| Municipal Bonds - 98.7% | | | |
| | | Principal Amount | Value |
| Guam - 0.5% | | | |
| Guam Int'l. Arpt. Auth. Rev.: | | | |
| Series 2013 C, 6.25% 10/1/34 (a) | | $850,000 | $893,954 |
| Series 2019 A, 5% 10/1/23 (a) | | 825,000 | 842,540 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | | 1,100,000 | 1,116,225 |
|
| TOTAL GUAM | | | 2,852,719 |
|
| Minnesota - 98.2% | | | |
| Anoka-Hennepin Independent School District 11 Series 2014 A: | | | |
| 5% 2/1/23 | | 805,000 | 885,041 |
| 5% 2/1/24 | | 1,110,000 | 1,256,154 |
| 5% 2/1/25 | | 1,015,000 | 1,145,407 |
| 5% 2/1/26 | | 1,220,000 | 1,378,685 |
| 5% 2/1/27 | | 1,285,000 | 1,450,611 |
| 5% 2/1/28 | | 1,345,000 | 1,517,268 |
| 5% 2/1/29 | | 1,415,000 | 1,594,549 |
| 5% 2/1/34 | | 1,800,000 | 2,020,554 |
| Chaska Elec. Rev. Series 2015 A: | | | |
| 5% 10/1/26 | | 1,000,000 | 1,181,890 |
| 5% 10/1/27 | | 1,665,000 | 1,957,274 |
| 5% 10/1/29 | | 785,000 | 917,853 |
| Chaska Independent School District #112 Gen. Oblig. (Minnesota School District Cr. Enhancement Prog.) Series 2016 A: | | | |
| 5% 2/1/30 | | 1,400,000 | 1,660,666 |
| 5% 2/1/31 | | 3,600,000 | 4,248,324 |
| City of Virginia Series 2020 A: | | | |
| 4% 2/1/37 (FSA Insured) | | 1,000,000 | 1,123,970 |
| 4% 2/1/39 (FSA Insured) | | 1,000,000 | 1,117,310 |
| Cloquet Independent School District #94 Series 2015 B: | | | |
| 5% 2/1/28 | | 3,030,000 | 3,546,130 |
| 5% 2/1/31 | | 1,245,000 | 1,450,089 |
| Ctr. City Health Care Facilities (Hazelden Betty Ford Foundation Proj.) Series 2014: | | | |
| 5% 11/1/23 | | 775,000 | 855,523 |
| 5% 11/1/25 | | 250,000 | 281,270 |
| 5% 11/1/26 | | 500,000 | 561,255 |
| 5% 11/1/27 | | 420,000 | 470,358 |
| Dawson-Boyd Independent School District Series 2019 A: | | | |
| 4% 2/1/33 | | 1,140,000 | 1,317,817 |
| 4% 2/1/36 | | 1,360,000 | 1,556,697 |
| 4% 2/1/37 | | 1,200,000 | 1,370,028 |
| Dilworth-Glyndon-Felton ISD No. 2164 Series 2020 A, 4% 2/1/34 | | 1,000,000 | 1,121,810 |
| Duluth Econ. Dev. Auth. Health Care Facilities Rev. Series 2018 A: | | | |
| 5% 2/15/43 | | 1,500,000 | 1,731,435 |
| 5% 2/15/48 | | 3,000,000 | 3,447,030 |
| 5% 2/15/58 | | 3,125,000 | 3,522,250 |
| Duluth Gen. Oblig. Series 2016 A: | | | |
| 5% 2/1/30 | | 1,235,000 | 1,464,191 |
| 5% 2/1/31 | | 1,495,000 | 1,767,882 |
| 5% 2/1/32 | | 2,130,000 | 2,514,891 |
| Duluth Independent School District #709 Ctfs. of Prtn. Series 2019 B: | | | |
| 5% 2/1/21 | | 300,000 | 308,780 |
| 5% 2/1/22 | | 320,000 | 340,323 |
| 5% 2/1/23 | | 380,000 | 416,450 |
| 5% 2/1/24 | | 400,000 | 451,232 |
| 5% 2/1/25 | | 375,000 | 434,494 |
| 5% 2/1/26 | | 395,000 | 468,304 |
| 5% 2/1/27 | | 370,000 | 447,508 |
| 5% 2/1/28 | | 350,000 | 431,729 |
| Elk River Independent School District #728: | | | |
| Series 2019 A, 3% 2/1/33 | | 2,925,000 | 3,087,689 |
| Series 2020 A, 4% 2/1/31 | | 2,120,000 | 2,496,194 |
| Forest Lake Series 2019 A, 4% 2/1/31 | | 1,790,000 | 2,122,743 |
| Hennepin County Gen. Oblig.: | | | |
| Series 2016 A: | | | |
| 5% 12/1/39 | | 5,250,000 | 6,290,130 |
| 5% 12/1/40 | | 7,200,000 | 8,611,488 |
| Series 2016 B, 5% 12/1/31 | | 1,135,000 | 1,384,541 |
| Series 2019 B, 5% 12/15/39 | | 3,725,000 | 4,686,572 |
| Jordan Ind. School District: | | | |
| Series 2014 A: | | | |
| 5% 2/1/28 | | 960,000 | 1,057,421 |
| 5% 2/1/29 (Pre-Refunded to 2/1/29 @ 100) | | 1,000,000 | 1,099,250 |
| 5% 2/1/30 (Pre-Refunded to 2/1/30 @ 100) | | 1,245,000 | 1,368,566 |
| Series A, 5% 2/1/28 (Pre-Refunded to 2/1/28 @ 100) | | 40,000 | 43,970 |
| Maple Grove Health Care Sys. Rev.: | | | |
| Series 2015: | | | |
| 4% 9/1/35 | | 1,250,000 | 1,345,963 |
| 5% 9/1/25 | | 215,000 | 251,862 |
| 5% 9/1/28 | | 695,000 | 808,619 |
| 5% 9/1/30 | | 1,500,000 | 1,738,005 |
| 5% 9/1/31 | | 1,300,000 | 1,501,747 |
| 5% 9/1/32 | | 1,000,000 | 1,152,220 |
| Series 2017: | | | |
| 5% 5/1/26 | | 1,355,000 | 1,609,930 |
| 5% 5/1/27 | | 1,400,000 | 1,698,284 |
| 5% 5/1/28 | | 2,915,000 | 3,510,913 |
| 5% 5/1/29 | | 1,000,000 | 1,201,120 |
| 5% 5/1/30 | | 850,000 | 1,018,453 |
| 5% 5/1/31 | | 510,000 | 608,588 |
| 5% 5/1/32 | | 500,000 | 594,685 |
| Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.: | | | |
| (Allina Health Sys. Proj.) Series 2017 A: | | | |
| 5% 11/15/27 | | 1,250,000 | 1,538,388 |
| 5% 11/15/28 | | 2,730,000 | 3,351,157 |
| 5% 11/15/29 | | 1,040,000 | 1,273,355 |
| (Children's Health Care Proj.): | | | |
| Series 1995 B, 5% 8/15/25 (Pre-Refunded to 8/15/20 @ 100) | | 3,000,000 | 3,042,630 |
| Series 2010 A, 5.25% 8/15/25 (Pre-Refunded to 8/15/20 @ 100) | | 1,000,000 | 1,015,510 |
| (Children's Hospitals and Clinics Proj.) Series 2004 A1, 5% 8/15/34 (Pre-Refunded to 8/15/20 @ 100) | | 500,000 | 507,105 |
| Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | | | |
| Series 2012 B: | | | |
| 5% 1/1/26 | | 1,250,000 | 1,318,400 |
| 5% 1/1/27 | | 1,500,000 | 1,582,080 |
| Series 2014 A: | | | |
| 5% 1/1/26 | | 3,015,000 | 3,358,167 |
| 5% 1/1/28 | | 4,000,000 | 4,447,600 |
| 5% 1/1/29 | | 2,150,000 | 2,390,585 |
| 5% 1/1/30 | | 2,000,000 | 2,223,800 |
| 5% 1/1/31 | | 6,020,000 | 6,691,290 |
| Series 2016 A: | | | |
| 5% 1/1/30 | | 4,000,000 | 4,781,160 |
| 5% 1/1/31 | | 2,350,000 | 2,804,702 |
| 5% 1/1/32 | | 2,900,000 | 3,453,465 |
| Series 2016 C, 5% 1/1/46 | | 4,770,000 | 5,528,573 |
| Series 2016 D: | | | |
| 5% 1/1/23 (a) | | 670,000 | 723,808 |
| 5% 1/1/27 (a) | | 350,000 | 408,468 |
| 5% 1/1/28 (a) | | 430,000 | 500,193 |
| 5% 1/1/29 (a) | | 225,000 | 261,221 |
| 5% 1/1/30 (a) | | 475,000 | 551,114 |
| 5% 1/1/31 (a) | | 200,000 | 231,700 |
| 5% 1/1/32 (a) | | 200,000 | 231,190 |
| 5% 1/1/33 (a) | | 220,000 | 253,825 |
| 5% 1/1/34 (a) | | 225,000 | 259,164 |
| 5% 1/1/35 (a) | | 225,000 | 258,455 |
| 5% 1/1/36 (a) | | 220,000 | 251,720 |
| 5% 1/1/37 (a) | | 250,000 | 285,403 |
| 5% 1/1/41 (a) | | 725,000 | 822,418 |
| Minneapolis Health Care Sys. Rev.: | | | |
| Series 2015 A: | | | |
| 5% 11/15/27 (FSA Insured) | | 850,000 | 1,011,611 |
| 5% 11/15/28 | | 1,380,000 | 1,638,929 |
| 5% 11/15/29 | | 1,000,000 | 1,185,150 |
| 5% 11/15/30 | | 1,000,000 | 1,182,510 |
| 5% 11/15/31 | | 3,665,000 | 4,325,323 |
| 5% 11/15/32 | | 2,200,000 | 2,592,106 |
| Series 2018 A: | | | |
| 5% 11/15/35 | | 2,500,000 | 3,080,900 |
| 5% 11/15/36 | | 2,500,000 | 3,067,575 |
| Minneapolis Spl. School District: | | | |
| (Minnesota School District Cr. Enhancement Prog.): | | | |
| Series 2019 A, 5% 2/1/32 | | 1,125,000 | 1,440,045 |
| Series 2019 B, 5% 2/1/32 | | 1,815,000 | 2,323,273 |
| (MN SD Cr. Enhancement Prog.): | | | |
| Series 2017 B, 5% 2/1/29 | | 2,590,000 | 3,275,987 |
| Series 2018 A, 5% 2/1/33 | | 1,000,000 | 1,249,210 |
| Series 2018 B, 5% 2/1/33 | | 3,190,000 | 3,984,980 |
| Series 2017 A, 4% 2/1/33 | | 1,415,000 | 1,642,419 |
| Series 2017 B: | | | |
| 4% 2/1/33 | | 2,595,000 | 3,012,068 |
| 4% 2/1/34 | | 2,595,000 | 2,993,774 |
| Minneapolis Spl. School District #1 Ctfs. of Prtn. Series 2016 C, 5% 2/1/31 | | 1,915,000 | 2,346,947 |
| Minnesota Ctfs. Prtn. (Minnesota Gen. Oblig. Proj.) Series 2014, 5% 6/1/39 | | 2,445,000 | 2,730,405 |
| Minnesota Gen. Oblig.: | | | |
| Series 2010 D: | | | |
| 5% 8/1/21 (Pre-Refunded to 8/1/20 @ 100) | | 15,000 | 15,193 |
| 5% 8/1/22 (Pre-Refunded to 8/1/20 @ 100) | | 70,000 | 70,902 |
| 5% 8/1/23 (Pre-Refunded to 8/1/20 @ 100) | | 145,000 | 146,868 |
| Series 2011 B: | | | |
| 5% 10/1/24 | | 2,500,000 | 2,643,025 |
| 5% 10/1/30 | | 3,000,000 | 3,163,800 |
| Series 2015 A, 5% 8/1/33 | | 1,900,000 | 2,252,146 |
| Series 2017 A: | | | |
| 5% 10/1/31 | | 5,000,000 | 6,262,000 |
| 5% 10/1/33 | | 3,335,000 | 4,158,045 |
| Series 2018 B, 4% 8/1/35 | | 5,270,000 | 6,126,902 |
| Series 2019 A, 5% 8/1/35 | | 5,000,000 | 6,462,000 |
| Minnesota Higher Ed. Facilities Auth. Rev.: | | | |
| (Macalester College, MN Proj.) Series 2017: | | | |
| 5% 3/1/28 | | 400,000 | 491,808 |
| 5% 3/1/30 | | 500,000 | 612,740 |
| (Univ. of St Thomas) Series 2017 A: | | | |
| 5% 10/1/27 | | 500,000 | 599,780 |
| 5% 10/1/28 | | 735,000 | 876,561 |
| 5% 10/1/29 | | 750,000 | 889,178 |
| 5% 10/1/30 | | 655,000 | 774,387 |
| Series 2016 A, 5% 5/1/46 | | 3,610,000 | 3,433,471 |
| Series 2017 A, 4% 10/1/35 | | 800,000 | 867,912 |
| Series 2017: | | | |
| 5% 3/1/28 | | 2,000,000 | 2,469,400 |
| 5% 3/1/31 | | 1,000,000 | 1,226,420 |
| 5% 10/1/31 | | 590,000 | 693,498 |
| 5% 3/1/34 | | 530,000 | 644,263 |
| 5% 10/1/34 | | 440,000 | 508,548 |
| 5% 10/1/35 | | 555,000 | 639,499 |
| Series 2018 A: | | | |
| 5% 10/1/34 | | 1,140,000 | 1,261,969 |
| 5% 10/1/45 | | 3,650,000 | 3,934,956 |
| Series 2019: | | | |
| 3% 12/1/21 | | 75,000 | 76,791 |
| 3% 12/1/22 | | 100,000 | 100,081 |
| 3% 12/1/23 | | 100,000 | 99,858 |
| 4% 12/1/24 | | 100,000 | 103,870 |
| 4% 12/1/25 | | 180,000 | 186,997 |
| 4% 12/1/26 | | 190,000 | 197,566 |
| 4% 12/1/27 | | 195,000 | 202,636 |
| 4% 12/1/28 | | 240,000 | 249,494 |
| 4% 12/1/29 | | 285,000 | 297,338 |
| 4% 12/1/30 | | 150,000 | 155,307 |
| 4% 12/1/31 | | 450,000 | 463,356 |
| 4% 12/1/32 | | 290,000 | 296,400 |
| 4% 12/1/33 | | 250,000 | 253,530 |
| 4% 12/1/34 | | 225,000 | 227,156 |
| 4% 12/1/40 | | 950,000 | 941,070 |
| 5% 10/1/29 | | 400,000 | 491,980 |
| 5% 10/1/40 | | 1,000,000 | 1,167,600 |
| Series Eight-G, 5% 12/1/31 | | 1,000,000 | 1,178,480 |
| Series Eight-J: | | | |
| 5% 3/1/26 | | 1,015,000 | 1,183,317 |
| 5% 3/1/27 | | 500,000 | 583,945 |
| Series Eight-L: | | | |
| 5% 4/1/28 | | 920,000 | 1,068,120 |
| 5% 4/1/29 | | 1,005,000 | 1,163,991 |
| 5% 4/1/35 | | 500,000 | 571,730 |
| Minnesota Hsg. Fin. Agcy.: | | | |
| (Mtg. Backed Securities Pass Through Prog.) Series 2019 C, 3.15% 6/1/49 | | 1,928,845 | 2,004,995 |
| (Mtg.-Backed Securities Pass-Through Prog.) Series H, 2.47% 1/1/50 | | 4,025,623 | 4,090,435 |
| Series 2015 A: | | | |
| 5% 8/1/29 | | 1,000,000 | 1,145,580 |
| 5% 8/1/30 | | 1,000,000 | 1,146,490 |
| 5% 8/1/31 | | 1,000,000 | 1,144,680 |
| 5% 8/1/32 | | 1,000,000 | 1,143,780 |
| 5% 8/1/33 | | 1,000,000 | 1,142,420 |
| Series 2019 B, 4.25% 7/1/49 | | 4,795,000 | 5,232,640 |
| Series B, 3.5% 7/1/50 | | 10,680,000 | 11,259,390 |
| Minnesota Muni. Pwr. Agcy. Elec. Rev.: | | | |
| Series 2014 A, 5% 10/1/26 | | 830,000 | 956,359 |
| Series 2014: | | | |
| 5% 10/1/26 | | 630,000 | 725,911 |
| 5% 10/1/27 | | 750,000 | 861,360 |
| 5% 10/1/30 | | 1,000,000 | 1,144,740 |
| Series 2016: | | | |
| 4% 10/1/41 | | 1,000,000 | 1,092,470 |
| 5% 10/1/32 | | 1,500,000 | 1,783,755 |
| 5% 10/1/33 | | 400,000 | 475,396 |
| 5% 10/1/35 | | 400,000 | 473,520 |
| 5% 10/1/36 | | 1,000,000 | 1,181,790 |
| 5% 10/1/47 | | 2,000,000 | 2,327,820 |
| Minnesota Pub. Facilities Auth. Rev. Series 2016 A: | | | |
| 5% 3/1/29 | | 5,000,000 | 5,967,650 |
| 5% 3/1/30 | | 5,150,000 | 6,127,470 |
| Minnesota State Colleges & Univs. Board of Trustees Rev. Series 2011 A, 5% 10/1/30 | | 1,495,000 | 1,576,627 |
| Minnesota State Gen. Fdg. Rev.: | | | |
| Series 2012 B: | | | |
| 5% 3/1/27 | | 12,840,000 | 13,700,152 |
| 5% 3/1/28 | | 4,275,000 | 4,558,048 |
| Series 2014 A: | | | |
| 5% 6/1/27 | | 5,000,000 | 5,548,000 |
| 5% 6/1/38 | | 5,000,000 | 5,455,400 |
| Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 | | 2,500,000 | 2,676,350 |
| Moorhead ISD No. 152 Series 2020 A, 4% 2/1/31 | | 2,015,000 | 2,362,829 |
| Mounds View Independent School District #621 Series 2018 A, 5% 2/1/29 | | 6,840,000 | 8,421,271 |
| North Branch Independent School District #138 Series 2017 A, 4% 2/1/29 | | 2,015,000 | 2,324,645 |
| North St Paul Maplewood Minn I (MN SD Cr. Enhancement Prog.) Series 2019 B, 4% 2/1/32 | | 3,120,000 | 3,614,645 |
| Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | | | |
| Series 2013 A: | | | |
| 5% 1/1/23 | | 850,000 | 934,575 |
| 5% 1/1/24 | | 650,000 | 712,082 |
| 5% 1/1/25 | | 975,000 | 1,067,021 |
| 5% 1/1/31 | | 1,740,000 | 1,890,458 |
| Series 2016: | | | |
| 5% 1/1/28 | | 500,000 | 588,010 |
| 5% 1/1/29 | | 620,000 | 726,541 |
| 5% 1/1/30 | | 520,000 | 606,268 |
| 5% 1/1/31 | | 350,000 | 406,207 |
| Series 2017: | | | |
| 5% 1/1/29 | | 460,000 | 556,996 |
| 5% 1/1/31 | | 400,000 | 480,480 |
| 5% 1/1/33 | | 475,000 | 565,231 |
| 5% 1/1/35 | | 520,000 | 616,054 |
| Robbinsdale Independent School District 281 (MN SD Cr. Enhancement Prog.) Series 2019 B: | | | |
| 5% 2/1/29 | | 1,010,000 | 1,258,864 |
| 5% 2/1/30 | | 955,000 | 1,185,518 |
| Rochester Elec. Util. Rev.: | | | |
| Series 2013 B: | | | |
| 5% 12/1/26 | | 570,000 | 642,145 |
| 5% 12/1/27 | | 275,000 | 309,386 |
| 5% 12/1/28 | | 275,000 | 309,073 |
| 5% 12/1/43 | | 1,000,000 | 1,116,320 |
| Series 2017 A: | | | |
| 5% 12/1/42 | | 1,100,000 | 1,291,532 |
| 5% 12/1/47 | | 1,000,000 | 1,170,070 |
| Rochester Health Care Facilities Rev.: | | | |
| (Mayo Clinic Proj.) Series 2008 E, 5% 11/15/38 | | 4,000,000 | 4,014,040 |
| (Olmsted Med. Ctr. Proj.) Series 2013: | | | |
| 5% 7/1/21 | | 790,000 | 825,424 |
| 5% 7/1/22 | | 350,000 | 377,766 |
| 5% 7/1/24 | | 300,000 | 332,328 |
| 5% 7/1/27 | | 345,000 | 379,324 |
| 5% 7/1/28 | | 225,000 | 246,724 |
| 5% 7/1/33 | | 1,225,000 | 1,318,860 |
| Bonds (Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (b) | | 1,100,000 | 1,144,297 |
| Series 2012, 4% 11/15/41 | | 1,205,000 | 1,259,984 |
| Series 2016 B: | | | |
| 5% 11/15/31 | | 3,225,000 | 4,342,301 |
| 5% 11/15/35 | | 4,000,000 | 5,632,120 |
| 4% 11/15/48 | | 400,000 | 449,308 |
| Roseville Independent School District #623: | | | |
| (Minnesota Gen. Oblig.) Series 2018 A, 5% 2/1/31 | | 5,000,000 | 6,059,150 |
| (MN School District Cr. Enhancement Prog.) Series 2018 A: | | | |
| 5% 2/1/26 | | 2,400,000 | 2,864,544 |
| 5% 2/1/29 | | 5,180,000 | 6,309,706 |
| Saint Cloud Health Care Rev.: | | | |
| Series 2014 B, 5% 5/1/22 | | 1,950,000 | 2,097,030 |
| Series 2016 A: | | | |
| 5% 5/1/29 | | 1,000,000 | 1,187,600 |
| 5% 5/1/30 | | 1,000,000 | 1,183,790 |
| 5% 5/1/31 | | 1,000,000 | 1,179,570 |
| 5% 5/1/46 | | 5,000,000 | 5,650,050 |
| Series 2019, 5% 5/1/48 | | 6,000,000 | 7,018,320 |
| 5.125% 5/1/30 | | 310,000 | 310,893 |
| Saint Paul Hsg. & Redev. Auth. Hosp. Rev. (HealthEast Care Sys. Proj.) Series 2015 A: | | | |
| 5% 11/15/27 (Pre-Refunded to 11/15/25 @ 100) | | 2,515,000 | 3,023,709 |
| 5% 11/15/30 (Pre-Refunded to 11/15/25 @ 100) | | 1,585,000 | 1,905,598 |
| Saint Paul Sales Tax Rev. Series 2014 G: | | | |
| 5% 11/1/26 | | 1,000,000 | 1,156,780 |
| 5% 11/1/28 | | 1,000,000 | 1,151,510 |
| Shakopee Health Care Facilities Rev. Series 2014: | | | |
| 5% 9/1/23 | | 1,895,000 | 2,101,062 |
| 5% 9/1/24 | | 1,000,000 | 1,136,740 |
| 5% 9/1/25 | | 1,345,000 | 1,529,023 |
| 5% 9/1/26 | | 1,575,000 | 1,785,830 |
| 5% 9/1/28 | | 1,000,000 | 1,131,300 |
| 5% 9/1/34 | | 1,065,000 | 1,183,716 |
| Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | | | |
| (Cap. Appreciation) Series 1994 A: | | | |
| 0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 14,670,000 | 14,532,944 |
| 0% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 3,165,000 | 2,880,530 |
| Series 2015 A: | | | |
| 5% 1/1/28 | | 1,000,000 | 1,182,010 |
| 5% 1/1/34 | | 1,695,000 | 1,974,200 |
| 5% 1/1/36 | | 1,000,000 | 1,160,000 |
| 5% 1/1/41 | | 1,000,000 | 1,149,460 |
| Series 2019 A, 5% 1/1/34 | | 1,230,000 | 1,566,934 |
| St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev.: | | | |
| (Fairview Hsp & Hltcare Srv Sys. Proj.) 5% 11/15/47 | | 7,350,000 | 8,674,617 |
| Series 2015 A: | | | |
| 5% 7/1/29 | | 5,000,000 | 5,810,600 |
| 5% 7/1/30 | | 5,000,000 | 5,788,450 |
| Series 2017 A: | | | |
| 5% 11/15/30 | | 650,000 | 797,901 |
| 5% 11/15/31 | | 845,000 | 1,034,610 |
| 5% 11/15/33 | | 800,000 | 976,928 |
| 5% 11/15/34 | | 665,000 | 808,600 |
| Univ. of Minnesota Gen. Oblig.: | | | |
| Series 2016: | | | |
| 5% 4/1/37 | | 2,125,000 | 2,540,098 |
| 5% 4/1/41 | | 6,000,000 | 7,126,680 |
| Series 2017 A: | | | |
| 5% 9/1/33 | | 5,025,000 | 6,205,724 |
| 5% 9/1/37 | | 3,880,000 | 4,737,519 |
| Series 2017 B, 5% 12/1/32 | | 2,000,000 | 2,489,320 |
| Series 2019 A, 5% 4/1/44 | | 5,000,000 | 6,229,800 |
| Univ. of Minnesota Spl. Purp. Rev.: | | | |
| (Biomedical Science Research Facilities Fdg. Prog.) Series 2013 C, 5% 8/1/38 | | 5,275,000 | 5,846,072 |
| (State Supported Biomedical Science Research Facilities Fdg. Prog.) Series 2011 B, 5% 8/1/25 | | 2,095,000 | 2,198,598 |
| Virginia Independent School District #706 Series 2019 A, 5% 2/1/31 | | 5,000,000 | 6,245,750 |
| Wayzata Sr Hsg. Rev. Series 2019: | | | |
| 5% 8/1/49 | | 500,000 | 500,505 |
| 5% 8/1/54 | | 1,000,000 | 987,000 |
| West Saint Paul Independent School District #197 (Minnesota School District Cr. Enhancement Prog.) Series 2018 A, 4% 2/1/41 | | 2,400,000 | 2,717,712 |
| Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.: | | | |
| Series 2012 A: | | | |
| 5% 1/1/26 | | 5,000,000 | 5,491,800 |
| 5% 1/1/27 | | 2,150,000 | 2,358,400 |
| 5% 1/1/30 | | 1,000,000 | 1,092,110 |
| Series 2014 A: | | | |
| 5% 1/1/31 (Pre-Refunded to 1/1/24 @ 100) | | 1,750,000 | 1,990,853 |
| 5% 1/1/35 (Pre-Refunded to 1/1/24 @ 100) | | 1,595,000 | 1,814,520 |
| 5% 1/1/40 (Pre-Refunded to 1/1/24 @ 100) | | 1,500,000 | 1,706,445 |
| Series 2015 A, 5% 1/1/31 | | 1,820,000 | 2,151,258 |
| Series 2018 A, 5% 1/1/49 | | 2,000,000 | 2,418,940 |
| White Bear Lake Independent School District #624 Gen. Oblig. (MN SD Cr. Enhancement Prog.) Series 2020 A, 4% 2/1/29 | | 3,980,000 | 4,714,230 |
| White Bear Lake Minn Rev. (YMCA of Greater Twin Cities Proj.) Series 2018: | | | |
| 5% 6/1/28 | | 1,000,000 | 1,237,300 |
| 5% 6/1/30 | | 500,000 | 614,160 |
| 5% 6/1/31 | | 700,000 | 857,122 |
| 5% 6/1/33 | | 1,000,000 | 1,218,770 |
| Wright County Ctfs. of Prtn. Series 2019 A: | | | |
| 5% 12/1/30 | | 1,000,000 | 1,292,560 |
| 5% 12/1/31 | | 1,000,000 | 1,288,540 |
|
| TOTAL MINNESOTA | | | 577,735,143 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $556,102,990) | | | 580,587,862 |
|
| Municipal Notes - 0.7% | | | |
| Minnesota - 0.7% | | | |
| Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2009 B2, 0.75% 4/1/20, LOC JPMorgan Chase Bank, VRDN (b) | | | |
| (Cost $3,900,000) | | 3,900,000 | 3,900,000 |
| TOTAL INVESTMENT IN SECURITIES - 99.4% | | | |
| (Cost $560,002,990) | | | 584,487,862 |
| NET OTHER ASSETS (LIABILITIES) - 0.6% | | | 3,457,499 |
| NET ASSETS - 100% | | | $587,945,361 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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