Quarterly Holdings Report
for
Fidelity® Minnesota Municipal Income Fund
March 31, 2024
MNF-NPRT1-0524
1.814649.119
Municipal Bonds - 95.1% | |||
Principal Amount (a) | Value ($) | ||
Guam - 0.2% | |||
Guam Pwr. Auth. Rev. Series 2022 A, 5% 10/1/44 | 1,000,000 | 1,031,085 | |
Minnesota - 93.3% | |||
Albany Independent School District #745 (Minnesota School district Cr. Enhancement Prog.) Series 2022 A, 4.125% 2/1/41 | 1,130,000 | 1,150,083 | |
Anoka-Hennepin Independent School District 11 Series 2014 A: | |||
5% 2/1/25 | 1,015,000 | 1,015,946 | |
5% 2/1/26 | 1,220,000 | 1,221,210 | |
5% 2/1/27 | 1,285,000 | 1,285,902 | |
5% 2/1/28 | 1,345,000 | 1,345,925 | |
5% 2/1/29 | 1,415,000 | 1,415,941 | |
5% 2/1/34 | 1,800,000 | 1,801,025 | |
Burnsville Series 2017 A, 2.85% 12/20/31 | 935,000 | 879,606 | |
Chaska Elec. Rev. Series 2015 A: | |||
5% 10/1/26 | 1,000,000 | 1,023,025 | |
5% 10/1/29 | 785,000 | 803,998 | |
City of Ramsey Series 2022 A: | |||
5% 12/15/29 | 670,000 | 755,302 | |
5% 12/15/30 | 665,000 | 764,164 | |
5% 12/15/31 | 740,000 | 866,646 | |
5% 12/15/32 | 775,000 | 922,688 | |
5% 12/15/33 | 565,000 | 675,357 | |
5% 12/15/34 | 455,000 | 541,723 | |
City of Virginia Series 2020 A: | |||
4% 2/1/37 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,015,179 | |
4% 2/1/39 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,007,438 | |
City of White Bear Lake (YMCA of Greater Twin Cities Proj.) Series 2018: | |||
5% 6/1/25 | 565,000 | 571,016 | |
5% 6/1/26 | 500,000 | 511,734 | |
5% 6/1/28 | 1,000,000 | 1,047,054 | |
5% 6/1/30 | 625,000 | 668,053 | |
5% 6/1/31 | 700,000 | 749,103 | |
5% 6/1/33 | 1,400,000 | 1,498,650 | |
Coon Rapids Multi-Family Rev. (Galway Place/Cmnty. Plaza Projs.) Series 2019 A, 2.7% 8/1/35 | 2,561,043 | 2,176,499 | |
Ctr. City Health Care Facilities (Hazelden Betty Ford Foundation Proj.) Series 2014: | |||
5% 11/1/25 | 250,000 | 251,641 | |
5% 11/1/26 | 500,000 | 503,139 | |
5% 11/1/27 | 920,000 | 925,513 | |
Dassel Cokato Mischd # 466 (Minnesota School District Cr. Enhancement Prog.) Series 2023 A: | |||
4% 2/1/41 | 415,000 | 421,070 | |
4% 2/1/42 | 750,000 | 758,315 | |
4% 2/1/43 | 960,000 | 968,761 | |
Dawson-Boyd Independent School District Series 2019 A: | |||
4% 2/1/33 | 1,140,000 | 1,184,836 | |
4% 2/1/36 | 1,360,000 | 1,404,832 | |
4% 2/1/37 | 1,200,000 | 1,233,008 | |
Delano Minn Series 2023 A: | |||
4% 2/1/40 | 1,060,000 | 1,078,490 | |
4% 2/1/41 | 1,100,000 | 1,112,164 | |
5% 2/1/39 | 1,010,000 | 1,100,544 | |
Dilworth Gen. Oblig. Series 2022 A: | |||
3.5% 2/1/34 | 455,000 | 461,016 | |
3.5% 2/1/35 | 470,000 | 475,092 | |
3.5% 2/1/36 | 490,000 | 493,056 | |
4% 2/1/38 | 1,030,000 | 1,058,550 | |
4% 2/1/40 | 1,115,000 | 1,132,358 | |
4% 2/1/42 | 1,205,000 | 1,214,850 | |
Duluth Econ. Dev. Auth. Series 2021 A, 4% 7/1/41 | 930,000 | 745,491 | |
Duluth Econ. Dev. Auth. Health Care Facilities Rev.: | |||
Series 2018 A: | |||
4.25% 2/15/48 | 2,030,000 | 1,947,752 | |
5% 2/15/43 | 1,500,000 | 1,532,272 | |
5% 2/15/48 | 3,000,000 | 3,039,900 | |
5% 2/15/58 | 3,125,000 | 3,143,668 | |
Series 2021 A: | |||
4% 6/15/32 | 535,000 | 543,694 | |
4% 6/15/35 | 550,000 | 555,417 | |
Series 2022 A: | |||
4% 6/15/37 | 1,140,000 | 1,130,959 | |
4% 6/15/38 | 400,000 | 390,664 | |
4% 6/15/39 | 250,000 | 241,350 | |
5% 6/15/25 | 565,000 | 566,930 | |
5% 6/15/26 | 360,000 | 366,466 | |
5% 6/15/28 | 935,000 | 974,786 | |
5% 6/15/29 | 1,035,000 | 1,092,332 | |
5% 6/15/31 | 1,220,000 | 1,316,003 | |
5% 6/15/33 | 1,170,000 | 1,271,931 | |
Series 2022 B: | |||
5.25% 6/15/47 | 2,500,000 | 2,616,756 | |
5.25% 6/15/52 | 1,250,000 | 1,296,299 | |
Duluth Independent School District #709 Ctfs. of Prtn.: | |||
Series 2019 B: | |||
5% 2/1/25 | 375,000 | 379,581 | |
5% 2/1/27 | 370,000 | 388,476 | |
Series 2021 B, 3% 3/1/32 (Pre-Refunded to 3/1/28 @ 100) | 540,000 | 542,628 | |
Eden Prairie Independent School District Series 2023 A: | |||
4% 2/1/35 | 1,050,000 | 1,122,674 | |
4% 2/1/36 | 915,000 | 967,526 | |
Elk River Independent School District #728: | |||
Series 2019 A, 3% 2/1/33 | 2,925,000 | 2,886,911 | |
Series 2020 A, 4% 2/1/31 | 2,120,000 | 2,213,512 | |
Fridley Independent School District #14 (MN School District Cr. Enhancement Prog.) Series 2016 A, 3% 2/1/35 | 300,000 | 293,605 | |
Hawley Independent School District #150 Series 2023 A: | |||
5% 2/1/39 | 620,000 | 672,669 | |
5% 2/1/40 | 650,000 | 700,210 | |
Itasca Co. Minn Independent # 318 (Minnesota School District Cr. Enhancement Prog.) Series 2022 B, 4% 2/1/39 | 475,000 | 485,688 | |
Itasca County (Minnesota County Cr. Enhancement Prog.) Series 2020 B, 2% 2/1/35 | 600,000 | 499,152 | |
Lake Elmo Minn Series 2021 A: | |||
2% 2/1/35 | 1,185,000 | 972,377 | |
2% 2/1/36 | 1,205,000 | 976,997 | |
Lakeville Independent School District #194 (Minnesota School District Cr. Enhancement Prog.) Series 2021 B: | |||
2% 2/1/37 | 1,515,000 | 1,164,059 | |
2% 2/1/38 | 3,075,000 | 2,298,565 | |
2% 2/1/39 | 4,180,000 | 3,037,536 | |
2% 2/1/40 | 4,285,000 | 3,044,519 | |
2.125% 2/1/41 | 3,395,000 | 2,405,020 | |
Le Sueur-Henderson ISD No. 2397 (Minnesota School District Cr. Enhancement Prog.) Series 2022 A, 4.5% 2/1/42 | 2,495,000 | 2,578,839 | |
Maple Grove Gen. Oblig. Impt. Series 2020 A: | |||
1.5% 2/1/33 | 715,000 | 581,811 | |
1.625% 2/1/34 | 790,000 | 640,936 | |
Maple Grove Health Care Sys. Rev.: | |||
Series 2015: | |||
4% 9/1/35 | 1,250,000 | 1,224,309 | |
5% 9/1/25 | 215,000 | 217,935 | |
5% 9/1/28 | 695,000 | 706,307 | |
5% 9/1/30 | 1,500,000 | 1,525,713 | |
5% 9/1/31 | 1,300,000 | 1,321,338 | |
5% 9/1/32 | 1,000,000 | 1,014,946 | |
Series 2017: | |||
5% 5/1/26 | 1,355,000 | 1,381,772 | |
5% 5/1/27 | 1,400,000 | 1,445,613 | |
5% 5/1/28 | 2,915,000 | 3,013,037 | |
5% 5/1/29 | 1,000,000 | 1,034,448 | |
5% 5/1/30 | 900,000 | 932,629 | |
5% 5/1/31 | 580,000 | 600,179 | |
5% 5/1/32 | 500,000 | 515,814 | |
Maple River Independent School District No. 2135 Series 2020 A, 4% 2/1/45 | 2,750,000 | 2,725,131 | |
Metropolitan Council Gen. Oblig. Rev. Series 2020 B: | |||
2% 3/1/33 | 4,250,000 | 3,651,985 | |
2.125% 3/1/36 | 1,000,000 | 829,568 | |
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2016 A: | |||
5% 1/1/30 | 4,275,000 | 4,509,268 | |
5% 1/1/31 | 2,375,000 | 2,506,256 | |
5% 1/1/32 | 2,900,000 | 3,059,813 | |
Series 2016 D: | |||
5% 1/1/27 (b) | 350,000 | 362,565 | |
5% 1/1/28 (b) | 430,000 | 444,029 | |
5% 1/1/29 (b) | 225,000 | 232,868 | |
5% 1/1/30 (b) | 480,000 | 497,678 | |
5% 1/1/31 (b) | 200,000 | 207,457 | |
5% 1/1/32 (b) | 200,000 | 207,426 | |
5% 1/1/33 (b) | 220,000 | 228,139 | |
5% 1/1/34 (b) | 225,000 | 233,274 | |
5% 1/1/35 (b) | 225,000 | 233,075 | |
5% 1/1/36 (b) | 220,000 | 227,476 | |
5% 1/1/37 (b) | 250,000 | 257,670 | |
5% 1/1/41 (b) | 725,000 | 740,274 | |
Series 2022 B: | |||
4.25% 1/1/42 (b) | 1,780,000 | 1,768,042 | |
5% 1/1/47 (b) | 1,600,000 | 1,682,709 | |
Series 2023 A, 5% 1/1/35 | 900,000 | 1,053,869 | |
Minneapolis Gen. Oblig. Series 2019, 3% 12/1/40 | 395,000 | 343,021 | |
Minneapolis Health Care Sys. Rev.: | |||
Bonds Series 2023 B, 5%, tender 11/15/30 (c) | 10,335,000 | 11,396,714 | |
Series 2015 A: | |||
5% 11/15/27 (Assured Guaranty Muni. Corp. Insured) | 850,000 | 866,212 | |
5% 11/15/32 | 2,200,000 | 2,248,237 | |
Series 2018 A: | |||
5% 11/15/34 | 3,350,000 | 3,513,107 | |
5% 11/15/35 | 2,500,000 | 2,614,511 | |
5% 11/15/36 | 2,500,000 | 2,601,864 | |
5% 11/15/49 | 4,935,000 | 4,962,025 | |
Series 2021: | |||
4% 11/15/36 | 5,410,000 | 5,598,088 | |
4% 11/15/37 | 5,410,000 | 5,542,707 | |
4% 11/15/38 | 1,785,000 | 1,813,616 | |
4% 11/15/39 | 1,265,000 | 1,275,402 | |
4% 11/15/40 | 8,860,000 | 8,823,592 | |
Minneapolis Multi-family Rev. (Gateway Northeast Proj.) Series 2019, 2.46% 1/1/38 | 6,904,207 | 5,513,178 | |
Minneapolis Spl. School District: | |||
(Minnesota School District Cr. Enhancement Prog.) Series 2018 B, 5% 2/1/32 | 895,000 | 967,022 | |
(MN School District Cr. Enhancement Prog.): | |||
Series 2018 A, 5% 2/1/33 | 1,000,000 | 1,070,961 | |
Series 2018 B, 5% 2/1/33 | 3,190,000 | 3,416,367 | |
Series 2017 A, 4% 2/1/33 | 1,415,000 | 1,464,930 | |
Series 2017 B: | |||
4% 2/1/33 | 2,595,000 | 2,686,568 | |
4% 2/1/34 | 2,595,000 | 2,675,289 | |
Series 2020 B, 4% 2/1/36 | 1,745,000 | 1,812,993 | |
Series 2020 C, 4% 2/1/38 | 1,665,000 | 1,698,567 | |
Series 2021 B: | |||
5% 2/1/41 | 1,180,000 | 1,306,345 | |
5% 2/1/42 | 1,235,000 | 1,363,471 | |
Series 2021 C: | |||
5% 2/1/40 | 1,585,000 | 1,771,777 | |
5% 2/1/41 | 1,660,000 | 1,838,812 | |
5% 2/1/42 | 1,745,000 | 1,927,647 | |
Series 2022 B: | |||
5% 2/1/34 | 850,000 | 988,855 | |
5% 2/1/41 | 1,195,000 | 1,347,371 | |
5% 2/1/42 | 1,255,000 | 1,403,266 | |
5% 2/1/43 | 1,320,000 | 1,464,290 | |
Minnesota Agric. & Econ. Dev. Board Rev. Series 2024: | |||
4% 1/1/49 | 3,000,000 | 2,851,654 | |
5% 1/1/41 | 2,300,000 | 2,573,562 | |
Minnesota Armory Bldg. Commission Series 2021 A, 3% 6/1/38 | 1,900,000 | 1,728,877 | |
Minnesota Gen. Oblig.: | |||
Series 2016 D, 2.25% 8/1/29 | 420,000 | 386,972 | |
Series 2018 B, 4% 8/1/35 | 5,270,000 | 5,477,119 | |
Series 2021 A: | |||
4% 9/1/39 | 2,645,000 | 2,724,015 | |
4% 9/1/41 | 10,000,000 | 10,191,663 | |
Series 2021 B, 4% 9/1/32 | 2,000,000 | 2,145,733 | |
Minnesota Higher Ed. Facilities Auth. Rev.: | |||
(Univ. of St Thomas) Series 2017 A, 5% 10/1/29 | 760,000 | 804,784 | |
Bonds: | |||
Series 2024 B1, 5%, tender 10/1/27 (c) | 3,000,000 | 3,137,705 | |
Series 2024 B2, 5%, tender 10/1/29 (c) | 2,900,000 | 3,118,645 | |
Series 2016 A, 5% 5/1/46 | 3,610,000 | 3,252,788 | |
Series 2017 A, 4% 10/1/35 | 800,000 | 812,645 | |
Series 2017: | |||
3% 3/1/34 | 430,000 | 416,408 | |
5% 3/1/31 | 1,000,000 | 1,052,801 | |
5% 10/1/31 | 590,000 | 626,074 | |
5% 3/1/34 | 530,000 | 558,887 | |
5% 10/1/34 | 440,000 | 466,251 | |
5% 10/1/35 | 555,000 | 586,383 | |
Series 2018 A: | |||
5% 10/1/34 | 1,155,000 | 1,205,800 | |
5% 10/1/35 | 500,000 | 520,699 | |
5% 10/1/45 | 3,650,000 | 3,683,472 | |
Series 2019: | |||
4% 12/1/24 | 100,000 | 99,402 | |
4% 12/1/25 | 180,000 | 178,933 | |
4% 12/1/26 | 190,000 | 188,764 | |
4% 12/1/27 | 195,000 | 194,025 | |
4% 12/1/28 | 480,000 | 478,059 | |
4% 12/1/29 | 285,000 | 284,073 | |
4% 12/1/30 | 200,000 | 199,051 | |
4% 12/1/31 | 450,000 | 446,570 | |
4% 12/1/32 | 690,000 | 682,412 | |
4% 12/1/33 | 750,000 | 738,753 | |
4% 12/1/34 | 225,000 | 220,577 | |
5% 10/1/29 | 400,000 | 437,820 | |
5% 10/1/40 | 1,000,000 | 1,061,718 | |
Series 2021: | |||
3% 3/1/40 | 365,000 | 319,416 | |
3% 3/1/43 | 325,000 | 268,362 | |
4% 10/1/24 | 440,000 | 439,855 | |
4% 3/1/25 | 175,000 | 175,747 | |
4% 10/1/25 | 585,000 | 587,844 | |
4% 3/1/26 | 100,000 | 101,331 | |
4% 10/1/26 | 600,000 | 607,967 | |
4% 10/1/28 | 675,000 | 694,933 | |
4% 10/1/29 | 460,000 | 476,883 | |
4% 3/1/30 | 150,000 | 158,428 | |
4% 3/1/31 | 250,000 | 266,773 | |
4% 3/1/32 | 140,000 | 148,716 | |
4% 3/1/33 | 390,000 | 412,665 | |
4% 3/1/34 | 150,000 | 158,246 | |
4% 3/1/35 | 125,000 | 131,718 | |
4% 3/1/36 | 125,000 | 131,171 | |
4% 3/1/37 | 100,000 | 103,839 | |
4% 10/1/46 | 2,750,000 | 2,711,185 | |
4% 10/1/50 | 1,000,000 | 962,653 | |
Series 2022 A: | |||
5% 10/1/47 | 1,000,000 | 1,048,741 | |
5% 10/1/52 | 1,000,000 | 1,040,284 | |
Series 2023, 5% 3/1/45 | 5,645,000 | 6,132,162 | |
Series 2024 A, 4.125% 10/1/53 | 2,500,000 | 2,400,501 | |
Series Eight-G, 5% 12/1/31 | 1,000,000 | 1,021,870 | |
Series Eight-J, 5% 3/1/27 | 500,000 | 506,157 | |
Series Eight-L: | |||
5% 4/1/28 | 920,000 | 952,192 | |
5% 4/1/29 | 1,005,000 | 1,042,118 | |
5% 4/1/35 | 500,000 | 517,037 | |
Minnesota Hsg. Fin. Agcy.: | |||
(Mtg. Backed Securities Pass Through Prog.) Series 2019 C, 3.15% 6/1/49 | 738,307 | 669,508 | |
(Mtg.-Backed Securities Pass-Through Prog.) Series H, 2.47% 1/1/50 | 1,586,553 | 1,387,427 | |
Series 2015 A: | |||
5% 8/1/29 | 1,000,000 | 1,004,824 | |
5% 8/1/30 | 1,000,000 | 1,005,072 | |
5% 8/1/31 | 1,000,000 | 1,004,623 | |
5% 8/1/32 | 1,000,000 | 1,004,447 | |
5% 8/1/33 | 1,000,000 | 1,004,228 | |
Series 2016 B, 3.5% 7/1/46 | 1,980,000 | 1,953,954 | |
Series 2019 B, 4.25% 7/1/49 | 2,375,000 | 2,366,277 | |
Series 2020 B, 2.4% 1/1/35 | 1,215,000 | 1,032,839 | |
Series 2020 E, 1.95% 1/1/30 | 1,425,000 | 1,265,527 | |
Series 2020 G, 3% 1/1/51 | 1,085,000 | 1,050,066 | |
Series 2021 D, 3% 1/1/52 | 1,610,000 | 1,553,069 | |
Series 2021 G, 2.4% 7/1/33 (b) | 830,000 | 705,040 | |
Series 2021 H, 3% 7/1/52 | 1,115,000 | 1,074,720 | |
Series 2021, 3% 7/1/51 | 3,035,000 | 2,931,005 | |
Series 2022 M, 6% 1/1/53 | 2,440,000 | 2,597,150 | |
Series 2023 B, 5.75% 7/1/53 | 3,000,000 | 3,174,457 | |
Series 2023 E, 6.25% 7/1/54 | 2,000,000 | 2,183,603 | |
Series 2023, 6% 7/1/53 | 1,000,000 | 1,078,389 | |
Series 2024 A, 6.25% 1/1/54 | 6,000,000 | 6,586,272 | |
Series B: | |||
3.5% 7/1/50 | 6,805,000 | 6,668,955 | |
4% 8/1/36 | 2,000,000 | 2,064,309 | |
Series E, 3.5% 7/1/50 | 3,255,000 | 3,189,820 | |
Series I, 3% 1/1/51 | 3,830,000 | 3,703,787 | |
Minnesota Muni. Gas Agcy. Rev. Bonds Series 2022 A, 4%, tender 12/1/27 (c) | 7,000,000 | 7,059,216 | |
Minnesota Muni. Pwr. Agcy. Elec. Rev.: | |||
Series 2014: | |||
5% 10/1/27 | 750,000 | 755,292 | |
5% 10/1/30 | 1,000,000 | 1,006,908 | |
Series 2016: | |||
3% 10/1/34 | 250,000 | 238,718 | |
4% 10/1/41 | 1,000,000 | 990,335 | |
5% 10/1/33 | 400,000 | 415,863 | |
5% 10/1/35 | 400,000 | 414,211 | |
5% 10/1/36 | 1,000,000 | 1,032,383 | |
Minnesota Office of Higher Ed. Series2023, 5% 11/1/33 (b) | 3,600,000 | 3,929,308 | |
Moorhead Series 2021 A, 2.125% 2/1/40 | 365,000 | 263,894 | |
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 | 1,320,000 | 1,322,822 | |
Moorhead ISD No. 152: | |||
(MN School District Cr. Enhancement Prog.) Series 2020 A, 2.5% 2/1/37 | 1,500,000 | 1,276,405 | |
Series 2020 A, 4% 2/1/31 | 2,015,000 | 2,099,408 | |
Mounds View Independent School District #621 (Minnesota School District Cr. Enhancement Prog.) Series 2018 A: | |||
3.45% 2/1/37 | 2,000,000 | 1,995,859 | |
3.55% 2/1/38 | 2,000,000 | 1,971,375 | |
Nashwauk Keewatin Independent School District # 319 Gen. Oblig. Series 2022 A: | |||
4% 2/1/35 | 200,000 | 210,940 | |
4% 2/1/36 | 1,000,000 | 1,050,477 | |
North St. Paul Maplewood-Oakdale Indpendent School District: | |||
(Minnesota School District Cr. Enhancement Prog.) Series 2019 B, 3% 2/1/42 | 3,090,000 | 2,615,670 | |
(MN School District Cr. Enhancement Prog.) Series 2019 B, 4% 2/1/32 | 3,120,000 | 3,244,000 | |
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | |||
Series 2013 A, 5% 1/1/31 | 1,740,000 | 1,744,995 | |
Series 2016: | |||
5% 1/1/28 | 500,000 | 513,927 | |
5% 1/1/29 | 920,000 | 946,258 | |
5% 1/1/30 | 520,000 | 534,752 | |
5% 1/1/31 | 350,000 | 359,869 | |
Series 2017: | |||
5% 1/1/31 | 400,000 | 420,615 | |
5% 1/1/33 | 475,000 | 498,321 | |
5% 1/1/35 | 520,000 | 545,473 | |
Series 2023: | |||
5% 1/1/30 (Assured Guaranty Muni. Corp. Insured) | 1,050,000 | 1,162,924 | |
5% 1/1/31 (Assured Guaranty Muni. Corp. Insured) | 500,000 | 562,803 | |
5% 1/1/32 (Assured Guaranty Muni. Corp. Insured) | 345,000 | 384,182 | |
5% 1/1/33 (Assured Guaranty Muni. Corp. Insured) | 360,000 | 400,138 | |
Series 2024: | |||
5% 1/1/30 (d) | 1,650,000 | 1,820,035 | |
5% 1/1/31 (d) | 2,175,000 | 2,435,376 | |
Northfield Minn Series 2021 A, 2% 2/1/29 | 250,000 | 237,710 | |
Osseo Independent School District #279 Series 2020 A: | |||
1.75% 2/1/33 | 3,650,000 | 3,036,667 | |
1.75% 2/1/34 | 2,405,000 | 1,956,593 | |
1.875% 2/1/37 | 3,205,000 | 2,442,016 | |
Red Rock Central Independent School District Series 2022 A, 2.375% 2/1/45 | 1,310,000 | 922,925 | |
Richfield Independent School District #280 Series 2018 A, 3.5% 2/1/43 | 260,000 | 244,020 | |
Robbinsdale Independent School District 281 (MN School District Cr. Enhancement Prog.) Series 2016, 3% 2/1/31 | 300,000 | 300,776 | |
Rochester Elec. Util. Rev. Series 2017 A, 5% 12/1/42 | 1,100,000 | 1,123,930 | |
Rochester Gen. Oblig. Series 2020 C: | |||
1.5% 2/1/32 | 990,000 | 823,928 | |
1.625% 2/1/33 | 1,205,000 | 996,568 | |
1.625% 2/1/34 | 1,255,000 | 1,020,931 | |
1.75% 2/1/35 | 1,215,000 | 983,636 | |
Rochester Health Care Facilities Rev.: | |||
Series 2016 B, 5% 11/15/33 | 1,220,000 | 1,451,808 | |
Series 2018, 4% 11/15/48 | 3,400,000 | 3,328,459 | |
Series 2022, 4% 11/15/39 | 2,670,000 | 2,786,683 | |
Rochester Independent School District #535 (Minnesota School District Cr. Enhancement Prog.) Series 2020 A, 3% 2/1/35 | 1,515,000 | 1,416,023 | |
Roseville Independent School District Series 2021 A: | |||
5% 4/1/27 | 850,000 | 876,285 | |
5% 4/1/28 | 1,100,000 | 1,149,454 | |
Roseville Independent School District #623 (MN School District Cr. Enhancement Prog.) Series 2018 A, 5% 2/1/29 | 5,180,000 | 5,450,538 | |
Saint Cloud Health Care Rev.: | |||
Series 2016 A: | |||
5% 5/1/29 | 1,125,000 | 1,163,003 | |
5% 5/1/30 | 1,000,000 | 1,034,828 | |
5% 5/1/31 | 1,000,000 | 1,034,223 | |
Series 2019, 5% 5/1/48 | 6,000,000 | 6,243,567 | |
Saint Paul Port Auth. District Series 2021 1: | |||
3% 10/1/26 | 100,000 | 97,436 | |
3% 10/1/34 | 285,000 | 265,509 | |
4% 10/1/41 | 500,000 | 478,255 | |
Saint Paul Sales Tax Rev. Series 2014 G: | |||
5% 11/1/26 | 1,000,000 | 1,008,717 | |
5% 11/1/28 | 1,000,000 | 1,008,256 | |
Sauk Rapids Minn Independent School District # 47 Series 2020 A, 2.5% 2/1/39 | 2,925,000 | 2,359,151 | |
Shakopee Health Care Facilities Rev. Series 2014: | |||
5% 9/1/24 | 1,000,000 | 1,003,074 | |
5% 9/1/25 | 1,345,000 | 1,350,687 | |
5% 9/1/26 | 1,575,000 | 1,579,711 | |
5% 9/1/28 | 1,000,000 | 1,002,424 | |
5% 9/1/34 | 1,065,000 | 1,067,863 | |
Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (c)(e) | 2,900,000 | 2,825,522 | |
South Washington County Independent School District #833 (Minnesota School District Cr. Enhancement Prog.) Series 2020 A, 3% 2/1/33 | 295,000 | 289,256 | |
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | |||
(Cap. Appreciation) Series 1994 A, 0% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,320,000 | 3,095,970 | |
Series 2015 A: | |||
5% 1/1/34 | 1,695,000 | 1,741,050 | |
5% 1/1/36 | 1,000,000 | 1,025,285 | |
Series 2019 A, 5% 1/1/34 | 1,230,000 | 1,380,131 | |
St Paul Independent School District (Minnesota School District Cr. Enhancement Prog.) Series 2022 E, 4% 2/1/40 | 1,575,000 | 1,624,982 | |
St Paul Minn Independent School District # Series 2024 A, 5% 2/1/29 | 500,000 | 550,200 | |
St Paul Minn Wtr. Rev.: | |||
Series 2021 F, 2% 12/1/41 | 1,220,000 | 848,807 | |
Series 2023 A, 4% 12/1/47 | 1,000,000 | 996,459 | |
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev.: | |||
(Fairview Hsp & Hltcare Srv Sys. Proj.) Series 2017 A, 5% 11/15/47 | 4,395,000 | 4,454,224 | |
Series 2015 A: | |||
5% 7/1/29 | 5,000,000 | 5,071,073 | |
5% 7/1/30 | 5,015,000 | 5,089,979 | |
Series 2017 A: | |||
5% 11/15/28 | 460,000 | 480,726 | |
5% 11/15/30 | 650,000 | 681,469 | |
5% 11/15/31 | 845,000 | 885,773 | |
5% 11/15/33 | 3,410,000 | 3,568,242 | |
5% 11/15/34 | 665,000 | 694,955 | |
Univ. of Minnesota Gen. Oblig. Series 2020 A: | |||
5% 11/1/33 | 1,015,000 | 1,153,238 | |
5% 11/1/45 | 3,050,000 | 3,307,163 | |
Wadena Minn Rev. (Wadena Cancer Ctr. Proj.) Series 2024 A: | |||
5% 12/1/28 | 275,000 | 297,204 | |
5% 12/1/29 | 285,000 | 313,323 | |
5% 12/1/30 | 380,000 | 423,606 | |
5% 12/1/31 | 395,000 | 445,937 | |
5% 12/1/32 | 365,000 | 416,377 | |
5% 12/1/33 | 385,000 | 443,592 | |
5% 12/1/45 | 1,900,000 | 2,030,166 | |
Warren / Alvarado / Oslo Minni Series 2023 A: | |||
3.75% 2/1/42 | 1,030,000 | 993,096 | |
3.75% 2/1/43 | 845,000 | 811,134 | |
Watertown Independent School District #111 (Minnesota School District Cr. Enhancement Prog.) Series 2020 A, 0% 2/1/29 | 1,000,000 | 830,504 | |
Wayzata Sr Hsg. Rev. Series 2019: | |||
5% 8/1/49 | 500,000 | 500,292 | |
5% 8/1/54 | 1,000,000 | 995,288 | |
West Saint Paul Independent School District #197 (Minnesota School District Cr. Enhancement Prog.) Series 2018 A: | |||
3.6% 2/1/37 | 2,000,000 | 2,006,893 | |
3.65% 2/1/38 | 2,000,000 | 1,980,058 | |
4% 2/1/41 | 2,400,000 | 2,409,510 | |
White Bear Lake Independent School District #624 Gen. Oblig.: | |||
Series 2020 A, 3% 2/1/31 | 1,860,000 | 1,856,240 | |
Series 2022 A, 4% 2/1/32 | 4,795,000 | 5,117,764 | |
Wright County Series 2018 A: | |||
3.1% 12/1/32 | 1,790,000 | 1,738,806 | |
3.15% 12/1/33 | 1,865,000 | 1,811,464 | |
3.25% 12/1/34 | 2,345,000 | 2,287,094 | |
3.35% 12/1/36 | 2,440,000 | 2,348,995 | |
Wright County Ctfs. of Prtn. Series 2019 A, 5% 12/1/31 | 1,000,000 | 1,119,879 | |
TOTAL MINNESOTA | 515,747,268 | ||
Puerto Rico - 1.6% | |||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | |||
0% 7/1/33 | 1,705,673 | 1,119,026 | |
5.625% 7/1/27 | 190,000 | 202,040 | |
5.625% 7/1/29 | 595,000 | 650,916 | |
5.75% 7/1/31 | 1,420,000 | 1,599,634 | |
Puerto Rico Hsg. Fin. Auth. Series 2020, 5% 12/1/27 | 1,225,000 | 1,289,032 | |
Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021: | |||
4% 7/1/36 | 105,000 | 100,364 | |
4% 7/1/41 | 85,000 | 78,227 | |
5% 7/1/27 | 940,000 | 970,416 | |
5% 7/1/30 | 565,000 | 605,872 | |
5% 7/1/32 | 380,000 | 411,131 | |
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2019 A2, 4.329% 7/1/40 | 2,080,000 | 2,080,599 | |
TOTAL PUERTO RICO | 9,107,257 | ||
TOTAL MUNICIPAL BONDS (Cost $535,608,848) | 525,885,610 | ||
Municipal Notes - 4.4% | |||
Principal Amount (a) | Value ($) | ||
Minnesota - 4.4% | |||
Minneapolis Health Care Sys. Rev.: | |||
(Fairview Health Svcs.) Series 2018 C, 3.9% 3/29/24, LOC Wells Fargo Bank NA, VRDN (c) | 6,590,000 | 6,590,000 | |
Participating VRDN Series XM 08 72, 3.65% 4/4/24 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | 4,715,000 | 4,715,000 | |
Minnesota Hsg. Fin. Agcy. Series 2016 F, 3.55% 4/4/24 (Liquidity Facility Fed. Home Ln. Bank-Des Moines), VRDN (b)(c) | 10,000,000 | 10,000,000 | |
Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 91 45, 4.12% 3/29/24 (Liquidity Facility Mizuho Cap. Markets LLC) (c)(f)(g) | 2,855,000 | 2,855,000 | |
TOTAL MUNICIPAL NOTES (Cost $24,160,000) | 24,160,000 | ||
TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $559,768,848) | 550,045,610 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 2,743,328 |
NET ASSETS - 100.0% | 552,788,938 |
Security Type Abbreviations
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,825,522 or 0.5% of net assets. |
(f) | Provides evidence of ownership in one or more underlying municipal bonds. |
(g) | Coupon rates are determined by re-marketing agents based on current market conditions. |
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted 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)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Bonds and Municipal Notes are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
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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