 | |
Greater Orlando FL Aviation Authority AMT Series A | 5.00 | 10-1-2046 | 3,000,000 | 3,590,182 | |
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series A | 5.00 | 10-1-2048 | 7,000,000 | 8,574,817 | |
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series B | 5.00 | 10-1-2040 | 1,000,000 | 1,138,249 | |
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series E | 5.00 | 10-1-2048 | 10,000,000 | 12,411,497 | |
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series F | 5.00 | 10-1-2048 | 17,000,000 | 21,258,588 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2044 | 4,080,000 | 5,005,167 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2048 | 9,870,000 | 11,791,362 | |
Miami-Dade County FL Aviation Refunding AMT | 5.00 | 10-1-2030 | 11,000,000 | 12,478,901 | |
Miami-Dade County FL Aviation Refunding AMT | 5.00 | 10-1-2032 | 14,000,000 | 15,824,390 | |
Miami-Dade County FL Aviation Refunding AMT Series A | 4.00 | 10-1-2039 | 1,675,000 | 2,000,580 | |
Miami-Dade County FL Aviation Refunding AMT Series A | 4.00 | 10-1-2040 | 1,750,000 | 2,086,579 | |
Miami-Dade County FL Aviation Refunding AMT Series A | 4.00 | 10-1-2041 | 1,500,000 | 1,783,929 | |
Miami-Dade County FL Aviation Refunding AMT Series A | 5.00 | 10-1-2033 | 5,000,000 | 5,648,134 | |
Miami-Dade County FL Aviation Refunding Bond AMT Series A | 5.00 | 10-1-2049 | 15,750,000 | 19,576,661 | |
Miami-Dade County FL Seaport AMT Series B | 6.00 | 10-1-2033 | 500,000 | 556,908 | |
148,874,441 | |||||
Education revenue: 0.68% | |||||
Capital Trust Agency Florida Educational Facilities Revenue Renaissance Charter School Incorporated 144A | 5.00 | 6-15-2039 | 3,610,000 | 3,980,133 | |
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50 | 6-15-2044 | 13,290,000 | 14,830,360 | |
Florida Higher Educational Facilities Authority Jacksonville University Project Series A-1 144A | 5.00 | 6-1-2048 | 2,000,000 | 2,371,407 | |
Lakeland FL Educational Facilities Authority Florida Southern College Project Series A | 5.00 | 9-1-2025 | 530,000 | 557,930 | |
Lakeland FL Educational Facilities Authority Florida Southern College Project Series A | 5.00 | 9-1-2028 | 1,195,000 | 1,252,558 | |
Pinellas County FL Educational Facilities Authority Barry University Project | 5.00 | 10-1-2027 | 1,600,000 | 1,664,643 | |
Volusia County FL Educational Facility Authority Embry-Riddle Aeronautical University | 5.00 | 10-15-2044 | 6,500,000 | 8,062,185 | |
Volusia County FL Educational Facility Authority Embry-Riddle Aeronautical University | 5.00 | 10-15-2049 | 4,000,000 | 4,934,545 | |
37,653,761 | |||||
GO revenue: 0.59% | |||||
Miami-Dade County FL School District | 5.00 | 3-15-2046 | 15,000,000 | 17,511,662 | |
Miami-Dade County FL Series 2014-A | 5.00 | 7-1-2043 | 12,935,000 | 15,416,512 | |
32,928,174 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.91% | |||||
Atlantic Beach FL Health Care Facilities Fleet Landing Project Series B | 5.63% | 11-15-2043 | $ 5,000,000 | $ 5,388,307 | |
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2523 (Barclays Bank plc LIQ) 144Aø | 0.13 | 8-15-2047 | 4,000,000 | 4,000,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Series A-2 ø | 0.03 | 11-15-2037 | 3,000,000 | 3,000,000 | |
Hillsborough County FL IDA BayCare Health System Series C (TD Bank NA LOC) ø | 0.03 | 11-1-2038 | 1,500,000 | 1,500,000 | |
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | 11-1-2038 | 2,500,000 | 2,500,586 | |
Jacksonville FL HCFR Baptist Health Series D ø | 0.03 | 8-1-2036 | 14,500,000 | 14,500,000 | |
Jacksonville FL HCFR Brooks Rehabilitation | 4.00 | 11-1-2045 | 3,500,000 | 4,026,962 | |
Lee County FL IDA Shell Point Alliance | 5.00 | 11-15-2044 | 5,350,000 | 6,256,286 | |
Lee County FL IDA Shell Point Alliance | 5.00 | 11-15-2049 | 1,000,000 | 1,166,607 | |
Orange County FL Health Facilities Various Nemours Foundation Series C-1 (TD Bank NA LOC) ø | 0.02 | 1-1-2039 | 1,770,000 | 1,770,000 | |
St. John's County FL IDA Vicars Landing Project Series A %% | 4.00 | 12-15-2041 | 750,000 | 834,860 | |
St. John's County FL IDA Vicars Landing Project Series A %% | 4.00 | 12-15-2046 | 750,000 | 828,668 | |
Tampa FL Hospital Revenue H. Lee Moffitt Cancer Center Project | 4.00 | 7-1-2038 | 1,025,000 | 1,210,929 | |
Tampa FL Hospital Revenue H. Lee Moffitt Cancer Center Project | 4.00 | 7-1-2045 | 2,500,000 | 2,908,405 | |
Tampa FL Hospital Revenue H. Lee Moffitt Cancer Center Project | 5.00 | 7-1-2040 | 700,000 | 892,025 | |
50,783,635 | |||||
Housing revenue: 0.06% | |||||
Florida Housing Finance Corporation Journet Place Apartments Series 1 | 7.60 | 12-15-2047 | 775,000 | 929,527 | |
Florida Housing Finance Corporation Villa Capri Phase III | 7.60 | 12-15-2042 | 2,535,000 | 2,542,974 | |
3,472,501 | |||||
Industrial development revenue: 0.11% | |||||
Florida Development Finance Corporation 144A | 5.00 | 5-1-2029 | 2,000,000 | 2,158,411 | |
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated | 3.00 | 6-1-2032 | 3,500,000 | 3,694,600 | |
5,853,011 | |||||
Miscellaneous revenue: 0.41% | |||||
CityPlace Florida Community Development District | 5.00 | 5-1-2022 | 1,000,000 | 1,038,277 | |
Hillsborough County FL Communications Services | 5.00 | 10-1-2038 | 8,000,000 | 9,387,791 | |
Indigo FL Community Development District Series C | 7.00 | 5-1-2030 | 2,536,248 | 1,775,374 | |
Lakeside Plantation FL Community Development District Series A | 6.95 | 5-1-2031 | 916,000 | 918,016 | |
Marshall Creek Florida Community Development District | 5.00 | 5-1-2032 | 1,625,000 | 1,658,011 | |
Marshall Creek Florida Community Development District | 6.32 | 5-1-2045 | 115,000 | 118,409 | |
Orlando FL Capital Improvement Special Revenue Series B | 5.00 | 10-1-2033 | 1,525,000 | 1,746,968 | |
Orlando FL Capital Improvement Special Revenue Series B | 5.00 | 10-1-2035 | 1,680,000 | 1,919,259 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Orlando FL Capital Improvement Special Revenue Series B | 5.00% | 10-1-2036 | $ 1,765,000 | $ 2,013,909 | |
Pinellas County FL IDA Drs. Kiran & Pallavi Patel Project | 5.00 | 7-1-2039 | 2,000,000 | 2,408,607 | |
22,984,621 | |||||
Resource recovery revenue: 0.07% | |||||
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated 144A | 5.00 | 8-1-2029 | 4,000,000 | 4,154,728 | |
Tax revenue: 0.15% | |||||
Florida Board of Education Public Education Refunding Bond Capital Outlay Series D | 4.00 | 6-1-2031 | 8,000,000 | 8,268,530 | |
Transportation revenue: 0.18% | |||||
Florida Department of Transportation Series A (AGM Insured) | 4.00 | 7-1-2038 | 4,185,000 | 4,951,143 | |
Osceola County FL Transportation Revenue Refunding Bonds and Improvement Osceola Parkway Series 2019A-1 | 5.00 | 10-1-2044 | 4,250,000 | 5,332,187 | |
10,283,330 | |||||
Utilities revenue: 0.09% | |||||
Jacksonville FL Electric Authority Subordinate Revenue Bonds 2012 Series A | 4.00 | 10-1-2031 | 5,040,000 | 5,051,679 | |
Water & sewer revenue: 0.53% | |||||
Daytona Beach FL Refunding & Improvement Bonds Project (AGM Insured) | 5.00 | 11-1-2031 | 1,155,000 | 1,226,507 | |
Daytona Beach FL Refunding & Improvement Bonds Project (AGM Insured) | 5.00 | 11-1-2032 | 1,465,000 | 1,555,497 | |
Florida Keys Aqueduct Authority Series A | 5.00 | 9-1-2041 | 2,750,000 | 3,199,383 | |
North Sumter County FL Utility Dependent District (BAM Insured) | 5.00 | 10-1-2044 | 3,000,000 | 3,725,649 | |
North Sumter County FL Utility Dependent District | 5.00 | 10-1-2049 | 3,250,000 | 4,028,392 | |
Orange County FL Water and Wastewater Revenue Utility | 5.00 | 10-1-2040 | 10,000,000 | 13,224,902 | |
Viera East Florida Community Development District Water Management Project (NPFGC Insured) | 5.75 | 5-1-2022 | 2,265,000 | 2,352,203 | |
29,312,533 | |||||
359,620,944 | |||||
Georgia: 2.83% | |||||
Education revenue: 0.18% | |||||
Cobb County GA Development Authority Charter Learning Center Foundation Central Project Series A ♣ | 6.38 | 7-1-2025 | 1,705,000 | 1,435,518 | |
Georgia Private Colleges & Universities Authority Mercer University Project | 5.00 | 10-1-2040 | 5,000,000 | 5,746,480 | |
Georgia Private Colleges & Universities Authority Mercer University Project Series A | 5.25 | 10-1-2027 | 2,655,000 | 2,688,113 | |
9,870,111 | |||||
Energy revenue: 0.08% | |||||
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 5.00 | 1-1-2044 | 3,580,000 | 4,400,697 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.62% | |||||
Brookhaven GA Development Authority Childrens Healthcare Atlanta | 4.00% | 7-1-2044 | $ 6,000,000 | $ 7,068,611 | |
Brookhaven GA Development Authority Childrens Healthcare Atlanta | 4.00 | 7-1-2049 | 19,000,000 | 22,186,051 | |
Fulton County GA Development Authority Hospital Revenue Bond Series A | 5.00 | 4-1-2047 | 2,250,000 | 2,686,340 | |
The Glynn-Brunswick Memorial Hospital Authority Revenue Anticipation Certificates Series 2015 | 5.00 | 8-1-2034 | 2,580,000 | 2,961,495 | |
34,902,497 | |||||
Industrial development revenue: 0.12% | |||||
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2054 | 3,000,000 | 3,594,858 | |
George L Smith II Georgia World Congress Center Authority Convention Center Series A | 4.00 | 1-1-2054 | 2,500,000 | 2,914,718 | |
6,509,576 | |||||
Tax revenue: 0.16% | |||||
Metropolitan Atlanta Rapid Third Indenture Series B | 5.00 | 7-1-2044 | 7,500,000 | 9,057,693 | |
Transportation revenue: 0.14% | |||||
Georgia Road & Tollway Authority CAB I-75 South Expressway Lanes Project Series A 144A¤ | 0.00 | 6-1-2034 | 3,750,000 | 1,998,558 | |
Georgia Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series B 144Aøø | 0.00 | 6-1-2049 | 5,600,000 | 5,796,743 | |
7,795,301 | |||||
Utilities revenue: 1.53% | |||||
Bartow County GA Development Authority Pollution Control Georgia Power Company Plant Bowen Project | 2.75 | 12-1-2032 | 20,000,000 | 20,801,180 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project | 2.93 | 11-1-2053 | 14,750,000 | 15,698,696 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Series 2 | 2.93 | 11-1-2048 | 10,000,000 | 10,643,184 | |
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F | 3.00 | 11-1-2045 | 5,000,000 | 5,196,823 | |
Dalton GA Utilities Revenue | 4.00 | 3-1-2040 | 1,000,000 | 1,177,569 | |
Dalton GA Utilities Revenue | 4.00 | 3-1-2041 | 1,000,000 | 1,173,852 | |
Georgia Municipal Electric Authority Power Series EE (Ambac Insured) | 7.25 | 1-1-2024 | 400,000 | 467,596 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series A | 5.00 | 5-15-2032 | 3,745,000 | 4,681,348 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series C (Royal Bank of Canada LIQ) | 4.00 | 8-1-2048 | 15,000,000 | 16,198,352 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ± | 0.81 | 4-1-2048 | 5,100,000 | 5,125,408 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M | 5.00 | 1-1-2037 | 1,100,000 | 1,360,829 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M | 5.00% | 1-1-2038 | $ 1,100,000 | $ 1,360,883 | |
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 4.00 | 1-1-2040 | 1,075,000 | 1,269,388 | |
85,155,108 | |||||
157,690,983 | |||||
Guam: 0.14% | |||||
Airport revenue: 0.01% | |||||
Guam Port Authority Private Activity-AMT Bond Series 2018B | 5.00 | 7-1-2030 | 500,000 | 599,461 | |
Housing revenue: 0.00% | |||||
Guam Housing Corporation Guaranteed Mortgage-Backed Securities Series A (FHLMC Insured) | 5.75 | 9-1-2031 | 60,000 | 63,138 | |
Tax revenue: 0.07% | |||||
Guam Government Business Privilege Tax Series A %% | 4.00 | 1-1-2042 | 2,750,000 | 3,133,023 | |
Guam Government Business Privilege Tax Series A | 5.00 | 1-1-2031 | 1,000,000 | 1,023,284 | |
4,156,307 | |||||
Water & sewer revenue: 0.06% | |||||
Guam Government Waterworks Authority Series 2013 | 5.25 | 7-1-2023 | 1,000,000 | 1,090,526 | |
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 1,600,000 | 1,964,203 | |
3,054,729 | |||||
7,873,635 | |||||
Hawaii: 0.42% | |||||
Airport revenue: 0.42% | |||||
Hawaii Airports System Revenue Series A | 5.00 | 7-1-2048 | 7,000,000 | 8,523,801 | |
Hawaii AMT Series A | 4.00 | 7-1-2033 | 1,250,000 | 1,502,714 | |
Hawaii AMT Series A | 4.00 | 7-1-2034 | 875,000 | 1,048,837 | |
Hawaii AMT Series A | 4.00 | 7-1-2035 | 625,000 | 748,080 | |
Hawaii AMT Series A | 4.00 | 7-1-2036 | 300,000 | 358,125 | |
Hawaii AMT Series A | 5.00 | 7-1-2041 | 9,500,000 | 10,975,019 | |
Hawaii AMT Series C | 4.00 | 7-1-2040 | 425,000 | 512,560 | |
23,669,136 | |||||
Idaho: 0.14% | |||||
Education revenue: 0.14% | |||||
Idaho Housing & Finance Association Idaho Arts Charter School Incorporated Project Series A | 5.75 | 12-1-2032 | 500,000 | 536,028 | |
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 5.85 | 5-1-2033 | 600,000 | 635,058 | |
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 6.25 | 5-1-2043 | 1,365,000 | 1,445,634 | |
Idaho Housing & Finance Association Nonprofit CAB North Star Charter School Series B 144A¤ | 0.00 | 7-1-2049 | 1,276,564 | 294,320 | |
Idaho Housing & Finance Association Nonprofit North Star Charter School Series A | 6.75 | 7-1-2048 | 1,322,876 | 1,455,550 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Idaho Housing & Finance Association Nonprofit Refunding Bonds Liberty Charter School Incorporated 144A | 4.00% | 6-1-2030 | $ 1,360,000 | $ 1,453,247 | |
Idaho Housing & Finance Association Nonprofit Refunding Bonds Liberty Charter School Incorporated 144A | 4.00 | 6-1-2038 | 1,715,000 | 1,819,743 | |
7,639,580 | |||||
Illinois: 12.64% | |||||
Airport revenue: 0.54% | |||||
Chicago IL O'Hare International Airport AMT Passenger Facility Charge Series B | 5.00 | 1-1-2026 | 5,000,000 | 5,122,806 | |
Chicago IL O'Hare International Airport AMT Senior Lien Series C | 5.50 | 1-1-2044 | 4,000,000 | 4,276,816 | |
Chicago IL O'Hare International Airport Customer Facility Charge Senior Lien (AGM Insured) | 5.50 | 1-1-2043 | 4,530,000 | 4,864,669 | |
Chicago IL O'Hare International Airport Customer Facility Charge Senior Lien Series D | 5.75 | 1-1-2043 | 4,500,000 | 4,838,648 | |
Chicago IL O'Hare International Airport Senior Lien Series B | 5.00 | 1-1-2039 | 8,000,000 | 9,723,045 | |
Chicago IL O'Hare International Airport Transportation Infrastructure Properties Obligated Group | 5.00 | 7-1-2038 | 1,000,000 | 1,199,568 | |
30,025,552 | |||||
Education revenue: 0.43% | |||||
Illinois Finance Authority Bradley University Series B (PNC Bank NA LOC) ø | 0.03 | 4-1-2038 | 350,000 | 350,000 | |
Illinois Finance Authority Charter Schools Improvement & Refunding Bonds Series A | 6.88 | 10-1-2031 | 1,480,000 | 1,499,611 | |
Illinois Finance Authority Charter Schools Project Series A | 6.25 | 9-1-2039 | 7,955,000 | 8,579,683 | |
Illinois Finance Authority University of Chicago Series A %% | 5.00 | 10-1-2036 | 1,500,000 | 2,209,684 | |
Illinois Finance Authority University of Chicago Series A %% | 5.00 | 10-1-2037 | 1,350,000 | 2,007,121 | |
Illinois Finance Authority University of Chicago Series A %% | 5.00 | 10-1-2038 | 1,500,000 | 2,255,008 | |
Southern Illinois State University Series 04 (BAM Insured) | 4.00 | 4-1-2035 | 500,000 | 595,838 | |
Southern Illinois State University Series 04 (BAM Insured) | 4.00 | 4-1-2037 | 1,000,000 | 1,186,305 | |
Southern Illinois State University Series 04 (BAM Insured) | 5.00 | 4-1-2032 | 500,000 | 649,159 | |
University of Illinois Auxiliary Facilities Systems CAB Series A (NPFGC Insured) ¤ | 0.00 | 4-1-2026 | 2,355,000 | 2,235,403 | |
University of Illinois Auxiliary Facilities Systems CAB Series A (NPFGC Insured) ¤ | 0.00 | 4-1-2027 | 2,435,000 | 2,264,636 | |
23,832,448 | |||||
GO revenue: 3.16% | |||||
Chicago IL Board of Education CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2025 | 9,935,000 | 9,430,197 | |
Chicago IL Board of Education CAB School Reform Series B-1 (NPFGC Insured) ¤ | 0.00 | 12-1-2023 | 2,930,000 | 2,876,832 | |
Chicago IL Board of Education CAB School Reform Series B-1 (NPFGC Insured) ¤ | 0.00 | 12-1-2026 | 4,245,000 | 3,955,807 | |
Chicago IL Board of Education Series A | 5.00 | 12-1-2034 | 3,000,000 | 3,894,165 | |
Chicago IL Board of Education Series A | 5.00 | 12-1-2037 | 4,040,000 | 5,205,710 | |
Chicago IL Board of Education Series A | 5.00 | 12-1-2039 | 1,600,000 | 2,052,646 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2030 | 5,995,000 | 4,927,111 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Chicago IL CAB Project & Refunding Bond Series C (AGM Insured) ¤ | 0.00% | 1-1-2026 | $ 7,360,000 | $ 6,893,157 | |
Chicago IL Neighborhoods Alive 21 Program Series B | 5.50 | 1-1-2032 | 1,285,000 | 1,477,508 | |
Chicago IL Neighborhoods Alive 21 Program Series B | 5.50 | 1-1-2034 | 1,500,000 | 1,719,190 | |
Chicago IL Series A | 5.00 | 1-1-2027 | 1,410,000 | 1,714,006 | |
Chicago IL Series A | 5.50 | 1-1-2033 | 12,730,000 | 14,618,432 | |
Chicago IL Series A | 5.50 | 1-1-2034 | 7,330,000 | 8,401,109 | |
Chicago IL Series A | 5.50 | 1-1-2035 | 1,715,000 | 1,960,639 | |
Chicago IL Series A | 6.00 | 1-1-2038 | 3,000,000 | 3,764,130 | |
Cook County IL Series C (AGM Insured) | 5.00 | 11-15-2024 | 4,240,000 | 4,512,612 | |
Cook County IL Series C | 5.00 | 11-15-2025 | 3,490,000 | 3,710,594 | |
Cook County IL Series C | 5.00 | 11-15-2027 | 325,000 | 345,492 | |
Illinois (AGM Insured) | 5.00 | 4-1-2026 | 3,000,000 | 3,367,115 | |
Illinois | 5.00 | 11-1-2027 | 1,175,000 | 1,404,870 | |
Illinois | 5.50 | 1-1-2030 | 2,900,000 | 3,835,468 | |
Illinois Series 1 (NPFGC Insured) | 6.00 | 11-1-2026 | 3,200,000 | 3,874,256 | |
Illinois Series A (AGM Insured) | 5.00 | 4-1-2024 | 3,000,000 | 3,249,285 | |
Illinois Series B | 5.00 | 10-1-2028 | 2,750,000 | 3,449,139 | |
Illinois Series B | 5.50 | 5-1-2024 | 2,500,000 | 2,845,557 | |
Illinois Series C | 4.00 | 10-1-2038 | 4,820,000 | 5,648,677 | |
Kane, Cook & DuPage Counties IL Refunding Bond Series D | 5.00 | 1-1-2028 | 830,000 | 924,812 | |
Kane, Cook & DuPage Counties IL Refunding Bond Series D | 5.00 | 1-1-2033 | 2,000,000 | 2,223,164 | |
Kane, Cook & DuPage Counties IL School District #46 CAB Series B (Ambac Insured) ¤ | 0.00 | 1-1-2023 | 16,725,000 | 16,573,413 | |
Kane, Cook & DuPage Counties IL School District #46 Elgin Refunding Bond Series D | 5.00 | 1-1-2035 | 1,850,000 | 2,053,493 | |
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤ | 0.00 | 2-1-2025 | 855,000 | 826,576 | |
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤ | 0.00 | 2-1-2026 | 5,050,000 | 4,802,092 | |
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤ | 0.00 | 2-1-2027 | 12,050,000 | 11,223,836 | |
Lake County IL School District #24 Millburn CAB (NPFGC Insured) ¤ | 0.00 | 1-1-2024 | 2,000,000 | 1,946,037 | |
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) ¤ | 0.00 | 2-1-2024 | 5,385,000 | 5,171,140 | |
McHenry & Kane Counties IL Community Consolidated School District #158 | 5.63 | 1-15-2032 | 2,500,000 | 2,573,873 | |
McHenry & Kane Counties IL Community Consolidated School District #158 CAB (AGM/FGIC Insured) ¤ | 0.00 | 1-1-2023 | 705,000 | 695,906 | |
Metropolitan Water Reclamation District of Greater Chicago Refunding Bond Series C | 5.25 | 12-1-2032 | 1,565,000 | 2,187,163 | |
Peoria IL Refunding Bonds Series A (BAM Insured) | 5.00 | 1-1-2029 | 2,000,000 | 2,530,147 | |
Sangamon Logan & Menard Counties IL Community Unit School District No. 015 Williamsville Series B (BAM Insured) | 4.00 | 12-1-2044 | 1,500,000 | 1,730,376 | |
Tazewell County IL School District #51 (NPFGC Insured) | 9.00 | 12-1-2023 | 350,000 | 418,099 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2032 | 400,000 | 311,985 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2033 | 2,830,000 | 2,138,915 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) | 5.00 | 1-1-2028 | 500,000 | 530,158 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Will County IL Community Unit School District #201 Crete-Monee Prerefunded Bond CAB (NPFGC Insured) ¤ | 0.00% | 11-1-2023 | $ 430,000 | $ 425,025 | |
Will County IL Community Unit School District #201 Crete-Monee Unrefunded Bond CAB (NPFGC Insured) ¤ | 0.00 | 11-1-2023 | 1,070,000 | 1,044,398 | |
Will County IL Lincoln-Way Community High School District #210 Unrefunded Bond CAB (AGM Insured) ¤ | 0.00 | 1-1-2026 | 7,000,000 | 6,541,375 | |
176,005,687 | |||||
Health revenue: 0.46% | |||||
Illinois Finance Authority Carle Foundation Series A | 4.00 | 8-15-2040 | 4,300,000 | 5,216,217 | |
Illinois Finance Authority Carle Foundation Series A | 4.00 | 8-15-2041 | 4,200,000 | 5,080,848 | |
Illinois Finance Authority Carle Foundation Series A | 4.00 | 8-15-2048 | 2,450,000 | 2,916,995 | |
Illinois Finance Authority Friendship Village of Schaumberg | 5.00 | 2-15-2022 | 1,680,000 | 1,560,181 | |
Illinois Finance Authority Health Services Facility Lease Revenue Provident Group UIC Surgery | 4.00 | 10-1-2050 | 2,000,000 | 2,283,893 | |
Illinois Finance Authority Lutheran Life Communities | 5.00 | 11-1-2040 | 4,900,000 | 5,596,502 | |
Illinois Finance Authority Prerefunded Bonds Advocate Health | 4.00 | 6-1-2047 | 40,000 | 41,376 | |
Illinois Finance Authority Prerefunded Bonds Advocate Health | 4.00 | 6-1-2047 | 1,895,000 | 1,960,180 | |
Illinois Finance Authority Unrefunded Balance 2020 | 4.00 | 6-1-2047 | 1,065,000 | 1,102,131 | |
25,758,323 | |||||
Housing revenue: 0.09% | |||||
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2020-YX1119 (GNMA / FNMA / FHLMC Insured, Barclays Bank plc LIQ) 144Aø | 0.08 | 4-1-2041 | 3,780,000 | 3,780,000 | |
Northern Illinois University Auxiliary Facilities System (BAM Insured) %% | 4.00 | 10-1-2037 | 1,100,000 | 1,301,451 | |
5,081,451 | |||||
Miscellaneous revenue: 0.66% | |||||
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 4,306,000 | 4,469,951 | |
Illinois | 5.25 | 7-1-2030 | 2,500,000 | 2,712,178 | |
Illinois | 5.50 | 7-1-2025 | 6,000,000 | 6,597,518 | |
Illinois | 5.50 | 7-1-2026 | 4,450,000 | 4,881,147 | |
Illinois | 5.50 | 7-1-2033 | 4,000,000 | 4,341,588 | |
Illinois Refunding Bond | 5.00 | 8-1-2024 | 2,000,000 | 2,102,667 | |
Illinois Refunding Bond | 5.00 | 8-1-2025 | 6,165,000 | 6,477,340 | |
Illinois Series 2017D | 5.00 | 11-1-2022 | 1,360,000 | 1,444,754 | |
Illinois Series C | 5.00 | 11-1-2029 | 2,965,000 | 3,618,476 | |
36,645,619 | |||||
Tax revenue: 5.65% | |||||
Chicago IL Motor Fuel Refunding Bond | 5.00 | 1-1-2026 | 4,000,000 | 4,257,635 | |
Chicago IL Motor Fuel Refunding Bond | 5.00 | 1-1-2028 | 1,000,000 | 1,059,214 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2024 | 680,000 | 726,155 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2025 | 2,595,000 | 2,769,181 | |
Chicago IL Refunding Bonds Series 2002 | 5.00 | 1-1-2028 | 4,430,000 | 5,137,000 | |
Chicago IL Refunding Bonds Series 2002 | 5.00 | 1-1-2029 | 1,500,000 | 1,739,391 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Chicago IL Transit Authority Sales Tax Receipts Bonds (AGM Insured) | 5.00% | 12-1-2044 | $ 4,000,000 | $ 4,569,455 | |
Chicago IL Transit Authority Sales Tax Receipts Bonds | 5.00 | 12-1-2046 | 18,250,000 | 21,887,302 | |
Chicago IL Transit Authority Sales Tax Receipts Bonds Series A | 5.00 | 12-1-2045 | 1,750,000 | 2,187,498 | |
Cook County IL Sales Tax Revenue Bonds Series 2012 | 5.00 | 11-15-2037 | 2,500,000 | 2,656,385 | |
Cook County IL Series A | 4.00 | 11-15-2041 | 2,000,000 | 2,385,088 | |
Illinois Regional Transportation Authority (AGM Insured) | 5.75 | 6-1-2023 | 400,000 | 425,240 | |
Illinois Regional Transportation Authority Series A | 5.00 | 6-1-2044 | 22,840,000 | 25,471,412 | |
Illinois Regional Transportation Authority Series A (AGM Insured) | 5.75 | 6-1-2034 | 19,000,000 | 26,436,095 | |
Illinois Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | 7-1-2027 | 10,620,000 | 13,106,851 | |
Illinois Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | 7-1-2033 | 5,000,000 | 7,081,909 | |
Illinois Regional Transportation Authority Series B (NPFGC Insured) | 5.50 | 6-1-2027 | 16,845,000 | 20,007,388 | |
Illinois Sales Tax Revenue Bond Junior Obligation Tax-Exempt Series A (BAM Insured) | 4.00 | 6-15-2034 | 2,000,000 | 2,228,618 | |
Illinois Sales Tax Revenue Bond Junior Obligation Tax-Exempt Series A (BAM Insured) | 4.13 | 6-15-2037 | 1,945,000 | 2,170,905 | |
Illinois Sales Tax Revenue Build Illinois Bond | 5.00 | 6-15-2029 | 3,000,000 | 3,017,892 | |
Illinois Sales Tax Revenue Build Illinois Bonds Junior Obligation Series C | 4.00 | 6-15-2029 | 10,580,000 | 12,003,020 | |
Illinois Sales Tax Revenue Build Illinois Junior Obligation Tax-Exempt Series C | 4.00 | 6-15-2032 | 5,820,000 | 6,514,101 | |
Illinois Sales Tax Securitization Series A | 4.00 | 1-1-2048 | 5,430,000 | 6,142,154 | |
Illinois Sales Tax Securitization Series A | 5.00 | 1-1-2038 | 3,000,000 | 3,656,730 | |
Illinois Sales Tax Securitization Series C | 5.00 | 1-1-2022 | 2,000,000 | 2,046,071 | |
Illinois Sales Tax Securitization Series C | 5.00 | 1-1-2023 | 2,500,000 | 2,663,750 | |
Illinois Sales Tax Securitization Series C | 5.00 | 1-1-2024 | 2,500,000 | 2,779,617 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2022 | 2,295,000 | 2,272,015 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2026 | 2,030,000 | 1,865,402 | |
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2024 | 17,570,000 | 16,883,856 | |
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2025 | 2,575,000 | 2,422,481 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2025 | 3,745,000 | 4,193,313 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2026 | 4,775,000 | 5,336,219 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2027 | 8,845,000 | 9,851,672 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2028 | 4,030,000 | 4,474,974 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.25 | 6-15-2032 | 3,500,000 | 3,877,293 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0093 (Barclays Bank plc LIQ) 144Aø | 0.15 | 1-1-2048 | 2,000,000 | 2,000,000 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2026 | 12,245,000 | 11,291,548 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2030 | 25,700,000 | 21,189,704 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00% | 6-15-2031 | $10,060,000 | $ 8,162,660 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2031 | 9,800,000 | 7,853,248 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (NPFGC Insured) ¤ | 0.00 | 6-15-2029 | 12,085,000 | 10,419,166 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 5,000,000 | 5,220,950 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 4.00 | 1-1-2038 | 8,950,000 | 10,590,522 | |
Southwestern Illinois Development Authority Local Government Program Collinsville Limited | 5.00 | 3-1-2025 | 3,180,000 | 2,399,384 | |
315,430,464 | |||||
Tobacco revenue: 0.06% | |||||
Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2024 | 3,000,000 | 3,399,423 | |
Transportation revenue: 0.49% | |||||
Chicago IL Public Building Commission Transit Authority (Ambac Insured) | 5.25 | 3-1-2025 | 2,960,000 | 3,384,246 | |
Chicago IL Public Building Commission Transit Authority (Ambac Insured) | 5.25 | 3-1-2027 | 3,400,000 | 4,096,658 | |
Illinois Toll Highway Authority | 5.00 | 1-1-2031 | 5,000,000 | 6,556,722 | |
Illinois Toll Highway Authority Toll Senior Series A | 5.00 | 1-1-2041 | 9,000,000 | 11,777,202 | |
Illinois Toll Highway Authority Toll Senior Series B | 5.00 | 1-1-2039 | 1,500,000 | 1,655,915 | |
27,470,743 | |||||
Utilities revenue: 0.32% | |||||
Illinois Municipal Electric Agency Power Supply System Series A | 5.00 | 2-1-2030 | 7,000,000 | 8,219,546 | |
Illinois Municipal Electric Agency Power Supply System Series A | 5.00 | 2-1-2031 | 8,000,000 | 9,390,234 | |
17,609,780 | |||||
Water & sewer revenue: 0.78% | |||||
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2029 | 4,600,000 | 4,859,931 | |
Chicago IL Wastewater Refunding Bond Second Lien Bond Series C | 5.00 | 1-1-2039 | 5,000,000 | 5,708,541 | |
Chicago IL Wastewater Transmission Second Lien Series 2012 | 5.00 | 1-1-2027 | 5,000,000 | 5,121,278 | |
Chicago IL Wastewater Transmission Second Lien Series 2014 | 5.00 | 1-1-2039 | 11,525,000 | 12,732,022 | |
Chicago IL Waterworks Second Lien (AGM Insured) | 5.25 | 11-1-2032 | 3,250,000 | 4,089,934 | |
Chicago IL Waterworks Second Lien Series 2012 | 5.00 | 11-1-2030 | 5,000,000 | 5,282,496 | |
Illinois Finance Authority Clean Water Initiative | 4.00 | 7-1-2038 | 5,000,000 | 5,969,245 | |
43,763,447 | |||||
705,022,937 | |||||
Indiana: 1.41% | |||||
Education revenue: 0.01% | |||||
Indiana Finance Authority Educational Facilities Mulitpurpose KIPP Indianapolis Incorporated Project | 5.00 | 7-1-2040 | 350,000 | 402,458 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.61% | |||||
Indiana Finance Authority Health System Revenue Bonds Franciscan Alliance Incorporated Obligated Group Series C | 4.00% | 11-1-2033 | $12,885,000 | $ 14,761,944 | |
Indiana Finance Authority Health System Revenue Bonds Franciscan Alliance Incorporated Obligated Group Series C | 4.00 | 11-1-2036 | 5,000,000 | 5,702,955 | |
Indiana Finance Authority Kings Daughters Hospital & Health Revenue | 5.50 | 8-15-2040 | 7,425,000 | 7,452,682 | |
Indiana Finance Authority Marion General Hospital Series A | 4.00 | 7-1-2045 | 2,620,000 | 3,040,991 | |
Indiana HFFA Ascension Health Credit Group | 5.00 | 11-15-2034 | 2,750,000 | 3,238,699 | |
34,197,271 | |||||
Industrial development revenue: 0.30% | |||||
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A | 5.00 | 7-1-2035 | 9,970,000 | 10,825,628 | |
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A | 5.00 | 7-1-2040 | 2,470,000 | 2,680,843 | |
Valparaiso IN Pratt Paper LLC Project | 5.88 | 1-1-2024 | 475,000 | 508,580 | |
Whiting IN Industry Environmental Facilities | 5.00 | 3-1-2046 | 2,500,000 | 2,698,355 | |
16,713,406 | |||||
Miscellaneous revenue: 0.24% | |||||
Carmel IN Local Public Improvement Multipurpose Bonds | 5.00 | 7-15-2031 | 6,000,000 | 7,272,885 | |
Hobart Industry Building Corporation First Mortgage | 4.00 | 7-15-2035 | 2,295,000 | 2,687,027 | |
Indianapolis IN Industry Local Public Improvement Bond Bank Series A (AGM Insured) | 4.00 | 6-1-2041 | 3,000,000 | 3,536,658 | |
13,496,570 | |||||
Tax revenue: 0.09% | |||||
Indianapolis IN Industry Local Public Improvement Bond Bank Community Justice Campus Courthouse & Jail Project | 5.00 | 2-1-2049 | 4,000,000 | 4,969,003 | |
Utilities revenue: 0.16% | |||||
Indiana Finance Authority Midwestern Disaster Relief Ohio Valley Electric Corporation Project | 3.00 | 11-1-2030 | 4,000,000 | 4,305,373 | |
Indiana Finance Authority Ohio Valley Electric Corporation Project Series A | 3.00 | 11-1-2030 | 4,000,000 | 4,305,373 | |
8,610,746 | |||||
78,389,454 | |||||
Iowa: 0.04% | |||||
GO revenue: 0.04% | |||||
Altoona IA Annual Appropriation Urban Renewal Series C | 5.00 | 6-1-2031 | 1,805,000 | 2,154,314 | |
Kansas: 0.60% | |||||
Housing revenue: 0.13% | |||||
Kansas Development Finance Authority MFHR Woodland Village Apartments Project Series J | 1.68 | 7-1-2022 | 7,250,000 | 7,250,000 | |
Tax revenue: 0.47% | |||||
Kansas Department of Transportation Series C | 4.00 | 9-1-2030 | 6,650,000 | 6,933,641 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Kansas Department of Transportation Series C | 4.00% | 9-1-2032 | $ 7,500,000 | $ 7,817,086 | |
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 | 34,915,000 | 11,483,973 | |
26,234,700 | |||||
33,484,700 | |||||
Kentucky: 1.63% | |||||
Education revenue: 0.04% | |||||
Kentucky Bond Development Corporation Danville Centre College Project | 4.00 | 6-1-2046 | 800,000 | 944,973 | |
Kentucky Bond Development Corporation Danville Centre College Project | 4.00 | 6-1-2051 | 1,250,000 | 1,469,218 | |
2,414,191 | |||||
Health revenue: 0.24% | |||||
Kentucky EDFA Norton Healthcare Incorporated Series B (NPFGC Insured) ¤ | 0.00 | 10-1-2024 | 9,260,000 | 8,882,110 | |
Kentucky EDFA Norton Healthcare Incorporated Series B (NPFGC Insured) ¤ | 0.00 | 10-1-2028 | 5,140,000 | 4,449,131 | |
13,331,241 | |||||
Transportation revenue: 0.17% | |||||
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2030 | 2,000,000 | 1,536,487 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2031 | 2,780,000 | 1,983,886 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2032 | 2,500,000 | 1,654,610 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series C øø | 0.00 | 7-1-2033 | 1,000,000 | 1,249,623 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series C øø | 0.00 | 7-1-2034 | 2,505,000 | 3,119,611 | |
9,544,217 | |||||
Utilities revenue: 1.18% | |||||
Kentucky Public Energy Authority Gas Supply Series A2 | 4.00 | 4-1-2048 | 8,190,000 | 8,949,051 | |
Kentucky Public Energy Authority Gas Supply Series B | 4.00 | 1-1-2049 | 23,250,000 | 25,824,133 | |
Kentucky Public Energy Authority Gas Supply Series C | 4.00 | 12-1-2049 | 5,385,000 | 6,058,399 | |
Kentucky Public Energy Authority Gas Supply Series C-1 | 4.00 | 2-1-2050 | 21,000,000 | 25,022,407 | |
65,853,990 | |||||
91,143,639 | |||||
Louisiana: 0.61% | |||||
Airport revenue: 0.33% | |||||
New Orleans LA Aviation Board AMT Series B (AGM Insured) | 5.00 | 1-1-2033 | 3,000,000 | 3,426,240 | |
New Orleans LA Aviation Board AMT Series B | 5.00 | 1-1-2034 | 4,500,000 | 5,136,014 | |
New Orleans LA Aviation Board General Airport North Terminal Project Series 2017B | 5.00 | 1-1-2048 | 1,145,000 | 1,355,807 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured) | 5.00% | 1-1-2036 | $ 1,750,000 | $ 2,149,523 | |
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured) | 5.00 | 1-1-2037 | 1,750,000 | 2,145,176 | |
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured) | 5.00 | 1-1-2038 | 1,500,000 | 1,835,655 | |
Port of New Orleans LA AMT Series E | 5.00 | 4-1-2040 | 2,000,000 | 2,486,653 | |
18,535,068 | |||||
GO revenue: 0.01% | |||||
New Orleans LA (FGIC Insured) | 5.50 | 12-1-2021 | 720,000 | 735,690 | |
Miscellaneous revenue: 0.04% | |||||
Louisiana Local Government Environmental Facilities and CDA Jefferson Parish Gomesa Project 144A | 4.00 | 11-1-2044 | 1,880,000 | 2,052,380 | |
Water & sewer revenue: 0.23% | |||||
East Baton Rouge LA Refunding Bonds Multi Modal Series A | 1.30 | 2-1-2041 | 6,075,000 | 6,225,180 | |
New Orleans LA Series B (AGM Insured) | 4.00 | 6-1-2038 | 350,000 | 412,942 | |
New Orleans LA Series B (AGM Insured) | 4.00 | 6-1-2039 | 400,000 | 470,820 | |
New Orleans LA Series B (AGM Insured) | 4.00 | 6-1-2040 | 350,000 | 411,285 | |
New Orleans LA Series B | 4.00 | 6-1-2050 | 1,200,000 | 1,381,522 | |
New Orleans LA Series B | 5.00 | 6-1-2045 | 1,500,000 | 1,871,756 | |
Shreveport LA Series B (AGM Insured) | 4.00 | 12-1-2036 | 730,000 | 844,742 | |
Shreveport LA Series B (AGM Insured) | 4.00 | 12-1-2044 | 1,000,000 | 1,139,608 | |
12,757,855 | |||||
34,080,993 | |||||
Maine: 0.23% | |||||
Health revenue: 0.23% | |||||
Maine HEFA Mainehealth Series A | 4.00 | 7-1-2040 | 1,700,000 | 2,015,719 | |
Maine HEFA Mainehealth Series A | 4.00 | 7-1-2045 | 4,500,000 | 5,275,543 | |
Maine HEFA Series A (AGM Insured) | 4.00 | 7-1-2046 | 500,000 | 593,797 | |
Maine HEFA Series A (AGM Insured) | 4.00 | 7-1-2050 | 1,000,000 | 1,182,615 | |
Maine HEFA Series A | 5.00 | 7-1-2028 | 1,445,000 | 1,764,374 | |
Maine HEFA Series A | 5.00 | 7-1-2029 | 1,535,000 | 1,962,582 | |
12,794,630 | |||||
Maryland: 1.03% | |||||
Education revenue: 0.34% | |||||
Maryland Economic Development Corporation Salisbury University Project | 5.00 | 6-1-2027 | 235,000 | 244,100 | |
Maryland Economic Development Corporation Salisbury University Project | 5.00 | 6-1-2030 | 200,000 | 207,015 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 5.75 | 8-1-2033 | 1,585,000 | 1,746,386 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A 144A | 6.90 | 8-1-2041 | 8,480,000 | 9,775,995 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 7.00 | 8-1-2046 | 6,085,000 | 6,929,768 | |
18,903,264 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.22% | |||||
Maryland HEFA Frederick Health System | 4.00% | 7-1-2045 | $ 745,000 | $ 870,712 | |
Maryland HEFA Frederick Health System | 4.00 | 7-1-2050 | 850,000 | 984,961 | |
Tender Option Bond Trust Receipts/Certificates (Deutsche Bank LIQ) 144Aø | 0.10 | 8-15-2042 | 10,590,000 | 10,590,000 | |
12,445,673 | |||||
Miscellaneous revenue: 0.40% | |||||
Baltimore MD Public Schools Construction & Revitalization Program | 5.00 | 5-1-2041 | 6,000,000 | 7,277,396 | |
Maryland Economic Development Corporation Special Obligation Covington Project | 4.00 | 9-1-2050 | 2,500,000 | 2,881,710 | |
Maryland Series A | 4.00 | 3-15-2034 | 10,000,000 | 12,328,256 | |
22,487,362 | |||||
Water & sewer revenue: 0.07% | |||||
Baltimore MD Water Projects Series A | 4.00 | 7-1-2039 | 500,000 | 603,092 | |
Baltimore MD Water Projects Series A | 4.00 | 7-1-2040 | 500,000 | 602,081 | |
Baltimore MD Water Projects Series A | 4.00 | 7-1-2045 | 2,000,000 | 2,377,423 | |
3,582,596 | |||||
57,418,895 | |||||
Massachusetts: 3.07% | |||||
Airport revenue: 0.42% | |||||
Massachusetts AMT Series B | 4.00 | 7-1-2046 | 1,750,000 | 1,964,554 | |
Massachusetts Port Authority AMT Series E | 5.00 | 7-1-2046 | 16,840,000 | 21,629,626 | |
23,594,180 | |||||
Education revenue: 0.17% | |||||
Lowell MA Collegiate Charter School Revenue | 5.00 | 6-15-2039 | 1,000,000 | 1,113,796 | |
Lowell MA Collegiate Charter School Revenue | 5.00 | 6-15-2049 | 1,750,000 | 1,926,873 | |
Massachusetts Development Finance Agency Lasell University Project | 4.00 | 7-1-2040 | 2,000,000 | 2,344,996 | |
Massachusetts Development Finance Agency Lasell University Project | 4.00 | 7-1-2045 | 1,200,000 | 1,382,426 | |
Massachusetts Development Finance Agency Lasell University Project | 4.00 | 7-1-2050 | 1,000,000 | 1,142,418 | |
Massachusetts Development Finance Agency Suffolk University Project | 4.00 | 7-1-2046 | 1,000,000 | 1,182,608 | |
Massachusetts Educational Financing Authority Series I | 6.00 | 1-1-2028 | 285,000 | 290,280 | |
9,383,397 | |||||
GO revenue: 0.19% | |||||
Massachusetts | 5.00 | 3-1-2041 | 7,500,000 | 8,391,620 | |
Massachusetts Series E | 5.25 | 9-1-2048 | 1,765,000 | 2,253,086 | |
10,644,706 | |||||
Health revenue: 0.12% | |||||
Massachusetts Development Finance Agency Revenue Massachusetts General/Brigham & Women's Hospital Series A-2 | 4.00 | 7-1-2040 | 1,000,000 | 1,183,941 | |
Massachusetts Development Finance Agency Revenue Massachusetts General/Brigham & Women's Hospital Series A-2 | 4.00 | 7-1-2041 | 1,200,000 | 1,417,355 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Massachusetts Development Finance Agency Wellforce Incorporated Series C (AGM Insured) | 4.00% | 10-1-2045 | $ 2,500,000 | $ 2,939,435 | |
Massachusetts HEFA Partners Healthcare Systems Series F3 (TD Bank NA LOC) ø | 0.02 | 7-1-2040 | 855,000 | 855,000 | |
6,395,731 | |||||
Miscellaneous revenue: 0.20% | |||||
Massachusetts Series A | 5.00 | 12-1-2036 | 10,850,000 | 11,069,934 | |
Tax revenue: 1.00% | |||||
Massachusetts Series F | 5.00 | 11-1-2041 | 5,000,000 | 6,261,638 | |
Massachusetts Transportation Fund Revenue Rail Enhancement & Accelerated Bridge Programs Series A | 5.00 | 6-1-2047 | 6,485,000 | 7,993,854 | |
Massachusetts Transportation Fund Revenue Rail Enhancement & Accelerated Bridge Programs Series A | 5.00 | 6-1-2048 | 11,510,000 | 14,430,875 | |
Massachusetts Transportation Fund Revenue Rail Enhancement & Accelerated Bridge Programs Series A | 5.00 | 6-1-2049 | 21,500,000 | 27,252,310 | |
55,938,677 | |||||
Water & sewer revenue: 0.97% | |||||
Massachusetts Water Resources Authority General Revenue Refunding Bonds Series B (AGM Insured) | 5.25 | 8-1-2036 | 19,180,000 | 29,282,555 | |
Massachusetts Water Resources Authority General Revenue Refunding Bonds Series B (AGM Insured) | 5.25 | 8-1-2038 | 16,000,000 | 24,927,390 | |
54,209,945 | |||||
171,236,570 | |||||
Michigan: 3.48% | |||||
Airport revenue: 0.13% | |||||
Wayne County MI Airport Authority AMT | 5.00 | 12-1-2029 | 6,000,000 | 7,058,448 | |
Education revenue: 0.35% | |||||
Michigan Finance Authority Limited Obligation Public School Holly Academy | 8.00 | 10-1-2040 | 1,350,000 | 1,366,329 | |
Michigan Finance Authority Limited Obligation Public School Madison Academy Project Series A | 8.00 | 12-1-2030 | 1,135,000 | 1,138,797 | |
Michigan Finance Authority Limited Obligation Public School Madison Academy Project Series A | 8.25 | 12-1-2039 | 2,220,000 | 2,226,774 | |
Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 4.30 | 9-1-2030 | 1,280,000 | 1,368,962 | |
Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 4.80 | 9-1-2040 | 1,205,000 | 1,290,709 | |
Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 5.00 | 9-1-2050 | 4,530,000 | 4,845,741 | |
Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project | 7.00 | 10-1-2036 | 1,082,500 | 1,085,122 | |
Michigan Public Educational Facilities Authority Limited Obligation Madison Academy Project | 8.38 | 12-1-2030 | 2,085,000 | 2,092,594 | |
Michigan Public Educational Facilities Authority Limited Obligation Madison Academy Project | 8.63 | 12-1-2039 | 4,170,000 | 4,183,957 | |
19,598,985 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.14% | |||||
Livonia MI Public Schools School District Building & Site Series I | 5.00% | 5-1-2026 | $ 1,075,000 | $ 1,168,612 | |
Livonia MI Public Schools School District Building & Site Series I | 5.00 | 5-1-2028 | 1,450,000 | 1,576,267 | |
Livonia MI Public Schools School District Building & Site Series I | 5.00 | 5-1-2029 | 1,350,000 | 1,467,559 | |
Livonia MI Public Schools School District Building & Site Series I | 5.00 | 5-1-2030 | 1,775,000 | 1,929,568 | |
Livonia MI Public Schools School District Building & Site Series I | 5.00 | 5-1-2031 | 1,425,000 | 1,549,090 | |
7,691,096 | |||||
Health revenue: 0.05% | |||||
Kentwood MI EDA Limited Obligation Holland Home Project %% | 4.00 | 11-15-2031 | 1,000,000 | 1,106,015 | |
Kentwood MI EDA Limited Obligation Holland Home Project %% | 4.00 | 11-15-2043 | 750,000 | 807,690 | |
Kentwood MI EDA Limited Obligation Holland Home Project %% | 4.00 | 11-15-2045 | 750,000 | 830,803 | |
2,744,508 | |||||
Miscellaneous revenue: 1.06% | |||||
Michigan Building Authority Refunding Facilities Program Bond Series I | 5.00 | 4-15-2041 | 13,000,000 | 15,447,147 | |
Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project | 4.00 | 11-1-2048 | 6,000,000 | 6,885,515 | |
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bonds Series F | 4.50 | 10-1-2029 | 7,000,000 | 7,283,667 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2031 | 1,340,000 | 1,531,996 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2032 | 2,000,000 | 2,288,134 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2033 | 2,975,000 | 3,402,543 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2034 | 6,615,000 | 7,560,354 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2039 | 7,955,000 | 9,049,202 | |
Michigan Municipal Bond Authority Local Government Loan Program Series A (Ambac Insured) | 4.00 | 11-1-2021 | 20,000 | 20,119 | |
Michigan Municipal Bond Authority Local Government Loan Program Series B Group A (Ambac Insured) | 5.25 | 12-1-2023 | 920,000 | 922,054 | |
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured) | 4.75 | 5-1-2027 | 4,610,000 | 4,617,889 | |
59,008,620 | |||||
Tax revenue: 0.48% | |||||
Detroit MI Downtown Development Authority Tax Increment Revenue Refunding Bonds Catalyst Development Project Series A (AGM Insured) | 5.00 | 7-1-2021 | 400,000 | 400,000 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B (NPFGC Insured) | 5.00% | 7-1-2044 | $16,845,000 | $ 18,015,087 | |
Michigan Finance Authority Refunding Bond Local Government Loan Program Public Lighting Authority Series B | 5.00 | 7-1-2039 | 7,895,000 | 8,485,827 | |
26,900,914 | |||||
Utilities revenue: 0.06% | |||||
Michigan Strategic Fund Limited Obligation Detroit Edison Company Exempt Facilities Project | 1.45 | 8-1-2029 | 3,500,000 | 3,506,881 | |
Water & sewer revenue: 1.21% | |||||
Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C | 5.00 | 7-1-2036 | 8,500,000 | 10,208,721 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D | 4.00 | 7-1-2032 | 11,000,000 | 12,576,010 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured) | 4.00 | 7-1-2033 | 11,000,000 | 12,540,887 | |
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-4 | 5.00 | 7-1-2031 | 6,500,000 | 7,365,373 | |
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-6 (NPFGC Insured) | 5.00 | 7-1-2036 | 3,250,000 | 3,662,978 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2025 | 2,000,000 | 2,282,993 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2026 | 1,945,000 | 2,220,211 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2027 | 2,260,000 | 2,579,782 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2028 | 3,480,000 | 3,966,792 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2032 | 5,750,000 | 6,502,649 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2035 | 2,000,000 | 2,330,188 | |
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Series D-6 (NPFGC Insured) | 5.00 | 7-1-2027 | 1,000,000 | 1,141,497 | |
67,378,081 | |||||
193,887,533 | |||||
Minnesota: 0.41% | |||||
GO revenue: 0.01% | |||||
Shakopee MN Independent School District #720 Capital Facilities (State School District Credit Program Insured) | 4.00 | 2-1-2030 | 225,000 | 258,893 | |
Shakopee MN Independent School District #720 Capital Facilities (State School District Credit Program Insured) | 4.00 | 2-1-2032 | 240,000 | 274,430 | |
533,323 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.32% | |||||
Minneapolis MN Fairview Health Services Series 2018A | 4.00% | 11-15-2048 | $ 2,315,000 | $ 2,644,642 | |
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144A | 5.85 | 11-1-2058 | 14,000,000 | 15,195,242 | |
17,839,884 | |||||
Utilities revenue: 0.08% | |||||
Rochester MN Electric Utility Revenue Refunding Bond Series A | 5.00 | 12-1-2042 | 3,895,000 | 4,660,075 | |
23,033,282 | |||||
Mississippi: 0.15% | |||||
Water & sewer revenue: 0.15% | |||||
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured) | 5.00 | 9-1-2030 | 8,070,000 | 8,468,066 | |
Missouri: 0.63% | |||||
GO revenue: 0.10% | |||||
St. Louis MO Special Administrative Board of The St. Louis School District | 4.00 | 4-1-2030 | 4,840,000 | 5,557,855 | |
Miscellaneous revenue: 0.47% | |||||
Kansas City MO IDA | 5.00 | 3-1-2037 | 3,000,000 | 3,740,915 | |
Kansas City MO IDA Series B (AGM Insured) | 5.00 | 3-1-2049 | 18,075,000 | 22,220,559 | |
25,961,474 | |||||
Tax revenue: 0.06% | |||||
Blue Springs MO Special Obligation Tax Improvement & Refunding Bonds Adams Farm Project Series A | 4.00 | 6-1-2026 | 3,540,000 | 3,627,822 | |
35,147,151 | |||||
Nebraska: 0.36% | |||||
Health revenue: 0.03% | |||||
Douglas County NE Hospital Authority Series 2 | 4.00 | 11-15-2040 | 1,150,000 | 1,370,592 | |
Utilities revenue: 0.33% | |||||
Central Plains Energy Project Nebraska Refunding Bond Project #3 | 5.00 | 9-1-2033 | 6,000,000 | 8,161,926 | |
Central Plains Energy Project Nebraska Refunding Bond Project #3 Series 2012 | 5.25 | 9-1-2037 | 1,800,000 | 1,903,090 | |
Nebraska Central Plains Energy Gas Project #3 | 5.00 | 9-1-2027 | 1,020,000 | 1,075,212 | |
Tender Option Bond Trust Receipts/Certificates Series 2016 XF1053 (Deutsche Bank LIQ) 144Aø | 0.10 | 2-1-2049 | 7,345,000 | 7,345,000 | |
18,485,228 | |||||
19,855,820 | |||||
Nevada: 2.21% | |||||
GO revenue: 2.20% | |||||
Clark County NV Refunding Bond Limited Tax | 4.00 | 7-1-2032 | 6,000,000 | 6,992,164 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2035 | 9,585,000 | 11,011,610 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2036 | 850,000 | 1,021,753 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2037 | 900,000 | 1,078,900 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Clark County NV School District Series A (AGM Insured) | 4.00% | 6-15-2038 | $ 850,000 | $ 1,016,664 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2039 | 1,000,000 | 1,193,237 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2030 | 875,000 | 1,161,589 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2032 | 900,000 | 1,185,189 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2033 | 825,000 | 1,079,843 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2034 | 950,000 | 1,239,918 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2035 | 1,000,000 | 1,303,257 | |
Clark County NV Series A | 5.00 | 6-1-2043 | 9,360,000 | 11,483,054 | |
Clark County NV Series A | 5.00 | 5-1-2048 | 50,215,000 | 61,279,052 | |
Henderson NV Limited Tax Utillity System Series A-1 | 4.00 | 6-1-2045 | 9,140,000 | 10,924,940 | |
Henderson NV Series B-1 | 4.00 | 6-1-2039 | 4,060,000 | 4,878,591 | |
Henderson NV Series B-1 | 4.00 | 6-1-2040 | 3,340,000 | 4,006,753 | |
Las Vegas NV Series A | 4.00 | 2-1-2038 | 1,335,000 | 1,559,069 | |
122,415,583 | |||||
Miscellaneous revenue: 0.01% | |||||
Las Vegas NV Special Improvement District #60 Local Improvement | 5.00 | 6-1-2022 | 330,000 | 341,637 | |
Las Vegas NV Special Improvement District #60 Local Improvement | 5.00 | 6-1-2023 | 260,000 | 278,738 | |
Las Vegas NV Special Improvement District #60 Local Improvement | 5.00 | 6-1-2024 | 135,000 | 148,443 | |
768,818 | |||||
123,184,401 | |||||
New Hampshire: 0.22% | |||||
Health revenue: 0.08% | |||||
New Hampshire HEFA Kendal at Hanover Project Series B (TD Bank NA LOC) ø | 0.03 | 10-1-2030 | 4,405,000 | 4,405,000 | |
Housing revenue: 0.14% | |||||
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 6,376,532 | 7,675,426 | |
12,080,426 | |||||
New Jersey: 4.13% | |||||
Airport revenue: 0.03% | |||||
South Jersey Port Corporation Marine Terminal Refunding Bond Series 2016S | 5.00 | 1-1-2039 | 1,350,000 | 1,552,325 | |
Education revenue: 0.20% | |||||
Atlantic City NJ Improvement Authority Stockton University Project (AGM Insured) | 4.00 | 7-1-2047 | 750,000 | 891,399 | |
New Jersey Educational Facilities Authority Higher Education Facilities Trust Fund | 5.00 | 6-15-2025 | 5,830,000 | 6,603,924 | |
Rutgers NJ State University Series L | 5.00 | 5-1-2033 | 3,560,000 | 3,873,442 | |
11,368,765 | |||||
GO revenue: 0.38% | |||||
Bayonne NJ School Refunding Bonds (AGM Insured) | 5.00 | 7-15-2023 | 2,505,000 | 2,740,425 | |
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2025 | 5,000,000 | 5,752,747 | |
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2026 | 2,205,000 | 2,528,143 | |
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2027 | 6,035,000 | 6,894,939 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Newark NJ Qualified General Improvement Series A | 5.25% | 7-15-2024 | $ 1,325,000 | $ 1,490,754 | |
Newark NJ Qualified General Improvement Series B | 5.00 | 7-15-2025 | 385,000 | 442,961 | |
Newark NJ Qualified General Improvement Series B | 5.00 | 7-15-2026 | 395,000 | 452,952 | |
Newark NJ Qualified General Improvement Series B | 5.00 | 7-15-2027 | 405,000 | 462,701 | |
Newark NJ Qualified General Improvement Series B | 5.25 | 7-15-2024 | 375,000 | 421,911 | |
21,187,533 | |||||
Industrial development revenue: 0.19% | |||||
New Jersey EDA | 5.00 | 3-1-2025 | 4,000,000 | 4,310,939 | |
New Jersey EDA Continental Airlines Incorporated Project | 5.25 | 9-15-2029 | 5,960,000 | 6,301,058 | |
10,611,997 | |||||
Miscellaneous revenue: 1.41% | |||||
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bonds Series A | 3.13 | 7-1-2029 | 2,620,000 | 2,644,005 | |
New Jersey EDA Revenue Prerefunded Refunding Bonds School Facilities | 5.00 | 3-1-2026 | 580,000 | 598,777 | |
New Jersey EDA Revenue Unrefunded Refunding Bonds School Facilities | 5.00 | 3-1-2026 | 3,645,000 | 3,757,668 | |
New Jersey EDA School Facilities Construction Refunding Bond Series NN | 5.00 | 3-1-2026 | 11,000,000 | 11,845,452 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0226 (BHAC/NPFGC Insured, Bank of America NA LIQ) 144Aø | 0.07 | 7-1-2026 | 4,000,000 | 4,000,000 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0205 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.06 | 6-15-2050 | 14,635,000 | 14,635,000 | |
New Jersey TTFA Series A ¤ | 0.00 | 12-15-2039 | 10,000,000 | 6,302,513 | |
New Jersey TTFA Series A (NPFGC Insured) | 5.75 | 6-15-2023 | 2,000,000 | 2,216,342 | |
New Jersey TTFA Series A (NPFGC Insured) | 5.75 | 6-15-2025 | 10,000,000 | 12,061,950 | |
Newark NJ Housing Authority Port Newark Marine Terminal Rental Refunding Bond Newark Redevelopment Project (NPFGC Insured) | 5.00 | 1-1-2032 | 7,620,000 | 9,134,032 | |
Newark NJ Housing Authority Port Newark Marine Terminal Rental Refunding Bond Newark Redevelopment Project (NPFGC Insured) | 5.25 | 1-1-2024 | 1,225,000 | 1,332,823 | |
Union County NJ Utilities Authority Refunding Bond AMT Covanta Union Series A | 5.25 | 12-1-2031 | 10,000,000 | 10,205,886 | |
78,734,448 | |||||
Tax revenue: 0.75% | |||||
New Jersey Covid-19 Emergency Series A | 4.00 | 6-1-2032 | 12,050,000 | 15,201,471 | |
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 15,000,000 | 18,489,113 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2039 | 3,000,000 | 3,830,259 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2045 | 3,500,000 | 4,411,745 | |
41,932,588 | |||||
Transportation revenue: 1.17% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2026 | 1,150,000 | 1,066,212 | |
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2028 | 10,100,000 | 8,899,155 | |
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2029 | 11,875,000 | 10,165,422 | |
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2031 | 4,500,000 | 3,632,290 | |
New Jersey TTFA CAB Series A %% | 5.00 | 6-15-2038 | 2,000,000 | 2,478,849 | |
New Jersey TTFA CAB Transportation System Series A ¤ | 0.00 | 12-15-2030 | 8,000,000 | 6,651,810 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
New Jersey TTFA Series A | 5.00% | 6-15-2038 | $ 4,285,000 | $ 4,477,304 | |
New Jersey TTFA Series A | 5.00 | 6-15-2042 | 2,040,000 | 2,131,552 | |
New Jersey TTFA Series AA | 4.00 | 6-15-2045 | 2,195,000 | 2,561,248 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2044 | 1,000,000 | 1,113,073 | |
New Jersey TTFA Series AA | 5.25 | 6-15-2033 | 10,000,000 | 10,882,995 | |
New Jersey TTFA Transportation System Series A | 5.00 | 12-15-2036 | 1,500,000 | 1,865,766 | |
New Jersey TTFA Transportation System Series C | 5.25 | 6-15-2032 | 8,000,000 | 9,240,082 | |
65,165,758 | |||||
230,553,414 | |||||
New Mexico: 0.13% | |||||
Housing revenue: 0.00% | |||||
New Mexico Mortgage Finance Authority Single-Family Mortgage Revenue Class I (GNMA / FNMA / FHLMC Insured) | 5.35 | 3-1-2030 | 245,000 | 245,714 | |
Utilities revenue: 0.13% | |||||
Farmington NM Public Service Company of New Mexico San Juan Project Series A ø | 0.08 | 6-1-2040 | 1,045,000 | 1,045,000 | |
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 | 5,140,000 | 5,977,369 | |
7,022,369 | |||||
7,268,083 | |||||
New York: 10.55% | |||||
Airport revenue: 0.80% | |||||
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 3.00 | 8-1-2031 | 2,000,000 | 2,119,747 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 4.00 | 12-1-2039 | 700,000 | 830,307 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 4.00 | 12-1-2040 | 900,000 | 1,065,684 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2032 | 1,000,000 | 1,301,441 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2035 | 1,850,000 | 2,425,654 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2036 | 1,750,000 | 2,290,938 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2037 | 700,000 | 900,357 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2037 | 1,750,000 | 2,284,566 | |
Port Authority of New York & New Jersey Series 193 | 5.00 | 10-15-2028 | 1,760,000 | 2,071,756 | |
Port Authority of New York & New Jersey Series 205 | 5.25 | 11-15-2039 | 16,580,000 | 20,990,784 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
Port Authority of New York & New Jersey Series 211 | 5.00% | 9-1-2048 | $ 2,000,000 | $ 2,466,338 | |
Port Authority of New York & New Jersey Series 221 | 4.00 | 7-15-2045 | 5,000,000 | 5,883,252 | |
44,630,824 | |||||
Education revenue: 0.57% | |||||
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.60 | 2-1-2051 | 5,000,000 | 5,110,126 | |
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A | 5.73 | 2-1-2050 | 10,030,000 | 11,461,530 | |
New York Dormitory Authority Barnard College Series A | 4.00 | 7-1-2045 | 1,270,000 | 1,480,693 | |
New York Dormitory Authority Barnard College Series A | 4.00 | 7-1-2049 | 1,000,000 | 1,162,015 | |
New York Dormitory Authority New York University Series A | 5.00 | 7-1-2049 | 4,265,000 | 5,421,195 | |
New York Dormitory Authority St. John's University Series A | 4.00 | 7-1-2048 | 2,000,000 | 2,395,169 | |
Westchester County NY Local Development Pace University Series B øø | 0.31 | 5-1-2044 | 5,000,000 | 5,000,000 | |
32,030,728 | |||||
GO revenue: 0.66% | |||||
New York NY Fiscal 2020 Subordinate Bond Series B-1 | 4.00 | 8-1-2039 | 3,000,000 | 3,601,351 | |
New York NY Fiscal 2020 Subordinate Bond Series B-1 | 5.00 | 10-1-2038 | 2,650,000 | 3,386,643 | |
New York NY Fiscal 2020 Subordinate Bond Series C | 4.00 | 8-1-2037 | 8,800,000 | 10,630,204 | |
New York NY Series F-1 | 5.00 | 3-1-2032 | 3,000,000 | 3,241,697 | |
New York NY Series S-2 | 5.00 | 7-15-2041 | 13,805,000 | 16,109,140 | |
36,969,035 | |||||
Health revenue: 0.20% | |||||
Nassau County NY Local Economic Catholic Health Services | 5.00 | 7-1-2021 | 7,000,000 | 7,000,000 | |
Tender Option Bond Trust/Floater Certificates Series 2020-XG0294 (FHA Insured, Bank of America NA LIQ) 144Aø | 0.07 | 2-1-2050 | 4,200,000 | 4,200,000 | |
11,200,000 | |||||
Industrial development revenue: 0.67% | |||||
New York Liberty Development Corporation Refunding Bonds | 2.80 | 9-15-2069 | 1,000,000 | 1,026,052 | |
New York Transportation Development Corporation New York State Thruway Service Areas Project | 4.00 | 10-31-2041 | 2,000,000 | 2,359,033 | |
New York Transportation Development Corporation New York State Thruway Service Areas Project | 4.00 | 10-31-2046 | 1,500,000 | 1,757,644 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated LaGuardia | 5.00 | 10-1-2035 | 20,000,000 | 25,922,598 | |
New York Transportation Development Corporation Special Facilities Revenue AMT | 5.00 | 1-1-2032 | 5,000,000 | 6,139,305 | |
37,204,632 | |||||
Miscellaneous revenue: 0.11% | |||||
New York Dormitory Authority Non-State Supported School Districts Bond Financing Program Series A (AGM Insured) | 5.00 | 10-1-2034 | 1,750,000 | 2,218,144 | |
New York Dormitory Authority Non-State Supported School Districts Bond Financing Program Series A (AGM Insured) | 5.00 | 10-1-2035 | 1,000,000 | 1,266,494 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
New York NY IDA Queens Baseball Stadium Project (AGM Insured) | 4.00% | 1-1-2032 | $ 1,000,000 | $ 1,235,321 | |
New York NY IDA Queens Baseball Stadium Project (AGM Insured) | 5.00 | 1-1-2031 | 1,000,000 | 1,336,480 | |
6,056,439 | |||||
Tax revenue: 3.42% | |||||
New York Dormitory Authority Series A | 5.00 | 2-15-2034 | 3,790,000 | 4,600,943 | |
New York Dormitory Authority Series D | 4.00 | 2-15-2037 | 4,480,000 | 5,355,488 | |
New York Dormitory Authority State Personal Income Tax General Purpose Series D | 4.00 | 2-15-2047 | 14,000,000 | 16,401,731 | |
New York Dormitory Authority State Personal Income Tax Series B | 5.00 | 2-15-2045 | 7,330,000 | 8,408,599 | |
New York Dormitory Authority State Personal Income Tax Series D | 4.00 | 2-15-2038 | 5,000,000 | 5,964,064 | |
New York Dormitory Authority State Personal Income Tax Series E | 5.00 | 2-15-2044 | 10,000 | 11,651 | |
New York Dormitory Authority State Personal Income Tax Series E | 5.00 | 2-15-2044 | 9,590,000 | 11,004,855 | |
New York Dormitory Authority State Personal Income Tax Unrefunded Bonds General Purpose Series D | 5.00 | 3-15-2042 | 1,500,000 | 1,549,352 | |
New York NY Transitional Finance Authority Building Aid Revenue Fiscal 2019 Subordinate Bond Series S 3 A | 4.00 | 7-15-2038 | 4,500,000 | 5,282,503 | |
New York NY Transitional Finance Authority Building Aid Revenue Fiscal Year 2015 Series S1 | 5.00 | 7-15-2040 | 3,155,000 | 3,626,648 | |
New York NY Transitional Finance Authority Future Tax Secured Revenue Series A2 | 5.00 | 8-1-2037 | 12,140,000 | 15,105,387 | |
New York NY Transitional Finance Authority Future Tax Secured Revenue Series I | 5.00 | 5-1-2033 | 5,395,000 | 5,852,108 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond | 4.00 | 11-1-2035 | 5,000,000 | 6,114,384 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond | 4.00 | 11-1-2045 | 4,000,000 | 4,742,684 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond | 5.00 | 5-1-2038 | 5,000,000 | 6,383,069 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond Series A | 5.00 | 8-1-2031 | 17,075,000 | 19,461,745 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond Series F1 | 5.00 | 5-1-2042 | 2,390,000 | 2,929,281 | |
New York Urban Development Corporation Personal Income Tax General Purpose | 4.00 | 3-15-2045 | 10,000,000 | 11,824,043 | |
New York Urban Development Corporation Personal Income Tax General Purpose | 4.00 | 3-15-2045 | 35,560,000 | 42,046,297 | |
Triborough NY Bridge & Tunnel Authority Subordinated Bond Series A1 | 4.00 | 5-15-2046 | 3,500,000 | 4,232,802 | |
Triborough NY Bridge & Tunnel Authority Subordinated Bond Series A1 | 5.00 | 5-15-2051 | 7,750,000 | 10,107,770 | |
191,005,404 | |||||
Tobacco revenue: 0.01% | |||||
Suffolk NY Tobacco Securitization Corporation Series B | 4.50 | 6-1-2026 | 520,000 | 532,519 | |
Transportation revenue: 1.28% | |||||
New York Metropolitan Transportation Authority BAN | 4.00 | 2-1-2022 | 1,670,000 | 1,706,059 | |
New York Metropolitan Transportation Authority Refunding Bond Series A | 5.00 | 11-15-2030 | 950,000 | 1,006,635 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
New York Metropolitan Transportation Authority Revenue Various Refunding Bonds Transportation Subordinated Series G3 (SIFMA Municipal Swap +0.43%) ± | 0.46% | 11-1-2031 | $15,000,000 | $ 14,826,038 | |
New York Metropolitan Transportation Authority Series D | 5.00 | 11-15-2029 | 20,000,000 | 21,166,808 | |
New York Metropolitan Transportation Authority Subordinated Bond Series A1 | 5.00 | 11-15-2048 | 7,300,000 | 8,346,056 | |
Tender Option Bond Trust Receipts/Certificates (Morgan Stanley Bank LIQ) 144Aø | 0.21 | 1-1-2053 | 4,250,000 | 4,250,000 | |
Triborough Bridge & Tunnel Authority | 5.00 | 11-15-2049 | 7,750,000 | 10,007,265 | |
Triborough NY Bridge & Tunnel Authority Subordinated Bond series B2 (State Street Bank & Trust Company LOC) ø | 0.06 | 1-1-2032 | 10,000,000 | 10,000,000 | |
71,308,861 | |||||
Utilities revenue: 0.63% | |||||
New York Utility Debt Securitization Authority Restructuring Bonds | 5.00 | 12-15-2032 | 22,785,000 | 27,108,668 | |
New York Utility Debt Securitization Authority Restructuring Bonds | 5.00 | 12-15-2037 | 3,780,000 | 4,479,013 | |
New York Utility Debt Securitization Authority Restructuring Bonds | 5.00 | 12-15-2040 | 2,870,000 | 3,598,046 | |
35,185,727 | |||||
Water & sewer revenue: 2.20% | |||||
New York Environmental Facilities Corporation Municipal Water Trust | 4.00 | 6-15-2049 | 5,000,000 | 5,886,849 | |
New York Environmental Facilities Corporation Municipal Water Trust | 5.00 | 6-15-2048 | 10,035,000 | 12,534,575 | |
New York NY Municipal Water Finance Authority 2nd General Resolution Series 2018 | 5.00 | 6-15-2048 | 3,000,000 | 3,701,931 | |
New York NY Municipal Water Finance Authority 2nd General Resolution Series AA | 5.00 | 6-15-2035 | 25,000,000 | 32,390,863 | |
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB | 5.00 | 6-15-2044 | 30,265,000 | 30,925,065 | |
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB | 5.00 | 6-15-2047 | 2,330,000 | 2,492,961 | |
New York NY Municipal Water Finance Authority Water and Sewer System Revenue Second General Resolution | 4.00 | 6-15-2042 | 15,000,000 | 17,978,346 | |
New York NY Water Finance Authority Series DD | 5.25 | 6-15-2047 | 11,490,000 | 14,225,062 | |
Western Nassau County NY Water Authority Series A | 4.00 | 4-1-2046 | 1,100,000 | 1,323,297 | |
Western Nassau County NY Water Authority Series A | 4.00 | 4-1-2051 | 1,000,000 | 1,197,113 | |
122,656,062 | |||||
588,780,231 | |||||
North Carolina: 0.96% | |||||
Airport revenue: 0.08% | |||||
Raleigh Durham NC Airport Authority Refunding AMT Series A | 5.00 | 5-1-2035 | 3,400,000 | 4,369,691 | |
Education revenue: 0.13% | |||||
North Carolina Capital Facilities Finance Agency Forest University Series 2016 | 5.00 | 1-1-2033 | 1,000,000 | 1,198,279 | |
North Carolina Capital Facilities Finance Agency Meredith College Series 2018 | 5.00 | 6-1-2038 | 500,000 | 575,512 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
University of North Carolina at Ashville Series 2017 | 5.00% | 6-1-2042 | $ 625,000 | $ 746,387 | |
University of North Carolina at Greensboro Series 2014 | 5.00 | 4-1-2033 | 2,000,000 | 2,232,240 | |
University of North Carolina at Greensboro Series 2014 | 5.00 | 4-1-2039 | 1,620,000 | 1,802,948 | |
University of North Carolina Chapel Hill Series 2009- A (TD Bank NA SPA) ø | 0.03 | 2-1-2024 | 840,000 | 840,000 | |
7,395,366 | |||||
Health revenue: 0.50% | |||||
Charlotte-Mecklenburg Hospital Authority Health Care Refunding Bonds Series 2018 | 5.00 | 1-15-2036 | 500,000 | 623,791 | |
Charlotte-Mecklenburg NC Hospital Authority Atrium Health Series C | 5.00 | 1-15-2048 | 20,000,000 | 21,556,954 | |
North Carolina Medical Care Commission Deerfield Episcopal Retirement Community Project Series 2016 | 5.00 | 11-1-2031 | 1,500,000 | 1,773,414 | |
North Carolina Medical Care Commission Forest Duke Project | 4.00 | 9-1-2051 | 1,100,000 | 1,268,323 | |
North Carolina Medical Care Commission Presbyterian Homes Project Series 2016C | 4.00 | 10-1-2031 | 1,500,000 | 1,660,672 | |
North Carolina Medical Care Commission Southeastern Regional Medical Center Series 2012 | 5.00 | 6-1-2026 | 385,000 | 399,188 | |
North Carolina Medical Care Commission Southeastern Regional Medical Center Series 2012 | 5.00 | 6-1-2032 | 500,000 | 515,140 | |
27,797,482 | |||||
Housing revenue: 0.04% | |||||
North Carolina Facilities Finance Agency The Arc of North Carolina Project Series 2017A (Department of Housing and Urban Development Insured) | 5.00 | 10-1-2034 | 1,000,000 | 1,202,004 | |
North Carolina Facilities Finance Agency The NCA&T University Foundation LLC Project Series 2015A (AGC Insured) | 5.00 | 6-1-2027 | 1,000,000 | 1,159,611 | |
2,361,615 | |||||
Miscellaneous revenue: 0.07% | |||||
Charlotte NC Certificate of Participation Equipment Acquisition and Public Facilities Series A | 5.00 | 12-1-2026 | 1,160,000 | 1,182,831 | |
Charlotte NC Certificate of Participation Transit Projects Series C | 5.00 | 6-1-2030 | 1,000,000 | 1,088,508 | |
Raleigh NC Limited Obligation Series A | 5.00 | 10-1-2033 | 1,000,000 | 1,145,204 | |
Wilmington NC Limited Obligation Series A | 5.00 | 6-1-2030 | 400,000 | 482,579 | |
3,899,122 | |||||
Transportation revenue: 0.14% | |||||
North Carolina Department of Transportation I-77 Hot Lanes Project Series 2015 | 5.00 | 6-30-2028 | 1,275,000 | 1,447,793 | |
North Carolina Turnpike Authority Monroe Expressway Toll Revenue Bond Series 2016A | 5.00 | 7-1-2042 | 500,000 | 574,448 | |
North Carolina Turnpike Authority Triangle Expressway System (AGM Insured) | 5.00 | 1-1-2049 | 4,500,000 | 5,664,474 | |
7,686,715 | |||||
53,509,991 |
Interest rate | Maturity date | Principal | Value | ||
North Dakota: 0.27% | |||||
Miscellaneous revenue: 0.19% | |||||
University of North Dakota Infrastructure Energy Improvement Project Green Certificates Series A | 5.00% | 4-1-2057 | $ 9,000,000 | $ 10,414,556 | |
Water & sewer revenue: 0.08% | |||||
North Dakota PFA Revolving Fund Program Series A | 5.00 | 10-1-2038 | 3,780,000 | 4,733,409 | |
15,147,965 | |||||
Ohio: 2.00% | |||||
Education revenue: 0.03% | |||||
Allen County OH Port Authority | 4.00 | 12-1-2035 | 650,000 | 749,220 | |
Allen County OH Port Authority | 4.00 | 12-1-2040 | 720,000 | 819,105 | |
1,568,325 | |||||
GO revenue: 0.03% | |||||
Highland OH Local School District Medina County School Improvement Series A | 5.25 | 12-1-2054 | 1,500,000 | 1,644,929 | |
Health revenue: 0.88% | |||||
Cleveland Cuyahoga County OH Facilities Improvement Centers for Dialysis | 5.00 | 12-1-2047 | 5,205,000 | 5,805,408 | |
Franklin County OH Trinity Health Credit Group | 4.00 | 12-1-2044 | 3,450,000 | 4,058,695 | |
Hamilton County OH Hospital Facilties Revenue Bonds | 5.00 | 9-15-2045 | 7,500,000 | 9,386,408 | |
Lucas County OH Hospital Revenue Promedica Healthcare Obligation | 5.25 | 11-15-2048 | 15,000,000 | 17,411,295 | |
Middleburg Heights OH Hospital Revenue Refunding Facilities Southwest General Health | 4.00 | 8-1-2041 | 1,100,000 | 1,279,704 | |
Middleburg Heights OH Hospital Revenue Refunding Facilities Southwest General Health | 4.00 | 8-1-2041 | 3,730,000 | 4,399,918 | |
Middleburg Heights OH Hospital Revenue Refunding Facilities Southwest General Health | 4.00 | 8-1-2047 | 3,000,000 | 3,434,661 | |
Montgomery County OH Hospital Revenue Refunding Bonds | 4.00 | 11-15-2039 | 3,000,000 | 3,389,261 | |
49,165,350 | |||||
Miscellaneous revenue: 0.76% | |||||
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2026 | 2,030,000 | 2,356,245 | |
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2028 | 1,610,000 | 1,858,460 | |
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2030 | 2,250,000 | 2,585,795 | |
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2035 | 12,000,000 | 13,720,175 | |
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2039 | 2,500,000 | 2,841,638 | |
Ohio Series A | 5.00 | 2-1-2036 | 4,265,000 | 5,041,212 | |
Ohio Water Development Authority Drinking Water Assistance Fund | 5.00 | 12-1-2035 | 5,390,000 | 6,581,450 | |
Ohio Water Development Authority Drinking Water Assistance Fund | 5.00 | 12-1-2036 | 2,000,000 | 2,437,356 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Ohio Water Development Authority Fresh Water Series B | 5.00% | 12-1-2034 | $ 1,895,000 | $ 2,317,262 | |
RiverSouth OH Lazarus Building Redevelopment Series A | 5.75 | 12-1-2027 | 2,870,000 | 2,874,945 | |
42,614,538 | |||||
Tax revenue: 0.11% | |||||
Franklin County OH | 5.00 | 6-1-2048 | 5,000,000 | 6,193,891 | |
Transportation revenue: 0.19% | |||||
Ohio Turnpike Commission CAB Series A-4 øø | 0.00 | 2-15-2034 | 8,500,000 | 10,642,369 | |
111,829,402 | |||||
Oklahoma: 1.05% | |||||
Airport revenue: 0.65% | |||||
Oklahoma City OK Airport Trust Series 33 | 5.00 | 7-1-2043 | 9,000,000 | 11,018,007 | |
Oklahoma City OK Airport Trust Series 33 | 5.00 | 7-1-2047 | 11,500,000 | 14,011,819 | |
Tulsa OK Airports Improvement Trust AMT Series A (BAM Insured) | 5.00 | 6-1-2035 | 1,055,000 | 1,179,135 | |
Tulsa OK Airports Improvement Trust Series A (AGM Insured) | 5.00 | 6-1-2043 | 4,485,000 | 5,479,250 | |
Tulsa OK Airports Improvement Trust Series A (AGM Insured) | 5.25 | 6-1-2048 | 3,770,000 | 4,642,662 | |
36,330,873 | |||||
Miscellaneous revenue: 0.36% | |||||
Garfield County OK Educational Facilities Authority Enid Public Schools Project Series A | 5.00 | 9-1-2030 | 2,000,000 | 2,401,052 | |
Garfield County OK Educational Facilities Authority Enid Public Schools Project Series A | 5.00 | 9-1-2031 | 1,145,000 | 1,374,329 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2030 | 4,440,000 | 5,150,999 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2031 | 5,520,000 | 6,356,895 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2032 | 4,000,000 | 4,578,211 | |
19,861,486 | |||||
Transportation revenue: 0.02% | |||||
Oklahoma Turnpike Authority Revenue Series A | 5.00 | 1-1-2042 | 1,000,000 | 1,172,322 | |
Water & sewer revenue: 0.02% | |||||
McGee Creek OK Authority (NPFGC Insured) | 6.00 | 1-1-2023 | 1,250,000 | 1,317,745 | |
58,682,426 | |||||
Oregon: 0.54% | |||||
GO revenue: 0.17% | |||||
Jackson County OR School District #005 (AGM Insured) | 5.00 | 6-15-2030 | 2,560,000 | 3,342,975 | |
Jackson County OR School District #005 (AGM Insured) | 5.00 | 6-15-2031 | 2,125,000 | 2,763,628 | |
Jackson County OR School District #005 (AGM Insured) | 5.00 | 6-15-2032 | 2,350,000 | 3,048,535 | |
9,155,138 | |||||
Health revenue: 0.33% | |||||
Clackamas County OR Hospital Facility Authority Senior Living Rose Ville Series A | 5.13 | 11-15-2040 | 500,000 | 555,242 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Clackamas County OR Hospital Facility Authority Senior Living Rose Ville Series A | 5.25% | 11-15-2050 | $ 500,000 | $ 554,512 | |
Clackamas County OR Hospital Facility Authority Senior Living Rose Ville Series A | 5.38 | 11-15-2055 | 1,000,000 | 1,111,923 | |
Medford OR Hospital Facilities Refunding Bonds Asante Project Series A (AGM Insured) | 4.00 | 8-15-2045 | 13,650,000 | 16,156,904 | |
18,378,581 | |||||
Utilities revenue: 0.04% | |||||
Eugene OR Electric Utility Revenue Series A | 4.00 | 8-1-2045 | 1,260,000 | 1,504,470 | |
Eugene OR Electric Utility Revenue Series A | 4.00 | 8-1-2049 | 800,000 | 951,661 | |
2,456,131 | |||||
29,989,850 | |||||
Pennsylvania: 4.39% | |||||
Airport revenue: 0.46% | |||||
Philadelphia PA Airport Series A (AGM Insured) %% | 4.00 | 7-1-2046 | 2,000,000 | 2,354,839 | |
Philadelphia PA Airport Series A | 5.00 | 7-1-2047 | 9,950,000 | 11,909,604 | |
Philadelphia PA Airport Series B | 5.00 | 7-1-2029 | 1,000,000 | 1,229,754 | |
Philadelphia PA Airport Series B | 5.00 | 7-1-2031 | 750,000 | 916,708 | |
Philadelphia PA Airport Series B | 5.00 | 7-1-2042 | 7,860,000 | 9,409,482 | |
25,820,387 | |||||
Education revenue: 0.32% | |||||
Montgomery County PA Higher Education & Health Authority Arcadia University | 5.00 | 4-1-2024 | 1,540,000 | 1,715,251 | |
Montgomery County PA Higher Education & Health Authority Arcadia University | 5.00 | 4-1-2025 | 1,625,000 | 1,868,886 | |
Pennsylvania Higher Educational Facilities Revenue Drexel University Series A (AGM Insured) | 5.00 | 5-1-2046 | 4,885,000 | 6,211,687 | |
Pennsylvania Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2836 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.23 | 6-15-2039 | 3,935,000 | 3,935,000 | |
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A | 7.00 | 6-15-2033 | 2,000,000 | 2,319,056 | |
Philadelphia PA IDA New Foundations Charter School Project | 6.00 | 12-15-2027 | 275,000 | 296,878 | |
Philadelphia PA IDA University Revenue Refunding Bond St. Joesph's University Project | 4.00 | 11-1-2038 | 1,000,000 | 1,177,378 | |
17,524,136 | |||||
GO revenue: 0.39% | |||||
Allegheny County PA West Mifflin Area School District (AGM Insured) | 5.00 | 4-1-2025 | 1,180,000 | 1,358,041 | |
Allegheny County PA West Mifflin Area School District (AGM Insured) | 5.00 | 4-1-2026 | 1,200,000 | 1,421,314 | |
Allegheny County PA West Mifflin Area School District (AGM Insured) | 5.00 | 4-1-2027 | 1,000,000 | 1,218,363 | |
North Pocono PA School District Notes Series A (AGM Insured) | 4.00 | 9-15-2029 | 2,170,000 | 2,624,515 | |
North Pocono PA School District Notes Series A (AGM Insured) | 4.00 | 9-15-2032 | 1,750,000 | 2,091,373 | |
Philadelphia PA School District Series A | 5.00 | 9-1-2024 | 2,075,000 | 2,368,614 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Philadelphia PA School District Series F | 5.00% | 9-1-2035 | $ 3,820,000 | $ 4,578,866 | |
Williamsport PA Area School District (AGM Insured) | 4.00 | 3-1-2032 | 1,440,000 | 1,589,025 | |
Williamsport PA Area School District (AGM Insured) | 4.00 | 3-1-2033 | 1,490,000 | 1,642,748 | |
Williamsport PA Area School District (AGM Insured) | 4.00 | 3-1-2034 | 1,555,000 | 1,714,470 | |
Williamsport PA Area School District (AGM Insured) | 4.00 | 3-1-2035 | 1,205,000 | 1,326,779 | |
21,934,108 | |||||
Health revenue: 0.87% | |||||
Allegheny County PA Hospital Development Authority Series A | 4.00 | 7-15-2039 | 2,250,000 | 2,648,732 | |
Chester County PA HEFA Main Line Health System Series A | 4.00 | 9-1-2050 | 3,500,000 | 4,112,911 | |
Geisinger PA Health System Series A-1 | 4.00 | 2-15-2047 | 10,000,000 | 11,222,678 | |
Geisinger PA Health System Series A-1 | 4.00 | 4-1-2050 | 8,000,000 | 9,321,338 | |
Montgomery County PA HEFA Thomas Jefferson University | 4.00 | 9-1-2035 | 2,750,000 | 3,247,895 | |
Montgomery County PA HEFA Thomas Jefferson University | 4.00 | 9-1-2038 | 1,000,000 | 1,173,237 | |
Montgomery County PA HEFA Thomas Jefferson University | 5.00 | 9-1-2031 | 4,100,000 | 5,242,354 | |
Pennsylvania EDFA Series A-1 | 4.00 | 4-15-2045 | 6,500,000 | 7,624,625 | |
Quakertown PA General Authority Health LifeQuest Obligated Group Series C | 4.50 | 7-1-2027 | 750,000 | 752,392 | |
Quakertown PA General Authority Health LifeQuest Obligated Group Series C | 5.00 | 7-1-2032 | 1,000,000 | 1,005,403 | |
Westmoreland County PA IDA Excela Health Project Series A | 4.00 | 7-1-2037 | 625,000 | 744,111 | |
Westmoreland County PA IDA Excela Health Project Series A | 5.00 | 7-1-2029 | 700,000 | 898,661 | |
Westmoreland County PA IDA Excela Health Project Series A | 5.00 | 7-1-2030 | 550,000 | 717,081 | |
48,711,418 | |||||
Industrial development revenue: 0.36% | |||||
Pennsylvania EDFA Bridges FinCo LP | 5.00 | 12-31-2030 | 600,000 | 706,877 | |
Pennsylvania EDFA Bridges FinCo LP | 5.00 | 12-31-2034 | 16,375,000 | 19,167,913 | |
19,874,790 | |||||
Miscellaneous revenue: 0.93% | |||||
Delaware Valley PA Regional Finance Authority Local Government Public Improvements Project | 5.75 | 7-1-2032 | 9,425,000 | 13,662,424 | |
Delaware Valley PA Regional Finance Authority Local Government Series C (Ambac Insured) | 7.75 | 7-1-2027 | 4,025,000 | 5,629,748 | |
Pennsylvania Finance Authority Pennsylvania Hills Project Series B (NPFGC Insured) ¤ | 0.00 | 12-1-2025 | 1,060,000 | 998,314 | |
State Public School Building Authority Pennsylvania Philadelphia School District Project | 5.00 | 4-1-2022 | 2,635,000 | 2,728,388 | |
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A | 5.00 | 6-1-2024 | 2,250,000 | 2,523,047 | |
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A | 5.00 | 6-1-2034 | 1,915,000 | 2,315,713 | |
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A | 5.00 | 6-1-2035 | 16,715,000 | 20,153,879 | |
Waverly Township Municipal Authority Career Technology Center (BAM Insured) | 4.00 | 2-15-2030 | 1,065,000 | 1,243,684 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Waverly Township Municipal Authority Career Technology Center (BAM Insured) | 4.00% | 2-15-2031 | $ 1,110,000 | $ 1,290,042 | |
Waverly Township Municipal Authority Career Technology Center (BAM Insured) | 4.00 | 2-15-2032 | 1,155,000 | 1,338,615 | |
51,883,854 | |||||
Tax revenue: 0.13% | |||||
Pennsylvania Turnpike Commission Series B | 5.00 | 12-1-2043 | 6,000,000 | 7,420,733 | |
Transportation revenue: 0.65% | |||||
Pennsylvania Turnpike Commission Motor License Series B-2 | 5.00 | 12-1-2035 | 9,900,000 | 12,276,651 | |
Pennsylvania Turnpike Commission Series A | 5.00 | 12-1-2044 | 5,905,000 | 7,534,551 | |
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,750,000 | 2,128,144 | |
Pennsylvania Turnpike Commission Subordinate Bond Series A | 4.00 | 12-1-2044 | 3,000,000 | 3,555,764 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B-1 | 5.00 | 6-1-2027 | 1,150,000 | 1,421,298 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B-1 | 5.00 | 6-1-2028 | 1,450,000 | 1,792,297 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B-2 | 5.00 | 6-1-2027 | 1,260,000 | 1,557,248 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B-2 | 5.00 | 6-1-2028 | 5,005,000 | 6,186,515 | |
36,452,468 | |||||
Water & sewer revenue: 0.28% | |||||
Luzerne County PA IDA Refunding Bonds AMT Pennsylvania American Water Company Project | 2.45 | 12-1-2039 | 5,500,000 | 5,976,539 | |
Philadelphia PA Series B | 5.00 | 7-1-2033 | 8,000,000 | 9,365,542 | |
15,342,081 | |||||
244,963,975 | |||||
Puerto Rico: 0.04% | |||||
Tax revenue: 0.04% | |||||
Puerto Rico Commonwealth Public Improvement Series A (AGC Insured) | 5.50 | 7-1-2029 | 1,080,000 | 1,263,545 | |
Puerto Rico Highway & Transportation Authority Series CC (AGM Insured) | 5.50 | 7-1-2029 | 825,000 | 972,538 | |
2,236,083 | |||||
Rhode Island: 0.09% | |||||
Airport revenue: 0.05% | |||||
Rhode Island Commerce Corporation First Lien Special Facility Airport Corporation Intermodal Facility Project Series 2018 | 5.00 | 7-1-2031 | 2,115,000 | 2,588,712 | |
Education revenue: 0.04% | |||||
Rhonde Island HEFA Building Corporation Providence College Series A | 5.00 | 11-1-2046 | 1,855,000 | 2,420,834 | |
5,009,546 |
Interest rate | Maturity date | Principal | Value | ||
South Carolina: 0.49% | |||||
Education revenue: 0.21% | |||||
South Carolina Education Assistance Authority Student Loan Series I | 5.10% | 10-1-2029 | $ 475,000 | $ 475,308 | |
South Carolina Jobs EDA York Preparatory Academy Project Series A | 7.25 | 11-1-2045 | 1,500,000 | 1,673,288 | |
University of South Carolina Athletic Facilities Series A | 5.00 | 5-1-2043 | 8,155,000 | 9,864,214 | |
12,012,810 | |||||
Resource recovery revenue: 0.04% | |||||
South Carolina Jobs EDA | 8.00 | 12-6-2029 | 370,000 | 336,001 | |
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A† | 6.00 | 2-1-2035 | 1,880,000 | 752,000 | |
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A | 6.25 | 2-1-2045 | 2,750,000 | 1,100,000 | |
2,188,001 | |||||
Utilities revenue: 0.21% | |||||
Patriots Energy Group Financing Agency South Carolina Series A (Royal Bank of Canada LIQ) | 4.00 | 10-1-2048 | 9,040,000 | 9,812,340 | |
South Carolina Public Service Authority Refunding & Improvement Bonds Series A | 4.00 | 12-1-2040 | 1,500,000 | 1,769,046 | |
11,581,386 | |||||
Water & sewer revenue: 0.03% | |||||
Columbia SC Waterworks Series 2009 (Sumitomo Mitsui Banking Corporation LOC) ø | 0.02 | 2-1-2038 | 1,760,000 | 1,760,000 | |
27,542,197 | |||||
South Dakota: 0.40% | |||||
Health revenue: 0.26% | |||||
South Dakota HEFA Sanford Health Project Series E | 5.00 | 11-1-2042 | 13,465,000 | 14,220,633 | |
Housing revenue: 0.14% | |||||
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2023 | 750,000 | 811,532 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2024 | 1,100,000 | 1,237,039 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2025 | 1,000,000 | 1,164,970 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2026 | 1,540,000 | 1,847,777 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2032 | 1,010,000 | 1,251,262 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2033 | 1,250,000 | 1,545,198 | |
7,857,778 | |||||
22,078,411 |
Interest rate | Maturity date | Principal | Value | ||
Tennessee: 0.61% | |||||
Airport revenue: 0.11% | |||||
Memphis Shelby County TN Airport Authority AMT Series A | 5.00% | 7-1-2049 | $ 5,000,000 | $ 6,350,786 | |
Utilities revenue: 0.50% | |||||
Tennessee Energy Acquisition Corporation Gas Project | 4.00 | 11-1-2049 | 20,000,000 | 22,638,096 | |
Tennessee Energy Acquisition Corporation Series A | 5.00 | 5-1-2052 | 3,000,000 | 3,975,254 | |
Tennessee Energy Acquisition Corporation Series A | 5.25 | 9-1-2026 | 1,020,000 | 1,223,475 | |
27,836,825 | |||||
34,187,611 | |||||
Texas: 9.47% | |||||
Airport revenue: 1.01% | |||||
Austin TX Airport System AMT | 5.00 | 11-15-2039 | 8,000,000 | 9,071,263 | |
Austin TX Airport System AMT | 5.00 | 11-15-2044 | 3,500,000 | 3,962,443 | |
Dallas-Fort Worth TX International Airport AMT Series D | 5.00 | 11-1-2038 | 13,250,000 | 13,460,020 | |
Dallas-Fort Worth TX International Airport Series H | 5.00 | 11-1-2042 | 20,765,000 | 21,094,138 | |
Houston TX Airport System Subordinate Bond Lien AMT | 5.00 | 7-15-2027 | 2,500,000 | 2,985,020 | |
Houston TX Airport System Subordinate Bond Lien AMT Series A | 5.00 | 7-1-2041 | 4,750,000 | 5,835,704 | |
�� | 56,408,588 | ||||
Education revenue: 0.43% | |||||
Clifton TX Higher Education Finance Corporation International Leadership Series A | 5.75 | 8-15-2038 | 2,000,000 | 2,327,836 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.00 | 8-15-2038 | 6,000,000 | 7,043,045 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.13 | 8-15-2048 | 6,750,000 | 7,880,546 | |
Newark TX Higher Education Finance Corporation Austin Achieve Public Schools Incorporated | 5.00 | 6-15-2048 | 750,000 | 770,331 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2030 | 1,460,000 | 1,794,917 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2032 | 650,000 | 795,164 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2039 | 750,000 | 912,085 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2040 | 1,000,000 | 1,215,999 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2041 | 900,000 | 1,094,857 | |
23,834,780 | |||||
GO revenue: 1.99% | |||||
El Paso TX | 4.00 | 8-15-2031 | 6,500,000 | 7,515,193 | |
Houston TX Public Improvement Refunding Bonds Series A | 4.00 | 3-1-2034 | 1,000,000 | 1,143,092 | |
Houston TX Public Improvement Refunding Bonds Series A | 5.00 | 3-1-2029 | 2,160,000 | 2,653,299 | |
Nacogdoches TX Independent School District | 5.00 | 2-15-2049 | 8,560,000 | 10,602,668 | |
Port Isabel TX 144A | 5.10 | 2-15-2049 | 975,000 | 1,111,055 | |
Royse City TX Independent School District | 5.00 | 8-15-2034 | 3,025,000 | 3,544,228 | |
Salado TX Independent School District | 5.00 | 2-15-2049 | 1,605,000 | 1,970,820 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
San Antonio TX Independent School District | 5.00% | 8-15-2048 | $13,000,000 | $ 14,945,843 | |
Sugar Land TX Refunding Bonds | 5.00 | 2-15-2030 | 1,250,000 | 1,541,338 | |
Temple TX Refunding Bonds | 5.00 | 8-1-2032 | 1,070,000 | 1,258,781 | |
Texas Refunding Bond Series B | 5.00 | 10-1-2036 | 24,500,000 | 28,873,686 | |
Travis County TX | 5.00 | 3-1-2036 | 12,470,000 | 15,959,350 | |
Travis County TX | 5.00 | 3-1-2039 | 6,250,000 | 7,922,456 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2033 | 555,000 | 602,608 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2034 | 630,000 | 683,383 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2034 | 835,000 | 905,754 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2035 | 655,000 | 709,590 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2035 | 865,000 | 937,092 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2036 | 680,000 | 735,728 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2036 | 905,000 | 979,167 | |
Williamson County TX | 4.00 | 2-15-2031 | 6,195,000 | 6,579,585 | |
111,174,716 | |||||
Health revenue: 0.16% | |||||
Harris County TX Texas Childrens Hospital Series A | 4.00 | 10-1-2037 | 3,000,000 | 3,565,079 | |
Harris County TX Texas Childrens Hospital Series A | 4.00 | 10-1-2038 | 2,300,000 | 2,727,487 | |
New Hope ECFA Children's Health System of Texas Project Series A | 4.00 | 8-15-2033 | 2,050,000 | 2,358,241 | |
8,650,807 | |||||
Miscellaneous revenue: 0.55% | |||||
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #5 144A | 6.50 | 9-1-2034 | 3,750,000 | 3,852,813 | |
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 5.50 | 9-1-2039 | 2,470,000 | 2,475,293 | |
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 6.00 | 9-1-2037 | 1,820,000 | 1,896,175 | |
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 6.00 | 9-1-2037 | 8,690,000 | 9,053,713 | |
Lower Colorado TX River Authority Series A | 5.00 | 5-15-2033 | 2,475,000 | 2,679,847 | |
Texas PFA | 4.00 | 2-1-2034 | 5,000,000 | 5,998,434 | |
Texas PFA | 4.00 | 2-1-2035 | 2,000,000 | 2,396,705 | |
Texas PFA | 4.00 | 2-1-2036 | 2,175,000 | 2,599,069 | |
30,952,049 | |||||
Tax revenue: 0.76% | |||||
Dallas TX Area Rapid Transit Sales Tax Revenue Series A | 5.00 | 12-1-2046 | 28,455,000 | 33,434,201 | |
Dallas TX Area Rapid Transit Sales Tax Revenue Series A | 5.00 | 12-1-2048 | 5,000,000 | 5,867,822 | |
Old Spanish Trail/Almeda Corridors RDA (BAM Insured) | 4.00 | 9-1-2036 | 1,125,000 | 1,309,396 | |
Old Spanish Trail/Almeda Corridors RDA (BAM Insured) | 4.00 | 9-1-2037 | 1,430,000 | 1,660,646 | |
42,272,065 | |||||
Transportation revenue: 1.65% | |||||
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2033 | 3,740,000 | 4,010,589 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00% | 1-1-2044 | $ 3,000,000 | $ 3,764,862 | |
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2049 | 2,450,000 | 3,055,469 | |
Central Texas Regional Mobility Authority Senior Lien Series B | 4.00 | 1-1-2041 | 800,000 | 952,128 | |
Central Texas Regional Mobility Authority Senior Lien Series B | 5.00 | 1-1-2046 | 1,600,000 | 2,043,865 | |
Grand Parkway Transportation Corporation Texas CAB Series B øø | 0.00 | 10-1-2029 | 1,015,000 | 1,176,440 | |
Grand Parkway Transportation Corporation Texas Series B øø | 0.00 | 10-1-2030 | 2,000,000 | 2,312,780 | |
Grand Parkway Transportation Corporation Texas Series C | 4.00 | 10-1-2045 | 18,085,000 | 21,361,313 | |
Grand Parkway Transportation Corporation Texas Series C | 4.00 | 10-1-2049 | 19,265,000 | 22,605,008 | |
North Texas Tollway Authority Series A | 5.00 | 1-1-2033 | 3,600,000 | 4,120,872 | |
North Texas Tollway Authority Series A | 5.00 | 1-1-2035 | 4,000,000 | 4,572,785 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 4.00 | 12-31-2037 | 3,000,000 | 3,523,773 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 6.75 | 6-30-2043 | 4,000,000 | 4,530,834 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00 | 12-31-2038 | 12,500,000 | 14,234,714 | |
92,265,432 | |||||
Utilities revenue: 0.32% | |||||
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bonds Series 2018 | 2.75 | 2-1-2048 | 11,000,000 | 11,374,262 | |
Texas Municipal Gas Acquisition & Supply Corporation Refunding Bond | 5.00 | 12-15-2032 | 5,000,000 | 6,754,891 | |
18,129,153 | |||||
Water & sewer revenue: 2.60% | |||||
Austin TX Water & Wastewater Refunding Bond | 5.00 | 11-15-2045 | 15,065,000 | 18,196,336 | |
Dallas TX Waterworks & Sewer System Refunding Bond Series A | 5.00 | 10-1-2030 | 3,810,000 | 4,514,752 | |
Tarrant TX Regional Water District | 5.00 | 9-1-2034 | 3,500,000 | 4,018,793 | |
Tarrant TX Regional Water District | 5.00 | 3-1-2049 | 15,000,000 | 16,890,486 | |
Texas Series A | 4.00 | 10-15-2036 | 5,000,000 | 5,904,409 | |
Texas Series B | 5.00 | 4-15-2049 | 42,000,000 | 52,720,920 | |
Texas Water Development Board | 4.00 | 8-1-2038 | 2,500,000 | 3,055,637 | |
Texas Water Development Board Series A | 4.00 | 10-15-2037 | 11,650,000 | 13,729,616 | |
Texas Water Implementation Fund Series A | 4.00 | 10-15-2036 | 1,015,000 | 1,235,688 | |
Texas Water Implementation Fund Series A | 4.00 | 10-15-2037 | 4,000,000 | 4,857,214 | |
Texas Water Implementation Fund Series A | 4.00 | 10-15-2038 | 6,500,000 | 7,876,274 | |
Texas Water Implementation Fund Series A | 4.00 | 10-15-2044 | 9,905,000 | 11,830,167 | |
144,830,292 | |||||
528,517,882 |
Interest rate | Maturity date | Principal | Value | ||
Utah: 0.46% | |||||
Airport revenue: 0.39% | |||||
Salt Lake City UT Series A | 5.00% | 7-1-2036 | $ 2,500,000 | $ 3,078,866 | |
Salt Lake City UT Series A | 5.00 | 7-1-2043 | 1,500,000 | 1,860,993 | |
Salt Lake City UT Series A | 5.00 | 7-1-2043 | 2,500,000 | 3,040,247 | |
Salt Lake City UT Series A | 5.00 | 7-1-2048 | 3,000,000 | 3,711,061 | |
Salt Lake City UT Series A | 5.00 | 7-1-2048 | 5,500,000 | 6,660,916 | |
Salt Lake City UT Series A | 5.25 | 7-1-2048 | 3,000,000 | 3,682,367 | |
22,034,450 | |||||
Education revenue: 0.04% | |||||
University of Utah (Citibank NA LIQ) ø | 0.06 | 8-1-2021 | 2,000,000 | 2,000,000 | |
Miscellaneous revenue: 0.03% | |||||
Mida Mountain UT Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2050 | 1,500,000 | 1,578,255 | |
25,612,705 | |||||
Virginia: 0.34% | |||||
GO revenue: 0.12% | |||||
Norfolk VA Series C | 4.00 | 9-1-2032 | 5,810,000 | 6,737,372 | |
Health revenue: 0.06% | |||||
Roanoke VA EDA Residential Care Facility Revenue Richfield Living Prooject | 5.00 | 9-1-2040 | 3,290,000 | 3,309,008 | |
Tax revenue: 0.02% | |||||
Marquis VA CDA CAB Series 2015 144A¤ | 0.00 | 9-1-2045 | 397,000 | 190,560 | |
Marquis VA CDA CAB Series C ¤ | 0.00 | 9-1-2041 | 1,824,000 | 108,214 | |
Marquis VA CDA Series B | 5.63 | 9-1-2041 | 1,310,000 | 647,972 | |
946,746 | |||||
Transportation revenue: 0.14% | |||||
Virginia Small Business Financing Authority AMT 95 Express Lanes LLC Project | 5.00 | 7-1-2049 | 4,000,000 | 4,090,900 | |
Virginia Small Business Financing Authority Senior Lien 95 Express Lanes LLC Project | 5.00 | 7-1-2034 | 4,000,000 | 4,092,972 | |
8,183,872 | |||||
19,176,998 | |||||
Washington: 3.65% | |||||
Airport revenue: 0.35% | |||||
Port of Seattle WA Revenue AMT Intermediate Lien | 5.00 | 4-1-2044 | 16,000,000 | 19,548,181 | |
Education revenue: 0.05% | |||||
Washington HEFA Seattle University Project | 4.00 | 5-1-2045 | 1,000,000 | 1,149,227 | |
Washington HEFA Seattle University Project | 5.00 | 5-1-2030 | 760,000 | 969,996 | |
Washington HEFA Seattle University Project | 5.00 | 5-1-2032 | 335,000 | 424,232 | |
Washington HEFA Seattle University Project | 5.00 | 5-1-2033 | 300,000 | 378,782 | |
2,922,237 | |||||
GO revenue: 1.69% | |||||
Clark County WA School District #114 (AGM Insured) | 4.00 | 12-1-2031 | 9,000,000 | 10,753,846 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Clark County WA School District #114 (AGM Insured) | 4.00% | 12-1-2034 | $ 2,500,000 | $ 2,967,440 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2029 | 8,940,000 | 10,802,510 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2035 | 9,430,000 | 11,274,629 | |
King County WA School District #210 Federal Way (AGM Insured) | 4.00 | 12-1-2033 | 10,000,000 | 11,895,940 | |
King County WA School District #414 Lake Washington (AGM Insured) | 5.00 | 12-1-2033 | 570,000 | 717,761 | |
King County WA School District #414 Lake Washington (AGM Insured) | 5.00 | 12-1-2034 | 1,000,000 | 1,256,968 | |
Seattle WA | 4.00 | 12-1-2040 | 2,500,000 | 2,793,368 | |
Snohomish County WA School District (AGM Insured) | 5.00 | 12-1-2031 | 1,500,000 | 1,760,285 | |
Washington Motor Vehicle Fuel Tax | 5.00 | 6-1-2040 | 10,000,000 | 13,017,430 | |
Washington Motor Vehicle Fuel Tax Series B | 5.00 | 8-1-2032 | 8,545,000 | 10,060,172 | |
Washington Series 2017-A | 5.00 | 8-1-2033 | 1,500,000 | 1,819,788 | |
Washington Series 2017-A | 5.00 | 8-1-2040 | 3,500,000 | 4,207,387 | |
Washington Series 2017-A | 5.00 | 8-1-2041 | 2,500,000 | 2,999,772 | |
Washington Series RA | 4.00 | 7-1-2030 | 7,950,000 | 8,235,734 | |
94,563,030 | |||||
Health revenue: 0.26% | |||||
Spokane WA Housing Finance Commission Riverview Retirement Community Project | 5.00 | 1-1-2023 | 495,000 | 513,387 | |
Washington HCFR Providence Health & Services Series 2012A | 5.00 | 10-1-2042 | 2,160,000 | 2,276,528 | |
Washington Health Care Facilities Authority Commonspirit Health Series A-2 | 5.00 | 8-1-2038 | 3,000,000 | 3,765,965 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance | 4.00 | 9-1-2045 | 3,000,000 | 3,564,575 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance 144A | 4.00 | 12-1-2045 | 2,450,000 | 2,922,654 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance | 5.00 | 9-1-2040 | 1,000,000 | 1,301,676 | |
14,344,785 | |||||
Housing revenue: 0.10% | |||||
Washington Housing Finance Commission Municipal Certificates Series 1 Class A | 3.50 | 12-20-2035 | 4,744,679 | 5,534,279 | |
Miscellaneous revenue: 0.22% | |||||
Washington Certificate of Participation | 5.00 | 7-1-2038 | 1,660,000 | 2,119,797 | |
Washington Certificate of Participation | 5.00 | 7-1-2039 | 1,745,000 | 2,223,648 | |
Washington Certificate of Participation | 5.00 | 7-1-2040 | 1,480,000 | 1,883,171 | |
Washington Certificate of Participation | 5.00 | 7-1-2041 | 1,555,000 | 1,974,240 | |
Washington Certificate of Participation Series A | 5.00 | 7-1-2038 | 3,265,000 | 3,973,155 | |
12,174,011 | |||||
Tax revenue: 0.57% | |||||
Central Puget Sound WA Regional Transportation Authority Series S1 | 5.00 | 11-1-2035 | 9,485,000 | 11,220,097 | |
Washington Convention Center Junior Lodging Tax Notes | 4.00 | 7-1-2031 | 5,250,000 | 6,143,560 | |
Washington Motor Vehicle Fuel Tax Series B | 5.00 | 6-1-2036 | 5,000,000 | 6,566,261 | |
Washington Series B | 5.00 | 8-1-2037 | 6,400,000 | 7,735,969 | |
31,665,887 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.16% | |||||
Energy Northwest Washington Electric Revenue Refunding Bonds Columbia Generating Station | 5.00% | 7-1-2034 | $ 2,500,000 | $ 3,310,845 | |
Energy Northwest Washington Electric Revenue Refunding Bonds Columbia Generating Station | 5.00 | 7-1-2035 | 4,120,000 | 5,448,501 | |
8,759,346 | |||||
Water & sewer revenue: 0.25% | |||||
King County WA Refunding Bonds | 5.00 | 7-1-2042 | 4,660,000 | 5,635,055 | |
King County WA Refunding Bonds Series A | 5.00 | 7-1-2047 | 7,510,000 | 8,513,069 | |
14,148,124 | |||||
203,659,880 | |||||
West Virginia: 0.15% | |||||
GO revenue: 0.05% | |||||
Ohio County WV Board of Education | 3.00 | 6-1-2026 | 2,680,000 | 2,979,984 | |
Tax revenue: 0.10% | |||||
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 4.13 | 6-1-2043 | 1,600,000 | 1,803,042 | |
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 5.75 | 6-1-2043 | 675,000 | 780,824 | |
Monongalia County WV Commission Refunding & Improvement Bonds University Town Center Series A 144A | 5.50 | 6-1-2037 | 2,500,000 | 2,887,575 | |
5,471,441 | |||||
8,451,425 | |||||
Wisconsin: 2.85% | |||||
Education revenue: 0.37% | |||||
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A | 6.00 | 8-1-2033 | 2,120,000 | 2,288,148 | |
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A | 6.25 | 8-1-2043 | 4,650,000 | 5,013,065 | |
Wisconsin PFA Carolina International School Series A 144A | 6.00 | 8-1-2023 | 240,000 | 253,857 | |
Wisconsin PFA Carolina International School Series A 144A | 6.75 | 8-1-2033 | 2,430,000 | 2,686,624 | |
Wisconsin PFA Carolina International School Series A 144A | 7.00 | 8-1-2043 | 1,575,000 | 1,735,344 | |
Wisconsin PFA Carolina International School Series A 144A | 7.20 | 8-1-2048 | 940,000 | 1,037,884 | |
Wisconsin PFA Charter School Revenue American Preparatory Academy 144A | 5.00 | 7-15-2039 | 1,375,000 | 1,526,586 | |
Wisconsin PFA Wisland Revenue Northwest Nazarene University | 4.25 | 10-1-2049 | 5,410,000 | 5,864,058 | |
20,405,566 | |||||
GO revenue: 0.17% | |||||
Verona WI Area School District Building & Improvement Bonds | 4.00 | 4-1-2027 | 3,385,000 | 3,914,909 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Verona WI Area School District Building & Improvement Bonds | 4.00% | 4-1-2028 | $ 1,380,000 | $ 1,590,634 | |
Verona WI Area School District Building & Improvement Bonds | 5.00 | 4-1-2026 | 3,310,000 | 3,981,826 | |
9,487,369 | |||||
Health revenue: 0.95% | |||||
Tender Option Bond Trust Receipts/Certificates (Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144Aø | 0.07 | 6-1-2045 | 5,320,000 | 5,320,000 | |
Wisconsin HEFA Ascension Senior Credit Group Series A | 4.50 | 11-15-2039 | 4,580,000 | 5,331,674 | |
Wisconsin HEFA Ascension Senior Credit Group Series A | 5.00 | 11-15-2035 | 12,000,000 | 14,405,380 | |
Wisconsin PFA Series A | 4.00 | 10-1-2049 | 24,500,000 | 27,878,472 | |
52,935,526 | |||||
Housing revenue: 0.65% | |||||
Wisconsin PFA Student Housing Revenue (AGM Insured) | 4.00 | 7-1-2023 | 350,000 | 374,322 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 4.00 | 7-1-2024 | 800,000 | 880,732 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 4.00 | 7-1-2025 | 920,000 | 1,038,863 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2026 | 1,360,000 | 1,637,089 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2027 | 1,675,000 | 2,070,111 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2028 | 2,025,000 | 2,561,280 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2029 | 2,190,000 | 2,747,178 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2030 | 2,300,000 | 2,866,476 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2031 | 1,415,000 | 1,753,055 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2048 | 16,775,000 | 20,205,612 | |
36,134,718 | |||||
Miscellaneous revenue: 0.07% | |||||
Wisconsin Series A | 5.00 | 6-1-2033 | 3,420,000 | 4,017,814 | |
Tax revenue: 0.64% | |||||
Mount Pleasant WI Series A | 5.00 | 4-1-2043 | 20,205,000 | 24,653,866 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 650,000 | 784,403 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 6,910,000 | 8,217,683 | |
Wisconsin Center District CAB Series C (AGM Insured) ¤ | 0.00 | 12-15-2037 | 1,600,000 | 1,047,121 | |
Wisconsin Center District CAB Series C (AGM Insured) ¤ | 0.00 | 12-15-2038 | 1,600,000 | 1,005,666 | |
35,708,739 | |||||
158,689,732 | |||||
Wyoming: 0.03% | |||||
Education revenue: 0.03% | |||||
Wyoming CDA | 6.50 | 7-1-2043 | 1,600,000 | 1,600,000 | |
Total Municipal obligations (Cost $5,090,836,860) | 5,504,398,233 |
Yield | Shares | Value | |||
Short-term investments: 0.73% | |||||
Investment companies: 0.73% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01% | 40,452,282 | $ 40,464,418 | ||
Total Short-term investments (Cost $40,464,378) | 40,464,418 | ||||
Total investments in securities (Cost $5,148,301,238) | 99.70% | 5,561,862,651 | |||
Other assets and liabilities, net | 0.30 | 16,528,835 | |||
Total net assets | 100.00% | $5,578,391,486 |
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. |
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. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
† | 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. |
♣ | On the last interest date, partial interest was paid. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
BHAC | Berkshire Hathaway Assurance Corporation |
CAB | Capital appreciation bond |
CCAB | Convertible capital appreciation bond |
CDA | Community Development Authority |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FGIC | Financial Guaranty Insurance Corporation |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
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 | $33,857,829 | $1,140,785,786 | $(1,134,175,055) | $(3,652) | $(490) | $40,464,418 | 0.73% | 40,452,282 | $9,279 |
Assets | |
Investments in unaffiliated securities, at value (cost $5,107,836,860) | $ 5,521,398,233 |
Investments in affiliated securites, at value (cost $40,464,378) | 40,464,418 |
Cash | 1,280,135 |
Receivable for interest | 52,395,012 |
Receivable for Fund shares sold | 4,665,040 |
Receivable for investments sold | 3,031,108 |
Prepaid expenses and other assets | 357,380 |
Total assets | 5,623,591,326 |
Liabilities | |
Payable for when-issued transactions | 27,549,086 |
Payable for Fund shares redeemed | 12,229,125 |
Payable for investments purchased | 1,686,253 |
Dividends payable | 1,593,607 |
Management fee payable | 1,457,529 |
Administration fees payable | 453,559 |
Distribution fee payable | 31,244 |
Trustees’ fees and expenses payable | 619 |
Accrued expenses and other liabilities | 198,818 |
Total liabilities | 45,199,840 |
Total net assets | $5,578,391,486 |
Net assets consist of | |
Paid-in capital | $ 5,203,492,307 |
Total distributable earnings | 374,899,179 |
Total net assets | $5,578,391,486 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,110,502,736 |
Shares outstanding – Class A1 | 102,511,172 |
Net asset value per share – Class A | $10.83 |
Maximum offering price per share – Class A2 | $11.34 |
Net assets – Class C | $ 50,250,995 |
Shares outstanding – Class C1 | 4,640,038 |
Net asset value per share – Class C | $10.83 |
Net assets – Class R6 | $ 373,876,449 |
Shares outstanding – Class R61 | 34,510,005 |
Net asset value per share – Class R6 | $10.83 |
Net assets – Administrator Class | $ 1,000,652,143 |
Shares outstanding – Administrator Class1 | 92,343,311 |
Net asset value per share – Administrator Class | $10.84 |
Net assets – Institutional Class | $ 3,043,109,163 |
Shares outstanding – Institutional Class1 | 280,929,102 |
Net asset value per share – Institutional Class | $10.83 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 164,558,254 |
Income from affiliated securities | 9,279 |
Total investment income | 164,567,533 |
Expenses | |
Management fee | 18,954,102 |
Administration fees | |
Class A | 1,819,810 |
Class C | 97,391 |
Class R6 | 98,624 |
Administrator Class | 990,986 |
Institutional Class | 2,421,228 |
Shareholder servicing fees | |
Class A | 2,835,360 |
Class C | 151,815 |
Administrator Class | 2,477,283 |
Distribution fee | |
Class C | 455,699 |
Custody and accounting fees | 216,920 |
Professional fees | 85,971 |
Registration fees | 153,956 |
Shareholder report expenses | 169,680 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 125,608 |
Total expenses | 31,073,705 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (230,718) |
Class C | (8,425) |
Administrator Class | (1,048,075) |
Net expenses | 29,786,487 |
Net investment income | 134,781,046 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 15,808,993 |
Affiliated securities | (3,652) |
Net realized gains on investments | 15,805,341 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 127,280,775 |
Affiliated securities | (490) |
Net change in unrealized gains (losses) on investments | 127,280,285 |
Net realized and unrealized gains (losses) on investments | 143,085,626 |
Net increase in net assets resulting from operations | $277,866,672 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 134,781,046 | $ 138,686,196 | ||
Net realized gains (losses) on investments | 15,805,341 | (48,154,542) | ||
Net change in unrealized gains (losses) on investments | 127,280,285 | 47,392,912 | ||
Net increase in net assets resulting from operations | 277,866,672 | 137,924,566 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (25,211,823) | (29,825,578) | ||
Class C | (889,494) | (1,560,718) | ||
Class R6 | (8,467,864) | (4,491,029) | ||
Administrator Class | (23,389,257) | (24,748,374) | ||
Institutional Class | (76,419,530) | (84,244,945) | ||
Total distributions to shareholders | (134,377,968) | (144,870,644) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 7,824,157 | 83,782,080 | 9,167,275 | 97,235,133 |
Class C | 396,452 | 4,252,290 | 766,819 | 8,149,104 |
Class R6 | 13,132,472 | 140,931,974 | 30,650,559 | 319,865,253 |
Administrator Class | 24,204,311 | 259,598,991 | 45,240,283 | 475,573,522 |
Institutional Class | 83,790,289 | 900,375,605 | 97,270,327 | 1,027,760,067 |
1,388,940,940 | 1,928,583,079 | |||
Reinvestment of distributions | ||||
Class A | 2,094,902 | 22,466,432 | 2,496,084 | 26,471,883 |
Class C | 78,354 | 839,374 | 129,353 | 1,371,694 |
Class R6 | 4,378 | 46,957 | 2,722 | 28,842 |
Administrator Class | 2,163,748 | 23,216,878 | 2,305,325 | 24,441,713 |
Institutional Class | 6,174,976 | 66,232,557 | 6,798,581 | 72,103,950 |
112,802,198 | 124,418,082 | |||
Payment for shares redeemed | ||||
Class A | (15,326,206) | (164,421,449) | (18,119,157) | (190,725,711) |
Class C | (3,405,090) | (36,367,488) | (2,656,976) | (28,073,292) |
Class R6 | (4,795,499) | (51,480,317) | (11,370,139) | (117,923,335) |
Administrator Class | (30,433,625) | (325,486,035) | (29,998,773) | (314,967,801) |
Institutional Class | (93,944,436) | (1,008,488,419) | (90,500,756) | (947,650,502) |
(1,586,243,708) | (1,599,340,641) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (84,500,570) | 453,660,520 | ||
Total increase in net assets | 58,988,134 | 446,714,442 | ||
Net assets | ||||
Beginning of period | 5,519,403,352 | 5,072,688,910 | ||
End of period | $ 5,578,391,486 | $ 5,519,403,352 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.55 | $10.55 | $10.21 | $10.25 | $10.70 |
Net investment income | 0.24 | 0.25 | 0.30 1 | 0.32 | 0.33 |
Net realized and unrealized gains (losses) on investments | 0.28 | 0.01 | 0.34 | (0.02) | (0.38) |
Total from investment operations | 0.52 | 0.26 | 0.64 | 0.30 | (0.05) |
Distributions to shareholders from | |||||
Net investment income | (0.24) | (0.25) | (0.30) | (0.32) | (0.33) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.02) | (0.07) |
Total distributions to shareholders | (0.24) | (0.26) | (0.30) | (0.34) | (0.40) |
Net asset value, end of period | $10.83 | $10.55 | $10.55 | $10.21 | $10.25 |
Total return2 | 4.95% | 2.54% | 6.35% | 2.97% | (0.47)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.77% | 0.77% | 0.78% | 0.79% | 0.79% |
Net expenses | 0.74% | 0.74% | 0.75% | 0.75% | 0.75% |
Net investment income | 2.22% | 2.40% | 2.89% | 3.10% | 3.13% |
Supplemental data | |||||
Portfolio turnover rate | 16% | 24% | 20% | 19% | 24% |
Net assets, end of period (000s omitted) | $1,110,503 | $1,138,934 | $1,206,717 | $1,179,800 | $1,244,267 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.55 | $10.55 | $10.21 | $10.24 | $10.69 |
Net investment income | 0.16 1 | 0.17 | 0.22 | 0.24 | 0.25 |
Net realized and unrealized gains (losses) on investments | 0.28 | 0.01 | 0.34 | (0.01) | (0.38) |
Total from investment operations | 0.44 | 0.18 | 0.56 | 0.23 | (0.13) |
Distributions to shareholders from | |||||
Net investment income | (0.16) | (0.17) | (0.22) | (0.24) | (0.25) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.02) | (0.07) |
Total distributions to shareholders | (0.16) | (0.18) | (0.22) | (0.26) | (0.32) |
Net asset value, end of period | $10.83 | $10.55 | $10.55 | $10.21 | $10.24 |
Total return2 | 4.16% | 1.77% | 5.56% | 2.30% | (1.21)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.51% | 1.51% | 1.53% | 1.54% | 1.54% |
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income | 1.47% | 1.64% | 2.15% | 2.35% | 2.38% |
Supplemental data | |||||
Portfolio turnover rate | 16% | 24% | 20% | 19% | 24% |
Net assets, end of period (000s omitted) | $50,251 | $79,863 | $98,411 | $132,529 | $148,944 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||
Class R6 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.55 | $10.55 | $10.21 |
Net investment income | 0.28 | 0.29 | 0.30 |
Net realized and unrealized gains (losses) on investments | 0.28 | 0.01 | 0.34 |
Total from investment operations | 0.56 | 0.30 | 0.64 |
Distributions to shareholders from | |||
Net investment income | (0.28) | (0.29) | (0.30) |
Net realized gains | 0.00 | (0.01) | 0.00 |
Total distributions to shareholders | (0.28) | (0.30) | (0.30) |
Net asset value, end of period | $10.83 | $10.55 | $10.55 |
Total return2 | 5.33% | 2.90% | 6.43% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.39% | 0.39% | 0.40% |
Net expenses | 0.39% | 0.39% | 0.40% |
Net investment income | 2.58% | 2.76% | 3.16% |
Supplemental data | |||
Portfolio turnover rate | 16% | 24% | 20% |
Net assets, end of period (000s omitted) | $373,876 | $276,204 | $72,655 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.56 | $10.55 | $10.21 | $10.25 | $10.70 |
Net investment income | 0.25 | 0.27 | 0.31 1 | 0.33 1 | 0.34 |
Net realized and unrealized gains (losses) on investments | 0.28 | 0.02 | 0.34 | (0.02) | (0.38) |
Total from investment operations | 0.53 | 0.29 | 0.65 | 0.31 | (0.04) |
Distributions to shareholders from | |||||
Net investment income | (0.25) | (0.27) | (0.31) | (0.33) | (0.34) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.02) | (0.07) |
Total distributions to shareholders | (0.25) | (0.28) | (0.31) | (0.35) | (0.41) |
Net asset value, end of period | $10.84 | $10.56 | $10.55 | $10.21 | $10.25 |
Total return | 5.10% | 2.78% | 6.51% | 3.13% | (0.32)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.71% | 0.71% | 0.72% | 0.73% | 0.73% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 2.37% | 2.54% | 3.02% | 3.27% | 3.18% |
Supplemental data | |||||
Portfolio turnover rate | 16% | 24% | 20% | 19% | 24% |
Net assets, end of period (000s omitted) | $1,000,652 | $1,017,781 | $832,318 | $227,116 | $108,715 |
1 | Calculated based upon average shares outstanding |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.55 | $10.55 | $10.21 | $10.24 | $10.70 |
Net investment income | 0.27 | 0.29 | 0.33 | 0.35 | 0.36 |
Net realized and unrealized gains (losses) on investments | 0.28 | 0.01 | 0.34 | (0.01) | (0.39) |
Total from investment operations | 0.55 | 0.30 | 0.67 | 0.34 | (0.03) |
Distributions to shareholders from | |||||
Net investment income | (0.27) | (0.29) | (0.33) | (0.35) | (0.36) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.02) | (0.07) |
Total distributions to shareholders | (0.27) | (0.30) | (0.33) | (0.37) | (0.43) |
Net asset value, end of period | $10.83 | $10.55 | $10.55 | $10.21 | $10.24 |
Total return | 5.28% | 2.85% | 6.67% | 3.37% | (0.28)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.44% | 0.44% | 0.45% | 0.46% | 0.46% |
Net expenses | 0.44% | 0.44% | 0.45% | 0.46% | 0.46% |
Net investment income | 2.53% | 2.71% | 3.15% | 3.40% | 3.44% |
Supplemental data | |||||
Portfolio turnover rate | 16% | 24% | 20% | 19% | 24% |
Net assets, end of period (000s omitted) | $3,043,109 | $3,006,622 | $2,862,588 | $1,425,703 | $1,149,911 |
Gross unrealized gains | $421,586,585 |
Gross unrealized losses | (9,312,055) |
Net unrealized gains | $412,274,530 |
■ | 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: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 17,000,000 | $0 | $ 17,000,000 |
Municipal obligations | 0 | 5,504,398,233 | 0 | 5,504,398,233 |
Short-term investments | ||||
Investment companies | 40,464,418 | 0 | 0 | 40,464,418 |
Total assets | $40,464,418 | $5,521,398,233 | $0 | $5,561,862,651 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.75% |
Class C | 1.50 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Year ended June 30 | ||
2021 | 2020 | |
Ordinary income | $ 0 | $ 5,608,097 |
Tax-exempt income | 134,377,968 | 139,262,547 |
Undistributed tax-exempt income | Unrealized gains | Capital loss carryforward |
$1,044,361 | $412,274,530 | $(36,744,930) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200043img650d5b9d7.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200043img1cdc2d4e1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g200043img37280c8c8.jpg)
A253/AR253 06-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g188436imgdbf798341.jpg)
Municipal Sustainability Fund
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6 | |
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Financial statements | |
17 | |
18 | |
19 | |
20 | |
25 | |
30 | |
31 | |
Board considerations | |
35 | |
38 | |
44 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g188436img3057b7002.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g188436imgab3432783.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Terry J. Goode, Robert J. Miller, Brandon Pae†, Nicholos Venditti† |
Average annual total returns (%) as of June 30, 2021 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1(%) | |||||||
Inception date | 1 year | Since inception | 1 year | Since inception | Gross | Net 2 | |||
Class A (WMSAX) | 2-28-2020 | 0.31 | 1.94 | 5.04 | 5.51 | 2.26 | 0.75 | ||
Class C (WMSCX) | 2-28-2020 | 3.30 | 4.76 | 4.30 | 4.76 | 3.01 | 1.50 | ||
Class R6 (WMSRX) | 2-28-2020 | - | - | 5.41 | 5.87 | 1.88 | 0.40 | ||
Administrator Class (WMSDX) | 2-28-2020 | - | - | 5.20 | 5.66 | 2.20 | 0.60 | ||
Institutional Class (WMSIX) | 2-28-2020 | - | - | 5.36 | 5.82 | 1.93 | 0.45 | ||
Bloomberg Barclays Municipal Bond Index3 | – | - | - | 4.17 | 2.33* | - | - |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | 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. |
† | Mr. Pae and Mr. Venditti became portfolio managers of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g188436img9e4090694.gif)
1 | The chart compares the performance of Class A shares since inception with the Bloomberg Barclays Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index, for the 12-month period that ended June 30, 2021. |
■ | Quality allocation and security selection were the largest contributors to performance followed by sector allocation. |
■ | Duration was the largest detractor from relative performance as municipal rates rose in select periods while the Fund was long duration relative to the index. Yield-curve positioning did offset some of the negative performance due to duration positioning, with an overweight to the better-performing maturity segments. |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g188436img2c2cdb5d5.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-CSR/0001193125-21-262222/g188436imgd4be19ba6.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 | |
Class A | ||||
Actual | $1,000.00 | $1,019.13 | $3.75 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.08 | $3.76 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,015.70 | $7.15 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.70 | $7.15 | 1.43% |
Class R6 | ||||
Actual | $1,000.00 | $1,020.90 | $2.00 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,019.89 | $3.00 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,020.65 | $2.25 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.56 | $2.26 | 0.45% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 99.80% | |||||
Alabama: 1.03% | |||||
Education revenue: 1.03% | |||||
University of North Alabama Revenue General Fee Series A | 5.00% | 11-1-2022 | $ 265,000 | $ 275,295 | |
Arizona: 6.10% | |||||
GO revenue: 1.23% | |||||
Maricopa County AZ Elementary School District #25 Liberty School Improvement Project 2019 Series A (AGM Insured) | 5.00 | 7-1-2023 | 300,000 | 327,684 | |
Miscellaneous revenue: 4.87% | |||||
Phoenix AZ Civic Improvement Corporation Water System Sustainability Bonds Series B ## | 5.00 | 7-1-2044 | 1,000,000 | 1,297,754 | |
1,625,438 | |||||
California: 10.57% | |||||
Education revenue: 0.52% | |||||
California Municipal Finance Authority Education Revenue Stream Charter School Project 144A | 5.00 | 6-15-2051 | 125,000 | 138,088 | |
Health revenue: 0.96% | |||||
San Buenaventura CA Community Mental Health System | 6.50 | 12-1-2021 | 250,000 | 256,374 | |
Housing revenue: 5.57% | |||||
California HFA MFHR | 1.45 | 4-1-2024 | 1,000,000 | 1,005,115 | |
California Municipal Finance Authority Student Housing Revenue CHF Riverside I LLC Projects | 5.00 | 5-15-2029 | 375,000 | 479,754 | |
1,484,869 | |||||
Miscellaneous revenue: 3.52% | |||||
California Infrastructure & Economic Development Bank Lease Revenue Teachers Retirement | 5.00 | 8-1-2030 | 310,000 | 401,834 | |
San Francisco City & County CA 49 South Van Ness Project Green Bond Series A | 4.00 | 4-1-2034 | 370,000 | 434,806 | |
San Joaquin CA Area Flood Control Agency Smith Canal Area Assessment District Revenue (AGM Insured) | 4.00 | 10-1-2021 | 100,000 | 100,883 | |
937,523 | |||||
2,816,854 | |||||
Colorado: 6.53% | |||||
Education revenue: 2.46% | |||||
Colorado ECFA Revenue Improvement & Refunding Bonds Charter School | 5.00 | 3-15-2027 | 535,000 | 655,290 | |
Health revenue: 2.22% | |||||
Colorado Health Facilities Authority Revenue Hospital Advent Health Obligated Group Series A | 4.00 | 11-15-2043 | 500,000 | 591,064 | |
Tax revenue: 1.85% | |||||
Regional Colorado Transportation District Private Activity Denver Transit Partners Eagle P3 Project Series A | 4.00 | 7-15-2040 | 375,000 | 494,010 | |
1,740,364 |
Interest rate | Maturity date | Principal | Value | ||
District of Columbia: 1.22% | |||||
Water & sewer revenue: 1.22% | |||||
District of Columbia Water & Sewer Authority Public Utility Green Bond Series A | 5.00% | 10-1-2038 | $ 250,000 | $ 324,231 | |
Florida: 0.51% | |||||
Education revenue: 0.51% | |||||
Florida Development Finance Corporation Educational Facilities United Cerebral Palsy Charter Schools Projects Social Bonds Series A | 5.00 | 6-1-2050 | 125,000 | 136,102 | |
Guam: 1.15% | |||||
Water & sewer revenue: 1.15% | |||||
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 250,000 | 306,907 | |
Idaho: 1.79% | |||||
Health revenue: 1.79% | |||||
Idaho Health Facilities Authority Hospital Trinity Health Credit Group Series A | 5.00 | 12-1-2047 | 385,000 | 476,700 | |
Illinois: 19.18% | |||||
GO revenue: 6.84% | |||||
Chicago IL Series A | 5.50 | 1-1-2039 | 360,000 | 409,867 | |
Chicago IL Series A | 6.00 | 1-1-2038 | 375,000 | 470,516 | |
Decatur IL (BAM Insured) | 5.00 | 3-1-2024 | 375,000 | 417,008 | |
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤ | 0.00 | 2-1-2027 | 155,000 | 144,373 | |
Will County IL Lincoln-Way Community High School District #210 Refunded Bond (AGM Insured) | 4.00 | 1-1-2022 | 375,000 | 381,531 | |
1,823,295 | |||||
Housing revenue: 1.76% | |||||
Northern Illinois University Board of Trustees Auxiliary Facilities System (BAM Insured) %% | 4.00 | 10-1-2041 | 400,000 | 469,983 | |
Miscellaneous revenue: 2.50% | |||||
Illinois Finance Authority Clean Water Initiative Revolving Fund | 5.00 | 7-1-2024 | 585,000 | 667,020 | |
Tax revenue: 2.24% | |||||
Chicago IL Transit Authority Sales Tax Receipts (AGM Insured) | 5.00 | 12-1-2046 | 500,000 | 595,324 | |
Transportation revenue: 2.92% | |||||
Chicago IL Public Building Commission Chicago Transit Authority (Ambac Insured) | 5.25 | 3-1-2031 | 600,000 | 777,653 | |
Water & sewer revenue: 2.92% | |||||
Chicago IL Wastewater Transmission Series C | 5.00 | 1-1-2024 | 700,000 | 778,108 | |
5,111,383 | |||||
Indiana: 4.70% | |||||
Miscellaneous revenue: 2.45% | |||||
Indiana Finance Authority State Revolving Fund Program Green Bond Series E | 5.00 | 2-1-2047 | 500,000 | 652,447 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 2.25% | |||||
Indiana Finance Authority Green Bond Series B | 5.00% | 2-1-2028 | $ 500,000 | $ 601,168 | |
1,253,615 | |||||
Louisiana: 0.65% | |||||
Water & sewer revenue: 0.65% | |||||
New Orleans LA Water Revenue (BAM Insured) | 5.00 | 12-1-2034 | 150,000 | 172,874 | |
Massachusetts: 2.75% | |||||
Education revenue: 2.22% | |||||
Massachusetts Development Finance Agency Boston College Issue Series U | 5.00 | 7-1-2025 | 500,000 | 590,557 | |
Health revenue: 0.53% | |||||
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2025 | 125,000 | 141,808 | |
732,365 | |||||
Michigan: 4.49% | |||||
Miscellaneous revenue: 2.28% | |||||
Michigan Building Authority Series I | 5.00 | 10-15-2031 | 500,000 | 605,793 | |
Tax revenue: 0.40% | |||||
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | 7-1-2044 | 100,000 | 106,946 | |
Water & sewer revenue: 1.81% | |||||
Great Lakes MI Water Authority Water Supply System Series D | 5.00 | 7-1-2031 | 400,000 | 483,023 | |
1,195,762 | |||||
Minnesota: 0.45% | |||||
Education revenue: 0.45% | |||||
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series 2020 | 5.00 | 9-1-2055 | 100,000 | 118,984 | |
Nevada: 5.16% | |||||
GO revenue: 5.16% | |||||
Clark County NV Flood Control District | 5.00 | 11-1-2029 | 500,000 | 649,211 | |
Clark County NV School District Building Series A | 4.00 | 6-15-2035 | 625,000 | 726,166 | |
1,375,377 | |||||
New Jersey: 1.58% | |||||
Miscellaneous revenue: 1.12% | |||||
New Jersey EDA Series XX | 4.00 | 6-15-2024 | 270,000 | 298,183 | |
Tax revenue: 0.46% | |||||
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 100,000 | 123,261 | |
421,444 |
Interest rate | Maturity date | Principal | Value | ||
New York: 8.87% | |||||
Education revenue: 3.45% | |||||
Build New York City Resource Corporation NEW World Preparatory Charter School Series A 144A | 4.00% | 6-15-2041 | $ 525,000 | $ 578,429 | |
New York Dormitory Authority Non-State Supported Debt Series A | 5.00 | 7-1-2038 | 270,000 | 341,217 | |
919,646 | |||||
GO revenue: 0.52% | |||||
Poughkeepsie City NY Refunding Bonds Public Improvement | 5.00 | 6-1-2024 | 125,000 | 137,203 | |
Transportation revenue: 2.44% | |||||
New York Metropolitan Transportation Authority Revenue BAN Subordinated Bond Series B-1 | 5.00 | 5-15-2022 | 625,000 | 650,856 | |
Water & sewer revenue: 2.46% | |||||
New York Environmental Facilities Corporation Clean Water & Drinking Water New York City Municipal Water Finance Authority Project Series A | 5.00 | 6-15-2032 | 500,000 | 656,183 | |
2,363,888 | |||||
North Carolina: 0.76% | |||||
Housing revenue: 0.76% | |||||
North Carolina Capital Facilities Finance Refunding Bonds The Arc of North Carolina Projects Series A (Department of Housing and Urban Development Insured) | 5.00 | 10-1-2024 | 180,000 | 203,513 | |
Oregon: 2.38% | |||||
GO revenue: 2.38% | |||||
Bend OR | 5.00 | 6-1-2050 | 500,000 | 635,675 | |
Pennsylvania: 7.45% | |||||
Education revenue: 3.30% | |||||
Allegheny County PA Higher Education Robert Morris University | 5.00 | 10-15-2037 | 250,000 | 290,878 | |
Philadelphia PA IDA Saint Joseph's University Series C | 4.00 | 11-1-2037 | 500,000 | 589,937 | |
880,815 | |||||
Health revenue: 1.68% | |||||
Westmoreland County PA IDA Excela Health Project Series A | 4.00 | 7-1-2037 | 375,000 | 446,467 | |
Transportation revenue: 2.47% | |||||
Pennsylvania Turnpike Commisson Turnpike Series B-1 | 5.25 | 6-1-2047 | 535,000 | 658,043 | |
1,985,325 | |||||
South Carolina: 1.25% | |||||
Education revenue: 1.25% | |||||
South Carolina Jobs EDA Revenue Wofford College Project | 5.00 | 4-1-2033 | 270,000 | 332,862 | |
Texas: 3.98% | |||||
Airport revenue: 1.41% | |||||
Galveston TX Wharves & Terminal Refunding Bonds | 4.63 | 2-1-2024 | 375,000 | 375,455 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 2.57% | |||||
Dallas County TX Hospital District Limited Tax | 5.00% | 8-15-2030 | $ 625,000 | $ 685,458 | |
1,060,913 | |||||
Virginia: 1.44% | |||||
Transportation revenue: 1.44% | |||||
Virginia Small Business Financing Authority AMT 95 Express Lanes LLC Project | 5.00 | 7-1-2049 | 375,000 | 383,522 | |
Washington: 5.81% | |||||
Education revenue: 0.66% | |||||
Washington HEFAR Seattle University Project | 5.00 | 5-1-2027 | 145,000 | 175,612 | |
GO revenue: 2.87% | |||||
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2026 | 625,000 | 764,269 | |
Utilities revenue: 2.28% | |||||
Chelan County WA Public Utility District #001 Consolidated Revenue Refunding Bonds Governmental Series A | 4.00 | 7-1-2036 | 500,000 | 608,520 | |
1,548,401 | |||||
Total Municipal obligations (Cost $25,055,740) | 26,597,794 |
Yield | Shares | ||||
Short-term investments: 1.14% | |||||
Investment companies: 1.14% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞ | 0.01 | 302,687 | 302,778 | ||
Total Short-term investments (Cost $302,778) | 302,778 | ||||
Total investments in securities (Cost $25,358,518) | 100.94% | 26,900,572 | |||
Other assets and liabilities, net | (0.94) | (249,929) | |||
Total net assets | 100.00% | $26,650,643 |
## | 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 |
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 |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
MFHR | Multifamily housing revenue |
RDA | Redevelopment 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 | $315,780 | $3,788,759 | $(3,801,765) | $9 | $(5) | $302,778 | 1.14% | 302,687 | $70 |
Assets | |
Investments in unaffiliated securities, at value (cost $25,055,740) | $ 26,597,794 |
Investments in affiliated securites, at value (cost $302,778) | 302,778 |
Receivable for investments sold | 714,816 |
Receivable for interest | 305,299 |
Receivable from manager | 4,184 |
Prepaid expenses and other assets | 8,525 |
Total assets | 27,933,396 |
Liabilities | |
Payable for investments purchased | 712,368 |
Payable for when-issued transactions | 464,664 |
Dividends payable | 42,539 |
Trustees’ fees and expenses payable | 1,182 |
Administration fees payable | 1,010 |
Payable for Fund shares redeemed | 208 |
Distribution fee payable | 143 |
Accrued expenses and other liabilities | 60,639 |
Total liabilities | 1,282,753 |
Total net assets | $26,650,643 |
Net assets consist of | |
Paid-in capital | $ 25,360,385 |
Total distributable earnings | 1,290,258 |
Total net assets | $26,650,643 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,156,069 |
Shares outstanding – Class A1 | 54,970 |
Net asset value per share – Class A | $21.03 |
Maximum offering price per share – Class A2 | $22.02 |
Net assets – Class C | $ 1,051,416 |
Shares outstanding – Class C1 | 50,000 |
Net asset value per share – Class C | $21.03 |
Net assets – Class R6 | $ 22,082,337 |
Shares outstanding – Class R61 | 1,050,000 |
Net asset value per share – Class R6 | $21.03 |
Net assets – Administrator Class | $ 1,191,871 |
Shares outstanding – Administrator Class1 | 56,672 |
Net asset value per share – Administrator Class | $21.03 |
Net assets – Institutional Class | $ 1,168,950 |
Shares outstanding – Institutional Class1 | 55,583 |
Net asset value per share – Institutional Class | $21.03 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 621,841 |
Income from affiliated securities | 70 |
Total investment income | 621,911 |
Expenses | |
Management fee | 103,992 |
Administration fees | |
Class A | 1,716 |
Class C | 1,657 |
Class R6 | 6,524 |
Administrator Class | 1,087 |
Institutional Class | 846 |
Shareholder servicing fees | |
Class A | 2,681 |
Class C | 2,588 |
Administrator Class | 2,718 |
Distribution fee | |
Class C | 5,163 |
Custody and accounting fees | 9,724 |
Professional fees | 74,823 |
Registration fees | 112,543 |
Shareholder report expenses | 42,406 |
Trustees’ fees and expenses | 19,402 |
Other fees and expenses | 12,501 |
Total expenses | 400,371 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (274,594) |
Class A | (322) |
Class C | (725) |
Class R6 | (2,175) |
Administrator Class | (1,087) |
Net expenses | 121,468 |
Net investment income | 500,443 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 128,372 |
Affiliated securities | 9 |
Net realized gains on investments | 128,381 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 723,889 |
Affiliated securities | (5) |
Net change in unrealized gains (losses) on investments | 723,884 |
Net realized and unrealized gains (losses) on investments | 852,265 |
Net increase in net assets resulting from operations | $1,352,708 |
Year ended June 30, 2021 | Year ended June 30, 20201 | |||
Operations | ||||
Net investment income | $ 500,443 | $ 148,500 | ||
Net realized gains (losses) on investments | 128,381 | (378,568) | ||
Net change in unrealized gains (losses) on investments | 723,884 | 818,170 | ||
Net increase in net assets resulting from operations | 1,352,708 | 588,102 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (17,573) | (5,137) | ||
Class C | (9,545) | (2,811) | ||
Class R6 | (432,065) | (131,738) | ||
Administrator Class | (19,469) | (5,618) | ||
Institutional Class | (20,488) | (6,108) | ||
Total distributions to shareholders | (499,140) | (151,412) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 6,252 | 129,818 | 50,101 | 1,002,010 |
Class C | 0 | 0 | 50,000 | 1,000,000 |
Class R6 | 0 | 0 | 1,050,000 | 21,000,000 |
Administrator Class | 12,749 | 268,337 | 50,000 | 1,000,000 |
Institutional Class | 5,584 | 116,637 | 50,000 | 1,000,000 |
514,792 | 25,002,010 | |||
Reinvestment of distributions | ||||
Class A | 25 | 530 | 0 | 0 |
Administrator Class | 45 | 932 | 0 | 0 |
Institutional Class | 20 | 429 | 0 | 0 |
1,891 | 0 | |||
Payment for shares redeemed | ||||
Class A | (1,408) | (29,021) | 0 | 0 |
Administrator Class | (6,122) | (128,854) | 0 | 0 |
Institutional Class | (21) | (433) | 0 | 0 |
(158,308) | 0 | |||
Net increase in net assets resulting from capital share transactions | 358,375 | 25,002,010 | ||
Total increase in net assets | 1,211,943 | 25,438,700 | ||
Net assets | ||||
Beginning of period | 25,438,700 | 0 | ||
End of period | $26,650,643 | $25,438,700 |
1 | For the period from February 28, 2020 (commencement of operations) to June 30, 2020 |
Year ended June 30 | ||
Class A | 2021 | 2020 1 |
Net asset value, beginning of period | $20.35 | $20.00 |
Net investment income | 0.34 | 0.10 |
Net realized and unrealized gains (losses) on investments | 0.68 | 0.35 |
Total from investment operations | 1.02 | 0.45 |
Distributions to shareholders from | ||
Net investment income | (0.34) | (0.10) |
Net asset value, end of period | $21.03 | $20.35 |
Total return2 | 5.04% | 2.27% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.85% | 2.26% |
Net expenses | 0.75% | 0.75% |
Net investment income | 1.64% | 1.52% |
Supplemental data | ||
Portfolio turnover rate | 77% | 32% |
Net assets, end of period (000s omitted) | $1,156 | $1,020 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||
Class C | 2021 | 2020 1 |
Net asset value, beginning of period | $20.35 | $20.00 |
Net investment income | 0.19 | 0.05 |
Net realized and unrealized gains (losses) on investments | 0.68 | 0.36 |
Total from investment operations | 0.87 | 0.41 |
Distributions to shareholders from | ||
Net investment income | (0.19) | (0.06) |
Net asset value, end of period | $21.03 | $20.35 |
Total return2 | 4.30% | 2.04% |
Ratios to average net assets (annualized) | ||
Gross expenses | 2.35% | 3.01% |
Net expenses | 1.46% 3 | 1.50% |
Net investment income | 0.93% | 0.78% |
Supplemental data | ||
Portfolio turnover rate | 77% | 32% |
Net assets, end of period (000s omitted) | $1,051 | $1,017 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the year ended June 30, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.04% higher. |
Year ended June 30 | ||
Class R6 | 2021 | 2020 1 |
Net asset value, beginning of period | $20.35 | $20.00 |
Net investment income | 0.41 | 0.13 2 |
Net realized and unrealized gains (losses) on investments | 0.68 | 0.35 |
Total from investment operations | 1.09 | 0.48 |
Distributions to shareholders from | ||
Net investment income | (0.41) | (0.13) |
Net asset value, end of period | $21.03 | $20.35 |
Total return3 | 5.41% | 2.39% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.48% | 1.88% |
Net expenses | 0.40% | 0.40% |
Net investment income | 1.99% | 1.87% |
Supplemental data | ||
Portfolio turnover rate | 77% | 32% |
Net assets, end of period (000s omitted) | $22,082 | $21,367 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||
Administrator Class | 2021 | 2020 1 |
Net asset value, beginning of period | $20.35 | $20.00 |
Net investment income | 0.37 | 0.11 |
Net realized and unrealized gains (losses) on investments | 0.68 | 0.35 |
Total from investment operations | 1.05 | 0.46 |
Distributions to shareholders from | ||
Net investment income | (0.37) | (0.11) |
Net asset value, end of period | $21.03 | $20.35 |
Total return2 | 5.20% | 2.32% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.77% | 2.20% |
Net expenses | 0.60% | 0.60% |
Net investment income | 1.80% | 1.67% |
Supplemental data | ||
Portfolio turnover rate | 77% | 32% |
Net assets, end of period (000s omitted) | $1,192 | $1,017 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||
Institutional Class | 2021 | 2020 1 |
Net asset value, beginning of period | $20.35 | $20.00 |
Net investment income | 0.40 | 0.12 |
Net realized and unrealized gains (losses) on investments | 0.68 | 0.35 |
Total from investment operations | 1.08 | 0.47 |
Distributions to shareholders from | ||
Net investment income | (0.40) | (0.12) |
Net asset value, end of period | $21.03 | $20.35 |
Total return2 | 5.36% | 2.37% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.52% | 1.93% |
Net expenses | 0.45% | 0.45% |
Net investment income | 1.94% | 1.82% |
Supplemental data | ||
Portfolio turnover rate | 77% | 32% |
Net assets, end of period (000s omitted) | $1,169 | $1,017 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,542,054 |
Gross unrealized losses | 0 |
Net unrealized gains | $1,542,054 |
■ | 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 | $ 26,597,794 | $0 | $ 26,597,794 |
Short-term investments | ||||
Investment companies | 302,778 | 0 | 0 | 302,778 |
Total assets | $302,778 | $26,597,794 | $0 | $26,900,572 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.75% |
Class C | 1.50 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Undistributed tax-exempt income | Unrealized gains | Capital loss carryforward |
$40,930 | $1,542,054 | $(250,187) |
Wells Fargo Funds Trust:
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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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A297/AR297 06-21
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Pennsylvania Tax-Free Fund
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Financial statements | |
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Board considerations | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax and Pennsylvania individual income tax. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Bruce R. Johns, Kerry Laurin*, Robert J. Miller |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKVAX) | 12-27-1990 | -0.15 | 1.83 | 3.80 | 4.52 | 2.77 | 4.28 | 0.97 | 0.74 | ||
Class C (EKVCX) | 2-1-1993 | 2.74 | 2.00 | 3.51 | 3.74 | 2.00 | 3.51 | 1.72 | 1.49 | ||
Institutional Class (EKVYX) | 11-24-1997 | – | – | – | 4.78 | 3.02 | 4.54 | 0.64 | 0.49 | ||
Bloomberg Barclays Municipal Bond Index3 | – | – | – | – | 4.17 | 3.25 | 4.28 | – | – | ||
Bloomberg Barclays Pennsylvania Municipal Bond Index4 | – | – | – | – | 4.80 | 3.63 | 4.62 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C, and 0.49% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | 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. |
4 | The Bloomberg Barclays Pennsylvania Municipal Bond Index is a Pennsylvania-specific total return index. The index is composed of Pennsylvania bonds. The bonds are all investment-grade, fixed-rate, long-term maturities (greater than two years) and are selected from issues larger than $50 million dated since January 1984. Bonds are added to the index and weighted and updated monthly, with a one-month lag. You cannot invest directly in an index. |
* | Ms. Laurin became a portfolio manager of the Fund on September 1, 2020. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index and Bloomberg Barclays Pennsylvania Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund (Class A, excluding sales charges) outperformed the Bloomberg Barclays Municipal Bond Index and underperformed the Bloomberg Barclays Pennsylvania Municipal Bond Index for the 12-month period that ended June 30, 2021. |
■ | Sector allocation and security selection added to performance. The Fund was overweight revenue bonds in the education sector, which contributed to performance, and security selection within that sector contributed to performance. Strong security selection in the transportation, housing, and hospital sectors also aided performance. |
■ | We were underweight the highest-quality investment-grade bonds (AAA-rated and AA-rated) and overweight lower-quality investment-grade bonds (BBB-rated). For the period, lower-quality investment grade bonds outperformed higher-quality investment-grade bonds. Our out-of-benchmark allocation to non-investment-grade bonds added to performance. |
■ | The Fund’s conservative duration positioning compared with the Bloomberg Barclays Pennsylvania Municipal Bond Index detracted from performance as longer rates rallied. Yield-curve positioning detracted from performance as we were underweight longer-dated bonds, whose performance was better than the Fund itself, and overweight intermediate-term bonds, which underperformed the Fund. Our overweight to general obligation (GO) bonds, detracted from performance. |
Credit quality as of June 30, 20211 |
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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 |
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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 | |
Class A | ||||
Actual | $1,000.00 | $1,016.59 | $3.70 | 0.74% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.12 | $3.71 | 0.74% |
Class C | ||||
Actual | $1,000.00 | $1,013.67 | $7.44 | 1.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.41 | $7.45 | 1.49% |
Institutional Class | ||||
Actual | $1,000.00 | $1,017.84 | $2.45 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.36 | $2.46 | 0.49% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 100.37% | |||||
Florida: 0.77% | |||||
Industrial development revenue: 0.77% | |||||
Jacksonville FL Economic Development AMT Metropolitan Parking Solutions Project (ACA Insured) | 5.50% | 10-1-2030 | $1,000,000 | $ 1,003,473 | |
Guam: 0.95% | |||||
Airport revenue: 0.50% | |||||
Guam Port Authority AMT Series B | 5.00 | 7-1-2032 | 550,000 | 656,861 | |
Tax revenue: 0.45% | |||||
Guam Government Privilege Business Tax Revenue Refunding Bond Series F %% | 4.00 | 1-1-2036 | 500,000 | 580,185 | |
1,237,046 | |||||
Illinois: 0.78% | |||||
Miscellaneous revenue: 0.78% | |||||
Illinois Series D | 5.00 | 11-1-2021 | 1,000,000 | 1,015,878 | |
New Jersey: 0.29% | |||||
Tax revenue: 0.29% | |||||
New Jersey COVID-19 Emergency Series A | 5.00 | 6-1-2027 | 300,000 | 372,532 | |
Pennsylvania: 97.58% | |||||
Airport revenue: 1.33% | |||||
Philadelphia PA Airport Refunding Bond AMT Series A | 5.00 | 6-15-2030 | 1,500,000 | 1,734,450 | |
Education revenue: 22.99% | |||||
Allegheny County PA Higher Education Building Authority Duquesne University Series A | 4.00 | 3-1-2040 | 1,500,000 | 1,758,467 | |
Allegheny County PA Higher Education Robert Morris University | 5.00 | 10-15-2037 | 750,000 | 872,634 | |
Chester County PA IDA Avon Grove Charter School Project Refunding Bond Series A | 5.00 | 12-15-2047 | 1,160,000 | 1,308,332 | |
Chester County PA IDA Collegium Charter School Project Refunding Bond Series A | 5.00 | 10-15-2022 | 730,000 | 751,710 | |
Chester County PA IDA Collegium Charter School Project Series A | 5.13 | 10-15-2037 | 1,000,000 | 1,145,196 | |
Chester County PA IDA Renaissance Academy Charter School Project | 3.75 | 10-1-2024 | 485,000 | 502,365 | |
Delaware County PA Authority Neumann University Bond | 5.00 | 10-1-2039 | 250,000 | 309,514 | |
Latrobe PA IDA Seton Hall University | 4.00 | 3-1-2051 | 800,000 | 872,462 | |
Lehigh County PA IDA Seven Generations Charter School | 4.00 | 5-1-2051 | 750,000 | 803,567 | |
Lycoming County PA Authority Pennsylvania College of Technology | 5.00 | 10-1-2023 | 325,000 | 357,380 | |
Lycoming County PA Authority Pennsylvania College of Technology | 5.50 | 7-1-2026 | 3,000,000 | 3,000,000 | |
Montgomery County PA Higher Education & Health Authority Arcadia University Refunding Bond | 5.00 | 4-1-2030 | 1,500,000 | 1,707,109 | |
Montgomery County PA IDA Germantown Academy Project %% | 4.00 | 10-1-2041 | 450,000 | 503,863 | |
Montgomery County PA IDA Germantown Academy Project %% | 4.00 | 10-1-2046 | 225,000 | 267,468 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Montgomery County PA IDA Germantown Academy Project %% | 4.00% | 10-1-2051 | $ 825,000 | $ 976,565 | |
Northeastern Pennsylvania Hospital & Education Authority Refunding Bond Wilkes University Project Series B | 5.25 | 3-1-2037 | 1,000,000 | 1,159,353 | |
Pennsylvania HEFAR Temple University First Series | 5.00 | 4-1-2032 | 1,000,000 | 1,036,435 | |
Pennsylvania Public School Building Authority Northampton County Area Community College Project Series A (BAM Insured) | 5.00 | 6-15-2027 | 1,610,000 | 1,676,893 | |
Pennsylvania State University Refunding Bond Series B | 5.00 | 9-1-2034 | 2,175,000 | 2,614,018 | |
Philadelphia PA Authority for Industrial Development Charter School Philadelphia Performing Arts 144A | 5.00 | 6-15-2029 | 220,000 | 267,095 | |
Philadelphia PA Authority for Industrial Development Charter School Philadelphia Performing Arts 144A | 5.00 | 6-15-2030 | 145,000 | 175,090 | |
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 Independence Charter School Project | 5.00 | 6-15-2039 | 250,000 | 278,166 | |
Philadelphia PA IDA La Salle University | 5.00 | 5-1-2036 | 1,355,000 | 1,513,452 | |
Philadelphia PA IDA Tacony Academy Charter School Project | 6.88 | 6-15-2033 | 1,000,000 | 1,106,939 | |
Philadelphia PA IDA Temple University 1st Series 2016 | 5.00 | 4-1-2029 | 1,000,000 | 1,157,962 | |
Philadelphia PA IDA West Philadelphia Achievement Charter Elementary School Project | 7.50 | 5-1-2031 | 1,285,000 | 1,289,383 | |
South Central Pennsylvania General Authority Aicup Financing Program York College | 4.00 | 5-1-2032 | 330,000 | 389,484 | |
South Central Pennsylvania General Authority Aicup Financing Program York College | 4.00 | 5-1-2033 | 315,000 | 370,542 | |
South Central Pennsylvania General Authority Aicup Financing Program York College | 4.00 | 5-1-2034 | 550,000 | 645,462 | |
29,976,434 | |||||
GO revenue: 23.56% | |||||
Allegheny County PA Series C-78 | 4.00 | 11-1-2049 | 1,000,000 | 1,193,429 | |
Allentown PA Notes (BAM Insured) | 4.00 | 10-1-2045 | 1,250,000 | 1,449,256 | |
Blue Mountain PA School District Series B (AGM Insured) | 4.00 | 8-1-2035 | 250,000 | 300,765 | |
Blue Mountain PA School District Series B (AGM Insured) | 4.00 | 8-1-2036 | 350,000 | 420,135 | |
Blue Mountain PA School District Series B (AGM Insured) | 4.00 | 8-1-2037 | 350,000 | 419,082 | |
Blue Mountain PA School District Series B (AGM Insured) | 4.00 | 8-1-2038 | 250,000 | 298,726 | |
Central Dauphin PA School District | 5.00 | 2-1-2037 | 2,075,000 | 2,384,660 | |
Coatesville PA Area School District CAB Series C (BAM Insured) ¤ | 0.00 | 10-1-2033 | 1,000,000 | 693,321 | |
Downingtown PA Area School District Series C | 5.00 | 8-1-2032 | 1,000,000 | 1,218,777 | |
Erie PA City School District Limited Tax Series A (AGM Insured) | 5.00 | 4-1-2034 | 515,000 | 652,002 | |
Leechburg PA School District (BAM Insured) | 4.00 | 2-1-2044 | 1,305,000 | 1,371,248 | |
North Allegheny PA School District | 5.00 | 5-1-2030 | 100,000 | 130,776 | |
North Allegheny PA School District | 5.00 | 5-1-2031 | 290,000 | 377,061 | |
Parkland PA School District Series A | 4.00 | 2-1-2029 | 300,000 | 364,560 | |
Parkland PA School District Series B | 4.00 | 2-1-2036 | 650,000 | 783,007 | |
Penn-Delco Pennsylvania School District | 4.00 | 6-1-2045 | 1,000,000 | 1,129,690 | |
Pequea Valley PA School District | 3.00 | 5-15-2024 | 225,000 | 241,370 | |
Pequea Valley PA School District | 4.00 | 5-15-2049 | 750,000 | 888,407 | |
Philadelphia PA Refunding Bond Series A | 5.25 | 7-15-2033 | 1,500,000 | 1,678,024 | |
Philadelphia PA School District Refunding Bond Series A (AGM / FGIC Insured) | 5.00 | 6-1-2024 | 1,385,000 | 1,559,024 | |
Philadelphia PA School District Refunding Bond Series C | 5.00 | 9-1-2021 | 1,395,000 | 1,405,825 | |
Philadelphia PA School District Series B | 5.00 | 9-1-2043 | 1,235,000 | 1,521,876 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Philadelphia PA Series A | 5.00% | 8-1-2036 | $1,250,000 | $ 1,527,595 | |
Pittsburgh PA (BAM Insured) | 5.00 | 9-1-2030 | 500,000 | 574,113 | |
Pittsburgh PA | 4.00 | 9-1-2041 | 1,100,000 | 1,286,452 | |
Pittsburgh PA Moon Area School District Series A | 5.00 | 11-15-2029 | 1,445,000 | 1,659,265 | |
Reading PA School District Series A (AGM Insured) | 5.00 | 2-1-2033 | 1,500,000 | 1,727,876 | |
West Mifflin PA Area School District (AGM Insured) | 5.00 | 4-1-2028 | 1,000,000 | 1,214,340 | |
West Shore PA School District | 5.00 | 11-15-2048 | 1,500,000 | 1,820,344 | |
Wilkes-Barre School District Luzerne County PA Series 2019 (BAM Insured) | 5.00 | 4-15-2027 | 100,000 | 123,186 | |
Wilkes-Barre School District Luzerne County PA Series 2019 (BAM Insured) | 5.00 | 4-15-2028 | 120,000 | 151,431 | |
Wilkes-Barre School District Luzerne County PA Series 2019 (BAM Insured) | 5.00 | 4-15-2029 | 50,000 | 64,450 | |
Wilkes-Barre School District Luzerne County PA Series 2019 (BAM Insured) | 5.00 | 4-15-2030 | 70,000 | 89,936 | |
30,720,009 | |||||
Health revenue: 18.50% | |||||
Allegheny County PA Hospital Development Authority Allegheny Health Network | 4.00 | 4-1-2044 | 1,810,000 | 2,056,118 | |
Allegheny County PA Hospital Development Authority Health Center Series B (NPFGC Insured) | 6.00 | 7-1-2027 | 1,800,000 | 2,345,186 | |
Berks County PA IDA Tower Health Project | 5.00 | 11-1-2037 | 930,000 | 1,014,225 | |
Bucks County PA IDA St. Lukes University Health Network | 4.00 | 8-15-2050 | 400,000 | 456,030 | |
Cumberland County PA Municipal Authority | 5.00 | 1-1-2028 | 265,000 | 306,291 | |
Cumberland County PA Municipal Authority | 5.00 | 1-1-2028 | 1,825,000 | 2,066,514 | |
Dauphin County PA General Authority Pinnacle Health System Project | 5.00 | 6-1-2042 | 500,000 | 517,729 | |
Dauphin County PA General Authority Pinnacle Health System Project Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,172,153 | |
Doylestown PA Hospital Authority Doylestown Hospital Series A | 5.00 | 7-1-2049 | 250,000 | 296,155 | |
East Hempfield Township PA IDA Willow Valley Communities Project Refunding Bond | 5.00 | 12-1-2028 | 450,000 | 524,540 | |
East Hempfield Township PA IDA Willow Valley Communities Project Refunding Bond | 5.00 | 12-1-2029 | 375,000 | 435,849 | |
Geisinger PA Health System Series A-1 | 4.00 | 4-1-2050 | 1,000,000 | 1,165,167 | |
Lancaster County PA Hospital Authority St. Annes Retirement Community Incorporated | 5.00 | 3-1-2045 | 500,000 | 561,557 | |
Montgomery County PA IDA ACTS Retirement Life Communities | 5.00 | 11-15-2045 | 1,000,000 | 1,210,369 | |
Montgomery County PA IDA Jefferson Health System Series A | 5.00 | 10-1-2027 | 1,000,000 | 1,036,435 | |
Montgomery County PA IDA Waverly Heights Limited Project | 5.00 | 12-1-2044 | 1,000,000 | 1,158,847 | |
Northampton County PA St. Luke's Hospital of Bethlehem Series A ## | 5.00 | 8-15-2033 | 1,435,000 | 1,550,611 | |
Pennsylvania EDFA Series A | 5.00 | 10-15-2035 | 645,000 | 862,535 | |
Pennsylvania EDFA Series A | 5.00 | 10-15-2036 | 800,000 | 1,067,609 | |
Pennsylvania EDFA Series A-1 | 4.00 | 4-15-2037 | 700,000 | 835,458 | |
Pennsylvania Higher Educational University Pennsylvania Health System Series A | 5.00 | 8-15-2047 | 1,500,000 | 1,826,566 | |
West Cornwall Township PA Municipal Authority Healthcare Facilities Lebanon Valley Bretheren Home Project | 4.00 | 11-15-2022 | 70,000 | 73,162 | |
West Cornwall Township PA Municipal Authority Healthcare Facilities Lebanon Valley Bretheren Home Project | 4.00 | 11-15-2023 | 75,000 | 80,750 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
West Cornwall Township PA Municipal Authority Healthcare Facilities Lebanon Valley Bretheren Home Project | 4.00% | 11-15-2041 | $ 370,000 | $ 424,794 | |
West Cornwall Township PA Municipal Authority Healthcare Facilities Lebanon Valley Bretheren Home Project | 4.00 | 11-15-2046 | 525,000 | 597,713 | |
Westmoreland County PA IDA Excela Health Project Series A | 4.00 | 7-1-2037 | 400,000 | 476,231 | |
24,118,594 | |||||
Housing revenue: 0.45% | |||||
Chester County PA IDA University Student Housing LLC Project Series A | 5.00 | 8-1-2030 | 555,000 | 588,405 | |
Miscellaneous revenue: 17.66% | |||||
Butler County PA General Authority Hampton Township School District Project Series 2007 (AGM Insured, PNC Bank NA SPA) ø | 0.06 | 9-1-2027 | 2,000,000 | 2,000,000 | |
Delaware County PA Authority Neumann University Refunding Bond | 5.00 | 10-1-2031 | 1,500,000 | 1,715,716 | |
Delaware County PA Vocational & Technical School Authority (BAM Insured) | 5.25 | 11-1-2033 | 1,000,000 | 1,108,388 | |
Delaware Valley PA Regional Finance Authority Local Government Series A (Ambac Insured) | 5.50 | 8-1-2028 | 2,000,000 | 2,602,217 | |
Pennsylvania Certificate of Participation Series A | 5.00 | 7-1-2038 | 1,000,000 | 1,218,682 | |
Pennsylvania Commonwealth Financing Authority Refunding Bond Series B | 5.00 | 6-1-2031 | 250,000 | 336,091 | |
Pennsylvania Commonwealth Financing Authority Series B | 5.00 | 6-1-2026 | 1,000,000 | 1,044,464 | |
Pennsylvania EDFA Sewage Sludge Disposal Refunding Bond Philadelphia Bioslides Facility | 4.00 | 1-1-2030 | 400,000 | 468,636 | |
Pennsylvania Financing Authority Pennsylvania Hills Project CAB Series B (NPFGC Insured) ¤ | 0.00 | 12-1-2022 | 1,200,000 | 1,185,265 | |
Pennsylvania Financing Authority Pennsylvania Hills Project CAB Series B (NPFGC Insured) ¤ | 0.00 | 12-1-2023 | 3,790,000 | 3,696,271 | |
Pennsylvania Public School Building Authority Chester Upland School District Project Series B | 5.25 | 9-15-2030 | 540,000 | 674,462 | |
Pennsylvania Public School Building Authority Chester Upland School District Project Series C (AGM Insured) | 5.00 | 9-15-2026 | 875,000 | 883,038 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2027 | 360,000 | 413,486 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2027 | 650,000 | 751,519 | |
Pennsylvania Turnpike Commission Series A (AGM Insured) | 5.25 | 7-15-2021 | 1,000,000 | 1,001,838 | |
Philadelphia PA IDA City Agreement Green Bond Museum Art Energy Saving Program Series A | 5.00 | 2-15-2038 | 785,000 | 965,477 | |
Philadelphia PA IDA Refunding Bond Cultural & Commercial Corridors Program Series A | 5.00 | 12-1-2028 | 2,500,000 | 2,969,661 | |
23,035,211 | |||||
Tobacco revenue: 2.30% | |||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0060 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.07 | 6-1-2034 | 3,000,000 | 3,000,000 | |
Transportation revenue: 6.24% | |||||
Delaware River PA Joint Toll Bridge Commission | 5.00 | 7-1-2042 | 580,000 | 703,593 | |
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,000,000 | 1,216,082 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Pennsylvania Turnpike Commission Series A-2 | 5.00% | 12-1-2048 | $2,000,000 | $ 2,475,399 | |
Pennsylvania Turnpike Commission Subordinate Bond Series A | 5.50 | 12-1-2042 | 3,000,000 | 3,737,378 | |
8,132,452 | |||||
Water & sewer revenue: 4.55% | |||||
Capital Region Pennsylvania Water & Sewer System Refunding Bond | 5.00 | 7-15-2037 | 1,000,000 | 1,227,996 | |
Lehigh County PA General Purpose Authority CAB Allentown Project ¤ | 0.00 | 12-1-2030 | 2,000,000 | 1,643,001 | |
Luzerne County PA IDA Refunding Bonds AMT Pennsylvania American Water Company Project | 2.45 | 12-1-2039 | 500,000 | 543,322 | |
Philadelphia PA Water & Wastewater Refunding Bond Series A | 5.00 | 10-1-2038 | 2,000,000 | 2,524,939 | |
5,939,258 | |||||
127,244,813 | |||||
Total Municipal obligations (Cost $121,170,737) | 130,873,742 |
Yield | Shares | ||||
Short-term investments: 0.60% | |||||
Investment companies: 0.60% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 786,835 | 787,071 | ||
Total Short-term investments (Cost $787,071) | 787,071 | ||||
Total investments in securities (Cost $121,957,808) | 100.97% | 131,660,813 | |||
Other assets and liabilities, net | (0.97) | (1,266,593) | |||
Total net assets | 100.00% | $130,394,220 |
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. |
## | All or a portion of this security is segregated for when-issued securities. |
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. |
♠ | 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: | |
ACA | ACA Financial Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
EDFA | Economic Development Finance Authority |
FGIC | Financial Guaranty Insurance Corporation |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
SPA | Standby purchase agreement |
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 | $1,563,134 | $34,611,371 | $(35,387,308) | $(27) | $(99) | $787,071 | 0.60% | 786,835 | $243 |
Assets | |
Investments in unaffiliated securities, at value (cost $121,170,737) | $ 130,873,742 |
Investments in affiliated securites, at value (cost $787,071) | 787,071 |
Receivable for interest | 1,259,888 |
Receivable for Fund shares sold | 7,427 |
Prepaid expenses and other assets | 8,994 |
Total assets | 132,937,122 |
Liabilities | |
Payable for when-issued transactions | 2,316,743 |
Dividends payable | 109,593 |
Payable for Fund shares redeemed | 60,280 |
Management fee payable | 26,794 |
Administration fees payable | 11,770 |
Distribution fee payable | 4,016 |
Trustees’ fees and expenses payable | 133 |
Accrued expenses and other liabilities | 13,573 |
Total liabilities | 2,542,902 |
Total net assets | $130,394,220 |
Net assets consist of | |
Paid-in capital | $ 120,749,448 |
Total distributable earnings | 9,644,772 |
Total net assets | $130,394,220 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 41,945,380 |
Shares outstanding – Class A1 | 3,503,018 |
Net asset value per share – Class A | $11.97 |
Maximum offering price per share – Class A2 | $12.53 |
Net assets – Class C | $ 6,484,595 |
Shares outstanding – Class C1 | 542,526 |
Net asset value per share – Class C | $11.95 |
Net assets – Institutional Class | $ 81,964,245 |
Shares outstanding – Institutional Class1 | 6,844,965 |
Net asset value per share – Institutional Class | $11.97 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 4,377,790 |
Income from affiliated securities | 243 |
Total investment income | 4,378,033 |
Expenses | |
Management fee | 518,970 |
Administration fees | |
Class A | 66,944 |
Class C | 11,637 |
Institutional Class | 64,504 |
Shareholder servicing fees | |
Class A | 104,356 |
Class C | 18,170 |
Distribution fee | |
Class C | 54,343 |
Custody and accounting fees | 10,537 |
Professional fees | 52,090 |
Registration fees | 46,819 |
Shareholder report expenses | 22,107 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 13,232 |
Total expenses | 1,002,981 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (150,233) |
Class A | (34,857) |
Class C | (5,556) |
Net expenses | 812,335 |
Net investment income | 3,565,698 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 671,355 |
Affiliated securities | (27) |
Net realized gains on investments | 671,328 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 1,724,231 |
Affiliated securities | (99) |
Net change in unrealized gains (losses) on investments | 1,724,132 |
Net realized and unrealized gains (losses) on investments | 2,395,460 |
Net increase in net assets resulting from operations | $5,961,158 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 3,565,698 | $ 3,986,943 | ||
Net realized gains (losses) on investments | 671,328 | (262,188) | ||
Net change in unrealized gains (losses) on investments | 1,724,132 | (211,449) | ||
Net increase in net assets resulting from operations | 5,961,158 | 3,513,306 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,075,690) | (1,173,120) | ||
Class C | (132,697) | (184,695) | ||
Institutional Class | (2,271,663) | (2,565,155) | ||
Total distributions to shareholders | (3,480,050) | (3,922,970) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 320,556 | 3,801,618 | 488,464 | 5,729,161 |
Class C | 28,621 | 340,569 | 101,019 | 1,188,807 |
Institutional Class | 766,728 | 9,122,470 | 1,171,692 | 13,830,091 |
13,264,657 | 20,748,059 | |||
Reinvestment of distributions | ||||
Class A | 84,782 | 1,006,838 | 92,310 | 1,090,759 |
Class C | 10,615 | 125,775 | 14,791 | 174,514 |
Institutional Class | 84,467 | 1,003,170 | 88,777 | 1,048,900 |
2,135,783 | 2,314,173 | |||
Payment for shares redeemed | ||||
Class A | (439,252) | (5,205,358) | (544,701) | (6,432,927) |
Class C | (212,548) | (2,515,177) | (145,323) | (1,715,156) |
Institutional Class | (866,403) | (10,302,242) | (1,114,671) | (13,119,929) |
(18,022,777) | (21,268,012) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (2,622,337) | 1,794,220 | ||
Total increase (decrease) in net assets | (141,229) | 1,384,556 | ||
Net assets | ||||
Beginning of period | 130,535,449 | 129,150,893 | ||
End of period | $130,394,220 | $130,535,449 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.75 | $11.78 | $11.48 | $11.67 | $12.13 |
Net investment income | 0.31 | 0.35 | 0.35 | 0.38 | 0.36 |
Net realized and unrealized gains (losses) on investments | 0.22 | (0.04) | 0.32 | (0.19) | (0.46) |
Total from investment operations | 0.53 | 0.31 | 0.67 | 0.19 | (0.10) |
Distributions to shareholders from | |||||
Net investment income | (0.31) | (0.34) | (0.34) | (0.38) | (0.36) |
Tax basis return of capital | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Total distributions to shareholders | (0.31) | (0.34) | (0.37) | (0.38) | (0.36) |
Net asset value, end of period | $11.97 | $11.75 | $11.78 | $11.48 | $11.67 |
Total return1 | 4.52% | 2.65% | 6.00% | 1.62% | (0.83)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.94% | 0.97% | 0.96% | 0.91% | 0.90% |
Net expenses | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Net investment income | 2.64% | 2.92% | 3.07% | 3.25% | 3.02% |
Supplemental data | |||||
Portfolio turnover rate | 21% | 14% | 9% | 10% | 20% |
Net assets, end of period (000s omitted) | $41,945 | $41,550 | $41,255 | $40,664 | $45,381 |
1 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.73 | $11.76 | $11.45 | $11.65 | $12.11 |
Net investment income | 0.22 | 0.27 | 0.26 1 | 0.29 1 | 0.27 1 |
Net realized and unrealized gains (losses) on investments | 0.22 | (0.05) | 0.34 | (0.20) | (0.46) |
Total from investment operations | 0.44 | 0.22 | 0.60 | 0.09 | (0.19) |
Distributions to shareholders from | |||||
Net investment income | (0.22) | (0.25) | (0.26) | (0.29) | (0.27) |
Tax basis return of capital | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Total distributions to shareholders | (0.22) | (0.25) | (0.29) | (0.29) | (0.27) |
Net asset value, end of period | $11.95 | $11.73 | $11.76 | $11.45 | $11.65 |
Total return2 | 3.74% | 1.89% | 5.31% | 0.77% | (1.58)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.68% | 1.72% | 1.70% | 1.66% | 1.65% |
Net expenses | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
Net investment income | 1.89% | 2.23% | 2.32% | 2.50% | 2.27% |
Supplemental data | |||||
Portfolio turnover rate | 21% | 14% | 9% | 10% | 20% |
Net assets, end of period (000s omitted) | $6,485 | $8,394 | $8,768 | $13,440 | $16,323 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.75 | $11.78 | $11.48 | $11.67 | $12.13 |
Net investment income | 0.34 | 0.38 | 0.38 | 0.40 | 0.39 1 |
Net realized and unrealized gains (losses) on investments | 0.21 | (0.04) | 0.32 | (0.18) | (0.46) |
Total from investment operations | 0.55 | 0.34 | 0.70 | 0.22 | (0.07) |
Distributions to shareholders from | |||||
Net investment income | (0.33) | (0.37) | (0.37) | (0.41) | (0.39) |
Tax basis return of capital | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Total distributions to shareholders | (0.33) | (0.37) | (0.40) | (0.41) | (0.39) |
Net asset value, end of period | $11.97 | $11.75 | $11.78 | $11.48 | $11.67 |
Total return | 4.78% | 2.91% | 6.27% | 1.88% | (0.58)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.61% | 0.64% | 0.62% | 0.58% | 0.57% |
Net expenses | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Net investment income | 2.88% | 3.18% | 3.31% | 3.50% | 3.27% |
Supplemental data | |||||
Portfolio turnover rate | 21% | 14% | 9% | 10% | 20% |
Net assets, end of period (000s omitted) | $81,964 | $80,592 | $79,128 | $88,663 | $102,672 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $9,711,539 |
Gross unrealized losses | (8,536) |
Net unrealized gains | $9,703,003 |
■ | 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 | $ 130,873,742 | $0 | $ 130,873,742 |
Short-term investments | ||||
Investment companies | 787,071 | 0 | 0 | 787,071 |
Total assets | $787,071 | $130,873,742 | $0 | $131,660,813 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.74% |
Class C | 1.49 |
Institutional Class | 0.49 |
Undistributed tax-exempt income | Unrealized gains | Capital loss carryforward |
$124,573 | $9,703,003 | $(60,789) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g180951img44b0be607.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A255/AR255 06-21
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Short-Term Municipal Bond Fund
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Board considerations | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g177741img226230dd3.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax consistent with capital preservation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Bruce Johns, Brandon Pae*, Nicholos Venditti* |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WSMAX) | 7-18-2008 | -0.51 | 0.96 | 1.19 | 1.52 | 1.37 | 1.40 | 0.76 | 0.63 | ||
Class C (WSSCX) | 1-31-2003 | -0.24 | 0.61 | 0.64 | 0.76 | 0.61 | 0.64 | 1.51 | 1.38 | ||
Class R6 (WSSRX)3 | 7-31-2018 | – | – | – | 1.80 | 1.63 | 1.63 | 0.38 | 0.35 | ||
Administrator Class (WSTMX) | 7-30-2010 | – | – | – | 1.65 | 1.40 | 1.41 | 0.70 | 0.60 | ||
Institutional Class (WSBIX) | 3-31-2008 | – | – | – | 1.75 | 1.60 | 1.62 | 0.43 | 0.40 | ||
Bloomberg Barclays 1-3 Year Composite Municipal Bond Index4 | – | – | – | – | 1.12 | 1.58 | 1.41 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.63% for Class A, 1.38% for Class C, 0.35% for Class R6, 0.60% for Administrator Class, and 0.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Bloomberg Barclays 1-3 Year Composite Municipal Bond Index is a blended index weighted 50% in the Bloomberg Barclays 1-Year Municipal Bond Index and 50% in the Barclays 3-Year Municipal Bond Index. You cannot invest directly in an index. |
* | Mr. Pae and Mr. Venditti became portfolio managers of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g177741imgd06c72724.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays 1-3 Year Composite Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%. |
■ | The Fund (Class A shares, excluding sales charges) outperformed its benchmark, the Bloomberg Barclays 1–3 Year Composite Municipal Bond Index, for the 12-month period that ended June 30, 2021. |
■ | The Fund extended its duration over the year to end the year with a duration slightly lower than that of the index, which added to performance. The barbell yield-curve positioning contributed to performance as our overweight to the longest bonds significantly added to performance. |
■ | Credit-quality positioning added to performance as we were overweight lower-quality investment-grade bonds (A-rated and BBB-rated), which outperformed relative to higher-quality investment-grade bonds (AAA-rated and AA-rated), which underperformed. Sector allocation was also additive to performance; we were overweight outperforming revenue bonds and underweight underperforming prerefunded bonds. |
■ | Security selection was a modest detractor from performance in some asset categories, like leasing, housing, and local general obligations (GOs), as the bonds we choose were subpar performers. |
Credit quality as of June 30, 20211 |
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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-CSR/0001193125-21-262222/g177741imgcaf4188d6.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. |
* | 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. |
Beginning account value 1-1-2021 | Ending account value 6-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,002.82 | $3.13 | 0.63% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.67 | $3.16 | 0.63% |
Class C | ||||
Actual | $1,000.00 | $ 999.08 | $6.84 | 1.38% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.95 | $6.90 | 1.38% |
Class R6 | ||||
Actual | $1,000.00 | $1,004.21 | $1.74 | 0.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.06 | $1.76 | 0.35% |
Administrator Class | ||||
Actual | $1,000.00 | $1,002.96 | $2.98 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,003.96 | $1.99 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.96% | |||||
California: 0.57% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (144 shares) 0.33% 144Aø | $14,400,000 | $ 14,400,000 | |||
Other: 0.39% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series B (10,000 shares) 0.33% 144Aø | 10,000,000 | 10,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $24,400,000) | 24,400,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 98.25% | |||||
Alabama: 3.76% | |||||
Airport revenue: 0.09% | |||||
Birmingham AL Airport Authority Series 2020 (BAM Insured) | 5.00% | 7-1-2023 | 475,000 | 520,233 | |
Birmingham AL Airport Authority Series 2020 (BAM Insured) | 5.00 | 7-1-2026 | 900,000 | 1,095,192 | |
Birmingham AL Airport Authority Series 2020 (BAM Insured) | 5.00 | 7-1-2027 | 500,000 | 624,225 | |
2,239,650 | |||||
Health revenue: 0.84% | |||||
Alabama Health Care Authority Baptist Health Series B ø | 0.19 | 11-1-2042 | 6,500,000 | 6,500,000 | |
East Alabama Health Care Authority Series B ø | 0.09 | 9-1-2039 | 14,829,000 | 14,829,000 | |
21,329,000 | |||||
Industrial development revenue: 0.38% | |||||
Mobile AL Industrial Development Board Alabama Power Company Barry Plant Project Series A | 1.00 | 6-1-2034 | 8,500,000 | 8,615,366 | |
Selma AL Industrial Development Board Refunding Bonds Gulf Opportunity Zone International Paper Company | 2.00 | 11-1-2033 | 1,000,000 | 1,049,576 | |
9,664,942 | |||||
Utilities revenue: 2.45% | |||||
Alabama Black Belt Energy Gas District Series A | 4.00 | 6-1-2024 | 3,640,000 | 4,020,408 | |
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ) | 4.00 | 8-1-2047 | 3,880,000 | 4,007,077 | |
Alabama Black Belt Energy Gas District Series A | 4.00 | 12-1-2048 | 8,000,000 | 8,642,913 | |
Alabama Black Belt Energy Gas District Series A | 4.00 | 10-1-2049 | 9,500,000 | 11,068,886 | |
Chatom AL Industrial Development Board Alabama Electric Series A (National Rural Utilities Cooperative Finance SPA) ø | 0.25 | 8-1-2037 | 10,000,000 | 10,000,000 | |
Chatom AL Industrial Development Board Gulf Opportunity Zone Powersouth Energy Cooperative Projects Series 2020 (AGM Insured) | 5.00 | 8-1-2024 | 985,000 | 1,118,134 | |
Chatom AL Industrial Development Board Gulf Opportunity Zone Powersouth Energy Cooperative Projects Series 2020 (AGM Insured) | 5.00 | 8-1-2025 | 425,000 | 497,732 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Chatom AL Industrial Development Board Gulf Opportunity Zone Powersouth Energy Cooperative Projects Series 2020 (AGM Insured) | 5.00% | 8-1-2026 | $ 500,000 | $ 602,988 | |
Southeast Alabama Gas Supply District Project #2 Series 2018A | 4.00 | 6-1-2049 | 20,060,000 | 22,014,386 | |
61,972,524 | |||||
95,206,116 | |||||
Alaska: 0.32% | |||||
Health revenue: 0.19% | |||||
Alaska Industrial Development and Export Authority Tanana Chiefs Conference Project | 5.00 | 10-1-2023 | 600,000 | 660,062 | |
Alaska Industrial Development and Export Authority Tanana Chiefs Conference Project | 5.00 | 10-1-2024 | 750,000 | 852,908 | |
Alaska Industrial Development and Export Authority Tanana Chiefs Conference Project | 5.00 | 10-1-2025 | 1,310,000 | 1,534,258 | |
Alaska Industrial Development and Export Authority Tanana Chiefs Conference Project | 5.00 | 10-1-2026 | 1,385,000 | 1,667,629 | |
4,714,857 | |||||
Miscellaneous revenue: 0.13% | |||||
Alaska Municipal Bond Bank Refunding Bond Series 2020-1 | 5.00 | 12-1-2025 | 1,470,000 | 1,753,219 | |
Alaska Municipal Bond Bank Refunding Bond Series 2020-1 | 5.00 | 12-1-2026 | 1,350,000 | 1,656,447 | |
3,409,666 | |||||
8,124,523 | |||||
Arizona: 2.48% | |||||
Education revenue: 0.02% | |||||
Cochise County AZ Community College District of Cochise County Series 2016A (BAM Insured) | 5.00 | 7-1-2021 | 425,000 | 425,000 | |
GO revenue: 0.12% | |||||
Vistancia AZ Community Facilities District GO Series 2020 (BAM Insured) | 3.00 | 7-15-2022 | 700,000 | 719,087 | |
Vistancia AZ Community Facilities District GO Series 2020 (BAM Insured) | 4.00 | 7-15-2024 | 1,150,000 | 1,266,636 | |
Vistancia AZ Community Facilities District GO Series 2020 (BAM Insured) | 4.00 | 7-15-2026 | 900,000 | 1,034,479 | |
3,020,202 | |||||
Health revenue: 0.58% | |||||
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.57%) ± | 0.60 | 1-1-2035 | 4,730,000 | 4,710,625 | |
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.80%) ± | 0.83 | 9-1-2048 | 9,000,000 | 8,971,726 | |
Tempe AZ IDA Mirabella Arizona State University Project Series B1 144A | 4.00 | 10-1-2023 | 1,030,000 | 1,030,613 | |
14,712,964 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 1.76% | |||||
Chandler AZ IDA Intel Corporation Project | 2.40% | 12-1-2035 | $32,885,000 | $ 34,269,189 | |
Chandler AZ IDA Intel Corporation Project | 2.70 | 12-1-2037 | 1,175,000 | 1,229,843 | |
Chandler AZ IDA Intel Corporation Project | 5.00 | 6-1-2049 | 2,000,000 | 2,256,754 | |
Phoenix AZ IDA Various Republic Services Incorporated Projects | 0.20 | 12-1-2035 | 7,000,000 | 7,000,008 | |
44,755,794 | |||||
62,913,960 | |||||
Arkansas: 0.06% | |||||
Health revenue: 0.06% | |||||
Batesville AR Public Facilities Board Hospital Series 2020 | 5.00 | 6-1-2025 | 1,385,000 | 1,572,210 | |
California: 6.78% | |||||
GO revenue: 1.08% | |||||
California Series B (SIFMA Municipal Swap +0.38%) ± | 0.41 | 12-1-2027 | 20,000,000 | 20,013,176 | |
Kern CA Community College District CAB BAN ¤ | 0.00 | 8-1-2023 | 7,000,000 | 6,942,454 | |
San Ysidro CA School District (AGM Insured) ¤ | 0.00 | 8-1-2047 | 3,610,000 | 513,718 | |
27,469,348 | |||||
Health revenue: 0.13% | |||||
California Communities Development Authority Series 2020A | 5.00 | 4-1-2026 | 570,000 | 685,692 | |
California Communities Development Authority Series 2020A | 5.00 | 4-1-2027 | 845,000 | 1,044,699 | |
Palomar CA Pomerado Health Care District Certificate of Participation Series C (AGM Insured) € | 0.25 | 11-1-2036 | 1,050,000 | 1,050,000 | |
Washington Township Health Care District Revenue Refunding Bonds Series 2020A | 5.00 | 7-1-2024 | 200,000 | 224,020 | |
Washington Township Health Care District Revenue Refunding Bonds Series 2020A | 5.00 | 7-1-2025 | 200,000 | 230,289 | |
3,234,700 | |||||
Housing revenue: 0.61% | |||||
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9012 (Mizuho Capital Markets LIQ) 144Aø | 0.28 | 10-1-2036 | 3,385,000 | 3,385,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2021-MIZ9063 (Mizuho Capital Markets LOC, Mizuho Capital Markets LIQ) 144Aø | 0.28 | 5-1-2049 | 12,000,000 | 12,000,000 | |
15,385,000 | |||||
Industrial development revenue: 1.18% | |||||
California Infrastructure & Economic Development Bank AMT Brightline West Passenger 144Aøø | 0.45 | 1-1-2050 | 15,000,000 | 15,000,000 | |
California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series A 144Aøø | 0.20 | 1-1-2050 | 15,000,000 | 14,999,222 | |
29,999,222 | |||||
Miscellaneous revenue: 1.24% | |||||
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series A-1 (1 Month LIBOR +0.33%) ± | 0.39 | 10-1-2047 | 19,000,000 | 19,012,025 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
California School Cash Reserve Program Authority Series L | 2.00% | 1-31-2022 | $ 3,000,000 | $ 3,033,267 | |
Ceres CA Financing Authority Water System Revenue Bond Series 2020 øø | 0.50 | 6-1-2050 | 7,400,000 | 7,401,731 | |
Riverside County CA Office of Education TRAN Series B | 2.00 | 12-31-2021 | 2,000,000 | 2,019,200 | |
31,466,223 | |||||
Resource recovery revenue: 0.69% | |||||
California Municipal Finance Authority Solid Waste Disposal Waste Management Project øø | 0.20 | 10-1-2045 | 7,500,000 | 7,500,016 | |
California PCFA Series A 144Aøø | 0.20 | 8-1-2023 | 10,000,000 | 10,000,011 | |
17,500,027 | |||||
Tax revenue: 0.03% | |||||
Commerce CA RDA CAB Project #1 ¤ | 0.00 | 8-1-2021 | 690,000 | 689,833 | |
Tobacco revenue: 0.01% | |||||
California Tobacco Securitization Senior Bond Series B-1 | 0.45 | 6-1-2030 | 100,000 | 101,880 | |
Transportation revenue: 1.12% | |||||
Bay Area Toll Authority San Francisco Bay Area Series C-1 (SIFMA Municipal Swap +0.90%) ± | 0.93 | 4-1-2045 | 25,500,000 | 25,689,032 | |
Bay Area Toll Authority Toll Bridge Revenue Various Sanitary Francisco Bay Area (SIFMA Municipal Swap +0.45%) ± | 0.48 | 4-1-2056 | 2,750,000 | 2,753,438 | |
28,442,470 | |||||
Utilities revenue: 0.08% | |||||
Long Beach CA Bond Finance Authority Natural Gas Series B (3 Month LIBOR +1.43%) ± | 1.53 | 11-15-2026 | 2,000,000 | 2,075,589 | |
Water & sewer revenue: 0.61% | |||||
California Department of Water Resources Central Valley Project Series AT (SIFMA Municipal Swap +0.37%) ± | 0.40 | 12-1-2035 | 15,500,000 | 15,533,040 | |
171,897,332 | |||||
Colorado: 1.70% | |||||
Airport revenue: 0.04% | |||||
Denver CO City & County Department of Aviation Airport System Series A | 5.00 | 11-15-2024 | 1,000,000 | 1,064,692 | |
GO revenue: 0.15% | |||||
Grand River CO Hospital District (AGM Insured) | 5.00 | 12-1-2022 | 1,450,000 | 1,541,475 | |
Grand River CO Hospital District (AGM Insured) | 5.00 | 12-1-2024 | 1,140,000 | 1,286,228 | |
Sand Creek CO Metropolitan District GO Series 2020A (AGM Insured) | 4.00 | 12-1-2024 | 550,000 | 610,000 | |
Sand Creek CO Metropolitan District GO Series 2020A (AGM Insured) | 4.00 | 12-1-2025 | 400,000 | 454,041 | |
3,891,744 | |||||
Health revenue: 0.75% | |||||
Colorado Health Facilities Authority Hospital Adventhealth Oblligated Group Series B | 5.00 | 11-15-2049 | 900,000 | 1,103,785 | |
Colorado Health Facilities Authority Hospital Adventhealth Oblligated Group Series C | 5.00 | 11-15-2036 | 2,290,000 | 2,807,641 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Colorado Health Facilities Authority Improvement Christian Living | 4.00% | 1-1-2025 | $ 325,000 | $ 351,657 | |
University of Colorado Hospital Authority Series 2017C-1 | 5.00 | 11-15-2038 | 14,630,000 | 14,744,513 | |
19,007,596 | |||||
Miscellaneous revenue: 0.35% | |||||
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 12-31-2023 | 1,285,000 | 1,397,874 | |
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 12-31-2025 | 2,455,000 | 2,803,391 | |
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 6-30-2026 | 4,050,000 | 4,664,166 | |
8,865,431 | |||||
Tax revenue: 0.03% | |||||
Colorado Regional Trasportation District Series 2020A & Series 2020B | 4.00 | 7-15-2033 | 500,000 | 627,039 | |
Transportation revenue: 0.12% | |||||
E-470 Public Highway Authority Colorado Series A | 5.00 | 9-1-2024 | 450,000 | 513,065 | |
E-470 Public Highway Authority Colorado Series A | 5.00 | 9-1-2025 | 300,000 | 353,596 | |
E-470 Public Highway Authority Colorado Series A | 5.00 | 9-1-2026 | 1,750,000 | 2,125,159 | |
2,991,820 | |||||
Utilities revenue: 0.24% | |||||
Colorado Springs CO Utilities System Series B (Landesbank Hessen-Thüringen SPA) ø | 0.07 | 11-1-2036 | 6,000,000 | 6,000,000 | |
Water & sewer revenue: 0.02% | |||||
Central Weld County CO Water District Series 2020 (AGM Insured) | 5.00 | 12-1-2027 | 500,000 | 626,629 | |
43,074,951 | |||||
Connecticut: 2.63% | |||||
Education revenue: 1.41% | |||||
Connecticut HEFAR University of Hartford Series N | 5.00 | 7-1-2024 | 120,000 | 134,525 | |
Connecticut HEFAR University of Hartford Series N | 5.00 | 7-1-2025 | 140,000 | 161,737 | |
Connecticut HEFAR Yale University Issue Series A | 1.10 | 7-1-2048 | 7,000,000 | 7,098,931 | |
Connecticut HEFAR Yale University Issue Series A | 2.05 | 7-1-2035 | 25,000,000 | 25,013,073 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series A | 3.60 | 11-15-2023 | 1,265,000 | 1,335,824 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B | 5.00 | 11-15-2024 | 250,000 | 280,817 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B | 5.00 | 11-15-2025 | 400,000 | 458,657 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B | 5.00 | 11-15-2026 | 585,000 | 682,585 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series D | 5.00 | 11-15-2025 | 500,000 | 587,209 | |
35,753,358 | |||||
GO revenue: 0.26% | |||||
Connecticut Series C | 4.00 | 6-1-2025 | 1,000,000 | 1,137,330 | |
Hamden CT GO Series 2020A (BAM Insured) | 5.00 | 8-1-2026 | 710,000 | 852,326 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
New Haven CT Series A | 5.25% | 8-1-2021 | $ 1,830,000 | $ 1,836,577 | |
West Haven CT BAN Series B | 2.00 | 9-30-2021 | 2,800,000 | 2,808,059 | |
6,634,292 | |||||
Health revenue: 0.34% | |||||
Connecticut HEFAR Hartford Healthcare Series B1 | 5.00 | 7-1-2053 | 7,500,000 | 8,636,598 | |
Housing revenue: 0.40% | |||||
Meriden CT MFHR Yale Acres Project | 1.73 | 8-1-2022 | 10,000,000 | 10,082,354 | |
Tax revenue: 0.22% | |||||
Connecticut Special Tax Obligation Transportation Infrastructure Purposes Series A | 5.00 | 5-1-2026 | 1,200,000 | 1,456,094 | |
Connecticut Special Tax Obligation Transportation Infrastructure Purposes Series A | 5.00 | 5-1-2027 | 3,400,000 | 4,239,163 | |
5,695,257 | |||||
66,801,859 | |||||
Delaware: 0.16% | |||||
Utilities revenue: 0.16% | |||||
Delaware EDA Gas Facilities Delmarva Power & Light Company Series A | 1.05 | 1-1-2031 | 4,000,000 | 4,083,052 | |
District of Columbia: 1.21% | |||||
Airport revenue: 0.77% | |||||
Metropolitan Washington Airports Authority Refunding Bond Series 2014A | 3.00 | 10-1-2022 | 6,500,000 | 6,724,996 | |
Metropolitan Washington Airports Authority Series A | 5.00 | 10-1-2024 | 3,450,000 | 3,654,414 | |
Metropolitan Washington Airports Authority Series A %% | 5.00 | 10-1-2026 | 7,500,000 | 9,124,021 | |
19,503,431 | |||||
Housing revenue: 0.10% | |||||
District of Columbia HFA MFHR Strand Residences Project | 1.45 | 2-1-2039 | 2,500,000 | 2,530,648 | |
Transportation revenue: 0.09% | |||||
Metropolitan Washington DC Transit Authority Series A | 5.00 | 7-15-2025 | 2,000,000 | 2,366,195 | |
Water & sewer revenue: 0.25% | |||||
District of Columbia Water and Sewer Authority Public Utility Subordinated Lien Bond Series C | 1.75 | 10-1-2054 | 6,000,000 | 6,250,641 | |
30,650,915 | |||||
Florida: 3.88% | |||||
Airport revenue: 0.18% | |||||
Broward County FL Airport System Series C | 5.00 | 10-1-2022 | 2,000,000 | 2,119,799 | |
Greater Orlando Aviation Authority Florida Airport Facilities Series A | 5.00 | 10-1-2025 | 2,000,000 | 2,364,404 | |
4,484,203 | |||||
Education revenue: 0.31% | |||||
Capital Projects Finance Authority Student Housing Refunding Series 2020A-1 | 5.00 | 10-1-2024 | 500,000 | 564,080 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Capital Projects Finance Authority Student Housing Refunding Series 2020A-1 | 5.00% | 10-1-2025 | $ 1,000,000 | $ 1,160,930 | |
Capital Projects Finance Authority Student Housing Refunding Series 2020A-1 | 5.00 | 10-1-2026 | 1,000,000 | 1,192,668 | |
Florida Higher Educational Facilities Financing Authority Educational Facilities Institute Technology | 5.00 | 10-1-2025 | 500,000 | 584,319 | |
Florida Higher Educational Facilities Financing Authority Educational Facilities Institute Technology | 5.00 | 10-1-2026 | 750,000 | 901,272 | |
University of North Florida Financing Corporation Capital Housing Project (AGM Insured) | 5.00 | 11-1-2021 | 3,440,000 | 3,491,633 | |
7,894,902 | |||||
Health revenue: 1.14% | |||||
Highlands County FL Health Facilities Authority Hospital Adventhealth Obligated Group Series D ø%% | 0.02 | 11-15-2056 | 15,000,000 | 15,000,000 | |
North Broward FL Hospital District Series B | 5.00 | 1-1-2022 | 1,570,000 | 1,604,493 | |
North Broward FL Hospital District Series B | 5.00 | 1-1-2023 | 1,700,000 | 1,811,614 | |
North Broward FL Hospital District Series B | 5.00 | 1-1-2024 | 2,000,000 | 2,215,246 | |
Palm Beach County FL HCFR Retirement Life Communities Series 2016 | 5.00 | 11-15-2021 | 3,515,000 | 3,573,552 | |
St. Johns County FL IDA Vicars Landing Project A %% | 4.00 | 12-15-2021 | 100,000 | 101,351 | |
St. Johns County FL IDA Vicars Landing Project A %% | 4.00 | 12-15-2022 | 115,000 | 119,878 | |
St. Johns County FL IDA Vicars Landing Project A %% | 4.00 | 12-15-2023 | 115,000 | 122,817 | |
St. Johns County FL IDA Vicars Landing Project A %% | 4.00 | 12-15-2024 | 145,000 | 157,971 | |
St. Johns County FL IDA Vicars Landing Project A %% | 4.00 | 12-15-2025 | 180,000 | 199,394 | |
St. Johns County FL IDA Vicars Landing Project A %% | 4.00 | 12-15-2026 | 185,000 | 207,581 | |
St. Johns County FL IDA Vicars Landing Project A %% | 4.00 | 12-15-2027 | 215,000 | 243,973 | |
St. Johns County FL IDA Vicars Landing Project A %% | 4.00 | 12-15-2028 | 200,000 | 228,907 | |
Tender Option Bond Trust Receipts/Certificates 2020-XM0868 (JPMorgan Chase & Company LIQ) 144Aø | 0.10 | 2-15-2026 | 3,225,000 | 3,225,000 | |
28,811,777 | |||||
Housing revenue: 0.26% | |||||
Miami-Dade County FL HFA MFHR Liberty Square Phase Two Project | 1.42 | 11-1-2040 | 6,500,000 | 6,559,842 | |
Miscellaneous revenue: 0.51% | |||||
Miami-Dade County FL School Board Certificate of Participation Series A | 5.00 | 5-1-2031 | 10,115,000 | 11,395,338 | |
St. Johns County FL School Board Refunding Bond Certificate of Participation | 5.00 | 7-1-2021 | 1,670,000 | 1,670,000 | |
13,065,338 | |||||
Resource recovery revenue: 0.08% | |||||
Lee County FL Solid Waste System Refunding Bond | 5.00 | 10-1-2023 | 1,750,000 | 1,923,109 | |
Tax revenue: 0.57% | |||||
Department of Environmental Protection Florida Forever Series A | 5.00 | 7-1-2023 | 7,720,000 | 8,093,047 | |
Leon County FL School District | 4.00 | 9-1-2026 | 6,000,000 | 6,465,080 | |
14,558,127 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.05% | |||||
Osceola County FL Improvement Osceola Parkway Series | 5.00% | 10-1-2024 | $ 300,000 | $ 346,413 | |
Osceola County FL Improvement Osceola Parkway Series | 5.00 | 10-1-2026 | 735,000 | 907,878 | |
1,254,291 | |||||
Utilities revenue: 0.11% | |||||
JEA Bulk Power Supply System Scherer 4 Project Series A | 3.00 | 10-1-2022 | 1,800,000 | 1,803,557 | |
Orlando FL Commission Utility System Series B | 1.25 | 10-1-2046 | 1,000,000 | 1,013,784 | |
2,817,341 | |||||
Water & sewer revenue: 0.67% | |||||
Tohopekaliga FL Water Authority Utility System Bond 144A | 5.00 | 10-1-2025 | 14,160,000 | 16,891,049 | |
98,259,979 | |||||
Georgia: 3.30% | |||||
Health revenue: 0.05% | |||||
Cobb County GA Kennestone Hospital Authority Series 2020B | 5.00 | 4-1-2026 | 1,000,000 | 1,202,969 | |
Housing revenue: 0.18% | |||||
Northwest Georgia Housing Authority MFHR Park Homes Apartments Project (FHA Insured) | 1.54 | 8-1-2022 | 4,500,000 | 4,504,820 | |
Industrial development revenue: 0.22% | |||||
Savannah GA EDA PCR International Paper Company Project Series B | 1.90 | 8-1-2024 | 4,250,000 | 4,436,981 | |
Savannah GA EDA Recovery Zone Facility International | 2.00 | 11-1-2033 | 1,000,000 | 1,049,576 | |
5,486,557 | |||||
Utilities revenue: 2.85% | |||||
Bartow County GA Development Authority Georgia Power Company Bowen Project | 2.05 | 9-1-2029 | 4,100,000 | 4,126,967 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project | 1.55 | 12-1-2049 | 4,000,000 | 4,055,719 | |
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F | 3.00 | 11-1-2045 | 22,050,000 | 22,917,987 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project M | 5.00 | 1-1-2025 | 200,000 | 230,285 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project M | 5.00 | 1-1-2026 | 300,000 | 356,536 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project P | 5.00 | 1-1-2023 | 250,000 | 266,803 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project P | 5.00 | 1-1-2024 | 400,000 | 443,682 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project P | 5.00 | 1-1-2025 | 1,000,000 | 1,148,423 | |
Georgia Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2847 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.07 | 1-1-2056 | 4,315,000 | 4,315,000 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series C (Royal Bank of Canada LIQ) | 4.00 | 8-1-2048 | 6,225,000 | 6,722,316 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Main Street Natural Gas Incorporated Georgia Gas Project Series C | 4.00% | 3-1-2050 | $22,750,000 | $ 26,302,649 | |
Monroe County GA Development Authority PCR Oglethorpe Power Corporation Scherer Project Series A | 1.50 | 1-1-2039 | 1,500,000 | 1,535,566 | |
72,421,933 | |||||
83,616,279 | |||||
Guam: 0.07% | |||||
Tax revenue: 0.07% | |||||
Government of GUAM Business Privilege Series F %% | 5.00 | 1-1-2028 | 500,000 | 608,948 | |
Government of GUAM Business Privilege Series F %% | 5.00 | 1-1-2029 | 1,000,000 | 1,238,996 | |
1,847,944 | |||||
Hawaii: 0.36% | |||||
Miscellaneous revenue: 0.36% | |||||
Hawaii Department of Transportation Airports Division Series 2013 | 5.25 | 8-1-2025 | 1,945,000 | 2,130,557 | |
Hawaii Department of Transportation Airports Division Series 2013 | 5.25 | 8-1-2026 | 6,350,000 | 6,948,863 | |
9,079,420 | |||||
Illinois: 8.51% | |||||
Airport revenue: 1.34% | |||||
Chicago IL Midway Airport Refunding Bond Second Lien Series A | 5.00 | 1-1-2022 | 6,100,000 | 6,243,305 | |
Chicago IL Midway Airport Refunding Bond Second Lien Series A | 5.00 | 1-1-2025 | 5,000,000 | 5,547,343 | |
Chicago IL O'Hare International Airport Refunding Bond General Senior Lien Series B | 5.00 | 1-1-2023 | 5,000,000 | 5,116,418 | |
Chicago IL O'Hare International Airport Refunding Bond General Senior Lien Series B | 5.00 | 1-1-2024 | 1,550,000 | 1,586,090 | |
Chicago IL O'Hare International Airport Refunding Bond Passenger Facility | 5.00 | 1-1-2023 | 13,720,000 | 14,038,821 | |
Chicago IL O'Hare International Airport Refunding Bond Passenger Facility | 5.00 | 1-1-2024 | 1,335,000 | 1,484,669 | |
34,016,646 | |||||
Education revenue: 0.30% | |||||
Illinois Finance Authority Benedictine University Refunding Bond | 5.00 | 10-1-2027 | 630,000 | 759,577 | |
Illinois State University Auxiliary Facilities System Series A | 5.00 | 4-1-2024 | 2,325,000 | 2,502,991 | |
Illinois State University Auxiliary Facilities System Series A (AGM Insured) | 5.00 | 4-1-2025 | 700,000 | 806,177 | |
Illinois State University Auxiliary Facilities System Series B (AGM Insured) | 5.00 | 4-1-2024 | 415,000 | 462,708 | |
Southern Illinois University Board of Trustees Southern Illnois University Housing and Auxiliary Facilities System Series A (BAM Insured) | 4.00 | 4-1-2027 | 780,000 | 908,658 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Southern Illnois University Board of Trustees Southern Illnois University Housing and Auxiliary Facilities System Series A (BAM Insured) | 4.00% | 4-1-2026 | $ 825,000 | $ 943,959 | |
Western Illinois University Refunding Bond Auxiliary Facilities System (BAM Insured) | 4.00 | 4-1-2024 | 1,000,000 | 1,097,302 | |
7,481,372 | |||||
GO revenue: 2.41% | |||||
Chicago IL Board of Education Refunding Bond Series A (AGM Insured) | 5.00 | 12-1-2022 | 500,000 | 532,131 | |
Chicago IL Board of Education Refunding Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 2,000,000 | 2,211,582 | |
Chicago IL Board of Education Refunding Bond Series B | 5.00 | 12-1-2030 | 2,250,000 | 2,964,749 | |
Chicago IL Prerefunded Refunding Bonds Series C | 5.00 | 1-1-2022 | 10,505,000 | 10,754,935 | |
Chicago IL Prerefunded Refunding Bonds Series C | 5.00 | 1-1-2023 | 1,450,000 | 1,552,637 | |
Chicago IL Refunding Bond Series A | 5.00 | 1-1-2026 | 5,000,000 | 5,912,850 | |
Chicago IL Refunding Bond Series B (Ambac Insured) | 5.13 | 1-1-2022 | 525,000 | 537,683 | |
Chicago IL Unrefunded Balance Refunding Bonds Series C | 5.00 | 1-1-2022 | 5,340,000 | 5,448,404 | |
Chicago IL Unrefunded Balance Refunding Bonds Series C | 5.00 | 1-1-2023 | 3,300,000 | 3,515,911 | |
Cook County IL Refunding Bond Series A | 5.00 | 11-15-2025 | 1,000,000 | 1,184,799 | |
Cook County IL Refunding Bond Series A | 5.00 | 11-15-2027 | 2,000,000 | 2,496,775 | |
Dekalb & Kane Counties IL Community Unit School District Series B (AGM Insured) ¤ | 0.00 | 1-1-2025 | 3,235,000 | 3,101,717 | |
Illinois Series 2014 | 5.00 | 4-1-2022 | 3,000,000 | 3,106,994 | |
Illinois Series 2016 | 5.00 | 11-1-2021 | 5,000,000 | 5,079,389 | |
Illinois Series 2020 | 5.13 | 5-1-2022 | 2,000,000 | 2,081,266 | |
Illinois Series 2020 | 5.38 | 5-1-2023 | 1,000,000 | 1,090,904 | |
Kane, Cook, DuPage, McHenry & Dekalb Counties IL Refunding Bond Series B | 4.00 | 12-15-2026 | 960,000 | 1,130,199 | |
Kane, Cook, DuPage, McHenry & Dekalb Counties IL Refunding Bond Series B | 4.00 | 12-15-2027 | 795,000 | 953,641 | |
Kendall, Kane & Will Counties IL Refunding Bond Series B | 5.00 | 10-1-2022 | 1,660,000 | 1,750,196 | |
Kendall, Kane & Will Counties IL Refunding Bond Series B | 5.00 | 10-1-2023 | 825,000 | 903,297 | |
Waukegan IL Series B (AGM Insured) | 4.00 | 12-30-2023 | 500,000 | 540,367 | |
Whiteside & Lee Counties IL Community Unit School District Series A (BAM Insured) | 4.00 | 12-1-2024 | 1,490,000 | 1,648,819 | |
Will County IL Community High School District #161 | 4.00 | 1-1-2024 | 2,000,000 | 2,172,027 | |
Winnebago Boone County IL Community College District Rock Valley College Series A (AGM Insured) | 5.00 | 1-1-2022 | 500,000 | 511,950 | |
61,183,222 | |||||
Health revenue: 0.55% | |||||
Illinois Finance Authority Health Services Facility Series 2020 | 5.00 | 10-1-2025 | 500,000 | 586,508 | |
Illinois Finance Authority Health Services Facility Series 2020 | 5.00 | 10-1-2026 | 500,000 | 602,601 | |
Illinois Finance Authority Presbyterian Homes Obligated Group Series B (SIFMA Municipal Swap +0.70%) ± | 0.73 | 5-1-2042 | 2,250,000 | 2,250,003 | |
Illinois Finance Authority Revenue Advocate Health Care Network | 4.00 | 11-1-2030 | 3,600,000 | 4,064,386 | |
Illinois Finance Authority Series 2020B-2 | 5.00 | 5-15-2050 | 4,000,000 | 4,797,554 | |
Southwestern Illinois Development Authority Health Facility Memorial Group Incorporated | 6.38 | 11-1-2023 | 1,505,000 | 1,624,360 | |
13,925,412 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.30% | |||||
Illinois Housing Development Authority (SIFMA Municipal Swap +1.00%)(FNMA LOC, FNMA LIQ) ± | 1.03% | 5-15-2050 | $ 7,500,000 | $ 7,676,075 | |
Miscellaneous revenue: 1.27% | |||||
Chicago IL Board of Education Refunding Bond Series B | 5.00 | 12-1-2024 | 2,270,000 | 2,599,292 | |
Chicago IL Board of Education Refunding Bond Series B | 5.00 | 12-1-2025 | 2,460,000 | 2,906,124 | |
Illinois Refunding Bond | 5.00 | 2-1-2022 | 4,375,000 | 4,496,517 | |
Illinois Refunding Bond | 5.00 | 2-1-2023 | 8,775,000 | 9,418,246 | |
Illinois Series 2017D | 5.00 | 11-1-2026 | 8,025,000 | 9,687,148 | |
Illinois Series 2021A | 5.00 | 3-1-2028 | 2,500,000 | 3,098,895 | |
32,206,222 | |||||
Tax revenue: 1.73% | |||||
Build Illinois Bond Junior Obligation Series C | 5.00 | 6-15-2022 | 2,985,000 | 3,109,146 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2022 | 955,000 | 965,307 | |
Chicago IL Transit Authority Sales Tax Receipts | 5.25 | 12-1-2024 | 6,705,000 | 6,847,847 | |
Hillside IL Refunding Bond Series 2018 | 5.00 | 1-1-2024 | 925,000 | 966,613 | |
Huntley IL Special Service Area #6 Special Tax Refunding Bond (BAM Insured) | 2.20 | 3-1-2024 | 1,165,000 | 1,198,184 | |
Illinois Sales Tax Revenue Junior Obligation Series A | 5.00 | 6-15-2023 | 5,825,000 | 6,317,514 | |
Illinois Sales Tax Revenue Junior Obligation Series C | 4.00 | 6-15-2025 | 4,000,000 | 4,497,406 | |
Illinois Sales Tax Revenue Refunding Bond Series C | 4.00 | 6-15-2023 | 3,315,000 | 3,531,059 | |
Illinois Series 2013 | 5.00 | 6-15-2024 | 585,000 | 635,134 | |
Macon County IL Decatur School District #61 Series 2020 C (AGM Insured) | 4.00 | 1-1-2024 | 475,000 | 512,405 | |
Macon County IL Decatur School District #61 Series 2020 C (AGM Insured) | 4.00 | 1-1-2027 | 600,000 | 692,322 | |
Metropolitan Pier & Exposition Authority McCormick Place Project Non-Callable Bond Series B | 5.00 | 12-15-2022 | 7,000,000 | 7,462,260 | |
Metropolitan Pier & Exposition Authority McCormick Place Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2021 | 920,000 | 917,098 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 5.00 | 1-1-2028 | 5,000,000 | 6,268,025 | |
43,920,320 | |||||
Tobacco revenue: 0.50% | |||||
Illinois Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2022 | 12,000,000 | 12,523,464 | |
Transportation revenue: 0.10% | |||||
Illinois Toll Highway Authority Senior Refunding Bond Series C | 5.00 | 1-1-2027 | 2,050,000 | 2,522,427 | |
Water & sewer revenue: 0.01% | |||||
Waukegan Lake County IL First Lien Water & Sewer System Revenue Bonds Series 2020 (AGM Insured) | 5.00 | 12-30-2027 | 280,000 | 346,019 | |
215,801,179 | |||||
Indiana: 1.62% | |||||
Health revenue: 0.64% | |||||
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B | 5.00 | 11-1-2022 | 1,000,000 | 1,063,991 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B | 5.00 | 11-1-2023 | 1,270,000 | 1,406,260 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B | 5.00 | 11-1-2024 | 3,000,000 | 3,447,799 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C | 5.00% | 11-1-2021 | $ 1,000,000 | $ 1,015,956 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C | 5.00 | 11-1-2023 | 800,000 | 885,833 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C | 5.00 | 11-1-2024 | 1,000,000 | 1,149,266 | |
Indiana Finance Authority Parkview Health Series A | 5.00 | 5-1-2023 | 1,010,000 | 1,098,689 | |
Indiana Finance Authority Refunding Bond University Health Obligated Group Series B | 1.65 | 12-1-2042 | 5,130,000 | 5,167,719 | |
Indiana Finance Authority Senior Living Series A | 5.00 | 11-15-2022 | 500,000 | 527,834 | |
Indiana Finance Authority Senior Living Series A | 5.00 | 11-15-2023 | 500,000 | 546,711 | |
16,310,058 | |||||
Miscellaneous revenue: 0.78% | |||||
Indiana Bond Bank Special Program Series A | 5.25 | 10-15-2021 | 2,000,000 | 2,027,586 | |
Indianapolis Local Public Improvement Bond Series A | 5.00 | 6-1-2026 | 3,000,000 | 3,577,187 | |
Indianapolis Local Public Improvement Bond Series A | 5.00 | 6-1-2027 | 6,000,000 | 7,318,775 | |
Tender Option Bond Trust Receipts/Certificates XM0927 (AGM Insured, JPMorgan Chase & Company LIQ) 144Aø | 0.10 | 12-1-2028 | 6,900,000 | 6,900,000 | |
19,823,548 | |||||
Resource recovery revenue: 0.20% | |||||
Indiana Finance Authority Economic Development Republic Services Incorporated Project Series A | 0.17 | 5-1-2034 | 5,000,000 | 4,999,765 | |
41,133,371 | |||||
Iowa: 0.57% | |||||
Education revenue: 0.10% | |||||
Iowa Student Loan Liquidity Corporation AMT Senior Series B | 5.00 | 12-1-2022 | 500,000 | 532,867 | |
Iowa Student Loan Liquidity Corporation AMT Senior Series B | 5.00 | 12-1-2023 | 700,000 | 775,482 | |
Iowa Student Loan Liquidity Corporation AMT Senior Series B | 5.00 | 12-1-2024 | 1,000,000 | 1,144,551 | |
2,452,900 | |||||
Utilities revenue: 0.47% | |||||
Iowa Gas Project Public Expenditure and Financial Accountability Incorporated | 5.00 | 9-1-2049 | 10,000,000 | 12,023,068 | |
14,475,968 | |||||
Kansas: 0.28% | |||||
Health revenue: 0.08% | |||||
Wichita KS Health Care Facilities Presbyterian Manors Incorporated | 4.00 | 5-15-2024 | 1,015,000 | 1,053,166 | |
Wichita KS Health Care Facilities Presbyterian Manors Incorporated | 5.00 | 5-15-2025 | 1,055,000 | 1,141,939 | |
2,195,105 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.20% | |||||
Kansas Development Finance Authority MFHR Woodland Village Apartments Project Series J øø | 1.68% | 7-1-2022 | $ 5,000,000 | $ 5,000,000 | |
7,195,105 | |||||
Kentucky: 2.59% | |||||
Education revenue: 0.02% | |||||
Kentucky Bond Development Corporation City of Danville Centre College Series 2021 | 4.00 | 6-1-2026 | 210,000 | 241,224 | |
Kentucky Bond Development Corporation City of Danville Centre College Series 2021 | 4.00 | 6-1-2028 | 250,000 | 297,535 | |
538,759 | |||||
Health revenue: 0.19% | |||||
Louisville & Jefferson Counties KY Metro Health System Revenue Norton Healthcare Incorporated Series C | 5.00 | 10-1-2047 | 4,000,000 | 4,882,490 | |
Housing revenue: 0.70% | |||||
Kentucky Housing Corporation Beecher Phase I Project | 2.00 | 3-1-2022 | 5,500,000 | 5,516,129 | |
Kentucky Housing Corporation MFHR Chapel House Apartments Project øø | 0.80 | 9-1-2022 | 3,070,000 | 3,082,029 | |
Kentucky Housing Corporation MFHR City View Park Project | 1.16 | 2-1-2023 | 9,000,000 | 9,052,783 | |
17,650,941 | |||||
Utilities revenue: 1.68% | |||||
Kentucky Public Energy Authority Gas Supply Series B | 4.00 | 1-1-2049 | 26,085,000 | 28,973,011 | |
Louisville & Jefferson Counties KY Metro Government PCR Series B | 1.35 | 11-1-2027 | 7,500,000 | 7,566,426 | |
Trimble County KY PCR Refunding Bonds Louisville Gas and Electric Company | 1.30 | 9-1-2044 | 6,000,000 | 6,050,919 | |
42,590,356 | |||||
65,662,546 | |||||
Louisiana: 1.30% | |||||
Health revenue: 0.29% | |||||
Louisiana Public Facilities Authority Hospital Revenue Louisiana Childrens Medical Center Project | 5.00 | 6-1-2045 | 6,695,000 | 7,279,480 | |
Industrial development revenue: 0.59% | |||||
St John Baptist Parish LA Marathon Oil Corporation Project | 2.10 | 6-1-2037 | 14,450,000 | 14,952,932 | |
Miscellaneous revenue: 0.20% | |||||
Louisiana Local Government Environmental Facilities and Community Development Authority Subordinated Lien East Baton Rouge øø | 0.88 | 2-1-2046 | 5,000,000 | 5,013,225 | |
Tax revenue: 0.03% | |||||
Louisiana Regional Transit Authority CAB (NPFGC Insured) ¤ | 0.00 | 12-1-2021 | 695,000 | 694,282 | |
Utilities revenue: 0.15% | |||||
Lafayette LA Refunding Bond | 5.00 | 11-1-2023 | 3,680,000 | 3,914,974 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.04% | |||||
East Baton Rouge LA Refunding Bonds Multi Modal Series A | 1.30% | 2-1-2041 | $ 1,000,000 | $ 1,024,721 | |
32,879,614 | |||||
Maine: 0.08% | |||||
Education revenue: 0.02% | |||||
Maine Finance Authority Supplemental Education Loan Program Class A Series A-1 (AGM Insured) | 5.00 | 12-1-2025 | 425,000 | 494,761 | |
Health revenue: 0.06% | |||||
Maine Health & HEFAR Series 200A | 5.00 | 7-1-2026 | 500,000 | 605,419 | |
Maine Health & Higher Educational Facilities Authority Series A | 5.00 | 7-1-2025 | 800,000 | 934,484 | |
1,539,903 | |||||
2,034,664 | |||||
Maryland: 1.19% | |||||
Housing revenue: 0.53% | |||||
Maryland CDA Department of Housing & Community Multifamily Development Orchard Mews | 2.06 | 9-1-2021 | 5,500,000 | 5,516,578 | |
Maryland CDA Department of Housing & Community Multifamily Development Park View | 1.75 | 2-1-2022 | 7,700,000 | 7,757,112 | |
13,273,690 | |||||
Transportation revenue: 0.12% | |||||
Maryland Transportation Authority Refunding Bond AMT | 5.00 | 3-1-2022 | 2,995,000 | 3,087,868 | |
Utilities revenue: 0.54% | |||||
Maryland Economic Development Corporation PCR Potomac Electric Power Company Project | 1.70 | 9-1-2022 | 13,500,000 | 13,707,378 | |
30,068,936 | |||||
Massachusetts: 2.69% | |||||
Education revenue: 0.29% | |||||
Massachusetts Development Finance Agency Lasell University Series 2021 | 4.00 | 7-1-2027 | 250,000 | 291,333 | |
Massachusetts Development Finance Agency Lasell University Series 2021 | 4.00 | 7-1-2028 | 330,000 | 389,409 | |
Massachusetts Educational Financing Authority AMT Issue I Series 2015A | 5.00 | 1-1-2022 | 4,115,000 | 4,212,927 | |
Massachusetts Educational Financing Authority AMT Issue J Series 2012 | 5.00 | 7-1-2021 | 1,280,000 | 1,280,000 | |
Massachusetts Educational Financing Authority AMT Issue K Series 2017A | 5.00 | 7-1-2022 | 1,000,000 | 1,047,596 | |
7,221,265 | |||||
Health revenue: 0.68% | |||||
Massachusetts Development Finance Agency Partners Healthcare System Series S-3 (SIFMA Municipal Swap +0.50%) ± | 0.53 | 7-1-2038 | 5,000,000 | 5,018,092 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Massachusetts Development Finance Agency Partners Healthcare System Series S-5 (SIFMA Municipal Swap +0.42%) ± | 0.45% | 7-1-2044 | $11,230,000 | $ 11,233,309 | |
Massachusetts Development Finance Agency Wellforce Issue Series C (AGM Insured) | 5.00 | 10-1-2026 | 300,000 | 361,731 | |
Massachusetts Development Finance Agency Wellforce Issue Series C (AGM Insured) | 5.00 | 10-1-2027 | 410,000 | 506,711 | |
17,119,843 | |||||
Housing revenue: 0.14% | |||||
Massachusetts HFA Construction Loan Notes Series B | 2.05 | 12-1-2021 | 3,635,000 | 3,638,024 | |
Miscellaneous revenue: 0.98% | |||||
Massachusetts Consolidated Loan Subordinate Bond Series D-2 øø | 1.70 | 8-1-2043 | 24,550,000 | 24,951,935 | |
Tax revenue: 0.11% | |||||
Massachusetts Bay Transportation Authority Series B Subseries B-1 | 5.00 | 7-1-2025 | 2,300,000 | 2,716,561 | |
Transportation revenue: 0.49% | |||||
Massachusetts Department of Transportation Refunding Bond | 5.00 | 1-1-2039 | 11,685,000 | 12,517,776 | |
68,165,404 | |||||
Michigan: 1.69% | |||||
Education revenue: 0.06% | |||||
Lake Superior State University MI Board of Trustees Series 2021 (AGM Insured) %% | 4.00 | 11-15-2026 | 390,000 | 450,651 | |
Lake Superior State University MI Board of Trustees Series 2021 (AGM Insured) %% | 4.00 | 11-15-2027 | 405,000 | 475,175 | |
Lake Superior State University MI Board of Trustees Series 2021 (AGM Insured) %% | 4.00 | 11-15-2028 | 405,000 | 480,789 | |
1,406,615 | |||||
GO revenue: 0.04% | |||||
Allendale MI Public School District Series A (Qualified School Board Loan Fund Insured) | 3.00 | 11-1-2021 | 895,000 | 903,369 | |
Health revenue: 0.59% | |||||
Kalamazoo MI Economic Development Corporation Series 2020B-2 | 2.63 | 5-15-2025 | 1,150,000 | 1,154,221 | |
Michigan Finance Authority Bronson Healthcare Group Series B & C | 3.75 | 11-15-2049 | 7,600,000 | 8,651,034 | |
Michigan Finance Authority Crittenden Hospital Medical Center Series A | 4.13 | 6-1-2032 | 4,290,000 | 4,444,465 | |
Michigan Strategic Limited Obligation Refunding Bond Holland Home Project | 4.00 | 11-15-2024 | 580,000 | 631,255 | |
14,880,975 | |||||
Industrial development revenue: 0.79% | |||||
Michigan Strategic Limited Obligation Consumers Energy Company Project | 1.80 | 10-1-2049 | 19,500,000 | 20,146,372 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.09% | |||||
Michigan Finance Authority Local Government Loan Program Series 2014H-1 | 5.00% | 10-1-2022 | $ 1,075,000 | $ 1,087,828 | |
Michigan Finance Authority Senior Lien Distributable State Aid Charter County of Wayne Criminal Justice Center Project | 5.00 | 11-1-2022 | 1,150,000 | 1,219,925 | |
2,307,753 | |||||
Water & sewer revenue: 0.12% | |||||
Michigan Finance Authority Refunding Bond Second Lien Detroit Water & Sewer Series C-7 (NPFGC Insured) | 5.00 | 7-1-2021 | 3,095,000 | 3,095,000 | |
42,740,084 | |||||
Minnesota: 0.83% | |||||
GO revenue: 0.16% | |||||
Hastings MN Independent School District #200 Series A (State School District Credit Program Insured) ¤ | 0.00 | 2-1-2023 | 815,000 | 811,118 | |
Hastings MN Independent School District #200 Series A (State School District Credit Program Insured) ¤ | 0.00 | 2-1-2024 | 1,015,000 | 1,002,609 | |
JPMorgan Chase Puttable Tax-Exempt Receipts Trust Series 5027 (JPMorgan Chase & Company LIQ) 144Aø | 0.20 | 12-1-2024 | 2,300,000 | 2,300,000 | |
4,113,727 | |||||
Housing revenue: 0.63% | |||||
Brooklyn Center MN MFHR Development Sonder House Apartments Project | 1.35 | 1-1-2037 | 2,355,000 | 2,357,085 | |
Dakota County MN Community Development Agency Senior MFHR West St. Paul Apartments Project Series B | 3.80 | 7-1-2022 | 2,710,000 | 2,709,383 | |
Minnesota HFA Series D (SIFMA Municipal Swap +0.43%)(GNMA/FNMA/FHLMC Insured) ± | 0.46 | 1-1-2045 | 10,830,000 | 10,857,371 | |
15,923,839 | |||||
Miscellaneous revenue: 0.04% | |||||
Duluth MN Independent School District Certificate of Participation Series B (State School District Credit Program Insured) | 5.00 | 2-1-2024 | 425,000 | 470,538 | |
Duluth MN Independent School District Certificate of Participation Series B (State School District Credit Program Insured) | 5.00 | 2-1-2025 | 375,000 | 428,958 | |
899,496 | |||||
20,937,062 | |||||
Mississippi: 0.52% | |||||
Health revenue: 0.23% | |||||
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Project øø | 0.65 | 9-1-2036 | 3,000,000 | 3,000,295 | |
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Project | 5.00 | 9-1-2044 | 2,500,000 | 2,865,957 | |
5,866,252 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.02% | |||||
Mississippi Business Finance Corporation Solid Waste Disposal Facilities Mississippi Power Company Project ø | 0.06% | 5-1-2028 | $ 520,000 | $ 520,000 | |
Utilities revenue: 0.27% | |||||
Mississippi Business Finance Corporation Mississippi Power Company Project Series 2010 | 2.75 | 12-1-2040 | 6,750,000 | 6,819,955 | |
13,206,207 | |||||
Missouri: 1.33% | |||||
GO revenue: 0.20% | |||||
St. Louis MO Special Administrative Board The Transitional School Direct Deposit Program | 4.00 | 4-1-2022 | 5,030,000 | 5,176,136 | |
Health revenue: 0.17% | |||||
Residual Interest Bond Floater Trust Various States Certificate 2019-016 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.07 | 6-1-2045 | 4,200,000 | 4,200,000 | |
Industrial development revenue: 0.95% | |||||
Missouri Environmental Improvement and Energy Resources Authority Kansas City Power and Light Company Project | 2.75 | 5-1-2038 | 23,400,000 | 23,964,930 | |
Tax revenue: 0.01% | |||||
Arnold MO Real Property Arnold Triangle Redevelopment Project Series A | 3.75 | 5-1-2023 | 270,000 | 275,023 | |
33,616,089 | |||||
Nebraska: 0.75% | |||||
Health revenue: 0.15% | |||||
Douglas County NE Hospital Authority Children's Hospital Obligated Group Series B | 5.00 | 11-15-2053 | 3,250,000 | 3,823,769 | |
Utilities revenue: 0.60% | |||||
Central Plains Energy Project Nebraska Refunding Bond Project #3 Series 2012 | 5.00 | 9-1-2042 | 1,075,000 | 1,133,448 | |
Tender Option Bond Trust Receipts/Certificates Series 2016 XF1053 (Deutsche Bank LIQ) 144Aø | 0.10 | 2-1-2049 | 14,000,000 | 14,000,000 | |
15,133,448 | |||||
18,957,217 | |||||
Nevada: 0.43% | |||||
GO revenue: 0.33% | |||||
Clark County NV School District Series B (AGM Insured) | 5.00 | 6-15-2027 | 5,000,000 | 6,228,225 | |
Clark County NV School District Series C | 5.00 | 6-15-2022 | 2,000,000 | 2,091,347 | |
8,319,572 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.10% | |||||
Washoe County NV Sierra Pacific Power Series B | 3.00% | 3-1-2036 | $ 560,000 | $ 573,792 | |
Washoe County NV Water Facility Refunding Bond Series F | 2.05 | 3-1-2036 | 2,000,000 | 2,026,678 | |
2,600,470 | |||||
10,920,042 | |||||
New Jersey: 5.67% | |||||
Airport revenue: 0.29% | |||||
New Jersey EDA Refunding Bond Port Newark Container Terminal LLC Project | 5.00 | 10-1-2021 | 1,500,000 | 1,515,772 | |
New Jersey EDA Refunding Bond Port Newark Container Terminal LLC Project | 5.00 | 10-1-2022 | 1,755,000 | 1,845,596 | |
New Jersey EDA Refunding Bond Port Newark Container Terminal LLC Project | 5.00 | 10-1-2023 | 1,500,000 | 1,635,436 | |
New Jersey EDA Refunding Bond Port Newark Container Terminal LLC Project | 5.00 | 10-1-2024 | 2,000,000 | 2,252,893 | |
7,249,697 | |||||
Education revenue: 0.04% | |||||
New Jersey Higher Education Assistance Authority Student Loan Series 2011-1 | 5.50 | 12-1-2021 | 1,000,000 | 1,021,367 | |
GO revenue: 0.65% | |||||
New Jersey Economic Development Authority Series G 144A | 5.25 | 9-1-2023 | 15,000,000 | 16,578,327 | |
Housing revenue: 1.31% | |||||
New Jersey Housing & Mortgage Finance Agency MFHR Series A | 2.00 | 11-1-2021 | 325,000 | 326,814 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.60 | 10-1-2021 | 5,315,000 | 5,342,268 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.70 | 4-1-2022 | 5,425,000 | 5,504,092 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.80 | 10-1-2022 | 5,065,000 | 5,185,377 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.90 | 4-1-2023 | 5,590,000 | 5,778,502 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.95 | 10-1-2023 | 5,230,000 | 5,452,020 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 3.10 | 4-1-2024 | 2,475,000 | 2,606,290 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 3.25 | 4-1-2025 | 2,815,000 | 3,010,171 | |
33,205,534 | |||||
Miscellaneous revenue: 2.42% | |||||
New Jersey EDA School Facilities Construction Bond Series DDD | 5.00 | 6-15-2023 | 3,000,000 | 3,276,971 | |
New Jersey EDA School Facilities Construction Bond Series DDD | 5.00 | 6-15-2024 | 2,605,000 | 2,953,251 | |
New Jersey EDA School Facilities Construction Bond Series K (NPFGC Insured) | 5.25 | 12-15-2021 | 1,040,000 | 1,063,424 | |
New Jersey EDA School Facilities Construction Bond Series NN | 5.00 | 3-1-2022 | 405,000 | 417,727 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
New Jersey EDA School Facilities Construction Refunding Bond Series XX | 5.00% | 6-15-2022 | $ 7,500,000 | $ 7,837,382 | |
New Jersey EDA Series BBB | 5.00 | 6-15-2022 | 6,000,000 | 6,269,905 | |
New Jersey EDA Series BBB | 5.00 | 6-15-2023 | 4,000,000 | 4,369,295 | |
New Jersey EDA Transportation Project New Jersey Transit Corporation Project Series B | 5.00 | 11-1-2021 | 2,490,000 | 2,528,889 | |
New Jersey EDA Transportation Project New Jersey Transit Corporation Project Series B | 5.00 | 11-1-2022 | 26,000,000 | 27,631,295 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2525 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.06 | 6-15-2047 | 5,000,000 | 5,000,000 | |
61,348,139 | |||||
Tax revenue: 0.10% | |||||
New Jersey COVID-19 Emergency Series A | 5.00 | 6-1-2027 | 2,000,000 | 2,483,546 | |
Transportation revenue: 0.86% | |||||
New Jersey Turnpike Authority Series C-6 (1 Month LIBOR +0.75%) ± | 0.81 | 1-1-2030 | 21,820,000 | 21,915,292 | |
143,801,902 | |||||
New Mexico: 0.02% | |||||
Health revenue: 0.02% | |||||
Santa Fe NM Retirement Facility El Castillo Retirement | 2.25 | 5-15-2024 | 600,000 | 602,376 | |
New York: 5.83% | |||||
Airport revenue: 0.42% | |||||
New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Series 2020A | 5.00 | 12-1-2026 | 490,000 | 597,442 | |
New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Series 2020A | 5.00 | 12-1-2027 | 500,000 | 624,157 | |
New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Series 2020A | 5.00 | 12-1-2028 | 500,000 | 636,382 | |
New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Series 2020A | 5.00 | 12-1-2029 | 500,000 | 647,306 | |
Port of New York & Port of New Jersey Authority Consolidated Bonds 185th Series AMT | 5.00 | 9-1-2026 | 7,150,000 | 8,115,761 | |
10,621,048 | |||||
Education revenue: 0.16% | |||||
Hempstead Town NY Local Development Corporation Education Revenue Refunding Bonds Academy Charter School Project | 4.76 | 2-1-2027 | 1,925,000 | 2,020,824 | |
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A | 4.05 | 2-1-2031 | 1,000,000 | 1,024,903 | |
St. Lawrence County NY Industrial Development Clarkson University Project Series B | 1.55 | 9-1-2042 | 1,000,000 | 1,004,422 | |
4,050,149 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.73% | |||||
Oyster Bay NY BAN Series C | 4.00% | 8-27-2021 | $ 3,000,000 | $ 3,017,386 | |
Poughkeepsie Dutchess County NY Public Improvement Refunding Bond | 4.00 | 4-15-2027 | 480,000 | 526,391 | |
Suffolk County NY Tax Anticipation Notes Series I | 2.00 | 7-22-2021 | 15,000,000 | 15,015,521 | |
18,559,298 | |||||
Health revenue: 0.29% | |||||
Broome County NY Local Development Corporation Series 2020 (AGM Insured) | 5.00 | 4-1-2026 | 500,000 | 600,446 | |
Broome County NY Local Development Corporation Series 2020 (AGM Insured) | 5.00 | 4-1-2027 | 950,000 | 1,171,507 | |
New York Dormitory Authority Montefiore Obligated Group Series 2018A | 5.00 | 8-1-2026 | 1,000,000 | 1,202,662 | |
New York Dormitory Authority Non State Supported Debt Northwell Health | 5.00 | 5-1-2048 | 4,000,000 | 4,429,164 | |
7,403,779 | |||||
Housing revenue: 0.11% | |||||
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.75 | 11-1-2023 | 400,000 | 410,706 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.80 | 5-1-2024 | 400,000 | 412,979 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.85 | 11-1-2024 | 400,000 | 415,156 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.90 | 5-1-2025 | 515,000 | 536,011 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.95 | 11-1-2025 | 520,000 | 542,606 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 2.00 | 5-1-2026 | 535,000 | 559,380 | |
2,876,838 | |||||
Industrial development revenue: 1.36% | |||||
New York Transportation Development Corporation Special Facilities Revenue Delta Airlines Incorporated LaGuardia Airport Terminals C&D Redevelopment Project | 5.00 | 1-1-2024 | 7,205,000 | 7,999,107 | |
New York Transportation Development Corporation Special Facilities Revenue Delta Airlines Incorporated LaGuardia Airport Termnials C&D Redevelopment Project | 5.00 | 1-1-2025 | 22,925,000 | 26,334,188 | |
34,333,295 | |||||
Miscellaneous revenue: 0.07% | |||||
Public Housing Capital Fund Trust I (Department of Housing and Urban Development Insured) 144A | 4.50 | 7-1-2022 | 1,599,976 | 1,614,507 | |
Public Housing Capital Fund Trust II (Department of Housing and Urban Development Insured) 144A | 4.50 | 7-1-2022 | 249,813 | 249,726 | |
1,864,233 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.62% | |||||
New York Metropolitan Transportation Authority Subordinate Bond Series A2A (SIFMA Municipal Swap +0.45%) ± | 0.48% | 11-1-2026 | $ 5,960,000 | $ 5,959,625 | |
New York NY Transitional Finance Authority Subordinate Bond Series 1-B (SIFMA Municipal Swap +0.80%) ± | 0.83 | 11-1-2022 | 9,715,000 | 9,741,549 | |
15,701,174 | |||||
Transportation revenue: 1.71% | |||||
New York Metropolitan Transportation Authority BAN | 4.00 | 2-1-2022 | 9,600,000 | 9,807,288 | |
New York Metropolitan Transportation Authority BAN | 5.00 | 2-1-2023 | 10,400,000 | 11,159,868 | |
New York Metropolitan Transportation Authority Subordinate Bond Series D2 (SIFMA Municipal Swap +0.45%) ± | 0.48 | 11-15-2044 | 22,545,000 | 22,437,938 | |
43,405,094 | |||||
Utilities revenue: 0.25% | |||||
Long Island NY Power Authority Electric System General Series B | 1.65 | 9-1-2049 | 6,000,000 | 6,191,273 | |
Water & sewer revenue: 0.11% | |||||
New York City Municipal Water Finance Authority Water & Sewer System Series DD | 5.00 | 6-15-2026 | 2,225,000 | 2,712,415 | |
147,718,596 | |||||
North Carolina: 0.44% | |||||
Health revenue: 0.40% | |||||
Charlotte-Mecklenburg NC Hospital Authority Atrium Health Series B | 5.00 | 1-15-2048 | 7,000,000 | 7,217,580 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 5.00 | 3-1-2026 | 245,000 | 283,482 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 5.00 | 3-1-2027 | 295,000 | 347,872 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 5.00 | 3-1-2028 | 305,000 | 365,178 | |
North Carolina Medical Care Commission Retirement Facilities Entrance Fee Series 2020B-2 | 2.30 | 9-1-2025 | 1,250,000 | 1,268,457 | |
North Carolina Medical Care Commission Retirement Facilities First Mortgage Series 2020B-2 | 2.50 | 10-1-2024 | 740,000 | 745,414 | |
10,227,983 | |||||
Industrial development revenue: 0.04% | |||||
Columbus County NC Industrial Facilities & PCFA Environmental Improvement Revenue Refunding Bond International Paper Company Project Series A | 2.00 | 11-1-2033 | 1,000,000 | 1,049,576 | |
11,277,559 | |||||
Ohio: 2.44% | |||||
Health revenue: 0.76% | |||||
Hamilton County OH Hospital Facilities Trihealth Incorporated Obligated Group Project (JPMorgan Chase & Company SPA) ø | 0.04 | 8-15-2051 | 15,000,000 | 15,000,000 | |
Hamilton County OH Hospital Facilities UC Health Series 2020 | 5.00 | 9-15-2026 | 655,000 | 794,408 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Ohio Hospital Revenue Bonds Series 2020 | 5.00% | 11-15-2025 | $ 265,000 | $ 311,843 | |
Ohio Hospital University Hospital Health System Series B | 5.00 | 1-15-2050 | 2,820,000 | 3,253,337 | |
19,359,588 | |||||
Industrial development revenue: 0.16% | |||||
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series A | 2.88 | 2-1-2026 | 3,750,000 | 3,968,528 | |
Miscellaneous revenue: 0.05% | |||||
Ohio Portsmouth Bypass Project | 5.00 | 12-31-2021 | 1,205,000 | 1,233,064 | |
Resource recovery revenue: 0.49% | |||||
Ohio Air Quality Development Authority Refunding Bond American Electric Power Company Project | 1.90 | 5-1-2026 | 12,000,000 | 12,481,004 | |
Utilities revenue: 0.98% | |||||
American Municipal Power Ohio Incorporated Hydroelectric Projects Series A | 5.00 | 2-15-2025 | 1,200,000 | 1,394,304 | |
American Municipal Power Ohio Incorporated Hydroelectric Projects Series A | 5.00 | 2-15-2026 | 1,500,000 | 1,796,679 | |
American Municipal Power Ohio Incorporated Hydroelectric Projects Series A | 5.00 | 2-15-2027 | 1,600,000 | 1,967,349 | |
American Municipal Power Ohio Incorporated Prairie Energy Campus | 2.30 | 2-15-2038 | 8,825,000 | 8,846,164 | |
Lancaster OH Port Authority Gas Supply (Royal Bank of Canada LIQ) | 5.00 | 8-1-2049 | 9,500,000 | 10,941,092 | |
24,945,588 | |||||
61,987,772 | |||||
Oklahoma: 1.13% | |||||
Education revenue: 0.02% | |||||
Oklahoma Development Finance Authority Refunding Bond Oklahoma City University Project | 4.00 | 8-1-2022 | 535,000 | 553,247 | |
GO revenue: 0.27% | |||||
Oklahoma County OK Independent School District #52 Series A | 3.00 | 1-1-2022 | 3,535,000 | 3,584,720 | |
Oklahoma County OK Independent School District #52 Series A | 3.00 | 1-1-2023 | 3,135,000 | 3,266,692 | |
6,851,412 | |||||
Health revenue: 0.15% | |||||
Oklahoma Development Finance Authority Health System Revenue ø | 0.12 | 8-15-2031 | 2,000,000 | 2,000,000 | |
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B | 5.00 | 8-15-2022 | 500,000 | 523,501 | |
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B | 5.00 | 8-15-2023 | 500,000 | 543,807 | |
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B | 5.00 | 8-15-2024 | 600,000 | 675,056 | |
3,742,364 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.69% | |||||
Blaine County OK Educational Facilities Authority Watonga Public Schools Project | 5.00% | 12-1-2021 | $ 945,000 | $ 963,320 | |
Grady County OK School Finance Authority Tuttle Public School Project | 5.00 | 9-1-2021 | 1,065,000 | 1,073,175 | |
Kay County OK Public Buildings Authority | 2.25 | 4-1-2024 | 720,000 | 737,352 | |
Kay County OK Public Buildings Authority | 2.25 | 4-1-2025 | 735,000 | 755,925 | |
Kay County OK Public Buildings Authority | 2.38 | 4-1-2026 | 750,000 | 774,689 | |
Kingfisher OK Special Projects Authority Educational Facilities Kingfisher Public Schools Project | 4.00 | 3-1-2026 | 2,005,000 | 2,289,087 | |
Oklahoma County OK Finance Authority Educational Facilities Jones Public Schools Project | 4.00 | 9-1-2025 | 550,000 | 615,104 | |
Oklahoma County OK Finance Authority Educational Facilities Jones Public Schools Project | 4.00 | 9-1-2026 | 590,000 | 672,514 | |
Ottawa County OK Educational Facilities Authority Educational Facilities Lease Miami Public Schools Project | 5.00 | 9-1-2023 | 830,000 | 906,970 | |
Ottawa County OK Educational Facilities Authority Educational Facilities Lease Miami Public Schools Project | 5.00 | 9-1-2024 | 1,080,000 | 1,220,791 | |
Ottawa County OK Educational Facilities Authority Educational Facilities Lease Miami Public Schools Project | 5.00 | 9-1-2025 | 930,000 | 1,082,801 | |
Tulsa County OK Industrial Authority Educational Broken Arrow Public Schools Project | 5.00 | 9-1-2025 | 3,000,000 | 3,299,390 | |
Wagoner County OK School Development Authority Wagoner Public Schools Project | 4.00 | 9-1-2025 | 1,255,000 | 1,398,671 | |
Weatherford OK Industrial Trust Educational Facilities Lease Weatherford Public Schools Project | 5.00 | 3-1-2027 | 1,475,000 | 1,784,023 | |
17,573,812 | |||||
28,720,835 | |||||
Oregon: 0.10% | |||||
Airport revenue: 0.06% | |||||
Port of Portland OR International Airport Series C | 5.00 | 7-1-2026 | 1,240,000 | 1,491,966 | |
GO revenue: 0.04% | |||||
Port of Morrow County OR Full Faith Refunding Bond Series A | 4.00 | 6-1-2026 | 345,000 | 394,865 | |
Port of Morrow County OR Full Faith Refunding Bond Series A | 4.00 | 6-1-2027 | 535,000 | 622,085 | |
1,016,950 | |||||
2,508,916 | |||||
Other: 0.60% | |||||
Miscellaneous revenue: 0.60% | |||||
FHLMC Multiclass Mortgage Certificate of Participation Series M012 Class A1A øø | 1.60 | 8-15-2051 | 2,668,626 | 2,695,266 | |
FHLMC Multiclass Mortgage Certificate of Participation Series M012 Class A1B1 øø | 2.25 | 8-15-2051 | 12,342,394 | 12,541,826 | |
15,237,092 |
Interest rate | Maturity date | Principal | Value | ||
Pennsylvania: 6.16% | |||||
Airport revenue: 0.67% | |||||
Philadelphia PA Airport Revenue Refunding Bonds Series 2015A | 5.00% | 6-15-2023 | $ 1,410,000 | $ 1,536,406 | |
Philadelphia PA Airport Revenue Refunding Bonds Series 2020A | 5.00 | 7-1-2026 | 1,160,000 | 1,408,390 | |
Philadelphia PA Airport Revenue Refunding Bonds Series 2020A | 5.00 | 7-1-2027 | 1,400,000 | 1,744,110 | |
Philadelphia PA Airport Revenue Refunding Bonds Series 2020C | 5.00 | 7-1-2024 | 10,745,000 | 12,209,992 | |
16,898,898 | |||||
Education revenue: 0.46% | |||||
Lehigh County PA General Purpose Authority (SIFMA Municipal Swap +0.58%) ± | 0.61 | 11-1-2037 | 10,545,000 | 10,524,264 | |
Pennsylvania Higher Education Assistance Agency Education Loan Series A | 5.00 | 6-1-2026 | 500,000 | 593,818 | |
Pennsylvania Higher Education Assistance Agency Education Loan Series A | 5.00 | 6-1-2028 | 500,000 | 617,367 | |
11,735,449 | |||||
GO revenue: 1.28% | |||||
Albert Gallatin PA School District Series A (AGM Insured) | 4.00 | 9-1-2025 | 1,130,000 | 1,275,579 | |
Albert Gallatin PA School District Series B (AGM Insured) | 4.00 | 9-1-2025 | 350,000 | 395,091 | |
Butler PA Area School District (AGM Insured) | 5.00 | 10-1-2023 | 1,280,000 | 1,407,829 | |
Butler PA Area School District (AGM Insured) | 5.00 | 10-1-2024 | 2,965,000 | 3,380,050 | |
Butler PA Area School District (AGM Insured) | 5.00 | 10-1-2025 | 4,695,000 | 5,522,362 | |
Coatesville PA Area School District (AGM Insured) | 5.00 | 8-1-2023 | 1,000,000 | 1,095,492 | |
Laurel PA Highlands School District Series A (BAM Insured) | 4.00 | 2-1-2027 | 1,325,000 | 1,516,441 | |
Penn Hills PA School District (BAM Insured) | 5.00 | 11-15-2021 | 1,275,000 | 1,296,533 | |
Peoria PA GO Series 2016B | 5.00 | 1-1-2023 | 715,000 | 763,390 | |
Philadelphia PA School District Refunding Bond | 5.00 | 9-1-2023 | 4,500,000 | 4,947,027 | |
Philadelphia PA School District Series A | 5.00 | 9-1-2022 | 1,000,000 | 1,054,974 | |
Philadelphia PA School District Series A | 5.00 | 9-1-2024 | 800,000 | 913,200 | |
Philadelphia PA School District Series D | 5.00 | 9-1-2021 | 1,750,000 | 1,763,580 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2021 | 3,885,000 | 3,915,148 | |
Scranton PA School District Series A | 5.00 | 6-1-2022 | 730,000 | 759,438 | |
Scranton PA School District Series A | 5.00 | 6-1-2023 | 835,000 | 904,714 | |
Scranton PA School District Series B (NPFGC Insured) | 5.00 | 6-1-2022 | 870,000 | 905,083 | |
Scranton PA School District Series B (NPFGC Insured) | 5.00 | 6-1-2023 | 615,000 | 666,346 | |
32,482,277 | |||||
Health revenue: 1.27% | |||||
Berks County PA IDA Health System Tower Health Project | 5.00 | 11-1-2023 | 1,000,000 | 1,057,579 | |
Berks County PA IDA Health System Tower Health Project | 5.00 | 11-1-2024 | 1,000,000 | 1,077,155 | |
Franklin County PA IDA Menno-Haven Incorporated Project | 5.00 | 12-1-2021 | 230,000 | 233,151 | |
Geisinger Authority PA Health System Series B | 5.00 | 4-1-2043 | 10,000,000 | 12,139,690 | |
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series A | 5.00 | 9-1-2023 | 1,050,000 | 1,151,191 | |
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series C (SIFMA Municipal Swap +0.72%) ± | 0.75 | 9-1-2051 | 10,000,000 | 10,000,400 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Philadelphia PA Hospitals & HEFAR Temple University Health System | 5.00% | 7-1-2021 | $ 1,250,000 | $ 1,250,000 | |
Philadelphia PA Hospitals & HEFAR Temple University Health System | 5.00 | 7-1-2022 | 2,000,000 | 2,075,736 | |
Quakertown PA Health Facilities Authority Series A | 3.13 | 7-1-2021 | 3,250,000 | 3,250,000 | |
32,234,902 | |||||
Housing revenue: 1.24% | |||||
Pennsylvania HFA Limited Norris Homes Phase V | 1.40 | 1-1-2043 | 10,000,000 | 10,144,754 | |
Pennsylvania HFA Single Family Series 125A | 2.38 | 10-1-2025 | 14,160,000 | 14,603,354 | |
Pennsylvania HFA Single Family Series 128A | 4.75 | 4-1-2033 | 5,995,000 | 6,572,516 | |
31,320,624 | |||||
Industrial development revenue: 0.16% | |||||
Lehigh County PA IDA Electric Utilities Corporation Series B | 1.80 | 2-15-2027 | 2,500,000 | 2,540,343 | |
Pennsylvania EDFA Bridges Finco LP | 5.00 | 12-31-2021 | 1,525,000 | 1,559,819 | |
4,100,162 | |||||
Miscellaneous revenue: 0.63% | |||||
Bethlehem PA Area School District Authority Bethlehem Area School District Refunding Bond Project (1 Month LIBOR +0.49%) ± | 0.55 | 1-1-2030 | 4,960,000 | 4,959,916 | |
Butler County PA General Authority Hampton Township School District Project Series 2007 (AGM Insured, PNC Bank NA SPA) ø | 0.06 | 9-1-2027 | 265,000 | 265,000 | |
Delaware County PA Authority Neumann University | 4.00 | 10-1-2021 | 695,000 | 700,615 | |
Delaware Valley PA Regional Finance Authority Local Government Series D (TD Bank NA LOC) ø | 0.03 | 11-1-2055 | 1,000,000 | 1,000,000 | |
Pennsylvania EDFA Sewage Sludge Disposal Series 2020 | 3.00 | 1-1-2025 | 505,000 | 540,407 | |
Pennsylvania EDFA Sewage Sludge Disposal Series 2020 | 4.00 | 1-1-2026 | 615,000 | 694,131 | |
Pittsburgh & Allegheny Counties PA Sports & Exhibition Authority Series 2020 (AGM Insured) | 4.00 | 2-1-2024 | 1,700,000 | 1,858,497 | |
Pittsburgh & Allegheny Counties PA Sports & Exhibition Authority Series 2020 (AGM Insured) | 5.00 | 2-1-2026 | 2,000,000 | 2,397,811 | |
Scranton PA RDA Series A (Municipal Government Guaranty Insured) | 5.00 | 11-15-2021 | 905,000 | ��� 909,876 | |
State Public School Building Authority Prerefunded Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 375,000 | 417,358 | |
State Public School Building Authority Prerefunded Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 2,130,000 | 2,341,277 | |
16,084,888 | |||||
Resource recovery revenue: 0.20% | |||||
Pennsylvania EDFA Solid Waste Disposal Waste Management Incorporated Project øø | 0.20 | 8-1-2045 | 5,000,000 | 5,000,006 | |
Transportation revenue: 0.19% | |||||
Lancaster PA Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2025 | 530,000 | 595,963 | |
Lancaster PA Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2026 | 545,000 | 625,640 | |
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap +0.70%) ± | 0.73 | 12-1-2023 | 2,880,000 | 2,896,405 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Pennsylvania Turnpike Commission Turpike Series B 2020 | 5.00% | 12-1-2025 | $ 300,000 | $ 359,399 | |
Pennsylvania Turnpike Commission Turpike Series B 2020 | 5.00 | 12-1-2026 | 350,000 | 431,334 | |
4,908,741 | |||||
Water & sewer revenue: 0.06% | |||||
Allegheny County PA Sanitary Authority Sewer Revenue Series A 2020 | 5.00 | 6-1-2026 | 850,000 | 1,026,704 | |
Allegheny County PA Sanitary Authority Sewer Revenue Series A 2020 | 5.00 | 6-1-2027 | 300,000 | 371,163 | |
1,397,867 | |||||
156,163,814 | |||||
Rhode Island: 0.39% | |||||
Education revenue: 0.05% | |||||
Rhode Island Student Loan Authority AMT Series A | 5.00 | 12-1-2023 | 1,175,000 | 1,300,203 | |
Miscellaneous revenue: 0.34% | |||||
Rhode Island & Providence Plantations Consolidated Capital Development Series A | 5.00 | 8-1-2023 | 8,045,000 | 8,467,007 | |
9,767,210 | |||||
South Carolina: 0.92% | |||||
Health revenue: 0.45% | |||||
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø | 0.12 | 5-1-2048 | 11,450,000 | 11,450,000 | |
Miscellaneous revenue: 0.25% | |||||
South Carolina Transportation Infrastructure Bank Refunding Bond Series B (1 Month LIBOR +0.45%) ± | 0.51 | 10-1-2031 | 6,425,000 | 6,427,614 | |
Utilities revenue: 0.22% | |||||
Piedmont SC Municipal Power Agency (NPFGC Insured) | 5.38 | 1-1-2025 | 4,705,000 | 5,470,661 | |
23,348,275 | |||||
Tennessee: 2.53% | |||||
Health revenue: 0.35% | |||||
Greeneville TN Health and Educational Ballad Health Series A | 5.00 | 7-1-2023 | 1,600,000 | 1,744,620 | |
Knox County TN Health Educational & Housing Facility University Health System Incorporate | 5.00 | 4-1-2024 | 1,000,000 | 1,119,320 | |
Tender Option Bond Trust Receipts/Certificates Series 2015-XF1023 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aøø | 0.07 | 1-1-2045 | 5,910,000 | 5,910,000 | |
8,773,940 | |||||
Housing revenue: 0.26% | |||||
Kingsport TN Housing & RDA Collateralized MFHR Series B | 2.22 | 1-1-2022 | 6,700,000 | 6,700,000 | |
Utilities revenue: 1.92% | |||||
Memphis TN Light, Gas & Water Division Series 2020A | 5.00 | 12-1-2025 | 600,000 | 717,926 | |
Memphis TN Light, Gas & Water Division Series 2020A | 5.00 | 12-1-2026 | 600,000 | 740,149 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Memphis TN Light, Gas & Water Division Series 2020A | 5.00% | 12-1-2027 | $ 450,000 | $ 570,056 | |
Tennessee Energy Acquisition Corporation Gas Project | 4.00 | 11-1-2049 | 7,500,000 | 8,489,286 | |
Tennessee Energy Acquisition Corporation Series A | 4.00 | 5-1-2048 | 35,840,000 | 38,049,737 | |
48,567,154 | |||||
64,041,094 | |||||
Texas: 10.69% | |||||
Airport revenue: 0.93% | |||||
Dallas-Fort Worth TX International Airport Series A | 5.00 | 11-1-2025 | 1,000,000 | 1,193,319 | |
Dallas-Fort Worth TX International Airport Series B | 5.00 | 11-1-2023 | 500,000 | 531,371 | |
El Paso TX Airport Series 2018 | 5.00 | 8-15-2025 | 3,110,000 | 3,650,734 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series 2020A | 5.00 | 7-1-2026 | 1,000,000 | 1,206,466 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series 2020A | 5.00 | 7-1-2027 | 1,000,000 | 1,235,887 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series 2020B | 5.00 | 7-1-2026 | 1,500,000 | 1,825,320 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series 2020B | 5.00 | 7-1-2027 | 3,000,000 | 3,749,344 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series A | 5.00 | 7-1-2024 | 3,620,000 | 3,789,660 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series B | 5.00 | 7-1-2027 | 6,090,000 | 6,381,700 | |
23,563,801 | |||||
Education revenue: 0.46% | |||||
Clifton TX Higher Education Finance Corporation Education International Leadership Series D | 5.00 | 8-15-2021 | 665,000 | 668,687 | |
Clifton TX Higher Education Finance Corporation Education International Leadership Series D | 5.00 | 8-15-2022 | 1,000,000 | 1,051,092 | |
Clifton TX Higher Education Finance Corporation Education International Leadership Series D | 5.00 | 8-15-2023 | 1,510,000 | 1,653,069 | |
Clifton TX Higher Education Finance Corporation Education International Leadership Series D | 5.00 | 8-15-2024 | 3,125,000 | 3,544,083 | |
Texas A&M University System Permanent University Series A | 5.00 | 7-1-2021 | 4,870,000 | 4,870,000 | |
11,786,931 | |||||
GO revenue: 4.95% | |||||
City of Port Arthur TX Jefferson and Orance Counties Series 2021 (BAM Insured) | 5.00 | 2-15-2027 | 310,000 | 379,645 | |
City of Port Arthur TX Jefferson and Orange Counties Combination Tax and Revenue Certificates of Obligation Series 2021 (BAM Insured) | 5.00 | 2-15-2028 | 365,000 | 457,257 | |
City of Port Arthur TX Jefferson and Orange Counties Series 2021 (BAM Insured) | 5.00 | 2-15-2026 | 290,000 | 346,189 | |
Cypress-Fairbanks TX Independent School District Series B-2 | 2.13 | 2-15-2040 | 17,000,000 | 17,039,353 | |
Denton TX Independent School District School Building Series B | 2.00 | 8-1-2044 | 4,070,000 | 4,270,761 | |
Eanes TX Independent School District School Building Series B | 1.75 | 8-1-2039 | 7,465,000 | 7,701,694 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Hays TX School District Unlimited Tax School Building Series B | 2.70% | 8-15-2042 | $ 605,000 | $ 620,869 | |
Hays TX School District Unlimited Tax School Building Series B | 2.70 | 8-15-2042 | 6,765,000 | 6,906,079 | |
Houston TX Public Improvement Series A | 5.00 | 3-1-2022 | 5,000,000 | 5,161,219 | |
Houston TX Public Improvement Series A | 5.00 | 3-1-2023 | 3,500,000 | 3,781,024 | |
Lake Travis TX Independent School District Prefunded Bond Series B | 2.63 | 2-15-2048 | 1,010,000 | 1,025,344 | |
Lake Travis TX Independent School District Series 2018B | 2.63 | 2-15-2048 | 2,125,000 | 2,153,286 | |
Lake Travis TX Independent School District Series B | 2.63 | 2-15-2048 | 5,145,000 | 5,223,842 | |
Lake Travis TX Independent School District Unrefunded Bond Series B | 2.63 | 2-15-2048 | 1,720,000 | 1,745,590 | |
Leander TX Independent School District Refunding CAB ¤ | 0.00 | 8-15-2023 | 1,065,000 | 1,058,255 | |
Mansfield TX Independent School District | 2.50 | 8-1-2042 | 8,500,000 | 8,515,117 | |
McAllen TX Independent School District Series A | 5.00 | 2-15-2024 | 2,620,000 | 2,825,006 | |
New Caney TX Independent School District School Building Bond | 3.00 | 2-15-2050 | 1,100,000 | 1,103,770 | |
North East TX Independent School District | 2.20 | 8-1-2049 | 4,800,000 | 5,016,398 | |
North East TX Independent School District | 2.38 | 8-1-2047 | 7,135,000 | 7,306,914 | |
Northside TX Independent School District School Building Bond Series 2012 | 1.75 | 6-1-2032 | 5,290,000 | 5,299,396 | |
Northside TX Independent School District School Building Bond Series 2018 | 2.75 | 8-1-2048 | 20,305,000 | 21,285,206 | |
Northside TX Independent School District School Building Bond Series 2020 øø | 0.70 | 6-1-2050 | 5,000,000 | 5,018,197 | |
Texas Transportation Commission Mobility Fund Series B (SIFMA Municipal Swap +0.30%) ± | 0.33 | 10-1-2041 | 4,500,000 | 4,502,319 | |
Tomball TX Independent School District Series B2 | 2.13 | 2-15-2039 | 6,750,000 | 6,766,459 | |
125,509,189 | |||||
Health revenue: 0.43% | |||||
Harris County TX Cultural Education Facilities Finance Corporation Hospital Memorial Hermann Health System (SIFMA Municipal Swap +0.57%) ± | 0.60 | 12-1-2049 | 11,000,000 | 10,954,285 | |
Housing revenue: 0.52% | |||||
Dallas TX Housing Finance Corporation Multifamily Housing Estates at Shiloh | 1.25 | 7-1-2037 | 7,000,000 | 7,133,448 | |
Odessa TX Housing Finance Corporation Multifamily Housing Vera Odessa Apartments (FHA Insured) øø | 0.35 | 9-1-2023 | 6,000,000 | 6,007,274 | |
13,140,722 | |||||
Resource recovery revenue: 0.58% | |||||
Mission TX Economic Development Corporation Republic Services Incorporated Project øø | 0.20 | 1-1-2026 | 6,500,000 | 6,500,007 | |
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series E ø | 0.10 | 11-1-2040 | 8,100,000 | 8,100,000 | |
14,600,007 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.36% | |||||
Central Texas Regional Mobility Authority Subordinate Bond | 4.00% | 1-1-2022 | $ 6,000,000 | $ 6,017,515 | |
RBC Municipal Products Incorporated Trust Series E145 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.06 | 9-8-2021 | 3,000,000 | 3,000,000 | |
9,017,515 | |||||
Utilities revenue: 1.70% | |||||
Lower Colorado River Authority Refunding Bond | 5.00 | 5-15-2027 | 2,000,000 | 2,476,752 | |
San Antonio TX Electric & Gas Revenue Various Refunding Bonds Junior Lien Series 2020 | 1.75 | 2-1-2049 | 11,500,000 | 12,037,741 | |
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bond Series 2015D | 1.13 | 12-1-2045 | 10,000,000 | 10,146,511 | |
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bonds Series 2018 | 2.75 | 2-1-2048 | 6,000,000 | 6,204,143 | |
Texas Municipal Gas Acquisition & Supply Corporation Series A (SIFMA Municipal Swap +0.55%) ± | 0.58 | 9-15-2027 | 9,470,000 | 9,533,432 | |
Texas Municipal Power Agency Transmission System Series 2021 (AGM Insured) | 3.00 | 9-1-2026 | 950,000 | 1,058,609 | |
Texas Municipal Power Agency Transmission System Series 2021 (AGM Insured) | 3.00 | 9-1-2027 | 1,600,000 | 1,768,053 | |
43,225,241 | |||||
Water & sewer revenue: 0.76% | |||||
San Antonio TX Water System Junior Lien Series A | 2.63 | 5-1-2049 | 12,490,000 | 13,307,397 | |
San Antonio TX Water System Junior Lien Series B | 2.00 | 5-1-2044 | 5,930,000 | 6,061,162 | |
19,368,559 | |||||
271,166,250 | |||||
Utah: 0.46% | |||||
Airport revenue: 0.33% | |||||
Salt Lake City UT International Airport Series A | 5.00 | 7-1-2023 | 3,150,000 | 3,436,044 | |
Salt Lake City UT International Airport Series A | 5.00 | 7-1-2024 | 2,000,000 | 2,265,628 | |
Salt Lake City UT International Airport Series A | 5.00 | 7-1-2025 | 2,300,000 | 2,689,615 | |
8,391,287 | |||||
Housing revenue: 0.12% | |||||
Utah Housing Corporation Multifamily Lincoln Tower Apartments Project | 1.54 | 8-1-2022 | 3,000,000 | 3,003,068 | |
Miscellaneous revenue: 0.01% | |||||
Utah Infrastructure Agency Telecommunications Bond | 3.00 | 10-15-2026 | 310,000 | 341,962 | |
11,736,317 | |||||
Vermont: 0.02% | |||||
Education revenue: 0.02% | |||||
Vermont Educational & Health Buildings Financing Agency Saint Michael's College Project | 5.00 | 10-1-2026 | 575,000 | 604,695 |
Interest rate | Maturity date | Principal | Value | ||
Virginia: 2.68% | |||||
Education revenue: 0.04% | |||||
Virginia College Building Authority Educational Facilities Regent University Project Series 2021 | 5.00% | 6-1-2026 | $ 300,000 | $ 358,674 | |
Virginia College Building Authority Educational Facilities Regent University Project Series 2021 | 5.00 | 6-1-2027 | 275,000 | 336,501 | |
Virginia College Building Authority Educational Facilities Regent University Project Series 2021 | 5.00 | 6-1-2028 | 300,000 | 374,224 | |
1,069,399 | |||||
Health revenue: 0.18% | |||||
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond | 4.00 | 1-1-2022 | 525,000 | 532,265 | |
Mizuho Floater/Residual Trust Tender Option Bond Series 2020-MIZ9025 (Mizuho Capital Markets LOC, Mizuho Capital Markets LIQ) 144Aø | 0.11 | 11-1-2035 | 4,000,000 | 4,000,000 | |
4,532,265 | |||||
Housing revenue: 0.55% | |||||
Spotsylvania County VA EDA Palmers Creek Apartments Project (FHA/GNMA Insured) | 1.45 | 8-1-2022 | 13,700,000 | 13,790,594 | |
Industrial development revenue: 0.13% | |||||
Peninsula VA Ports Authority Coal Terminal Refunding Bond Dominion Terminal Associates Project | 1.70 | 10-1-2033 | 3,300,000 | 3,357,466 | |
Miscellaneous revenue: 0.70% | |||||
Westmoreland County VA IDA Lease BAN High School Project | 2.00 | 6-1-2022 | 17,510,000 | 17,639,648 | |
Tax revenue: 0.06% | |||||
Marquis VA CDA CAB Series 2015 144A¤ | 0.00 | 9-1-2045 | 680,000 | 326,400 | |
Marquis VA CDA CAB Series A | 5.10 | 9-1-2036 | 2,169,000 | 1,075,994 | |
Marquis VA CDA CAB Series C ¤ | 0.00 | 9-1-2041 | 3,493,000 | 207,231 | |
1,609,625 | |||||
Transportation revenue: 0.68% | |||||
Chesapeake VA Bay Bridge & Tunnel District First Tier Generation Resolution | 5.00 | 11-1-2023 | 14,115,000 | 15,615,468 | |
Virginia Commonwealth Transportation Board Refunding Bond Series A | 5.00 | 5-15-2023 | 1,500,000 | 1,635,942 | |
17,251,410 | |||||
Utilities revenue: 0.34% | |||||
York County VA EDA PCR Virginia Electric and Power Company Project Series A | 1.90 | 5-1-2033 | 8,500,000 | 8,707,408 | |
67,957,815 | |||||
Washington: 3.81% | |||||
Airport revenue: 0.17% | |||||
Port of Seattle WA Refunding Bond Series B | 5.00 | 8-1-2023 | 4,155,000 | 4,364,921 | |
Education revenue: 0.82% | |||||
University of Washington Series A | 5.00 | 5-1-2048 | 20,500,000 | 20,825,716 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.32% | |||||
Washington Refunding Bond | 5.00% | 6-1-2025 | $ 1,000,000 | $ 1,179,066 | |
Washington Refunding Bond | 5.00 | 6-1-2026 | 1,570,000 | 1,911,664 | |
Washington Series A | 5.00 | 8-1-2022 | 4,800,000 | 5,053,263 | |
8,143,993 | |||||
Health revenue: 0.74% | |||||
Washington Health Care Facilities Authority CommonSpirit Health Series B1 | 5.00 | 8-1-2049 | 2,500,000 | 2,802,198 | |
Washington Health Care Facilities Authority CommonSpirit Health Series B3 | 5.00 | 8-1-2049 | 4,000,000 | 4,793,122 | |
Washington Health Care Facilities Authority Fred Hutchinson Cancer Research (1 Month LIBOR +1.10%) ± | 1.16 | 1-1-2042 | 9,500,000 | 9,525,819 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance 144A | 5.00 | 12-1-2025 | 275,000 | 328,119 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance 144A | 5.00 | 12-1-2026 | 285,000 | 349,864 | |
Washington Housing Finance Commission Nonprofit Housing Revenue Rockwood Retirement Communities 144A | 3.00 | 7-1-2027 | 1,000,000 | 1,024,525 | |
18,823,647 | |||||
Housing revenue: 0.29% | |||||
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2025 | 500,000 | 576,842 | |
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2026 | 730,000 | 865,751 | |
Washington Housing Finance Commission MFHR College Glen Apartments Project Series A (FHA Insured) | 1.55 | 7-1-2022 | 5,880,000 | 5,919,169 | |
7,361,762 | |||||
Miscellaneous revenue: 0.05% | |||||
FYI Properties Refunding Bond State of Washington District Project | 5.00 | 6-1-2027 | 1,000,000 | 1,222,999 | |
Utilities revenue: 1.42% | |||||
Seattle WA Municipal Light & Power Refunding Bond Series B-2 (SIFMA Municipal Swap +0.29%) ± | 0.32 | 5-1-2045 | 12,635,000 | 12,635,656 | |
Seattle WA Municipal Light & Power Refunding Bond Series C-1 (SIFMA Municipal Swap +0.49%) ± | 0.52 | 11-1-2046 | 23,190,000 | 23,254,445 | |
35,890,101 | |||||
96,633,139 | |||||
West Virginia: 0.42% | |||||
GO revenue: 0.08% | |||||
Berkeley County WV Board of Education Public School Series 2020 | 2.00 | 5-1-2023 | 1,000,000 | 1,032,086 | |
Berkeley County WV Board of Education Public School Series 2020 | 2.00 | 5-1-2024 | 1,000,000 | 1,046,395 | |
2,078,481 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.34% | |||||
West Virginia EDA Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Series A | 3.00% | 6-1-2037 | $ 8,300,000 | $ 8,470,959 | |
10,549,440 | |||||
Wisconsin: 2.85% | |||||
Airport revenue: 0.07% | |||||
Wisconsin Airport Facilities PFA Senior Obligation Group Series B | 5.00 | 7-1-2022 | 1,655,000 | 1,687,282 | |
Education revenue: 0.03% | |||||
Wisconsin PFA Guilford College | 5.00 | 1-1-2022 | 625,000 | 634,953 | |
Health revenue: 2.02% | |||||
Wisconsin HEFA Advocate Aurora Health Credit Group Series B-3 | 5.00 | 8-15-2054 | 2,000,000 | 2,236,138 | |
Wisconsin HEFA Advocate Aurora Health Credit Group Series B-4 | 5.00 | 8-15-2054 | 1,450,000 | 1,680,577 | |
Wisconsin HEFA Advocate Aurora Health Credit Group Series C-4 (SIFMA Municipal Swap +0.65%) ± | 0.68 | 8-15-2054 | 4,200,000 | 4,236,165 | |
Wisconsin HEFA Ascension Health Alliance | 5.00 | 11-15-2033 | 12,000,000 | 13,882,639 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2025 | 1,000,000 | 1,175,021 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2026 | 1,060,000 | 1,283,488 | |
Wisconsin HEFA Marshfield Clinic Health System Incorporated | 5.00 | 2-15-2052 | 3,000,000 | 3,400,092 | |
Wisconsin HEFA Marshfield Clinic Health System Incorporated Series B2 | 5.00 | 2-15-2051 | 18,300,000 | 21,940,344 | |
Wisconsin HEFA Marshfield Clinic Series 2012B | 5.00 | 2-15-2026 | 630,000 | 644,924 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2024 | 155,000 | 166,636 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2025 | 245,000 | 267,771 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2026 | 355,000 | 393,040 | |
51,306,835 | |||||
Miscellaneous revenue: 0.67% | |||||
Wisconsin State Refunding Bond Series A | 5.00 | 5-1-2022 | 8,040,000 | 8,367,039 | |
Wisconsin State Refunding Bond Series A | 5.00 | 5-1-2023 | 8,015,000 | 8,714,160 | |
17,081,199 | |||||
Water & sewer revenue: 0.06% | |||||
Clayton Town WI Water System and Sewer System Series C | 2.00 | 6-1-2026 | 1,600,000 | 1,634,693 | |
72,344,962 | |||||
Total Municipal obligations (Cost $2,438,114,250) | 2,491,090,087 |
Yield | Shares | Value | |||
Short-term investments: 1.63% | |||||
Investment companies: 1.63% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01% | 41,230,206 | $ 41,242,575 | ||
Total Short-term investments (Cost $41,242,575) | 41,242,575 | ||||
Total investments in securities (Cost $2,503,756,825) | 100.84% | 2,556,732,662 | |||
Other assets and liabilities, net | (0.84) | (21,178,694) | |||
Total net assets | 100.00% | $2,535,553,968 |
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. |
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. |
± | 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. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically 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. |
♠ | 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 |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
PCFA | Pollution Control Financing Authority |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SPA | Standby purchase agreement |
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 | $5,068,712 | $1,070,434,153 | $(1,034,260,035) | $494 | $(749) | $41,242,575 | 1.63% | 41,230,206 | $5,343 |
Assets | |
Investments in unaffiliated securities, at value (cost $2,462,514,250) | $ 2,515,490,087 |
Investments in affiliated securites, at value (cost $41,242,575) | 41,242,575 |
Receivable for interest | 19,874,225 |
Receivable for investments sold | 8,902,991 |
Receivable for Fund shares sold | 1,841,211 |
Total assets | 2,587,351,089 |
Liabilities | |
Payable for when-issued transactions | 28,721,104 |
Payable for investments purchased | 17,825,618 |
Payable for Fund shares redeemed | 3,340,800 |
Management fee payable | 560,722 |
Dividends payable | 467,627 |
Administration fees payable | 196,472 |
Distribution fee payable | 4,200 |
Trustees’ fees and expenses payable | 163 |
Accrued expenses and other liabilities | 680,415 |
Total liabilities | 51,797,121 |
Total net assets | $2,535,553,968 |
Net assets consist of | |
Paid-in capital | $ 2,535,717,135 |
Total distributable loss | (163,167) |
Total net assets | $2,535,553,968 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 685,618,418 |
Shares outstanding – Class A1 | 68,873,734 |
Net asset value per share – Class A | $9.95 |
Maximum offering price per share – Class A2 | $10.15 |
Net assets – Class C | $ 6,961,881 |
Shares outstanding – Class C1 | 699,351 |
Net asset value per share – Class C | $9.95 |
Net assets – Class R6 | $ 439,530,089 |
Shares outstanding – Class R61 | 44,068,787 |
Net asset value per share – Class R6 | $9.97 |
Net assets – Administrator Class | $ 12,906,473 |
Shares outstanding – Administrator Class1 | 1,295,729 |
Net asset value per share – Administrator Class | $9.96 |
Net assets – Institutional Class | $ 1,390,537,107 |
Shares outstanding – Institutional Class1 | 139,429,766 |
Net asset value per share – Institutional Class | $9.97 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 51,513,277 |
Income from affiliated securities | 5,343 |
Total investment income | 51,518,620 |
Expenses | |
Management fee | 9,427,747 |
Administration fees | |
Class A | 1,144,353 |
Class C | 15,488 |
Class R6 | 152,091 |
Administrator Class | 14,059 |
Institutional Class | 1,262,395 |
Shareholder servicing fees | |
Class A | 1,785,588 |
Class C | 24,068 |
Administrator Class | 34,860 |
Distribution fee | |
Class C | 72,145 |
Custody and accounting fees | 148,164 |
Professional fees | 69,279 |
Registration fees | 159,384 |
Shareholder report expenses | 191,680 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 79,492 |
Total expenses | 14,600,065 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,074,789) |
Class A | (715,221) |
Class C | (8,712) |
Administrator Class | (9,841) |
Net expenses | 12,791,502 |
Net investment income | 38,727,118 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 361,675 |
Affiliated securities | 494 |
Net realized gains on investments | 362,169 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 13,129,808 |
Affiliated securities | (749) |
Net change in unrealized gains (losses) on investments | 13,129,059 |
Net realized and unrealized gains (losses) on investments | 13,491,228 |
Net increase in net assets resulting from operations | $52,218,346 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 38,727,118 | $ 61,771,330 | ||
Net realized gains (losses) on investments | 362,169 | (10,303,927) | ||
Net change in unrealized gains (losses) on investments | 13,129,059 | 4,040,095 | ||
Net increase in net assets resulting from operations | 52,218,346 | 55,507,498 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (8,650,299) | (12,821,770) | ||
Class C | (45,155) | (174,616) | ||
Class R6 | (7,553,665) | (12,105,361) | ||
Administrator Class | (174,423) | (417,282) | ||
Institutional Class | (22,698,377) | (34,358,443) | ||
Total distributions to shareholders | (39,121,919) | (59,877,472) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 9,382,943 | 93,467,640 | 8,784,206 | 87,069,338 |
Class C | 123,795 | 1,233,557 | 232,715 | 2,303,946 |
Class R6 | 14,404,730 | 143,772,237 | 26,743,010 | 265,860,662 |
Administrator Class | 530,194 | 5,285,151 | 403,245 | 4,002,941 |
Institutional Class | 53,939,339 | 538,375,527 | 69,711,947 | 690,696,127 |
782,134,112 | 1,049,933,014 | |||
Reinvestment of distributions | ||||
Class A | 837,695 | 8,344,092 | 1,217,651 | 12,072,188 |
Class C | 4,355 | 43,381 | 15,450 | 153,234 |
Class R6 | 391,799 | 3,909,923 | 763,747 | 7,588,226 |
Administrator Class | 16,340 | 162,837 | 40,545 | 402,421 |
Institutional Class | 1,938,996 | 19,350,456 | 2,922,853 | 29,035,946 |
31,810,689 | 49,252,015 | |||
Payment for shares redeemed | ||||
Class A | (16,283,444) | (162,192,261) | (35,025,616) | (346,670,591) |
Class C | (1,129,453) | (11,242,141) | (2,013,422) | (19,947,015) |
Class R6 | (33,755,005) | (337,160,574) | (43,721,125) | (433,057,352) |
Administrator Class | (1,120,885) | (11,177,262) | (2,152,095) | (21,342,631) |
Institutional Class | (109,671,860) | (1,094,609,637) | (96,689,449) | (956,952,570) |
(1,616,381,875) | (1,777,970,159) | |||
Net decrease in net assets resulting from capital share transactions | (802,437,074) | (678,785,130) | ||
Total decrease in net assets | (789,340,647) | (683,155,104) | ||
Net assets | ||||
Beginning of period | 3,324,894,615 | 4,008,049,719 | ||
End of period | $ 2,535,553,968 | $ 3,324,894,615 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.92 | $9.92 | $9.83 | $9.85 | $9.96 |
Net investment income | 0.12 | 0.15 | 0.15 | 0.13 | 0.12 |
Net realized and unrealized gains (losses) on investments | 0.03 | (0.01) | 0.10 | (0.02) | (0.11) |
Total from investment operations | 0.15 | 0.14 | 0.25 | 0.11 | 0.01 |
Distributions to shareholders from | |||||
Net investment income | (0.12) | (0.14) | (0.16) | (0.13) | (0.12) |
Tax basis return of capital | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Total distributions to shareholders | (0.12) | (0.14) | (0.16) | (0.13) | (0.12) |
Net asset value, end of period | $9.95 | $9.92 | $9.92 | $9.83 | $9.85 |
Total return2 | 1.52% | 1.47% | 2.57% | 1.15% | 0.14% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.77% | 0.76% | 0.76% | 0.77% | 0.76% |
Net expenses | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Net investment income | 1.20% | 1.52% | 1.59% | 1.34% | 1.23% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 35% | 33% | 31% | 23% |
Net assets, end of period (000s omitted) | $685,618 | $743,254 | $991,514 | $1,209,079 | $1,619,974 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.92 | $9.92 | $9.83 | $9.85 | $9.96 |
Net investment income | 0.05 | 0.08 | 0.08 | 0.06 | 0.05 |
Net realized and unrealized gains (losses) on investments | 0.03 | (0.01) | 0.10 | (0.02) | (0.11) |
Total from investment operations | 0.08 | 0.07 | 0.18 | 0.04 | (0.06) |
Distributions to shareholders from | |||||
Net investment income | (0.05) | (0.07) | (0.09) | (0.06) | (0.05) |
Tax basis return of capital | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Total distributions to shareholders | (0.05) | (0.07) | (0.09) | (0.06) | (0.05) |
Net asset value, end of period | $9.95 | $9.92 | $9.92 | $9.83 | $9.85 |
Total return2 | 0.76% | 0.71% | 1.81% | 0.40% | (0.61)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.51% | 1.50% | 1.51% | 1.52% | 1.51% |
Net expenses | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
Net investment income | 0.45% | 0.77% | 0.84% | 0.59% | 0.49% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 35% | 33% | 31% | 23% |
Net assets, end of period (000s omitted) | $6,962 | $16,870 | $34,381 | $48,101 | $62,796 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||
Class R6 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $9.94 | $9.94 | $9.86 |
Net investment income | 0.15 | 0.18 | 0.17 |
Net realized and unrealized gains (losses) on investments | 0.03 | (0.01) | 0.08 |
Total from investment operations | 0.18 | 0.17 | 0.25 |
Distributions to shareholders from | |||
Net investment income | (0.15) | (0.17) | (0.17) |
Tax basis return of capital | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.15) | (0.17) | (0.17) |
Net asset value, end of period | $9.97 | $9.94 | $9.94 |
Total return3 | 1.80% | 1.75% | 2.60% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.39% | 0.38% | 0.38% |
Net expenses | 0.35% | 0.35% | 0.35% |
Net investment income | 1.48% | 1.80% | 1.94% |
Supplemental data | |||
Portfolio turnover rate | 20% | 35% | 33% |
Net assets, end of period (000s omitted) | $439,530 | $626,312 | $787,524 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.92 | $9.93 | $9.84 | $9.86 | $9.97 |
Net investment income | 0.12 1 | 0.16 | 0.16 | 0.14 | 0.13 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.02) | 0.09 | (0.02) | (0.11) |
Total from investment operations | 0.16 | 0.14 | 0.25 | 0.12 | 0.02 |
Distributions to shareholders from | |||||
Net investment income | (0.12) | (0.15) | (0.16) | (0.14) | (0.13) |
Tax basis return of capital | 0.00 | 0.00 | (0.00) 2 | 0.00 | 0.00 |
Total distributions to shareholders | (0.12) | (0.15) | (0.16) | (0.14) | (0.13) |
Net asset value, end of period | $9.96 | $9.92 | $9.93 | $9.84 | $9.86 |
Total return | 1.65% | 1.39% | 2.60% | 1.18% | 0.17% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.71% | 0.69% | 0.70% | 0.71% | 0.70% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 1.23% | 1.55% | 1.62% | 1.36% | 1.27% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 35% | 33% | 31% | 23% |
Net assets, end of period (000s omitted) | $12,906 | $18,560 | $35,517 | $44,186 | $68,621 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.94 | $9.94 | $9.85 | $9.87 | $9.98 |
Net investment income | 0.14 | 0.17 | 0.18 | 0.16 | 0.15 |
Net realized and unrealized gains (losses) on investments | 0.03 | (0.00) 1 | 0.09 | (0.02) | (0.11) |
Total from investment operations | 0.17 | 0.17 | 0.27 | 0.14 | 0.04 |
Distributions to shareholders from | |||||
Net investment income | (0.14) | (0.17) | (0.18) | (0.16) | (0.15) |
Tax basis return of capital | 0.00 | 0.00 | (0.00) 2 | 0.00 | 0.00 |
Total distributions to shareholders | (0.14) | (0.17) | (0.18) | (0.16) | (0.15) |
Net asset value, end of period | $9.97 | $9.94 | $9.94 | $9.85 | $9.87 |
Total return | 1.75% | 1.70% | 2.81% | 1.39% | 0.37% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.44% | 0.43% | 0.43% | 0.44% | 0.43% |
Net expenses | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 1.42% | 1.74% | 1.80% | 1.58% | 1.48% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 35% | 33% | 31% | 23% |
Net assets, end of period (000s omitted) | $1,390,537 | $1,919,898 | $2,159,113 | $3,421,249 | $3,427,060 |
1 | Amount is more than $(0.005) |
2 | Amount is less than $0.005. |
Gross unrealized gains | $55,744,460 |
Gross unrealized losses | (3,179,103) |
Net unrealized gains | $52,565,357 |
■ | 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: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 24,400,000 | $0 | $ 24,400,000 |
Municipal obligations | 0 | 2,491,090,087 | 0 | 2,491,090,087 |
Short-term investments | ||||
Investment companies | 41,242,575 | 0 | 0 | 41,242,575 |
Total assets | $41,242,575 | $2,515,490,087 | $0 | $2,556,732,662 |
Average daily net assets | Management fee |
First $1 billion | 0.350% |
Next $4 billion | 0.325 |
Next $3 billion | 0.290 |
Next $2 billion | 0.265 |
Over $10 billion | 0.255 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.63% |
Class C | 1.38 |
Class R6 | 0.35 |
Administrator Class | 0.60 |
Institutional Class | 0.40 |
Undistributed tax-exempt income | Unrealized gains | Capital loss carryforward |
$1,007,639 | $52,565,357 | $(53,257,373) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g177741img21f91d4c7.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g177741img1e672e4d1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g177741img1a30af6f8.jpg)
A256/AR256 06-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g183373img243cb2091.jpg)
Strategic Municipal Bond Fund
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Financial statements | |
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71 | |
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Board considerations | |
76 | |
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84 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g183373img55af3dbe2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g183373imga50244163.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from regular federal income tax. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Nicholos Venditti* |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (VMPAX) | 12-1-1994 | -0.85 | 1.63 | 2.27 | 3.26 | 2.47 | 2.70 | 0.79 | 0.79 | ||
Class C (DHICX) | 8-18-1997 | 1.49 | 1.70 | 1.93 | 2.49 | 1.70 | 1.93 | 1.54 | 1.54 | ||
Class R6 (VMPRX)3 | 7-31-2018 | – | – | – | 3.65 | 2.73 | 2.91 | 0.41 | 0.41 | ||
Administrator Class (VMPYX) | 10-6-1997 | – | – | – | 3.27 | 2.57 | 2.83 | 0.73 | 0.68 | ||
Institutional Class (STRIX)4 | 11-30-2012 | – | – | – | 3.49 | 2.79 | 3.01 | 0.46 | 0.46 | ||
Bloomberg Barclays Short-Intermediate Municipal Bond Index5 | – | – | – | – | 2.18 | 2.33 | 2.68 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.81% for Class A, 1.56% for Class C, 0.43% for Class R6, 0.68% for Administrator Class, and 0.48% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
5 | The Bloomberg Barclays Short-Intermediate Municipal Bond Index is a rules-based, market-value-weighted index composed of publicly traded municipal bonds that cover the U.S. dollar–denominated short-term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and prefunded bonds. You cannot invest directly in an index. |
* | Mr. Venditti became a portfolio manager of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g183373img40ccc5a04.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Short-Intermediate Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.00%. |
■ | The Fund outperformed its benchmark, the Bloomberg Barclays Short-Intermediate Municipal Bond Index, for the 12-month period that ended June 30, 2021. |
■ | Quality allocation and security selection were the largest contributors to performance. |
■ | Duration and curve position detracted slightly from relative performance as rates moved over the period. |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g183373img057a091d5.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-CSR/0001193125-21-262222/g183373img61b344266.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. |
* | 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. |
Beginning account value 1-1-2021 | Ending account value 6-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,009.20 | $3.94 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.88 | $3.96 | 0.79% |
Class C | ||||
Actual | $1,000.00 | $1,005.45 | $7.66 | 1.54% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.16 | $7.70 | 1.54% |
Class R6 | ||||
Actual | $1,000.00 | $1,011.10 | $2.04 | 0.41% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.76 | $2.06 | 0.41% |
Administrator Class | ||||
Actual | $1,000.00 | $1,008.68 | $3.39 | 0.68% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.41 | 0.68% |
Institutional Class | ||||
Actual | $1,000.00 | $1,009.77 | $2.29 | 0.46% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.51 | $2.31 | 0.46% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.65% | |||||
Other: 0.65% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series B (10,000 shares) 0.33% 144Aø | $10,000,000 | $ 10,000,000 | |||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (10,000 shares) 0.09% 144Aø | 10,000,000 | 10,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $20,000,000) | 20,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 98.01% | |||||
Alabama: 1.13% | |||||
Health revenue: 0.18% | |||||
Birmingham AL Special Care Facilities Ascension Senior Credit Group Series C-1 | 1.85% | 11-15-2046 | 5,395,000 | 5,515,225 | |
Industrial development revenue: 0.13% | |||||
Selma AL Industrial Development Board Refunding Bonds Gulf Opportunity Zone International Paper Company | 2.00 | 11-1-2033 | 3,675,000 | 3,857,192 | |
Utilities revenue: 0.82% | |||||
Alabama Black Belt Energy Gas District Series A | 4.00 | 12-1-2048 | 2,000,000 | 2,160,728 | |
Lower Alabama Gas Supply District Project #2 | 4.00 | 12-1-2050 | 8,660,000 | 9,849,407 | |
Southeast Alabama Gas Supply District Project #2 Series 2018A | 4.00 | 6-1-2049 | 12,150,000 | 13,333,738 | |
25,343,873 | |||||
34,716,290 | |||||
Alaska: 0.37% | |||||
Health revenue: 0.21% | |||||
Alaska Industrial Development & Export Authority Tanana Chiefs Conference Project Series 2019A | 5.00 | 10-1-2027 | 1,455,000 | 1,790,301 | |
Alaska Industrial Development & Export Authority Tanana Chiefs Conference Project Series 2019A | 5.00 | 10-1-2028 | 1,530,000 | 1,917,687 | |
Alaska Industrial Development & Export Authority Tanana Chiefs Conference Project Series 2019A | 5.00 | 10-1-2029 | 2,220,000 | 2,833,390 | |
6,541,378 | |||||
Utilities revenue: 0.16% | |||||
Alaska Industrial Development & Export Authority Power Refunding Bonds Snettisham Hydroelectric Project Series 2015 | 5.00 | 1-1-2022 | 1,735,000 | 1,769,871 | |
Alaska Industrial Development & Export Authority Power Refunding Bonds Snettisham Hydroelectric Project Series 2015 | 5.00 | 1-1-2023 | 2,835,000 | 3,002,271 | |
4,772,142 | |||||
11,313,520 |
Interest rate | Maturity date | Principal | Value | ||
Arizona: 2.39% | |||||
Education revenue: 0.50% | |||||
Arizona Board Regents University Arizona System Revenue Refunding Bonds Speed Series C | 5.00% | 8-1-2023 | $ 1,000,000 | $ 1,100,332 | |
Arizona Board Regents University Arizona System Revenue Refunding Bonds Speed Series C | 5.00 | 8-1-2025 | 600,000 | 710,658 | |
Arizona IDA Agribusiness & Equine Center Incorporated Project Series 2017B 144A | 4.00 | 3-1-2027 | 1,170,000 | 1,264,678 | |
Arizona IDA Education Facility Leman Academy of Excellence Incorporated Project 144A | 4.50 | 7-1-2029 | 765,000 | 811,222 | |
Maricopa County AZ IDA Educational Horizon Community Learning Center Project | 2.63 | 7-1-2021 | 550,000 | 550,000 | |
Phoenix AZ IDA Great Hearts Academies Project | 5.20 | 7-1-2022 | 240,000 | 240,000 | |
Pima County AZ IDA American Leadership Academy Project Series 2015 144A | 4.60 | 6-15-2025 | 770,000 | 817,429 | |
Pima County AZ IDA Charter Schools Project Series 2013 | 4.50 | 7-1-2021 | 1,210,000 | 1,210,000 | |
Pima County AZ IDA Charter Schools Project Series 2013 | 4.50 | 7-1-2022 | 1,225,000 | 1,249,833 | |
Pima County AZ IDA Education Revenue Refunding Bonds Facility Edkey Charter 144A | 3.50 | 7-1-2025 | 2,605,000 | 2,709,545 | |
Pima County AZ IDA New Plan Learning Project Series A | 7.75 | 7-1-2035 | 985,000 | 989,316 | |
Pima County AZ IDA New Plan Learning Project Series A | 8.13 | 7-1-2041 | 2,945,000 | 2,958,511 | |
Pima County AZ IDA Noah Webster Schools Project Series A | 5.50 | 12-15-2023 | 605,000 | 642,207 | |
15,253,731 | |||||
GO revenue: 0.02% | |||||
Verrado AZ Community Facilities District #1 Series A 144A | 5.00 | 7-15-2021 | 500,000 | 500,455 | |
Health revenue: 0.68% | |||||
Maricopa County AZ IDA Senior Living Facilities Christian Care Retirement Apartments Incorporated Project | 5.00 | 1-1-2022 | 1,065,000 | 1,089,478 | |
Maricopa County AZ IDA Senior Living Facilities Christian Care Retirement Apartments Incorporated Project | 5.00 | 1-1-2023 | 1,120,000 | �� 1,196,323 | |
Maricopa County AZ IDA Senior Living Facilities Christian Care Surprise Incorporated Project 144A | 5.00 | 1-1-2026 | 2,570,000 | 2,630,792 | |
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.57%) ± | 0.60 | 1-1-2035 | 5,675,000 | 5,651,754 | |
RBC Municipal Products Incorporated (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.06 | 2-1-2025 | 10,000,000 | 10,000,000 | |
Tempe AZ IDA Mirabella Arizona State University Project Series B1 144A | 4.00 | 10-1-2023 | 310,000 | 310,185 | |
20,878,532 | |||||
Industrial development revenue: 0.65% | |||||
Chandler AZ IDA Intel Corporation Project | 5.00 | 6-1-2049 | 11,645,000 | 13,139,948 | |
Phoenix AZ IDA Various Republic Services Incorporated Projects øø | 0.20 | 12-1-2035 | 7,000,000 | 7,000,008 | |
20,139,956 | |||||
Miscellaneous revenue: 0.54% | |||||
Arizona IDA Revenue Lincoln South Beltway Project | 5.00 | 2-1-2027 | 1,255,000 | 1,538,047 | |
Arizona IDA Revenue Lincoln South Beltway Project | 5.00 | 5-1-2027 | 1,125,000 | 1,387,738 | |
Arizona IDA Revenue Lincoln South Beltway Project | 5.00 | 8-1-2027 | 1,205,000 | 1,495,829 | |
Arizona IDA Revenue Lincoln South Beltway Project | 5.00 | 11-1-2027 | 1,000,000 | 1,248,944 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Navajo Nation AZ Series A 144A | 4.00% | 12-1-2022 | $ 6,345,000 | $ 6,483,293 | |
Navajo Nation AZ Series A 144A | 5.00 | 12-1-2025 | 4,110,000 | 4,547,662 | |
16,701,513 | |||||
73,474,187 | |||||
Arkansas: 0.11% | |||||
Tax revenue: 0.11% | |||||
Bentonville AR Sales & Use Tax Refunding and Improvement Bonds Series 2021B %% | 1.05 | 11-1-2046 | 3,000,000 | 2,974,949 | |
Fayetteville AR Sales and Use Tax Capital Improvement Refunding Bonds Series A | 1.60 | 11-1-2035 | 525,000 | 524,761 | |
3,499,710 | |||||
California: 5.72% | |||||
Airport revenue: 0.28% | |||||
Port Oakland CA Revenue Refunding Bonds Intermediate Lien Series H | 5.00 | 5-1-2024 | 3,100,000 | 3,481,184 | |
San Francisco County CA AMT Series A | 5.00 | 5-1-2027 | 4,775,000 | 4,962,679 | |
8,443,863 | |||||
Education revenue: 0.03% | |||||
California Municipal Finance Authority Charter School Nova Academy Project Series 2016A 144A | 4.00 | 6-15-2026 | 645,000 | 693,790 | |
California School Finance Authority Charter School Rocketship Education Obligated Group Series 2017A 144A | 4.50 | 6-1-2027 | 250,000 | 280,603 | |
974,393 | |||||
GO revenue: 0.11% | |||||
El Cerrito CA Tax and Revenue Anticipation Notes | 3.00 | 7-1-2021 | 3,510,000 | 3,510,000 | |
Health revenue: 1.19% | |||||
California CDA Health Facilities Catholic Series D (AGM Insured) € | 0.17 | 7-1-2041 | 8,700,000 | 8,700,000 | |
California CDA Health Facilities Catholic Series E (AGM Insured) € | 0.26 | 7-1-2040 | 8,525,000 | 8,525,000 | |
California PFA Revenue Henry Mayo Newhall Hospital Series A | 4.00 | 10-15-2026 | 415,000 | 476,567 | |
California PFA Revenue Henry Mayo Newhall Hospital Series A | 4.00 | 10-15-2027 | 400,000 | 465,792 | |
California PFA Senior Living Revenue Refunding Bond Enso Village Project Series A 144A | 5.00 | 11-15-2036 | 1,000,000 | 1,188,046 | |
California PFA Senior Living Revenue Refunding Bond Enso Village Projext Series B2 144A | 2.38 | 11-15-2028 | 1,000,000 | 1,013,838 | |
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0119 (Deutsche Bank LIQ) 144Aø | 0.10 | 7-1-2044 | 14,900,000 | 14,900,000 | |
San Buenaventura CA Community Mental Health System | 6.50 | 12-1-2021 | 1,250,000 | 1,281,868 | |
36,551,111 | |||||
Housing revenue: 0.14% | |||||
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 1,465,559 | 1,727,669 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00% | 5-15-2024 | $ 500,000 | $ 565,933 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2025 | 400,000 | 468,042 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2026 | 400,000 | 481,879 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2027 | 500,000 | 617,573 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2028 | 400,000 | 505,420 | |
4,366,516 | |||||
Industrial development revenue: 1.27% | |||||
California Infrastructure & Economic Development Bank AMT Brightline West Passenger 144Aøø | 0.45 | 1-1-2050 | 14,000,000 | 14,000,000 | |
California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series A 144Aøø | 0.20 | 1-1-2050 | 25,000,000 | 24,998,703 | |
38,998,703 | |||||
Miscellaneous revenue: 0.75% | |||||
Compton CA PFA Refunding Bond 144A | 4.00 | 9-1-2022 | 2,305,000 | 2,348,543 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2022 | 300,000 | 309,395 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2024 | 310,000 | 337,580 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2026 | 350,000 | 397,165 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2036 | 800,000 | 951,019 | |
Turlock CA PFA Water Revenue BAN | 4.00 | 3-1-2027 | 18,500,000 | 18,615,823 | |
22,959,525 | |||||
Resource recovery revenue: 0.49% | |||||
California Municipal Finance Authority Solid Waste Disposal Waste Management Project ø | 0.20 | 10-1-2045 | 5,000,000 | 5,000,011 | |
California PCFA Series A 144Aøø | 0.20 | 8-1-2023 | 10,000,000 | 10,000,011 | |
15,000,022 | |||||
Tax revenue: 1.39% | |||||
Mizuho Tender Option Bond Trust Receipts/Floater Certificates (Mizuho Capital Markets LIQ) 144Aø | 0.09 | 7-11-2040 | 3,825,000 | 3,825,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9002 (Mizuho Capital Markets LOC, Mizuho Capital Markets LIQ) 144Aø | 0.28 | 9-1-2046 | 37,000,000 | 37,000,000 | |
Transbay Joint Powers Authority Green Subordinated Bond Tax Allocation Bond Series B | 2.40 | 10-1-2049 | 1,820,000 | 1,887,863 | |
42,712,863 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.07% | |||||
Bay Area Toll Authority Toll Bridge Revenue Various Sanitary Francisco Bay Area (SIFMA Municipal Swap +0.45%) ± | 0.48% | 4-1-2056 | $ 2,000,000 | $ 2,002,500 | |
175,519,496 | |||||
Colorado: 1.30% | |||||
Airport revenue: 0.22% | |||||
Denver CO City & County Airport System Revenue Series 2012B | 5.00 | 12-1-2030 | 5,000,000 | 6,572,252 | |
Education revenue: 0.32% | |||||
Colorado ECFA Eagle Ridge Academy Project 144A | 3.63 | 11-1-2026 | 1,600,000 | 1,610,815 | |
Colorado ECFA Rocky Mountain Classical Academy Project | 6.38 | 9-1-2023 | 920,000 | 986,610 | |
Colorado ECFA Vanguard School Project | 4.00 | 6-15-2022 | 515,000 | 532,767 | |
Colorado ECFA Windsor Charter Academy | 3.88 | 9-1-2026 | 1,085,000 | 1,088,439 | |
Colorado School of Mines Institutional Enterprise Refunding Bonds Series 2018A (1 Month LIBOR +0.50%) ± | 0.56 | 2-1-2023 | 5,730,000 | 5,716,259 | |
9,934,890 | |||||
GO revenue: 0.14% | |||||
Aviation Station North Metropolitan District #2 Colorado Improvement & Refunding Bonds Limited Tax Series A | 4.00 | 12-1-2029 | 500,000 | 537,714 | |
Centennial CO Southglenn Metropolitan District | 3.00 | 12-1-2021 | 259,000 | 260,318 | |
Grand River CO Hospital District (AGM Insured) | 5.00 | 12-1-2025 | 1,000,000 | 1,159,466 | |
Mirabelle Metropolitan District #2 Colorado Senior Series A | 5.00 | 12-1-2039 | 700,000 | 766,335 | |
Peak Metropolitan District #1 Colorado Limited Tax Series A 144A | 4.00 | 12-1-2035 | 500,000 | 539,223 | |
Sterling Ranch Community Authority Board Colorado Supported Revenue Refunding Bonds and Improvement Limited Tax District #2 | 3.38 | 12-1-2030 | 500,000 | 551,751 | |
Thompson Crossing Metropolitan District #4 Colorado Improvement & Refunding Bonds Limited Tax | 3.50 | 12-1-2029 | 515,000 | 550,570 | |
4,365,377 | |||||
Health revenue: 0.41% | |||||
Colorado Health Facilities Authority Series B-2 | 5.00 | 8-1-2049 | 3,000,000 | 3,596,346 | |
Colorado HFA Catholic Health Initiatives Series 2008-D2 (Morgan Stanley Bank LIQ) 144Aø | 0.11 | 10-1-2037 | 9,000,000 | 9,000,000 | |
12,596,346 | |||||
Miscellaneous revenue: 0.06% | |||||
Colorado State Bridge Enterprise Senior Revenue Bonds AMT Central 70 Project Private Activity | 4.00 | 12-31-2024 | 1,610,000 | 1,798,173 | |
Tax revenue: 0.12% | |||||
Centerra CO Metropolitan District #1 Series 2017 144A | 5.00 | 12-1-2021 | 1,440,000 | 1,460,391 | |
Centerra CO Metropolitan District #1 Series 2017 144A | 5.00 | 12-1-2022 | 1,940,000 | 2,030,428 | |
Pueblo CO Urban Renewal Authority Evraz Project Series B 144A¤ | 0.00 | 12-1-2025 | 200,000 | 173,623 | |
3,664,442 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.03% | |||||
Colorado E-470 Public Highway Authority CAB Series A | 5.00% | 9-1-2040 | $ 800,000 | $ 905,049 | |
39,836,529 | |||||
Connecticut: 2.53% | |||||
Education revenue: 0.21% | |||||
Connecticut HEFAR Yale University Issue Series A-2 | 2.00 | 7-1-2042 | 1,500,000 | 1,601,750 | |
Connecticut State HEFA University of Hartford Project Series N | 5.00 | 7-1-2026 | 575,000 | 681,920 | |
Connecticut State HEFA University of Hartford Project Series N | 5.00 | 7-1-2027 | 430,000 | 521,645 | |
Connecticut State HEFA University of Hartford Project Series N | 5.00 | 7-1-2028 | 530,000 | 655,850 | |
Connecticut State Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2025 | 480,000 | 563,720 | |
Connecticut State Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2026 | 385,000 | 462,346 | |
Connecticut State Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2026 | 940,000 | 1,134,291 | |
Connecticut State Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2027 | 125,000 | 148,962 | |
Connecticut State Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2027 | 500,000 | 616,199 | |
6,386,683 | |||||
GO revenue: 0.31% | |||||
Bridgeport CT Series A | 5.00 | 6-1-2026 | 1,220,000 | 1,449,559 | |
Bridgeport CT Series A | 5.00 | 6-1-2027 | 1,425,000 | 1,735,477 | |
Bridgeport CT Series A | 5.00 | 6-1-2028 | 1,605,000 | 1,997,289 | |
Hartford CT Series A | 5.00 | 4-1-2025 | 2,500,000 | 2,702,483 | |
Hartford CT Series A | 5.00 | 4-1-2027 | 1,650,000 | 1,779,715 | |
9,664,523 | |||||
Health revenue: 0.33% | |||||
Connecticut HEFA Revenue Hartford Healthcare Series B2 | 5.00 | 7-1-2053 | 7,800,000 | 9,528,001 | |
Connecticut HEFA Revenue McLean Affiliates Incorporated Series B2 144A | 2.75 | 1-1-2026 | 650,000 | 658,077 | |
10,186,078 | |||||
Housing revenue: 0.32% | |||||
Meriden CT MFHR Yale Acres Project | 1.73 | 8-1-2022 | 9,635,000 | 9,714,348 | |
Tax revenue: 1.36% | |||||
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose Series A | 5.00 | 8-1-2029 | 17,125,000 | 20,176,730 | |
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose Series B | 5.00 | 10-1-2030 | 3,000,000 | 3,815,223 | |
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose Series B | 5.00 | 10-1-2031 | 9,000,000 | 11,408,035 | |
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose Series B | 5.00 | 10-1-2032 | 5,000,000 | 6,326,898 | |
41,726,886 | |||||
77,678,518 |
Interest rate | Maturity date | Principal | Value | ||
Delaware: 0.05% | |||||
Education revenue: 0.05% | |||||
Delaware EDA Odyssey Charter School Project Series A 144A | 6.25% | 9-1-2025 | $ 1,485,000 | $ 1,619,868 | |
District of Columbia: 0.94% | |||||
Airport revenue: 0.20% | |||||
Metropolitan Washington Airports Authority Series A %% | 5.00 | 10-1-2026 | 5,000,000 | 6,082,681 | |
Education revenue: 0.07% | |||||
District of Columbia Revenue Two Rivers Public Charter School Incorporate | 3.00 | 6-1-2030 | 1,100,000 | 1,137,680 | |
District of Columbia Revenue Two Rivers Public Charter School Incorporate | 4.00 | 6-1-2030 | 1,000,000 | 1,139,584 | |
2,277,264 | |||||
Housing revenue: 0.53% | |||||
District of Columbia HFA MFHR 1550 First Street Project | 1.46 | 6-1-2039 | 16,100,000 | 16,248,181 | |
Water & sewer revenue: 0.14% | |||||
District of Columbia Water and Sewer Authority Public Utility Subordinated Lien Bond Series C | 1.75 | 10-1-2054 | 4,000,000 | 4,167,094 | |
28,775,220 | |||||
Florida: 2.98% | |||||
Airport revenue: 0.61% | |||||
Broward County FL Port Facilities Revenue Refunding Bonds Series C | 5.00 | 9-1-2027 | 2,330,000 | 2,918,262 | |
Miami-Dade County FL Aviation Refunding Bonds AMT | 5.00 | 10-1-2029 | 11,000,000 | 12,478,901 | |
Miami-Dade County FL Seaport AMT Series B | 6.00 | 10-1-2032 | 1,385,000 | 1,542,634 | |
Miami-Dade County FL Seaport AMT Series B | 6.00 | 10-1-2033 | 1,500,000 | 1,670,723 | |
18,610,520 | |||||
Education revenue: 0.53% | |||||
Capital Trust Agency Educational Facilities Renaissance Charter School Incorporated Projects Series 2017A 144A | 4.38 | 6-15-2027 | 1,105,000 | 1,178,138 | |
Capital Trust Agency Educational Facilities Renaissance Charter School Incorporated Projects Series A 144A | 4.00 | 6-15-2029 | 2,410,000 | 2,593,702 | |
Capital Trust Agency Educational Facilities Renaissance Imagine School at Land O' Lakes 144A | 3.00 | 12-15-2029 | 420,000 | 440,544 | |
Florida Development Finance Corporation Educational Facilities Revenue Renaissance Charter School Incorporated 144A | 4.00 | 9-15-2030 | 470,000 | 514,790 | |
Florida State HEFAR Educational Facilities Florida Institute of Technology | 5.00 | 10-1-2027 | 650,000 | 799,104 | |
Florida State HEFAR Educational Facilities Florida Institute of Technology | 5.00 | 10-1-2028 | 1,050,000 | 1,317,848 | |
Florida State HEFAR Educational Facilities Florida Institute of Technology | 5.00 | 10-1-2029 | 1,000,000 | 1,277,667 | |
Miami-Dade County FL IDA Youth Charter Schools Project Series 2015A 144A | 5.00 | 9-15-2025 | 700,000 | 745,217 | |
Tender Option Bond Trust Receipts/Certificates (Morgan Stanley Bank LIQ) 144Aø | 0.15 | 4-1-2053 | 7,325,000 | 7,325,000 | |
16,192,010 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.83% | |||||
Highlands County FL Health Facilities Authority Hospital Adventhealth Obligated Group Series D ø%% | 0.02% | 11-15-2056 | $15,000,000 | $ 15,000,000 | |
Lakeland FL Hospital System Lakeland Regional Health System | 5.00 | 11-15-2022 | 4,495,000 | 4,573,202 | |
Palm Beach County FL HFA Revenue Toby and Leon Cooperman Sinai | 2.63 | 6-1-2025 | 4,000,000 | 4,130,276 | |
St. Johns County FL IDA Senior Living Vicars Landing Project Series A %% | 4.00 | 12-15-2029 | 225,000 | 257,753 | |
St. Johns County FL IDA Senior Living Vicars Landing Project Series A %% | 4.00 | 12-15-2030 | 200,000 | 228,062 | |
St. Johns County FL IDA Senior Living Vicars Landing Project Series A %% | 4.00 | 12-15-2031 | 205,000 | 232,824 | |
St. Johns County FL IDA Senior Living Vicars Landing Project Series A %% | 4.00 | 12-15-2036 | 1,000,000 | 1,125,986 | |
25,548,103 | |||||
Housing revenue: 0.09% | |||||
University of West Florida Foundation Incorporated Dormitory Series A | 5.00 | 6-1-2022 | 1,325,000 | 1,379,553 | |
University of West Florida Foundation Incorporated Dormitory Series A | 5.00 | 6-1-2023 | 1,190,000 | 1,291,022 | |
2,670,575 | |||||
Industrial development revenue: 0.15% | |||||
Escambia County FL Environmental Improvement Refunding Bonds International Paper Company Project Series B | 2.00 | 11-1-2033 | 825,000 | 865,900 | |
Florida Development Finance Corporation 144A | 5.00 | 5-1-2029 | 2,000,000 | 2,158,411 | |
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated | 3.00 | 6-1-2032 | 1,500,000 | 1,583,400 | |
4,607,711 | |||||
Miscellaneous revenue: 0.09% | |||||
Florida Village Community Development District #10 Special Assessment Bonds | 5.13 | 5-1-2024 | 1,370,000 | 1,468,343 | |
Florida Village Community Development District #13 Special Assessment Bonds | 2.63 | 5-1-2024 | 375,000 | 384,954 | |
Pinellas County FL IDA 2017 Foundation for Global Understanding Incorporated Project | 5.00 | 7-1-2029 | 910,000 | 1,047,741 | |
2,901,038 | |||||
Resource recovery revenue: 0.12% | |||||
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated 144A | 5.00 | 8-1-2029 | 3,500,000 | 3,635,387 | |
Transportation revenue: 0.09% | |||||
Miami-Dade County FL Expressway Authority Toll System (AGM Insured, Citibank NA LIQ) 144Aø | 0.13 | 7-1-2035 | 1,050,000 | 1,050,000 | |
Osceola County FL Transportation Revenue Improvement & Refunding Bonds Osceola Parkway Series 2019A-1 | 5.00 | 10-1-2027 | 950,000 | 1,207,261 | |
Osceola County FL Transportation Revenue Improvement & Refunding Bonds Osceola Parkway Series 2019A-1 | 5.00 | 10-1-2029 | 450,000 | 599,158 | |
2,856,419 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.47% | |||||
Tohopekaliga FL Water Authority Utility System Bond 144A | 5.00% | 10-1-2025 | $12,000,000 | $ 14,314,448 | |
91,336,211 | |||||
Georgia: 4.13% | |||||
Health revenue: 0.34% | |||||
Georgia Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF1016 (Barclays Bank plc LIQ) 144Aø | 0.08 | 8-15-2049 | 10,520,000 | 10,520,000 | |
Housing revenue: 0.03% | |||||
Northwest Georgia Housing Authority MFHR Charles Hight Apartments Project (FHA Insured) | 1.54 | 8-1-2022 | 1,000,000 | 1,001,014 | |
Industrial development revenue: 0.20% | |||||
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 3.63 | 1-1-2031 | 2,000,000 | 2,253,217 | |
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2036 | 1,750,000 | 2,145,765 | |
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2054 | 1,500,000 | 1,797,429 | |
6,196,411 | |||||
Transportation revenue: 0.06% | |||||
Georgia Road & Tollway Authority I-75 S Express Lanes Project Series A 144A¤ | 0.00 | 6-1-2024 | 1,770,000 | 1,653,036 | |
Utilities revenue: 3.50% | |||||
Appling County GA Development Authority Oglethorpe Power Corporation Hatch Project | 1.50 | 1-1-2038 | 2,500,000 | 2,559,276 | |
Bartow County GA Development Authority Georgia Power Company Plant Bowen Project | 1.55 | 8-1-2043 | 6,500,000 | 6,590,543 | |
Bartow County GA Development Authority Pollution Control Georgia Power Company Plant Bowen Project | 2.75 | 12-1-2032 | 4,500,000 | 4,680,266 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project | 2.25 | 10-1-2032 | 1,500,000 | 1,551,096 | |
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series E | 3.25 | 11-1-2045 | 3,000,000 | 3,256,251 | |
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F | 3.00 | 11-1-2045 | 14,955,000 | 15,543,696 | |
Burke County GA Development Authority PCR Bonds Georgia Power Company Plant Vogtle Project | 1.70 | 12-1-2049 | 3,500,000 | 3,620,134 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2023 | 625,000 | 672,457 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2024 | 350,000 | 391,874 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2025 | 400,000 | 463,900 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2026 | 600,000 | 718,133 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2027 | 700,000 | 860,019 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2028 | 850,000 | 1,069,681 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2029 | 1,000,000 | 1,281,647 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2030 | 1,100,000 | 1,436,656 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2031 | 1,000,000 | 1,303,743 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2032 | 1,000,000 | 1,294,872 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series B | 4.00 | 8-1-2049 | 10,000,000 | 11,144,685 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series C (Royal Bank of Canada LIQ) | 4.00 | 8-1-2048 | 14,485,000 | 15,642,208 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Main Street Natural Gas Incorporated Georgia Gas Project Series C | 4.00% | 3-1-2050 | $10,500,000 | $ 12,139,684 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ) | 4.00 | 4-1-2048 | 2,640,000 | 2,831,996 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ± | 0.81 | 4-1-2048 | 4,700,000 | 4,723,415 | |
Municipal Electric Authority Georgia General Resolution Projects Subordinate Bonds Series A | 5.00 | 1-1-2028 | 1,035,000 | 1,293,783 | |
Municipal Electric Authority Georgia General Resolution Projects Subordinated Bonds Series A | 5.00 | 1-1-2027 | 1,010,000 | 1,234,823 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project M Series A | 5.00 | 1-1-2027 | 300,000 | 366,779 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project M Series A | 5.00 | 1-1-2028 | 400,000 | 500,013 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project M Series A | 5.00 | 1-1-2029 | 400,000 | 504,765 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project P Series B | 5.00 | 1-1-2028 | 1,000,000 | 1,239,384 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project P Series B | 5.00 | 1-1-2029 | 910,000 | 1,135,838 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2027 | 1,150,000 | 1,405,986 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2028 | 1,270,000 | 1,587,541 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2029 | 1,140,000 | 1,453,403 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2030 | 1,025,000 | 1,295,745 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2031 | 1,385,000 | 1,741,559 | |
107,535,851 | |||||
126,906,312 | |||||
Guam: 0.14% | |||||
Miscellaneous revenue: 0.08% | |||||
Guam Government Department Education Certificates Participation Refunding Bonds John F Kennedy High School | 3.63 | 2-1-2025 | 750,000 | 790,399 | |
Guam Government Department Education Certificates Participation Refunding Bonds John F Kennedy High School | 4.25 | 2-1-2030 | 1,355,000 | 1,519,181 | |
2,309,580 | |||||
Tax revenue: 0.06% | |||||
Guam Governmnet Business Privilege Tax Refunding Bonds Series F %% | 5.00 | 1-1-2030 | 750,000 | 943,189 | |
Guam Governmnet Business Privilege Tax Refunding Bonds Series F %% | 5.00 | 1-1-2031 | 750,000 | 957,377 | |
1,900,566 | |||||
4,210,146 |
Interest rate | Maturity date | Principal | Value | ||
Hawaii: 0.30% | |||||
Airport revenue: 0.03% | |||||
Hawaii State Airports System Revenue Unrefunded Balance Refunding Bonds AMT | 5.00% | 7-1-2024 | $ 445,000 | $ 447,359 | |
Hawaii State Airports System Revenue Unrefunded Balance Refunding Bonds AMT | 5.00 | 7-1-2024 | 555,000 | 555,000 | |
1,002,359 | |||||
Health revenue: 0.27% | |||||
Hawaii Department of Budget & Finance Queens Health System Series B (SIFMA Municipal Swap +0.45%) ± | 0.48 | 7-1-2039 | 8,350,000 | 8,350,000 | |
9,352,359 | |||||
Illinois: 18.54% | |||||
Airport revenue: 1.80% | |||||
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2013A | 5.50 | 1-1-2027 | 3,925,000 | 4,221,113 | |
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2014A | 5.00 | 1-1-2026 | 7,000,000 | 7,760,740 | |
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2014A | 5.00 | 1-1-2030 | 5,175,000 | 5,704,771 | |
Chicago IL O'Hare International Airport AMT Passenger Facility Charge Refunding Bonds Series B | 5.00 | 1-1-2032 | 5,125,000 | 5,250,876 | |
Chicago IL O'Hare International Airport Customer Facility Charge | 5.25 | 1-1-2023 | 1,350,000 | 1,434,030 | |
Chicago IL O'Hare International Airport Customer Facility Charge | 5.25 | 1-1-2024 | 1,665,000 | 1,777,921 | |
Chicago IL O'Hare International Airport Passenger Facility Charge | 4.00 | 1-1-2029 | 10,955,000 | 11,170,167 | |
Chicago IL O'Hare International Airport Senior Lien Bonds Series 2015 C | 5.00 | 1-1-2022 | 695,000 | 711,327 | |
Chicago IL O'Hare International Airport Senior Lien Refunding Bonds Series 2013A | 5.00 | 1-1-2026 | 2,690,000 | 2,869,122 | |
Chicago IL O'Hare International Airport Senior Lien Refunding Bonds Series 2015A | 5.00 | 1-1-2028 | 10,045,000 | 11,498,378 | |
Chicago IL O'Hare International Airport Senior Lien Refunding Bonds Series 2017D | 5.00 | 1-1-2025 | 2,450,000 | 2,819,146 | |
55,217,591 | |||||
Education revenue: 0.62% | |||||
Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series C | 5.00 | 8-1-2028 | 1,860,000 | 2,194,011 | |
Illinois Finance Authority Revenue University Chicago Series A %% | 5.00 | 10-1-2031 | 4,000,000 | 5,449,637 | |
Illinois Finance Authority Revenue University Chicago Series A %% | 5.00 | 10-1-2032 | 3,750,000 | 5,196,146 | |
Southern Illinois University Board of Trustees Housing & Auxiliary Facilities System Series A (BAM Insured) | 4.00 | 4-1-2028 | 725,000 | 856,529 | |
University of Illinois Board of Trustees Auxiliary Facilities System Refunding Bonds | 4.00 | 4-1-2030 | 5,000,000 | 5,275,316 | |
18,971,639 | |||||
GO revenue: 6.74% | |||||
Bensenville IL Series B (AGM Insured) | 5.00 | 12-30-2025 | 435,000 | 445,534 | |
Berwyn IL Series A | 5.00 | 12-1-2028 | 3,000,000 | 3,474,436 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Berwyn IL Series A | 5.00% | 12-1-2029 | $ 2,345,000 | $ 2,701,390 | |
Chicago IL Board of Education Dedicated Revenues Series A | 5.00 | 12-1-2031 | 2,500,000 | 3,273,099 | |
Chicago IL Board of Education Dedicated Revenues Series A | 5.00 | 12-1-2032 | 2,875,000 | 3,749,362 | |
Chicago IL Board of Education Dedicated Revenues Series A | 5.00 | 12-1-2033 | 3,400,000 | 4,423,424 | |
Chicago IL Board of Education Unlimited Tax General Obligation Refunding Bonds Series 2018A (AGM Insured) | 5.00 | 12-1-2024 | 3,000,000 | 3,435,842 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2024 | 14,800,000 | 14,325,798 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2027 | 7,720,000 | 6,985,440 | |
Chicago IL Park District General Obligation Limited Series A | 5.00 | 1-1-2022 | 400,000 | 409,153 | |
Chicago IL Park District General Obligation Limited Series A | 5.00 | 1-1-2023 | 800,000 | 854,766 | |
Chicago IL Park District General Obligation Limited Series A | 5.00 | 1-1-2024 | 550,000 | 608,614 | |
Chicago IL Park District General Obligation Limited Series A | 5.00 | 1-1-2025 | 625,000 | 713,800 | |
Chicago IL Park District General Obligation Limited Series C | 5.00 | 1-1-2022 | 1,000,000 | 1,022,883 | |
Chicago IL Park District General Obligation Limited Series C | 5.00 | 1-1-2023 | 1,000,000 | 1,068,457 | |
Chicago IL Park District General Obligation Limited Series C | 5.00 | 1-1-2024 | 410,000 | 453,694 | |
Chicago IL Park District Harbor Facilities Series D | 5.00 | 1-1-2022 | 1,645,000 | 1,682,643 | |
Chicago IL Park District Harbor Facilities Series D | 5.00 | 1-1-2023 | 1,175,000 | 1,255,437 | |
Chicago IL Park District Limited Tax Series B | 5.00 | 1-1-2022 | 4,675,000 | 4,781,978 | |
Chicago IL Park District Unlimited Tax Series E | 5.00 | 11-15-2022 | 1,235,000 | 1,312,430 | |
Chicago IL Park District Unlimited Tax Series E | 5.00 | 11-15-2023 | 1,295,000 | 1,431,893 | |
Chicago IL Prerefunded Refunding Bonds Series C | 5.00 | 1-1-2022 | 1,490,000 | 1,525,450 | |
Chicago IL Prerefunded Refunding Bonds Series C | 5.00 | 1-1-2023 | 765,000 | 819,150 | |
Chicago IL Refunding Bonds Project Series B | 5.13 | 1-1-2027 | 1,700,000 | 1,945,867 | |
Chicago IL Refunding Bonds Project Series B | 5.50 | 1-1-2032 | 1,145,000 | 1,316,535 | |
Chicago IL Series A | 5.00 | 1-1-2025 | 2,000,000 | 2,294,318 | |
Chicago IL Series A | 5.00 | 1-1-2027 | 4,045,000 | 4,454,629 | |
Chicago IL Series A | 5.00 | 1-1-2027 | 8,000,000 | 9,724,858 | |
Chicago IL Series A | 5.00 | 1-1-2028 | 6,125,000 | 7,628,656 | |
Chicago IL Series C | 5.00 | 1-1-2026 | 970,000 | 1,147,093 | |
Chicago IL Unrefunded Balance Refunding Bonds Series C | 5.00 | 1-1-2022 | 760,000 | 775,428 | |
Chicago IL Unrefunded Balance Refunding Bonds Series C | 5.00 | 1-1-2023 | 1,735,000 | 1,848,517 | |
Cook County IL Community Consolidated School District #15 Limited Tax | 5.00 | 12-1-2026 | 2,540,000 | 3,047,842 | |
Cook County IL Refunding Bonds Series A | 5.00 | 11-15-2028 | 2,300,000 | 2,933,975 | |
Cook County IL Refunding Bonds Series A | 5.00 | 11-15-2031 | 3,650,000 | 4,861,560 | |
Cook County IL School District #123 Oak Lawn CAB (NPFGC Insured) ¤ | 0.00 | 12-1-2021 | 1,090,000 | 1,086,543 | |
Cook County IL School District #153 Homewood Series A (AGM Insured) ¤ | 0.00 | 12-15-2023 | 1,225,000 | 1,200,831 | |
Cook County IL School District #227 Rich Township Refunding Bonds Series 2015 | 3.00 | 12-1-2024 | 965,000 | 1,036,458 | |
Cook County IL School District #99 Cicero Limited Tax (BAM Insured) | 5.00 | 12-1-2026 | 3,030,000 | 3,642,771 | |
Cook County IL School District #99 Cicero Limited Tax (BAM Insured) | 5.00 | 12-1-2027 | 2,950,000 | 3,649,447 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Cook County IL School District #99 Cicero Limited Tax (BAM Insured) | 5.00% | 12-1-2028 | $ 2,285,000 | $ 2,886,029 | |
Cook County IL School District #99 Cicero Refunding Bonds Limited Tax Series B | 5.00 | 12-1-2022 | 1,000,000 | 1,061,180 | |
Cook County IL School District #99 Cicero Refunding Bonds Limited Tax Series B | 5.00 | 12-1-2024 | 1,000,000 | 1,136,556 | |
Cook County IL School District #99 Cicero Refunding Bonds Limited Tax Series B | 5.00 | 12-1-2025 | 1,000,000 | 1,167,431 | |
Cook County IL Series A | 5.00 | 11-15-2021 | 2,250,000 | 2,290,040 | |
Cook County IL Series A (AGM Insured) | 5.00 | 11-15-2026 | 3,000,000 | 3,676,358 | |
Cook County IL Series A | 5.00 | 11-15-2030 | 2,200,000 | 2,675,980 | |
Cook County IL Series A (AGM Insured) | 5.25 | 11-15-2022 | 1,000,000 | 1,018,774 | |
Decatur IL Macon County General Obligation Refunding Bonds Series 2013 | 5.00 | 3-1-2024 | 1,405,000 | 1,514,866 | |
DeKalb & Kane Counties IL Community (AGM Insured) ¤ | 0.00 | 1-1-2024 | 2,345,000 | 2,320,559 | |
DeKalb & Kane Counties IL Community (AGM Insured) ¤ | 0.00 | 1-1-2024 | 2,830,000 | 2,758,434 | |
DeKalb & Kane Counties IL Community Unit School District #427 Sycamore Prerefunded Bond Balance CAB (AGM Insured) ¤ | 0.00 | 1-1-2024 | 455,000 | 450,258 | |
DuPage & Cook Counties IL Township High School District #86 Hinsdale | 4.00 | 1-15-2034 | 2,815,000 | 3,270,423 | |
Illinois | 5.00 | 11-1-2025 | 5,000,000 | 5,888,997 | |
Illinois Land Refunding Bonds Series A | 5.00 | 10-1-2026 | 3,000,000 | 3,613,601 | |
Illinois Series 2012 | 5.00 | 3-1-2028 | 6,465,000 | 6,664,476 | |
Illinois Series A | 5.00 | 4-1-2023 | 3,500,000 | 3,781,794 | |
Kane, Cook & DuPage Counties IL School District #46 Elgin Series 2015A | 5.00 | 1-1-2028 | 1,555,000 | 1,732,630 | |
Kane, Cook & DuPage Counties IL School District #46 Elgin Series 2015D | 5.00 | 1-1-2032 | 1,025,000 | 1,139,914 | |
Kane, Cook & DuPage Counties IL School District #46 Elgin Unrefunded Bond Balance Series 2012B | 4.50 | 1-1-2025 | 4,295,000 | 4,384,414 | |
Madison-Macoupin Etc Counties IL Community College District #536 Series A (BAM Insured) | 5.00 | 11-1-2025 | 1,620,000 | 1,862,974 | |
Madison-Macoupin Etc Counties IL Community College District #536 Series A (BAM Insured) | 5.00 | 11-1-2026 | 1,410,000 | 1,619,960 | |
Peoria County IL School District #150 Peoria Series A (AGM Insured) | 4.00 | 12-1-2027 | 1,000,000 | 1,171,293 | |
Peoria County IL School District #150 Peoria Series A (AGM Insured) | 4.00 | 12-1-2028 | 950,000 | 1,105,763 | |
Peoria County IL School District #150 Peoria Series A (AGM Insured) | 4.00 | 12-1-2029 | 4,000,000 | 4,632,404 | |
Rockford IL Waterworks System Series B (BAM Insured) | 5.00 | 12-15-2021 | 1,015,000 | 1,036,479 | |
Rockford IL Waterworks System Series B (BAM Insured) | 5.00 | 12-15-2022 | 1,065,000 | 1,136,902 | |
Waukegan IL Series 2015A (AGM Insured) | 5.00 | 12-30-2031 | 1,000,000 | 1,153,569 | |
Will County IL | 4.00 | 11-15-2035 | 2,490,000 | 2,827,994 | |
Will County IL Lincoln-Way Community High School District #210 Refunded Bond (AGM Insured) | 4.00 | 1-1-2022 | 600,000 | 610,449 | |
Will County IL Lincoln-Way Community High School District #210 Unrefunded Bond CAB (AGM Insured) ¤ | 0.00 | 1-1-2026 | 8,695,000 | 8,125,323 | |
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) ¤ | 0.00 | 1-1-2025 | 14,385,000 | 13,725,397 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Will County IL School District #114 Series 2004C (NPFGC Insured) ¤ | 0.00% | 12-1-2021 | $ 120,000 | $ 119,876 | |
Will County IL School District #114 Series 2004C (NPFGC Insured) ¤ | 0.00 | 12-1-2021 | 935,000 | 931,765 | |
206,842,863 | |||||
Health revenue: 0.44% | |||||
Illinois Finance Authority Ascension Health Alliance Senior Credit Group Bonds Series A | 5.00 | 11-15-2027 | 1,000,000 | 1,018,094 | |
Illinois Finance Authority Revenue Advocate Health Care Network | 4.00 | 11-1-2030 | 3,000,000 | 3,386,988 | |
Illinois Finance Authority Revenue Bonds Lutheran Life Communities | 4.00 | 11-1-2022 | 390,000 | 403,577 | |
Illinois Finance Authority Revenue Bonds Lutheran Life Communities | 4.00 | 11-1-2024 | 420,000 | 454,408 | |
Illinois Finance Authority Revenue Bonds Series 2014 | 5.00 | 8-1-2038 | 1,520,000 | 1,736,875 | |
Illinois Finance Authority Rosalind Franklin University of Medicine & Science Series A | 3.25 | 2-15-2022 | 130,000 | 131,114 | |
Illinois Finance Authority The Carle Foundation Series B | 5.00 | 8-15-2053 | 4,800,000 | 6,485,437 | |
13,616,493 | |||||
Housing revenue: 0.09% | |||||
Illinois Housing Development Authority Homeowner Mortgage 2016 Series C | 2.90 | 8-1-2031 | 1,000,000 | 1,056,447 | |
Northern Illinois University Auxiliary Facilities System Series 2021 (BAM Insured) %% | 5.00 | 10-1-2027 | 350,000 | 430,720 | |
Northern Illinois University Auxiliary Facilities System Series 2021 (BAM Insured) %% | 5.00 | 10-1-2029 | 650,000 | 825,843 | |
Northern Illinois University Auxiliary Facilities System Series 2021 (BAM Insured) %% | 5.00 | 10-1-2030 | 325,000 | 418,206 | |
2,731,216 | |||||
Miscellaneous revenue: 2.36% | |||||
Brookfield IL Revenue Adjusted Brookfield Zoo Project (Northern Trust Company LOC) ø | 0.03 | 6-1-2038 | 1,430,000 | 1,430,000 | |
Chicago IL Board of Education Refunding Bonds Series B | 5.00 | 12-1-2026 | 2,000,000 | 2,429,481 | |
Chicago IL Board of Education Refunding Bonds Series B | 5.00 | 12-1-2027 | 1,625,000 | 2,023,105 | |
Illinois | 5.50 | 7-1-2033 | 4,000,000 | 4,341,588 | |
Illinois Refunding Bonds Series 2016 | 5.00 | 2-1-2026 | 2,000,000 | 2,370,977 | |
Illinois Series 2012 | 5.00 | 8-1-2021 | 5,620,000 | 5,641,903 | |
Illinois Series 2013 (AGM Insured) | 5.00 | 7-1-2023 | 4,875,000 | 5,341,185 | |
Illinois Series 2017D | 5.00 | 11-1-2022 | 1,805,000 | 1,917,486 | |
Illinois Series A | 5.00 | 11-1-2023 | 8,955,000 | 9,888,419 | |
Illinois Series A | 5.00 | 12-1-2035 | 650,000 | 778,365 | |
Illinois Series D | 5.00 | 11-1-2021 | 6,080,000 | 6,176,536 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2854 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.15 | 6-15-2050 | 30,000,000 | 30,000,000 | |
72,339,045 | |||||
Tax revenue: 5.02% | |||||
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2022 | 1,810,000 | 1,829,534 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2023 | 2,400,000 | 2,493,123 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2024 | 2,475,000 | 2,642,990 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2025 | 1,000,000 | 1,067,122 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Chicago IL Tax Increment Bond Pilson Redevelopment Project Series A | 5.00% | 6-1-2022 | $ 1,635,000 | $ 1,693,204 | |
Chicago IL Transit Authority Sales Tax Receipts Series 2011 | 5.25 | 12-1-2036 | 17,415,000 | 17,786,020 | |
Cook County IL Sales Tax Revenue | 5.00 | 11-15-2029 | 1,000,000 | 1,259,685 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2029 | 675,000 | 878,117 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2030 | 1,775,000 | 2,349,393 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2031 | 2,250,000 | 3,018,041 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2032 | 1,315,000 | 1,757,257 | |
Illinois Junior Obligation | 5.00 | 6-15-2025 | 9,025,000 | 9,800,281 | |
Illinois Regional Transportation Authority Series A (AGM Insured) | 5.25 | 6-1-2024 | 9,995,000 | 11,326,294 | |
Illinois Regional Transportation Authority Series B-RMKT øø | 0.55 | 6-1-2025 | 6,900,000 | 6,900,000 | |
Illinois Sales Tax First Series (NPFGC Insured) | 6.00 | 6-15-2024 | 515,000 | 595,449 | |
Illinois Sales Tax First Series (NPFGC Insured) | 6.00 | 6-15-2025 | 8,365,000 | 10,132,605 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported (BAM Insured) | 5.00 | 6-15-2028 | 1,500,000 | 1,864,668 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported (BAM Insured) | 5.00 | 6-15-2028 | 1,515,000 | 1,883,315 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported (BAM Insured) | 5.00 | 6-15-2030 | 2,000,000 | 2,519,317 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported (BAM Insured) | 5.00 | 6-15-2030 | 3,250,000 | 4,093,890 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2022 | 3,795,000 | 3,756,993 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2026 | 1,740,000 | 1,598,916 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported Series 2014 | 5.00 | 6-15-2022 | 3,395,000 | 3,506,662 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported Series 2014 | 5.00 | 6-15-2023 | 3,220,000 | 3,448,504 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported Series 2014 | 5.00 | 6-15-2024 | 4,135,000 | 4,589,020 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond | 5.00 | 6-15-2028 | 1,000,000 | 1,217,887 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2022 | 1,390,000 | 1,374,023 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2029 | 1,750,000 | 1,486,815 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 19,090,000 | 19,933,585 | |
Metropolitan Pier & Exposition Authority Prerefunded Bond (NPFGC Insured) ¤ | 0.00 | 12-15-2023 | 20,000 | 19,752 | |
Metropolitan Pier & Exposition Authority Prerefunded Bond (NPFGC Insured) | 5.70 | 6-15-2025 | 220,000 | 233,422 | |
Metropolitan Pier & Exposition Authority Unrefunded Bond (NPFGC Insured) ¤ | 0.00 | 12-15-2023 | 1,105,000 | 1,079,766 | |
Metropolitan Pier & Exposition Authority Unrefunded Bond (NPFGC Insured) | 5.70 | 6-15-2025 | 780,000 | 826,338 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 5.00 | 1-1-2028 | 5,000,000 | 6,268,025 | |
Sales Tax Securitization Corporation Series 2017A | 5.00 | 1-1-2026 | 4,815,000 | 5,722,410 | |
Sales Tax Securitization Corporation Series 2017A | 5.00 | 1-1-2028 | 5,265,000 | 6,600,230 | |
Sales Tax Securitization Corporation Series A | 5.00 | 1-1-2027 | 1,000,000 | 1,222,597 | |
St. Charles, Kane & DuPage Counties IL Series 2016 | 4.00 | 1-1-2022 | 820,000 | 826,689 | |
St. Charles, Kane & DuPage Counties IL Series 2016 | 4.00 | 1-1-2023 | 855,000 | 873,985 | |
St. Charles, Kane & DuPage Counties IL Series 2016 | 4.00 | 1-1-2024 | 885,000 | 914,865 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
St. Charles, Kane & DuPage Counties IL Series 2016 | 4.00% | 1-1-2025 | $ 925,000 | $ 963,930 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-YX1099 (Barclays Bank plc LIQ) 144Aø | 0.15 | 1-1-2035 | 1,820,000 | 1,820,000 | |
154,174,719 | |||||
Tobacco revenue: 0.64% | |||||
Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2023 | 18,000,000 | 19,622,160 | |
Transportation revenue: 0.50% | |||||
Illinois State Toll Highway Authority Senior Revenue Refunding Bonds Series B | 5.00 | 1-1-2029 | 11,990,000 | 15,495,327 | |
Water & sewer revenue: 0.33% | |||||
Chicago IL Wastewater Transmission Series B (AGM Insured) | 5.00 | 1-1-2031 | 3,140,000 | 3,818,739 | |
Chicago IL Waterworks Second Lien | 5.00 | 11-1-2028 | 2,560,000 | 3,116,782 | |
Chicago IL Waterworks Second Lien Series 2017-2 (AGM Insured) | 5.00 | 11-1-2030 | 2,620,000 | 3,271,360 | |
10,206,881 | |||||
569,217,934 | |||||
Indiana: 1.59% | |||||
Education revenue: 0.01% | |||||
Indiana Finance Authority Environmental Facilities Revenue Refunding Bonds Indianapolisland Power and Light | 4.00 | 7-1-2030 | 210,000 | 234,968 | |
Health revenue: 0.00% | |||||
Indiana HFFA Ancilla System Incorporated (NPFGC Insured) | 5.25 | 7-1-2022 | 95,000 | 95,380 | |
Housing revenue: 0.23% | |||||
Hobart Industry MFHR A Safe Haven Veterans Apartments øø | 0.75 | 9-1-2022 | 7,100,000 | 7,106,291 | |
Miscellaneous revenue: 0.86% | |||||
Indiana Bond Bank Revenue CAB Hamilton Company Projects Series B ¤ | 0.00 | 7-15-2026 | 735,000 | 700,250 | |
Indiana Bond Bank Revenue CAB Hamilton Company Projects Series B ¤ | 0.00 | 7-15-2027 | 630,000 | 588,586 | |
Indianapolis Industry Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2028 | 5,710,000 | 7,097,083 | |
Indianapolis Industry Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2029 | 6,600,000 | 8,329,481 | |
Indianapolis Industry Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2030 | 6,300,000 | 8,074,783 | |
Michigan IN City School Building Corporation Series 2016A | 5.00 | 1-15-2025 | 1,000,000 | 1,135,094 | |
Westfield-Washington IN Multi-School Building Corporation First Mortgage Series B 144A | 1.50 | 1-15-2022 | 455,000 | 456,666 | |
26,381,943 | |||||
Resource recovery revenue: 0.32% | |||||
Indiana Finance Authority Economic Republic Services Project ø | 0.17 | 12-1-2037 | 10,000,000 | 9,999,530 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.17% | |||||
Indiana Finance Authority Environmental Facilities Revenue Refunding Bonds Indianapolisland Power and Light | 0.75% | 12-1-2038 | $ 3,000,000 | $ 2,997,688 | |
Indiana Finance Authority Midwestern Disaster Relief Revenue Various Ohio Valley Electric Corporation Project | 3.00 | 11-1-2030 | 2,000,000 | 2,152,687 | |
5,150,375 | |||||
48,968,487 | |||||
Iowa: 1.10% | |||||
Education revenue: 0.10% | |||||
Iowa Student Loan Liquidity Corporation Senior Revenue Bonds AMT Series B | 5.00 | 12-1-2025 | 1,295,000 | 1,522,834 | |
Iowa Student Loan Liquidity Corporation Senior Revenue Bonds AMT Series B | 5.00 | 12-1-2026 | 1,215,000 | 1,460,715 | |
2,983,549 | |||||
GO revenue: 0.32% | |||||
Coralville IA Taxable-Annual Appropriation Series 2018E | 7.00 | 6-1-2025 | 8,485,000 | 9,348,978 | |
Coralville IA Taxable-Annual Appropriation Series B | 4.40 | 5-1-2023 | 410,000 | 420,373 | |
9,769,351 | |||||
Health revenue: 0.05% | |||||
Iowa Finance Authority Revenue Bonds Lifespace Commnunities Incorporated Series A2 | 2.88 | 5-15-2049 | 1,415,000 | 1,429,837 | |
Industrial development revenue: 0.32% | |||||
Iowa Finance Authority Midwestern EDA CJ Bio-America Incorporated Project (Korea Development Bank LOC) ø | 0.09 | 4-1-2022 | 10,000,000 | 10,000,000 | |
Utilities revenue: 0.25% | |||||
Iowa Gas Project Public Expenditure and Financial Accountability Incorporated | 5.00 | 9-1-2049 | 6,500,000 | 7,814,994 | |
Water & sewer revenue: 0.06% | |||||
Xenia Dallas County IA Rural Water District Capital Loan Notes | 5.00 | 12-1-2031 | 1,615,000 | 1,900,636 | |
33,898,367 | |||||
Kansas: 0.53% | |||||
Health revenue: 0.09% | |||||
Wichita KS Health Care Facilities Presbyterian Manors Obligated Group | 5.00 | 5-15-2026 | 1,105,000 | 1,209,637 | |
Wichita KS Health Care Facilities Presbyterian Manors Obligated Group | 5.00 | 5-15-2028 | 1,220,000 | 1,350,778 | |
2,560,415 | |||||
Housing revenue: 0.16% | |||||
Kansas Development Finance Authority MFHR Woodland Village Apartments Project Series J øø | 1.68 | 7-1-2022 | 5,000,000 | 5,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.28% | |||||
Wyandotte County & Kansas City KS Special Obligation Improvement & Refunding Bonds Plaza Redevelopment Project | 4.00% | 12-1-2028 | $ 490,000 | $ 499,865 | |
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 | 24,725,000 | 8,132,357 | |
8,632,222 | |||||
16,192,637 | |||||
Kentucky: 2.72% | |||||
Education revenue: 0.10% | |||||
Columbia KY Educational Development Lindsey Wilson College Incorporated Project | 3.00 | 12-1-2024 | 3,080,000 | 3,130,561 | |
Health revenue: 0.29% | |||||
Kentucky EDFA Health System Revenue Norton Healthcare Incorporate Series B (NPFGC Insured) ¤ | 0.00 | 10-1-2026 | 3,000,000 | 2,749,553 | |
Kentucky EDFA Healthcare Facilities Rosedale Green Project Series 2015 | 5.00 | 11-15-2025 | 1,500,000 | 1,544,883 | |
Kentucky EDFA Norton Healthcare Incorporated Series B (NPFGC Insured) ¤ | 0.00 | 10-1-2022 | 1,000,000 | 988,505 | |
Louisville & Jefferson Counties KY Metro Health System Revenue Norton Healthcare Incorporated Series C | 5.00 | 10-1-2047 | 3,000,000 | 3,661,868 | |
8,944,809 | |||||
Industrial development revenue: 0.37% | |||||
Boone Country KY PCR Various Refunding Bonds Duke Energy (Sumitomo Mitsui Banking Corporation LOC) ø | 0.06 | 8-1-2027 | 11,295,000 | 11,295,000 | |
Utilities revenue: 1.96% | |||||
Kentucky Public Energy Authority Gas Supply Series A-1 | 4.00 | 12-1-2049 | 3,755,000 | 4,228,240 | |
Kentucky Public Energy Authority Gas Supply Series B | 4.00 | 1-1-2049 | 14,725,000 | 16,355,284 | |
Kentucky Public Energy Authority Gas Supply Series C | 4.00 | 12-1-2049 | 4,605,000 | 5,180,859 | |
Kentucky Public Energy Authority Gas Supply Series C-1 | 4.00 | 2-1-2050 | 17,150,000 | 20,434,966 | |
Louisville & Jefferson Counties KY Metro Government PCR Series B | 1.35 | 11-1-2027 | 2,000,000 | 2,017,714 | |
Trimble County KY PCR Louisville Gas and Electric Project | 1.35 | 11-1-2027 | 5,500,000 | 5,545,355 | |
Trimble County KY PCR Refunding Bonds Louisville Gas and Electric Company | 1.30 | 9-1-2044 | 6,250,000 | 6,303,041 | |
60,065,459 | |||||
83,435,829 | |||||
Louisiana: 1.30% | |||||
Airport revenue: 0.17% | |||||
New Orleans LA Aviation Board General North Terminal Project Series A | 5.00 | 1-1-2032 | 1,000,000 | 1,151,423 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
New Orleans LA Aviation Board Gulf Opportunity Zone Controlled Foreign Corporation Revenue Refunding Bonds Consolidated Rental Car Project (AGM Insured) | 5.00% | 1-1-2031 | $ 1,250,000 | $ 1,550,945 | |
New Orleans LA Aviation Board Gulf Opportunity Zone Controlled Foreign Corporation Revenue Refunding Bonds Consolidated Rental Car Project (AGM Insured) | 5.00 | 1-1-2032 | 2,000,000 | 2,477,692 | |
5,180,060 | |||||
Education revenue: 0.20% | |||||
Louisiana Public Facilities Authority Loyola University Project Series 2011 | 5.25 | 10-1-2025 | 2,815,000 | 2,850,109 | |
Louisiana Public Facilities Authority Loyola University Project Series 2017 ¤ | 0.00 | 10-1-2021 | 1,950,000 | 1,942,228 | |
Louisiana Public Facilities Authority Loyola University Project Series 2017 ¤ | 0.00 | 10-1-2022 | 1,500,000 | 1,468,132 | |
6,260,469 | |||||
Industrial development revenue: 0.53% | |||||
St. John the Baptist Parish LA Revenue Refunding Bonds Marathon Oil Corporation Project | 2.38 | 6-1-2037 | 8,330,000 | 8,778,461 | |
St. John the Baptist Parish LA Series A | 2.20 | 6-1-2037 | 7,000,000 | 7,317,709 | |
16,096,170 | |||||
Miscellaneous revenue: 0.05% | |||||
Louisiana Local Government Environmental Facilities and CDA Jefferson Parish Gomesa Project 144A | 4.00 | 11-1-2044 | 1,415,000 | 1,544,743 | |
Water & sewer revenue: 0.35% | |||||
East Baton Rouge LA Refunding Bonds Multi Modal Series A | 1.30 | 2-1-2041 | 3,500,000 | 3,586,524 | |
Greater Ouachita Water Company Incorporated Louisiana Waterworks and Sewer System Refunding Bonds (BAM Insured) | 3.00 | 9-1-2023 | 250,000 | 263,849 | |
Greater Ouachita Water Company Incorporated Louisiana Waterworks and Sewer System Refunding Bonds (BAM Insured) | 5.00 | 9-1-2021 | 550,000 | 554,130 | |
Greater Ouachita Water Company Incorporated Louisiana Waterworks and Sewer System Refunding Bonds (BAM Insured) | 5.00 | 9-1-2024 | 460,000 | 524,466 | |
Greater Ouachita Water Company Incorporated Louisiana Waterworks and Sewer System Refunding Bonds (BAM Insured) | 5.00 | 9-1-2025 | 510,000 | 601,113 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2026 | 350,000 | 415,857 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2027 | 600,000 | 730,344 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2028 | 400,000 | 496,870 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2029 | 600,000 | 759,273 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2030 | 600,000 | 771,903 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2031 | 1,520,000 | 1,996,596 | |
10,700,925 | |||||
39,782,367 | |||||
Maine: 0.03% | |||||
Health revenue: 0.03% | |||||
Maine Health & HEFAR Series A | 5.00 | 7-1-2027 | 750,000 | 924,946 |
Interest rate | Maturity date | Principal | Value | ||
Maryland: 2.08% | |||||
Education revenue: 0.13% | |||||
Maryland Health and HEFAR Stevenson University Series A | 5.00% | 6-1-2029 | $ 300,000 | $ 376,068 | |
Maryland Health and HEFAR Stevenson University Series A | 5.00 | 6-1-2031 | 350,000 | 451,691 | |
Maryland Health and HEFAR Stevenson University Series A | 5.00 | 6-1-2033 | 425,000 | 544,987 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2015 144A | 5.25 | 8-1-2022 | 1,100,000 | 1,120,274 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016 | 5.00 | 8-1-2026 | 1,335,000 | 1,431,224 | |
3,924,244 | |||||
GO revenue: 0.45% | |||||
Prince George's County MD Consolidated Public Improvement Bonds Series C | 4.00 | 8-1-2028 | 12,960,000 | 13,984,798 | |
Health revenue: 0.07% | |||||
Maryland Health and HEFAR Adventist Healthcare Series 2021 %% | 5.00 | 1-1-2026 | 495,000 | 559,220 | |
Maryland Health and HEFAR Adventist Healthcare Series 2021 %% | 5.00 | 1-1-2027 | 430,000 | 495,696 | |
Maryland Health and HEFAR Adventist Healthcare Series 2021 %% | 5.00 | 1-1-2028 | 300,000 | 350,882 | |
Maryland Health and HEFAR Adventist Healthcare Series 2021 %% | 5.00 | 1-1-2029 | 290,000 | 344,003 | |
Maryland Health and HEFAR Adventist Healthcare Series 2021 %% | 5.00 | 1-1-2030 | 285,000 | 342,124 | |
2,091,925 | |||||
Housing revenue: 0.61% | |||||
Maryland Community Development Department Housing Rosemont Tower LLC Series F (FHA/GNMA Insured) | 2.01 | 11-1-2021 | 18,500,000 | 18,609,415 | |
Miscellaneous revenue: 0.49% | |||||
Tender Option Bond Trust Receipts/Certificates (JPMorgan Chase & Company LIQ) 144Aø | 0.06 | 5-1-2026 | 15,000,000 | 15,000,000 | |
Tax revenue: 0.33% | |||||
Maryland State Department of Transportation | 4.00 | 12-15-2027 | 9,260,000 | 10,111,267 | |
63,721,649 | |||||
Massachusetts: 3.85% | |||||
Airport revenue: 0.35% | |||||
Massachusetts Port Authority Revenue AMT Series E | 5.00 | 7-1-2031 | 1,000,000 | 1,336,594 | |
Massachusetts Port Authority Revenue AMT Series E | 5.00 | 7-1-2032 | 1,500,000 | 1,998,910 | |
Massachusetts Port Authority Revenue AMT Series E | 5.00 | 7-1-2033 | 3,000,000 | 3,984,343 | |
Massachusetts Port Authority Revenue AMT Series E | 5.00 | 7-1-2034 | 2,615,000 | 3,462,238 | |
10,782,085 | |||||
Education revenue: 1.32% | |||||
Lowell MA Collegiate Charter School Revenue | 4.00 | 6-15-2024 | 320,000 | 334,573 | |
Lowell MA Collegiate Charter School Revenue | 5.00 | 6-15-2029 | 490,000 | 558,735 | |
Massachusetts Development Finance Agency Harvard University Series A | 5.00 | 7-15-2033 | 22,560,000 | 27,374,369 | |
Massachusetts Development Finance Agency Lasell University Issue Series 2021 | 4.00 | 7-1-2029 | 340,000 | 405,244 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Massachusetts Development Finance Agency Lasell University Issue Series 2021 | 4.00% | 7-1-2030 | $ 355,000 | $ 426,789 | |
Massachusetts Development Finance Agency Lasell University Issue Series 2021 | 4.00 | 7-1-2031 | 370,000 | 449,073 | |
Massachusetts Development Finance Agency Sabis International Charter School Series 2015 | 5.00 | 4-15-2025 | 820,000 | 874,923 | |
Massachusetts Educational Financing Authority AMT Issue I Series B | 5.70 | 1-1-2031 | 1,015,000 | 1,032,003 | |
Massachusetts Educational Financing Authority Education Loan Revenue AMT Issue Lien Senior Series B | 5.00 | 7-1-2026 | 1,000,000 | 1,199,400 | |
Massachusetts Educational Financing Authority Education Loan Revenue AMT Issue Lien Senior Series B | 5.00 | 7-1-2027 | 1,500,000 | 1,841,064 | |
Massachusetts Educational Financing Authority Education Loan Revenue AMT Issue Lien Senior Series B | 5.00 | 7-1-2028 | 1,250,000 | 1,565,719 | |
Massachusetts Educational Financing Authority Education Loan Revenue AMT Issue Lien Senior Series B | 5.00 | 7-1-2029 | 1,400,000 | 1,781,453 | |
Massachusetts Educational Financing Authority Series B | 5.00 | 7-1-2023 | 2,460,000 | 2,684,420 | |
40,527,765 | |||||
Health revenue: 0.66% | |||||
Massachusetts Development Finance Agency Linden Ponds Incorporated Facility 144A | 4.00 | 11-15-2023 | 850,000 | 878,185 | |
Massachusetts Development Finance Agency Partners Healthcare System Series S-3 (SIFMA Municipal Swap +0.50%) ± | 0.53 | 7-1-2038 | 14,870,000 | 14,923,806 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2026 | 150,000 | 173,919 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2027 | 160,000 | 188,962 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2028 | 175,000 | 209,839 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2029 | 300,000 | 364,200 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2030 | 320,000 | 392,535 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2031 | 350,000 | 427,508 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2032 | 400,000 | 487,251 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2891 (Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144Aø | 0.07 | 10-1-2045 | 2,245,000 | 2,245,000 | |
20,291,205 | |||||
Miscellaneous revenue: 1.22% | |||||
Massachusetts Series A (3 Month LIBOR +0.55%) ± | 0.67 | 11-1-2025 | 15,800,000 | 15,874,102 | |
Massachusetts Water Pollution Abatement Trust Series 17 | 5.00 | 2-1-2031 | 10,000,000 | 10,733,529 | |
Massachusetts Water Pollution Abatement Trust Series 17 | 5.00 | 2-1-2032 | 10,000,000 | 10,733,529 | |
37,341,160 | |||||
Tax revenue: 0.30% | |||||
Massachusetts Bay Transportation Authority Assessment Bonds Series A | 4.00 | 7-1-2037 | 9,000,000 | 9,306,792 | |
118,249,007 |
Interest rate | Maturity date | Principal | Value | ||
Michigan: 2.35% | |||||
Airport revenue: 0.03% | |||||
Wayne County MI Airport Authority AMT Detroit Metropolitan Airport Series C | 5.00% | 12-1-2022 | $ 1,000,000 | $ 1,003,850 | |
Education revenue: 0.16% | |||||
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) %% | 4.00 | 11-15-2029 | 405,000 | 486,761 | |
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) %% | 4.00 | 11-15-2030 | 405,000 | 490,643 | |
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) %% | 4.00 | 11-15-2031 | 400,000 | 488,387 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2026 | 840,000 | 905,985 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2027 | 585,000 | 629,902 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2028 | 535,000 | 575,772 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2029 | 590,000 | 634,064 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2030 | 400,000 | 429,142 | |
Michigan Finance Authority Limited Obligation Revenue Refunding Bonds Public School Academy Cesar Chavez Academy Project | 3.25 | 2-1-2024 | 295,000 | 303,625 | |
4,944,281 | |||||
GO revenue: 0.09% | |||||
Fraser MI Public Schools District (Qualified School Board Loan Fund Insured) | 5.00 | 5-1-2022 | 610,000 | 634,499 | |
Ingham County MI Williamston Community Schools Series A (Qualified School Board Loan Fund Insured) | 4.00 | 5-1-2024 | 1,025,000 | 1,125,967 | |
Ingham County MI Williamston Community Schools Series A (Qualified School Board Loan Fund Insured) | 4.00 | 5-1-2025 | 1,000,000 | 1,128,316 | |
2,888,782 | |||||
Health revenue: 0.50% | |||||
Kalamazoo MI Economic Development Corporation Revenue Limited Obligation Heritage Community | 2.88 | 5-15-2026 | 1,520,000 | 1,535,332 | |
Michigan Finance Authority Bronson Healthcare Group Series B & C | 3.75 | 11-15-2049 | 4,800,000 | 5,463,811 | |
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2002 (AGM Insured, JPMorgan Chase & Company SPA) ø | 0.06 | 1-1-2032 | 8,260,000 | 8,260,000 | |
15,259,143 | |||||
Housing revenue: 0.29% | |||||
Michigan Housing Development Authority Series E (3 Month LIBOR +1.00%) ± | 1.14 | 4-1-2042 | 8,825,000 | 8,830,163 | |
Miscellaneous revenue: 0.52% | |||||
Michigan Finance Authority Detroit Recovery Project Series 2014F | 3.60 | 10-1-2021 | 500,000 | 501,574 | |
Michigan Finance Authority Detroit Recovery Project Series 2014F | 3.80 | 10-1-2022 | 500,000 | 509,161 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Michigan Finance Authority Detroit Recovery Project Series 2014F | 3.88% | 10-1-2023 | $ 2,500,000 | $ 2,576,051 | |
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bonds Series F | 4.50 | 10-1-2029 | 5,685,000 | 5,915,378 | |
Michigan Finance Authority Revenue Taxable Detroit Financial Recovery | 4.60 | 10-1-2022 | 650,000 | 660,515 | |
Michigan Finance Authority Senior Lien Distributable State Aid | 5.00 | 11-1-2028 | 865,000 | 1,107,464 | |
Michigan Finance Authority Senior Lien Distributable State Aid | 5.00 | 11-1-2029 | 1,500,000 | 1,939,722 | |
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured) | 5.00 | 5-1-2023 | 1,375,000 | 1,377,932 | |
Michigan Public Educational Facilities Authority Chandler Park Academy Project | 6.35 | 11-1-2028 | 1,265,000 | 1,268,135 | |
15,855,932 | |||||
Tax revenue: 0.10% | |||||
Michigan Finance Authority Series 2014B | 5.00 | 7-1-2032 | 3,000,000 | 3,254,214 | |
Water & sewer revenue: 0.66% | |||||
Detroit MI Water & Sewage Department Series A | 5.00 | 7-1-2022 | 1,000,000 | 1,047,287 | |
Michigan Financial Authority Great Lakes Water Authority Series C-3 (AGM Insured) | 5.00 | 7-1-2031 | 3,000,000 | 3,399,403 | |
Michigan Financial Authority Local Government Loan Program Series C7 (NPFGC Insured) | 5.00 | 7-1-2022 | 2,000,000 | 2,094,573 | |
Michigan Financial Authority Local Government Loan Program Series D1 (AGM Insured) | 5.00 | 7-1-2022 | 2,700,000 | 2,829,065 | |
Michigan Financial Authority Local Government Loan Program Series D1 (AGM Insured) | 5.00 | 7-1-2023 | 2,000,000 | 2,186,241 | |
Michigan Financial Authority Local Government Loan Program Series D6 (NPFGC Insured) | 5.00 | 7-1-2022 | 2,080,000 | 2,178,356 | |
Michigan Financial Authority Local Government Loan Program Series D6 (NPFGC Insured) | 5.00 | 7-1-2023 | 3,670,000 | 4,007,891 | |
Michigan Financial Authority Local Government Loan Program Series D6 (NPFGC Insured) | 5.00 | 7-1-2024 | 2,130,000 | 2,416,989 | |
20,159,805 | |||||
72,196,170 | |||||
Minnesota: 0.42% | |||||
Education revenue: 0.22% | |||||
Cologne MN Charter School Lease Academy Project Series 2014A | 4.00 | 7-1-2023 | 260,000 | 274,007 | |
Minneapolis MN Charter School Lease Revenue Northeast College Preparatory Project | 5.00 | 7-1-2040 | 875,000 | 976,986 | |
Minnesota State HEFAR Refunding Bonds St. Catherine University Series A | 5.00 | 10-1-2024 | 545,000 | 616,770 | |
Minnesota State HEFAR Refunding Bonds St. Catherine University Series A | 5.00 | 10-1-2027 | 1,035,000 | 1,267,918 | |
Minnesota State HEFAR Refunding Bonds St. Catherine University Series A | 5.00 | 10-1-2029 | 660,000 | 818,810 | |
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series A | 5.00 | 9-1-2026 | 1,000,000 | 1,117,057 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Woodbury MN Charter School Woodbury Leadership Academy Project Series A | 4.00% | 7-1-2031 | $ 690,000 | $ 781,033 | |
WoodBury MN Charter School Woodbury Leadership Academy Project Series A | 4.00 | 7-1-2041 | 850,000 | 940,006 | |
6,792,587 | |||||
Health revenue: 0.20% | |||||
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144A | 5.85 | 11-1-2058 | 5,500,000 | 5,969,559 | |
12,762,146 | |||||
Mississippi: 0.26% | |||||
Health revenue: 0.26% | |||||
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Project | 5.00 | 9-1-2044 | 3,000,000 | 3,439,149 | |
Mississippi Hospital Equipment and Facilities Authority Revenue North Mississippi Health Services Series LI | 5.00 | 10-1-2040 | 3,930,000 | 4,672,460 | |
8,111,609 | |||||
Missouri: 2.05% | |||||
Airport revenue: 0.21% | |||||
Kansas City MO Airport Revenue Refunding Bonds AMT General Improvement Series A | 5.25 | 9-1-2025 | 6,390,000 | 6,442,832 | |
Education revenue: 0.31% | |||||
Missouri State HEFAR University Health Science | 5.00 | 10-1-2026 | 925,000 | 1,104,869 | |
Missouri State HEFAR University Health Science | 5.00 | 10-1-2027 | 975,000 | 1,188,519 | |
Missouri State HEFAR University Health Science | 5.00 | 10-1-2028 | 1,025,000 | 1,270,334 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2022 | 775,000 | 799,488 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2023 | 1,050,000 | 1,124,981 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2024 | 2,820,000 | 3,125,685 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2025 | 350,000 | 399,969 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2026 | 500,000 | 585,898 | |
9,599,743 | |||||
Health revenue: 0.90% | |||||
Missouri State HEFAR BJC Health System Series C | 5.00 | 5-1-2052 | 15,000,000 | 19,027,593 | |
RBC Municipal Products Incorporated (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.09 | 9-1-2039 | 8,700,000 | 8,700,000 | |
27,727,593 | |||||
Miscellaneous revenue: 0.42% | |||||
Branson MO IDA Branson Shoppes Series A | 3.00 | 11-1-2021 | 1,055,000 | 1,058,779 | |
Branson MO IDA Branson Shoppes Series A | 4.00 | 11-1-2022 | 350,000 | 358,487 | |
Branson MO IDA Branson Shoppes Series A | 4.00 | 11-1-2023 | 750,000 | 778,815 | |
Kansas City MO IDA International Airport Terminal Modernization Project Series B | 5.00 | 3-1-2028 | 3,000,000 | 3,764,340 | |
Kansas City MO IDA International Airport Terminal Modernization Project Series B | 5.00 | 3-1-2030 | 2,000,000 | 2,536,444 | |
Platte County MO Riverside-Quindaro Bend Levee District Project L-385 | 4.00 | 3-1-2022 | 970,000 | 989,203 | |
Platte County MO Riverside-Quindaro Bend Levee District Project L-385 | 4.00 | 3-1-2023 | 1,010,000 | 1,059,596 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Platte County MO Riverside-Quindaro Bend Levee District Project L-385 | 5.00% | 3-1-2024 | $ 1,000,000 | $ 1,100,849 | |
Platte County MO Riverside-Quindaro Bend Levee District Project L-385 | 5.00 | 3-1-2025 | 1,105,000 | 1,245,460 | |
12,891,973 | |||||
Tax revenue: 0.11% | |||||
Arnold MO Real Property Arnold Triangle Redevelopment Project Series A | 3.75 | 5-1-2023 | 180,000 | 183,349 | |
Hanley Road Corridor Transportation Development District Missouri Transportation Sales Tax Revenue Refunding Bonds | 1.00 | 10-1-2027 | 600,000 | 589,786 | |
Hanley Road Corridor Transportation Development District Missouri Transportation Sales Tax Revenue Refunding Bonds | 1.63 | 10-1-2033 | 700,000 | 684,313 | |
Hanley Road Corridor Transportation Development District Missouri Transportation Sales Tax Revenue Refunding Bonds | 2.00 | 10-1-2039 | 750,000 | 731,148 | |
Lees Summit MO Summit Fair Project Series 2017 144A | 3.50 | 11-1-2023 | 115,000 | 116,645 | |
Richmond Heights MO Francis Place Redevelopment Project | 5.63 | 11-1-2025 | 1,075,000 | 1,076,007 | |
3,381,248 | |||||
Water & sewer revenue: 0.10% | |||||
Kansas City MO Sanitation Sewer System Revenue Series B | 5.00 | 1-1-2023 | 805,000 | 862,749 | |
Kansas City MO Sanitation Sewer System Revenue Series B | 5.00 | 1-1-2025 | 810,000 | 938,760 | |
Kansas City MO Sanitation Sewer System Revenue Series B | 5.00 | 1-1-2027 | 700,000 | 863,868 | |
Kansas City MO Sanitation Sewer System Revenue Series B | 5.00 | 1-1-2028 | 275,000 | 348,306 | |
3,013,683 | |||||
63,057,072 | |||||
Nebraska: 0.55% | |||||
Utilities revenue: 0.55% | |||||
Central Plains Energy Nebraska Gas Project #1 (Royal Bank of Canada LIQ) | 4.00 | 12-1-2049 | 6,355,000 | 7,199,111 | |
Central Plains Energy Nebraska Gas Project #3 | 5.00 | 9-1-2025 | 3,290,000 | 3,854,075 | |
Central Plains Energy Nebraska Gas Project #3 | 5.00 | 9-1-2026 | 3,750,000 | 4,507,517 | |
Central Plains Energy Nebraska Gas Project #3 | 5.00 | 9-1-2027 | 1,000,000 | 1,230,146 | |
16,790,849 | |||||
Nevada: 0.36% | |||||
Industrial development revenue: 0.33% | |||||
Director of the State of Nevada Department Business and Industry AMT Brightline West Passenger 144Aøø | 0.50 | 1-1-2050 | 10,000,000 | 10,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.03% | |||||
Sparks NV Tourism Improvement District #1 Senior Revenue Refunding Bonds Sales Tax Anticipation Notes 144A | 2.50% | 6-15-2024 | $ 1,015,000 | $ 1,033,386 | |
11,033,386 | |||||
New Hampshire: 0.31% | |||||
Health revenue: 0.21% | |||||
New Hampshire Covenant Health Systems Series B | 5.00 | 7-1-2028 | 6,400,000 | 6,417,899 | |
Housing revenue: 0.10% | |||||
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 2,452,512 | 2,952,087 | |
9,369,986 | |||||
New Jersey: 4.10% | |||||
Airport revenue: 0.49% | |||||
New Jersey EDA Refunding Bonds Port Newark Container | 5.00 | 10-1-2025 | 2,750,000 | 3,187,594 | |
New Jersey EDA Refunding Bonds Port Newark Container | 5.00 | 10-1-2026 | 2,130,000 | 2,534,409 | |
New Jersey EDA Refunding Bonds Port Newark Container | 5.00 | 10-1-2027 | 1,675,000 | 2,038,941 | |
South Jersey NJ Port Corporation Marine Terminal Series B | 5.00 | 1-1-2027 | 1,000,000 | 1,208,787 | |
South Jersey NJ Port Corporation Marine Terminal Series B | 5.00 | 1-1-2028 | 500,000 | 618,255 | |
South Jersey NJ Port Corporation Marine Terminal Series R | 4.00 | 1-1-2022 | 1,600,000 | 1,627,380 | |
South Jersey NJ Port Corporation Marine Terminal Series S-2 | 5.00 | 1-1-2023 | 1,665,000 | 1,774,057 | |
South Jersey NJ Port Corporation Marine Terminal Series S-2 | 5.00 | 1-1-2024 | 1,750,000 | 1,935,415 | |
14,924,838 | |||||
Education revenue: 0.22% | |||||
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 4.00 | 7-1-2036 | 425,000 | 517,504 | |
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 4.00 | 7-1-2037 | 150,000 | 182,100 | |
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 4.00 | 7-1-2038 | 200,000 | 242,199 | |
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 5.00 | 7-1-2032 | 225,000 | 300,579 | |
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 5.00 | 7-1-2034 | 225,000 | 298,635 | |
New Jersey Higher Education Student Assistance Authority Series 2014-1A-1 | 5.00 | 12-1-2021 | 2,250,000 | 2,293,523 | |
New Jersey Higher Education Student Assistance Authority Series 2017-1B | 5.00 | 12-1-2021 | 2,815,000 | 2,869,333 | |
6,703,873 | |||||
GO revenue: 0.14% | |||||
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2027 | 400,000 | 461,388 | |
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2029 | 400,000 | 472,247 | |
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2031 | 350,000 | 404,649 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00% | 4-1-2033 | $ 300,000 | $ 344,939 | |
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2034 | 260,000 | 297,967 | |
New Jersey EDA Revenue Refunding Bonds School Facilities Construction Series GGG 144A | 5.25 | 9-1-2026 | 2,000,000 | 2,437,990 | |
4,419,180 | |||||
Industrial development revenue: 0.09% | |||||
New Jersey EDA Elite Pharmaceuticals Project Series A | 6.50 | 9-1-2030 | 330,000 | 302,436 | |
New Jersey EDA The Goethals Bridge Replacement Project | 5.00 | 7-1-2021 | 900,000 | 900,000 | |
New Jersey EDA The Goethals Bridge Replacement Project | 5.00 | 1-1-2023 | 1,520,000 | 1,626,557 | |
2,828,993 | |||||
Miscellaneous revenue: 0.73% | |||||
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bonds Series A | 3.13 | 7-1-2029 | 5,620,000 | 5,671,491 | |
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bonds Series A | 3.38 | 7-1-2030 | 9,705,000 | 10,319,224 | |
New Jersey EDA School Facilities Construction Project Series NN (AGM Insured) | 5.00 | 3-1-2024 | 1,645,000 | 1,774,836 | |
New Jersey EDA School Facilities Construction Refunding Bonds Project Series I (SIFMA Municipal Swap +1.25%) ± | 1.28 | 9-1-2025 | 4,500,000 | 4,568,150 | |
22,333,701 | |||||
Tax revenue: 0.81% | |||||
New Jersey Covid-19 Emergency Series A | 4.00 | 6-1-2032 | 3,000,000 | 3,784,599 | |
New Jersey EDA School Facilities Construction Project Unrefunded Bond Series EE | 5.50 | 9-1-2021 | 720,000 | 722,508 | |
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 5,000,000 | 6,163,038 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XG0258 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.06 | 6-15-2050 | 7,340,000 | 7,340,000 | |
New Jersey TTFA Transportation Program Series AA | 4.00 | 6-15-2035 | 2,000,000 | 2,386,727 | |
New Jersey TTFA Transportation Program Series AA | 5.00 | 6-15-2035 | 2,000,000 | 2,580,294 | |
New Jersey TTFA Transportation Program Series BB | 5.00 | 6-15-2030 | 1,500,000 | 1,891,777 | |
24,868,943 | |||||
Transportation revenue: 0.97% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2026 | 12,000,000 | 11,125,694 | |
New Jersey TTFA CAB Transportation System Series C (Ambac Insured) ¤ | 0.00 | 12-15-2026 | 3,500,000 | 3,264,386 | |
New Jersey TTFA Series A | 5.00 | 12-15-2025 | 1,000,000 | 1,190,484 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2023 | 1,350,000 | 1,410,586 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2023 | 4,740,000 | 5,177,614 | |
New Jersey TTFA Series D | 5.00 | 12-15-2023 | 6,960,000 | 7,753,713 | |
29,922,477 | |||||
Unknown Revenue Source: 0.39% | |||||
New Jersey EDA Revenue School Facilities Construction Series QQQ | 5.00 | 6-15-2030 | 1,000,000 | 1,296,510 |
Interest rate | Maturity date | Principal | Value | ||
Unknown Revenue Source (continued) | |||||
New Jersey EDA Revenue School Facilities Construction Series QQQ | 5.00% | 6-15-2031 | $ 500,000 | $ 652,982 | |
New Jersey EDA School Facilities Construction Refunding Bonds (SIFMA Municipal Swap +1.60%) ± | 1.63 | 3-1-2028 | 10,000,000 | 10,158,889 | |
12,108,381 | |||||
Water & sewer revenue: 0.26% | |||||
New Jersey EDA | 2.20 | 10-1-2039 | 5,500,000 | 5,853,946 | |
New Jersey EDA Water Facilities Revenue Refunding Bonds AMT New Jersey American Water Company Incorporated | 1.10 | 11-1-2029 | 2,075,000 | 2,061,687 | |
7,915,633 | |||||
126,026,019 | |||||
New Mexico: 0.28% | |||||
Utilities revenue: 0.28% | |||||
Farmington NM Public Service Company of New Mexico San Juan Project Series A ø | 0.08 | 6-1-2040 | 1,000,000 | 1,000,000 | |
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 | 6,660,000 | 7,744,995 | |
8,744,995 | |||||
New York: 6.72% | |||||
Airport revenue: 1.40% | |||||
New York Transportation Development Corporation Special Facility John F Kennedy International Airport Project | 2.25 | 8-1-2026 | 2,000,000 | 2,051,312 | |
New York Transportation Development Corporation Special Refunding Bonds Terminal One Group Association | 5.00 | 1-1-2022 | 3,000,000 | 3,066,366 | |
Port Authority of New York & New Jersey Consolidated Bonds 205 Series | 5.00 | 11-15-2025 | 475,000 | 567,307 | |
Port Authority of New York & New Jersey Consolidated Bonds 172 Series | 5.00 | 10-1-2027 | 5,000,000 | 5,175,283 | |
Port Authority of New York & New Jersey Consolidated Bonds 185 Series | 5.00 | 9-1-2028 | 5,000,000 | 5,651,811 | |
Port Authority of New York & New Jersey Consolidated Bonds 207 Series | 5.00 | 9-15-2027 | 21,380,000 | 26,613,375 | |
43,125,454 | |||||
Education revenue: 0.36% | |||||
Build New York City Resource Corporation Bronx Charter School for International Cultures & Arts Series A | 3.88 | 4-15-2023 | 410,000 | 424,201 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | 2-1-2041 | 500,000 | 512,537 | |
Hempstead Town NY Local Development Corporation Academy Charter School Project Series A | 5.45 | 2-1-2027 | 2,880,000 | 3,158,562 | |
Hempstead Town NY Local Development Corporation Academy Charter School Project Series A | 6.47 | 2-1-2033 | 1,435,000 | 1,727,155 | |
Hempstead Town NY Local Development Corporation Education Revenue Academy Charter School Project Series A | 4.76 | 2-1-2027 | 970,000 | 1,044,732 | |
Hempstead Town NY Local Development Corporation Education Revenue Refunding Bonds Academy Charter School Project | 4.76 | 2-1-2027 | 210,000 | 220,454 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A | 4.05% | 2-1-2031 | $ 2,415,000 | $ 2,475,141 | |
New York NY IDA Civic Facility Stars Churchill School Center Project (AGC Insured) ø | 2.25 | 10-1-2029 | 1,330,000 | 1,352,564 | |
10,915,346 | |||||
GO revenue: 1.21% | |||||
New York NY Various Fiscal 2021 Series 2 ø | 0.16 | 4-1-2042 | 7,000,000 | 7,000,000 | |
Poughkeepsie City NY Refunding Bonds Public Improvement | 4.00 | 4-15-2029 | 245,000 | 270,038 | |
Poughkeepsie City NY Refunding Bonds Public Improvement | 5.00 | 6-1-2024 | 340,000 | 373,192 | |
Poughkeepsie City NY Refunding Bonds Public Improvement | 5.00 | 6-1-2025 | 235,000 | 262,578 | |
Poughkeepsie City NY Refunding Bonds Public Improvement | 5.00 | 6-1-2031 | 600,000 | 666,346 | |
Suffolk County NY Tax Anticipation Notes Series I | 2.00 | 7-22-2021 | 13,500,000 | 13,513,968 | |
Suffolk County NY Tax Anticipation Notes Series I | 3.00 | 9-24-2021 | 15,000,000 | 15,094,656 | |
37,180,778 | |||||
Health revenue: 0.40% | |||||
Huntington NY Local Development Corporation Revenue Gurwin Independent Housing Incorporated | 3.00 | 7-1-2025 | 1,725,000 | 1,795,677 | |
New York Dormitory Authority Non-State Supported Debt Northwell Health Obligated Group | 5.00 | 5-1-2048 | 6,000,000 | 7,097,584 | |
New York Dormitory Authority Revenues Non-State Supported Debit Montefiore Obligation Group Series A | 5.00 | 9-1-2029 | 1,350,000 | 1,732,506 | |
New York Dormitory Authority Revenues Non-State Supported Debt Montefiore Obligation Group Series A | 5.00 | 9-1-2028 | 1,400,000 | 1,765,003 | |
12,390,770 | |||||
Industrial development revenue: 0.93% | |||||
New York Liberty Development Corporation Refunding Bonds | 2.80 | 9-15-2069 | 2,000,000 | 2,052,104 | |
New York Transportation Development Corporation Exempt Facility Revenue New York Thruway Service Areas Project | 2.50 | 10-31-2031 | 750,000 | 803,276 | |
New York Transportation Development Corporation Exempt Facility Revenue New York Thruway Service Areas Project | 4.00 | 10-31-2034 | 500,000 | 601,980 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated LaGuardia | 5.00 | 10-1-2035 | 9,250,000 | 11,989,202 | |
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment | 5.00 | 1-1-2026 | 11,030,000 | 13,066,275 | |
28,512,837 | |||||
Miscellaneous revenue: 0.01% | |||||
Public Housing Capital Fund Trust II (Department of Housing and Urban Development Insured) 144A | 4.50 | 7-1-2022 | 181,682 | 181,619 | |
Resource recovery revenue: 0.07% | |||||
New York Environmental Facilities Corporation Solid Waste Disposal Revenue Casella Waste System Incorporate Project | 2.75 | 9-1-2050 | 2,000,000 | 2,113,681 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.51% | |||||
New York City Transitional Future Tax Secured Subordinated Bond Series E | 5.00% | 2-1-2031 | $10,000,000 | $ 10,280,200 | |
New York Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Series A | 2.00 | 5-15-2045 | 5,000,000 | 5,394,537 | |
15,674,737 | |||||
Transportation revenue: 1.73% | |||||
New York Metropolitan Transportation Authority Refunding Bond Series D1 | 5.00 | 9-1-2022 | 5,000,000 | 5,273,972 | |
New York Metropolitan Transportation Authority Revenue BAN Subordinated Bond Series C-2 | 5.00 | 9-1-2021 | 10,560,000 | 10,642,372 | |
New York Metropolitan Transportation Authority Revenue Bond Subordinate Series 2012A-2 (Bank of Montreal LOC) ø | 0.06 | 11-15-2041 | 6,000,000 | 6,000,000 | |
New York Metropolitan Transportation Authority Revenue Various Refunding Bonds Transportation Subordinated Series G3 (SIFMA Municipal Swap +0.43%) ± | 0.46 | 11-1-2031 | 20,000,000 | 19,768,050 | |
New York Metropolitan Transportation Authority Subordinated Bond Series 2002G-1F (U.S. SOFR +0.43%) ± | 0.46 | 11-1-2026 | 1,500,000 | 1,500,002 | |
New York Metropolitan Transportation Authority Subordinated Bond Series A1 | 5.00 | 11-15-2048 | 800,000 | 914,636 | |
New York Metropolitan Transportation Authority Subordinated Bond Series C1 | 5.00 | 11-15-2024 | 3,535,000 | 4,061,702 | |
Tender Option Bond Trust Receipts/Certificates (Morgan Stanley Bank LIQ) 144Aø | 0.21 | 1-1-2053 | 5,000,000 | 5,000,000 | |
53,160,734 | |||||
Utilities revenue: 0.10% | |||||
Long Island NY Power Authority Electric System Revenue General Series B | 0.85 | 9-1-2050 | 3,000,000 | 3,003,636 | |
206,259,592 | |||||
North Carolina: 0.86% | |||||
Education revenue: 0.72% | |||||
University of North Carolina Chapel Hill Series A (1 Month LIBOR +0.13%) ± | 0.18 | 12-1-2041 | 11,100,000 | 11,098,503 | |
University of North Carolina Chapel Hill Series B (1 Month LIBOR +0.13%) ± | 0.18 | 12-1-2034 | 10,925,000 | 10,923,526 | |
22,022,029 | |||||
Health revenue: 0.11% | |||||
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 4.00 | 3-1-2029 | 275,000 | 314,314 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 4.00 | 3-1-2030 | 285,000 | 325,172 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 4.00 | 3-1-2031 | 290,000 | 328,731 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 4.00 | 3-1-2036 | 900,000 | 1,006,438 | |
North Carolina Medical Care Commission Retirement Facilities Revenue Entrance Fee Friends Homes Series B1 | 2.55 | 9-1-2026 | 1,575,000 | 1,599,856 | |
3,574,511 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.03% | |||||
Columbus County NC Industrial Facilities and PCFA Refunding Bonds Recovery Zone Facility International Paper Company Project | 2.00% | 11-1-2033 | $ 850,000 | $ 892,140 | |
26,488,680 | |||||
North Dakota: 0.48% | |||||
GO revenue: 0.40% | |||||
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2025 | 960,000 | 1,117,971 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2026 | 1,115,000 | 1,335,448 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2027 | 1,170,000 | 1,432,662 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2028 | 1,225,000 | 1,527,601 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2029 | 1,290,000 | 1,592,456 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2030 | 1,355,000 | 1,662,197 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2031 | 1,420,000 | 1,735,967 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2032 | 1,490,000 | 1,817,467 | |
12,221,769 | |||||
Miscellaneous revenue: 0.08% | |||||
Cass County ND Joint Water Resources District Refunding Temporary Improvement Series A | 0.48 | 5-1-2024 | 2,500,000 | 2,495,002 | |
14,716,771 | |||||
Ohio: 1.59% | |||||
Education revenue: 0.09% | |||||
Allen County OH Port Authority Economic Development Revenue Refunding Bonds University Northwestern | 4.00 | 12-1-2031 | 710,000 | 814,597 | |
Portage County OH Port Authority Northeast Ohio Medical University Project | 5.00 | 12-1-2026 | 1,980,000 | 2,054,270 | |
2,868,867 | |||||
Health revenue: 0.59% | |||||
Akron OH Bath and Copley Joint Township Hospital District | 5.00 | 1-1-2031 | 2,000,000 | 2,047,557 | |
Allen County OH Hospital Facilities Revenue Bonds Series B | 5.00 | 8-1-2047 | 2,500,000 | 2,597,189 | |
Hamilton County OH Healthcare Series 2017 | 3.00 | 1-1-2022 | 235,000 | 237,607 | |
Hamilton County OH Hospital Facilities Revenue UC Health | 5.00 | 9-15-2027 | 615,000 | 764,700 | |
Hamilton County OH Hospital Facilities Revenue UC Health | 5.00 | 9-15-2028 | 650,000 | 825,750 | |
Montgomery County OH Hospital Refunding Bonds Facilities Premier Health Partners | 5.00 | 11-15-2033 | 4,000,000 | 5,002,725 | |
Montgomery County OH Hospital Refunding Bonds Facilities Premier Health Partners | 5.00 | 11-15-2034 | 5,460,000 | 6,804,370 | |
18,279,898 | |||||
Housing revenue: 0.38% | |||||
Ohio HFA MFHR Terrace Towers Apartments Project | 1.45 | 6-1-2022 | 11,525,000 | 11,583,661 |
Interest rate | Maturity date | Principal | Value | ||
Resource recovery revenue: 0.17% | |||||
Ohio Air Quality Development Authority Revenue Refunding Bonds AMT American Electric Power Company | 2.10% | 12-1-2027 | $ 4,930,000 | $ 5,147,298 | |
Utilities revenue: 0.14% | |||||
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Project Series A | 3.25 | 9-1-2029 | 4,000,000 | 4,379,124 | |
Water & sewer revenue: 0.22% | |||||
Columbus OH Sewerage System | 5.00 | 6-1-2031 | 5,825,000 | 6,705,398 | |
48,964,246 | |||||
Oklahoma: 0.62% | |||||
Education revenue: 0.18% | |||||
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2025 | 925,000 | 1,057,208 | |
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2026 | 975,000 | 1,140,852 | |
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2027 | 1,370,000 | 1,636,680 | |
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2028 | 715,000 | 868,981 | |
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2029 | 755,000 | 930,979 | |
5,634,700 | |||||
Miscellaneous revenue: 0.28% | |||||
Carter County OK Public Facilities Authority Dickson Public Schools Project | 4.00 | 9-1-2025 | 350,000 | 393,866 | |
Carter County OK Public Facilities Authority Dickson Public Schools Project | 5.00 | 9-1-2025 | 365,000 | 418,050 | |
Muskogee OK Industrial Trust Educational Facilities Lease | 4.00 | 9-1-2034 | 670,000 | 762,800 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2028 | 2,500,000 | 2,911,533 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 5.00 | 9-1-2024 | 890,000 | 1,003,637 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 5.00 | 9-1-2025 | 855,000 | 991,680 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 5.00 | 9-1-2026 | 1,810,000 | 2,150,505 | |
8,632,071 | |||||
Tax revenue: 0.16% | |||||
Tulsa OK Public Facilities Authority Capital Improvements | 4.00 | 10-1-2027 | 4,050,000 | 4,747,763 | |
19,014,534 | |||||
Oregon: 0.54% | |||||
Health revenue: 0.54% | |||||
Clackamas County OR Hospital Facility Authority Revenue Senior Living Rose Villa Project | 2.75 | 11-15-2025 | 500,000 | 502,861 | |
Multnomah County OR Hospital Facilities Authority Revenue Refunding Bonds Adventist Health System/West | 5.00 | 3-1-2040 | 9,500,000 | 10,741,629 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Oregon State Facilities Authority Revenue Refunding Bonds Samaritan Health Services Project | 5.00% | 10-1-2025 | $ 400,000 | $ 469,024 | |
Oregon State Facilities Authority Revenue Refunding Bonds Samaritan Health Services Project | 5.00 | 10-1-2026 | 125,000 | 150,579 | |
Oregon State Facilities Authority Revenue Refunding Bonds Samaritan Health Services Project | 5.00 | 10-1-2027 | 300,000 | 370,356 | |
YamHill County OR Hospital Authority Friendsview Series A | 5.00 | 11-15-2036 | 1,220,000 | 1,463,751 | |
YamHill County OR Hospital Authority Friendsview Series A | 5.00 | 11-15-2046 | 1,540,000 | 1,804,043 | |
YamHill County OR Hospital Authority Friendsview Series B2 | 2.13 | 11-15-2027 | 1,000,000 | 1,002,074 | |
16,504,317 | |||||
Other: 0.08% | |||||
Miscellaneous revenue: 0.08% | |||||
FHLMC Multiclass Mortgage Certificate of Participation Series M012 Class A1A øø | 1.60 | 8-15-2051 | 2,335,047 | 2,358,358 | |
Pennsylvania: 4.28% | |||||
Education revenue: 0.54% | |||||
Chester County PA IDA Avon Grove Charter School Project Series 2017A | 4.00 | 12-15-2027 | 1,700,000 | 1,814,084 | |
Chester County PA IDA Collegium Charter School Project Series A | 3.70 | 10-15-2022 | 780,000 | 793,410 | |
Lycoming County PA Authority Association of Independent Colleges & Universities of Pennsylvania Financing Program øø | 2.00 | 11-1-2035 | 3,000,000 | 3,000,000 | |
Montgomery County PA HEFAR Arcadia University | 5.00 | 4-1-2022 | 1,575,000 | 1,626,345 | |
Montgomery County PA HEFAR Arcadia University | 5.00 | 4-1-2023 | 1,555,000 | 1,672,344 | |
Pennsylvania Higher Education Assistance Agency Education Loan Series A | 5.00 | 6-1-2028 | 600,000 | 740,841 | |
Pennsylvania Higher Education Assistance Agency Education Loan Series A | 5.00 | 6-1-2030 | 800,000 | 1,016,993 | |
Philadelphia PA IDA Charter School Project Series 2016B | 4.88 | 8-1-2026 | 1,465,000 | 1,584,165 | |
Philadelphia PA IDA Charter School Project Series A | 4.50 | 8-1-2026 | 2,240,000 | 2,377,910 | |
Philadelphia PA IDA for Independence Charter School | 4.00 | 6-15-2029 | 350,000 | 382,956 | |
Philadelphia PA IDA Tacony Academy Christian School Project Series A-1 | 6.25 | 6-15-2023 | 275,000 | 295,589 | |
South Central Pennsylvania General Authority Aicup Financing Program Series TT2 | 5.00 | 5-1-2029 | 245,000 | 305,884 | |
South Central Pennsylvania General Authority Aicup Financing Program Series TT2 | 5.00 | 5-1-2030 | 395,000 | 498,951 | |
South Central Pennsylvania General Authority Aicup Financing Program Series TT2 | 5.00 | 5-1-2031 | 485,000 | 619,541 | |
16,729,013 | |||||
GO revenue: 1.07% | |||||
Allegheny County PA Penn Hills Schools District Series 2015 (BAM Insured) | 5.00 | 11-15-2022 | 340,000 | 360,543 | |
Allegheny County PA Penn Hills Schools District Series 2015 (BAM Insured) | 5.00 | 11-15-2023 | 1,025,000 | 1,129,765 | |
Armstrong PA School District Refunding Bonds Series A (BAM Insured) | 5.00 | 3-15-2027 | 745,000 | 920,437 | |
Armstrong PA School District Refunding Bonds Series A (BAM Insured) | 5.00 | 3-15-2029 | 920,000 | 1,191,788 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Armstrong PA School District Refunding Bonds Series A (BAM Insured) | 5.00% | 3-15-2030 | $ 1,800,000 | $ 2,322,568 | |
Bristol Township PA School District | 5.25 | 6-1-2031 | 6,990,000 | 7,633,511 | |
Laurel Highlands PA School District (BAM Insured) | 3.00 | 2-1-2030 | 675,000 | 744,409 | |
Laurel Highlands PA School District (BAM Insured) | 4.00 | 2-1-2027 | 980,000 | 1,135,326 | |
Laurel Highlands PA School District (BAM Insured) | 4.00 | 2-1-2029 | 1,150,000 | 1,365,132 | |
Philadelphia PA School District Series D | 5.00 | 9-1-2021 | 2,000,000 | 2,015,520 | |
Philadelphia PA School District Series D | 5.00 | 9-1-2022 | 3,565,000 | 3,760,984 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2022 | 5,000,000 | 5,274,872 | |
Scranton PA School District Series A | 5.00 | 6-1-2024 | 750,000 | 842,868 | |
Scranton PA School District Series A | 5.00 | 6-1-2025 | 1,000,000 | 1,160,850 | |
Scranton PA School District Series B (NPFGC Insured) | 5.00 | 6-1-2024 | 665,000 | 749,401 | |
Scranton PA School District Series B (NPFGC Insured) | 5.00 | 6-1-2025 | 710,000 | 827,190 | |
Scranton PA Series 2017 144A | 5.00 | 9-1-2023 | 1,355,000 | 1,447,022 | |
32,882,186 | |||||
Health revenue: 0.70% | |||||
Berks County PA Municipal Authority Tower Health Project Series B2 | 5.00 | 2-1-2040 | 6,000,000 | 6,440,180 | |
Bucks County PA IDA Hospital Revenue Grand View Hospital Project | 5.00 | 7-1-2026 | 1,350,000 | 1,576,004 | |
Bucks County PA IDA Hospital Revenue Grand View Hospital Project | 5.00 | 7-1-2028 | 1,500,000 | 1,820,545 | |
Bucks County PA IDA Hospital Revenue Grand View Hospital Project | 5.00 | 7-1-2031 | 1,120,000 | 1,420,378 | |
Bucks County PA IDA Hospital Revenue Grand View Hospital Project | 5.00 | 7-1-2032 | 955,000 | 1,207,547 | |
Bucks County PA IDA Hospital St. Lukes University Health Network | 4.00 | 8-15-2031 | 750,000 | 882,921 | |
Bucks County PA IDA Hospital St. Lukes University Health Network | 4.00 | 8-15-2032 | 1,390,000 | 1,632,554 | |
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series C (SIFMA Municipal Swap +0.72%) ± | 0.75 | 9-1-2051 | 3,500,000 | 3,500,140 | |
Quakertown PA Health Facilities Authority Series A | 3.13 | 7-1-2021 | 1,500,000 | 1,500,000 | |
Westmoreland County PA IDA Health System Revenue Excela Health Project Series A | 5.00 | 7-1-2027 | 1,200,000 | 1,479,913 | |
21,460,182 | |||||
Housing revenue: 0.48% | |||||
East Hempfield Township Pennsylvania Industrial Development Student Services Incorporate Student Housing | 5.00 | 7-1-2025 | 1,065,000 | 1,159,196 | |
Pennsylvania HFA Single Family Series 128A | 4.75 | 4-1-2033 | 1,335,000 | 1,463,605 | |
Pennsylvania HFA Special Limited Obligation MFHR Development Episcopal House | 1.38 | 12-1-2022 | 12,000,000 | 12,057,606 | |
14,680,407 | |||||
Miscellaneous revenue: 0.19% | |||||
Butler County PA General Authority Hampton Township School District Project Series 2007 (AGM Insured, PNC Bank NA SPA) ø | 0.06 | 9-1-2027 | 1,560,000 | 1,560,000 | |
Delaware Valley PA Regional Finance Authority Local Government Series B (Ambac Insured) | 5.70 | 7-1-2027 | 1,780,000 | 2,273,554 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Delaware Valley PA Regional Finance Authority Local Government Series C (Ambac Insured) | 7.75% | 7-1-2027 | $ 125,000 | $ 174,837 | |
Delaware Valley PA Regional Finance Authority Local Government Series D (TD Bank NA LOC) ø | 0.03 | 11-1-2055 | 2,000,000 | 2,000,000 | |
6,008,391 | |||||
Resource recovery revenue: 0.81% | |||||
Pennsylvania EDFA Solid Waste Disposal Republic Services Incorporated Project Series A ø | 0.18 | 4-1-2034 | 5,750,000 | 5,749,966 | |
Pennsylvania EDFA Solid Waste Disposal Waste Management Incorporate Project Series A | 1.75 | 8-1-2038 | 13,500,000 | 14,016,306 | |
Pennsylvania EDFA Solid Waste Disposal Waste Management Incorporated Project øø | 0.20 | 8-1-2045 | 5,000,000 | 5,000,006 | |
24,766,278 | |||||
Transportation revenue: 0.11% | |||||
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2027 | 570,000 | 662,536 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2028 | 590,000 | 697,402 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2029 | 410,000 | 481,031 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2030 | 425,000 | 496,730 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2031 | 440,000 | 511,295 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2032 | 460,000 | 530,492 | |
3,379,486 | |||||
Utilities revenue: 0.13% | |||||
Pennsylvania EDFA Exempt Facilities Refunding Bond Energy Supply LLC (MUFG Bank Limited LOC) ø | 0.08 | 12-1-2038 | 4,000,000 | 4,000,000 | |
Water & sewer revenue: 0.25% | |||||
Luzerne County PA IDA Refunding Bonds AMT Pennsylvania American Water Company Project | 2.45 | 12-1-2039 | 3,250,000 | 3,531,591 | |
Pittsburgh PA Water & Sewer Authority Series C (SIFMA Municipal Swap +0.65%)(AGM Insured) ± | 0.68 | 9-1-2040 | 4,000,000 | 4,036,542 | |
7,568,133 | |||||
131,474,076 | |||||
Puerto Rico: 0.41% | |||||
Utilities revenue: 0.10% | |||||
Puerto Rico Electric Power Authority (AGM Insured) | 5.25 | 7-1-2027 | 2,720,000 | 3,166,896 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.31% | |||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Senior Lien Series A 144A | 4.00% | 7-1-2022 | $ 5,000,000 | $ 5,152,660 | |
Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Senior Lien Series A 144A | 4.00 | 7-1-2023 | 4,000,000 | 4,233,775 | |
9,386,435 | |||||
12,553,331 | |||||
Rhode Island: 0.14% | |||||
GO revenue: 0.07% | |||||
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2022 | 300,000 | 307,105 | |
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2023 | 425,000 | 453,003 | |
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2024 | 400,000 | 442,388 | |
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2025 | 450,000 | 513,709 | |
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2026 | 450,000 | 527,292 | |
2,243,497 | |||||
Housing revenue: 0.00% | |||||
Rhode Island Housing & Mortgage Finance | 6.50 | 4-1-2027 | 15,000 | 15,059 | |
Miscellaneous revenue: 0.07% | |||||
Providence RI RDA Series A | 5.00 | 4-1-2022 | 1,940,000 | 2,002,352 | |
4,260,908 | |||||
South Carolina: 0.43% | |||||
Education revenue: 0.02% | |||||
South Carolina Jobs EDA York Preparatory Academy Project Series A | 5.75 | 11-1-2023 | 425,000 | 443,446 | |
Health revenue: 0.09% | |||||
Greenville Hospital System South Carolina Hospital Refunding Bonds | 5.00 | 5-1-2029 | 2,725,000 | 2,831,638 | |
Miscellaneous revenue: 0.15% | |||||
Berkeley County SC Assessment Revenue Bonds Nexton Improvement District | 4.00 | 11-1-2030 | 425,000 | 487,774 | |
South Carolina Transportation Infrastructure Refunding Bonds Series A | 5.00 | 10-1-2032 | 4,025,000 | 4,073,734 | |
4,561,508 | |||||
Resource recovery revenue: 0.05% | |||||
South Carolina Jobs EDA | 8.00 | 12-6-2029 | 260,000 | 236,109 | |
South Carolina Jobs EDA Solid Waste Disposal RePower South Berkeley LLC 144A• | 5.25 | 2-1-2027 | 3,310,000 | 1,324,000 | |
1,560,109 | |||||
Utilities revenue: 0.12% | |||||
South Carolina Public Service Authority Revenue Refunding Bonds and Improvement Series A | 5.00 | 12-1-2031 | 2,850,000 | 3,770,095 | |
13,166,796 |
Interest rate | Maturity date | Principal | Value | ||
South Dakota: 0.28% | |||||
Health revenue: 0.28% | |||||
South Dakota HEFA Avera Health Series A | 5.00% | 7-1-2033 | $ 7,675,000 | $ 8,537,304 | |
Tennessee: 1.05% | |||||
Miscellaneous revenue: 0.50% | |||||
Sevier County TN Public Building Authority Local Government Public Improvement Series V1-K1 (U.S. Bank NA SPA) ø | 0.02 | 6-1-2034 | 15,500,000 | 15,500,000 | |
Utilities revenue: 0.55% | |||||
Tennessee Energy Acquisition Corporation Gas Project | 4.00 | 11-1-2049 | 2,210,000 | 2,501,510 | |
Tennessee Energy Acquisition Corporation Series A | 4.00 | 5-1-2048 | 12,390,000 | 13,153,913 | |
Tennessee Energy Acquisition Corporation Series B | 5.63 | 9-1-2026 | 925,000 | 1,132,008 | |
16,787,431 | |||||
32,287,431 | |||||
Texas: 8.30% | |||||
Airport revenue: 1.46% | |||||
Dallas Fort Worth TX International Airport Improvement Bonds AMT Series H | 5.00 | 11-1-2032 | 9,175,000 | 9,320,429 | |
Dallas Fort Worth TX International Airport Improvement Bonds AMT Series H | 5.00 | 11-1-2037 | 22,000,000 | 22,348,713 | |
Dallas Fort Worth TX International Airport Refunding Bonds AMT Series A | 5.00 | 11-1-2032 | 3,125,000 | 3,424,226 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2023 | 690,000 | 759,528 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2024 | 725,000 | 828,954 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2027 | 835,000 | 1,043,487 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2028 | 880,000 | 1,124,286 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2029 | 920,000 | 1,196,148 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2030 | 970,000 | 1,281,341 | |
Galveston TX Wharves & Terminal Refunding Bonds | 4.63 | 2-1-2024 | 755,000 | 755,916 | |
Houston TX Airport System Subordinate Refunding Bonds AMT Series A | 5.00 | 7-1-2031 | 2,750,000 | 2,878,885 | |
44,961,913 | |||||
Education revenue: 0.98% | |||||
Alamo TX Community College District Various Financing System | 1.70 | 11-1-2042 | 545,000 | 546,543 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 6-15-2026 | 530,000 | 531,338 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 8-15-2029 | 80,000 | 90,056 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 8-15-2030 | 85,000 | 95,234 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 8-15-2031 | 80,000 | 89,400 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00% | 8-15-2022 | $ 60,000 | $ 62,747 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2023 | 155,000 | 168,037 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2024 | 195,000 | 218,192 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2025 | 205,000 | 235,770 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2026 | 200,000 | 235,664 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2027 | 205,000 | 244,802 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2028 | 75,000 | 89,077 | |
Austin TX Community College District Series A | 4.00 | 2-1-2023 | 320,000 | 339,219 | |
Clifton TX Higher Education Finance Corporation Education Revenue International Leadership Texas Series A | 6.00 | 3-1-2029 | 2,150,000 | 2,411,281 | |
Clifton TX Higher Education Finance Corporation International Leadership Series 2015A | 4.63 | 8-15-2025 | 8,610,000 | 9,339,269 | |
Clifton TX Higher Education Finance Corporation Uplift Education Series 2018D | 5.00 | 8-15-2025 | 6,565,000 | 7,694,663 | |
Clifton TX Higher Education Finance Corporation Uplift Education Series A | 4.00 | 12-1-2025 | 2,410,000 | 2,569,017 | |
New Hope TX Cultural Education Facilities Finance Corporation Education Revenue Cumberland Academy Series A 144A | 4.00 | 8-15-2030 | 1,735,000 | 1,888,032 | |
New Hope TX Cultural Education Facilities Finance Corporation Jubilee Academic Center 144A | 3.38 | 8-15-2021 | 550,000 | 551,617 | |
Newark TX Higher Educational Finance Corporation Charter Schools Incorporated Series 2015 A 144A | 4.63 | 8-15-2025 | 1,160,000 | 1,243,526 | |
Texas PFA Southern University Financing System (BAM Insured) | 5.00 | 11-1-2021 | 1,275,000 | 1,294,439 | |
29,937,923 | |||||
GO revenue: 2.89% | |||||
Brazosporight TX Independent School District School Building Series A | 4.00 | 2-15-2029 | 2,355,000 | 2,757,612 | |
Denton TX Independent School District Refunding Bonds Series B | 5.00 | 8-15-2032 | 5,000,000 | 5,271,709 | |
Grapevine Colleyville TX Independent School Building | 5.00 | 8-15-2034 | 2,890,000 | 3,397,634 | |
Grapevine Colleyville TX Independent School Building | 5.00 | 8-15-2035 | 1,600,000 | 1,878,904 | |
Houston TX Public Improvement Refunding Bonds Series A | 4.00 | 3-1-2031 | 10,110,000 | 11,007,215 | |
Leander TX Independent School District CAB Bonds Series 2014C ¤ | 0.00 | 8-15-2035 | 2,975,000 | 1,695,185 | |
Northside TX Independent School District School Building Bond Series 2018 | 2.75 | 8-1-2048 | 11,275,000 | 11,819,290 | |
Northwest Texas Independent School District Refunding Bonds | 5.00 | 2-15-2032 | 1,750,000 | 2,041,724 | |
Texas State College Student Loan | 4.00 | 8-1-2032 | 1,500,000 | 1,799,484 | |
Texas Transportation Commission Mobility Fund Refunding Bonds Series A | 5.00 | 10-1-2030 | 40,760,000 | 46,960,085 | |
88,628,842 | |||||
Health revenue: 0.25% | |||||
Harris County TX Cultural Education Facilities Finance Corporation Revenue Texas Medical Center Series A øø | 0.90 | 5-15-2050 | 1,500,000 | 1,500,580 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
New Hope TX Cultural Education Facilities Finance Corporation Hospital Series 2017A | 5.00% | 8-15-2024 | $ 1,000,000 | $ 1,140,703 | |
New Hope TX Cultural Education Facilities Finance Corporation Hospital Series 2017A | 5.00 | 8-15-2026 | 2,000,000 | 2,433,558 | |
New Hope TX Cultural Education Facilities Finance Corporation Presbyterian Village North Project | 5.00 | 10-1-2023 | 1,570,000 | 1,672,235 | |
Tarrant County TX Cultural Education Facilities Finance Corporation Retirement Facility Revenue MRC Stevenson Oaks Project | 3.00 | 11-15-2026 | 1,000,000 | 1,013,595 | |
7,760,671 | |||||
Housing revenue: 0.11% | |||||
New Hope TX Cultural Education Facilities Finance Corporation Student Housing Tarleton State University Project | 5.38 | 4-1-2028 | 1,845,000 | 2,009,060 | |
New Hope TX ECFA Collegiate Housing Tarleton State University Series A | 4.00 | 4-1-2022 | 870,000 | 894,870 | |
New Hope TX ECFA Collegiate Housing Tarleton State University Series A | 5.00 | 4-1-2025 | 480,000 | 561,450 | |
3,465,380 | |||||
Miscellaneous revenue: 0.59% | |||||
Houston TX Airport System Revenue Refunding Bonds AMT Special Facilities United | 5.00 | 7-1-2027 | 1,750,000 | 2,088,007 | |
Lewisville TX Combination Contract Revenue Special Assessment Bonds Utility System 144A | 8.00 | 9-1-2039 | 1,755,000 | 1,766,253 | |
Lewisville TX Combination Contract Revenue Special Assessment Bonds Utility System 144A | 8.00 | 9-1-2039 | 1,875,000 | 1,887,023 | |
Lower Colorado River Authority Texas Transmission Contract Transmission Services Corporation Project | 5.00 | 5-15-2028 | 1,845,000 | 2,080,370 | |
Texas Transportation Commission Highway Improvement | 5.00 | 4-1-2027 | 3,010,000 | 3,401,183 | |
Wise County TX Parker County Junior College District Project | 5.00 | 8-15-2025 | 505,000 | 587,428 | |
Wise County TX Parker County Junior College District Project | 5.00 | 8-15-2028 | 1,630,000 | 2,012,599 | |
Wise County TX Parker County Junior College District Project | 5.00 | 8-15-2031 | 680,000 | 873,218 | |
Wise County TX Parker County Junior College District Project | 5.00 | 8-15-2034 | 980,000 | 1,243,994 | |
Wood Glen TX Housing Finance Corporation Mortgage Copperwood Project Series A (NPFGC/FHA Insured) | 7.65 | 7-1-2022 | 2,125,000 | 2,223,739 | |
18,163,814 | |||||
Transportation revenue: 1.02% | |||||
Central Texas Regional Mobility Authority Revenue Subordinated Lien BAN Series F | 5.00 | 1-1-2025 | 2,000,000 | 2,263,140 | |
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2023 | 500,000 | 535,165 | |
North Texas Thruway Authority Revenue Convertible CAB Special PJS System C | 0.00 | 9-1-2045 | 10,000,000 | 15,063,033 | |
RBC Municipal Products Incorporated Trust Series E145 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.06 | 9-8-2021 | 7,000,000 | 7,000,000 | |
Texas Private Activity Bond Surface Transportation Corporation Senior Lien Revenue Refunding Bonds Notes Mobility | 5.00 | 12-31-2030 | 1,000,000 | 1,287,975 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Texas Private Activity Bond Surface Transportation Corporation Senior Lien Revenue Refunding Bonds Notes Mobility | 5.00% | 12-31-2032 | $ 1,000,000 | $ 1,280,081 | |
Texas Private Activity Bond Surface Transportation Corporation Senior Lien Revenue Refunding Bonds Notes Mobility | 5.00 | 12-31-2033 | 3,000,000 | 3,832,158 | |
31,261,552 | |||||
Utilities revenue: 0.35% | |||||
San Antonio TX Electric & Gas Revenue Various Refunding Bonds Junior Lien Series 2020 | 1.75 | 2-1-2049 | 4,250,000 | 4,448,730 | |
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bonds Series 2018 | 2.75 | 2-1-2048 | 6,000,000 | 6,204,143 | |
10,652,873 | |||||
Water & sewer revenue: 0.65% | |||||
Dallas TX Waterworks Refunding Bonds Series A | 5.00 | 10-1-2029 | 16,225,000 | 19,880,450 | |
254,713,418 | |||||
Utah: 0.41% | |||||
Airport revenue: 0.15% | |||||
Salt Lake City UT Airport Revenue Bonds AMT Series 2018A | 5.00 | 7-1-2029 | 1,000,000 | 1,251,372 | |
Salt Lake City UT Airport Revenue Bonds AMT Series 2018A | 5.00 | 7-1-2031 | 2,705,000 | 3,359,393 | |
4,610,765 | |||||
Education revenue: 0.06% | |||||
Utah Charter School Finance Authority Freedom Academy Foundation St. George 144A | 3.25 | 6-15-2031 | 540,000 | 564,803 | |
Utah Charter School Finance Authority Ronald Wilson Reagan Academy Project Series A 144A | 3.50 | 2-15-2026 | 1,080,000 | 1,121,648 | |
1,686,451 | |||||
Miscellaneous revenue: 0.20% | |||||
Mida Mountain UT Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2024 | 1,000,000 | 1,067,689 | |
Mida Mountain UT Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2026 | 1,000,000 | 1,092,475 | |
Mida Mountain UT Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2028 | 1,000,000 | 1,102,337 | |
Mida Mountain UT Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2029 | 580,000 | 640,876 | |
Mida Mountain UT Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2030 | 680,000 | 751,849 | |
Mida Mountain UT Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2050 | 1,500,000 | 1,578,255 | |
6,233,481 | |||||
12,530,697 |
Interest rate | Maturity date | Principal | Value | ||
Vermont: 0.12% | |||||
Education revenue: 0.06% | |||||
Vermont Student Assistance Corporation Series A | 5.00% | 6-15-2022 | $ 550,000 | $ 573,283 | |
Vermont Student Assistance Corporation Series A | 5.00 | 6-15-2023 | 1,200,000 | 1,301,192 | |
1,874,475 | |||||
Housing revenue: 0.06% | |||||
Vermont Housing Finance Agency Multiple Purpose Series A (GNMA/FNMA/FHLMC Insured) | 3.75 | 11-1-2050 | 1,765,000 | 1,960,446 | |
3,834,921 | |||||
Virginia: 1.70% | |||||
Education revenue: 0.04% | |||||
Virginia College Building Authority Educational Facilities Regent University Project | 5.00 | 6-1-2029 | 330,000 | 419,013 | |
Virginia College Building Authority Educational Facilities Regent University Project | 5.00 | 6-1-2030 | 350,000 | 451,287 | |
Virginia College Building Authority Educational Facilities Regent University Project | 5.00 | 6-1-2031 | 300,000 | 393,208 | |
1,263,508 | |||||
Health revenue: 0.18% | |||||
Mizuho Floater/Residual Trust Tender Option Bond Series 2020-MIZ9025 (Mizuho Capital Markets LOC, Mizuho Capital Markets LIQ) 144Aø | 0.11 | 11-1-2035 | 4,830,000 | 4,830,000 | |
Roanoke VA EDA Residential Care Facility Revenue Richfield Living | 4.30 | 9-1-2030 | 770,000 | 756,230 | |
5,586,230 | |||||
Miscellaneous revenue: 0.23% | |||||
Westmoreland County VA IDA Lease BAN High School Project | 2.00 | 6-1-2022 | 7,000,000 | 7,051,829 | |
Transportation revenue: 0.94% | |||||
Chesapeake VA Bay Bridge & Tunnel District First Tier Generation Resolution | 5.00 | 11-1-2023 | 20,000,000 | 22,126,062 | |
Toll Road Investors Partnership II LP Series 1999B (National Public Finance Guaranty Insured) 144A¤ | 0.00 | 2-15-2029 | 10,000,000 | 6,686,728 | |
28,812,790 | |||||
Utilities revenue: 0.31% | |||||
Chesapeake VA EDA Pollution Control Electric & Power Company Series 2008A | 1.90 | 2-1-2032 | 4,250,000 | 4,350,425 | |
Wise County VA IDA Solid Waste and Sewage Disposal Revenue Virginia Electric and Power Company Project Series A | 0.75 | 10-1-2040 | 5,000,000 | 5,045,446 | |
9,395,871 | |||||
52,110,228 | |||||
Washington: 2.13% | |||||
Airport revenue: 0.08% | |||||
Port of Seattle WA Intermediate Lien Revenue Bonds AMT Series 2018A | 5.00 | 5-1-2036 | 2,030,000 | 2,416,259 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.20% | |||||
Washington State Refunding Bonds Motor Vehicle Fuel Tax | 5.00% | 6-1-2027 | $ 1,120,000 | $ 1,401,810 | |
Washington State Refunding Bonds Motor Vehicle Fuel Tax | 5.00 | 6-1-2028 | 1,500,000 | 1,927,232 | |
Washington State Refunding Bonds Motor Vehicle Fuel Tax | 5.00 | 6-1-2029 | 1,000,000 | 1,313,489 | |
Washington State Refunding Bonds Motor Vehicle Fuel Tax | 5.00 | 6-1-2030 | 1,150,000 | 1,544,059 | |
6,186,590 | |||||
Health revenue: 0.86% | |||||
Skagit County WA Public Hospital District Refunding Bonds and Improvement Skagit Regional Health | 5.00 | 12-1-2029 | 3,975,000 | 4,649,967 | |
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.40%) ± | 1.43 | 1-1-2035 | 11,000,000 | 11,063,843 | |
Washington Health Care Facilities Authority CommonSpirit Health Series B3 | 5.00 | 8-1-2049 | 3,000,000 | 3,594,842 | |
Washington Health Care Facilities Authority Fred Hutchinson Cancer Research (1 Month LIBOR +1.10%) ± | 1.16 | 1-1-2042 | 6,150,000 | 6,166,714 | |
Washington Housing Finance Commission Nonprofit Housing Revenue Rockwood Retirement Communities 144A | 3.00 | 7-1-2027 | 1,000,000 | 1,024,525 | |
26,499,891 | |||||
Housing revenue: 0.61% | |||||
Seattle WA Housing Authority Northgate Plaza Project | 1.00 | 6-1-2026 | 2,000,000 | 1,998,096 | |
Snohomish County WA Housing Authority | 5.00 | 4-1-2027 | 1,130,000 | 1,372,939 | |
Snohomish County WA Housing Authority | 5.00 | 4-1-2028 | 1,610,000 | 1,996,723 | |
Snohomish County WA Housing Authority | 5.00 | 4-1-2029 | 1,690,000 | 2,136,645 | |
Washington Housing Finance Commission Downtowner Apartments Project (FHLMC LIQ) | 3.70 | 7-1-2030 | 5,000,000 | 5,678,914 | |
Washington Housing Finance Commission Municipal Certificates Series 1 Class A | 3.50 | 12-20-2035 | 4,744,679 | 5,534,279 | |
18,717,596 | |||||
Tax revenue: 0.38% | |||||
Washington Convention Center Junior Lodging Tax Notes | 4.00 | 7-1-2031 | 10,000,000 | 11,702,019 | |
65,522,355 | |||||
West Virginia: 0.47% | |||||
Education revenue: 0.04% | |||||
West Virginia University Revenues Refunding Bonds West Virginia University Projects Series B | 5.00 | 10-1-2041 | 1,000,000 | 1,282,050 | |
Miscellaneous revenue: 0.07% | |||||
Roane County WV Building Commission Lease BAN Roane General Hospital | 2.55 | 11-1-2021 | 2,250,000 | 2,253,120 | |
Tax revenue: 0.14% | |||||
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 4.13 | 6-1-2043 | 900,000 | 1,014,211 | |
Monongalia County WV Commission Special District University Town Center Series A 144A | 4.50 | 6-1-2027 | 2,815,000 | 3,098,517 | |
4,112,728 | |||||
Utilities revenue: 0.18% | |||||
West Virginia EDA Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Series A | 3.00 | 6-1-2037 | 5,450,000 | 5,562,256 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.04% | |||||
Parkersburg WV Waterworks and Sewerage System Series A (BAM Insured) %% | 3.00% | 8-1-2022 | $ 250,000 | $ 256,965 | |
Parkersburg WV Waterworks and Sewerage System Series A (BAM Insured) %% | 3.00 | 8-1-2024 | 400,000 | 429,603 | |
Parkersburg WV Waterworks and Sewerage System Series A (BAM Insured) %% | 3.00 | 8-1-2025 | 400,000 | 436,731 | |
1,123,299 | |||||
14,333,453 | |||||
Wisconsin: 2.51% | |||||
Airport revenue: 0.01% | |||||
Wisconsin PFA Airport Series C | 5.00 | 7-1-2022 | 360,000 | 374,072 | |
Education revenue: 0.16% | |||||
Corvian County WI Community School Revenue 144A | 4.25 | 6-15-2029 | 945,000 | 985,746 | |
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A | 4.75 | 8-1-2023 | 435,000 | 451,575 | |
Pine Lake WI PFA Preparatory Series 2015 144A | 4.35 | 3-1-2025 | 1,475,000 | 1,574,087 | |
Wisconsin PFA Charter School Revenue American Preparatory Academy 144A | 4.00 | 7-15-2029 | 650,000 | 697,247 | |
Wisconsin PFA Education Revenue Corvian Community School Series A 144A | 4.00 | 6-15-2029 | 965,000 | 1,021,863 | |
Wisconsin PFA Roseman University of Health Sciences Project Series 2012 | 5.00 | 4-1-2022 | 305,000 | 314,078 | |
5,044,596 | |||||
GO revenue: 0.82% | |||||
Eau Claire WI Area School District Refunding Bonds | 5.00 | 4-1-2022 | 1,245,000 | 1,289,891 | |
Eau Claire WI Area School District Refunding Bonds | 5.00 | 4-1-2023 | 1,860,000 | 2,011,575 | |
Eau Claire WI Area School District Refunding Bonds | 5.00 | 4-1-2024 | 1,000,000 | 1,124,874 | |
Wisconsin Series B | 5.00 | 5-1-2031 | 12,230,000 | 14,768,508 | |
Wisconsin Series B | 5.00 | 5-1-2034 | 5,000,000 | 5,824,404 | |
25,019,252 | |||||
Health revenue: 0.45% | |||||
Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | 11-15-2034 | 2,000,000 | 2,299,320 | |
Wisconsin HEFA Bellin Memorial Hospital Series 2015 | 5.00 | 12-1-2022 | 755,000 | 805,185 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2027 | 1,145,000 | 1,423,398 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2028 | 600,000 | 763,070 | |
Wisconsin HEFA Marshfield Clinic Health System Incorporated | 5.00 | 2-15-2052 | 3,000,000 | 3,400,092 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 2.25 | 11-1-2026 | 4,000,000 | 4,004,900 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2027 | 375,000 | 419,082 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2028 | 470,000 | 526,507 | |
13,641,554 | |||||
Industrial development revenue: 0.24% | |||||
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (CoBank ACB LOC) ø | 0.06 | 5-1-2037 | 7,500,000 | 7,500,000 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.18% | |||||
Monona WI Anticipation Notes Series D | 3.63% | 9-1-2022 | $ 1,925,000 | $ 1,930,170 | |
Wisconsin State Series 2 | 5.00 | 11-1-2029 | 3,000,000 | 3,629,060 | |
5,559,230 | |||||
Tax revenue: 0.58% | |||||
Wisconsin Center District WI Tax Revenue Capital Appreciation Junior Dedicated Series D ¤ | 0.00 | 12-15-2028 | 260,000 | 234,400 | |
Wisconsin Center District WI Tax Revenue Capital Appreciation Junior Dedicated Series D ¤ | 0.00 | 12-15-2029 | 390,000 | 342,642 | |
Wisconsin Center District WI Tax Revenue Capital Appreciation Junior Dedicated Series D ¤ | 0.00 | 12-15-2030 | 550,000 | 470,788 | |
Wisconsin Center District WI Tax Revenue Capital Appreciation Senior Dedicated Series C (AGM Insured) ¤ | 0.00 | 12-15-2029 | 1,050,000 | 922,499 | |
Wisconsin Center District WI Tax Revenue Capital Appreciation Senior Dedicated Series C (AGM Insured) ¤ | 0.00 | 12-15-2031 | 1,350,000 | 1,113,169 | |
Wisconsin State General Fund Annual Appropriations Series A | 5.00 | 5-1-2028 | 11,775,000 | 14,667,930 | |
17,751,428 | |||||
Water & sewer revenue: 0.07% | |||||
Wisconsin Clean Water Refunding Bonds Series 2012 | 5.00 | 6-1-2023 | 310,000 | 338,159 | |
Wisconsin Clean Water Refunding Bonds Series 2015 | 5.00 | 6-1-2026 | 1,525,000 | 1,731,829 | |
2,069,988 | |||||
76,960,120 | |||||
Wyoming: 0.38% | |||||
Industrial development revenue: 0.38% | |||||
Sublette County WY PCR ExxonMobil Project ø | 0.02 | 10-1-2044 | 11,595,000 | 11,595,000 | |
Total Municipal obligations (Cost $2,895,971,615) | 3,008,908,357 |
Yield | Shares | ||||
Short-term investments: 2.71% | |||||
Investment companies: 2.71% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 83,231,861 | 83,256,830 | ||
Total Short-term investments (Cost $83,256,084) | 83,256,830 | ||||
Total investments in securities (Cost $2,999,227,699) | 101.37% | 3,112,165,187 | |||
Other assets and liabilities, net | (1.37) | (42,162,858) | |||
Total net assets | 100.00% | $3,070,002,329 |
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. |
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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
• | The Fund has stopped accruing interest on this 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: | |
AGC | Assured Guaranty Corporation |
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 |
CDA | Community Development Authority |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
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 |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
PCFA | Pollution Control Financing Authority |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
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 | $22,727,227 | $1,040,253,097 | $(979,727,181) | $5,611 | $(1,924) | $83,256,830 | 2.71% | 83,231,861 | $8,327 |
Assets | |
Investments in unaffiliated securities, at value (cost $2,915,971,615) | $ 3,028,908,357 |
Investments in affiliated securites, at value (cost $83,256,084) | 83,256,830 |
Cash | 186,914 |
Cash due from broker | 60,009 |
Receivable for interest | 25,541,790 |
Receivable for Fund shares sold | 6,404,660 |
Receivable for investments sold | 3,120,564 |
Prepaid expenses and other assets | 47,802 |
Total assets | 3,147,526,926 |
Liabilities | |
Payable for when-issued transactions | 44,296,123 |
Payable for investments purchased | 25,000,000 |
Payable for Fund shares redeemed | 6,365,183 |
Management fee payable | 894,830 |
Dividends payable | 520,721 |
Administration fees payable | 244,252 |
Distribution fee payable | 34,969 |
Trustees’ fees and expenses payable | 291 |
Accrued expenses and other liabilities | 168,228 |
Total liabilities | 77,524,597 |
Total net assets | $3,070,002,329 |
Net assets consist of | |
Paid-in capital | $ 2,965,922,618 |
Total distributable earnings | 104,079,711 |
Total net assets | $3,070,002,329 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 622,408,679 |
Shares outstanding – Class A1 | 66,731,788 |
Net asset value per share – Class A | $9.33 |
Maximum offering price per share – Class A2 | $9.72 |
Net assets – Class C | $ 56,483,361 |
Shares outstanding – Class C1 | 6,035,220 |
Net asset value per share – Class C | $9.36 |
Net assets – Class R6 | $ 17,590,118 |
Shares outstanding – Class R61 | 1,885,931 |
Net asset value per share – Class R6 | $9.33 |
Net assets – Administrator Class | $ 111,200,126 |
Shares outstanding – Administrator Class1 | 11,929,720 |
Net asset value per share – Administrator Class | $9.32 |
Net assets – Institutional Class | $ 2,262,320,045 |
Shares outstanding – Institutional Class1 | 242,618,137 |
Net asset value per share – Institutional Class | $9.32 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/96 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 64,313,157 |
Income from affiliated securities | 8,327 |
Total investment income | 64,321,484 |
Expenses | |
Management fee | 10,342,783 |
Administration fees | |
Class A | 943,813 |
Class C | 97,407 |
Class R6 | 6,153 |
Administrator Class | 116,374 |
Institutional Class | 1,648,347 |
Shareholder servicing fees | |
Class A | 1,474,225 |
Class C | 152,003 |
Administrator Class | 290,023 |
Distribution fee | |
Class C | 456,009 |
Custody and accounting fees | 109,511 |
Professional fees | 70,166 |
Registration fees | 192,285 |
Shareholder report expenses | 88,540 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 58,722 |
Total expenses | 16,065,633 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (1,552) |
Administrator Class | (60,013) |
Net expenses | 16,004,068 |
Net investment income | 48,317,416 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 2,099,408 |
Affiliated securities | 5,611 |
Futures contracts | 4,499 |
Net realized gains on investments | 2,109,518 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 44,656,696 |
Affiliated securities | (1,924) |
Futures contracts | 15,740 |
Net change in unrealized gains (losses) on investments | 44,670,512 |
Net realized and unrealized gains (losses) on investments | 46,780,030 |
Net increase in net assets resulting from operations | $95,097,446 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 48,317,416 | $ 51,940,887 | ||
Net realized gains (losses) on investments | 2,109,518 | (10,576,238) | ||
Net change in unrealized gains (losses) on investments | 44,670,512 | 12,244,799 | ||
Net increase in net assets resulting from operations | 95,097,446 | 53,609,448 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (8,720,081) | (10,397,610) | ||
Class C | (448,752) | (857,859) | ||
Class R6 | (382,035) | (365,000) | ||
Administrator Class | (1,856,941) | (2,747,561) | ||
Institutional Class | (37,234,619) | (39,466,814) | ||
Total distributions to shareholders | (48,642,428) | (53,834,844) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 20,714,962 | 192,340,071 | 18,849,916 | 172,905,977 |
Class C | 1,499,230 | 13,959,853 | 1,396,675 | 12,877,889 |
Class R6 | 605,823 | 5,608,705 | 2,389,745 | 21,930,358 |
Administrator Class | 3,675,293 | 34,067,514 | 2,699,164 | 24,742,963 |
Institutional Class | 116,362,031 | 1,079,938,083 | 93,352,999 | 853,335,830 |
1,325,914,226 | 1,085,793,017 | |||
Reinvestment of distributions | ||||
Class A | 847,490 | 7,868,254 | 1,035,246 | 9,479,576 |
Class C | 43,525 | 405,245 | 79,915 | 734,143 |
Class R6 | 18,022 | 167,297 | 11,437 | 104,320 |
Administrator Class | 194,043 | 1,799,801 | 292,011 | 2,673,202 |
Institutional Class | 3,427,679 | 31,814,419 | 3,591,282 | 32,877,993 |
42,055,016 | 45,869,234 | |||
Payment for shares redeemed | ||||
Class A | (14,333,244) | (133,073,086) | (18,134,239) | (164,712,253) |
Class C | (3,057,048) | (28,421,728) | (2,900,830) | (26,634,023) |
Class R6 | (968,596) | (9,001,156) | (1,623,820) | (14,770,396) |
Administrator Class | (4,583,793) | (42,503,136) | (6,663,826) | (60,284,872) |
Institutional Class | (76,704,450) | (712,279,926) | (77,609,421) | (703,994,181) |
(925,279,032) | (970,395,725) | |||
Net increase in net assets resulting from capital share transactions | 442,690,210 | 161,266,526 | ||
Total increase in net assets | 489,145,228 | 161,041,130 | ||
Net assets | ||||
Beginning of period | 2,580,857,101 | 2,419,815,971 | ||
End of period | $3,070,002,329 | $2,580,857,101 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.17 | $9.14 | $8.93 | $8.94 | $9.06 |
Net investment income | 0.14 | 0.17 | 0.18 | 0.15 | 0.13 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.03 | 0.21 | 0.01 | (0.07) |
Total from investment operations | 0.30 | 0.20 | 0.39 | 0.16 | 0.06 |
Distributions to shareholders from | |||||
Net investment income | (0.14) | (0.16) | (0.18) | (0.15) | (0.13) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.02) | (0.05) |
Total distributions to shareholders | (0.14) | (0.17) | (0.18) | (0.17) | (0.18) |
Net asset value, end of period | $9.33 | $9.17 | $9.14 | $8.93 | $8.94 |
Total return1 | 3.26% | 2.23% | 4.41% | 1.82% | 0.65% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.79% | 0.79% | 0.80% | 0.82% | 0.81% |
Net expenses | 0.79% | 0.79% | 0.80% | 0.82% | 0.81% |
Net investment income | 1.47% | 1.81% | 1.99% | 1.69% | 1.45% |
Supplemental data | |||||
Portfolio turnover rate | 11% | 26% | 29% | 33% | 31% |
Net assets, end of period (000s omitted) | $622,409 | $545,670 | $528,004 | $491,128 | $550,965 |
1 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.20 | $9.17 | $8.96 | $8.97 | $9.09 |
Net investment income | 0.07 | 0.10 | 0.11 1 | 0.08 1 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.04 | 0.21 | 0.01 | (0.07) |
Total from investment operations | 0.23 | 0.14 | 0.32 | 0.09 | (0.00) |
Distributions to shareholders from | |||||
Net investment income | (0.07) | (0.10) | (0.11) | (0.08) | (0.07) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.02) | (0.05) |
Total distributions to shareholders | (0.07) | (0.11) | (0.11) | (0.10) | (0.12) |
Net asset value, end of period | $9.36 | $9.20 | $9.17 | $8.96 | $8.97 |
Total return2 | 2.49% | 1.47% | 3.62% | 1.06% | (0.10)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.54% | 1.54% | 1.55% | 1.57% | 1.56% |
Net expenses | 1.54% | 1.54% | 1.55% | 1.57% | 1.56% |
Net investment income | 0.72% | 1.06% | 1.24% | 0.94% | 0.72% |
Supplemental data | |||||
Portfolio turnover rate | 11% | 26% | 29% | 33% | 31% |
Net assets, end of period (000s omitted) | $56,483 | $69,472 | $82,331 | $115,518 | $137,955 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||
Class R6 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $9.17 | $9.15 | $8.94 |
Net investment income | 0.17 | 0.20 | 0.20 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.03 | 0.21 |
Total from investment operations | 0.33 | 0.23 | 0.41 |
Distributions to shareholders from | |||
Net investment income | (0.17) | (0.20) | (0.20) |
Net realized gains | 0.00 | (0.01) | 0.00 |
Total distributions to shareholders | (0.17) | (0.21) | (0.20) |
Net asset value, end of period | $9.33 | $9.17 | $9.15 |
Total return2 | 3.65% | 2.51% | 4.61% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.41% | 0.41% | 0.41% |
Net expenses | 0.41% | 0.41% | 0.41% |
Net investment income | 1.85% | 2.19% | 2.39% |
Supplemental data | |||
Portfolio turnover rate | 11% | 26% | 29% |
Net assets, end of period (000s omitted) | $17,590 | $20,459 | $13,291 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.17 | $9.14 | $8.93 | $8.93 | $9.06 |
Net investment income | 0.15 | 0.17 | 0.19 | 0.16 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.15 | 0.04 | 0.21 | 0.02 | (0.08) |
Total from investment operations | 0.30 | 0.21 | 0.40 | 0.18 | 0.06 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.17) | (0.19) | (0.16) | (0.14) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.02) | (0.05) |
Total distributions to shareholders | (0.15) | (0.18) | (0.19) | (0.18) | (0.19) |
Net asset value, end of period | $9.32 | $9.17 | $9.14 | $8.93 | $8.93 |
Total return | 3.27% | 2.34% | 4.53% | 2.07% | 0.67% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.73% | 0.73% | 0.73% | 0.76% | 0.75% |
Net expenses | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Net investment income | 1.58% | 1.92% | 2.10% | 1.80% | 1.51% |
Supplemental data | |||||
Portfolio turnover rate | 11% | 26% | 29% | 33% | 31% |
Net assets, end of period (000s omitted) | $111,200 | $115,889 | $149,097 | $191,723 | $195,138 |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.17 | $9.14 | $8.93 | $8.94 | $9.06 |
Net investment income | 0.17 | 0.20 | 0.21 | 0.18 | 0.16 |
Net realized and unrealized gains (losses) on investments | 0.15 | 0.04 | 0.21 | 0.01 | (0.07) |
Total from investment operations | 0.32 | 0.24 | 0.42 | 0.19 | 0.09 |
Distributions to shareholders from | |||||
Net investment income | (0.17) | (0.20) | (0.21) | (0.18) | (0.16) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.02) | (0.05) |
Total distributions to shareholders | (0.17) | (0.21) | (0.21) | (0.20) | (0.21) |
Net asset value, end of period | $9.32 | $9.17 | $9.14 | $8.93 | $8.94 |
Total return | 3.49% | 2.57% | 4.75% | 2.16% | 0.99% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.46% | 0.46% | 0.47% | 0.49% | 0.48% |
Net expenses | 0.46% | 0.46% | 0.47% | 0.48% | 0.48% |
Net investment income | 1.80% | 2.14% | 2.32% | 2.05% | 1.85% |
Supplemental data | |||||
Portfolio turnover rate | 11% | 26% | 29% | 33% | 31% |
Net assets, end of period (000s omitted) | $2,262,320 | $1,829,368 | $1,647,093 | $1,224,170 | $1,033,007 |
Gross unrealized gains | $117,983,770 |
Gross unrealized losses | (5,046,279) |
Net unrealized gains | $112,937,491 |
■ | 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: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 20,000,000 | $0 | $ 20,000,000 |
Municipal obligations | 0 | 3,008,908,357 | 0 | 3,008,908,357 |
Short-term investments | ||||
Investment companies | 83,256,830 | 0 | 0 | 83,256,830 |
Total assets | $83,256,830 | $3,028,908,357 | $0 | $3,112,165,187 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.81% |
Class C | 1.56 |
Class R6 | 0.43 |
Administrator Class | 0.68 |
Institutional Class | 0.48 |
Year ended June 30 | ||
2021 | 2020 | |
Ordinary income | $ 0 | $ 2,091,065 |
Tax-exempt income | 48,642,428 | 51,743,779 |
Undistributed tax-exempt income | Unrealized gains | Capital loss carryforward |
$141,653 | $112,937,491 | $(8,468,376) |
Wells Fargo Funds Trust:
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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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g183373img0f53c0c48.jpg)
A257/AR257 06-21
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Municipal Income Fund
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6 | |
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12 | |
Financial statements | |
43 | |
44 | |
45 | |
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52 | |
58 | |
59 | |
Board considerations | |
63 | |
66 | |
72 |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g51816imgeeec56df3.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax, consistent with capital preservation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Bruce R. Johns, James Randazzo, Nicholos Venditti* |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SMAVX) | 10-2-2000 | -1.39 | 0.44 | 0.43 | 0.62 | 0.84 | 0.63 | 0.67 | 0.50 | ||
Class A2 (WFUNX)3 | 5-29-2020 | – | – | – | 0.62 | 0.84 | 0.63 | 0.67 | 0.50 | ||
Class C (WFUSX) | 3-31-2008 | -0.24 | 0.26 | -0.02 | 0.76 | 0.26 | -0.02 | 1.42 | 1.25 | ||
Class R6 (WUSRX)4 | 7-31-2018 | – | – | – | 0.92 | 1.16 | 0.95 | 0.29 | 0.20 | ||
Administrator Class (WUSMX) | 7-30-2010 | – | – | – | 0.62 | 0.89 | 0.70 | 0.61 | 0.50 | ||
Institutional Class (SMAIX) | 7-31-2000 | – | – | – | 0.87 | 1.13 | 0.93 | 0.34 | 0.25 | ||
Ultra Short-Term Municipal Income Blended Index5 | – | – | – | – | 0.40 | 1.10 | 0.76 | – | – | ||
Bloomberg Barclays 1-Year Municipal Bond Index6 | – | – | – | – | 0.79 | 1.36 | 1.09 | – | – | ||
iMoneyNet Tax-Free National Institutional Money Market Funds Average7 | – | – | – | – | 0.01 | 0.83 | 0.43 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.50% for Class A, 0.50% for Class A2, 1.25% for Class C, 0.20% for Class R6, 0.50% for Administrator Class, and 0.25% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A2 shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Class A2 shares would be higher. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | Source: Wells Fargo Funds Management LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg Barclays 1-Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index. |
6 | The Bloomberg Barclays 1-Year Municipal Bond Index is the one-year component of the Bloomberg Barclays Municipal Bond Index, which 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. |
* | Mr. Venditti became a portfolio manager of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g51816imgf7489c2f4.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Ultra Short-Term Municipal Income Blended Index, Bloomberg Barclays 1-Year Municipal Bond Index and iMoneyNet Tax-Free National Institutional Money Market Funds Average. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%. |
7 | iMoneyNet Tax-Free National Institutional Money Market Funds Average is the return of an unmanaged group of money market funds. You cannot invest directly in this average. |
■ | The Fund outperformed its benchmark, the Ultra Short-Term Municipal Income Blended Index, for the 12-month period that ended June 30, 2021. |
■ | The Fund's overweights to A-rated and BBB-rated bonds, which outperformed, and underweights to AAA-rated and AA-rated bonds, which underperformed, added to performance. |
■ | Sector allocations and security selection detracted from performance. The Fund was overweight revenue bonds, which outperformed, but security selection was subpar in revenue bonds. The Fund was underweight state general obligation (GO) bonds, which outperformed, and overweight local GO bonds, which underperformed and detracted from performance. |
■ | The Fund's duration was shorter than the Bloomberg Barclays 1-Year Municipal Bond Index but longer than the target duration. As short rates declined and longer rates increased, our short duration positioning contributed to performance. With the barbell yield-curve positioning, the longest bonds, which we were overweight, outperformed significantly compared with one-year bonds. |
Credit quality as of June 30, 20211 |
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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-CSR/0001193125-21-262222/g51816img7192f4d86.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. |
* | 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. |
Beginning account value 1-1-2021 | Ending account value 6-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,001.55 | $2.48 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50% |
Class A2 | ||||
Actual | $1,000.00 | $1,001.53 | $2.48 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50% |
Class C | ||||
Actual | $1,000.00 | $1,000.06 | $3.97 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.83 | $4.01 | 0.80% |
Class R6 | ||||
Actual | $1,000.00 | $1,003.03 | $0.99 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.80 | $1.00 | 0.20% |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.53 | $2.48 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.77 | $1.24 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.55 | $1.25 | 0.25% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 2.29% | |||||
California: 0.32% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (70 shares) 0.33% 144Aø | $ 7,000,000 | $ 7,000,000 | |||
New York: 1.10% | |||||
Nuveen New York Quality Municipal Income Fund Institutional MuniFund Term Preferred Shares (242 shares) 0.33% 144Aø | 24,200,000 | 24,200,000 | |||
Other: 0.87% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series B (50 shares) 0.33% 144Aø | 5,000,000 | 5,000,000 | |||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series D (110 shares) 0.33% 144Aø | 11,000,000 | 11,000,000 | |||
Nuveen Quality Municipal Income Fund Series 1-2118 (30 shares) 0.12% 144Aø | 3,000,000 | 3,000,000 | |||
19,000,000 | |||||
Total Closed end municipal bond fund obligations (Cost $50,200,000) | 50,200,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 98.83% | |||||
Alabama: 2.80% | |||||
Education revenue: 0.03% | |||||
University of South Alabama Series 2021 (BAM Insured) | 4.00% | 4-1-2025 | 500,000 | 562,972 | |
Health revenue: 0.85% | |||||
Alabama Health Care Authority Baptist Health Series B ø | 0.19 | 11-1-2042 | 500,000 | 500,000 | |
Alabama Health Care Authority for Baptist Health Series B (AGC Insured) € | 0.28 | 11-15-2037 | 18,250,000 | 18,250,000 | |
18,750,000 | |||||
Utilities revenue: 1.92% | |||||
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ) | 4.00 | 8-1-2047 | 4,415,000 | 4,559,599 | |
Black Belt Energy Gas District Project 4 Series A-1 | 4.00 | 6-1-2022 | 500,000 | 517,155 | |
Chatom AL Industrial Development Board Alabama Electric Series A (National Rural Utilities Cooperative Finance SPA) ø | 0.25 | 8-1-2037 | 12,195,000 | 12,195,000 | |
Southeast Alabama Gas Supply District Project #1 Series A | 4.00 | 4-1-2049 | 4,000,000 | 4,358,602 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0184 (Morgan Stanley Bank LIQ) 144Aø | 0.28 | 9-1-2046 | 20,400,000 | 20,400,000 | |
42,030,356 | |||||
61,343,328 | |||||
Alaska: 0.49% | |||||
Housing revenue: 0.16% | |||||
Alaska Housing Finance Corporation Series 2021 144A | 0.40 | 7-1-2024 | 3,500,000 | 3,501,054 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.33% | |||||
Alaska Municipal Bond Bank Series 1 | 5.00% | 12-1-2022 | $ 3,000,000 | $ 3,202,951 | |
Alaska Municipal Bond Bank Series 1 | 5.00 | 12-1-2023 | 1,900,000 | 2,115,588 | |
Alaska Municipal Bond Bank Series 1 | 5.00 | 12-1-2024 | 1,750,000 | 2,020,939 | |
7,339,478 | |||||
10,840,532 | |||||
Arizona: 1.20% | |||||
Education revenue: 0.09% | |||||
Arizona Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2862 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.23 | 12-15-2047 | 1,985,299 | 1,985,299 | |
Health revenue: 0.82% | |||||
Arizona Health Facility Authority Floater Series 2015 XF 2050 (Morgan Stanley Bank LIQ) 144Aø | 0.06 | 1-1-2037 | 13,000,000 | 13,000,000 | |
Maricopa County AZ IDA Series 2021A | 5.00 | 9-1-2024 | 150,000 | 172,094 | |
Maricopa County AZ IDA Series 2021A | 5.00 | 9-1-2025 | 500,000 | 593,636 | |
Maricopa County AZ IDA Series A | 5.00 | 1-1-2048 | 3,910,000 | 4,145,587 | |
17,911,317 | |||||
Industrial development revenue: 0.16% | |||||
Chandler AZ IDA Intel Corporation Project | 2.70 | 12-1-2037 | 3,415,000 | 3,574,394 | |
Utilities revenue: 0.13% | |||||
Salt Verde AZ Financial Corporation | 5.25 | 12-1-2021 | 2,900,000 | 2,956,024 | |
26,427,034 | |||||
Arkansas: 0.56% | |||||
Health revenue: 0.28% | |||||
Batesville AK Public Facilities Board Hospital White River Health System Incorporated | 5.00 | 6-1-2024 | 1,345,000 | 1,487,259 | |
Boone County AR Hospital Construction Series 2006 (BOKF NA LOC) ø | 3.00 | 5-1-2037 | 4,700,000 | 4,700,000 | |
6,187,259 | |||||
Housing revenue: 0.28% | |||||
Arkansas Development Finance Authority Multifamily Housing Homes Project (Department of Housing and Urban Development Insured) | 1.20 | 3-1-2024 | 6,000,000 | 6,061,572 | |
12,248,831 | |||||
California: 12.01% | |||||
Airport revenue: 0.40% | |||||
Port Oakland CA Revenue Refunding Intermediate Lien Series H | 5.00 | 5-1-2022 | 2,700,000 | 2,800,349 | |
San Jose CA International Airport Notes AMT Series B | 0.15 | 8-10-2021 | 6,000,000 | 6,000,202 | |
8,800,551 | |||||
Education revenue: 0.08% | |||||
California Municipal Finance Authority Series 2021A 144A | 1.15 | 12-15-2021 | 1,825,000 | 1,825,113 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.01% | |||||
Oceanside CA Unified School District Series 2012-C ¤ | 0.00% | 8-1-2051 | $ 1,255,000 | $ 200,158 | |
Health revenue: 3.13% | |||||
California CDA Emanate Health Series A | 5.00 | 4-1-2025 | 750,000 | 874,640 | |
California CDA Health Facilities Catholic Series D (AGM Insured) € | 0.17 | 7-1-2041 | 25,175,000 | 25,175,000 | |
California CDA Health Facilities Catholic Series E (AGM Insured) € | 0.26 | 7-1-2040 | 925,000 | 925,000 | |
California CDA Health Facilities Catholic Series F (AGM Insured) € | 0.17 | 7-1-2040 | 15,075,000 | 15,075,000 | |
California CDA Kaiser Permanente Series 585 | 0.15 | 9-15-2021 | 3,800,000 | 3,800,240 | |
California HFFA Kaiser Permanente Series C | 5.00 | 8-1-2031 | 2,740,000 | 2,914,573 | |
California HFFA Series E | 0.15 | 9-9-2021 | 3,500,000 | 3,500,204 | |
California HFFA Stanford Heath Care Series A | 3.00 | 8-15-2054 | 4,000,000 | 4,417,629 | |
California PFA Kaiser Permanente Series 2021A | 4.00 | 10-15-2025 | 400,000 | 450,783 | |
Palomar CA Pomerado Health Care District Certificate of Participation Series A (AGM Insured) € | 0.74 | 11-1-2036 | 9,425,000 | 9,425,000 | |
Palomar CA Pomerado Health Care District Certificate of Participation Series B (AGM Insured) € | 0.67 | 11-1-2036 | 1,300,000 | 1,300,000 | |
Palomar CA Pomerado Health Care District Certificate of Participation Series C (AGM Insured) € | 0.25 | 11-1-2036 | 775,000 | 775,000 | |
68,633,069 | |||||
Housing revenue: 1.76% | |||||
California HFA MFHR | 1.45 | 4-1-2024 | 3,700,000 | 3,718,927 | |
Deutsche Bank Spears Series DBE-8061 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø | 0.49 | 1-1-2060 | 4,000,000 | 4,000,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9012 (Mizuho Capital Markets LLC LIQ) 144Aø | 0.28 | 10-1-2036 | 887,000 | 887,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2021-MIZ9063 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.28 | 5-1-2049 | 30,000,000 | 30,000,000 | |
38,605,927 | |||||
Industrial development revenue: 1.19% | |||||
California Infrastructure & Economic Development Bank AMT Brightline West Passenger 144A | 0.45 | 1-1-2050 | 12,000,000 | 12,000,000 | |
California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series A 144A | 0.20 | 1-1-2050 | 14,000,000 | 13,999,273 | |
25,999,273 | |||||
Miscellaneous revenue: 2.92% | |||||
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series A-1 (1 Month LIBOR +0.33%) ± | 0.39 | 10-1-2047 | 5,000,000 | 5,003,165 | |
California School Cash Reserve Program Authority Series L | 2.00 | 1-31-2022 | 17,000,000 | 17,188,515 | |
Contra Costa County CA Pooled Cross Series A ## | 2.00 | 12-1-2021 | 2,500,000 | 2,516,640 | |
Los Angeles County CA Schools Pooled Financing Program Revenue Anticipation Notes | 2.00 | 12-30-2021 | 9,000,000 | 9,085,019 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Los Angeles County CA Schools Pooled Financing Program Revenue Anticipation Notes | 2.00% | 12-30-2021 | $10,000,000 | $ 10,094,465 | |
Riverside County CA Office of Education TRAN Series B ## | 2.00 | 12-31-2021 | 20,000,000 | 20,192,002 | |
64,079,806 | |||||
Resource recovery revenue: 0.46% | |||||
California PCFA Series A 144Aøø | 0.20 | 8-1-2023 | 10,000,000 | 10,000,011 | |
Tax revenue: 1.82% | |||||
Cathedral City CA Redevelopment Agency Series 2021C (BAM Insured) | 4.00 | 8-1-2025 | 600,000 | 673,455 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9002 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.28 | 9-1-2046 | 23,000,000 | 23,000,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9003 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.28 | 3-1-2036 | 16,295,000 | 16,295,000 | |
39,968,455 | |||||
Transportation revenue: 0.16% | |||||
Bay Area Toll Authority Series B (SIFMA Municipal Swap +0.28%) ± | 0.31 | 4-1-2056 | 3,500,000 | 3,491,360 | |
Utilities revenue: 0.08% | |||||
School Project for Utility Rate Reduction California Revenue Anticipation Notes | 1.00 | 8-1-2021 | 1,715,000 | 1,716,014 | |
263,319,737 | |||||
Colorado: 0.53% | |||||
Airport revenue: 0.10% | |||||
Denver CO City and County Airport Revenue AMT Series B-2 | 5.00 | 11-15-2031 | 1,840,000 | 2,183,525 | |
Health revenue: 0.07% | |||||
Colorado Health Facilities Authority Catholic Health Initiatives Series B-3 | 4.00 | 1-1-2024 | 530,000 | 562,894 | |
University of Colorado Hospital Authority Series 2017C-1 | 5.00 | 11-15-2038 | 1,000,000 | 1,007,827 | |
1,570,721 | |||||
Miscellaneous revenue: 0.22% | |||||
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 12-31-2023 | 1,385,000 | 1,506,657 | |
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 6-30-2024 | 2,000,000 | 2,204,177 | |
Colorado State Bridge Enterprise Senior Revenue Bonds AMT Central 70 Project Private Activity | 4.00 | 12-31-2024 | 1,000,000 | 1,116,878 | |
4,827,712 | |||||
Tax revenue: 0.02% | |||||
Regional Transportation District Colorado Private Activity Revenue Denver Transit Partners Eagle P3 | 5.00 | 7-15-2024 | 300,000 | 339,339 | |
Transportation revenue: 0.09% | |||||
E-470 Public Highway Authority Revenue Series B (U.S. SOFR +0.35%) ± | 0.38 | 9-1-2039 | 2,000,000 | 2,001,632 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.03% | |||||
Central Weld County CO Water District Water Revenue (AGM Insured) | 5.00% | 12-1-2025 | $ 520,000 | $ 616,443 | |
11,539,372 | |||||
Connecticut: 1.98% | |||||
Education revenue: 0.85% | |||||
Connecticut HEFAR Yale University Issue Series A | 1.10 | 7-1-2048 | 7,355,000 | 7,458,948 | |
Connecticut HEFAR Yale University issue Series B | 0.55 | 7-1-2037 | 8,000,000 | 8,032,357 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program | 5.00 | 11-15-2022 | 1,350,000 | 1,435,987 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program | 5.00 | 11-15-2024 | 585,000 | 668,576 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B | 5.00 | 11-15-2021 | 545,000 | 554,513 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B | 5.00 | 11-15-2023 | 440,000 | 486,732 | |
18,637,113 | |||||
GO revenue: 0.63% | |||||
Bridgeport CT Series A | 5.00 | 6-1-2023 | 655,000 | 708,508 | |
Bridgeport CT Series A | 5.00 | 6-1-2024 | 800,000 | 896,344 | |
Bridgeport CT Series A | 5.00 | 6-1-2025 | 2,695,000 | 3,113,828 | |
Connecticut Series A | 3.00 | 1-15-2025 | 3,000,000 | 3,271,230 | |
Connecticut Series C | 3.00 | 6-1-2022 | 1,050,000 | 1,077,620 | |
Connecticut Series C | 3.00 | 6-1-2023 | 600,000 | 632,603 | |
Connecticut Series C | 3.00 | 6-1-2024 | 1,055,000 | 1,137,274 | |
Connecticut Series C | 4.00 | 6-1-2023 | 435,000 | 466,947 | |
Connecticut Series C | 4.00 | 6-1-2024 | 500,000 | 553,485 | |
West Haven CT BAN Series B | 2.00 | 9-30-2021 | 2,000,000 | 2,005,756 | |
13,863,595 | |||||
Health revenue: 0.03% | |||||
Connecticut HEFA Stamford Hospital Series L-1 | 4.00 | 7-1-2024 | 600,000 | 661,303 | |
Housing revenue: 0.25% | |||||
Connecticut HFA Series 25 | 2.50 | 6-15-2022 | 840,000 | 857,007 | |
Connecticut HFA Series A Subseries A-1 | 0.20 | 5-15-2022 | 700,000 | 700,066 | |
Connecticut HFA Series A Subseries A-1 | 0.30 | 11-15-2024 | 500,000 | 495,800 | |
Connecticut HFA Series A Subseries A-1 | 0.40 | 11-15-2023 | 300,000 | 299,746 | |
Connecticut HFA Series A Subseries A-1 | 0.40 | 5-15-2025 | 500,000 | 493,136 | |
Waterbury CT Housing Authority Multifamily Housing Exchange Place Project | 0.40 | 2-1-2023 | 2,500,000 | 2,500,276 | |
5,346,031 | |||||
Miscellaneous revenue: 0.09% | |||||
Bridgeport CT Grant Anticipation Notes | 1.50 | 12-9-2021 | 2,000,000 | 2,007,705 | |
Tax revenue: 0.13% | |||||
Connecticutial Tax Obligation Revenue Transportation Infrastructure Purpose | 5.00 | 5-1-2023 | 375,000 | 408,219 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Connecticutial Tax Obligation Revenue Transportation Infrastructure Purpose | 5.00% | 5-1-2024 | $ 1,000,000 | $ 1,132,636 | |
Connecticutial Tax Obligation Revenue Transportation Infrastructure Purpose | 5.00 | 5-1-2025 | 1,150,000 | 1,350,601 | |
2,891,456 | |||||
43,407,203 | |||||
District of Columbia: 2.03% | |||||
Airport revenue: 0.37% | |||||
Metropolitan Washington DC Airports Authority System Revenue Refunding AMT Series A %% | 5.00 | 10-1-2022 | 2,000,000 | 2,117,432 | |
Metropolitan Washington DC Airports Authority System Revenue Refunding AMT Series A %% | 5.00 | 10-1-2025 | 5,000,000 | 5,921,288 | |
8,038,720 | |||||
Housing revenue: 1.36% | |||||
District of Columbia HFA MFHR Liberty Place Apartments Project | 0.50 | 12-1-2021 | 9,800,000 | 9,807,333 | |
District of Columbia HFA Park Southern Apartments Project (FHA Insured) | 0.70 | 6-1-2024 | 20,000,000 | 20,067,464 | |
29,874,797 | |||||
Transportation revenue: 0.29% | |||||
Washington DC Metropolitan Area Transit Authority Series A | 5.00 | 7-15-2023 | 3,600,000 | 3,953,826 | |
Washington DC Metropolitan Area Transit Authority Series A | 5.00 | 7-15-2024 | 2,000,000 | 2,286,338 | |
6,240,164 | |||||
Water & sewer revenue: 0.01% | |||||
District of Columbia Water and Sewer Authority Public Utility Subordinated Lien Bond Series C | 1.75 | 10-1-2054 | 300,000 | 312,532 | |
44,466,213 | |||||
Florida: 2.30% | |||||
Airport revenue: 0.17% | |||||
Miami-Dade County FL Aviation Revenue Refunding Series A | 5.00 | 10-1-2024 | 2,500,000 | 2,871,751 | |
Miami-Dade County FL Seaport Series A | 5.00 | 10-1-2021 | 855,000 | 863,842 | |
3,735,593 | |||||
Education revenue: 0.04% | |||||
Florida HEFAR Florida Institute of Technology | 5.00 | 10-1-2023 | 500,000 | 547,849 | |
Florida HEFAR Florida Institute of Technology | 5.00 | 10-1-2024 | 250,000 | 283,243 | |
831,092 | |||||
Health revenue: 0.74% | |||||
Highlands County FL HFFA Revenue Various Hospital Adventhealth Obligation ø%% | 0.02 | 11-15-2055 | 15,000,000 | 15,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Jacksonville FL Heath Care Facilities Revenue Seires E ø | 0.03% | 8-1-2036 | $ 1,000,000 | $ 1,000,000 | |
Miami-Dade County FL Health Facilities Authority Miami Children's Hospital Project Series A | 5.25 | 8-1-2021 | 145,000 | 145,582 | |
16,145,582 | |||||
Housing revenue: 0.87% | |||||
Deutsche Bank Spears Series DBE-8055 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø | 0.49 | 11-1-2058 | 10,000,000 | 10,000,000 | |
Florida Housing Finance Corporation Multifamily Mortgage Parrish Oaks Series A | 1.25 | 2-1-2023 | 500,000 | 503,164 | |
Florida Housing Finance Corporation Series 1 (GNMA/FNMA/FHLMC Insured) | 2.00 | 7-1-2021 | 715,000 | 715,000 | |
Florida Housing Finance Corporation Series 1 (GNMA/FNMA/FHLMC Insured) | 2.05 | 1-1-2022 | 450,000 | 453,417 | |
Miami-Dade County FL HFA Multifamily Housing Revenue | 0.25 | 12-1-2023 | 5,000,000 | 5,000,193 | |
Miami-Dade County FL HFA Multifamily Housing Revenue øø | 0.60 | 12-1-2022 | 2,500,000 | 2,500,436 | |
19,172,210 | |||||
Miscellaneous revenue: 0.37% | |||||
Pasco County FL School Board Certificates Participation Sifma Index Rate Certificates (SIFMA Municipal Swap +0.75%) ± | 0.78 | 8-1-2032 | 8,000,000 | 8,003,866 | |
Transportation revenue: 0.02% | |||||
Miami-Dade County FL Expressway Authority Series B | 5.00 | 7-1-2022 | 460,000 | 481,467 | |
Water & sewer revenue: 0.09% | |||||
Tender Option Bond Trust Receipts/Certificates Series 2021-XM0941 (Bank of America NA LIQ) 144Aø | 0.07 | 10-1-2046 | 2,000,000 | 2,000,000 | |
50,369,810 | |||||
Georgia: 0.86% | |||||
Health revenue: 0.10% | |||||
Cobb County GA Kennestone Hospital Authority Anticipation Certificates Wellstar | 5.00 | 4-1-2024 | 1,300,000 | 1,463,480 | |
Cobb County GA Kennestone Hospital Authority Anticipation Certificates Wellstar | 5.00 | 4-1-2025 | 660,000 | 769,683 | |
2,233,163 | |||||
Utilities revenue: 0.76% | |||||
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project | 1.55 | 12-1-2049 | 4,000,000 | 4,055,719 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Fifth Series 1995 | 2.05 | 10-1-2032 | 1,850,000 | 1,862,168 | |
Monroe County GA Development Authority Power Company Plant Scherer Project First Series 2009 | 2.05 | 7-1-2049 | 2,545,000 | 2,561,739 | |
Municipal Electric Authority Georgia Project One Subordinated Bond Series A | 5.00 | 1-1-2022 | 2,500,000 | 2,559,621 | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XG0308 (Bank of America NA LIQ) 144Aø | 0.09 | 1-1-2052 | 5,595,000 | 5,595,000 | |
16,634,247 | |||||
18,867,410 |
Interest rate | Maturity date | Principal | Value | ||
Guam: 0.12% | |||||
Airport revenue: 0.12% | |||||
Guam International Airport Authority AMT Refunding Bond Series A | 3.00% | 10-1-2021 | $ 55,000 | $ 55,328 | |
Guam International Airport Authority AMT Refunding Bond Series A | 5.00 | 10-1-2022 | 1,000,000 | 1,054,980 | |
Guam International Airport Authority AMT Refunding Bond Series A | 5.00 | 10-1-2023 | 1,395,000 | 1,524,438 | |
2,634,746 | |||||
Hawaii: 0.08% | |||||
Health revenue: 0.08% | |||||
Hawaii Department of Budget & Finance Queens Health System Series B (SIFMA Municipal Swap +0.45%) ± | 0.48 | 7-1-2039 | 1,855,000 | 1,855,000 | |
Idaho: 0.15% | |||||
Housing revenue: 0.15% | |||||
Idaho Housing & Finance Association Series A ø | 0.12 | 1-1-2038 | 3,295,000 | 3,295,000 | |
Illinois: 5.83% | |||||
Education revenue: 0.31% | |||||
Illinois Finance Authority Benedictine University Series 2021 | 5.00 | 10-1-2025 | 600,000 | 692,130 | |
Illinois Finance Authority University of Chicago Series 2021A %% | 5.00 | 10-1-2023 | 1,400,000 | 1,546,076 | |
Illinois Finance Authority University of Chicago Series 2021A %% | 5.00 | 10-1-2025 | 1,500,000 | 1,780,209 | |
Southern Illinois University Housing and Auziliary Facilities Refunding Revenue Bonds Series A (BAM Insured) | 4.00 | 4-1-2024 | 1,200,000 | 1,312,959 | |
University of Illinois Auxiliary Facilities Series A | 5.00 | 4-1-2022 | 1,070,000 | 1,108,581 | |
University of Illinois Auxiliary Facilities Series A | 5.00 | 4-1-2024 | 350,000 | 350,801 | |
6,790,756 | |||||
GO revenue: 1.83% | |||||
Chicago IL Board of Education Series 2020A | 5.00 | 12-1-2022 | 400,000 | 425,405 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2024 | 3,670,000 | 3,552,411 | |
Chicago IL Series A | 5.00 | 1-1-2025 | 2,500,000 | 2,867,897 | |
Cook County IL Refunding Bond Series 2021A | 5.00 | 11-15-2022 | 4,000,000 | 4,263,342 | |
Cook County IL Refunding Bond Series 2021A | 5.00 | 11-15-2024 | 2,500,000 | 2,874,324 | |
Cook County IL Refunding Bond Series C | 5.00 | 11-15-2022 | 3,045,000 | 3,245,469 | |
Decatur IL Park District Series 2021A | 1.00 | 12-15-2021 | 4,270,000 | 4,284,116 | |
Illinois Series 2016 | 5.00 | 11-1-2021 | 5,380,000 | 5,465,422 | |
Illinois Series 2016 | 5.00 | 1-1-2022 | 5,915,000 | 6,055,970 | |
Kane & Cook Counties IL Community College District #509 Series 2021B | 4.00 | 12-15-2025 | 1,200,000 | 1,381,424 | |
Peoria IL Refunding Bonds Series A (BAM Insured) | 4.00 | 1-1-2025 | 1,250,000 | 1,398,403 | |
Peoria IL Refunding Bonds Series A (BAM Insured) | 4.00 | 1-1-2026 | 500,000 | 572,147 | |
Waukegan IL Series 2018B (AGM Insured) | 4.00 | 12-30-2021 | 800,000 | 814,538 | |
Whiteside & Lee Counties IL Community Unit School District 5 Series A (BAM Insured) | 4.00 | 12-1-2022 | 1,375,000 | 1,446,005 | |
Whiteside & Lee Counties IL Community Unit School District 5 Series A (BAM Insured) | 4.00 | 12-1-2023 | 1,435,000 | 1,547,424 | |
40,194,297 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.17% | |||||
Illinois Finance Authority Healthcare System Series B-1 | 5.00% | 5-15-2050 | $ 1,200,000 | $ 1,353,821 | |
Illinois Finance Authority Mercy Health Corporation | 5.00 | 12-1-2021 | 1,165,000 | 1,187,535 | |
Illinois Finance Authority Rehabilitation Institute of Chicago | 5.00 | 7-1-2023 | 1,100,000 | 1,180,913 | |
3,722,269 | |||||
Miscellaneous revenue: 1.03% | |||||
Chicago IL Board of Education Series B | 5.00 | 12-1-2022 | 1,500,000 | 1,595,268 | |
Chicago IL Board of Education Series B | 5.00 | 12-1-2023 | 1,150,000 | 1,271,166 | |
Illinois Refunding Bond | 5.00 | 8-1-2022 | 2,290,000 | 2,407,027 | |
Illinois Series A | 5.00 | 3-1-2023 | 3,000,000 | 3,230,733 | |
Illinois Series D | 5.00 | 11-1-2021 | 9,820,000 | 9,975,919 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2854 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.15 | 6-15-2050 | 4,160,000 | 4,160,000 | |
22,640,113 | |||||
Tax revenue: 2.29% | |||||
Illinois Regional Transportation Authority Series B-RMKT øø | 0.55 | 6-1-2025 | 23,740,000 | 23,740,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0603 (Royal Bank of Canada LIQ) 144Aø | 0.17 | 1-1-2026 | 2,265,000 | 2,265,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0093 (Barclays Bank plc LIQ) 144Aø | 0.15 | 1-1-2048 | 8,000,000 | 8,000,000 | |
Metropolitan Pier & Exposition Authority McCormick Place Project Non-Callable Bond Series B | 5.00 | 12-15-2022 | 5,925,000 | 6,316,270 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-YX1099 (Barclays Bank plc LIQ) 144Aø | 0.15 | 1-1-2035 | 9,750,000 | 9,750,000 | |
50,071,270 | |||||
Water & sewer revenue: 0.20% | |||||
Chicago IL Wastewater Transmission Revenue CAB Refunding Series A (NPFGC Insured) ¤ | 0.00 | 1-1-2022 | 3,265,000 | 3,258,376 | |
South Sangamon IL Water Commission (AGM Insured) | 4.00 | 1-1-2023 | 500,000 | 523,773 | |
South Sangamon IL Water Commission (AGM Insured) | 4.00 | 1-1-2026 | 500,000 | 561,523 | |
4,343,672 | |||||
127,762,377 | |||||
Indiana: 0.90% | |||||
Industrial development revenue: 0.12% | |||||
Whiting IN Environmental Facilities North America Incorporated Project | 5.00 | 11-1-2047 | 2,250,000 | 2,599,370 | |
Miscellaneous revenue: 0.17% | |||||
Indianapolis IN Series 2021A | 5.00 | 6-1-2024 | 1,700,000 | 1,913,655 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 7-15-2022 | 95,000 | 98,633 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 7-15-2023 | 210,000 | 225,436 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 1-15-2024 | 215,000 | 234,155 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 7-15-2024 | 220,000 | 243,084 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00% | 1-15-2025 | $ 225,000 | $ 251,798 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 7-15-2025 | 225,000 | 254,977 | |
Tippecanoe County IN Vinton-Tecumseh School Building Corporation Series 2021 | 3.00 | 1-15-2025 | 505,000 | 547,501 | |
3,769,239 | |||||
Resource recovery revenue: 0.23% | |||||
Indiana Finance Authority Economic Development Republic Services Incorporated Project Series A | 0.17 | 5-1-2034 | 5,000,000 | 4,999,765 | |
Utilities revenue: 0.26% | |||||
Mount Vernon Industry Environmental Southern Industry Gas and Electric Company | 0.88 | 9-1-2055 | 5,750,000 | 5,753,632 | |
Water & sewer revenue: 0.12% | |||||
Columbus City IN Waterworks Revenue Bond | 0.50 | 6-3-2022 | 2,500,000 | 2,502,116 | |
Indiana Finance Authority Wastewater Utility Revenue Refunding Project %% | 5.00 | 10-1-2021 | 235,000 | 237,701 | |
2,739,817 | |||||
19,861,823 | |||||
Iowa: 0.18% | |||||
Industrial development revenue: 0.18% | |||||
Iowa Finance Authority Midwestern EDA CJ Bio-America Incorporated Project (Korea Development Bank LOC) ø | 0.09 | 4-1-2022 | 1,000,000 | 1,000,000 | |
Iowa Finance Authority Solid Waste Facilities Revenue (Citibank NA LOC) | 1.50 | 1-1-2042 | 3,000,000 | 3,031,784 | |
4,031,784 | |||||
Kansas: 0.62% | |||||
Health revenue: 0.10% | |||||
Wichita KS HCFR Presbyterian Manors Obligated Group | 4.00 | 5-15-2022 | 1,250,000 | 1,266,214 | |
Wichita KS HCFR Series I | 3.75 | 5-15-2023 | 955,000 | 970,398 | |
2,236,612 | |||||
Housing revenue: 0.38% | |||||
Kansas HFA Forest Glen Apartments Project Series B | 1.66 | 7-1-2022 | 8,300,000 | 8,300,000 | |
Utilities revenue: 0.14% | |||||
Burlington KS Environmental Impact Series A ø | 0.11 | 9-1-2035 | 3,000,000 | 3,000,000 | |
13,536,612 | |||||
Kentucky: 1.46% | |||||
Airport revenue: 0.06% | |||||
Louisville KY Regional Airport Authority Refunding Bond AMT Series A | 5.00 | 7-1-2021 | 1,250,000 | 1,250,000 | |
Housing revenue: 0.46% | |||||
Kentucky Housing Corporation MFHR City View Park Project | 1.16 | 2-1-2023 | 10,000,000 | 10,058,648 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.10% | |||||
Kentucky Asset/Liability Commission Agency Fund Revenue Refunding Project Notes Federal Highway Trust Fund | 5.00% | 9-1-2021 | $ 2,195,000 | $ 2,212,254 | |
Utilities revenue: 0.66% | |||||
Louisville/Jefferson County KY Metro Government Environmental Facilities Revenue ø | 0.09 | 6-1-2033 | 10,000,000 | 10,000,000 | |
Paducah KY Electric Plant Board Refunding Bond | 5.00 | 10-1-2021 | 2,305,000 | 2,330,816 | |
Paducah KY Electric Plant Board Refunding Bond | 5.00 | 10-1-2023 | 1,995,000 | 2,190,457 | |
14,521,273 | |||||
Water & sewer revenue: 0.18% | |||||
Kentucky Rural Water Finance Corporation Public Project Revenue Construction Notes Series E 2020-1 | 0.43 | 12-1-2021 | 4,000,000 | 4,000,328 | |
32,042,503 | |||||
Louisiana: 1.78% | |||||
Airport revenue: 0.26% | |||||
Louisiana Offshore Terminal Authority Deepwater Loop LLC Project Series B-1A | 2.00 | 10-1-2040 | 5,540,000 | 5,580,964 | |
Health revenue: 0.25% | |||||
Louisiana Public Facilities Authority Hospital Revenue Louisiana Childrens Medical Center Project | 5.00 | 6-1-2045 | 5,000,000 | 5,436,505 | |
Housing revenue: 0.18% | |||||
Louisiana Housing Corporation Hollywood Acres & Hollywood Heights Project Series 2019 | 1.44 | 12-1-2023 | 4,000,000 | 4,021,027 | |
Industrial development revenue: 0.60% | |||||
St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø | 0.09 | 11-1-2040 | 5,000,000 | 5,000,000 | |
St. John The Baptist Parish LA Revenue Refunding Bond Marathon Oil Corporation Project | 2.00 | 6-1-2037 | 8,045,000 | 8,229,102 | |
13,229,102 | |||||
Miscellaneous revenue: 0.49% | |||||
Louisiana Local Government Environmental Facilities and Community Development Authority Subordinated Lien East Baton Rouge | 0.88 | 2-1-2046 | 9,000,000 | 9,023,805 | |
Lousiana Stadium And Exposition District Revenue BAN | 4.00 | 7-3-2023 | 1,600,000 | 1,694,119 | |
10,717,924 | |||||
38,985,522 | |||||
Maine: 0.10% | |||||
Education revenue: 0.03% | |||||
Maine Student Loan Authority AMT Refunding Student Loan Revenue Bond Class A Series 2019A-1 (AGM Insured) | 5.00 | 12-1-2021 | 300,000 | 305,778 | |
Maine Student Loan Authority AMT Refunding Student Loan Revenue Bond Class A Series 2019A-1 (AGM Insured) | 5.00 | 12-1-2022 | 370,000 | 393,505 | |
699,283 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.07% | |||||
Maine HEFA Series A | 4.00% | 7-1-2024 | $ 755,000 | $ 830,954 | |
Maine HEFA Series A | 5.00 | 7-1-2023 | 575,000 | 626,491 | |
1,457,445 | |||||
2,156,728 | |||||
Maryland: 1.63% | |||||
Health revenue: 0.12% | |||||
Maryland Health and Higher Educational Facilities Authority Revenue Adventist Healthcare Series 2021 %% | 5.00 | 1-1-2022 | 1,110,000 | 1,119,248 | |
Maryland Health and Higher Educational Facilities Authority Revenue Adventist Healthcare Series 2021 %% | 5.00 | 1-1-2023 | 795,000 | 829,167 | |
Maryland Health and Higher Educational Facilities Authority Revenue Adventist Healthcare Series 2021 %% | 5.00 | 1-1-2024 | 540,000 | 580,995 | |
2,529,410 | |||||
Housing revenue: 1.23% | |||||
Maryland Community Development Department Housing Rosemont Tower LLC Series A (GNMA Insured) 144A | 0.83 | 5-1-2023 | 7,400,000 | 7,397,010 | |
Maryland Community Development Department Housing Rosemont Tower LLC Series F (FHA/GNMA Insured) | 2.01 | 11-1-2021 | 5,000,000 | 5,029,572 | |
Maryland Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2832 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.23 | 7-1-2037 | 14,595,000 | 14,595,000 | |
27,021,582 | |||||
Transportation revenue: 0.28% | |||||
Maryland Transportation Authority Refunding Bond AMT | 5.00 | 3-1-2022 | 6,000,000 | 6,186,047 | |
35,737,039 | |||||
Massachusetts: 1.65% | |||||
Education revenue: 0.03% | |||||
Massachusetts Development Finance Agency Lasell University Revenue Refunding Bonds | 4.00 | 7-1-2022 | 205,000 | 212,233 | |
Massachusetts Development Finance Agency Lasell University Revenue Refunding Bonds | 4.00 | 7-1-2023 | 210,000 | 224,501 | |
Massachusetts Development Finance Agency Lasell University Revenue Refunding Bonds | 4.00 | 7-1-2024 | 225,000 | 247,266 | |
684,000 | |||||
Health revenue: 0.46% | |||||
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2021 | 130,000 | 130,176 | |
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2022 | 115,000 | 119,460 | |
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2023 | 125,000 | 134,282 | |
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2024 | 125,000 | 138,281 | |
Massachusetts Development Finance Agency Wellforce Incorporate Series C (AGM Insured) | 5.00 | 10-1-2023 | 635,000 | 697,363 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Massachusetts HEFA Partners Healthcare Series G-2 (AGM Insured) € | 0.13% | 7-1-2042 | $ 5,020,000 | $ 5,020,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2891 (Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144Aø | 0.07 | 10-1-2045 | 3,845,000 | 3,845,000 | |
10,084,562 | |||||
Housing revenue: 0.27% | |||||
Boston MA Housing Authority Capital Program Revenue Refunding Series B | 5.00 | 10-1-2024 | 650,000 | 745,063 | |
Boston MA Housing Authority Capital Program Revenue Refunding Series B | 5.00 | 10-1-2025 | 380,000 | 449,062 | |
Massachusetts Development Finance Agency Multifamily Housing Revenue Bonds Salem Heights Series B | 0.25 | 7-1-2024 | 2,750,000 | 2,744,045 | |
Massachusetts HFA Series 212 | 1.45 | 12-1-2049 | 2,000,000 | 2,017,928 | |
5,956,098 | |||||
Tax revenue: 0.20% | |||||
Massachusetts Bay Transportation Authority Series B-1 | 5.00 | 7-1-2023 | 1,775,000 | 1,945,155 | |
Massachusetts Bay Transportation Authority Series B-1 | 5.00 | 7-1-2024 | 2,200,000 | 2,509,872 | |
4,455,027 | |||||
Transportation revenue: 0.69% | |||||
Massachusetts Department of Transportation Refunding Bond | 5.00 | 1-1-2039 | 14,020,000 | 15,019,189 | |
36,198,876 | |||||
Michigan: 1.85% | |||||
Airport revenue: 0.01% | |||||
Wayne County MI Airport Authority Detroit Metropolitan Airport 144A | 4.00 | 12-1-2021 | 210,000 | 213,221 | |
Education revenue: 0.12% | |||||
Lake Superior State University MI Revenue Refunding General (AGM Insured) %% | 4.00 | 11-15-2023 | 525,000 | 566,989 | |
Michigan Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0614 (Morgan Stanley Bank LIQ) 144Aø | 0.18 | 11-1-2028 | 2,000,000 | 2,000,000 | |
2,566,989 | |||||
GO revenue: 0.20% | |||||
Genesee County MI Carman-Ainsworth Community School | 4.00 | 5-1-2022 | 1,025,000 | 1,056,266 | |
Genesee County MI Carman-Ainsworth Community School | 4.00 | 5-1-2025 | 2,685,000 | 3,013,236 | |
Holland MI School District Building and Site Series I (Qualified School Board Loan Fund Insured) | 5.00 | 11-1-2021 | 250,000 | 253,998 | |
4,323,500 | |||||
Health revenue: 0.19% | |||||
Kent MI Hospital Finance Authority Series 2015A (SIFMA Municipal Swap +0.25%) ± | 0.28 | 1-15-2047 | 2,000,000 | 2,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Michigan Finance Authority Bronson Healthcare Group Incorporated Series 2019B | 3.50% | 11-15-2044 | $ 800,000 | $ 831,880 | |
Michigan State Finance Authority Hospital Revenue Refunding Bonds Mclaren Heath Care Series A | 5.00 | 6-1-2025 | 1,350,000 | 1,409,017 | |
4,240,897 | |||||
Housing revenue: 0.18% | |||||
Michigan Housing Development Authority Series A | 2.30 | 10-1-2021 | 4,000,000 | 4,006,536 | |
Miscellaneous revenue: 0.53% | |||||
Michigan Finance Authority State Aid Series A-2 (JPMorgan Chase & Company LOC) | 4.00 | 8-20-2021 | 11,500,000 | 11,560,549 | |
Tax revenue: 0.43% | |||||
Tender Option Bond Trust Receipts/Certificates (AGM Insured, Morgan Stanley Bank LIQ) 144Aø | 0.23 | 7-1-2043 | 9,410,000 | 9,410,000 | |
Utilities revenue: 0.19% | |||||
Michigan Strategic Fund Limited Obligation Detroit Edison Company Exempt Facilities Project | 1.45 | 8-1-2029 | 4,300,000 | 4,308,454 | |
40,630,146 | |||||
Minnesota: 2.11% | |||||
GO revenue: 1.82% | |||||
JPMorgan Chase Puttable Tax-Exempt Receipts Trust Series 5027 (JPMorgan Chase & Company LIQ) 144Aø | 0.20 | 12-1-2024 | 40,000,000 | 40,000,000 | |
Health revenue: 0.04% | |||||
Minnesota HCFR Maple Grove Hospital Corporation | 4.00 | 5-1-2022 | 390,000 | 401,565 | |
Minnesota HCFR Maple Grove Hospital Corporation | 5.00 | 5-1-2023 | 390,000 | 422,295 | |
823,860 | |||||
Housing revenue: 0.22% | |||||
Minnesota Housing Finance Agency Rental Housing Series B | 0.35 | 2-1-2023 | 4,695,000 | 4,701,972 | |
Miscellaneous revenue: 0.03% | |||||
Lake Agassiz Education Cooperative Certificates of Participation Series A | 3.00 | 2-1-2022 | 205,000 | 207,428 | |
Lake Agassiz Education Cooperative Certificates of Participation Series A | 3.00 | 2-1-2023 | 255,000 | 262,926 | |
Lake Agassiz Education Cooperative Certificates of Participation Series A | 3.00 | 2-1-2024 | 265,000 | 278,006 | |
748,360 | |||||
46,274,192 | |||||
Mississippi: 0.23% | |||||
Health revenue: 0.23% | |||||
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Project | 0.65 | 9-1-2036 | 5,000,000 | 5,000,492 |
Interest rate | Maturity date | Principal | Value | ||
Missouri: 1.36% | |||||
Health revenue: 0.79% | |||||
Missouri HEFA Series 2021B | 4.00% | 5-1-2051 | $12,000,000 | $ 13,926,955 | |
RBC Municipal Products Incorporated (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.09 | 9-1-2039 | 3,500,000 | 3,500,000 | |
17,426,955 | |||||
Miscellaneous revenue: 0.57% | |||||
Bridgeton MO IDA Mestek Machinery Incorporated (Santander Bank NA LOC) ø | 0.20 | 7-1-2030 | 2,425,000 | 2,425,000 | |
Missouri Public Utilities Commission Interim Construction Notes | 0.50 | 3-1-2022 | 10,000,000 | 10,005,911 | |
12,430,911 | |||||
29,857,866 | |||||
Nebraska: 0.64% | |||||
Housing revenue: 0.02% | |||||
Nebraska Investment Finance Authority Series D (GNMA/FNMA/FHLMC Insured) | 3.65 | 9-1-2021 | 470,000 | 472,249 | |
Miscellaneous revenue: 0.16% | |||||
Gretna NE Series 2021 | 4.00 | 12-15-2025 | 3,000,000 | 3,359,246 | |
Utilities revenue: 0.46% | |||||
Nebraska Public Power District Revenue General Series A | 0.60 | 1-1-2051 | 10,075,000 | 10,136,875 | |
13,968,370 | |||||
Nevada: 1.09% | |||||
GO revenue: 0.13% | |||||
Clark County NV School District Refunding Bond Limited Tax Series A | 5.00 | 6-15-2023 | 2,095,000 | 2,288,418 | |
Clark County NV School District Refunding Bond Limited Tax Series C | 5.00 | 6-15-2023 | 500,000 | 546,162 | |
2,834,580 | |||||
Housing revenue: 0.27% | |||||
Nevada Housing Division Multi Unit Housing Whittell Pointe | 0.30 | 10-1-2023 | 6,000,000 | 6,004,961 | |
Industrial development revenue: 0.23% | |||||
Nevada Brightline West Rail Project Series A 144A | 0.25 | 1-1-2050 | 5,000,000 | 4,999,741 | |
Utilities revenue: 0.39% | |||||
Washoe County NV Water Facility Refunding Bond Series F | 2.05 | 3-1-2036 | 6,000,000 | 6,080,034 | |
Washoe County NV Water Facility Revenue Refunding AMT Sierra Pacific Power Company | 2.05 | 3-1-2036 | 2,500,000 | 2,533,348 | |
8,613,382 | |||||
Water & sewer revenue: 0.07% | |||||
Washoe County NV Water Facility Revenue Refunding Sierra Pacific Power Company | 0.63 | 3-1-2036 | 1,500,000 | 1,503,245 | |
23,955,909 |
Interest rate | Maturity date | Principal | Value | ||
New Jersey: 3.35% | |||||
Education revenue: 0.15% | |||||
New Jersey Higher Education Assistance Authority Series B | 5.00% | 12-1-2021 | $ 2,000,000 | $ 2,038,603 | |
New Jersey Higher Education Assistance Authority Series B | 5.00 | 12-1-2023 | 300,000 | 332,349 | |
New Jersey Higher Education Assistance Authority Series B | 5.00 | 12-1-2025 | 850,000 | 1,001,562 | |
3,372,514 | |||||
GO revenue: 1.46% | |||||
New Jersey Economic Development Authority Series G 144A | 5.25 | 9-1-2023 | 10,000,000 | 11,052,218 | |
New Jersey EDA School Facilities Construction Notes Series GGG 144A | 5.25 | 9-1-2022 | 10,000,000 | 10,555,806 | |
Newark NJ | 3.50 | 7-27-2021 | 3,500,000 | 3,508,070 | |
Newark NJ BAN General Capital Improvement | 2.00 | 10-5-2021 | 1,200,000 | 1,205,321 | |
Newark NJ Refunding Bond Qualified General Improvement Series A | 5.00 | 10-1-2022 | 750,000 | 787,858 | |
Newark NJ Refunding Bond Tax Appeal Notes Series B | 2.00 | 10-5-2021 | 1,160,000 | 1,165,143 | |
Princeton NJ GO Refunding Bonds | 2.00 | 8-15-2021 | 715,000 | 716,545 | |
Ramsey Borough NJ BAN | 1.25 | 1-7-2022 | 3,000,000 | 3,015,026 | |
32,005,987 | |||||
Health revenue: 0.04% | |||||
New Jersey HFFA St. Joseph's Healthcare System Group | 5.00 | 7-1-2021 | 780,000 | 780,000 | |
Housing revenue: 0.74% | |||||
New Jersey Housing & Mortgage Finance Agency Multifamily Conduit Post Road Gardens Series A | 0.75 | 5-1-2023 | 3,000,000 | 3,012,059 | |
New Jersey Housing & Mortgage Finance Agency Peter J McGuire Gardens Preservation Project Series G | 1.45 | 11-1-2022 | 13,160,000 | 13,214,810 | |
16,226,869 | |||||
Miscellaneous revenue: 0.44% | |||||
New Jersey EDA School Facilities Construction Notes Series DDD | 5.00 | 6-15-2022 | 780,000 | 815,088 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0205 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.06 | 6-15-2050 | 6,000,000 | 6,000,000 | |
New Jersey Transportation Trust Fund Series D | 5.25 | 12-15-2023 | 2,600,000 | 2,912,389 | |
9,727,477 | |||||
Tax revenue: 0.15% | |||||
New Jersey Covid-19 Emergency Series A | 4.00 | 6-1-2023 | 3,000,000 | 3,213,135 | |
Transportation revenue: 0.14% | |||||
New Brunswick NJ Parking Authority City Guaranteed Series B (Municipal Government Guaranty Insured) | 5.00 | 9-1-2022 | 700,000 | 736,793 | |
New Brunswick NJ Parking Authority City Guaranteed Series B (BAM Insured) | 5.00 | 9-1-2024 | 875,000 | 996,736 | |
New Jersey TTFA Series A | 5.25 | 12-15-2022 | 1,295,000 | 1,388,495 | |
3,122,024 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.23% | |||||
New Jersey EDA Refunding Bond AMT American Water Company Incorporated | 1.20% | 11-1-2034 | $ 5,000,000 | $ 5,057,431 | |
73,505,437 | |||||
New Mexico: 0.05% | |||||
Health revenue: 0.05% | |||||
New Mexico Hospital Equipment Loan Council Hospital Improvement System Sanitary Juan Regional | 5.00 | 6-1-2022 | 445,000 | 463,447 | |
New Mexico Hospital Equipment Loan Council Hospital Improvement System Sanitary Juan Regional | 5.00 | 6-1-2023 | 665,000 | 722,120 | |
1,185,567 | |||||
New York: 13.74% | |||||
Airport revenue: 0.13% | |||||
New York Transportation Development Corporation Special Facility Revenue Terminal 4 John F Kennedy International | 5.00 | 12-1-2023 | 1,260,000 | 1,397,478 | |
New York Transportation Development Corporation Special Facility Revenue Terminal 4 John F Kennedy International | 5.00 | 12-1-2024 | 1,250,000 | 1,439,386 | |
New York Transportation Development Corporation Special Refunding Bonds Terminal One Group Association | 5.00 | 1-1-2022 | 50,000 | 51,106 | |
2,887,970 | |||||
Education revenue: 0.11% | |||||
Saratoga County NY Capital Resource Corporation Revenue Refunding Skidmore College Series A | 5.00 | 7-1-2022 | 550,000 | 576,745 | |
Saratoga County NY Capital Resource Corporation Revenue Refunding Skidmore College Series A | 5.00 | 7-1-2023 | 575,000 | 629,271 | |
Saratoga County NY Capital Resource Corporation Revenue Refunding Skidmore College Series A | 5.00 | 7-1-2024 | 600,000 | 682,384 | |
Saratoga County NY Capital Resource Corporation Revenue Refunding Skidmore College Series A | 5.00 | 7-1-2025 | 425,000 | 500,492 | |
2,388,892 | |||||
GO revenue: 6.52% | |||||
Cortland NY Enlarged City School District Anticipation Notes | 1.50 | 7-30-2021 | 2,500,000 | 2,501,911 | |
East Ramapo NY Central School District Deficiency Notes | 1.25 | 5-5-2022 | 2,150,000 | 2,166,314 | |
Long Beach NY Public Improvement Series A | 5.00 | 9-1-2022 | 1,770,000 | 1,865,168 | |
Long Beach NY Public Improvement Series A | 5.00 | 9-1-2023 | 2,075,000 | 2,261,784 | |
New York NY Adjusted Fiscal 2008 Subordinate Bond Series A-4 (AGM Insured) € | 0.22 | 8-1-2026 | 900,000 | 900,000 | |
New York NY Adjusted Fiscal 2008 Subordinate Bond Series C-4 (AGC Insured) € | 0.19 | 10-1-2027 | 22,650,000 | 22,650,000 | |
New York NY Series 3 ø | 0.16 | 4-1-2042 | 6,500,000 | 6,500,000 | |
New York NY Series J Subordinate Bond Series J-2 (AGM Insured) € | 0.20 | 6-1-2036 | 1,200,000 | 1,200,000 | |
New York NY Series J Subordinate Bond Series J3 (AGM Insured) € | 0.19 | 6-1-2036 | 8,225,000 | 8,225,000 | |
New York NY Subordinate Bond Series C-4 (AGM Insured) € | 0.20 | 1-1-2032 | 800,000 | 800,000 | |
Oyster Bay NY BAN Series C | 4.00 | 8-27-2021 | 23,000,000 | 23,133,292 | |
Poughkeepsie NY Series 2021 | 2.50 | 4-29-2022 | 800,000 | 809,867 | |
Suffolk County NY Tax Anticipation Notes Series I | 2.00 | 7-22-2021 | 15,000,000 | 15,015,521 | |
Suffolk County NY Tax Anticipation Notes Series I | 3.00 | 9-24-2021 | 20,000,000 | 20,126,208 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Westchester County NY BAN Series A | 1.00% | 12-17-2021 | $20,913,299 | $ 20,997,333 | |
Westchester County NY Tax Anticipation Notes Series B | 2.00 | 10-18-2021 | 13,000,000 | 13,073,017 | |
Yonkers NY Series 2021A (AGM Insured) | 5.00 | 2-15-2025 | 315,000 | 365,758 | |
Yonkers NY Series 2021B (AGM Insured) | 5.00 | 2-15-2025 | 305,000 | 354,266 | |
142,945,439 | |||||
Health revenue: 0.24% | |||||
Broome County NY Local Development Corporation United Health Services Hospital Incorporate Project (AGM Insured) | 5.00 | 4-1-2024 | 500,000 | 562,291 | |
Broome County NY Local Development Corporation United Health Services Hospital Incorporate Project (AGM Insured) | 5.00 | 4-1-2025 | 500,000 | 582,080 | |
New York NY Health And Hospital Corporation Revenue Health System Series A | 5.00 | 2-15-2025 | 3,615,000 | 4,203,172 | |
5,347,543 | |||||
Housing revenue: 1.38% | |||||
Deutsche Bank Spears Series DBE-8063 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø | 0.49 | 10-1-2045 | 11,000,000 | 11,000,000 | |
East Rochester NY Housing Authority Home Good Shepherd Project Series A (Citizens Bank LOC) ø | 0.17 | 12-1-2036 | 2,335,000 | 2,335,000 | |
New York Housing Finance Agency Revenue Affordable Housing Series J Climate | 0.75 | 5-1-2025 | 8,250,000 | 8,276,577 | |
New York Mortgage Agency Homeowner Revenue Series 183 | 3.50 | 4-1-2022 | 1,200,000 | 1,226,636 | |
New York NY Housing Development Corporation Series A-3 | 1.13 | 5-1-2060 | 4,000,000 | 4,022,451 | |
New York NY Housing Development Corporation Series C-2 | 0.70 | 11-1-2060 | 1,000,000 | 1,000,088 | |
New York NY Housing Development Corporation Series G-2 | 2.00 | 11-1-2057 | 2,455,000 | 2,467,505 | |
30,328,257 | |||||
Industrial development revenue: 1.02% | |||||
New York Energy Research & Development Authority PCR Keyspan Generation Series A (Ambac Insured) € | 2.50 | 10-1-2028 | 900,000 | 900,000 | |
New York Transportation Development Corporation Series 2018 | 5.00 | 1-1-2022 | 2,000,000 | 2,045,755 | |
New York Transportation Development Corporation Series 2018 | 5.00 | 1-1-2023 | 12,750,000 | 13,615,689 | |
New York Transportation Development Corporation Special Facilities Revenue Delta Airlines Incorporated LaGuardia Airport Terminals C&D Redevelopment Project | 5.00 | 1-1-2024 | 5,250,000 | 5,828,635 | |
22,390,079 | |||||
Miscellaneous revenue: 0.38% | �� | ||||
Board Cooperative Educational Services New York Sole Supervisory District Revenue Anticipation Notes | 1.50 | 9-29-2021 | 7,000,000 | 7,020,512 | |
New York IDA Series 2021A (AGM Insured) | 5.00 | 1-1-2026 | 1,000,000 | 1,193,840 | |
8,214,352 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.79% | |||||
New York NY Transitional Finance Authority Subordinate Bond Series 1-B (SIFMA Municipal Swap +0.80%) ± | 0.83% | 11-1-2022 | $ 6,885,000 | $ 6,903,815 | |
Triborough Bridge & Tunnel Authority Series A-2 | 2.00 | 5-15-2045 | 10,000,000 | 10,489,673 | |
17,393,488 | |||||
Transportation revenue: 2.48% | |||||
New York Metropolitan Transportation Authority BAN | 4.00 | 2-1-2022 | 3,950,000 | 4,035,290 | |
New York Metropolitan Transportation Authority BAN | 5.00 | 2-1-2023 | 4,050,000 | 4,345,910 | |
New York Metropolitan Transportation Authority Revenue Bond Subordinate Series 2012A-2 (Bank of Montreal LOC) ø | 0.06 | 11-15-2041 | 10,000,000 | 10,000,000 | |
New York Metropolitan Transportation Authority Series B (1 Month LIBOR +0.55%) ± | 0.61 | 11-1-2041 | 6,255,000 | 6,284,392 | |
New York Metropolitan Transportation Authority Subordinate Bond Series D2 (SIFMA Municipal Swap +0.45%) ± | 0.48 | 11-15-2044 | 18,460,000 | 18,372,337 | |
Tender Option Bond Trust Receipts/Certificates (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.07 | 11-15-2038 | 5,625,000 | 5,625,000 | |
Triborough Bridge & Tunnel Authority Series 2013A (U.S. SOFR +0.38%) ± | 0.41 | 1-1-2032 | 4,000,000 | 3,998,088 | |
Triborough Bridge & Tunnel Authority Series A | 5.00 | 11-15-2023 | 1,570,000 | 1,699,022 | |
54,360,039 | |||||
Utilities revenue: 0.46% | |||||
Long Island NY Power Authority Electric System Revenue General Series B | 0.85 | 9-1-2050 | 10,000,000 | 10,012,121 | |
Water & sewer revenue: 0.23% | |||||
New York NY Municipal Water Finance Authority Water And Sewer System Revenue Second General Resolution | 4.00 | 6-15-2024 | 3,000,000 | 3,329,476 | |
New York Water Finance Authority Series DD | 5.00 | 6-15-2025 | 1,535,000 | 1,812,253 | |
5,141,729 | |||||
301,409,909 | |||||
North Carolina: 0.66% | |||||
Health revenue: 0.03% | |||||
North Carolina Health Care Facilities First Mortgage Revenue Bonds Series A | 3.00 | 3-1-2023 | 150,000 | 154,937 | |
North Carolina Health Care Facilities First Mortgage Revenue Bonds Series A | 4.00 | 3-1-2024 | 215,000 | 231,027 | |
North Carolina Health Care Facilities First Mortgage Revenue Bonds Series A | 4.00 | 3-1-2025 | 265,000 | 290,217 | |
676,181 | |||||
Housing revenue: 0.27% | |||||
Charlotte NC Housing Authority West Tyvola Seniors LLC | 0.50 | 12-1-2021 | 6,000,000 | 6,005,732 | |
Industrial development revenue: 0.09% | |||||
Columbus County NC PCFA International Paper Company Project Series 2019C | 2.10 | 3-1-2027 | 1,750,000 | 1,842,392 |
Interest rate | Maturity date | Principal | Value | ||
Resource recovery revenue: 0.27% | |||||
North Carolina Capital Finance Republic Services Incorporated Project Series 2013 | 0.19% | 6-1-2038 | $ 6,000,000 | $ 5,999,894 | |
14,524,199 | |||||
North Dakota: 1.30% | |||||
Housing revenue: 0.39% | |||||
North Dakota Housing Finance Agency Home Mortgage Finance Program Series B (SIFMA Municipal Swap +0.40%) ± | 0.43 | 1-1-2043 | 8,500,000 | 8,501,644 | |
Industrial development revenue: 0.55% | |||||
Mercer County ND PCR Commercial Paper Notes Series 1 | 0.17 | 7-12-2021 | 12,000,000 | 12,000,316 | |
Miscellaneous revenue: 0.36% | |||||
Cass County ND Joint Water Resources District Refunding Temporary Improvement Series A | 0.48 | 5-1-2024 | 5,000,000 | 4,990,004 | |
Horace ND Series A | 1.90 | 8-1-2022 | 3,000,000 | 3,003,147 | |
7,993,151 | |||||
28,495,111 | |||||
Ohio: 2.94% | |||||
Education revenue: 0.05% | |||||
Ohio Higher Educational Facility Commission | 5.00 | 5-1-2025 | 885,000 | 1,029,092 | |
GO revenue: 1.06% | |||||
Akron OH Refunding Bonds Series 2020 | 2.00 | 12-1-2022 | 1,135,000 | 1,160,842 | |
Chillicothe OH BAN Sanitary Sewer Improvements | 1.00 | 9-29-2021 | 1,140,000 | 1,141,642 | |
Indian Hill OH Exempted Village School District Hamilton County Bond Anticipation Notes | 1.38 | 9-29-2021 | 9,000,000 | 9,027,389 | |
Newark City OH Series 2021 | 1.50 | 3-24-2022 | 1,675,000 | 1,690,157 | |
Newark OH BAN | 1.25 | 9-29-2021 | 2,900,000 | 2,907,084 | |
Newark OH BAN | 1.25 | 9-29-2021 | 3,000,000 | 3,007,329 | |
Northwood OH BAN | 1.00 | 4-21-2022 | 3,450,000 | 3,474,179 | |
Toledo OH Refunding Limited Tax Various Purpose | 3.00 | 12-1-2022 | 310,000 | 320,433 | |
Toledo OH Refunding Limited Tax Various Purpose | 3.00 | 12-1-2023 | 440,000 | 463,636 | |
23,192,691 | |||||
Health revenue: 0.28% | |||||
Allen County OH Mercy Health Hospital | 5.00 | 12-1-2024 | 2,325,000 | 2,684,105 | |
Allen County OH Mercy Health Hospital Series A | 5.00 | 8-1-2021 | 2,795,000 | 2,805,753 | |
Lucas County OH Hospital Promedica Healthcare Series D | 5.00 | 11-15-2021 | 715,000 | 724,279 | |
6,214,137 | |||||
Housing revenue: 0.12% | |||||
Ohio Housing Finance Agency Multifamily Housing Revenue Lima Apartments Project Series A øø | 0.45 | 2-1-2023 | 2,600,000 | 2,602,427 | |
Industrial development revenue: 0.68% | |||||
Ohio Air Quality Development Authority Exempt Facilities Revenue ø | 0.08 | 4-1-2051 | 15,000,000 | 15,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.30% | |||||
American Municipal Power Incorporated BAN Electric System Improvement | 1.00% | 6-23-2022 | $ 2,500,000 | $ 2,519,546 | |
American Municipal Power Incorporated BAN Electric System Improvement | 1.50 | 8-12-2021 | 645,000 | 645,977 | |
Orange Village OH BAN | 1.00 | 8-26-2021 | 3,400,000 | 3,403,790 | |
6,569,313 | |||||
Unknown Revenue Source: 0.19% | |||||
Lorain County OH Bond Anticipation Notes Various Purpose | 1.50 | 5-4-2022 | 4,000,000 | 4,042,036 | |
Utilities revenue: 0.26% | |||||
Lancaster OH Port Authority Gas Supply (Royal Bank of Canada LIQ) | 5.00 | 8-1-2049 | 5,000,000 | 5,758,470 | |
64,408,166 | |||||
Oklahoma: 0.66% | |||||
Education revenue: 0.03% | |||||
University Oklahoma Revenues Refunding General Series B | 5.00 | 7-1-2025 | 510,000 | 597,935 | |
Health revenue: 0.45% | |||||
Oklahoma Development Finance Authority Health System Revenue ø | 0.12 | 8-15-2031 | 10,000,000 | 10,000,000 | |
Miscellaneous revenue: 0.18% | |||||
Canadian County OK Educational Facilities Authority Mustang Public Schools Project | 3.00 | 9-1-2022 | 2,000,000 | 2,064,926 | |
Kay County OK Public Building Authority | 4.00 | 4-1-2022 | 400,000 | 407,941 | |
Kay County OK Public Building Authority | 4.00 | 4-1-2023 | 450,000 | 471,323 | |
Oklahoma County OK Finance Authority Jones Public School Project | 4.00 | 9-1-2023 | 330,000 | 352,125 | |
Oklahoma County OK Finance Authority Jones Public School Project | 4.00 | 9-1-2024 | 525,000 | 574,486 | |
3,870,801 | |||||
14,468,736 | |||||
Oregon: 0.65% | |||||
Airport revenue: 0.06% | |||||
Port of Portland OR Portland International Airport AMT | 5.00 | 7-1-2022 | 1,200,000 | 1,255,014 | |
Education revenue: 0.08% | |||||
Yamhill County OR Linfield University Project Series A | 4.00 | 10-1-2021 | 330,000 | 332,791 | |
Yamhill County OR Linfield University Project Series A | 4.00 | 10-1-2022 | 500,000 | 521,222 | |
Yamhill County OR Linfield University Project Series A | 4.00 | 10-1-2024 | 850,000 | 937,375 | |
1,791,388 | |||||
GO revenue: 0.03% | |||||
Morrow County OR Series 2021A | 4.00 | 6-1-2024 | 325,000 | 355,885 | |
Morrow County OR Series 2021A | 4.00 | 6-1-2025 | 325,000 | 364,115 | |
720,000 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.48% | |||||
Oregon Business Development Commission Intel Corporation Project Series 232 | 2.40% | 12-1-2040 | $10,000,000 | $ 10,414,437 | |
14,180,839 | |||||
Pennsylvania: 5.03% | |||||
Airport revenue: 0.21% | |||||
Philadelphia PA Airport Revenue Refunding AMT Series C Private Activity | 5.00 | 7-1-2022 | 2,750,000 | 2,878,621 | |
Philadelphia PA Airport Revenue Refunding Series A Private Activity | 5.00 | 7-1-2025 | 1,545,000 | 1,819,435 | |
4,698,056 | |||||
Education revenue: 1.49% | |||||
Chester County PA HEFA Immaculata University Project | 5.00 | 11-1-2021 | 580,000 | 581,866 | |
Cumberland County PA Authority Association of Independent Colleges & Universities of Pennsylvania Financing Program Series T-1 øø | 3.75 | 5-1-2044 | 2,000,000 | 2,008,403 | |
Delaware County PA Authority University Revenue Neumann University | 5.00 | 10-1-2024 | 500,000 | 562,245 | |
Delaware County PA Authority University Revenue Neumann University | 5.00 | 10-1-2025 | 525,000 | 607,028 | |
Pennsylvania HEFA Association of Independent Colleges & Universities of Pennsylvania Financing Program Series T-3 øø | 3.00 | 5-1-2033 | 1,880,000 | 1,907,251 | |
Pennsylvania HEFAR Association of Independent Colleges and Universities of Pennsylvania Financing Program Mount Aloysius College Project Series R-1 | 1.00 | 11-1-2041 | 2,000,000 | 1,999,666 | |
Philadelphia PA IDA Thomas Jefferson University Series B ø | 0.12 | 9-1-2050 | 25,000,000 | 25,000,000 | |
32,666,459 | |||||
GO revenue: 0.26% | |||||
Albert Gallatin PA Area School District Series A (AGM Insured) | 4.00 | 9-1-2023 | 1,000,000 | 1,072,412 | |
Albert Gallatin PA Area School District Series A (AGM Insured) | 4.00 | 9-1-2024 | 725,000 | 799,071 | |
Allentown PA City School District Tax and Revenue Anticipation Notes %% | 1.00 | 3-31-2022 | 1,500,000 | 1,500,004 | |
Hollidaysburg PA Area School District | 4.00 | 7-15-2023 | 525,000 | 564,257 | |
Octorara PA Area School District (AGM Insured) | 4.00 | 4-1-2025 | 600,000 | 673,191 | |
Riverside PA School District GO Bonds (BAM Insured) %% | 3.00 | 10-15-2023 | 480,000 | 507,270 | |
Riverside PA School District GO Bonds (BAM Insured) %% | 4.00 | 10-15-2025 | 550,000 | 624,819 | |
5,741,024 | |||||
Health revenue: 0.23% | |||||
Berks County PA Municipal Authority Tower Health Project Series A | 5.00 | 2-1-2022 | 500,000 | 507,880 | |
Montgomery County PA Higher Education & Health Authority Presbytery Homes Incorporated Project | 3.00 | 12-1-2021 | 560,000 | 565,171 | |
Montgomery County PA Higher Education & Health Authority Series 2018A | 5.00 | 9-1-2022 | 1,250,000 | 1,317,209 | |
Quakertown PA Health Facilities Authority Series A | 3.13 | 7-1-2021 | 2,595,000 | 2,595,000 | |
4,985,260 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.56% | |||||
Pennsylvania HFA Limited Norris Homes Phase V | 1.40% | 1-1-2043 | $10,500,000 | $ 10,651,992 | |
Pennsylvania HFA Series 114A | 2.90 | 10-1-2021 | 1,570,000 | 1,579,840 | |
12,231,832 | |||||
Miscellaneous revenue: 0.84% | |||||
Bethlehem PA School District Revenue (1 Month LIBOR +0.48%) ± | 0.54 | 7-1-2031 | 9,965,000 | 9,964,595 | |
Butler County PA General Authority Hampton Township School District Project Series 2007 (AGM Insured, PNC Bank NA SPA) ø | 0.06 | 9-1-2027 | 1,000,000 | 1,000,000 | |
Pennsylvania Economic Development Financing Authority Refunding Bond Philadelphia Bioslides Facility | 3.00 | 1-1-2024 | 865,000 | 912,436 | |
Pennsylvania Economic Development Financing Pennsylvania Rapid Bridge | 5.00 | 6-30-2022 | 2,000,000 | 2,091,027 | |
Pittsburgh and Allegheny Counties PA Sports and Exhibition Authority Regional Asset District (AGM Insured) | 4.00 | 2-1-2025 | 1,860,000 | 2,092,390 | |
Southeastern Pennsylvania Transportation | 5.00 | 6-1-2024 | 1,000,000 | 1,133,141 | |
Southeastern Pennsylvania Transportation | 5.00 | 6-1-2025 | 1,000,000 | 1,173,523 | |
18,367,112 | |||||
Resource recovery revenue: 1.09% | |||||
Pennsylvania EDFA Solid Waste Disposal Republic Services Incorporated Project Series A ø | 0.18 | 4-1-2034 | 2,000,000 | 1,999,988 | |
Pennsylvania EDFA Solid Waste Disposal Waste Management Incorporated Project øø | 0.20 | 8-1-2045 | 22,000,000 | 22,000,024 | |
24,000,012 | |||||
Transportation revenue: 0.05% | |||||
Pennsylvania Turnpike Series B | 5.00 | 12-1-2023 | 425,000 | 473,770 | |
Pennsylvania Turnpike Series B | 5.00 | 12-1-2024 | 450,000 | 521,166 | |
994,936 | |||||
Utilities revenue: 0.05% | |||||
Pennsylvania Economic Development Financing Revenue Bonds PSEG Power LLC Project AMT (TD Bank NA LOC) ø | 0.03 | 1-15-2042 | 1,000,000 | 1,000,000 | |
Water & sewer revenue: 0.25% | |||||
Allegheny County PA Sanitary Authority Series A | 4.00 | 6-1-2024 | 300,000 | 331,076 | |
Allegheny County PA Sanitary Authority Series A | 4.00 | 6-1-2025 | 150,000 | 170,099 | |
Pittsburgh PA Water & Sewer Authority Series C (SIFMA Municipal Swap +0.65%)(AGM Insured) ± | 0.68 | 9-1-2040 | 5,000,000 | 5,045,678 | |
5,546,853 | |||||
110,231,544 | |||||
Rhode Island: 0.25% | |||||
Health revenue: 0.25% | |||||
Rhode Island Health & Educational Building Refunding Hospital Financing Lifespan Obligation Bond | 5.00 | 5-15-2022 | 1,250,000 | 1,298,630 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Rhode Island Health & Educational Building Refunding Hospital Financing Lifespan Obligation Bond | 5.00% | 5-15-2023 | $ 1,300,000 | $ 1,401,509 | |
Rhode Island Health & Educational Building Refunding Hospital Financing Lifespan Obligation Bond | 5.00 | 5-15-2024 | 2,475,000 | 2,765,136 | |
5,465,275 | |||||
South Carolina: 0.43% | |||||
Health revenue: 0.25% | |||||
South Carolina Jobs EDA Episcopal Home at Still Hopes Series A | 5.00 | 4-1-2022 | 455,000 | 465,540 | |
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø | 0.12 | 5-1-2048 | 5,000,000 | 5,000,000 | |
5,465,540 | |||||
Water & sewer revenue: 0.18% | |||||
Laurens County SC Water and Sewer Commission Waterworks Distribution System BAN | 1.38 | 2-1-2022 | 4,000,000 | 4,000,000 | |
9,465,540 | |||||
South Dakota: 0.17% | |||||
Health revenue: 0.17% | |||||
Tender Option Bond Trust Receipts Series 2020-XG0302 (Barclays Bank plc LIQ) 144Aø | 0.13 | 9-1-2050 | 3,675,000 | 3,675,000 | |
Tennessee: 0.74% | |||||
Airport revenue: 0.15% | |||||
Shelby County TN Airport Authority Series 2021A | 5.00 | 7-1-2025 | 2,750,000 | 3,219,405 | |
Health revenue: 0.06% | |||||
Greeneville TN HEFA Board Series 2018A | 5.00 | 7-1-2022 | 1,280,000 | 1,339,604 | |
Housing revenue: 0.14% | |||||
Memphis TN Health Educational And Housing Facility Board MFHR Collateralized Memphis Towers | 0.25 | 12-1-2023 | 3,000,000 | 3,004,840 | |
Utilities revenue: 0.39% | |||||
Memphis TN Electric System Series A | 4.00 | 12-1-2021 | 285,000 | 289,587 | |
Memphis TN Electric System Series A | 4.00 | 12-1-2022 | 435,000 | 458,863 | |
Memphis TN Electric System Series A | 5.00 | 12-1-2023 | 425,000 | 473,661 | |
Memphis TN Electric System Series A | 5.00 | 12-1-2024 | 500,000 | 578,704 | |
Tennessee Energy Acquisition Corporation Series A | 4.00 | 5-1-2048 | 5,190,000 | 5,509,993 | |
Tennessee Energy Acquisition Corporation Series A | 5.00 | 2-1-2022 | 1,300,000 | 1,335,033 | |
8,645,841 | |||||
16,209,690 | |||||
Texas: 14.26% | |||||
Airport revenue: 0.20% | |||||
Dallas TX Fort Worth International Airport Series A | 5.00 | 11-1-2024 | 1,500,000 | 1,730,369 | |
Houston TX Airport System Series C | 5.00 | 7-1-2022 | 2,500,000 | 2,615,641 | |
4,346,010 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue: 0.14% | |||||
Texas Board of Regents A&M University Series 2021A | 5.00% | 5-15-2025 | $ 2,500,000 | $ 2,941,039 | |
GO revenue: 4.69% | |||||
Burleson TX Independent School District | 2.50 | 2-1-2047 | 7,885,000 | 8,076,958 | |
Cypress-Fairbanks TX Independent School District Series A-1 | 2.13 | 2-15-2027 | 3,745,000 | 3,753,669 | |
Cypress-Fairbanks TX Independent School District Series B-2 | 2.13 | 2-15-2040 | 7,015,000 | 7,031,239 | |
El Paso TX Independent School District Maintenance Tax Notes | 2.50 | 2-1-2040 | 3,500,000 | 3,506,682 | |
Fort Bend County TX District #58 Series 2021 (BAM Insured) | 3.00 | 4-1-2022 | 1,085,000 | 1,107,266 | |
Fort Bend TX Independent School District School Building Series B | 0.88 | 8-1-2050 | 4,000,000 | 4,036,983 | |
Galveston TX Dickinson Independent High School District | 1.35 | 8-1-2037 | 3,900,000 | 3,903,967 | |
Goose Creek TX Consolidated Independent School District School Building Series B øø | 0.27 | 10-1-2049 | 5,000,000 | 5,001,745 | |
Katy TX Independent School District Series 2015C-REMK (1 Month LIBOR +0.28%) ± | 0.33 | 8-15-2036 | 9,120,000 | 9,120,981 | |
North East TX Independent School District Series B | 1.42 | 8-1-2040 | 1,330,000 | 1,331,383 | |
Northside TX Independent School District Building Project | 1.60 | 8-1-2049 | 2,840,000 | 2,935,590 | |
Plainview TX Independent School District Series B | 1.50 | 2-15-2050 | 9,000,000 | 9,177,763 | |
Port Arthur TX Certificates Obligation (BAM Insured) | 5.00 | 2-15-2023 | 565,000 | 607,923 | |
Port Arthur TX Certificates Obligation (BAM Insured) | 5.00 | 2-15-2025 | 445,000 | 515,141 | |
Texas Tax Anticipation Notes | 4.00 | 8-26-2021 | 40,500,000 | 40,743,166 | |
Tomball TX Independent School District School Building Series B-1 | 0.45 | 2-15-2036 | 2,000,000 | 2,000,373 | |
102,850,829 | |||||
Health revenue: 1.01% | |||||
Board of Managers Joint Guadalupe Refunding & Improvement Project | 5.00 | 12-1-2021 | 1,000,000 | 1,015,130 | |
Coastal Bend TX Health Facilities Development Corporation (AGM Insured) € | 0.15 | 7-1-2031 | 5,725,000 | 5,725,000 | |
Harris County TX Cultural Education Facilities Finance Corporation Hospital Memorial Hermann | 5.00 | 6-1-2032 | 3,000,000 | 3,461,145 | |
Harris County TX Cultural Education Facilities Finance Corporation Revenue Texas Medical Center Series A | 0.90 | 5-15-2050 | 2,100,000 | 2,100,811 | |
Harris County TX Health Facilities Development Corporation Series A3 (AGM Insured) € | 0.10 | 7-1-2031 | 6,225,000 | 6,225,000 | |
Harris County TX Health Facilities Development Corporation Series A4 (AGM Insured) € | 0.18 | 7-1-2031 | 3,700,000 | 3,700,000 | |
22,227,086 | |||||
Housing revenue: 4.36% | |||||
Alamito TX Public Facilities Corporation MFHR Housing Authority of the City of El Paso Rental Assistance Demonstration Conversion Program (Department of Housing and Urban Development Insured) | 1.51 | 5-1-2037 | 10,000,000 | 10,034,979 | |
Alamito TX Public Facility Corporation Cramer Three Apartments Project | 0.25 | 11-1-2021 | 20,000,000 | 19,997,432 | |
Austin TX Affordable PFC Incorporated MFHR Bridge Granada Apartments | 1.46 | 6-1-2023 | 2,125,000 | 2,149,255 | |
Deutsche Bank Spears Series DBE-8054 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø | 0.49 | 8-1-2060 | 10,000,000 | 10,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
Midland County TX Public Facility Corporation Multifamily Housing Revenue Palladium West Francis | 0.35% | 6-1-2024 | $ 4,000,000 | $ 4,007,027 | |
Mizuho Floater/Residual Trust Tender Option Bond Series 2019-MIZ9010 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.28 | 4-1-2034 | 20,750,000 | 20,750,000 | |
Odessa TX Housing Finance Corporation Multifamily Housing Vera Odessa Apartments (FHA Insured) | 0.35 | 9-1-2023 | 6,500,000 | 6,507,880 | |
Port Aransas TX Public Facilities Corporation MFHR Palladium Port Aransas Apartments | 0.70 | 1-1-2024 | 6,400,000 | 6,414,044 | |
San Antonio TX Housing Trust Finance Corporation Majestic Ranch Apartments LP (FHA Insured) | 1.40 | 7-1-2022 | 6,000,000 | 6,028,610 | |
Texas Capital Area Housing Finance Agency MFHR Mission Trail at El Camino Real Apartments | 2.10 | 9-1-2037 | 9,750,000 | 9,762,877 | |
95,652,104 | |||||
Industrial development revenue: 0.74% | |||||
Austin TX Convention First Tier Series A | 5.00 | 1-1-2022 | 400,000 | 407,072 | |
Austin TX Convention First Tier Series A | 5.00 | 1-1-2023 | 750,000 | 789,304 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project ø | 0.06 | 6-1-2041 | 15,000,000 | 15,000,000 | |
16,196,376 | |||||
Miscellaneous revenue: 0.04% | |||||
Wise County TX Lease Revenue Refunding Parker County Junior College | 5.00 | 8-15-2021 | 400,000 | 402,198 | |
Wise County TX Lease Revenue Refunding Parker County Junior College | 5.00 | 8-15-2024 | 450,000 | 508,109 | |
910,307 | |||||
Resource recovery revenue: 0.96% | |||||
Mission TX Economic Development Corporation Republic Services Incorporated Project | 0.20 | 1-1-2026 | 10,000,000 | 10,000,011 | |
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series E ø | 0.10 | 11-1-2040 | 11,000,000 | 11,000,000 | |
21,000,011 | |||||
Transportation revenue: 1.19% | |||||
Central Texas Regional Mobility Authority Revenue Subordinated Lien BAN Series F | 5.00 | 1-1-2025 | 2,500,000 | 2,828,925 | |
Harris County TX Senior Lien Toll Road Series B | 1.45 | 8-15-2021 | 7,635,000 | 7,647,227 | |
Tender Option Bond Trust Receipts Series 2019-XM0753 (Deutsche Bank LIQ) 144Aø | 0.21 | 8-1-2057 | 9,635,000 | 9,635,000 | |
Tender Option Bond Trust Receipts Series 2019-XM0756 (Deutsche Bank LIQ) 144Aø | 0.25 | 6-30-2058 | 6,000,000 | 6,000,000 | |
26,111,152 | |||||
Utilities revenue: 0.75% | |||||
San Antonio TX Electric & Gas Systems Refunding Bond Series B | 2.00 | 2-1-2033 | 11,440,000 | 11,455,839 | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2021 | 5.00 | 12-15-2021 | 1,300,000 | 1,327,510 | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2021 | 5.00 | 12-15-2024 | 1,500,000 | 1,725,667 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Texas Municipal Power Agency Transmission System (AGM Insured) | 3.00% | 9-1-2024 | $ 750,000 | $ 809,864 | |
Texas Municipal Power Agency Transmission System (AGM Insured) | 3.00 | 9-1-2025 | 1,000,000 | 1,097,877 | |
16,416,757 | |||||
Water & sewer revenue: 0.18% | |||||
Houston TX Combined Utility System Revenue Series C (1 Month LIBOR +0.36%) ± | 0.42 | 5-15-2034 | 4,000,000 | 4,000,758 | |
312,652,429 | |||||
Vermont: 0.09% | |||||
Education revenue: 0.09% | |||||
Vermont Educational & Health Buildings St. Michaels College Project | 5.00 | 10-1-2023 | 1,185,000 | 1,251,613 | |
Vermont Educational & Health Buildings St. Michaels College Project | 5.00 | 10-1-2024 | 675,000 | 711,954 | |
1,963,567 | |||||
Virginia: 1.13% | |||||
Education revenue: 0.04% | |||||
Virginia College Building Authority Regent University Project | 5.00 | 6-1-2022 | 150,000 | 156,260 | |
Virginia College Building Authority Regent University Project | 5.00 | 6-1-2023 | 250,000 | 271,624 | |
Virginia College Building Authority Regent University Project | 5.00 | 6-1-2024 | 225,000 | 253,696 | |
Virginia College Building Authority Regent University Project | 5.00 | 6-1-2025 | 250,000 | 290,948 | |
972,528 | |||||
Health revenue: 0.05% | |||||
Virginia Small Business Financing Authority Revenue National Senior Campuses Incorporate Series A | 5.00 | 1-1-2023 | 500,000 | 533,605 | |
Virginia Small Business Financing Authority Revenue National Senior Campuses Incorporate Series A | 5.00 | 1-1-2024 | 500,000 | 554,075 | |
1,087,680 | |||||
Industrial development revenue: 0.19% | |||||
Louisa VA IDA Pollution Control Virginia Electric & Power Company Series A | 1.90 | 11-1-2035 | 4,000,000 | 4,113,852 | |
Miscellaneous revenue: 0.14% | |||||
Louisa VA IDA Electric and Power Company Project Series A | 0.75 | 11-1-2035 | 3,000,000 | 3,010,006 | |
Utilities revenue: 0.71% | |||||
Halifax County VA Electric and Power Company Project | 0.45 | 12-1-2041 | 4,000,000 | 4,003,606 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Wise County VA IDA Solid Waste and Sewage Disposal Revenue Virginia Electric and Power Company Project Series A | 0.75% | 10-1-2040 | $ 8,000,000 | $ 8,072,713 | |
Wise County VA IDA Waste & Sewage Disposal Revenue | 1.20 | 11-1-2040 | 3,525,000 | 3,606,700 | |
15,683,019 | |||||
24,867,085 | |||||
Washington: 1.51% | |||||
Airport revenue: 0.13% | |||||
Port of Seattle WA AMT Intermediate Lien Series C | 5.00 | 4-1-2025 | 2,500,000 | 2,853,431 | |
Health revenue: 0.04% | |||||
Washington HCFR Series 2021 144A | 5.00 | 12-1-2021 | 160,000 | 163,156 | |
Washington HCFR Series 2021 144A | 5.00 | 12-1-2022 | 230,000 | 245,424 | |
Washington HCFR Series 2021 144A | 5.00 | 12-1-2023 | 250,000 | 277,982 | |
Washington HCFR Series 2021 144A | 5.00 | 12-1-2024 | 195,000 | 225,047 | |
911,609 | |||||
Housing revenue: 0.78% | |||||
Everett WA Housing Authority Multifamily Housing Revenue Baker Heights Legacy | 0.30 | 9-1-2024 | 2,500,000 | 2,496,479 | |
Seattle WA Housing Authority Northgate Plaza Project | 1.00 | 6-1-2026 | 2,175,000 | 2,172,929 | |
Washington Housing Finance Commission Columbia Park Apartments Project (FHA/GNMA Insured) | 1.39 | 7-1-2022 | 5,200,000 | 5,200,000 | |
Washington Housing Finance Commission SAG Portfolio Project | 2.55 | 7-1-2022 | 7,275,000 | 7,275,000 | |
17,144,408 | |||||
Utilities revenue: 0.56% | |||||
Seattle WA Municipal Light & Power Refunding Bond Series B-2 (SIFMA Municipal Swap +0.29%) ± | 0.32 | 5-1-2045 | 10,000,000 | 10,000,519 | |
Seattle WA Municipal Light & Power Series C1 (SIFMA Municipal Swap +0.25%) ± | 0.28 | 11-1-2021 | 1,055,000 | 1,055,076 | |
Seattle WA Municipal Light & Power Series C2 (SIFMA Municipal Swap +0.25%) ± | 0.28 | 11-1-2021 | 1,055,000 | 1,055,076 | |
12,110,671 | |||||
33,020,119 | |||||
West Virginia: 1.18% | |||||
Health revenue: 0.40% | |||||
West Virginia Hospital Finance Authority United Health System | 5.00 | 6-1-2022 | 4,000,000 | 4,172,600 | |
West Virginia Hospital Finance Authority United Health System | 5.00 | 6-1-2024 | 4,000,000 | 4,531,316 | |
8,703,916 | |||||
Housing revenue: 0.23% | |||||
West Virginia Housing Development Brookpark Place Project | 1.65 | 8-1-2022 | 5,000,000 | 5,005,799 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.13% | |||||
West Virginia EDA Solid Waste Disposal Facilities Revenue Refunding Appalachian Power Company | 0.63% | 12-1-2038 | $ 3,000,000 | $ 2,981,447 | |
Utilities revenue: 0.42% | |||||
West Virginia EDA Solid Waste Disposal Facilities Appalachian Power Company Amos Project | 1.00 | 1-1-2041 | 5,900,000 | 5,933,333 | |
West Virginia EDA Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Series A | 3.00 | 6-1-2037 | 3,250,000 | 3,316,942 | |
9,250,275 | |||||
25,941,437 | |||||
Wisconsin: 4.11% | |||||
Education revenue: 0.06% | |||||
Wisconsin PFA Gardner Webb University 144A | 5.00 | 7-1-2021 | 1,360,000 | 1,360,000 | |
GO revenue: 0.23% | |||||
Dane County WI AMT Promissory Notes Apartment Project Series D | 2.50 | 6-1-2022 | 445,000 | 445,784 | |
Dane County WI AMT Promissory Notes Apartment Project Series D | 2.63 | 6-1-2023 | 980,000 | 981,748 | |
Waukesha WI Series 2021A | 2.00 | 7-1-2022 | 3,500,000 | 3,554,587 | |
4,982,119 | |||||
Health revenue: 1.27% | |||||
Public Finance Authority Wisconsin Hospital Renown Regional Medical Center Project Series A | 5.00 | 6-1-2025 | 385,000 | 451,479 | |
Wisconsin HEFA Advocate Aurora Health Credit Group Series C3 (SIFMA Municipal Swap +0.55%) ± | 0.58 | 8-15-2054 | 7,065,000 | 7,085,733 | |
Wisconsin HEFA Marshfield Clinic Health System Incorporated | 5.00 | 2-15-2052 | 10,000,000 | 11,333,639 | |
Wisconsin HEFA Series 2053 ø | 0.13 | 2-15-2053 | 7,500,000 | 7,500,000 | |
Wisconsin HEFA St. Camillus Health System Series A | 5.00 | 11-1-2021 | 110,000 | 110,916 | |
Wisconsin HEFA St. Camillus Health System Series A | 5.00 | 11-1-2022 | 120,000 | 123,898 | |
Wisconsin HEFA St. Camillus Health System Series A | 5.00 | 11-1-2023 | 125,000 | 131,795 | |
Wisconsin HEFA St. Camillus Health System Series A | 5.00 | 7-1-2024 | 945,000 | 1,073,539 | |
27,810,999 | |||||
Housing revenue: 1.76% | |||||
Wisconsin Housing & EDA Series A | 2.80 | 3-1-2022 | 1,070,000 | 1,084,572 | |
Wisconsin Tender Option Bond Trust Receipts/Certificates Series 2019-XF2821 (Mizuho Bank Limited LOC, Mizuho Bank Limited LIQ) 144Aø | 0.28 | 1-1-2026 | 3,845,000 | 3,845,000 | |
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2871 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.28 | 11-1-2025 | 33,627,000 | 33,627,000 | |
38,556,572 | |||||
Miscellaneous revenue: 0.61% | |||||
Appleton WI RDA Redevelopment Revenue Adjustable Rate Demand Revenue Bond Fox Cities Arts Center B (Associated Trust Company NA LOC) ø | 0.09 | 6-1-2036 | 9,300,000 | 9,300,000 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Clayton Town WI Anticipation Notes Series B | 2.00% | 6-1-2026 | $ 1,000,000 | $ 1,021,683 | |
Wisconsin Rapids School District BAN %% | 2.00 | 1-6-2022 | 3,000,000 | 3,009,452 | |
13,331,135 | |||||
Resource recovery revenue: 0.11% | |||||
La Crosse WI Resource Recovery Northern States Power Company Project | 6.00 | 11-1-2021 | 2,500,000 | 2,546,958 | |
Water & sewer revenue: 0.07% | |||||
Clayton Town WI Water System and Sewer System Series C | 2.00 | 6-1-2026 | 1,500,000 | 1,532,525 | |
90,120,308 | |||||
Wyoming: 0.04% | |||||
Health revenue: 0.04% | |||||
Laramie County WY Series 2021 | 4.00 | 5-1-2025 | 750,000 | 847,150 | |
Total Municipal obligations (Cost $2,157,979,830) | 2,167,251,563 |
Yield | Shares | ||||
Short-term investments: 1.05% | |||||
Investment companies: 1.05% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 22,967,775 | 22,974,666 | ||
Total Short-term investments (Cost $22,974,666) | 22,974,666 | ||||
Total investments in securities (Cost $2,231,154,496) | 102.17% | 2,240,426,229 | |||
Other assets and liabilities, net | (2.17) | (47,543,459) | |||
Total net assets | 100.00% | $2,192,882,770 |
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. |
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. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
♠ | 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: | |
AGC | Assured Guaranty Corporation |
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 |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
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 |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
PCFA | Pollution Control Financing Authority |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
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 | $6,556,901 | $1,114,864,764 | $(1,098,443,996) | $(2,913) | $(90) | $22,974,666 | 1.05% | 22,967,775 | $2,233 |
Assets | |
Investments in unaffiliated securities, at value (cost $2,208,179,830) | $ 2,217,451,563 |
Investments in affiliated securites, at value (cost $22,974,666) | 22,974,666 |
Cash | 1,703,909 |
Receivable for interest | 11,520,193 |
Receivable for investments sold | 8,400,387 |
Receivable for Fund shares sold | 2,804,987 |
Total assets | 2,264,855,705 |
Liabilities | |
Payable for when-issued transactions | 35,309,246 |
Payable for investments purchased | 32,601,550 |
Payable for Fund shares redeemed | 2,556,374 |
Dividends payable | 507,496 |
Management fee payable | 249,807 |
Administration fees payable | 127,231 |
Trustees’ fees and expenses payable | 1,056 |
Distribution fee payable | 1,036 |
Accrued expenses and other liabilities | 619,139 |
Total liabilities | 71,972,935 |
Total net assets | $2,192,882,770 |
Net assets consist of | |
Paid-in capital | $ 2,211,177,817 |
Total distributable loss | (18,295,047) |
Total net assets | $2,192,882,770 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 317,609,086 |
Shares outstanding – Class A1 | 33,049,958 |
Net asset value per share – Class A | $9.61 |
Maximum offering price per share – Class A2 | $9.81 |
Net assets – Class A2 | $ 42,354,134 |
Shares outstanding – Class A21 | 4,406,864 |
Net asset value per share – Class A2 | $9.61 |
Net assets – Class C | $ 1,659,412 |
Shares outstanding – Class C1 | 175,116 |
Net asset value per share – Class C | $9.48 |
Net assets – Class R6 | $ 1,032,412,959 |
Shares outstanding – Class R61 | 107,439,534 |
Net asset value per share – Class R6 | $9.61 |
Net assets – Administrator Class | $ 15,157,310 |
Shares outstanding – Administrator Class1 | 1,577,053 |
Net asset value per share – Administrator Class | $9.61 |
Net assets – Institutional Class | $ 783,689,869 |
Shares outstanding – Institutional Class1 | 81,543,640 |
Net asset value per share – Institutional Class | $9.61 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 20,329,082 |
Income from affiliated securities | 2,233 |
Total investment income | 20,331,315 |
Expenses | |
Management fee | 5,279,554 |
Administration fees | |
Class A | 540,513 |
Class A2 | 62,392 |
Class C | 3,140 |
Class R6 | 289,223 |
Administrator Class | 16,617 |
Institutional Class | 700,709 |
Shareholder servicing fees | |
Class A | 842,399 |
Class A2 | 97,487 |
Class C | 4,878 |
Administrator Class | 41,459 |
Distribution fee | |
Class C | 14,611 |
Custody and accounting fees | 90,355 |
Professional fees | 52,550 |
Registration fees | 94,503 |
Shareholder report expenses | 77,237 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 46,747 |
Total expenses | 8,273,646 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,838,822) |
Class A | (304,039) |
Class A2 | (31,196) |
Class C | (7,850) |
Administrator Class | (3,323) |
Net expenses | 6,088,416 |
Net investment income | 14,242,899 |
Payment from affiliate | 12,001 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 342,030 |
Affiliated securities | (2,913) |
Net realized gains on investments | 339,117 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 4,485,994 |
Affiliated securities | (90) |
Net change in unrealized gains (losses) on investments | 4,485,904 |
Net realized and unrealized gains (losses) on investments | 4,825,021 |
Net increase in net assets resulting from operations | $19,079,921 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 14,242,899 | $ 24,982,955 | ||
Payment from affiliate | 12,001 | 0 | ||
Net realized gains (losses) on investments | 339,117 | (833,365) | ||
Net change in unrealized gains (losses) on investments | 4,485,904 | (1,876,251) | ||
Net increase in net assets resulting from operations | 19,079,921 | 22,273,339 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,412,794) | (5,002,816) | ||
Class A2 | (156,384) | (19) 1 | ||
Class C | (253) | (24,530) | ||
Class R6 | (6,808,565) | (10,901,380) | ||
Administrator Class | (69,078) | (263,819) | ||
Institutional Class | (5,707,681) | (9,119,360) | ||
Total distributions to shareholders | (14,154,755) | (25,311,924) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 5,093,988 | 48,928,927 | 6,982,039 | 66,981,049 |
Class A2 | 7,328,354 | 70,341,559 | 2,610 1 | 25,000 1 |
Class C | 61,571 | 583,244 | 20,765 | 195,705 |
Class R6 | 158,459,210 | 1,522,217,879 | 114,021,707 | 1,093,480,689 |
Administrator Class | 543,811 | 5,227,119 | 672,542 | 6,422,333 |
Institutional Class | 92,746,825 | 890,877,143 | 56,534,508 | 541,850,398 |
2,538,175,871 | 1,708,955,174 | |||
Reinvestment of distributions | ||||
Class A | 141,373 | 1,357,877 | 491,863 | 4,718,388 |
Class A2 | 16,269 | 156,288 | 0 1 | 0 1 |
Class C | 18 | 167 | 1,927 | 18,164 |
Class R6 | 19,480 | 187,146 | 22,585 | 216,591 |
Administrator Class | 7,113 | 68,323 | 26,926 | 258,320 |
Institutional Class | 497,683 | 4,781,327 | 809,047 | 7,763,721 |
6,551,128 | 12,975,184 | |||
Payment for shares redeemed | ||||
Class A | (11,426,668) | (109,720,519) | (14,529,551) | (139,266,683) |
Class A2 | (2,940,369) | (28,246,076) | 0 1 | 0 1 |
Class C | (197,232) | (1,866,537) | (786,807) | (7,418,979) |
Class R6 | (136,889,668) | (1,315,002,785) | (108,448,304) | (1,040,161,896) |
Administrator Class | (876,603) | (8,422,649) | (1,467,495) | (14,059,616) |
Institutional Class | (83,148,500) | (798,973,174) | (52,922,721) | (507,283,441) |
(2,262,231,740) | (1,708,190,615) | |||
Net increase in net assets resulting from capital share transactions | 282,495,259 | 13,739,743 | ||
Total increase in net assets | 287,420,425 | 10,701,158 | ||
Net assets | ||||
Beginning of period | 1,905,462,345 | 1,894,761,187 | ||
End of period | $ 2,192,882,770 | $ 1,905,462,345 |
1 | For the period from May 29, 2020 (commencement of class operations) to June 30, 2020 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.59 | $9.60 | $9.57 | $9.57 | $9.63 |
Net investment income | 0.04 | 0.12 | 0.12 1 | 0.08 | 0.06 |
Net realized and unrealized gains (losses) on investments | 0.02 | (0.01) | 0.03 | 0.00 2 | (0.06) |
Total from investment operations | 0.06 | 0.11 | 0.15 | 0.08 | 0.00 |
Distributions to shareholders from | |||||
Net investment income | (0.04) | (0.12) | (0.12) | (0.08) | (0.06) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.04) | (0.12) | (0.12) | (0.08) | (0.06) |
Net asset value, end of period | $9.61 | $9.59 | $9.60 | $9.57 | $9.57 |
Total return3 | 0.62% | 1.13% | 1.63% | 0.88% | (0.04)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.66% | 0.77% | 0.77% | 0.77% | 0.75% |
Net expenses | 0.50% | 0.65% | 0.67% | 0.67% | 0.67% |
Net investment income | 0.42% | 1.21% | 1.28% | 0.86% | 0.57% |
Supplemental data | |||||
Portfolio turnover rate | 30% | 55% | 55% | 50% | 56% |
Net assets, end of period (000s omitted) | $317,609 | $376,203 | $444,581 | $702,570 | $971,189 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
Year ended June 30 | ||
Class A2 | 2021 | 2020 1 |
Net asset value, beginning of period | $9.59 | $9.58 |
Net investment income | 0.04 | 0.01 |
Net realized and unrealized gains (losses) on investments | 0.02 | 0.01 |
Total from investment operations | 0.06 | 0.02 |
Distributions to shareholders from | ||
Net investment income | (0.04) | (0.01) |
Net asset value, end of period | $9.61 | $9.59 |
Total return2 | 0.62% | 0.18% |
Ratios to average net assets (annualized) | ||
Gross expenses | 0.66% | 0.65% |
Net expenses | 0.50% | 0.50% |
Net investment income | 0.40% | 0.88% |
Supplemental data | ||
Portfolio turnover rate | 30% | 55% |
Net assets, end of period (000s omitted) | $42,354 | $25 |
1 | For the period from May 29, 2020 (commencement of class operations) to June 30, 2020 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.41 | $9.43 | $9.40 | $9.40 | $9.47 |
Net investment income (loss) | 0.00 1,2 | 0.04 1 | 0.05 1 | 0.01 1 | (0.02) 1 |
Payment from affiliate | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.00 | (0.02) | 0.03 | 0.00 2 | (0.05) |
Total from investment operations | 0.07 | 0.02 | 0.08 | 0.01 | (0.07) |
Distributions to shareholders from | |||||
Net investment income | (0.00) 2 | (0.04) | (0.05) | (0.01) | (0.00) 2 |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.00) 2 | (0.04) | (0.05) | (0.01) | (0.00) 2 |
Net asset value, end of period | $9.48 | $9.41 | $9.43 | $9.40 | $9.40 |
Total return3 | 0.76% 4 | 0.26% | 0.87% | 0.16% | (0.73)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.41% | 1.51% | 1.52% | 1.52% | 1.50% |
Net expenses | 0.92% 5 | 1.41% | 1.42% | 1.42% | 1.42% |
Net investment income (loss) | 0.02% | 0.47% | 0.54% | 0.11% | (0.18)% |
Supplemental data | |||||
Portfolio turnover rate | 30% | 55% | 55% | 50% | 56% |
Net assets, end of period (000s omitted) | $1,659 | $2,925 | $10,135 | $17,154 | $23,650 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
4 | During the year ended June 30, 2021, the Fund received a payment from an affiliate that had an impact of 0.73% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | During the year ended June 30, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.33% higher. |
Year ended June 30 | |||
Class R6 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $9.59 | $9.60 | $9.58 |
Net investment income | 0.07 | 0.15 | 0.15 2 |
Net realized and unrealized gains (losses) on investments | 0.02 | (0.01) | 0.02 |
Total from investment operations | 0.09 | 0.14 | 0.17 |
Distributions to shareholders from | |||
Net investment income | (0.07) | (0.15) | (0.15) |
Net asset value, end of period | $9.61 | $9.59 | $9.60 |
Total return3 | 0.92% | 1.47% | 1.76% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.28% | 0.38% | 0.39% |
Net expenses | 0.20% | 0.31% | 0.32% |
Net investment income | 0.71% | 1.54% | 1.73% |
Supplemental data | |||
Portfolio turnover rate | 30% | 55% | 55% |
Net assets, end of period (000s omitted) | $1,032,413 | $822,986 | $770,634 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.59 | $9.60 | $9.57 | $9.57 | $9.63 |
Net investment income | 0.04 | 0.12 1 | 0.13 1 | 0.08 1 | 0.06 |
Net realized and unrealized gains (losses) on investments | 0.02 | (0.01) | 0.03 | 0.01 | (0.06) |
Total from investment operations | 0.06 | 0.11 | 0.16 | 0.09 | 0.00 |
Distributions to shareholders from | |||||
Net investment income | (0.04) | (0.12) | (0.13) | (0.09) | (0.06) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.04) | (0.12) | (0.13) | (0.09) | (0.06) |
Net asset value, end of period | $9.61 | $9.59 | $9.60 | $9.57 | $9.57 |
Total return | 0.62% | 1.19% | 1.70% | 0.95% | 0.03% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.60% | 0.70% | 0.70% | 0.70% | 0.70% |
Net expenses | 0.50% | 0.59% | 0.60% | 0.60% | 0.60% |
Net investment income | 0.42% | 1.28% | 1.34% | 0.82% | 0.69% |
Supplemental data | |||||
Portfolio turnover rate | 30% | 55% | 55% | 50% | 56% |
Net assets, end of period (000s omitted) | $15,157 | $18,243 | $25,649 | $53,746 | $1,946,987 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.59 | $9.60 | $9.57 | $9.58 | $9.63 |
Net investment income | 0.06 | 0.14 | 0.15 1 | 0.11 | 0.08 1 |
Net realized and unrealized gains (losses) on investments | 0.02 | 0.00 | 0.03 | (0.01) | (0.05) |
Total from investment operations | 0.08 | 0.14 | 0.18 | 0.10 | 0.03 |
Distributions to shareholders from | |||||
Net investment income | (0.06) | (0.15) | (0.15) | (0.11) | (0.08) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.06) | (0.15) | (0.15) | (0.11) | (0.08) |
Net asset value, end of period | $9.61 | $9.59 | $9.60 | $9.57 | $9.58 |
Total return | 0.87% | 1.42% | 1.93% | 1.07% | 0.36% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.33% | 0.43% | 0.44% | 0.44% | 0.42% |
Net expenses | 0.25% | 0.36% | 0.37% | 0.37% | 0.37% |
Net investment income | 0.66% | 1.50% | 1.56% | 1.16% | 0.86% |
Supplemental data | |||||
Portfolio turnover rate | 30% | 55% | 55% | 50% | 56% |
Net assets, end of period (000s omitted) | $783,690 | $685,081 | $643,762 | $2,141,197 | $2,713,317 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Gross unrealized gains | $9,340,771 |
Gross unrealized losses | (282,979) |
Net unrealized gains | $9,057,792 |
■ | 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: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 50,200,000 | $0 | $ 50,200,000 |
Municipal obligations | 0 | 2,167,251,563 | 0 | 2,167,251,563 |
Short-term investments | ||||
Investment companies | 22,974,666 | 0 | 0 | 22,974,666 |
Total assets | $22,974,666 | $2,217,451,563 | $0 | $2,240,426,229 |
Average daily net assets | Management fee |
First $1 billion | 0.250% |
Next $4 billion | 0.225 |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.16% |
Class A2 | 0.16 |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.50% |
Class A2 | 0.50 |
Class C | 1.25 |
Class R6 | 0.20 |
Administrator Class | 0.50 |
Institutional Class | 0.25 |
Unrealized gains | Capital loss carryforward |
$9,057,792 | $(26,845,343) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g51816imga5b96b0d7.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g51816img81c188638.jpg)
A258/AR258 06-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g185695imgf93f71c51.jpg)
Wisconsin Tax-Free Fund
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Board considerations | |
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![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g185695img755d4dbb2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g185695imgd0bc52d43.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax and Wisconsin individual income tax. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Bruce R. Johns, Kerry Laurin*, Thomas Stoeckmann |
Average annual total returns (%) as of June 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WWTFX) | 3-31-2008 | -1.25 | 1.68 | 2.83 | 3.37 | 2.63 | 3.30 | 0.95 | 0.70 | ||
Class C (WWTCX) | 12-26-2002 | 1.58 | 1.86 | 2.52 | 2.58 | 1.86 | 2.52 | 1.70 | 1.45 | ||
Institutional Class (WWTIX)3 | 10-31-2016 | – | – | – | 3.54 | 2.80 | 3.38 | 0.62 | 0.52 | ||
Bloomberg Barclays Municipal Bond Index4 | – | – | – | – | 4.17 | 3.25 | 4.28 | – | – | ||
Bloomberg Barclays Wisconsin Municipal Bond Index5 | – | – | – | – | 3.23 | 2.90 | 3.86 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.70% for Class A, 1.45% for Class C, and 0.52% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
4 | 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. |
5 | The Bloomberg Barclays Wisconsin Municipal Bond Index is the Wisconsin component of the Bloomberg Barclays Municipal Bond Index. You cannot invest directly in an index. |
* | Ms. Laurin became a portfolio manager of the Fund on September 1, 2020. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g185695img6e730f0d4.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Municipal Bond Index and Bloomberg Barclays Wisconsin Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund (Class A, excluding sales charges) had mixed results versus its indexes. It outperformed the Bloomberg Barclays Wisconsin Municipal Bond Index and underperformed the broader national index, the Bloomberg Barclays Municipal Bond Index, for the 12 months that ended June 30, 2021. |
■ | Credit positioning added to performance as we were overweight lower-quality investment-grade bonds (A-rated and BBB-rated), and underweight higher-quality investment-grade bonds (AAA-rated and AA-rated). For the period, lower-quality investment grade bonds outperformed higher-quality investment-grade bonds. Our out-of-benchmark allocation to non-investment-grade bonds was also additive to performance. |
■ | The Fund's conservative short duration positioning detracted from performance, while yield-curve positioning was additive as both short and long rates rallied, which we were overweight, and the 4- to 10-year segment traded off slightly, which we were underweight. We were overweight the shortest bonds, which lagged the index, but our overweight to the longest bonds outperformed significantly. |
■ | Individual bond selection and sector allocation slightly detracted from performance. We were overweight prerefunded bonds, which also detracted from performance. The Fund's selectivity of bonds in the general obligation (GO) bond category and the transportation sector contributed to performance. |
Credit quality as of June 30, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g185695imgfb6833005.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-CSR/0001193125-21-262222/g185695img36a4e7b36.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 | |
Class A | ||||
Actual | $1,000.00 | $1,009.92 | $3.39 | 0.68% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.41 | 0.68% |
Class C | ||||
Actual | $1,000.00 | $1,006.09 | $7.21 | 1.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.60 | $7.25 | 1.45% |
Institutional Class | ||||
Actual | $1,000.00 | $1,010.74 | $2.59 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.22 | $2.61 | 0.52% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 95.69% | |||||
Guam: 4.81% | |||||
Airport revenue: 1.97% | |||||
Guam International Airport Authority Series C (AGM Insured) | 6.13% | 10-1-2043 | $1,500,000 | $ 1,662,569 | |
Guam Port Authority AMT Series A | 5.00 | 7-1-2048 | 1,000,000 | 1,177,939 | |
Guam Port Authority AMT Series B | 5.00 | 7-1-2034 | 445,000 | 527,989 | |
3,368,497 | |||||
Miscellaneous revenue: 0.85% | |||||
Guam Education Financing Foundation Refunding Bond Certificate of Participation Series 2016A ## | 5.00 | 10-1-2022 | 1,400,000 | 1,456,400 | |
Tax revenue: 1.43% | |||||
Guam Government Hotel Occupancy Tax Revenue Refunding Series A | 5.00 | 11-1-2040 | 1,000,000 | 1,251,389 | |
Guam Government Limited Obligation Bonds Section 30 Series A | 5.00 | 12-1-2021 | 600,000 | 611,099 | |
Guam Government Privilege Business Tax Revenue Refunding Bond Series F %% | 4.00 | 1-1-2036 | 500,000 | 580,185 | |
2,442,673 | |||||
Water & sewer revenue: 0.56% | |||||
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 300,000 | 368,288 | |
Guam Government Waterworks Authority Water and Wastewater Refunding Bond | 5.00 | 7-1-2034 | 500,000 | 585,970 | |
954,258 | |||||
8,221,828 | |||||
Illinois: 2.87% | |||||
GO revenue: 1.52% | |||||
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2027 | 1,000,000 | 904,850 | |
Chicago IL Park District Special Recreation Activity Series E | 5.00 | 11-15-2027 | 1,000,000 | 1,194,196 | |
Illinois Refunding Bond Series 2018A ## | 5.00 | 10-1-2021 | 500,000 | 505,948 | |
2,604,994 | |||||
Miscellaneous revenue: 0.76% | |||||
Illinois | 5.50 | 7-1-2026 | 250,000 | 274,222 | |
Illinois Series C | 5.00 | 11-1-2029 | 630,000 | 768,850 | |
Illinois Series D ## | 5.00 | 11-1-2021 | 250,000 | 253,969 | |
1,297,041 | |||||
Tax revenue: 0.59% | |||||
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 970,000 | 1,012,864 | |
4,914,899 | |||||
Michigan: 0.01% | |||||
Miscellaneous revenue: 0.01% | |||||
Michigan Municipal Bond Authority Local Government Loan Program Series A (Ambac Insured) | 4.00 | 11-1-2021 | 25,000 | 25,149 |
Interest rate | Maturity date | Principal | Value | ||
New Jersey: 1.20% | |||||
Tax revenue: 0.25% | |||||
New Jersey COVID-19 Emergency Series A | 5.00% | 6-1-2027 | $ 350,000 | $ 434,621 | |
Transportation revenue: 0.95% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2031 | 2,000,000 | 1,614,351 | |
2,048,972 | |||||
New York: 0.97% | |||||
Education revenue: 0.97% | |||||
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | 2-1-2041 | 500,000 | 512,537 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 6.24 | 2-1-2047 | 1,000,000 | 1,141,634 | |
1,654,171 | |||||
Puerto Rico: 0.18% | |||||
Transportation revenue: 0.18% | |||||
Puerto Rico Highway & Transportation Authority Refunding Bond Series L (BHAC / FGIC Insured) | 5.25 | 7-1-2021 | 300,000 | 300,000 | |
South Carolina: 0.70% | |||||
Utilities revenue: 0.70% | |||||
South Carolina Statewide Public Service Authority Revenue Refunding Bond and Improvement Series A | 4.00 | 12-1-2033 | 1,000,000 | 1,201,573 | |
Texas: 1.36% | |||||
GO revenue: 1.36% | |||||
Denton TX Independent School District School Building | 4.00 | 8-15-2048 | 2,000,000 | 2,321,970 | |
Virgin Islands: 1.06% | |||||
Tax revenue: 1.06% | |||||
Virgin Islands PFA Gross Receipts Taxes Loan Notes (AGM Insured) | 4.00 | 10-1-2022 | 255,000 | 260,871 | |
Virgin Islands PFA Matching Fund Loan Notes Senior Lien Series B (AGM Insured) ## | 5.00 | 10-1-2025 | 1,500,000 | 1,549,503 | |
1,810,374 | |||||
Wisconsin: 82.53% | |||||
Education revenue: 10.56% | |||||
Milwaukee WI RDA Milwaukee School of Engineering Project (AGM Insured) | 4.10 | 4-1-2032 | 1,500,000 | 1,534,051 | |
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A | 6.25 | 8-1-2043 | 2,100,000 | 2,263,965 | |
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated | 5.00 | 7-1-2022 | 355,000 | 363,053 | |
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated | 5.00 | 7-1-2032 | 1,500,000 | 1,555,854 | |
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated | 5.00 | 7-1-2042 | 1,000,000 | 1,032,308 | |
Wisconsin HEFA Milwaukee School Engineering Project (AGM Insured) %% | 2.00 | 4-1-2038 | 1,200,000 | 1,182,057 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Wisconsin HEFA Milwaukee School Engineering Project (AGM Insured) %% | 2.13% | 4-1-2039 | $1,000,000 | $ 995,233 | |
Wisconsin HEFA Milwaukee School Engineering Project (AGM Insured) %% | 2.13 | 4-1-2040 | 1,000,000 | 987,149 | |
Wisconsin HEFA Milwaukee School Engineering Project (AGM Insured) %% | 2.25 | 4-1-2041 | 750,000 | 748,620 | |
Wisconsin HEFA Milwaukee School Engineering Project (AGM Insured) %% | 2.25 | 4-1-2042 | 1,000,000 | 990,883 | |
Wisconsin HEFA Revenue Lawrence University | 4.00 | 2-1-2022 | 280,000 | 284,653 | |
Wisconsin HEFA Revenue Lawrence University | 4.00 | 3-15-2040 | 1,555,000 | 1,727,482 | |
Wisconsin HEFA Revenue Lawrence University | 4.00 | 2-1-2045 | 1,685,000 | 1,880,949 | |
Wisconsin HEFA Revenue Various Refunding Bond Medical College Series B (U.S. Bank NA LOC) ø | 0.02 | 12-1-2033 | 2,500,000 | 2,500,000 | |
18,046,257 | |||||
GO revenue: 1.31% | |||||
Milwaukee WI Series B6 | 3.00 | 4-1-2024 | 570,000 | 608,619 | |
Milwaukee WI Series B6 | 5.00 | 4-1-2022 | 350,000 | 362,539 | |
Milwaukee WI Series B6 | 5.00 | 4-1-2023 | 580,000 | 628,224 | |
Milwaukee WI Series B6 | 5.00 | 4-1-2025 | 550,000 | 638,952 | |
2,238,334 | |||||
Health revenue: 15.84% | |||||
Wisconsin HEFA Bellin Memorial Hospital Incorporated Revenue Bond Series A | 5.00 | 12-1-2027 | 175,000 | 219,444 | |
Wisconsin HEFA Bellin Memorial Hospital Incorporated Revenue Bond Series A | 5.00 | 12-1-2028 | 150,000 | 192,141 | |
Wisconsin HEFA Bellin Memorial Hospital Incorporated Revenue Bond Series A | 5.00 | 12-1-2029 | 150,000 | 195,722 | |
Wisconsin HEFA Bellin Memorial Hospital Incorporated Revenue Bond Series A | 5.00 | 12-1-2030 | 275,000 | 357,126 | |
Wisconsin HEFA Beloit Health System Incorporated | 4.00 | 7-1-2036 | 3,000,000 | 3,540,541 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2029 | 1,270,000 | 1,647,225 | |
Wisconsin HEFA Marshfield Clinic Health System | 3.00 | 2-15-2031 | 230,000 | 243,945 | |
Wisconsin HEFA Marshfield Clinic Health System | 3.25 | 2-15-2032 | 185,000 | 200,035 | |
Wisconsin HEFA Marshfield Clinic Health System | 5.00 | 2-15-2047 | 3,385,000 | 3,959,714 | |
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2027 | 400,000 | 489,373 | |
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2028 | 650,000 | 790,585 | |
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2029 | 500,000 | 604,594 | |
Wisconsin HEFA Milwaukee School Engineering Project | 5.00 | 12-1-2025 | 135,000 | 160,556 | |
Wisconsin HEFA Monroe Clinic Incorporated | 3.00 | 2-15-2035 | 520,000 | 570,703 | |
Wisconsin HEFA Monroe Clinic Incorporated | 4.00 | 2-15-2031 | 900,000 | 1,025,505 | |
Wisconsin HEFA Monroe Clinic Incorporated | 4.00 | 2-15-2033 | 550,000 | 626,697 | |
Wisconsin HEFA Monroe Clinic Incorporated | 5.00 | 2-15-2028 | 900,000 | 1,062,095 | |
Wisconsin HEFA Monroe Clinic Incorporated | 5.00 | 2-15-2029 | 575,000 | 678,561 | |
Wisconsin HEFA Monroe Clinic Incorporated | 5.00 | 2-15-2030 | 340,000 | 401,236 | |
Wisconsin HEFA Refunding Bond Bellin Memorial Hospital Incorporated | 4.00 | 12-1-2035 | 1,000,000 | 1,079,889 | |
Wisconsin HEFA Refunding Bond Bellin Memorial Hospital Incorporated | 5.00 | 12-1-2025 | 1,500,000 | 1,683,419 | |
Wisconsin HEFA Refunding Bond Bellin Memorial Hospital Incorporated | 5.00 | 12-1-2026 | 1,740,000 | 1,943,666 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Wisconsin HEFA Revenue Rogers Memorial Hospital Incorporated Series A | 5.00% | 7-1-2044 | $ 200,000 | $ 235,831 | |
Wisconsin HEFA Revenue Three Pillars Senior Living Community | 3.13 | 12-1-2029 | 150,000 | 157,524 | |
Wisconsin HEFA Revenue Three Pillars Senior Living Community | 4.00 | 8-15-2041 | 500,000 | 581,241 | |
Wisconsin HEFA Revenue Three Pillars Senior Living Community | 4.00 | 8-15-2051 | 500,000 | 571,486 | |
Wisconsin HEFA Rogers Memorial Hospital Incorporated Series A | 5.00 | 7-1-2049 | 250,000 | 293,762 | |
Wisconsin HEFA Rogers Memorial Hospital Incorporated Series B | 5.00 | 7-1-2044 | 3,250,000 | 3,574,350 | |
27,086,966 | |||||
Housing revenue: 20.89% | |||||
Green Bay WI Housing Authority Housing Revenue Refunding Bond Student University Village Housing Incorporated | 2.00 | 4-1-2028 | 125,000 | 129,851 | |
Green Bay WI Housing Authority Housing Revenue Refunding Bond Student University Village Housing Incorporated | 2.00 | 4-1-2029 | 250,000 | 257,681 | |
Green Bay WI Housing Authority Housing Revenue Refunding Bond Student University Village Housing Incorporated | 2.00 | 4-1-2030 | 875,000 | 889,310 | |
Whitewater WI CDA Multifamily Revenue Various Housing Wisconsin Housing Preservation (BMO Harris Bank NA LOC) ø | 0.04 | 6-1-2042 | 1,055,000 | 1,055,000 | |
Wisconsin HEFA Aspirus Wausau Hospital Incorporated Obligated Group Series 2004B (JPMorgan Chase & Company LOC) ø | 0.02 | 8-15-2034 | 4,000,000 | 4,000,000 | |
Wisconsin Housing & EDA AMT Series A | 4.63 | 11-1-2037 | 15,000 | 15,028 | |
Wisconsin Housing & EDA Madison Pool Project Series A | 4.55 | 7-1-2037 | 165,000 | 177,261 | |
Wisconsin Housing & EDA Madison Pool Project Series A | 4.70 | 7-1-2047 | 2,300,000 | 2,475,963 | |
Wisconsin Housing & EDA Madison Pool Project Series A | 4.85 | 7-1-2052 | 3,000,000 | 3,232,718 | |
Wisconsin Housing & EDA President House Project (Associated Trust Company NA LOC) ø | 0.14 | 8-1-2046 | 1,480,000 | 1,480,000 | |
Wisconsin Housing & EDA Series A (FHLB SPA) ø | 0.03 | 4-1-2046 | 2,905,000 | 2,905,000 | |
Wisconsin Housing & EDA Series A | 1.70 | 11-1-2052 | 1,700,000 | 1,716,289 | |
Wisconsin Housing & EDA Series A | 3.00 | 5-1-2022 | 100,000 | 102,213 | |
Wisconsin Housing & EDA Series A | 3.00 | 11-1-2022 | 125,000 | 129,406 | |
Wisconsin Housing & EDA Series A | 3.38 | 5-1-2057 | 635,000 | 675,178 | |
Wisconsin Housing & EDA Series A | 3.40 | 11-1-2032 | 2,450,000 | 2,650,530 | |
Wisconsin Housing & EDA Series A | 3.95 | 11-1-2038 | 2,000,000 | 2,218,648 | |
Wisconsin Housing & EDA Series A | 4.05 | 12-1-2049 | 800,000 | 837,977 | |
Wisconsin Housing & EDA Series A | 5.75 | 11-1-2043 | 2,830,000 | 2,885,799 | |
Wisconsin Housing & EDA Series B (FHLB SPA) ø | 0.03 | 5-1-2055 | 5,510,000 | 5,510,000 | |
Wisconsin Housing & EDA Series B (Department of Housing and Urban Development Insured) | 0.40 | 5-1-2045 | 1,295,000 | 1,295,311 | |
Wisconsin Housing & EDA Series C | 3.88 | 11-1-2035 | 1,000,000 | 1,071,898 | |
35,711,061 | |||||
Industrial development revenue: 2.34% | |||||
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (CoBank ACB LOC) ø | 0.06 | 5-1-2037 | 4,000,000 | 4,000,000 | |
Miscellaneous revenue: 18.43% | |||||
Appleton WI RDA Redevelopment Revenue Adjustable Rate Demand Revenue Bond Fox Cities Arts Center B (Associated Trust Company NA LOC) ø | 0.09 | 6-1-2036 | 5,000,000 | 5,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Ashwaubenon WI CDA Lease Revenue Brown County Expo Center Project | 4.00% | 6-1-2031 | $1,310,000 | $ 1,577,507 | |
Ashwaubenon WI CDA Lease Revenue Brown County Expo Center Project | 4.00 | 6-1-2035 | 900,000 | 1,059,545 | |
Ashwaubenon WI CDA Lease Revenue Brown County Expo Center Project | 4.00 | 6-1-2036 | 265,000 | 311,202 | |
Ashwaubenon WI CDA Lease Revenue Brown County Expo Center Project CAB ¤ | 0.00 | 6-1-2049 | 8,000,000 | 3,077,556 | |
Kaukauna WI RDA | 3.75 | 6-1-2032 | 850,000 | 925,589 | |
Kaukauna WI RDA | 4.00 | 6-1-2022 | 235,000 | 243,129 | |
Kaukauna WI RDA | 4.00 | 6-1-2023 | 200,000 | 213,057 | |
Kaukauna WI RDA | 4.00 | 6-1-2025 | 425,000 | 475,453 | |
Kaukauna WI RDA | 4.00 | 6-1-2028 | 425,000 | 476,200 | |
Kaukauna WI RDA | 4.00 | 6-1-2035 | 900,000 | 996,587 | |
Manitowoc WI Note Anticipation Notes | 2.00 | 6-1-2022 | 775,000 | 780,972 | |
Milwaukee WI RDA Lease Public Schools | 5.00 | 11-15-2033 | 750,000 | 905,891 | |
Milwaukee WI RDA Lease Public Schools Series A | 5.00 | 11-15-2026 | 220,000 | 266,241 | |
Milwaukee WI RDA Milwaukee Public Schools | 5.00 | 11-15-2028 | 325,000 | 395,591 | |
Milwaukee WI RDA Milwaukee Public Schools | 5.00 | 11-15-2034 | 675,000 | 813,733 | |
Milwaukee WI RDA Milwaukee Public Schools | 5.00 | 11-15-2035 | 1,000,000 | 1,203,212 | |
Milwaukee WI RDA Milwaukee Public Schools | 5.00 | 11-15-2036 | 500,000 | 600,449 | |
Milwaukee WI RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2027 | 1,020,000 | 1,244,545 | |
Milwaukee WI RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2028 | 1,000,000 | 1,217,203 | |
Milwaukee WI RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2031 | 750,000 | 907,638 | |
Milwaukee WI RDA Public Schools Series A | 5.00 | 8-1-2021 | 3,330,000 | 3,342,839 | |
Milwaukee WI RDA Revenue Refunding Bond Milwaukee Public Schools (NPFGC Insured) | 4.00 | 8-1-2023 | 1,100,000 | 1,180,603 | |
Weston WI CDA Series A | 1.60 | 10-1-2021 | 340,000 | 341,143 | |
Weston WI CDA Series A | 1.75 | 10-1-2022 | 200,000 | 203,735 | |
Weston WI CDA Series A | 1.90 | 10-1-2023 | 800,000 | 828,579 | |
Weston WI CDA Series A | 2.00 | 10-1-2024 | 625,000 | 656,872 | |
Weston WI CDA Series A | 2.15 | 10-1-2025 | 615,000 | 656,946 | |
Weston WI CDA Series A | 2.25 | 10-1-2026 | 940,000 | 1,004,196 | |
Weston WI CDA Series A | 2.40 | 10-1-2027 | 570,000 | 609,626 | |
31,515,839 | |||||
Tax revenue: 13.16% | |||||
Southeast Wisconsin Professional Baseball Park District Series A (NPFGC Insured) ## | 5.50 | 12-15-2021 | 2,000,000 | 2,048,876 | |
Southeast Wisconsin Professional Baseball Park District Series A (NPFGC Insured) | 5.50 | 12-15-2023 | 1,600,000 | 1,801,065 | |
Southeast Wisconsin Professional Baseball Park District Series A (NPFGC Insured) | 5.50 | 12-15-2026 | 2,435,000 | 2,927,034 | |
Warrens WI CDA Interim Workout Extension | 3.70 | 11-1-2029 | 145,030 | 91,327 | |
Wisconsin Center District CAB (AGM Insured) ¤ | 0.00 | 12-15-2030 | 295,000 | 252,513 | |
Wisconsin Center District CAB Junior Dedicated Series D ¤ | 0.00 | 12-15-2045 | 1,250,000 | 568,156 | |
Wisconsin Center District CAB Senior Dedicated Milwaukee Arena Project Series A (BAM Insured) ¤ | 0.00 | 12-15-2033 | 2,985,000 | 2,104,305 | |
Wisconsin Center District CAB Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2027 | 100,000 | 91,398 | |
Wisconsin Center District Junior Dedicated Bond Series A | 5.00 | 12-15-2022 | 730,000 | 773,566 | |
Wisconsin Center District Junior Dedicated Bond Series A | 5.00 | 12-15-2030 | 2,100,000 | 2,202,983 | |
Wisconsin Center District Junior Dedicated Tax Revenue Prerefunded Bond (AGM Insured) | 5.25 | 12-15-2023 | 1,095,000 | 1,163,519 | |
Wisconsin Center District Junior Dedicated Tax Revenue Prerefunded Bond (AGM Insured) | 5.25 | 12-15-2027 | 220,000 | 268,023 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Wisconsin Center District Junior Dedicated Tax Revenue Unrefunded Balance Refunding Bond (AGM Insured) | 5.25% | 12-15-2023 | $ 605,000 | $ 660,805 | |
Wisconsin Center District Junior Dedicated Tax Revenue Unrefunded Balance Refunding Bond (AGM Insured) | 5.25 | 12-15-2027 | 785,000 | 950,353 | |
Wisconsin Center District Milwaukee Arena Project | 4.00 | 12-15-2032 | 1,100,000 | 1,256,303 | |
Wisconsin Center District Milwaukee Arena Project | 4.00 | 12-15-2033 | 920,000 | 1,048,362 | |
Wisconsin Center District Milwaukee Arena Project | 4.00 | 12-15-2034 | 2,000,000 | 2,272,933 | |
Wisconsin Center District Milwaukee Arena Project | 5.00 | 12-15-2032 | 85,000 | 102,143 | |
Wisconsin Center District Tax Revenue CAB Senior Dedicated Series C (AGM Insured) ¤ | 0.00 | 12-15-2028 | 1,075,000 | 969,153 | |
Wisconsin Center District Tax Revenue CAB Senior Dedicated Series C (AGM Insured) ¤ | 0.00 | 12-15-2030 | 1,095,000 | 937,295 | |
22,490,112 | |||||
141,088,569 | |||||
Total Municipal obligations (Cost $155,215,846) | 163,587,505 | ||||
Total investments in securities (Cost $155,215,846) | 95.69% | 163,587,505 | |||
Other assets and liabilities, net | 4.31 | 7,364,642 | |||
Total net assets | 100.00% | $170,952,147 |
## | All or a portion of this security is segregated for when-issued securities. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
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. |
%% | 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 |
BHAC | Berkshire Hathaway Assurance Corporation |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
EDA | Economic Development Authority |
FGIC | Financial Guaranty Insurance Corporation |
FHLB | Federal Home Loan Bank |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Assets | |
Investments in unaffiliated securities, at value (cost $155,215,846) | $ 163,587,505 |
Cash | 11,253,914 |
Receivable for interest | 1,249,125 |
Receivable for investments sold | 320,000 |
Receivable for Fund shares sold | 270,837 |
Prepaid expenses and other assets | 45,364 |
Total assets | 176,726,745 |
Liabilities | |
Payable for when-issued transactions | 5,480,100 |
Payable for Fund shares redeemed | 214,786 |
Management fee payable | 35,810 |
Dividends payable | 17,006 |
Administration fees payable | 16,527 |
Distribution fee payable | 3,309 |
Trustees’ fees and expenses payable | 995 |
Accrued expenses and other liabilities | 6,065 |
Total liabilities | 5,774,598 |
Total net assets | $170,952,147 |
Net assets consist of | |
Paid-in capital | $ 162,437,691 |
Total distributable earnings | 8,514,456 |
Total net assets | $170,952,147 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 76,835,560 |
Shares outstanding – Class A1 | 6,811,473 |
Net asset value per share – Class A | $11.28 |
Maximum offering price per share – Class A2 | $11.81 |
Net assets – Class C | $ 5,496,204 |
Shares outstanding – Class C1 | 487,247 |
Net asset value per share – Class C | $11.28 |
Net assets – Institutional Class | $ 88,620,383 |
Shares outstanding – Institutional Class1 | 7,855,203 |
Net asset value per share – Institutional Class | $11.28 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 4,092,220 |
Expenses | |
Management fee | 638,753 |
Administration fees | |
Class A | 122,219 |
Class C | 8,775 |
Institutional Class | 62,254 |
Shareholder servicing fees | |
Class A | 190,626 |
Class C | 13,674 |
Distribution fee | |
Class C | 41,022 |
Custody and accounting fees | 6,660 |
Professional fees | 53,083 |
Registration fees | 55,081 |
Shareholder report expenses | 29,896 |
Trustees’ fees and expenses | 19,272 |
Other fees and expenses | 10,308 |
Total expenses | 1,251,623 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (114,859) |
Class A | (122,219) |
Class C | (8,227) |
Net expenses | 1,006,318 |
Net investment income | 3,085,902 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 168,026 |
Net change in unrealized gains (losses) on investments | 2,114,690 |
Net realized and unrealized gains (losses) on investments | 2,282,716 |
Net increase in net assets resulting from operations | $5,368,618 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income | $ 3,085,902 | $ 3,310,968 | ||
Net realized gains on investments | 168,026 | 74,869 | ||
Net change in unrealized gains (losses) on investments | 2,114,690 | 755,258 | ||
Net increase in net assets resulting from operations | 5,368,618 | 4,141,095 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,436,866) | (1,934,145) | ||
Class C | (61,394) | (95,769) | ||
Institutional Class | (1,589,155) | (1,341,692) | ||
Total distributions to shareholders | (3,087,415) | (3,371,606) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,001,834 | 11,225,322 | 1,482,669 | 16,452,135 |
Class C | 147,885 | 1,660,980 | 86,182 | 958,748 |
Institutional Class | 3,206,169 | 36,011,523 | 3,006,711 | 33,400,716 |
48,897,825 | 50,811,599 | |||
Reinvestment of distributions | ||||
Class A | 113,871 | 1,277,627 | 148,360 | 1,649,205 |
Class C | 5,397 | 60,528 | 8,593 | 95,503 |
Institutional Class | 135,932 | 1,525,501 | 117,088 | 1,301,290 |
2,863,656 | 3,045,998 | |||
Payment for shares redeemed | ||||
Class A | (1,603,254) | (17,980,789) | (2,022,543) | (22,260,904) |
Class C | (191,338) | (2,141,864) | (174,988) | (1,938,589) |
Institutional Class | (1,621,298) | (18,213,318) | (971,526) | (10,771,669) |
(38,335,971) | (34,971,162) | |||
Net increase in net assets resulting from capital share transactions | 13,425,510 | 18,886,435 | ||
Total increase in net assets | 15,706,713 | 19,655,924 | ||
Net assets | ||||
Beginning of period | 155,245,434 | 135,589,510 | ||
End of period | $170,952,147 | $155,245,434 |
Year ended June 30 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.12 | $11.04 | $10.74 | $10.83 | $11.16 |
Net investment income | 0.21 | 0.25 | 0.29 | 0.28 | 0.26 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.08 | 0.30 | (0.09) | (0.32) |
Total from investment operations | 0.37 | 0.33 | 0.59 | 0.19 | (0.06) |
Distributions to shareholders from | |||||
Net investment income | (0.21) | (0.25) | (0.29) | (0.28) | (0.26) |
Net realized gains | 0.00 | (0.00) 1 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.21) | (0.25) | (0.29) | (0.28) | (0.27) |
Net asset value, end of period | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 |
Total return2 | 3.37% | 3.05% | 5.56% | 1.76% | (0.48)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.92% | 0.95% | 0.94% | 0.88% | 0.93% |
Net expenses | 0.68% | 0.69% | 0.70% | 0.70% | 0.70% |
Net investment income | 1.88% | 2.24% | 2.66% | 2.57% | 2.41% |
Supplemental data | |||||
Portfolio turnover rate | 10% | 24% | 8% | 11% | 27% |
Net assets, end of period (000s omitted) | $76,836 | $81,173 | $84,924 | $87,790 | $131,518 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.12 | $11.04 | $10.74 | $10.83 | $11.16 |
Net investment income | 0.13 | 0.17 1 | 0.21 | 0.20 | 0.18 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.08 | 0.30 | (0.09) | (0.32) |
Total from investment operations | 0.29 | 0.25 | 0.51 | 0.11 | (0.14) |
Distributions to shareholders from | |||||
Net investment income | (0.13) | (0.17) | (0.21) | (0.20) | (0.18) |
Net realized gains | 0.00 | (0.00) 2 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.13) | (0.17) | (0.21) | (0.20) | (0.19) |
Net asset value, end of period | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 |
Total return3 | 2.58% | 2.27% | 4.78% | 1.01% | (1.22)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.67% | 1.70% | 1.69% | 1.63% | 1.68% |
Net expenses | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Net investment income | 1.12% | 1.49% | 1.92% | 1.83% | 1.67% |
Supplemental data | |||||
Portfolio turnover rate | 10% | 24% | 8% | 11% | 27% |
Net assets, end of period (000s omitted) | $5,496 | $5,842 | $6,687 | $8,105 | $9,449 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
Year ended June 30 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.12 | $11.04 | $10.74 | $10.83 | $10.99 |
Net investment income | 0.23 | 0.27 | 0.31 | 0.30 | 0.20 |
Net realized and unrealized gains (losses) on investments | 0.16 | 0.08 | 0.30 | (0.09) | (0.15) |
Total from investment operations | 0.39 | 0.35 | 0.61 | 0.21 | 0.05 |
Distributions to shareholders from | |||||
Net investment income | (0.23) | (0.27) | (0.31) | (0.30) | (0.20) |
Net realized gains | 0.00 | (0.00) 2 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.23) | (0.27) | (0.31) | (0.30) | (0.21) |
Net asset value, end of period | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 |
Total return3 | 3.54% | 3.23% | 5.75% | 1.95% | 0.44% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.59% | 0.62% | 0.61% | 0.55% | 0.54% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Net investment income | 2.04% | 2.40% | 2.85% | 2.79% | 2.74% |
Supplemental data | |||||
Portfolio turnover rate | 10% | 24% | 8% | 11% | 27% |
Net assets, end of period (000s omitted) | $88,620 | $68,230 | $43,978 | $36,181 | $13,573 |
1 | For the period from October 31, 2016 (commencement of class operations) to June 30, 2017 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $8,387,813 |
Gross unrealized losses | (15,755) |
Net unrealized gains | $8,372,058 |
■ | 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 | $163,587,505 | $0 | $163,587,505 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.70% |
Class C | 1.45 |
Institutional Class | 0.52 |
Year ended June 30 | ||
2021 | 2020 | |
Tax-exempt income | $3,087,415 | $3,313,425 |
Long-term capital gain | 0 | 58,181 |
Undistributed tax-exempt income | Undistributed long-term gain | Unrealized gains |
$2,928 | $156,476 | $8,372,058 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g185695imgbebb31c07.jpg)
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A259/AR259 06-21
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Alternative Risk Premia Fund
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Consolidated financial statements | |
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Board considerations | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | 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. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadvisers | Wells Capital Management, LLC |
Wells Fargo Asset Management (International) Limited | |
Portfolio managers | Petros N. Bocray, CFA®‡, FRM, Eddie Cheng, CFA®‡, Monisha Jayakumar |
Average annual total returns (%) as of June 30, 2021 | |||||
Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | Gross | Net 2 | |
Class R6 (WRPRX) | 1-29-2019 | 5.86 3 | -6.14 | 1.04 | 0.62 |
Institutional Class (WRPIX) | 1-29-2019 | 5.61 3 | -6.27 | 1.14 | 0.72 |
ICE BofA 3-Month U.S. Treasury Bill Index4 | – | 0.09 | 1.15 * | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.62% for Class R6 and 0.72% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
4 | The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. Copyright 2021. ICE Data Indices, LLC. All rights reserved. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
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1 | The chart compares the performance of Institutional Class shares since inception with the ICE BofA 3-Month U.S. Treasury Bill Index. The chart assumes a hypothetical investment of $1,000,000 in Institutional Class shares and reflects all operating expenses. |
■ | The Fund outperformed its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index, for the 12-month period that ended June 30, 2021. |
■ | The top contributors included our cross-asset trend strategy (+3.3%), rates value strategy (+3.0%), commodity curve momentum strategy (+2.9%), and commodity carry strategy (+2.7%). |
■ | The largest detractors included our rates momentum strategy (-1.8%), rates carry strategy (-1.8%), and multi-factor equity strategy (-1.7%). |
■ | The Fund employs the use of derivatives including but not limited to equity futures, bond futures, commodity futures and currency forwards to achieve its desired exposure in different asset classes (which in turn helps the Fund to arrive at its desired leverage, risk and return target). These derivatives are the most commonly traded instruments on main exchanges and have high liquidity in the event of buying and selling. |
Net asset exposure as of June 30, 20211 | ||
% of net assets | ||
Long positions | Short positions | |
Stocks | 23 | 17 |
Bond futures | 99 | 138 |
Currency forwards | 79 | 65 |
Equity index futures | 7 | 0 |
Commodity futures | 19 | 20 |
1 | Figures are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2021 | Ending account value 6-30-2021 | Consolidated expenses paid during the period1 | Annualized net expense ratio | |
Class R6 | ||||
Actual | $1,000.00 | $1,074.68 | $3.19 | 0.62% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.72 | $3.11 | 0.62% |
Institutional Class | ||||
Actual | $1,000.00 | $1,073.51 | $3.70 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.22 | $3.61 | 0.72% |
Yield | Shares | Value | |||
Short-term investments: 68.55% | |||||
Investment companies: 26.75% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞* | 0.03% | 19,278,685 | $19,278,685 |
Maturity date | Principal | ||||
U.S. Treasury securities: 41.80% | |||||
U.S. Treasury Bill ☼ | 0.04 | 7-15-2021 | $14,900,000 | 14,899,739 | |
U.S. Treasury Bill ☼ | 0.05 | 7-29-2021 | 10,919,000 | 10,918,595 | |
U.S. Treasury Bill ☼# | 0.05 | 9-30-2021 | 4,299,000 | 4,298,429 | |
30,116,763 | |||||
Total Short-term investments (Cost $49,395,541) | 49,395,448 | ||||
Total investments in securities (Cost $49,395,541) | 68.55% | 49,395,448 | |||
Other assets and liabilities, net | 31.45 | 22,664,176 | |||
Total net assets | 100.00% | $72,059,624 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
* | A portion of the holding represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
∞ | The rate represents the 7-day annualized yield at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
# | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
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 | |||||||||
Wells Fargo Government Money Market Fund Select Class | $7,855,265 | $168,699,238 | $(157,275,818) | $0 | $0 | $19,278,685 | 26.75% | 19,278,685 | $8,577 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
25,215,753,000 IDR | 1,761,738 USD | Goldman Sachs International | 7-21-2021 | $ 0 | $ (25,301) | |
13,956,000 CAD | 11,530,749 USD | Goldman Sachs International | 7-21-2021 | 0 | (272,413) | |
1,441,000 NZD | 1,033,805 USD | Goldman Sachs International | 7-21-2021 | 0 | (26,582) | |
23,570,000 CZK | 1,129,717 USD | Goldman Sachs International | 7-21-2021 | 0 | (33,885) | |
214,498,000 HUF | 753,347 USD | Goldman Sachs International | 7-21-2021 | 0 | (29,705) | |
5,145,000 GBP | 7,263,119 USD | Goldman Sachs International | 7-21-2021 | 0 | (145,629) | |
88,378,000 RUB | 1,214,933 USD | Goldman Sachs International | 7-21-2021 | 0 | (9,665) | |
844,000 BRL | 165,946 USD | Goldman Sachs International | 7-21-2021 | 3,397 | 0 | |
5,932,092 USD | 48,950,000 SEK | Goldman Sachs International | 7-21-2021 | 211,349 | 0 | |
6,683,496 USD | 55,260,000 NOK | Goldman Sachs International | 7-21-2021 | 264,871 | 0 | |
11,437,102 USD | 10,236,000 CHF | Goldman Sachs International | 7-21-2021 | 368,523 | 0 | |
6,804,000 EUR | 8,297,873 USD | Goldman Sachs International | 7-21-2021 | 0 | (226,832) | |
272,753,000 INR | 3,723,540 USD | Goldman Sachs International | 7-22-2021 | 0 | (61,586) | |
39,590,000 MXN | 2,003,500 USD | Goldman Sachs International | 7-21-2021 | 0 | (22,080) | |
673,452,000 KRW | 603,371 USD | Goldman Sachs International | 7-21-2021 | 0 | (5,427) | |
494,339,000 JPY | 4,511,528 USD | Goldman Sachs International | 7-21-2021 | 0 | (61,149) | |
2,375,487 USD | 8,722,000 PLN | Goldman Sachs International | 7-21-2021 | 87,818 | 0 | |
10,872,457 USD | 14,063,000 AUD | Goldman Sachs International | 7-21-2021 | 324,878 | 0 | |
986,975 USD | 711,017,000 CLP | Goldman Sachs International | 7-21-2021 | 19,266 | 0 | |
34,518,000 ZAR | 2,510,806 USD | Goldman Sachs International | 7-21-2021 | 0 | (99,266) | |
$1,280,102 | $(1,019,520) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
CAC 40 Index | 5 | 7-16-2021 | $ 391,575 | $ 385,665 | $ 0 | $ (5,910) | |
London Metal Exchange Aluminium Futures** | 2 | 7-19-2021 | 119,947 | 125,975 | 6,028 | 0 | |
London Metal Exchange Copper Futures** | 7 | 7-19-2021 | 1,726,227 | 1,638,613 | 0 | (87,614) | |
London Metal Exchange Lead Futures** | 8 | 7-19-2021 | 433,338 | 452,800 | 19,462 | 0 | |
London Metal Exchange Nickel Futures** | 6 | 7-19-2021 | 639,163 | 655,416 | 16,253 | 0 | |
London Metal Exchange Zinc Futures** | 8 | 7-19-2021 | 595,487 | 594,050 | 0 | (1,437) | |
WTI Crude Futures** | 12 | 7-20-2021 | 843,879 | 881,640 | 37,761 | 0 | |
Brent Crude Futures** | 6 | 7-30-2021 | 425,655 | 447,720 | 22,065 | 0 | |
Gasoline RBOB Futures** | 8 | 7-30-2021 | 733,481 | 753,245 | 19,764 | 0 | |
NY Harbor Ultra-Low Sulfur Diesel Futures** | 18 | 7-30-2021 | 1,568,381 | 1,608,995 | 40,614 | 0 | |
Low Sugar Gas Oil Futures** | 8 | 8-12-2021 | 477,021 | 478,600 | 1,579 | 0 | |
TOPIX Index | 2 | 9-9-2021 | 353,047 | 349,791 | 0 | (3,256) | |
10-Year Japanese Treasury Bonds | 8 | 9-13-2021 | 10,907,488 | 10,923,264 | 15,776 | 0 | |
Corn Futures** | 67 | 9-14-2021 | 1,984,974 | 2,007,488 | 22,514 | 0 | |
KC Hard Red Winter Wheat Futures** | 4 | 9-14-2021 | 127,215 | 131,800 | 4,585 | 0 | |
10-Year Australian Treasury Bonds | 197 | 9-15-2021 | 20,874,839 | 20,859,286 | 0 | (15,553) | |
Cocoa Futures** | 3 | 9-15-2021 | 72,732 | 71,670 | 0 | (1,062) | |
S&P/TSX 60 Index | 2 | 9-16-2021 | 383,481 | 388,093 | 4,612 | 0 | |
SPI 200 Index | 3 | 9-16-2021 | 407,174 | 406,267 | 0 | (907) | |
DAX Futures Index | 1 | 9-17-2021 | 464,639 | 460,308 | 0 | (4,331) | |
E-Mini Nasdaq 100 Index | 1 | 9-17-2021 | 279,734 | 290,980 | 11,246 | 0 | |
E-Mini Russell 2000 Index | 2 | 9-17-2021 | 233,065 | 230,780 | 0 | (2,285) | |
E-Mini S&P 500 Index | 2 | 9-17-2021 | 423,670 | 428,860 | 5,190 | 0 | |
Euro STOXX 50 Futures | 8 | 9-17-2021 | 391,079 | 384,705 | 0 | (6,374) | |
FTSE 100 Index | 4 | 9-17-2021 | 392,368 | 386,245 | 0 | (6,123) | |
MSCI Emerging Markets Index | 5 | 9-17-2021 | 343,662 | 341,200 | 0 | (2,462) | |
Long Gilt Bonds | 141 | 9-28-2021 | 24,729,237 | 24,985,302 | 256,065 | 0 | |
Silver Futures** | 1 | 9-28-2021 | 130,738 | 130,970 | 232 | 0 | |
Soybean Meal Futures** | 1 | 12-14-2021 | 36,914 | 38,170 | 1,256 | 0 | |
Soybean Oil Futures** | 57 | 12-14-2021 | 1,823,739 | 2,146,392 | 322,653 | 0 | |
Short | |||||||
London Metal Exchange Aluminium Futures** | (18) | 7-19-2021 | (1,087,521) | (1,133,775) | 0 | (46,254) | |
London Metal Exchange Lead Futures** | (27) | 7-19-2021 | (1,448,525) | (1,528,200) | 0 | (79,675) | |
London Metal Exchange Zinc Futures** | (10) | 7-19-2021 | (730,143) | (742,563) | 0 | (12,420) | |
Natural Gas Futures** | (17) | 7-28-2021 | (568,594) | (620,500) | 0 | (51,906) | |
Lean Hogs Futures** | (5) | 8-13-2021 | (216,211) | (206,500) | 9,711 | 0 | |
Gold 100 Ounces Futures** | (6) | 8-27-2021 | (1,124,240) | (1,062,960) | 61,280 | 0 | |
Live Cattle Futures** | (62) | 8-31-2021 | (2,970,803) | (3,043,580) | 0 | (72,777) | |
Euro-Bund Futures | (178) | 9-8-2021 | (36,224,716) | (36,431,675) | 0 | (206,959) | |
Wheat Futures** | (51) | 9-14-2021 | (1,731,259) | (1,732,725) | 0 | (1,466) | |
Coffee C Futures** | (9) | 9-20-2021 | (539,796) | (539,156) | 640 | 0 | |
10-Year Canadian Treasury Bonds | (127) | 9-21-2021 | (14,752,983) | (14,908,874) | 0 | (155,891) | |
10-Year U.S. Treasury Notes | (209) | 9-21-2021 | (27,497,449) | (27,692,500) | 0 | (195,051) | |
Sugar #11 World Futures** | (42) | 9-30-2021 | (807,514) | (841,546) | 0 | (34,032) | |
Soybean Futures** | (7) | 11-12-2021 | (468,336) | (489,650) | 0 | (21,314) | |
Cotton #2 Futures** | (14) | 12-8-2021 | (591,631) | (594,300) | 0 | (2,669) | |
$879,286 | $(1,017,728) |
** | Represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
Reference asset/index | Counterparty | Payment frequency | Maturity date | Notional amount | Value | Unrealized gains | Unrealized losses |
Synthetic total return swap† | Goldman Sachs International | Monthly | 2-1-2024 | $3,447,487 | $3,611,416 | $163,929 | $0 |
† | The Fund receives or pays the difference between the total return on a portfolio of long and short positions underlying the total return swap and the return on a specified benchmark (either the Federal Funds Effective Rate or the One Month LIBOR), plus or minus a spread in a typical range of 20-75 basis points (bps; 100 bps equal 1.00%). The spread is determined based upon the country and/or currency of the individual underlying positions. Certain short positions may be subject to higher market rates. |
Reference asset | Shares | Value | % of swap basket value | |
Long positions | ||||
Common stocks | ||||
Communication services | ||||
Diversified telecommunication services | ||||
PCCW Limited | 196,000 | $ 102,742 | 2.84% | |
Spark New Zealand Limited | 32,364 | 108,588 | 3.01 | |
United Internet AG | 2,317 | 94,730 | 2.62 | |
Interactive media & services | ||||
Kakaku.com Incorporated | 3,000 | 90,598 | 2.51 | |
Media | ||||
CyberAgent Incorporated | 4,000 | 85,872 | 2.38 | |
Hakuhodo DY Holdings Incorporated | 7,200 | 111,731 | 3.09 | |
594,261 | ||||
Consumer discretionary | ||||
Automobiles | ||||
Mazda Motor Corporation | 5,800 | 54,505 | 1.51 | |
Hotels, restaurants & leisure | ||||
Domino's Pizza Incorporated | 196 | 91,432 | 2.53 | |
La Francaise Des Jeux SA | 3,867 | 227,339 | 6.30 | |
McDonald's Holdings Company Japan Limited | 1,300 | 57,338 | 1.59 | |
Internet & direct marketing retail | ||||
Hellofresh SE | 553 | 53,756 | 1.49 | |
ZOZO Incorporated | 2,400 | 81,552 | 2.26 | |
Specialty retail | ||||
Shimamura Company Limited | 1,100 | 105,549 | 2.92 | |
Tractor Supply Company | 329 | 61,214 | 1.70 | |
Textiles, apparel & luxury goods | ||||
Pandora AS | 501 | 67,346 | 1.86 | |
800,031 | ||||
Consumer staples | ||||
Beverages | ||||
Remy Cointreau SA | 315 | 65,028 | 1.80 | |
Food & staples retailing | ||||
The Kroger Company | 1,817 | 69,609 | 1.93 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Food products | ||||
Archer Daniels Midland Company | 3,261 | $ 197,617 | 5.47% | |
Bunge Limited | 2,529 | 197,641 | 5.47 | |
Calbee Incorporated | 3,500 | 80,715 | 2.23 | |
John B. Sanfilippo & Son Incorporated | 464 | 41,096 | 1.14 | |
NH Foods Limited | 3,500 | 136,100 | 3.77 | |
Household products | ||||
The Clorox Company | 451 | 81,139 | 2.25 | |
Personal products | ||||
Pola Orbis Holdings Incorporated | 3,600 | 95,075 | 2.63 | |
Tobacco | ||||
Swedish Match AB | 14,570 | 124,247 | 3.44 | |
1,088,267 | ||||
Energy | ||||
Oil, gas & consumable fuels | ||||
ENEOS Holdings Incorporated | 57,800 | 241,876 | 6.70 | |
Idemitsu Kosan Company Limited | 8,600 | 207,694 | 5.75 | |
449,570 | ||||
Financials | ||||
Capital markets | ||||
Cboe Global Markets Incorporated | 549 | 65,358 | 1.81 | |
FactSet Research Systems Incorporated | 180 | 60,410 | 1.67 | |
SEI Investments Company | 2,370 | 146,869 | 4.07 | |
T. Rowe Price Group Incorporated | 350 | 69,290 | 1.92 | |
Insurance | ||||
Direct Line Insurance Group plc | 25,268 | 99,617 | 2.76 | |
Erie Indemnity Company Class A | 442 | 85,461 | 2.37 | |
Medibank Private Limited | 87,177 | 206,596 | 5.72 | |
Mortgage REITs | ||||
AGNC Investment Corporation | 6,955 | 117,470 | 3.25 | |
Dynex Capital Incorporated REIT | 2,260 | 42,172 | 1.17 | |
893,243 | ||||
Health care | ||||
Biotechnology | ||||
Genus plc | 761 | 52,213 | 1.45 | |
Health care equipment & supplies | ||||
IDEXX Laboratories Incorporated | 178 | 112,416 | 3.11 | |
West Pharmaceutical Services Incorporated | 260 | 93,366 | 2.59 | |
Health care providers & services | ||||
Molina Healthcare Incorporated | 320 | 80,979 | 2.24 | |
Health care technology | ||||
Cerner Corporation | 1,183 | 92,463 | 2.56 | |
Pharmaceuticals | ||||
Hikma Pharmaceuticals plc | 3,092 | 104,619 | 2.90 | |
Ipsen SA | 1,353 | 140,731 | 3.90 | |
Jazz Pharmaceuticals plc | 489 | 86,866 | 2.41 | |
Orion Oyj Class B | 3,572 | 153,537 | 4.25 | |
917,190 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Industrials | ||||
Aerospace & defense | ||||
Huntington Ingalls Industries Incorporated | 546 | $ 115,070 | 3.19% | |
Air freight & logistics | ||||
C.H. Robinson Worldwide Incorporated | 1,160 | 108,657 | 3.01 | |
Expeditors International of Washington Incorporated | 737 | 93,304 | 2.58 | |
Building products | ||||
A.O. Smith Corporation | 826 | 59,522 | 1.65 | |
Lennox International Incorporated | 417 | 146,284 | 4.05 | |
Commercial services & supplies | ||||
Securitas AB Class B | 8,238 | 130,047 | 3.60 | |
Industrial conglomerates | ||||
DCC plc | 1,782 | 145,881 | 4.04 | |
Professional services | ||||
Adecco SA | 1,515 | 102,927 | 2.85 | |
Kforce Incorporated | 867 | 54,560 | 1.51 | |
Persol Holdings Company Limited | 9,000 | 177,821 | 4.92 | |
Randstad Holdings NV | 2,338 | 178,812 | 4.95 | |
Robert Half International Incorporated | 1,847 | 164,328 | 4.55 | |
Road & rail | ||||
AMERCO | 200 | 117,880 | 3.26 | |
J.B. Hunt Transport Services Incorporated | 1,486 | 242,144 | 6.70 | |
Knight-Swift Transportation Holdings Incorporated | 2,261 | 102,785 | 2.85 | |
Landstar System Incorporated | 257 | 40,611 | 1.12 | |
Nippon Express Company Limited | 500 | 38,076 | 1.05 | |
Old Dominion Freight Line Incorporated | 526 | 133,499 | 3.70 | |
Trading companies & distributors | ||||
Toromont Industries Limited | 2,600 | 226,525 | 6.27 | |
2,378,733 | ||||
Information technology | ||||
Electronic equipment, instruments & components | ||||
Arrow Electronics Incorporated | 1,800 | 204,894 | 5.67 | |
IT services | ||||
Broadridge Financial Solutions Incorporated | 1,071 | 172,999 | 4.79 | |
EPAM Systems Incorporated | 74 | 37,811 | 1.05 | |
SCSK Corporation | 1,600 | 95,342 | 2.64 | |
The Western Union Company | 4,052 | 93,074 | 2.58 | |
Software | ||||
TIS Incorporated | 4,400 | 112,361 | 3.11 | |
Technology hardware, storage & peripherals | ||||
Logitech International SA | 958 | 116,068 | 3.21 | |
832,549 | ||||
Materials | ||||
Chemicals | ||||
Johnson Matthey plc | 2,219 | 94,327 | 2.61 | |
Mitsubishi Gas Chemical Company Incorporated | 4,100 | 86,949 | 2.41 | |
Tosoh Corporation | 5,500 | 94,856 | 2.63 | |
Umicore SA | 662 | 40,426 | 1.12 | |
Metals & mining | ||||
EVRAZ plc | 19,775 | 161,940 | 4.48 | |
478,498 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Real estate | ||||
Equity REITs | ||||
Extra Space Storage Incorporated | 767 | $ 125,650 | 3.48% | |
Suntec REIT | 71,700 | 77,848 | 2.16 | |
Real estate management & development | ||||
Daito Trust Construction Company Limited | 1,500 | 164,049 | 4.54 | |
FirstService Corporation | 1,700 | 291,576 | 8.07 | |
659,123 | ||||
Utilities | ||||
Electric utilities | ||||
NRG Energy Incorporated | 2,558 | 103,087 | 2.85 | |
Gas utilities | ||||
UGI Corporation | 3,524 | 163,196 | 4.52 | |
Independent power & renewable electricity producers | ||||
Uniper SE | 2,689 | 99,034 | 2.74 | |
Multi-utilities | ||||
ATCO Limited Class I | 7,200 | 255,334 | 7.07 | |
620,651 |
Short positions | ||||
Common stocks | ||||
Communication services | ||||
Entertainment | ||||
Live Nation Entertainment Incorporated | (670) | $ (58,685) | (1.62)% | |
Media | ||||
Informa plc | (9,439) | (65,494) | (1.81) | |
(124,179) | ||||
Consumer discretionary | ||||
Automobiles | ||||
Toyota Motor Corporation | (2,200) | (192,286) | (5.32) | |
Hotels, restaurants & leisure | ||||
Booking Holdings Incorporated | (20) | (43,762) | (1.21) | |
Las Vegas Sands Corporation | (1,516) | (79,878) | (2.21) | |
Oriental Land Company Limited | (300) | (42,747) | (1.18) | |
Whitbread plc | (1,417) | (61,195) | (1.69) | |
Household durables | ||||
Sony Corporation | (1,900) | (184,963) | (5.12) | |
Internet & direct marketing retail | ||||
Delivery Hero SE | (434) | (57,328) | (1.59) | |
Just Eat Takeaway.com NV | (865) | (79,869) | (2.21) | |
Rakuten Incorporated | (11,200) | (126,422) | (3.50) | |
Leisure products | ||||
Heiwa Corporation | (2,700) | (47,805) | (1.32) | |
Specialty retail | ||||
Fast Retailing Company Limited | (100) | (75,278) | (2.08) |
Reference asset | Shares | Value | % of swapbasket value | |
Short positions (continued) | ||||
Textiles, apparel & luxury goods | ||||
EssilorLuxottica SA | (255) | $ (47,060) | (1.30)% | |
LVMH Moet Hennessy Louis Vuitton SE | (75) | (58,810) | (1.63) | |
(1,097,403) | ||||
Consumer staples | ||||
Beverages | ||||
Anheuser Busch InBev SA | (1,729) | (124,670) | (3.45) | |
Food & staples retailing | ||||
Lawson Products Incorporated | (1,200) | (55,520) | (1.54) | |
(180,190) | ||||
Energy | ||||
Oil, gas & consumable fuels | ||||
TC Energy Corporation | (3,000) | (148,451) | (4.11) | |
Financials | ||||
Banks | ||||
Bank of America Corporation | (1,264) | (52,115) | (1.44) | |
HSBC Holdings plc | (20,300) | (117,182) | (3.24) | |
UniCredit SpA | (7,728) | (91,177) | (2.52) | |
Capital markets | ||||
Brookfield Asset Management Incorporated Class A | (3,800) | (193,863) | (5.37) | |
CME Group Incorporated | (438) | (93,154) | (2.58) | |
Deutsche Boerse AG | (865) | (150,979) | (4.18) | |
Japan Exchange Group Incorporated | (1,700) | (37,796) | (1.05) | |
London Stock Exchange Group PLC | (614) | (67,693) | (1.87) | |
Macquarie Group Limited | (364) | (42,703) | (1.18) | |
Natixis SA | (8,968) | (42,535) | (1.18) | |
The Charles Schwab Corporation | (705) | (51,331) | (1.42) | |
Consumer finance | ||||
American Express Company | (548) | (90,546) | (2.51) | |
Diversified financial services | ||||
Berkshire Hathaway Incorporated Class B | (355) | (98,662) | (2.73) | |
Insurance | ||||
Allianz SE | (342) | (85,282) | (2.36) | |
Japan Post Holdings Company Limited | (30,600) | (250,733) | (6.94) | |
Legal & General Group plc | (18,190) | (64,818) | (1.79) | |
Prudential plc | (5,464) | (103,814) | (2.87) | |
(1,634,383) | ||||
Health care | ||||
Biotechnology | ||||
Alnylam Pharmaceuticals Incorporated | (306) | (51,873) | (1.44) | |
Health care equipment & supplies | ||||
Boston Scientific Corporation | (1,711) | (73,162) | (2.03) | |
(125,035) | ||||
Industrials | ||||
Aerospace & defense | ||||
Raytheon Technologies Corporation | (1,472) | (125,576) | (3.48) | |
Building products | ||||
Assa Abloy AB Class B | (5,222) | (157,305) | (4.36) | |
Nibe Industrier AB Series B | (8,228) | (86,548) | (2.40) |
Reference asset | Shares | Value | % of swapbasket value | |
Short positions (continued) | ||||
Construction & engineering | ||||
Vinci SA | (1,339) | $ (142,879) | (3.96)% | |
Electrical equipment | ||||
Sunrun Incorporated | (1,010) | (56,338) | (1.56) | |
Machinery | ||||
SMC Corporation | (200) | (118,187) | (3.27) | |
Marine | ||||
AP Moller-Maersk AS | (37) | (102,777) | (2.85) | |
Professional services | ||||
Costar Group Incorporated | (790) | (65,428) | (1.81) | |
Experian plc | (2,556) | (98,505) | (2.73) | |
Thomson Reuters Corporation | (1,200) | (119,197) | (3.30) | |
Road & rail | ||||
Central Japan Railway Company | (700) | (106,170) | (2.94) | |
East Japan Railway Company | (2,800) | (199,789) | (5.53) | |
John Laing Group plc | (8,413) | (46,528) | (1.29) | |
Uber Technologies Incorporated | (1,667) | (83,550) | (2.31) | |
(1,508,777) | ||||
Information technology | ||||
Electronic equipment, instruments & components | ||||
Hexagon AB Series B | (6,629) | (98,218) | (2.72) | |
Horiba Limited | (800) | (51,848) | (1.44) | |
Keyence Corporation | (500) | (252,352) | (6.99) | |
Kyocera Corporation | (3,300) | (204,009) | (5.65) | |
IT services | ||||
Fidelity National Information Service | (1,120) | (158,670) | (4.39) | |
Fiserv Incorporated | (1,253) | (133,933) | (3.71) | |
Global Payments Incorporated | (784) | (147,031) | (4.07) | |
Okta Incorporated | (204) | (49,915) | (1.38) | |
Twilio Incorporated Class A | (118) | (46,511) | (1.29) | |
Visa Incorporated Class A | (244) | (57,052) | (1.58) | |
Semiconductors & semiconductor equipment | ||||
Intel Corporation | (1,281) | (71,915) | (1.99) | |
Nvidia Corporation | (122) | (97,612) | (2.70) | |
Software | ||||
Proofpoint Incorporated | (239) | (41,529) | (1.15) | |
salesforce.com Incorporated | (319) | (77,922) | (2.16) | |
Splunk Incorporated | (576) | (83,278) | (2.31) | |
(1,571,795) | ||||
Materials | ||||
Chemicals | ||||
Air Liquide SA | (217) | (37,994) | (1.05) | |
Dupont De Nemours Incorporated | (502) | (38,860) | (1.08) | |
Linde plc | (638) | (184,446) | (5.11) | |
Nippon Paint Holdings Company Limited | (7,200) | (97,733) | (2.71) | |
Shin-Etsu Chemical Company Limited | (400) | (66,898) | (1.85) | |
Metals & mining | ||||
Barrick Gold Corporation | (2,900) | (59,984) | (1.66) | |
Franco-Nevada Corporation | (700) | (101,584) | (2.81) | |
Ivanhoe Mines Limited Class A | (6,300) | (45,486) | (1.26) | |
(632,985) |
Reference asset | Shares | Value | % of swapbasket value | |
Short positions (continued) | ||||
Real estate | ||||
Equity REITs | ||||
Kilroy Realty Corporation | (546) | $ (38,023) | (1.05)% | |
Utilities | ||||
Independent power & renewable electricity producers | ||||
Brookfield Renewable Corporation Class A | (900) | (37,812) | (1.05) |
Abbreviations: | |
REIT | Real estate investment trust |
Assets | |
Investments in unaffiliated securities, at value (cost $30,116,856) | $ 30,116,763 |
Investments in affiliated securites, at value (cost $19,278,685) | 19,278,685 |
Cash | 321,034 |
Cash at broker segregated for futures contracts | 7,885,297 |
Receivable for Fund shares sold | 14,848,480 |
Unrealized gains on forward foreign currency contracts | 1,280,102 |
Receivable for daily variation margin on open futures contracts | 324,106 |
Unrealized gains on swap contracts | 163,929 |
Receivable for interest | 401 |
Receivable from manager | 146 |
Prepaid expenses and other assets | 43,020 |
Total assets | 74,261,963 |
Liabilities | |
Unrealized losses on forward foreign currency contracts | 1,019,520 |
Due to broker | 506,201 |
Payable for daily variation margin on open futures contracts | 426,134 |
Cash collateral due to broker for forward foreign currency contracts | 240,000 |
Payable for Fund shares redeemed | 8,008 |
Administration fees payable | 1,420 |
Trustees’ fees and expenses payable | 1,056 |
Total liabilities | 2,202,339 |
Total net assets | $72,059,624 |
Net assets consist of | |
Paid-in capital | $ 73,461,064 |
Total distributable loss | (1,401,440) |
Total net assets | $72,059,624 |
Computation of net asset value per share | |
Net assets – Class R6 | $ 72,038,523 |
Shares outstanding – Class R61 | 8,514,274 |
Net asset value per share – Class R6 | $8.46 |
Net assets – Institutional Class | $ 21,101 |
Shares outstanding – Institutional Class1 | 2,500 |
Net asset value per share – Institutional Class | $8.44 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 22,670 |
Income from affiliated securities | 8,577 |
Total investment income | 31,247 |
Expenses | |
Management fee | 419,592 |
Administration fees | |
Class R6 | 20,974 |
Institutional Class | 26 |
Custody and accounting fees | 69,185 |
Professional fees | 89,532 |
Registration fees | 52,441 |
Shareholder report expenses | 31,217 |
Trustees’ fees and expenses | 21,243 |
Other fees and expenses | 61,560 |
Total expenses | 765,770 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (332,168) |
Institutional Class | (4) |
Net expenses | 433,598 |
Net investment loss | (402,351) |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (80,923) |
Forward foreign currency contracts | 135,301 |
Futures contracts | 3,865,063 |
Swap contracts | (1,817,951) |
Net realized gains on investments | 2,101,490 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (30,161) |
Forward foreign currency contracts | 784,186 |
Futures contracts | 170,594 |
Swap contracts | 4,684 |
Net change in unrealized gains (losses) on investments | 929,303 |
Net realized and unrealized gains (losses) on investments | 3,030,793 |
Net increase in net assets resulting from operations | $ 2,628,442 |
Year ended June 30, 2021 | Year ended June 30, 2020 | |||
Operations | ||||
Net investment income (loss) | $ (402,351) | $ 907,712 | ||
Net realized gains (losses) on investments | 2,101,490 | (16,733,363) | ||
Net change in unrealized gains (losses) on investments | 929,303 | (966,567) | ||
Net increase (decrease) in net assets resulting from operations | 2,628,442 | (16,792,218) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class R6 | 0 | (1,035,896) | ||
Institutional Class | 0 | (233) | ||
Total distributions to shareholders | 0 | (1,036,129) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class R6 | 6,163,717 | 50,264,988 | 8,031,702 | 77,333,419 |
Reinvestment of distributions | ||||
Class R6 | 0 | 0 | 64,136 | 622,954 |
Payment for shares redeemed | ||||
Class R6 | (5,848,516) | (46,618,904) | (3,894,265) | (33,323,865) |
Net increase in net assets resulting from capital share transactions | 3,646,084 | 44,632,508 | ||
Total increase in net assets | 6,274,526 | 26,804,161 | ||
Net assets | ||||
Beginning of period | 65,785,098 | 38,980,937 | ||
End of period | $ 72,059,624 | $ 65,785,098 |
Year ended June 30 | |||
Class R6 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $8.02 | $9.75 | $10.00 |
Net investment income (loss) | (0.05) 2 | 0.10 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.49 | (1.73) | (0.32) |
Total from investment operations | 0.44 | (1.63) | (0.25) |
Distributions to shareholders from | |||
Net investment income | 0.00 | (0.03) | 0.00 |
Net realized gains | 0.00 | (0.07) | 0.00 |
Total distributions to shareholders | 0.00 | (0.10) | 0.00 |
Net asset value, end of period | $8.46 | $8.02 | $9.75 |
Total return3 | 5.49% | (16.78)% | (2.50)% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.09% | 1.04% | 1.56% |
Net expenses | 0.62% | 0.62% | 0.62% |
Net investment income (loss) | (0.58)% | 1.03% | 1.78% |
Supplemental data | |||
Portfolio turnover rate | 0% | 0% | 0% |
Net assets, end of period (000s omitted) | $72,039 | $65,765 | $38,957 |
1 | For the period from January 29, 2019 (commencement of class operations) to June 30, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||
Institutional Class | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $8.02 | $9.74 | $10.00 |
Net investment income (loss) | (0.05) | 0.09 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.47 | (1.72) | (0.33) |
Total from investment operations | 0.42 | (1.63) | (0.26) |
Distributions to shareholders from | |||
Net investment income | 0.00 | (0.02) | 0.00 |
Net realized gains | 0.00 | (0.07) | 0.00 |
Total distributions to shareholders | 0.00 | (0.09) | 0.00 |
Net asset value, end of period | $8.44 | $8.02 | $9.74 |
Total return2 | 5.24% | (16.87)% | (2.60)% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.21% | 1.15% | 1.68% |
Net expenses | 0.72% | 0.72% | 0.72% |
Net investment income (loss) | (0.68)% | 0.95% | 1.69% |
Supplemental data | |||
Portfolio turnover rate | 0% | 0% | 0% |
Net assets, end of period (000s omitted) | $21 | $20 | $24 |
1 | For the period from January 29, 2019 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 8,627 |
Gross unrealized losses | (385,469) |
Net unrealized losses | $(376,842) |
Paid-in capital | Total distributable loss |
$(9,944,633) | $9,944,633 |
■ | 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 inpouts (level 3) | Total | |
Assets | ||||
Investments in: | ||||
Short-term investments | ||||
Investment companies | $ 19,278,685 | $ 0 | $0 | $ 19,278,685 |
U.S. Treasury securities | 30,116,763 | 0 | 0 | 30,116,763 |
49,395,448 | 0 | 0 | 49,395,448 | |
Forward foreign currency contracts | 0 | 1,280,102 | 0 | 1,280,102 |
Futures contracts | 879,286 | 0 | 0 | 879,286 |
Swap contracts | 0 | 163,929 | 0 | 163,929 |
Total assets | $50,274,734 | $1,444,031 | $0 | $51,718,765 |
Liabilitites | ||||
Forward foreign currency contracts | $ 0 | $ 1,019,520 | $0 | $ 1,019,520 |
Futures contracts | 1,017,728 | 0 | 0 | 1,017,728 |
Total liabilities | $ 1,017,728 | $1,019,520 | $0 | $ 2,037,248 |
Average daily net assets | Management fee |
First $500 million | 0.600% |
Next $500 million | 0.575 |
Next $2 billion | 0.550 |
Next $2 billion | 0.525 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class R6 | 0.03% |
Institutional Class | 0.13 |
Expense ratio caps | |
Class R6 | 0.62% |
Institutional Class | 0.72 |
Futures contracts | |
Average notional balance on long futures | $100,474,473 |
Average notional balance on short futures | 75,613,334 |
Forward foreign currency contracts | |
Average contract amounts to buy | $ 87,265,237 |
Average contract amounts to sell | 70,619,190 |
Swap contracts | |
Average notional balance | $ 5,771,590 |
Asset derivatives | Liability derivatives | ||||
Consolidated Statement of Assets and Liabilities location | Fair value | Consolidated Statement of Assets and Liabilities location | Fair value | ||
Interest rate risk | Unrealized gains on futures contracts | $ 271,841* | Unrealized losses on futures contracts | $ 573,454* | |
Commodity risk | Unrealized gains on futures contracts | 586,397* | Unrealized losses on futures contracts | 412,626* | |
Equity risk | Unrealized gains on futures contracts | 21,048* | Unrealized losses on futures contracts | 31,648* | |
Unrealized gains on swaps contracts | 163,929 | Unrealized losses on swaps contracts | 0 | ||
Foreign currency risk | Unrealized gains on forward foreign currency contracts | 1,280,102 | Unrealized losses on forward foreign currency contracts | 1,019,520 | |
$2,323,317 | $2,037,248 |
Amount of realized gains (losses) on derivatives | ||||
Futures contracts | Forward foreign currency contracts | Swap contracts | Total | |
Interest rate risk | $ (818,061) | $ 0 | $ 0 | $ (818,061) |
Commodity risk | 3,848,868 | 0 | 0 | 3,848,868 |
Equity risk | 834,256 | 0 | (1,817,951) | (983,695) |
Foreign currency risk | 0 | 135,301 | 0 | 135,301 |
$3,865,063 | $135,301 | $(1,817,951) | $2,182,413 |
Change in unrealized gains (losses) on derivatives | ||||
Futures contracts | Forward foreign currency contracts | Swap contracts | Total | |
Interest rate risk | $ (38,345) | $ 0 | $ 0 | $ (38,345) |
Commodity risk | 298,813 | 0 | 0 | 298,813 |
Equity risk | (89,874) | 0 | 4,684 | (85,190) |
Foreign currency risk | 0 | 784,186 | 0 | 784,186 |
$170,594 | $784,186 | $4,684 | $959,464 |
Counterparty | Gross amounts of assets in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral received | Net amount |
Goldman Sachs International | $1,444,031 | $(1,019,520) | $(240,000) | $184,511 |
Counterparty | Gross amounts of liabilities in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount |
Goldman Sachs International | $1,019,520 | $(1,019,520) | $0 | $0 |
Year ended June 30 | ||
2021 | 2020 | |
Ordinary income | $0 | $323,741 |
Long-term capital gain | 0 | 712,388 |
Unrealized losses | Late-year ordinary losses deferred | Capital loss carryforward |
$(376,791) | $(400,318) | $(624,331) |
Wells Fargo Funds Trust:
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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. |
Wells Fargo Alternative Risk Premia Fund |
Wells Fargo Global Investment Grade Credit Fund |
Wells Fargo Low Volatility U.S. Equity Fund |
Wells Fargo Municipal Sustainability Fund |
Wells Fargo Special International Small Cap Fund |
■ | 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 each 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 Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g174124img4af09f541.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-262222/g174124img3dec8ae06.jpg)
A295/AR295 06-21
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered
to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by
the Registrant’s audit committee.
Fiscal year ended | Fiscal year ended | |||||||
June 30, 2021 | June 30, 2020 | |||||||
Audit fees | $ | 662,670 | $ | 603,390 | ||||
Audit-related fees | — | — | ||||||
Tax fees (1) | 31,320 | 28,540 | ||||||
All other fees | — | — | ||||||
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|
|
| |||||
$ | 693,990 | $ | 631,930 | |||||
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(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management.
Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) 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) Code of Ethics.
(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 |