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 811-05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: May 31
Date of reporting period: May 31, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. | REPORTS TO STOCKHOLDERS. |
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Bond Funds
Fund Name | Class A | Class C | Class C1 | Class C2 | Class I | |
Nuveen Minnesota Intermediate Municipal Bond Fund | FAMAX | NIBCX | FACMX | NIBMX | FAMTX | |
Nuveen Minnesota Municipal Bond Fund | FJMNX | NTCCX | FCMNX | NMBCX | FYMNX | |
Nuveen Nebraska Municipal Bond Fund | FNTAX | NAAFX | FNTCX | NCNBX | FNTYX | |
Nuveen Oregon Intermediate Municipal Bond Fund | FOTAX | NAFOX | – | NIMOX | FORCX |
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Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 2/25/94 | 3.71% | 2.63% | 3.39% | 0.80% |
Class A Shares at maximum Offering Price | 2/25/94 | 0.63% | 2.01% | 3.07% | - |
S&P Municipal Bond Intermediate Index | - | 3.71% | 3.28% | 3.90% | - |
Lipper Other States Intermediate Municipal Debt Funds Classification Average | - | 2.69% | 2.26% | 2.82% | - |
Class C2 Shares | 1/18/11 | 3.13% | 2.07% | 2.95% | 1.35% |
Class I Shares | 2/25/94 | 3.90% | 2.84% | 3.60% | 0.60% |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 2.91% | 1.80% | 2.38% | 1.60% |
Effective Leverage Ratio | 0.00% |
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Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 7/11/88 | 5.02% | 3.10% | 4.59% | 0.79% |
Class A Shares at maximum Offering Price | 7/11/88 | 0.58% | 2.22% | 4.15% | - |
S&P Municipal Bond Index | - | 4.70% | 3.48% | 4.35% | - |
Lipper Minnesota Municipal Debt Funds Classification Average | - | 4.54% | 2.75% | 3.64% | - |
Class C1 Shares | 2/01/99 | 4.57% | 2.65% | 4.21% | 1.24% |
Class C2 Shares | 1/18/11 | 4.61% | 2.58% | 4.14% | 1.34% |
Class I Shares | 8/01/97 | 5.23% | 3.32% | 4.79% | 0.59% |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 4.19% | 2.30% | 3.38% | 1.59% |
Effective Leverage Ratio | 0.00% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-237263/g843759img39dac4e85.gif)
Total Returns as of May 31, 2021* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | ||
Class A Shares at NAV | 2/28/01 | 3.03% | 2.74% | 3.86% | 0.89% | 0.88% | |
Class A Shares at maximum Offering Price | 2/28/01 | (1.29)% | 1.85% | 3.41% | - | - | |
S&P Municipal Bond Index | - | 4.70% | 3.48% | 4.35% | - | - | |
Lipper Other States Municipal Debt Funds Classification Average | - | 4.25% | 2.65% | 3.56% | - | - | |
Class C2 Shares | 1/18/11 | 2.47% | 2.16% | 3.40% | 1.44% | 1.43% | |
Class I Shares | 2/28/01 | 3.24% | 2.94% | 4.07% | 0.69% | 0.68% |
Total Returns as of May 31, 2021* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | Since Inception | Gross | Net | ||
Class C Shares | 2/10/14 | 2.20% | 1.90% | 2.91% | 1.69% | 1.68% |
Effective Leverage Ratio | 0.00% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-237263/g843759imgf2be6a396.gif)
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 2/01/99 | 2.69% | 2.49% | 3.03% | 0.81% |
Class A Shares at maximum Offering Price | 2/01/99 | (0.41)% | 1.88% | 2.72% | - |
S&P Municipal Bond Intermediate Index | - | 3.71% | 3.28% | 3.90% | - |
Lipper Other States Intermediate Municipal Debt Funds Classification Average | - | 2.69% | 2.26% | 2.82% | - |
Class C2 Shares | 1/18/11 | 2.12% | 1.95% | 2.57% | 1.36% |
Class I Shares | 8/08/97 | 2.88% | 2.69% | 3.23% | 0.61% |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 1.88% | 1.67% | 2.12% | 1.61% |
Effective Leverage Ratio | 0.00% |
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Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 1.64% | 0.91% | 1.13% | 1.87% |
SEC 30-Day Yield | 0.62% | (0.15)% | 0.11% | 0.83% |
Taxable-Equivalent Yield (50.7%)2 | 1.25% | (0.30)% | 0.22% | 1.68% |
Share Class | |||||
Class A1 | Class C | Class C1 | Class C2 | Class I | |
Dividend Yield | 1.57% | 0.84% | 1.19% | 1.09% | 1.83% |
SEC 30-Day Yield | 0.90% | 0.15% | 0.82% | 0.98% | 1.13% |
Taxable-Equivalent Yield (50.7%)2 | 1.82% | 0.30% | 1.66% | 1.99% | 2.29% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 1.45% | 0.70% | 0.97% | 1.73% |
SEC 30-Day Yield - Subsidized | 0.48% | (0.29)% | 0.08% | 0.70% |
SEC 30-Day Yield - Unsubsidized | 0.45% | (0.35)% | (0.26)% | 0.65% |
Taxable-Equivalent Yield - Subsidized (47.6%)2 | 0.89% | (0.54)% | 0.15% | 1.30% |
Taxable-Equivalent Yield - Unsubsidized (47.6%)2 | 0.84% | (0.65)% | (0.48)% | 1.21% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 1.47% | 0.73% | 0.95% | 1.74% |
SEC 30-Day Yield | 0.26% | (0.50)% | (0.07)% | 0.47% |
Taxable-Equivalent Yield (50.7%)2 | 0.53% | (1.01)% | (0.14)% | 0.95% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.6% |
Short-Term Municipal Bonds | 0.6% |
Other Assets Less Liabilities | 0.8% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Minnesota | 99.3% |
Guam | 0.4% |
Puerto Rico | 0.3% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 34.9% |
Education and Civic Organizations | 16.7% |
Health Care | 14.7% |
Long-Term Care | 9.4% |
Tax Obligation/Limited | 8.0% |
Transportation | 6.3% |
Other | 10.0% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 4.4% |
AAA | 21.0% |
AA | 30.8% |
A | 20.4% |
BBB | 4.1% |
BB or Lower | 4.7% |
N/R (not rated) | 14.6% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 95.4% |
Short-Term Municipal Bonds | 3.7% |
Other Assets Less Liabilities | 0.9% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Minnesota | 98.0% |
Puerto Rico | 1.7% |
Guam | 0.3% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 32.9% |
Health Care | 17.8% |
Education and Civic Organizations | 14.5% |
Utilities | 9.1% |
Tax Obligation/Limited | 8.0% |
Long-Term Care | 8.0% |
Transportation | 5.3% |
Other | 4.4% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 1.9% |
AAA | 24.7% |
AA | 26.9% |
A | 24.0% |
BBB | 3.4% |
BB or Lower | 6.3% |
N/R (not rated) | 12.8% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 97.1% |
Other Assets Less Liabilities | 2.9% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Nebraska | 89.2% |
Puerto Rico | 3.3% |
Guam | 2.7% |
Massachusetts | 1.1% |
Arizona | 1.0% |
Washington | 0.9% |
Ohio | 0.9% |
Indiana | 0.4% |
Wisconsin | 0.2% |
California | 0.2% |
Hawaii | 0.1% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 34.9% |
Utilities | 24.7% |
U.S. Guaranteed | 13.2% |
Education and Civic Organizations | 6.5% |
Health Care | 6.4% |
Tax Obligation/Limited | 5.1% |
Other | 9.2% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 11.2% |
AAA | 6.2% |
AA | 55.3% |
A | 19.7% |
BBB | 3.2% |
BB or Lower | 1.8% |
N/R (not rated) | 2.6% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 96.9% |
Other Assets Less Liabilities | 3.1% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Oregon | 94.9% |
Guam | 2.6% |
Puerto Rico | 2.5% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 44.3% |
Health Care | 13.3% |
Tax Obligation/Limited | 9.8% |
U.S. Guaranteed | 9.0% |
Utilities | 8.9% |
Other | 14.7% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 5.9% |
AAA | 8.4% |
AA | 59.0% |
A | 14.6% |
BBB | 5.0% |
BB or Lower | 1.1% |
N/R (not rated) | 6.0% |
Total | 100% |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,008.49 | $1,004.55 | $1,005.67 | $1,009.39 |
Expenses Incurred During the Period | $ 3.96 | $ 7.95 | $ 6.70 | $ 2.96 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.99 | $1,017.00 | $1,018.25 | $1,021.99 |
Expenses Incurred During the Period | $ 3.98 | $ 8.00 | $ 6.74 | $ 2.97 |
Share Class | |||||
Class A | Class C | Class C1 | Class C2 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,012.08 | $1,008.07 | $1,009.86 | $1,010.97 | $1,013.10 |
Expenses Incurred During the Period | $ 3.86 | $ 7.86 | $ 5.91 | $ 6.57 | $ 2.86 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,021.09 | $1,017.10 | $1,019.05 | $1,018.40 | $1,022.09 |
Expenses Incurred During the Period | $ 3.88 | $ 7.90 | $ 5.94 | $ 6.59 | $ 2.87 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,004.35 | $1,000.28 | $1,001.64 | $1,005.43 |
Expenses Incurred During the Period | $ 4.30 | $ 8.28 | $ 7.09 | $ 3.30 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.64 | $1,016.65 | $1,017.85 | $1,021.64 |
Expenses Incurred During the Period | $ 4.33 | $ 8.35 | $ 7.14 | $ 3.33 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,005.49 | $1,000.62 | $1,002.68 | $1,005.67 |
Expenses Incurred During the Period | $ 3.95 | $ 7.93 | $ 6.64 | $ 2.95 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.99 | $1,017.00 | $1,018.30 | $1,021.99 |
Expenses Incurred During the Period | $ 3.98 | $ 8.00 | $ 6.69 | $ 2.97 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.6% | ||||||
MUNICIPAL BONDS – 98.6% | ||||||
Education and Civic Organizations – 16.5% | ||||||
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A: | ||||||
$ 425 | 3.000%, 8/01/23 | No Opt. Call | BB+ | $439,254 | ||
720 | 3.500%, 8/01/25 | No Opt. Call | BB+ | 770,969 | ||
130 | 4.000%, 8/01/28 | 8/26 at 100.00 | BB+ | 143,027 | ||
1,160 | Brooklyn Center, Minnesota, Charter School Lease Revenue Bonds, Tesfa International dba Twin Lakes STEM Academy Project, Series 2021A, 5.000%, 6/15/37 | 6/29 at 100.00 | N/R | 1,166,334 | ||
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A: | ||||||
100 | 5.000%, 7/01/31 | 7/24 at 102.00 | N/R | 110,131 | ||
1,000 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 1,093,750 | ||
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A: | ||||||
190 | 5.000%, 7/01/30 | 7/25 at 100.00 | BB+ | 212,699 | ||
710 | 5.250%, 7/01/37 | 7/25 at 100.00 | BB+ | 792,878 | ||
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A: | ||||||
200 | 4.000%, 7/01/22 | No Opt. Call | BB+ | 205,730 | ||
465 | 4.000%, 7/01/23 | No Opt. Call | BB+ | 489,013 | ||
300 | 4.000%, 7/01/24 | No Opt. Call | BB+ | 321,087 | ||
135 | 4.000%, 7/01/25 | No Opt. Call | BB+ | 146,744 | ||
130 | 4.000%, 7/01/26 | 7/25 at 100.00 | BB+ | 141,094 | ||
300 | 4.000%, 7/01/27 | 7/25 at 100.00 | BB+ | 324,129 | ||
370 | 4.000%, 7/01/28 | 7/25 at 100.00 | BB+ | 398,853 | ||
245 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Seven Hills Preparatory Academy Project, Series 2017A, 4.375%, 10/01/27 | 10/24 at 100.00 | N/R | 258,299 | ||
645 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.500%, 8/01/36 | 8/22 at 102.00 | BB+ | 680,565 | ||
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A: | ||||||
1,010 | 4.500%, 7/01/26 | No Opt. Call | N/R | 1,090,265 | ||
40 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 42,827 | ||
1,820 | Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 4.000%, 11/01/26 | No Opt. Call | BB | 1,949,256 | ||
975 | Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | BB | 1,027,533 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A: | ||||||
$ 1,000 | 4.750%, 7/01/31 | 7/26 at 100.00 | N/R | $1,066,320 | ||
500 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 529,125 | ||
1,350 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/31 | 7/24 at 102.00 | N/R | 1,465,168 | ||
1,405 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Twin Cities International Schools Project, Series 2017A, 5.000%, 12/01/32, 144A | 12/27 at 100.00 | N/R | 1,611,718 | ||
1,380 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A, 6.000%, 7/01/33 | 7/23 at 100.00 | BB+ | 1,489,268 | ||
315 | Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refunding Series 2010, 4.000%, 9/01/21 | 6/21 at 100.00 | A2 | 315,857 | ||
1,040 | Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Refunding Series 2015, 4.000%, 12/01/28 | 12/24 at 100.00 | Aa1 | 1,152,258 | ||
500 | Minneapolis, Minnesota, Revenue Bonds, YMCA of Greater Twin Cities Project, Series 2016, 3.000%, 6/01/21 | No Opt. Call | Baa1 | 500,000 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017: | ||||||
2,800 | 5.000%, 5/01/32 | 5/27 at 100.00 | BB+ | 3,114,692 | ||
405 | 5.000%, 5/01/37 | 5/27 at 100.00 | BB+ | 445,370 | ||
1,600 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017, 4.000%, 3/01/33 | 3/27 at 100.00 | Aa2 | 1,827,728 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint Scholastica, Inc, Refunding Series 2019: | ||||||
100 | 3.000%, 12/01/22 | No Opt. Call | Baa2 | 102,807 | ||
140 | 3.000%, 12/01/23 | No Opt. Call | Baa2 | 145,554 | ||
105 | 4.000%, 12/01/24 | No Opt. Call | Baa2 | 113,701 | ||
310 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St Scholastica, Inc, Series 2012-7R, 3.375%, 12/01/22 | No Opt. Call | Baa2 | 320,422 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W: | ||||||
350 | 4.000%, 10/01/21 | No Opt. Call | A3 | 353,951 | ||
250 | 5.000%, 10/01/22 | No Opt. Call | A3 | 264,595 | ||
500 | 5.000%, 10/01/23 | No Opt. Call | A3 | 551,560 | ||
1,000 | 4.250%, 10/01/28 | 10/23 at 100.00 | A3 | 1,072,020 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2021: | ||||||
100 | 4.000%, 3/01/29 | No Opt. Call | Aa3 | 122,061 | ||
150 | 4.000%, 3/01/30 | No Opt. Call | Aa3 | 185,576 | ||
160 | 4.000%, 3/01/31 | No Opt. Call | Aa3 | 200,320 | ||
140 | 4.000%, 3/01/32 | 3/31 at 100.00 | Aa3 | 173,915 | ||
1,250 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/29 | 3/25 at 100.00 | Aa3 | 1,352,700 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 1,235 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2018A, 5.000%, 10/01/31 | 10/28 at 100.00 | Baa1 | $1,517,210 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University, Refunding Series 2021: | ||||||
500 | 4.000%, 10/01/32 (WI/DD, Settling 06/10/21) | 10/30 at 100.00 | A2 | 609,940 | ||
200 | 4.000%, 10/01/34 (WI/DD, Settling 06/10/21) | 10/30 at 100.00 | A2 | 242,496 | ||
700 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University, Series 2015-8I, 3.375%, 10/01/30 | 10/25 at 100.00 | A2 | 763,098 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2015-8-G: | ||||||
1,305 | 5.000%, 12/01/26 | 12/25 at 100.00 | A1 | 1,553,459 | ||
1,000 | 5.000%, 12/01/28 | 12/25 at 100.00 | A1 | 1,183,700 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2021: | ||||||
1,250 | 3.000%, 10/01/38 | 10/30 at 100.00 | A1 | 1,389,000 | ||
1,000 | 3.000%, 10/01/41 | 10/30 at 100.00 | A1 | 1,102,820 | ||
1,500 | 4.000%, 10/01/46 | 10/30 at 100.00 | A1 | 1,783,695 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2013-7U: | ||||||
2,000 | 4.000%, 4/01/25 | 4/23 at 100.00 | A2 | 2,127,800 | ||
775 | 4.000%, 4/01/26 | 4/23 at 100.00 | A2 | 822,934 | ||
300 | 4.000%, 4/01/27 | 4/23 at 100.00 | A2 | 317,907 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2017A: | ||||||
750 | 4.000%, 10/01/34 | 10/27 at 100.00 | A2 | 867,690 | ||
525 | 4.000%, 10/01/35 | 10/27 at 100.00 | A2 | 606,448 | ||
450 | 4.000%, 10/01/36 | 10/27 at 100.00 | A2 | 518,692 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2019: | ||||||
400 | 5.000%, 10/01/27 | No Opt. Call | A2 | 498,724 | ||
295 | 5.000%, 10/01/28 | No Opt. Call | A2 | 376,042 | ||
1,000 | 4.000%, 10/01/31 | 10/29 at 100.00 | A2 | 1,203,380 | ||
450 | Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds, 2020 Senior Series, 5.000%, 11/01/26 (AMT) | No Opt. Call | AA | 537,723 | ||
705 | Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds, Senior Series 2018, 5.000%, 11/01/26 (AMT) | No Opt. Call | AA | 842,433 | ||
Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A: | ||||||
1,515 | 4.250%, 10/01/24 | 10/21 at 100.00 | AA- | 1,533,847 | ||
880 | 4.375%, 10/01/25 | 10/21 at 100.00 | AA- | 890,806 | ||
905 | 4.500%, 10/01/26 | 10/21 at 100.00 | AA- | 916,159 | ||
1,185 | Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2015A, 3.000%, 10/01/26 | 4/25 at 100.00 | AA- | 1,285,322 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016: | ||||||
$ 980 | 4.000%, 12/01/30 | 12/25 at 100.00 | Baa1 | $1,069,592 | ||
1,060 | 4.000%, 12/01/32 | 12/25 at 100.00 | Baa1 | 1,151,616 | ||
935 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/34 | 9/24 at 100.00 | BB- | 991,511 | ||
560 | Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A, 5.000%, 12/01/26 | 12/21 at 100.00 | BBB- | 569,436 | ||
680 | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 5.000%, 8/01/22, 144A | No Opt. Call | BB | 697,292 | ||
70 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/36 (4) | 4/26 at 100.00 | N/R | 65,734 | ||
710 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Great River School Project, Series 2017A, 5.500%, 7/01/38, 144A | 7/27 at 100.00 | N/R | 813,916 | ||
2,005 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A, 5.250%, 9/01/31 | 9/26 at 100.00 | BB+ | 2,342,141 | ||
200 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Metro Deaf School Project, Series 2018A, 5.000%, 6/15/38, 144A | 6/25 at 100.00 | N/R | 215,806 | ||
165 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 5.700%, 9/01/21 | No Opt. Call | BB+ | 167,077 | ||
200 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A, 4.000%, 9/01/31 | 9/24 at 102.00 | BB+ | 212,458 | ||
885 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | BB | 962,057 | ||
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A: | ||||||
150 | 4.000%, 7/01/23 | No Opt. Call | BB | 154,221 | ||
700 | 5.000%, 7/01/33 | 7/23 at 100.00 | BB | 738,164 | ||
260 | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.000%, 3/01/28 | 3/23 at 100.00 | BB | 267,067 | ||
2,770 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 5.000%, 10/01/36 | 10/26 at 100.00 | N/R | 2,971,711 | ||
250 | University of Minnesota, General Obligation Bonds, Refunding Series 2017B, 5.000%, 12/01/21 | No Opt. Call | Aa1 | 256,120 | ||
University of Minnesota, General Obligation Bonds, Series 2014B: | ||||||
1,000 | 4.000%, 1/01/31 | 1/24 at 100.00 | Aa1 | 1,083,240 | ||
1,000 | 4.000%, 1/01/32 | 1/24 at 100.00 | Aa1 | 1,080,560 | ||
1,000 | 4.000%, 1/01/34 | 1/24 at 100.00 | Aa1 | 1,077,900 | ||
University of Minnesota, General Obligation Bonds, Series 2019A: | ||||||
1,310 | 5.000%, 4/01/29 | No Opt. Call | Aa1 | 1,712,930 | ||
1,890 | 5.000%, 4/01/30 | 4/29 at 100.00 | Aa1 | 2,455,998 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016: | ||||||
$ 150 | 3.750%, 6/01/26 | 6/24 at 100.00 | N/R | $153,635 | ||
10 | 4.500%, 6/01/36 | 6/24 at 100.00 | N/R | 10,194 | ||
690 | Woodbury, Minnesota, Charter School Lease Revenue Bonds, Woodbury Leadership Academy, Series 2021A, 4.000%, 7/01/31 | 7/28 at 103.00 | BB- | 778,099 | ||
68,375 | Total Education and Civic Organizations | 75,770,923 | ||||
Health Care – 13.9% | ||||||
3,370 | Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016, 4.000%, 3/01/29 | 3/26 at 100.00 | N/R | 3,654,630 | ||
City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017: | ||||||
1,140 | 4.000%, 4/01/29 | 4/27 at 100.00 | BBB | 1,286,308 | ||
1,040 | 4.000%, 4/01/32 | 4/27 at 100.00 | BBB | 1,145,872 | ||
1,150 | Crookston, Minnesota, Health Care Facilities Revenue Bonds, RiverView Health Project, Refunding Series 2017A, 4.000%, 5/01/32 | 5/25 at 100.00 | N/R | 1,160,994 | ||
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A: | ||||||
1,045 | 5.000%, 2/15/33 | 2/28 at 100.00 | A- | 1,284,807 | ||
150 | 4.250%, 2/15/38 | 2/28 at 100.00 | A- | 173,973 | ||
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
660 | 4.000%, 4/01/25 | 4/22 at 100.00 | BBB | 676,163 | ||
400 | 4.000%, 4/01/26 | 4/22 at 100.00 | BBB | 409,432 | ||
2,000 | Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 5.000%, 9/01/28 | 9/25 at 100.00 | Baa1 | 2,280,720 | ||
Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017: | ||||||
495 | 5.000%, 5/01/31 | 5/27 at 100.00 | Baa1 | 598,405 | ||
405 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 488,576 | ||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | ||||||
1,190 | 5.000%, 11/15/28 | 11/25 at 100.00 | A+ | 1,402,022 | ||
1,100 | 5.000%, 11/15/29 | 11/25 at 100.00 | A+ | 1,294,403 | ||
1,000 | 5.000%, 11/15/30 | 11/25 at 100.00 | A+ | 1,175,300 | ||
2,000 | 5.000%, 11/15/32 | 11/25 at 100.00 | A+ | 2,344,860 | ||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A: | ||||||
3,390 | 5.000%, 11/15/35 | 11/28 at 100.00 | A+ | 4,212,143 | ||
2,100 | 5.000%, 11/15/36 | 11/28 at 100.00 | A+ | 2,602,887 | ||
500 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A, 5.000%, 11/15/29 | 5/27 at 100.00 | AA- | 614,955 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2019: | ||||||
$ 300 | 5.000%, 11/15/22 | No Opt. Call | AA- | $321,093 | ||
275 | 5.000%, 11/15/24 | No Opt. Call | AA- | 318,431 | ||
645 | 5.000%, 11/15/26 | No Opt. Call | AA- | 794,369 | ||
1,030 | 5.000%, 11/15/27 | No Opt. Call | AA- | 1,299,644 | ||
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A: | ||||||
275 | 4.000%, 12/01/25 | 6/21 at 100.00 | N/R | 271,411 | ||
250 | 4.050%, 12/01/26 | 6/21 at 100.00 | N/R | 243,828 | ||
250 | 4.150%, 12/01/27 | 6/21 at 100.00 | N/R | 241,825 | ||
750 | Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C, 5.400%, 12/01/33 | 6/21 at 100.00 | N/R | 750,105 | ||
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B: | ||||||
2,560 | 5.000%, 11/15/29 | No Opt. Call | AA | 3,392,742 | ||
1,000 | 5.000%, 11/15/33 | No Opt. Call | AA | 1,438,090 | ||
1,785 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 4.500%, 11/15/38 (Mandatory Put 11/15/21) | No Opt. Call | AA | 1,819,201 | ||
945 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B, 5.000%, 5/01/24 | No Opt. Call | AA- | 1,070,137 | ||
1,895 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 5.000%, 5/01/27 | 5/26 at 100.00 | AA- | 2,284,233 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A: | ||||||
3,720 | 5.000%, 7/01/28 | 7/25 at 100.00 | A | 4,390,567 | ||
1,550 | 5.000%, 7/01/30 | 7/25 at 100.00 | A | 1,826,644 | ||
4,500 | 5.000%, 7/01/32 | 7/25 at 100.00 | A | 5,295,195 | ||
1,155 | 4.000%, 7/01/35 | 7/25 at 100.00 | A | 1,281,507 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A: | ||||||
1,000 | 5.000%, 11/15/28 | 11/27 at 100.00 | A+ | 1,242,630 | ||
1,000 | 5.000%, 11/15/34 | 11/27 at 100.00 | A+ | 1,223,890 | ||
1,745 | 4.000%, 11/15/35 | 11/27 at 100.00 | A+ | 1,973,037 | ||
625 | 4.000%, 11/15/36 | 11/27 at 100.00 | A+ | 705,119 | ||
1,305 | 4.000%, 11/15/37 | 11/27 at 100.00 | A+ | 1,469,221 | ||
Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014: | ||||||
1,200 | 5.000%, 9/01/27 | 9/24 at 100.00 | A | 1,341,084 | ||
1,140 | 5.000%, 9/01/29 | 9/24 at 100.00 | A | 1,261,102 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012: | ||||||
$ 485 | 4.500%, 7/01/24 | 7/21 at 100.00 | BBB | $486,290 | ||
260 | 5.000%, 7/01/34 | 7/21 at 100.00 | BBB | 260,582 | ||
54,780 | Total Health Care | 63,808,427 | ||||
Housing/Multifamily – 0.1% | ||||||
500 | Anoka Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, Woodland Park Apartments Project, Series 2011A, 5.000%, 4/01/27 | 6/21 at 100.00 | Aaa | 501,360 | ||
Housing/Single Family – 0.8% | ||||||
230 | Dakota County Community Development Agency, Minnesota, Single Family Mortgage Revenue Bonds, Mortgage Backed Securities Program, Series 2011A, 4.400%, 12/01/26 | 6/21 at 100.00 | AA+ | 230,087 | ||
295 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26 | 7/21 at 100.00 | Aaa | 296,024 | ||
205 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (AMT) | 1/22 at 100.00 | AA+ | 208,510 | ||
65 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (AMT) | No Opt. Call | AA+ | 66,134 | ||
150 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.100%, 7/01/26 | 7/24 at 100.00 | AA+ | 152,326 | ||
15 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 15,677 | ||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A: | ||||||
10 | 1.750%, 7/01/21 (AMT) | No Opt. Call | AA+ | 10,009 | ||
95 | 3.200%, 7/01/30 (AMT) | 1/27 at 100.00 | AA+ | 96,523 | ||
145 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017D, 3.300%, 1/01/30 (AMT) | 1/27 at 100.00 | AA+ | 155,060 | ||
30 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2019B, 3.300%, 7/01/33 | 7/28 at 100.00 | AA+ | 30,382 | ||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020A: | ||||||
465 | 1.300%, 7/01/22 (AMT) | No Opt. Call | AA+ | 468,966 | ||
335 | 1.350%, 7/01/23 (AMT) | No Opt. Call | AA+ | 339,807 | ||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E: | ||||||
795 | 1.850%, 1/01/29 | No Opt. Call | AA+ | 827,635 | ||
470 | 1.900%, 7/01/29 | No Opt. Call | AA+ | 486,845 | ||
3,305 | Total Housing/Single Family | 3,383,985 | ||||
Industrials – 0.2% | ||||||
1,000 | Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1, 4.000%, 6/01/28 | 12/21 at 100.00 | A+ | 1,017,350 | ||
Long-Term Care – 9.4% | ||||||
250 | Anoka, Minnesota, Housing Revenue Bonds, The Homestead at Anoka, Inc Project, Refunding Series 2017, 5.000%, 11/01/46 | 11/24 at 103.00 | N/R | 267,278 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 1,000 | Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS Apple Valley Senior Housing, Inc, Orchard Path Project, Refunding Series 2018, 4.250%, 9/01/38 | 9/23 at 102.00 | N/R | $1,042,060 | ||
1,000 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 5.000%, 11/01/25 | 11/24 at 100.00 | Baa1 | 1,139,600 | ||
Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley Care Center Project, Refunding Series 2019: | ||||||
100 | 4.000%, 9/01/29 | 9/26 at 102.00 | N/R | 100,746 | ||
100 | 4.000%, 9/01/30 | 9/26 at 102.00 | N/R | 99,688 | ||
100 | 4.000%, 9/01/31 | 9/26 at 102.00 | N/R | 98,917 | ||
100 | 4.000%, 9/01/32 | 9/26 at 102.00 | N/R | 98,304 | ||
155 | 4.000%, 9/01/33 | 9/26 at 102.00 | N/R | 151,756 | ||
100 | 4.000%, 9/01/34 | 9/26 at 102.00 | N/R | 97,482 | ||
815 | Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/33 | 8/23 at 100.00 | N/R | 862,294 | ||
1,110 | City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 | 11/22 at 100.00 | N/R | 1,112,831 | ||
325 | City of Vergas, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Refunding Series 2016, 4.000%, 8/01/31 | 8/24 at 100.00 | N/R | 330,496 | ||
235 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, Refunding Series 2017, 4.450%, 3/01/31 | 3/22 at 101.00 | N/R | 237,388 | ||
200 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, Refunding Series 2018, 4.500%, 9/01/33 | 9/23 at 100.00 | N/R | 203,004 | ||
Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc, Refunding Series 2015: | ||||||
1,000 | 4.600%, 1/01/27 | 1/23 at 100.00 | N/R | 998,010 | ||
500 | 5.000%, 1/01/34 | 1/23 at 100.00 | N/R | 493,095 | ||
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A: | ||||||
2,385 | 3.875%, 8/01/29, 144A | 8/22 at 100.00 | N/R | 2,431,984 | ||
1,100 | 5.000%, 8/01/36, 144A | 8/22 at 100.00 | N/R | 1,131,053 | ||
500 | Dennison, Minnesota, Senior Housing Revenue Bonds, Villages of Lonsdale, LLC Project, Series 2019, 4.200%, 5/01/35 | 5/24 at 101.00 | N/R | 506,465 | ||
1,435 | Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen, Second Century & Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory Put 9/01/24) | 6/21 at 100.00 | N/R | 1,436,291 | ||
200 | Maple Plain, Minnesota Senior Housing and Healthcare Revenue Bonds, Haven Homes, Inc Project, Series 2019, 4.000%, 7/01/32 | 7/25 at 102.00 | N/R | 204,768 | ||
100 | Mapleton, Minnesota, Healthcare Facility Revenue Bonds, Mapleton Community Home, Refunding Series 2019, 3.750%, 5/01/34 | 5/24 at 101.00 | N/R | 94,685 | ||
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | ||||||
1,400 | 5.000%, 11/15/24 | 11/22 at 100.00 | N/R | 1,427,272 | ||
1,650 | 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,663,546 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen, Abiitan Mill City Project, Series 2015: | ||||||
$ 425 | 4.750%, 11/01/28 | 5/23 at 100.00 | N/R | $431,116 | ||
750 | 5.250%, 11/01/45 | 5/23 at 100.00 | N/R | 759,488 | ||
Morris, Minnesota, Health Care Facilities Revenue Bonds, Farmington Health Services Project, Refunding Series 2019: | ||||||
190 | 2.900%, 8/01/23 | No Opt. Call | N/R | 188,379 | ||
100 | 3.100%, 8/01/25 | 8/24 at 101.00 | N/R | 98,918 | ||
380 | North Oaks, Minnesota, Senior Housing Revenue Bonds, Waverly Gardens Project, Refunding Series 2016, 4.000%, 10/01/24 | No Opt. Call | N/R | 409,971 | ||
Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc Project, Refunding Series 2017A: | ||||||
775 | 3.875%, 8/01/26 | 8/25 at 100.00 | N/R | 813,107 | ||
805 | 4.000%, 8/01/27 | 8/25 at 100.00 | N/R | 846,578 | ||
2,000 | 4.000%, 8/01/30 | 8/25 at 100.00 | N/R | 2,088,040 | ||
405 | Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of Country Manor Project, Series 2019 A, 4.000%, 7/01/33 | 7/24 at 102.00 | N/R | 392,145 | ||
1,000 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 4.350%, 6/01/36 | 6/26 at 100.00 | N/R | 1,003,560 | ||
125 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016C, 2.250%, 6/01/21 | No Opt. Call | N/R | 125,000 | ||
2,760 | Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.000%, 5/01/33 | 5/23 at 100.00 | N/R | 2,792,982 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Amherst H Wilder Foundation Project, Refunding Series 2020A: | ||||||
500 | 5.000%, 12/01/25 | No Opt. Call | Baa2 | 579,135 | ||
1,015 | 5.000%, 12/01/26 | No Opt. Call | Baa2 | 1,199,425 | ||
410 | Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 4.000%, 11/01/22 | 6/21 at 100.00 | N/R | 410,303 | ||
Saint Paul Park, Minnesota, Health Facilities Revenue Bonds, Presbyterian Homes Interlude Transitional Care Projects, Refunding Series 2018: | ||||||
510 | 4.200%, 5/01/33 | 5/23 at 102.00 | N/R | 539,478 | ||
1,940 | 4.750%, 5/01/38 | 5/23 at 102.00 | N/R | 2,070,135 | ||
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017: | ||||||
500 | 3.250%, 9/01/26 | 9/24 at 100.00 | N/R | 515,875 | ||
550 | 3.700%, 9/01/28 | 9/24 at 100.00 | N/R | 572,539 | ||
350 | 3.800%, 9/01/29 | 9/24 at 100.00 | N/R | 364,427 | ||
565 | 3.900%, 9/01/30 | 9/24 at 100.00 | N/R | 588,606 | ||
320 | 4.125%, 9/01/34 | 9/24 at 100.00 | N/R | 332,960 | ||
1,020 | Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/27 | 9/22 at 100.00 | N/R | 1,043,297 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 1,590 | Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC Project, Refunding Series 2017, 5.000%, 9/01/27 | No Opt. Call | N/R | $1,735,755 | ||
2,395 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39 | 1/23 at 100.00 | N/R | 2,414,950 | ||
Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services Project, Refunding Series 2020: | ||||||
100 | 2.450%, 3/01/23 | No Opt. Call | N/R | 99,202 | ||
120 | 2.700%, 3/01/26 | 3/25 at 101.00 | N/R | 117,581 | ||
335 | 2.950%, 3/01/28 | 3/25 at 101.00 | N/R | 324,588 | ||
Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019: | ||||||
175 | 3.000%, 8/01/27 | 8/24 at 102.00 | N/R | 181,881 | ||
300 | 3.125%, 8/01/28 | 8/24 at 102.00 | N/R | 312,276 | ||
300 | 3.250%, 8/01/29 | 8/24 at 102.00 | N/R | 312,900 | ||
225 | 3.375%, 8/01/30 | 8/24 at 102.00 | N/R | 234,810 | ||
600 | 5.000%, 8/01/31 | 8/24 at 102.00 | N/R | 655,272 | ||
450 | 5.000%, 8/01/32 | 8/24 at 102.00 | N/R | 490,730 | ||
250 | 5.000%, 8/01/33 | 8/24 at 102.00 | N/R | 272,388 | ||
555 | 5.000%, 8/01/34 | 8/24 at 102.00 | N/R | 604,167 | ||
250 | 5.000%, 8/01/35 | 8/24 at 102.00 | N/R | 271,908 | ||
500 | 4.000%, 8/01/44 | 8/24 at 102.00 | N/R | 522,760 | ||
41,400 | Total Long-Term Care | 42,945,645 | ||||
Tax Obligation/General – 34.6% | ||||||
2,000 | Alexandria Independent School District 206, Douglas County, Minnesota, General Obligation Bonds, Refunding School Building Series 2017A, 5.000%, 2/01/30 | 2/28 at 100.00 | Aa2 | 2,506,600 | ||
1,335 | Annandale Independent School District 876, Wright and Stearns Counties, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A, 4.000%, 2/01/27 | No Opt. Call | Aa2 | 1,570,921 | ||
1,475 | Anoka-Hennepin Independent School District 11, Coon Rapids, Minnesota, General Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/34 | 2/28 at 100.00 | AAA | 1,629,580 | ||
1,165 | Barnesville Independent School District 146 Public Schools, Clay, Otter Tail and Wilkin Counties, Minnesota, General Obligation Bonds, School Building Series 2019A, 4.000%, 2/01/31 | 2/28 at 100.00 | Aa2 | 1,359,392 | ||
685 | Becker, Minnesota, General Obligation Bonds, Street Reconstruction, Series 2021A, 4.000%, 2/01/27 (WI/DD, Settling 06/02/21) | No Opt. Call | A1 | 806,053 | ||
Belgrade Brooten Elrosa Public Schools Independent School District 2364, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
400 | 3.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 439,420 | ||
280 | 3.000%, 2/01/29 | 2/26 at 100.00 | Aa2 | 305,855 | ||
1,590 | Belle Plaine Independent School District 716, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A, 5.000%, 2/01/26 | No Opt. Call | Aa2 | 1,914,535 | ||
1,405 | Benson Independent School District 777, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/32 | 2/27 at 100.00 | AAA | 1,614,204 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 1,385 | Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2020A, 2.000%, 2/01/27 | No Opt. Call | AAA | $1,477,476 | ||
320 | Blue Earth Area Schools Independent School District 2860, Minnesota, General Obligation Bonds, Refunding Series 2019A, 4.000%, 2/01/26 | No Opt. Call | Aa2 | 367,734 | ||
1,565 | Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018C, 5.000%, 2/01/27 | 2/26 at 100.00 | AAA | 1,890,864 | ||
Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A: | ||||||
3,280 | 4.000%, 2/01/30 | 2/27 at 100.00 | AAA | 3,811,918 | ||
1,000 | 4.000%, 2/01/33 | 2/27 at 100.00 | AAA | 1,152,340 | ||
Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, Series 2018A: | ||||||
2,145 | 4.000%, 2/01/35 | 2/27 at 100.00 | Aa2 | 2,431,593 | ||
1,720 | 4.000%, 2/01/37 | 2/27 at 100.00 | Aa2 | 1,942,706 | ||
2,000 | Buffalo, Minnesota, Water and Sewer Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/28 – BAM Insured | 11/23 at 100.00 | AA | 2,160,180 | ||
420 | Burnsville, Dakota County, Minnesota, General Obligation Bonds, Refunding Utility Improvement Series 2019A, 5.000%, 12/20/27 | No Opt. Call | AAA | 534,282 | ||
365 | Centennial Independent School District 12, Circle Pines, Anoka County, Minnesota, General Obligation Bonds, School Building Bonds, Series 2019A, 5.000%, 2/01/23 | No Opt. Call | AAA | 394,080 | ||
Chaska, Minnesota, General Obligation Bonds, Series 2020C: | ||||||
235 | 5.000%, 2/01/28 | No Opt. Call | AA | 297,693 | ||
250 | 5.000%, 2/01/29 | No Opt. Call | AA | 323,170 | ||
1,000 | Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,105,350 | ||
225 | Columbia Heights Independent School District 13, Minnesota, General Obligation Bonds, School Building Series 2019B, 0.000%, 2/01/27 | No Opt. Call | Aa2 | 211,660 | ||
1,055 | Dawson-Boyd Independent School District 378, Yellow Medicine County, Minnesota, General Obligation Bonds, School Building Series 2019A, 4.000%, 2/01/30 | 2/28 at 100.00 | AAA | 1,247,801 | ||
1,250 | Detroit Lakes Independent School District 22, Becker and Otter Tail Counties, Minnesota, General Obligation Bonds, School Building Series 2019A, 4.000%, 2/01/30 | 2/27 at 100.00 | AAA | 1,445,250 | ||
Dilworth-Glyndon-Felton Independent School District 2164, Clay County, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
685 | 4.000%, 2/01/28 | 2/26 at 100.00 | AAA | 786,483 | ||
970 | 4.000%, 2/01/30 | 2/26 at 100.00 | AAA | 1,107,333 | ||
3,150 | Elk River Independent School District 728, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2019A, 4.000%, 2/01/31 | 2/27 at 100.00 | Aa2 | 3,644,392 | ||
870 | Elk River, Minnesota, General Obligation Bonds, Refunding Capital Improvement Plan Series 2020B, 5.000%, 2/01/22 | No Opt. Call | AA+ | 898,023 | ||
1,530 | Eveleth-Gilbert Public Schools Independent School District 2154, Saint Louis County, Minnesota, General Obligation Bonds, Series 2019A, 4.000%, 2/01/32 | 2/28 at 100.00 | AAA | 1,796,373 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Fridley Independent School District 14, Anoka County, Minnesota, General Obligation Bonds, Alternative Facility, Series 2016B: | ||||||
$ 2,620 | 5.000%, 2/01/27 | 2/26 at 100.00 | Aa2 | $3,164,174 | ||
1,075 | 4.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,234,261 | ||
665 | Goodhue County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2015A, 3.000%, 2/01/27 | 2/23 at 100.00 | Aa2 | 691,467 | ||
1,485 | Goodhue Independent School District 253, Minnesota, General Obligation Bonds, School Building Series 2019A, 4.000%, 2/01/30 | 2/28 at 100.00 | AAA | 1,756,384 | ||
Greenway Independent School District 316, Itasca County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2019F: | ||||||
1,265 | 0.000%, 2/01/27 | 2/26 at 97.95 | AAA | 1,183,319 | ||
1,345 | 0.000%, 2/01/28 | 2/26 at 95.70 | AAA | 1,222,390 | ||
460 | Greenway Independent School District 316, Itasca County, Minnesota, General Obligation Bonds, Refunding Alternate Facilities Series 2019D, 5.000%, 2/01/26 | No Opt. Call | AAA | 549,902 | ||
1,040 | Hennepin County, Minnesota, General Obligation Bonds, Sales Tax Series 2020C, 5.000%, 12/15/31 | 12/29 at 100.00 | AAA | 1,377,334 | ||
300 | Hennepin County, Minnesota, General Obligation Bonds, Series 2017C, 5.000%, 12/01/24 | No Opt. Call | AAA | 349,062 | ||
630 | Hopkins, Hennepin County, Minnesota, General Obligation Bonds, Series 2020A, 4.000%, 2/01/29 | No Opt. Call | AA+ | 772,745 | ||
500 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 | 2/27 at 100.00 | AAA | 568,790 | ||
330 | Jackson County Central Independent School District 2895, Minnesota, General Obligation Bonds, School Building Series 2020A, 4.000%, 2/01/27 | No Opt. Call | AAA | 390,529 | ||
La Crescent, Minnesota, General Obligation Bonds, Series 2019B: | ||||||
130 | 4.000%, 2/01/22 | No Opt. Call | A1 | 133,281 | ||
100 | 4.000%, 2/01/23 | No Opt. Call | A1 | 106,203 | ||
1,225 | Lake City Independent School District 813, Goodhue and Wabasha Counties, Minnesota, General Obligation Bonds, Refunding Series 2019A, 5.000%, 2/01/26 | No Opt. Call | AAA | 1,475,659 | ||
Lake Crystal, Minnesota, General Obligation Bonds, Series 2019A: | ||||||
130 | 3.000%, 12/15/23 | No Opt. Call | AA | 138,306 | ||
265 | 3.000%, 12/15/24 | No Opt. Call | AA | 287,207 | ||
355 | Lakeview Independent School District 2167, Lyon and Yellow Counties, Minnesota, General Obligation Bonds, Lakeview Public Schools Building Series 2021A, 4.000%, 2/01/29 | No Opt. Call | AAA | 433,970 | ||
Lester Prairie Independent School District 424, McLeod County, Minnesota, General Obligation Bonds, School Building Series 2019A: | ||||||
415 | 5.000%, 2/01/29 | No Opt. Call | Aa2 | 539,662 | ||
625 | 4.000%, 2/01/30 | 2/29 at 100.00 | Aa2 | 758,181 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Mankato Independent School District 77, Nicollet and Le Sueur Counties, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2020A: | ||||||
$ 505 | 4.000%, 2/01/30 | 2/29 at 100.00 | Aa2 | $606,035 | ||
595 | 4.000%, 2/01/31 | 2/29 at 100.00 | Aa2 | 710,805 | ||
500 | 4.000%, 2/01/33 | 2/29 at 100.00 | Aa2 | 593,000 | ||
550 | 4.000%, 2/01/34 | 2/29 at 100.00 | Aa2 | 649,187 | ||
1,390 | Maple River Independent School District 2135, Minnesota, General Obligation Bonds, School Building Series 2020A, 5.000%, 2/01/29 | No Opt. Call | AAA | 1,811,128 | ||
500 | Marshall Independent School District 413, Lyon County, Minnesota, General Obligation Bonds, School Building Series 2019B, 4.000%, 2/01/30 | 2/28 at 100.00 | Aa2 | 589,270 | ||
1,690 | Metropolitan Council Minneapolis- Saint Paul Metropolitan Area, Minnesota, General Obligation Bonds, Refunding Transit Series 2020D, 5.000%, 3/01/27 | No Opt. Call | AAA | 2,108,174 | ||
2,595 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/32 | 2/28 at 100.00 | AAA | 3,070,456 | ||
1,980 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2019B, 4.000%, 2/01/34 | 2/29 at 100.00 | AAA | 2,376,713 | ||
Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2020B: | ||||||
2,460 | 5.000%, 2/01/28 | No Opt. Call | AAA | 3,140,042 | ||
1,490 | 4.000%, 2/01/32 | 2/30 at 100.00 | AAA | 1,838,228 | ||
800 | Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 2017, 3.000%, 12/01/27 | 12/24 at 100.00 | AAA | 866,616 | ||
Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 2018: | ||||||
1,480 | 4.000%, 12/01/33 | 12/26 at 100.00 | AAA | 1,713,189 | ||
500 | 4.000%, 12/01/35 | 12/26 at 100.00 | AAA | 577,020 | ||
1,000 | Minnesota State, General Obligation Bonds, State Trunk Highway Series 2014B, 4.000%, 8/01/26 | 8/24 at 100.00 | AAA | 1,113,590 | ||
1,000 | Minnesota State, General Obligation Bonds, State Trunk Highway Series 2018B, 4.000%, 8/01/31 | 8/28 at 100.00 | AAA | 1,204,760 | ||
1,000 | Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 4.000%, 10/01/25 | 10/23 at 100.00 | AAA | 1,085,490 | ||
2,000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/25 | 8/23 at 100.00 | AAA | 2,206,560 | ||
2,000 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.500%, 10/01/28 | 10/23 at 100.00 | AAA | 2,141,720 | ||
Minnesota State, General Obligation Bonds, Various Purpose Series 2018A: | ||||||
1,265 | 5.000%, 8/01/29 | 8/28 at 100.00 | AAA | 1,633,368 | ||
1,500 | 5.000%, 8/01/34 | 8/28 at 100.00 | AAA | 1,927,290 | ||
Minnetonka Independent School District 276, Hennepin County, Minnesota, General Obligation Bonds, Refunding Series 2013H: | ||||||
525 | 4.000%, 2/01/25 | 2/23 at 100.00 | Aaa | 556,605 | ||
600 | 4.000%, 2/01/26 | 2/23 at 100.00 | Aaa | 635,058 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 500 | Montgomery Independent School District 2905, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/34 | 2/25 at 100.00 | Aa2 | $564,230 | ||
1,475 | Moose Lake Independent School District 97, Carlton and Pine Counties, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/30 | 2/25 at 100.00 | Aa2 | 1,645,436 | ||
1,000 | Mora Independent School District 332, Kanabec County, Minnesota, General Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/29 | 2/28 at 100.00 | AAA | 1,118,350 | ||
2,050 | North Branch Independent School District 138, Chisago County, Minnesota, General Obligation Bonds, School Building Series 2017A, 4.000%, 2/01/30 | 2/27 at 100.00 | AAA | 2,370,210 | ||
850 | North Saint Paul-Maplewood-Oakdale Independent School District 622, Ramsey County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A, 3.375%, 2/01/35 | 2/27 at 100.00 | Aa2 | 943,143 | ||
1,375 | North Saint Paul-Maplewood-Oakdale Independent School District 622, Ramsey County, Minnesota, General Obligation Bonds, School Building Series 2019A, 5.000%, 2/01/31 | 2/28 at 100.00 | Aa2 | 1,721,527 | ||
Northland Independent School District 118, Minnesota, General Obligation Bonds, Series 2016A: | ||||||
560 | 3.000%, 2/01/27 | 2/24 at 100.00 | Aa2 | 595,582 | ||
1,185 | 3.000%, 2/01/29 | 2/24 at 100.00 | Aa2 | 1,254,216 | ||
1,500 | Osseo Independent School District 279 Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018B, 4.000%, 2/01/34 | 2/27 at 100.00 | Aa1 | 1,729,290 | ||
1,035 | Perham Dent Independent School District 549, Minnesota, General Obligation Bonds, School Building Series 2016A, 3.000%, 2/01/30 | 2/24 at 100.00 | Aa2 | 1,092,246 | ||
Pillager Independent School District 116, Cass and Morrison Counties, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A: | ||||||
945 | 4.000%, 2/01/26 | No Opt. Call | AAA | 1,091,135 | ||
990 | 4.000%, 2/01/27 | No Opt. Call | AAA | 1,165,557 | ||
1,030 | 4.000%, 2/01/28 | No Opt. Call | AAA | 1,235,279 | ||
1,145 | Pipestone-Jasper Independent School District 2689, Minnesota, General Obligation Bonds, Series 2019A, 5.000%, 2/01/28 | No Opt. Call | AAA | 1,458,112 | ||
880 | Plainview-Elgin-Millville Independent School District 2899, Minnesota, General Obligation Bonds, School Building Series 2019A, 4.000%, 2/01/32 | 2/28 at 100.00 | AAA | 1,033,208 | ||
Red Lake Falls Independent School District 630, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
385 | 5.000%, 2/01/26 | No Opt. Call | Aa2 | 461,615 | ||
400 | 3.000%, 2/01/27 | 2/26 at 100.00 | Aa2 | 441,520 | ||
410 | 3.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 451,000 | ||
425 | 3.000%, 2/01/29 | 2/26 at 100.00 | Aa2 | 465,469 | ||
1,250 | Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A, 3.000%, 2/01/30 | 8/26 at 100.00 | Aa2 | 1,369,313 | ||
1,210 | Roseau Independent School District 682, Roseau and Marshall Counties, Minnesota, General Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/29 | 2/28 at 100.00 | Aa2 | 1,356,507 | ||
2,400 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/35 | 2/27 at 100.00 | Aa2 | 2,734,656 | ||
2,500 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, Series 1994, 4.000%, 2/01/37 | 2/27 at 100.00 | Aa2 | 2,838,200 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 1,270 | Russell-Tyler-Ruthton Public Schools Independent School District 2902, Minnesota, General Obligation Bonds, Series 2019A, 5.000%, 2/01/28 | No Opt. Call | AAA | $1,617,294 | ||
1,100 | Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A, 4.000%, 2/01/30 | 2/25 at 100.00 | Aa2 | 1,227,105 | ||
575 | Saint Francis Independent School District 15, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/34 | 2/23 at 100.00 | Aa2 | 604,365 | ||
600 | Saint Louis County Independent School District 2142, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 3.500%, 2/01/23 | 2/22 at 100.00 | AAA | 612,798 | ||
3,950 | Saint Louis Park Independent School District 283, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2018A, 5.000%, 2/01/30 | 2/27 at 100.00 | Aa2 | 4,819,395 | ||
1,225 | Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A, 3.200%, 2/01/32 | 2/26 at 100.00 | Aa2 | 1,334,797 | ||
1,440 | Saint Paul, Minnesota, General Obligation Bonds, Refunding Street Reconstruction Series 2021C, 5.000%, 5/01/29 | No Opt. Call | AAA | 1,896,480 | ||
1,960 | Saint Paul, Minnesota, General Obligation Bonds, Refunding Various Purpose Series 2021A, 5.000%, 3/01/27 | No Opt. Call | AAA | 2,450,020 | ||
400 | Sauk Rapids Independent School District 047, Benton County, Minnesota, General Obligation Bonds, School Building Series 2020A, 4.000%, 2/01/29 | 2/28 at 100.00 | AAA | 477,744 | ||
Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Capital Facilities Series 2020A: | ||||||
200 | 4.000%, 2/01/28 | 2/27 at 100.00 | Aa2 | 233,430 | ||
225 | 4.000%, 2/01/30 | 2/27 at 100.00 | Aa2 | 259,479 | ||
1,240 | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, Alternate Facilities Series 2014A, 3.500%, 2/01/27 | 2/24 at 100.00 | Aa2 | 1,335,158 | ||
South Washington County Independent School District 833, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A: | ||||||
300 | 5.000%, 2/01/28 | 2/27 at 100.00 | Aa2 | 370,371 | ||
1,330 | 4.000%, 2/01/31 | 2/27 at 100.00 | Aa2 | 1,539,528 | ||
2,000 | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, School Building Series 2016A, 4.000%, 2/01/29 | 2/26 at 100.00 | Aa2 | 2,289,440 | ||
915 | Southland Independent School District 500, Minnesota, General Obligation Bonds, School Building Series 2019A, 4.000%, 2/01/31 | 2/27 at 100.00 | AAA | 1,053,723 | ||
1,475 | Spring Lake Independent School District 16, Anoka County, Minnesota, General Obligation Bonds, Refunding Series 2015A, 3.000%, 2/01/26 | 2/25 at 100.00 | Aa2 | 1,604,210 | ||
2,000 | Stillwater Independent School District 834, Washington County, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/28 | 2/24 at 100.00 | Aa2 | 2,178,840 | ||
2,000 | Tracy, Lyon County, Minnesota, General Obligation Bonds, Temporary Series 2019A, 1.750%, 5/01/22 | 6/21 at 100.00 | AAA | 2,001,760 | ||
Virginia, Minnesota, General Obligation Bonds, Sales Tax Series 2020A: | ||||||
410 | 5.000%, 2/01/27 – AGM Insured | No Opt. Call | AA | 503,074 | ||
870 | 5.000%, 2/01/28 – AGM Insured | No Opt. Call | AA | 1,092,476 | ||
510 | 4.000%, 2/01/29 – AGM Insured | 2/28 at 100.00 | AA | 600,831 | ||
360 | 4.000%, 2/01/30 – AGM Insured | 2/28 at 100.00 | AA | 420,754 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 2,415 | Watertown-Mayer Independent School District 111, Carver, Hennepin and Wright Counties, Minnesota, General Obligation Bonds, School Building Series 2020A, 0.000%, 2/01/31 | 2/28 at 94.63 | AAA | $2,046,737 | ||
2,000 | White Bear Lake Independent School District 624, Ramsey County, Minnesota, General Obligation Bonds, School Building Series 2020A, 4.000%, 2/01/29 | 2/28 at 100.00 | AAA | 2,400,140 | ||
1,025 | Windom Independent School District, Cottonwood and Jackson Counties, Minnesota, General Obligation Bonds, Refunding School Building Series 2015A, 3.000%, 2/01/23 | No Opt. Call | AAA | 1,072,447 | ||
1,250 | Worthington Independent School District 518, Nobles County, Minnesota, General Obligation Bonds, School Building Series 2020A, 4.000%, 2/01/27 | 2/26 at 100.00 | AAA | 1,444,413 | ||
590 | Worthington, Minnesota, General Obligation Bonds, Series 2019A, 3.000%, 2/01/27 | No Opt. Call | AA- | 662,706 | ||
137,775 | Total Tax Obligation/General | 158,745,707 | ||||
Tax Obligation/Limited – 8.0% | ||||||
695 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Refunding Full Term Series 2019B, 5.000%, 2/01/28 | No Opt. Call | Aa2 | 861,605 | ||
780 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 | 1/22 at 100.00 | BB | 801,427 | ||
1,475 | Minneapolis Special School District 1, Hennepin County, Minnesota, Certificates of Participation, Full Term Series 2015D, 3.000%, 2/01/29 | 2/24 at 100.00 | AAA | 1,561,155 | ||
1,000 | Minneapolis Special School District 1, Hennepin County, Minnesota, Certificates of Participation, Full Term Series 2017C, 4.000%, 2/01/30 | 2/28 at 100.00 | AAA | 1,191,950 | ||
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015: | ||||||
495 | 3.650%, 3/01/24 | 3/23 at 100.00 | N/R | 509,112 | ||
200 | 3.800%, 3/01/25 | 3/23 at 100.00 | N/R | 206,018 | ||
200 | 4.000%, 3/01/27 | 3/23 at 100.00 | N/R | 206,132 | ||
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015: | ||||||
1,115 | 4.000%, 3/01/25 | 3/24 at 100.00 | N/R | 1,163,424 | ||
500 | 5.000%, 3/01/29 | 3/24 at 100.00 | N/R | 527,280 | ||
340 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St Anthony Falls Project, Refunding Series 2015, 4.000%, 3/01/24 | 3/23 at 100.00 | N/R | 351,727 | ||
1,170 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 4.000%, 8/01/27 | 8/24 at 100.00 | AA+ | 1,294,453 | ||
960 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2018D, 4.000%, 8/01/34 | 8/28 at 100.00 | AA+ | 1,129,056 | ||
770 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2019A, 4.000%, 8/01/32 | 8/29 at 100.00 | AA+ | 928,066 | ||
485 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2019C, 4.000%, 8/01/31 | 8/29 at 100.00 | AA+ | 587,456 | ||
1,055 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2020A, 4.000%, 8/01/31 | 8/30 at 100.00 | AA+ | 1,305,679 | ||
1,810 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2020D, 4.000%, 8/01/31 | 8/30 at 100.00 | AA+ | 2,243,604 | ||
1,185 | Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.250%, 8/01/27 | 8/21 at 100.00 | AA+ | 1,194,764 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B: | ||||||
$ 605 | 3.125%, 2/01/29 | 2/25 at 100.00 | A1 | $643,702 | ||
350 | 3.250%, 2/01/30 | 2/25 at 100.00 | A1 | 371,833 | ||
Plymouth Intermediate District 287, Minnesota, Facilities Maintenance Bonds, Series 2017B: | ||||||
235 | 4.000%, 5/01/26 | No Opt. Call | Aa3 | 272,936 | ||
175 | 4.000%, 5/01/27 | No Opt. Call | Aa3 | 205,392 | ||
1,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2, 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 1,123,600 | ||
Rosemount Independent School District 196, Dakota County, Minnesota, Certificates of Participation, Series 2021A: | ||||||
890 | 3.000%, 4/01/26 | No Opt. Call | Aa3 | 985,381 | ||
915 | 3.000%, 4/01/27 | No Opt. Call | Aa3 | 1,023,272 | ||
1,155 | Roseville Independent School District 623, Ramsey County, Minnesota, Certificates of Participation, Series 2021A, 5.000%, 4/01/29 | No Opt. Call | Baa2 | 1,504,133 | ||
630 | Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A, 5.000%, 2/01/30 | 2/25 at 100.00 | A1 | 723,927 | ||
1,685 | Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of Participation, Series 2018B, 3.250%, 2/01/33 | 2/27 at 100.00 | AAA | 1,858,134 | ||
1,020 | Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of Participation, Series 2019B, 4.000%, 2/01/32 | 2/29 at 100.00 | AAA | 1,228,753 | ||
1,000 | Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of Participation, Series 2020C, 3.000%, 2/01/36 | 2/28 at 100.00 | AAA | 1,094,090 | ||
735 | Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 5.000%, 11/01/29 | 11/24 at 100.00 | A+ | 844,780 | ||
1,895 | University of Minnesota, Special Purpose Revenue Bonds, State Supported Biomedical Science Research Facilities Funding Program, Series 2011B, 5.000%, 8/01/23 | 8/21 at 100.00 | AA+ | 1,909,914 | ||
3,500 | Virginia Housing and Redevelopment Authority, Minnesota, Health Care Facility Lease Revenue Bonds, Refunding Series 2018A, 4.000%, 10/01/29 | 10/25 at 100.00 | N/R | 3,532,200 | ||
White Bear Lake Independent School District 624, Ramsey County, Minnesota, Certificates of Participation, Series 2020B: | ||||||
790 | 5.000%, 4/01/25 | No Opt. Call | A+ | 919,513 | ||
830 | 5.000%, 4/01/26 | No Opt. Call | A+ | 994,962 | ||
Zumbro Education District 6012, Minnesota, Certificates of Participation Series 2021A: | ||||||
375 | 4.000%, 2/01/26 | No Opt. Call | Baa1 | 424,305 | ||
320 | 4.000%, 2/01/28 | No Opt. Call | Baa1 | 372,742 | ||
330 | 4.000%, 2/01/30 | No Opt. Call | Baa1 | 391,667 | ||
32,670 | Total Tax Obligation/Limited | 36,488,144 | ||||
Transportation – 6.2% | ||||||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2016A: | ||||||
720 | 5.000%, 1/01/26 | No Opt. Call | AA- | 863,237 | ||
305 | 4.000%, 1/01/26 | No Opt. Call | AA- | 351,467 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
$ 2,330 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2011A, 5.000%, 1/01/25 | 6/21 at 100.00 | A+ | $2,338,318 | ||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2012B: | ||||||
685 | 5.000%, 1/01/26 | 1/22 at 100.00 | A+ | 703,844 | ||
2,550 | 5.000%, 1/01/29 | 1/22 at 100.00 | A+ | 2,618,187 | ||
2,750 | 5.000%, 1/01/30 | 1/22 at 100.00 | A+ | 2,823,535 | ||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014A: | ||||||
335 | 5.000%, 1/01/29 | 1/24 at 100.00 | A+ | 373,719 | ||
2,000 | 5.000%, 1/01/30 | 1/24 at 100.00 | A+ | 2,231,160 | ||
1,965 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019A, 5.000%, 1/01/30 | 7/29 at 100.00 | A+ | 2,542,867 | ||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B: | ||||||
3,000 | 5.000%, 1/01/27 (AMT) | No Opt. Call | A+ | 3,671,190 | ||
2,540 | 5.000%, 1/01/31 (AMT) | 7/29 at 100.00 | A+ | 3,234,944 | ||
895 | 5.000%, 1/01/33 (AMT) | 7/29 at 100.00 | A+ | 1,132,909 | ||
550 | 5.000%, 1/01/34 (AMT) | 7/29 at 100.00 | A+ | 694,221 | ||
590 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019C, 5.000%, 1/01/27 | No Opt. Call | A+ | 725,251 | ||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C: | ||||||
1,050 | 5.000%, 1/01/34 | 1/27 at 100.00 | AA- | 1,273,797 | ||
2,310 | 5.000%, 1/01/35 | 1/27 at 100.00 | AA- | 2,802,423 | ||
180 | 5.000%, 1/01/36 | 1/27 at 100.00 | AA- | 218,360 | ||
24,755 | Total Transportation | 28,599,429 | ||||
U.S. Guaranteed – 4.3% (5) | ||||||
Jordan Independent School District 717, Scott County, Minnesota, General Obligation Bonds, School Building Series 2014A: | ||||||
1,000 | 4.000%, 2/01/26 (Pre-refunded 2/01/23) | 2/23 at 100.00 | Aa2 | 1,061,530 | ||
1,275 | 4.000%, 2/01/27 (Pre-refunded 2/01/23) | 2/23 at 100.00 | Aa2 | 1,353,667 | ||
625 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1, 6.000%, 10/01/32 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 | 637,013 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2012-7Q: | ||||||
740 | 5.000%, 10/01/23 (Pre-refunded 10/01/22) | 10/22 at 100.00 | Baa1 | 787,789 | ||
490 | 5.000%, 10/01/24 (Pre-refunded 10/01/22) | 10/22 at 100.00 | Baa1 | 521,644 | ||
570 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/33 (Pre-refunded 12/01/23) | 12/23 at 100.00 | Aa3 | 638,879 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013: | ||||||
$ 940 | 3.000%, 7/01/25 (Pre-refunded 7/01/23) | 7/23 at 100.00 | A | $992,396 | ||
515 | 3.250%, 7/01/26 (Pre-refunded 7/01/23) | 7/23 at 100.00 | A | 546,374 | ||
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc, Series 2015A: | ||||||
1,100 | 5.000%, 11/15/29 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R | 1,317,701 | ||
2,285 | 5.000%, 11/15/30 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R | 2,737,224 | ||
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2014A: | ||||||
2,850 | 5.000%, 1/01/29 (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa3 | 3,201,918 | ||
2,750 | 5.000%, 1/01/30 (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa3 | 3,089,570 | ||
1,000 | 5.000%, 1/01/31 (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa3 | 1,123,480 | ||
1,150 | 5.000%, 1/01/32 (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa3 | 1,292,002 | ||
500 | Worthington Independent School District 518, Nobles County, Minnesota, Certificates of Participation, Series 2017A, 4.000%, 2/01/30 (Pre-refunded 2/01/26) | 2/26 at 100.00 | A+ | 578,565 | ||
17,790 | Total U.S. Guaranteed | 19,879,752 | ||||
Utilities – 4.6% | ||||||
Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A: | ||||||
475 | 4.000%, 12/01/28 | 12/24 at 100.00 | AA | 525,925 | ||
495 | 4.000%, 12/01/29 | 12/24 at 100.00 | AA | 544,921 | ||
1,140 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/25 – AGM Insured | 10/22 at 100.00 | AA | 1,208,172 | ||
Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A: | ||||||
580 | 5.000%, 12/01/25 | 12/22 at 100.00 | A1 | 620,559 | ||
670 | 5.000%, 12/01/26 | 12/22 at 100.00 | A1 | 716,853 | ||
Luverne, Minnesota, Electric Revenue Bonds, Series 2018A: | ||||||
225 | 4.000%, 12/01/27 | No Opt. Call | AA | 266,418 | ||
100 | 4.000%, 12/01/33 | 12/28 at 100.00 | AA | 117,484 | ||
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014: | ||||||
500 | 5.000%, 10/01/29 | 10/24 at 100.00 | A1 | 572,885 | ||
500 | 5.000%, 10/01/30 | 10/24 at 100.00 | A1 | 572,885 | ||
1,000 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 3.500%, 10/01/28 | 10/24 at 100.00 | A1 | 1,063,710 | ||
1,430 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/30 | 1/23 at 100.00 | A- | 1,530,515 | ||
750 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2015E, 3.000%, 12/01/29 | 12/25 at 100.00 | AA | 818,392 | ||
1,000 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/33 | 12/26 at 100.00 | AA | 1,222,860 | ||
1,070 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-4, 4.000%, 10/01/40 (AMT) | 10/27 at 100.00 | A- | 1,180,360 | ||
100 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2021-1, 3.000%, 10/01/22 | No Opt. Call | A- | 103,545 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2021-1 501 C3: | ||||||
$ 200 | 3.000%, 10/01/25 | No Opt. Call | A- | $218,734 | ||
100 | 3.000%, 10/01/27 | No Opt. Call | A- | 111,583 | ||
500 | 4.000%, 10/01/28 | 10/27 at 100.00 | A- | 582,765 | ||
2,500 | Southern Minnesota Municipal Power Agency Power Supply System Revenue Bonds, Series 2015A, 4.000%, 1/01/30 | 1/26 at 100.00 | AA- | 2,775,125 | ||
1,000 | Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A, 0.000%, 1/01/26 – NPFG Insured | No Opt. Call | A+ | 952,680 | ||
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Refunding Series 2012A: | ||||||
1,000 | 3.000%, 1/01/28 | 1/23 at 100.00 | Aa3 | 1,036,880 | ||
1,250 | 5.000%, 1/01/29 | 1/23 at 100.00 | Aa3 | 1,340,750 | ||
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Refunding Series 2015A: | ||||||
1,335 | 5.000%, 1/01/31 | 1/26 at 100.00 | Aa3 | 1,585,940 | ||
1,000 | 5.000%, 1/01/33 | 1/26 at 100.00 | Aa3 | 1,185,990 | ||
18,920 | Total Utilities | 20,855,931 | ||||
$ 401,270 | Total Long-Term Investments (cost $428,585,682) | 451,996,653 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.6% | ||||||
MUNICIPAL BONDS – 0.6% | ||||||
Health Care – 0.6% | ||||||
$ 3,000 | Minneapolis, Minnesota, Variable Rate Demand Obligations, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A, 0.020%, 11/15/48 (6) | No Opt. Call | VMIG1 | $ 3,000,000 | ||
$ 3,000 | Total Short-Term Investments (cost $3,000,000) | 3,000,000 | ||||
Total Investments (cost $431,585,682) – 99.2% | 454,996,653 | |||||
Other Assets Less Liabilities – 0.8% | 3,563,607 | |||||
Net Assets – 100% | $ 458,560,260 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
(6) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 95.4% | ||||||
MUNICIPAL BONDS – 95.4% | ||||||
Education and Civic Organizations – 14.4% | ||||||
$ 65 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.250%, 8/01/46 | 8/26 at 100.00 | BB+ | $69,403 | ||
3,500 | Brooklyn Center, Minnesota, Charter School Lease Revenue Bonds, Tesfa International dba Twin Lakes STEM Academy Project, Series 2021A, 5.250%, 6/15/56 | 6/29 at 100.00 | N/R | 3,518,900 | ||
770 | Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series 2011A, 8.000%, 12/01/43 | 12/21 at 100.00 | N/R | 792,661 | ||
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A: | ||||||
100 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 109,375 | ||
2,000 | 5.000%, 7/01/47 | 7/24 at 102.00 | N/R | 2,164,420 | ||
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A: | ||||||
675 | 5.250%, 7/01/37 | 7/25 at 100.00 | BB+ | 753,793 | ||
500 | 5.500%, 7/01/50 | 7/25 at 100.00 | BB+ | 556,190 | ||
1,000 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 | 8/22 at 102.00 | BB+ | 1,057,400 | ||
1,000 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2019A, 5.375%, 8/01/50 | 8/27 at 102.00 | BB+ | 1,151,180 | ||
100 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A, 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 107,067 | ||
5,350 | Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A, 5.000%, 11/01/47 | 11/26 at 100.00 | BB | 5,920,310 | ||
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A: | ||||||
600 | 5.000%, 7/01/29 | 7/24 at 100.00 | BB | 645,858 | ||
1,000 | 5.000%, 7/01/34 | 7/24 at 100.00 | BB | 1,066,300 | ||
525 | 5.000%, 7/01/44 | 7/24 at 100.00 | BB | 553,287 | ||
4,150 | Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | N/R | 4,343,763 | ||
300 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/47 | 7/24 at 102.00 | N/R | 319,416 | ||
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep Project, Series 2020A: | ||||||
410 | 5.000%, 7/01/40 | 7/30 at 100.00 | N/R | 455,453 | ||
100 | 5.000%, 7/01/55 | 7/30 at 100.00 | N/R | 108,979 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A: | ||||||
$ 500 | 6.000%, 7/01/33 | 7/23 at 100.00 | BB+ | $539,590 | ||
3,715 | 6.000%, 7/01/43 | 7/23 at 100.00 | BB+ | 3,969,886 | ||
1,260 | 6.125%, 7/01/48 | 7/23 at 100.00 | BB+ | 1,348,288 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2014-8-C: | ||||||
440 | 3.350%, 5/01/22 | 6/21 at 100.00 | Ba1 | 440,057 | ||
420 | 3.500%, 5/01/23 | 6/21 at 100.00 | Ba1 | 420,067 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017: | ||||||
2,345 | 5.000%, 5/01/37 | 5/27 at 100.00 | BB+ | 2,578,750 | ||
4,700 | 5.000%, 5/01/47 | 5/27 at 100.00 | BB+ | 5,095,035 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017: | ||||||
1,000 | 4.000%, 3/01/37 | 3/27 at 100.00 | Aa2 | 1,136,400 | ||
1,000 | 4.000%, 3/01/39 | 3/27 at 100.00 | Aa2 | 1,136,580 | ||
500 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint Scholastica, Inc, Refunding Series 2019, 4.000%, 12/01/40 | 12/29 at 100.00 | Baa2 | 554,325 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2021: | ||||||
140 | 4.000%, 3/01/33 | 3/31 at 100.00 | Aa3 | 173,163 | ||
155 | 4.000%, 3/01/34 | 3/31 at 100.00 | Aa3 | 191,225 | ||
125 | 4.000%, 3/01/35 | 3/31 at 100.00 | Aa3 | 153,493 | ||
155 | 4.000%, 3/01/36 | 3/31 at 100.00 | Aa3 | 189,804 | ||
100 | 4.000%, 3/01/37 | 3/31 at 100.00 | Aa3 | 122,157 | ||
185 | 3.000%, 3/01/40 | 3/31 at 100.00 | Aa3 | 204,146 | ||
165 | 3.000%, 3/01/43 | 3/31 at 100.00 | Aa3 | 180,272 | ||
1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J, 3.250%, 3/01/30 | 3/25 at 100.00 | Aa3 | 1,077,820 | ||
675 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2018A, 5.000%, 10/01/45 | 10/28 at 100.00 | Baa1 | 806,537 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University, Refunding Series 2021: | ||||||
170 | 4.000%, 10/01/35 (WI/DD, Settling 06/10/21) | 10/30 at 100.00 | A2 | 205,676 | ||
500 | 3.000%, 10/01/37 (WI/DD, Settling 06/10/21) | 10/30 at 100.00 | A2 | 551,055 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University, Series 2015-8I: | ||||||
350 | 5.000%, 10/01/33 | 10/25 at 100.00 | A2 | 408,590 | ||
385 | 5.000%, 10/01/34 | 10/25 at 100.00 | A2 | 448,845 | ||
500 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2016-8-N, 4.000%, 10/01/35 | 10/26 at 100.00 | A1 | 570,740 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 4,750 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2021, 4.000%, 10/01/50 | 10/30 at 100.00 | A1 | $5,622,195 | ||
1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2016-8L, 5.000%, 4/01/27 | 4/26 at 100.00 | A2 | 1,193,820 | ||
100 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2017A, 4.000%, 10/01/36 | 10/27 at 100.00 | A2 | 115,265 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2019: | ||||||
1,000 | 5.000%, 10/01/34 | 10/29 at 100.00 | A2 | 1,275,740 | ||
2,000 | 5.000%, 10/01/40 | 10/29 at 100.00 | A2 | 2,517,180 | ||
1,000 | Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds, 2020 Senior Series, 2.650%, 11/01/38 (AMT) | 11/27 at 100.00 | AA | 1,021,810 | ||
1,950 | Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016, 5.000%, 12/01/40 | 12/25 at 100.00 | Baa1 | 2,196,051 | ||
1,130 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | BB- | 1,184,014 | ||
700 | Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33 | 12/21 at 100.00 | BBB- | 711,452 | ||
560 | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 5.000%, 8/01/22, 144A | No Opt. Call | BB | 574,241 | ||
155 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A, 5.000%, 4/01/46 (4) | 4/26 at 100.00 | N/R | 138,590 | ||
1,600 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49 | 12/29 at 100.00 | BBB- | 1,704,816 | ||
685 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Great River School Project, Series 2017A, 5.500%, 7/01/52, 144A | 7/27 at 100.00 | N/R | 772,618 | ||
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Refunding Series 2020A: | ||||||
1,500 | 5.000%, 9/01/40 | 9/30 at 100.00 | BB+ | 1,816,110 | ||
1,000 | 5.000%, 9/01/43 | 9/30 at 100.00 | BB+ | 1,200,650 | ||
500 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A, 5.750%, 9/01/46 | 9/26 at 100.00 | BB+ | 583,170 | ||
3,300 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hope Community Academy Project, Series 2020A, 5.000%, 12/01/45 | 12/28 at 102.00 | BB | 3,585,648 | ||
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Metro Deaf School Project, Series 2018A: | ||||||
1,000 | 5.000%, 6/15/48, 144A | 6/25 at 100.00 | N/R | 1,070,530 | ||
1,615 | 5.000%, 6/15/53, 144A | 6/25 at 100.00 | N/R | 1,722,333 | ||
2,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 | 9/24 at 102.00 | BB+ | 2,101,420 | ||
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A: | ||||||
625 | 5.300%, 7/01/45 | 7/25 at 100.00 | BB | 679,306 | ||
1,030 | 5.375%, 7/01/50 | 7/25 at 100.00 | BB | 1,120,372 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School Project, Series 2019: | ||||||
$ 675 | 5.000%, 7/01/49 | 7/27 at 102.00 | BB | $763,196 | ||
880 | 5.000%, 7/01/55 | 7/27 at 102.00 | BB | 989,718 | ||
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A: | ||||||
500 | 5.000%, 7/01/33 | 7/23 at 100.00 | BB | 527,260 | ||
1,450 | 5.000%, 7/01/44 | 7/23 at 100.00 | BB | 1,515,801 | ||
1,435 | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 | 12/22 at 100.00 | BB+ | 1,496,748 | ||
Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A: | ||||||
2,010 | 5.000%, 10/01/41 | 10/26 at 100.00 | N/R | 2,137,253 | ||
380 | 5.125%, 10/01/48 | 10/26 at 100.00 | N/R | 403,503 | ||
1,500 | Spring Lake Park, Minnesota, Charter School Lease Revenue Bonds, Excell Academy for Higher Learning Inc, Series 2019A, 5.000%, 6/15/49 | 6/27 at 100.00 | N/R | 1,649,940 | ||
500 | St Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49 | 12/26 at 102.00 | BB+ | 566,730 | ||
University of Minnesota, General Obligation Bonds, Series 2014B: | ||||||
255 | 5.000%, 1/01/24 | No Opt. Call | Aa1 | 286,577 | ||
2,235 | 4.000%, 1/01/33 | 1/24 at 100.00 | Aa1 | 2,412,079 | ||
2,000 | 4.000%, 1/01/34 | 1/24 at 100.00 | Aa1 | 2,155,800 | ||
University of Minnesota, General Obligation Bonds, Series 2019A: | ||||||
1,250 | 5.000%, 4/01/39 | 4/29 at 100.00 | Aa1 | 1,590,862 | ||
2,110 | 5.000%, 4/01/40 | 4/29 at 100.00 | Aa1 | 2,680,903 | ||
4,230 | University of Minnesota, General Obligation Bonds, Series 2020A, 5.000%, 11/01/42 | 11/30 at 100.00 | Aa1 | 5,515,159 | ||
20 | Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016, 4.750%, 6/01/46 | 6/24 at 100.00 | N/R | 20,437 | ||
Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Refunding Series 2020A: | ||||||
390 | 4.000%, 12/01/40 | 12/25 at 102.50 | BBB- | 416,040 | ||
450 | 4.000%, 12/01/50 | 12/25 at 102.50 | BBB- | 476,082 | ||
660 | Woodbury, Minnesota, Charter School Lease Revenue Bonds, Woodbury Leadership Academy, Series 2021A, 4.000%, 7/01/51 | 7/28 at 103.00 | BB- | 718,832 | ||
94,760 | Total Education and Civic Organizations | 105,426,507 | ||||
Health Care – 14.6% | ||||||
Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016: | ||||||
500 | 4.000%, 3/01/32 | 3/26 at 100.00 | N/R | 532,200 | ||
2,000 | 4.000%, 3/01/37 | 3/26 at 100.00 | N/R | 2,112,060 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017: | ||||||
$ 550 | 3.000%, 4/01/26 | No Opt. Call | BBB | $593,247 | ||
485 | 5.000%, 4/01/41 | 4/27 at 100.00 | BBB | 550,669 | ||
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A: | ||||||
500 | 5.000%, 2/15/37 | 2/28 at 100.00 | A- | 609,720 | ||
1,080 | 4.250%, 2/15/43 | 2/28 at 100.00 | A- | 1,241,104 | ||
2,000 | 5.000%, 2/15/43 | 2/28 at 100.00 | A- | 2,411,980 | ||
1,155 | 4.250%, 2/15/48 | 2/28 at 100.00 | A- | 1,319,010 | ||
6,675 | 5.000%, 2/15/48 | 2/28 at 100.00 | A- | 8,000,521 | ||
9,000 | 5.000%, 2/15/53 | 2/28 at 100.00 | A- | 10,745,910 | ||
3,000 | 5.250%, 2/15/53 | 2/28 at 100.00 | A- | 3,614,280 | ||
2,850 | 5.000%, 2/15/58 | 2/28 at 100.00 | A- | 3,396,373 | ||
585 | 5.250%, 2/15/58 | 2/28 at 100.00 | A- | 703,451 | ||
Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
375 | 4.000%, 4/01/22 | No Opt. Call | BBB | 385,436 | ||
500 | 4.000%, 4/01/27 | 4/22 at 100.00 | BBB | 511,395 | ||
760 | 4.000%, 4/01/31 | 4/22 at 100.00 | BBB | 772,175 | ||
1,000 | Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 4.000%, 9/01/35 | 9/25 at 100.00 | Baa1 | 1,071,110 | ||
Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017: | ||||||
425 | 5.000%, 5/01/31 | 5/27 at 100.00 | Baa1 | 513,783 | ||
430 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 518,735 | ||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | ||||||
525 | 5.000%, 11/15/26 | 11/25 at 100.00 | A+ | 622,324 | ||
485 | 4.000%, 11/15/40 | 11/25 at 100.00 | A+ | 526,618 | ||
2,000 | 5.000%, 11/15/44 | 11/25 at 100.00 | A+ | 2,329,680 | ||
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A: | ||||||
600 | 5.000%, 11/15/33 | 11/28 at 100.00 | A+ | 748,428 | ||
1,000 | 5.000%, 11/15/36 | 11/28 at 100.00 | A+ | 1,239,470 | ||
285 | 4.000%, 11/15/37 | 11/28 at 100.00 | A+ | 326,037 | ||
3,965 | 4.000%, 11/15/48 | 11/28 at 100.00 | A+ | 4,453,409 | ||
7,000 | 5.000%, 11/15/49 | 11/28 at 100.00 | A+ | 8,444,100 | ||
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2017A: | ||||||
1,000 | 5.000%, 11/15/25 | No Opt. Call | AA- | 1,196,540 | ||
1,000 | 5.000%, 11/15/29 | 5/27 at 100.00 | AA- | 1,229,910 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care System Revenue Bonds, Allina Health System, Refunding Series 2019: | ||||||
$ 2,000 | 5.000%, 11/15/27 | No Opt. Call | AA- | $2,523,580 | ||
1,415 | 5.000%, 11/15/28 | No Opt. Call | AA- | 1,830,501 | ||
750 | 5.000%, 11/15/29 | No Opt. Call | AA- | 988,987 | ||
2,400 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B, 5.000%, 11/15/33 | No Opt. Call | AA | 3,451,416 | ||
675 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 5.000%, 5/01/46 | 5/26 at 100.00 | AA- | 799,652 | ||
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019: | ||||||
2,070 | 5.000%, 5/01/48 | 5/29 at 100.00 | AA- | 2,560,031 | ||
1,575 | 4.000%, 5/01/49 | 5/29 at 100.00 | AA- | 1,766,819 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A: | ||||||
350 | 5.000%, 7/01/23 | No Opt. Call | A | 384,367 | ||
8,310 | 5.000%, 7/01/30 | 7/25 at 100.00 | A | 9,793,169 | ||
4,765 | 4.000%, 7/01/35 | 7/25 at 100.00 | A | 5,286,910 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A: | ||||||
1,460 | 5.000%, 11/15/26 | No Opt. Call | A+ | 1,781,477 | ||
2,135 | 5.000%, 11/15/27 | No Opt. Call | A+ | 2,671,056 | ||
755 | 4.000%, 11/15/36 | 11/27 at 100.00 | A+ | 851,783 | ||
640 | 4.000%, 11/15/37 | 11/27 at 100.00 | A+ | 720,538 | ||
3,635 | 4.000%, 11/15/43 | 11/27 at 100.00 | A+ | 4,049,099 | ||
1,375 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 | 6/21 at 100.00 | N/R | 1,376,430 | ||
Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014: | ||||||
1,980 | 4.000%, 9/01/31 | 9/24 at 100.00 | A | 2,099,929 | ||
1,410 | 5.000%, 9/01/34 | 9/24 at 100.00 | A | 1,534,461 | ||
Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012: | ||||||
500 | 3.750%, 7/01/21 | No Opt. Call | BBB | 501,105 | ||
350 | 4.000%, 7/01/22 | 7/21 at 100.00 | BBB | 350,844 | ||
1,270 | 4.500%, 7/01/24 | 7/21 at 100.00 | BBB | 1,273,378 | ||
91,550 | Total Health Care | 107,315,207 | ||||
Housing/Multifamily – 0.4% | ||||||
2,500 | Rochester, Minnesota, Multifamily Housing Revenue Bonds, Essex Place Apartments Project, Series 2012A, 3.750%, 6/01/29 | 6/22 at 100.00 | Aaa | 2,554,975 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Single Family – 0.9% | ||||||
$ 15 | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Home Program, Market Series 2011B, 4.100%, 12/01/29 | 6/21 at 100.00 | AA+ | $15,013 | ||
5 | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (AMT) | 6/21 at 100.00 | AA+ | 5,205 | ||
70 | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2007A-2, 5.520%, 3/01/41 (AMT) | 6/21 at 100.00 | AA+ | 70,149 | ||
45 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011B, 4.000%, 7/01/21 | No Opt. Call | Aaa | 45,127 | ||
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D: | ||||||
20 | 4.375%, 7/01/26 | 7/21 at 100.00 | Aaa | 20,069 | ||
245 | 4.700%, 1/01/31 | 7/21 at 100.00 | Aaa | 245,914 | ||
10 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011E, 4.000%, 7/01/26 | 7/21 at 100.00 | Aaa | 10,026 | ||
85 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 88,834 | ||
580 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2016A, 3.200%, 1/01/33 (AMT) | 7/25 at 100.00 | AA+ | 604,969 | ||
150 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (AMT) | 1/27 at 100.00 | AA+ | 152,404 | ||
150 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017D, 3.300%, 1/01/30 (AMT) | 1/27 at 100.00 | AA+ | 160,407 | ||
35 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2019B, 3.300%, 7/01/33 | 7/28 at 100.00 | AA+ | 35,446 | ||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020A: | ||||||
610 | 1.550%, 7/01/25 (AMT) | No Opt. Call | AA+ | 623,658 | ||
475 | 1.700%, 7/01/26 (AMT) | No Opt. Call | AA+ | 488,457 | ||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020D: | ||||||
265 | 1.625%, 1/01/26 (AMT) | No Opt. Call | AA+ | 267,857 | ||
225 | 1.650%, 7/01/26 (AMT) | No Opt. Call | AA+ | 226,924 | ||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020H: | ||||||
495 | 1.100%, 7/01/26 (AMT) | No Opt. Call | AA+ | 493,911 | ||
490 | 1.350%, 7/01/27 (AMT) | No Opt. Call | AA+ | 488,844 | ||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021A: | ||||||
400 | 1.550%, 1/01/28 (AMT) | No Opt. Call | AA+ | 403,240 | ||
400 | 1.600%, 7/01/28 (AMT) | No Opt. Call | AA+ | 403,472 | ||
500 | 1.750%, 1/01/29 (AMT) | No Opt. Call | AA+ | 504,620 | ||
500 | 1.800%, 7/01/29 (AMT) | No Opt. Call | AA+ | 504,940 | ||
250 | 1.900%, 1/01/30 (AMT) | No Opt. Call | AA+ | 252,687 | ||
250 | 1.950%, 7/01/30 (AMT) | No Opt. Call | AA+ | 252,802 | ||
6,270 | Total Housing/Single Family | 6,364,975 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Industrials – 0.3% | ||||||
$ 2,250 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A | 10/22 at 100.00 | BBB- | $ 2,303,663 | ||
Long-Term Care – 7.9% | ||||||
2,090 | Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc Project, Series 2014, 5.125%, 11/01/49 | 11/24 at 100.00 | N/R | 2,198,993 | ||
Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS Apple Valley Senior Housing, Inc, Orchard Path Project, Refunding Series 2018: | ||||||
1,000 | 5.000%, 9/01/43 | 9/23 at 102.00 | N/R | 1,054,830 | ||
485 | 4.375%, 9/01/48 | 9/23 at 102.00 | N/R | 501,393 | ||
Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014: | ||||||
375 | 4.000%, 11/01/39 | 11/24 at 100.00 | Baa1 | 400,301 | ||
500 | 5.000%, 11/01/44 | 11/24 at 100.00 | Baa1 | 547,475 | ||
Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley Care Center Project, Refunding Series 2019: | ||||||
500 | 5.000%, 9/01/44 | 9/26 at 102.00 | N/R | 511,240 | ||
1,500 | 5.000%, 9/01/52 | 9/26 at 102.00 | N/R | 1,515,315 | ||
1,500 | Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/43 | 8/23 at 100.00 | N/R | 1,575,165 | ||
1,500 | City of West Saint Paul, Minnesota Housing and Health Care Facilities Revenue Refunding Bonds, Walker Westwood Ridge Campus Project, Series 2017, 5.000%, 11/01/49 | 11/25 at 100.00 | N/R | 1,533,270 | ||
1,180 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, Refunding Series 2013, 5.200%, 3/01/43 | 6/21 at 100.00 | N/R | 1,180,319 | ||
Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc, Refunding Series 2015: | ||||||
575 | 5.250%, 1/01/40 | 1/23 at 100.00 | N/R | 572,269 | ||
1,175 | 5.250%, 1/01/46 | 1/23 at 100.00 | N/R | 1,139,456 | ||
1,195 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/46, 144A | 8/22 at 100.00 | N/R | 1,225,269 | ||
500 | Dennison, Minnesota, Senior Housing Revenue Bonds, Villages of Lonsdale, LLC Project, Series 2019, 4.600%, 5/01/44 | 5/24 at 101.00 | N/R | 507,850 | ||
1,185 | Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen, Second Century & Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory Put 9/01/24) | 6/21 at 100.00 | N/R | 1,186,067 | ||
Maple Plain, Minnesota Senior Housing and Healthcare Revenue Bonds, Haven Homes, Inc Project, Series 2019: | ||||||
400 | 4.100%, 7/01/34 | 7/25 at 102.00 | N/R | 410,604 | ||
1,000 | 5.000%, 7/01/49 | 7/25 at 102.00 | N/R | 1,057,010 | ||
1,250 | 5.000%, 7/01/54 | 7/25 at 102.00 | N/R | 1,318,213 | ||
Mapleton, Minnesota, Healthcare Facility Revenue Bonds, Mapleton Community Home, Refunding Series 2019: | ||||||
200 | 4.000%, 5/01/39 | 5/24 at 101.00 | N/R | 188,254 | ||
450 | 4.250%, 5/01/46 | 5/24 at 101.00 | N/R | 426,771 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | ||||||
$ 450 | 5.000%, 11/15/24 | 11/22 at 100.00 | N/R | $458,766 | ||
1,500 | 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,512,315 | ||
1,500 | Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen, Abiitan Mill City Project, Series 2015, 5.250%, 11/01/45 | 5/23 at 100.00 | N/R | 1,518,975 | ||
300 | Morris, Minnesota, Health Care Facilities Revenue Bonds, Farmington Health Services Project, Refunding Series 2019, 3.400%, 8/01/28 | 8/24 at 101.00 | N/R | 295,857 | ||
2,000 | North Oaks, Minnesota, Senior Housing Revenue Bonds, Waverly Gardens Project, Refunding Series 2016, 5.000%, 10/01/47 | 10/24 at 102.00 | N/R | 2,180,740 | ||
1,055 | Owatonna, Minnesota, Housing and Health Care Revenue Bonds, Ecumen, Second Century & Owatonna Senior Living Project, Refunding Series 2014B, 4.500%, 9/01/44 (Mandatory Put 9/01/24) | 6/21 at 100.00 | N/R | 1,055,760 | ||
1,500 | Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc Project, Refunding Series 2017A, 5.000%, 8/01/48 | 8/25 at 100.00 | N/R | 1,573,350 | ||
1,285 | Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of Country Manor Project, Series 2019 A, 5.000%, 7/01/55 | 7/24 at 102.00 | N/R | 1,306,254 | ||
2,700 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 4.900%, 6/01/49 | 6/26 at 100.00 | N/R | 2,747,844 | ||
50 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016C, 3.150%, 6/01/28 | 6/21 at 101.00 | N/R | 48,438 | ||
1,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard Shaller Family Sholom East Campus, Series 2018, 5.000%, 10/01/43 | 10/23 at 100.00 | N/R | 1,024,220 | ||
4,000 | Saint Paul Housing and Redevelopment Authority, Minnesota Senior Housing and Health Care Revenue Bonds, Carondelet Village Project, Series 2016A, 5.000%, 12/01/41 | 12/24 at 102.00 | N/R | 4,338,600 | ||
1,536 | Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 | 10/21 at 100.00 | N/R | 1,541,178 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Amherst H Wilder Foundation Project, Refunding Series 2020A: | ||||||
1,115 | 5.000%, 12/01/28 | No Opt. Call | Baa2 | 1,351,993 | ||
300 | 5.000%, 12/01/30 | No Opt. Call | Baa2 | 370,479 | ||
1,750 | 5.000%, 12/01/36 | 12/30 at 100.00 | Baa2 | 2,101,435 | ||
1,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42 | 6/21 at 100.00 | N/R | 1,000,670 | ||
850 | Saint Paul Park, Minnesota, Health Facilities Revenue Bonds, Presbyterian Homes Interlude Transitional Care Projects, Refunding Series 2018, 5.000%, 5/01/43 | 5/23 at 102.00 | N/R | 909,645 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | �� | |||||
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017: | ||||||
$ 590 | 4.000%, 9/01/31 | 9/24 at 100.00 | N/R | $615,352 | ||
400 | 4.000%, 9/01/32 | 9/24 at 100.00 | N/R | 416,300 | ||
500 | 4.100%, 9/01/33 | 9/24 at 100.00 | N/R | 521,130 | ||
315 | 4.200%, 9/01/36 | 9/24 at 100.00 | N/R | 326,598 | ||
300 | 4.250%, 9/01/37 | 9/24 at 100.00 | N/R | 310,755 | ||
1,000 | 5.000%, 9/01/42 | 9/24 at 100.00 | N/R | 1,054,540 | ||
800 | Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/30 | 9/22 at 100.00 | N/R | 814,832 | ||
2,390 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39 | 1/23 at 100.00 | N/R | 2,409,909 | ||
1,000 | Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services Project, Refunding Series 2020, 3.950%, 3/01/50 | 3/25 at 101.00 | N/R | 922,340 | ||
Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019: | ||||||
650 | 5.000%, 8/01/49 | 8/24 at 102.00 | N/R | 699,530 | ||
5,000 | 5.000%, 8/01/54 | 8/24 at 102.00 | N/R | 5,365,250 | ||
55,396 | Total Long-Term Care | 57,843,119 | ||||
Tax Obligation/General – 32.6% | ||||||
1,410 | Alexandria Independent School District 206, Douglas County, Minnesota, General Obligation Bonds, Refunding School Building Series 2017A, 5.000%, 2/01/30 | 2/28 at 100.00 | Aa2 | 1,767,153 | ||
1,180 | Annandale Independent School District 876, Wright and Stearns Counties, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A, 4.000%, 2/01/28 | No Opt. Call | Aa2 | 1,411,811 | ||
1,110 | Annandale, Minnesota, General Obligation Bonds, Temporary Improvement Series 2020A, 2.000%, 2/01/23 | 6/21 at 100.00 | AA- | 1,111,388 | ||
Anoka-Hennepin Independent School District 11, Coon Rapids, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
1,475 | 3.000%, 2/01/34 | 2/28 at 100.00 | AAA | 1,629,580 | ||
1,355 | 3.000%, 2/01/43 | 2/28 at 100.00 | AAA | 1,469,958 | ||
2,110 | Austin Independent School District 492, Mower and Freeborn Counties, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A, 4.000%, 2/01/28 | 2/27 at 100.00 | Aa2 | 2,469,038 | ||
375 | Becker Independent School District 726, Minnesota, General Obligation Bonds, Refunding Series 2020A, 5.000%, 2/01/22 | No Opt. Call | Aa2 | 386,516 | ||
590 | Becker, Minnesota, General Obligation Bonds, Street Reconstruction, Series 2021A, 4.000%, 2/01/28 (WI/DD, Settling 06/02/21) | No Opt. Call | A1 | 705,906 | ||
2,105 | Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2017A, 4.000%, 2/01/29 – AGM Insured | 2/28 at 100.00 | AA | 2,484,342 | ||
2,000 | Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 | 2/27 at 100.00 | AAA | 2,265,440 | ||
2,390 | Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2020A, 2.000%, 2/01/28 | No Opt. Call | AAA | 2,553,165 | ||
1,570 | Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018C, 5.000%, 2/01/27 | 2/26 at 100.00 | AAA | 1,896,905 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A: | ||||||
$ 3,500 | 4.000%, 2/01/38 | 2/27 at 100.00 | AAA | $3,997,105 | ||
3,825 | 4.000%, 2/01/42 | 2/27 at 100.00 | AAA | 4,340,113 | ||
1,000 | 4.000%, 2/01/43 | 2/27 at 100.00 | AAA | 1,132,920 | ||
Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, Series 2018A: | ||||||
1,090 | 4.000%, 2/01/36 | 2/27 at 100.00 | Aa2 | 1,233,597 | ||
1,880 | 4.000%, 2/01/38 | 2/27 at 100.00 | Aa2 | 2,119,662 | ||
2,715 | 4.000%, 2/01/41 | 2/27 at 100.00 | Aa2 | 3,046,990 | ||
2,260 | 4.000%, 2/01/42 | 2/27 at 100.00 | Aa2 | 2,531,720 | ||
230 | Chaska, Minnesota, General Obligation Bonds, Series 2020C, 5.000%, 2/01/30 | No Opt. Call | AA | 302,958 | ||
1,160 | Chisago Lakes, Minnesota, Independent School District 2144, General Obligation Bonds, School Building Series 2017A, 3.000%, 2/01/32 | 2/27 at 100.00 | AAA | 1,259,586 | ||
Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B: | ||||||
1,000 | 5.000%, 2/01/27 | 2/25 at 100.00 | Aa2 | 1,164,460 | ||
1,000 | 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,105,350 | ||
1,100 | Dakota County Community Development Agency, Minnesota, Governmental Housing Development General Obligation Bonds, Series 2015A, 4.000%, 1/01/42 | 1/23 at 100.00 | Aaa | 1,145,298 | ||
Dawson-Boyd Independent School District 378, Yellow Medicine County, Minnesota, General Obligation Bonds, School Building Series 2019A: | ||||||
1,145 | 4.000%, 2/01/31 | 2/28 at 100.00 | AAA | 1,348,020 | ||
1,145 | 4.000%, 2/01/32 | 2/28 at 100.00 | AAA | 1,344,344 | ||
500 | Dilworth-Glyndon-Felton Independent School District 2164, Clay County, Minnesota, General Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/35 | 2/26 at 100.00 | AAA | 537,675 | ||
595 | Duluth, Minnesota, General Obligation Bonds, Refunding Capital Improvement Series 2019C, 5.000%, 2/01/32 | 2/29 at 100.00 | AA | 759,214 | ||
2,130 | Duluth, Minnesota, General Obligation Bonds, Refunding DECC Improvement Series 2016A, 5.000%, 2/01/32 | 2/26 at 100.00 | AA | 2,539,812 | ||
1,500 | Eden Prairie Independent School District 272, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2019B, 4.000%, 2/01/31 | 2/28 at 100.00 | Aa2 | 1,761,765 | ||
1,250 | Eveleth-Gilbert Public Schools Independent School District 2154, Saint Louis County, Minnesota, General Obligation Bonds, Series 2019A, 5.000%, 2/01/30 | 2/28 at 100.00 | AAA | 1,570,287 | ||
Forest Lake, Washington County, Minnesota, General Obligation Bonds, Series 2019A: | ||||||
2,145 | 5.000%, 2/01/29 | No Opt. Call | AA+ | 2,798,560 | ||
1,960 | 4.000%, 2/01/32 | 2/29 at 100.00 | AA+ | 2,357,939 | ||
480 | Fridley, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2017, 3.250%, 2/01/34 | 2/26 at 100.00 | Aa2 | 522,216 | ||
700 | Greenway Independent School District 316, Itasca County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2019F, 0.000%, 2/01/30 | 2/26 at 90.86 | AAA | 597,352 | ||
1,300 | Hennepin County Regional Railroad Authority, Minnesota, General Obligation Bonds, Refunding Limited Tax Series 2019D, 5.000%, 12/01/26 | No Opt. Call | AAA | 1,613,404 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 700 | Hennepin County, Minnesota, General Obligation Bonds, Sales Tax Series 2019B, 5.000%, 12/15/26 | No Opt. Call | AAA | $869,295 | ||
3,290 | Hennepin County, Minnesota, General Obligation Bonds, Sales Tax Series 2020C, 5.000%, 12/15/26 | No Opt. Call | AAA | 4,085,686 | ||
1,390 | Hutchinson Independent School District 423, McLeod, Meeker, Renville Counties, Minnesota, General Obligation Bonds, School Building Series 2016A, 5.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,667,319 | ||
5,000 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 | 2/27 at 100.00 | AAA | 5,687,900 | ||
1,380 | Independent School District 625, St Paul, Minnesota, General Obligation Bonds, Minnesota School District Credit Enhancement Program, Refunding Series 2020D, 3.000%, 2/01/30 | 2/29 at 100.00 | AAA | 1,576,153 | ||
1,000 | Itasca County Independent School District 318, Minnesota, General Obligation Bonds, Series 2018A, 5.000%, 2/01/29 | 2/27 at 100.00 | AAA | 1,225,900 | ||
La Crescent, Minnesota, General Obligation Bonds, Series 2019B: | ||||||
170 | 4.000%, 2/01/25 | No Opt. Call | A1 | 190,602 | ||
165 | 4.000%, 2/01/26 | No Opt. Call | A1 | 189,123 | ||
100 | 4.000%, 2/01/27 | No Opt. Call | A1 | 117,007 | ||
335 | La Crescent, Minnesota, General Obligation Bonds, Series 2020A, 4.000%, 2/01/27 | No Opt. Call | A1 | 391,973 | ||
500 | La Crescent-Hokah Independent School District 300, Houston and Winona Counties, Minnesota, General Obligation Bonds, School Building & Maintenance Series 2019A, 4.000%, 2/01/30 | 2/27 at 100.00 | Aa2 | 573,665 | ||
Lake City Independent School District 813, Goodhue and Wabasha Counties, Minnesota, General Obligation Bonds, Refunding Series 2019A: | ||||||
1,330 | 5.000%, 2/01/27 | No Opt. Call | AAA | 1,650,197 | ||
1,140 | 3.000%, 2/01/28 | 2/27 at 100.00 | AAA | 1,266,529 | ||
Lake Crystal, Minnesota, General Obligation Bonds, Series 2019A: | ||||||
145 | 3.000%, 12/15/27 | No Opt. Call | AA | 163,447 | ||
145 | 3.000%, 12/15/28 | 12/27 at 100.00 | AA | 162,573 | ||
160 | 3.000%, 12/15/29 | 12/27 at 100.00 | AA | 178,376 | ||
315 | 3.000%, 12/15/30 | 12/27 at 100.00 | AA | 349,004 | ||
370 | Lakeview Independent School District 2167, Lyon and Yellow Counties, Minnesota, General Obligation Bonds, Lakeview Public Schools Building Series 2021A, 4.000%, 2/01/30 | 2/29 at 100.00 | AAA | 448,843 | ||
4,100 | Lakeville Independent School District 194, Dakota County, Minnesota, General Obligation Bonds, School Building & Facilities Maintenance Series 2020A, 3.000%, 2/01/29 | 2/28 at 100.00 | Aa2 | 4,644,316 | ||
Lester Prairie Independent School District 424, McLeod County, Minnesota, General Obligation Bonds, School Building Series 2019A: | ||||||
590 | 5.000%, 2/01/28 | No Opt. Call | Aa2 | 750,026 | ||
590 | 4.000%, 2/01/31 | 2/29 at 100.00 | Aa2 | 711,988 | ||
Maccray Independent School District 2180, Chippewa, Kandiyohi and Renville Counties, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
1,965 | 4.000%, 2/01/28 | No Opt. Call | Aa2 | 2,349,609 | ||
2,040 | 3.000%, 2/01/29 | 2/28 at 100.00 | Aa2 | 2,291,185 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Madison, Minnesota, General Obligation Bonds, Refunding Series 2015A: | ||||||
$ 660 | 3.600%, 1/01/35 – AGM Insured | 1/23 at 100.00 | AA | $690,479 | ||
500 | 4.000%, 1/01/45 – AGM Insured | 1/23 at 100.00 | AA | 522,910 | ||
Mankato Independent School District 77, Nicollet and Le Sueur Counties, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2020A: | ||||||
715 | 4.000%, 2/01/29 | No Opt. Call | Aa2 | 865,243 | ||
645 | 4.000%, 2/01/38 | 2/29 at 100.00 | Aa2 | 754,502 | ||
Maple River Independent School District 2135, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
425 | 4.000%, 2/01/31 | 2/30 at 100.00 | AAA | 521,807 | ||
245 | 4.000%, 2/01/32 | 2/30 at 100.00 | AAA | 299,772 | ||
2,250 | 4.000%, 2/01/45 | 2/30 at 100.00 | AAA | 2,665,147 | ||
1,500 | 4.000%, 2/01/50 | 2/30 at 100.00 | AAA | 1,766,355 | ||
1,300 | Marshall Independent School District 413, Lyon County, Minnesota, General Obligation Bonds, School Building Series 2019B, 4.000%, 2/01/28 | No Opt. Call | Aa2 | 1,558,167 | ||
1,000 | Metropolitan Council Minneapolis- Saint Paul Metropolitan Area, Minnesota, General Obligation Bonds, Grant Anticipation Note Series 2021C, 5.000%, 12/01/28 | No Opt. Call | AAA | 1,301,650 | ||
1,780 | Metropolitan Council Minneapolis- Saint Paul Metropolitan Area, Minnesota, General Obligation Bonds, Refunding Transit Series 2020D, 5.000%, 3/01/28 | No Opt. Call | AAA | 2,276,727 | ||
585 | Milaca Independent School District 912, Millie Lacs, Morrison, Benton, Kanabec and Isanti Counties, Minnesota, General Obligation Bonds, Refunding Alternative Facilities Crossover Series 2014B, 4.000%, 2/01/26 | 2/24 at 100.00 | Aa2 | 638,621 | ||
1,495 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/36 | 2/28 at 100.00 | AAA | 1,747,655 | ||
Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2019B: | ||||||
1,475 | 5.000%, 2/01/29 | No Opt. Call | AAA | 1,925,686 | ||
1,570 | 5.000%, 2/01/30 | 2/29 at 100.00 | AAA | 2,035,709 | ||
2,060 | 4.000%, 2/01/35 | 2/29 at 100.00 | AAA | 2,461,432 | ||
1,090 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2020B, 5.000%, 2/01/29 | No Opt. Call | AAA | 1,423,049 | ||
2,195 | Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 2018, 4.000%, 12/01/35 | 12/26 at 100.00 | AAA | 2,533,118 | ||
1,000 | Minnesota State, General Obligation Bonds, Refunding Various Purpose Series 2016D, 2.250%, 8/01/29 | 8/26 at 100.00 | AAA | 1,065,970 | ||
7,015 | Minnesota State, General Obligation Bonds, State Trunk Highway Series 2020B, 4.000%, 8/01/29 | No Opt. Call | AAA | 8,736,621 | ||
500 | Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 5.000%, 10/01/21 | No Opt. Call | AAA | 508,155 | ||
500 | Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.000%, 10/01/26 | 10/23 at 100.00 | AAA | 530,680 | ||
3,130 | Minnesota State, General Obligation Bonds, Various Purpose Series 2017A, 5.000%, 10/01/29 | 10/27 at 100.00 | AAA | 3,940,639 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 1,515 | Minnesota State, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 8/01/34 | 8/28 at 100.00 | AAA | $1,946,563 | ||
Minnesota State, General Obligation Bonds, Various Purpose Series 2019A: | ||||||
2,000 | 5.000%, 8/01/32 | 8/29 at 100.00 | AAA | 2,631,660 | ||
155 | 5.000%, 8/01/36 | 8/29 at 100.00 | AAA | 202,365 | ||
2,425 | Minnesota State, General Obligation Bonds, Various Purpose Series 2020A, 5.000%, 8/01/36 | 8/30 at 100.00 | AAA | 3,229,979 | ||
Montgomery Independent School District 2905, Minnesota, General Obligation Bonds, School Building Series 2018A: | ||||||
250 | 4.000%, 2/01/32 | 2/25 at 100.00 | Aa2 | 282,115 | ||
500 | 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 564,425 | ||
Moorhead Independent School District 152, Clay County, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
2,070 | 3.000%, 2/01/43 | 2/28 at 100.00 | Aa2 | 2,225,291 | ||
1,100 | 3.000%, 2/01/44 | 2/28 at 100.00 | Aa2 | 1,180,454 | ||
Mora Independent School District 332, Kanabec County, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
2,620 | 4.000%, 2/01/28 | No Opt. Call | AAA | 3,142,166 | ||
1,085 | 3.000%, 2/01/29 | 2/28 at 100.00 | AAA | 1,213,410 | ||
1,850 | 3.000%, 2/01/30 | 2/28 at 100.00 | AAA | 2,050,910 | ||
300 | Mountain Lake, Minnesota, General Obligation Bonds, Series 2017B, 4.000%, 2/01/43 | 2/25 at 100.00 | A+ | 324,402 | ||
2,735 | New Prague Independent School District 721, Scott County, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A, 5.000%, 2/01/23 | No Opt. Call | Aa2 | 2,954,812 | ||
2,000 | North Saint Paul-Maplewood-Oakdale Independent School District 622, Ramsey County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A, 3.375%, 2/01/35 | 2/27 at 100.00 | Aa2 | 2,219,160 | ||
595 | North Saint Paul-Maplewood-Oakdale Independent School District 622, Ramsey County, Minnesota, General Obligation Bonds, Refunding Alternate Facilities Series 2019C, 4.000%, 2/01/30 | 2/28 at 100.00 | Aa2 | 707,098 | ||
1,600 | North Saint Paul-Maplewood-Oakdale Independent School District 622, Ramsey County, Minnesota, General Obligation Bonds, School Building Series 2019A, 5.000%, 2/01/32 | 2/28 at 100.00 | Aa2 | 1,997,872 | ||
1,080 | Pillager Independent School District 116, Cass and Morrison Counties, Minnesota, General Obligation Bonds, Refunding School Building Series 2020A, 4.000%, 2/01/29 | 2/28 at 100.00 | AAA | 1,286,064 | ||
1,360 | Pillager Independent School District 116, Cass and Morrison Counties, Minnesota, General Obligation Bonds, School Building Series 2019A, 3.000%, 2/01/33 | 2/28 at 100.00 | AAA | 1,492,627 | ||
1,205 | Pipestone-Jasper Independent School District 2689, Minnesota, General Obligation Bonds, Series 2019A, 5.000%, 2/01/29 | No Opt. Call | AAA | 1,570,079 | ||
4,000 | Richfield Independent School District 280, Hennepin County, Minnesota, General Obligation Bonds, School Buildings Series 2018A, 4.000%, 2/01/40 | 2/27 at 100.00 | AAA | 4,530,880 | ||
1,250 | Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A, 3.000%, 2/01/30 | 8/26 at 100.00 | Aa2 | 1,369,312 | ||
2,825 | Rosemount Independent School District 196, Dakota County, Minnesota, General Obligation Bonds, School Building Series 2016A, 5.000%, 2/01/27 | 2/26 at 100.00 | AAA | 3,397,260 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, School Building Series 2018A: | ||||||
$ 3,250 | 5.000%, 2/01/30 | 2/27 at 100.00 | Aa2 | $3,965,325 | ||
2,500 | 4.000%, 2/01/35 | 2/27 at 100.00 | Aa2 | 2,848,600 | ||
1,500 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, Series 1994, 4.000%, 2/01/37 | 2/27 at 100.00 | Aa2 | 1,702,920 | ||
Russell-Tyler-Ruthton Public Schools Independent School District 2902, Minnesota, General Obligation Bonds, Series 2019A: | ||||||
1,620 | 5.000%, 2/01/30 | 2/29 at 100.00 | AAA | 2,095,000 | ||
1,700 | 4.000%, 2/01/31 | 2/29 at 100.00 | AAA | 2,044,590 | ||
575 | Saint Francis Independent School District 15, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/35 | 2/23 at 100.00 | Aa2 | 604,089 | ||
1,000 | Saint James Independent School District 840, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/45 | 2/26 at 100.00 | AAA | 1,107,410 | ||
Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A: | ||||||
1,340 | 4.000%, 2/01/28 | 2/26 at 100.00 | Aa2 | 1,538,521 | ||
1,400 | 4.000%, 2/01/30 | 2/26 at 100.00 | Aa2 | 1,598,212 | ||
1,885 | 3.200%, 2/01/32 | 2/26 at 100.00 | Aa2 | 2,053,953 | ||
615 | Saint Paul Public Library Agency, Minnesota, General Obligation Bonds, Refunding Series 2021D, 4.000%, 10/01/31 | 10/30 at 100.00 | AAA | 765,693 | ||
1,515 | Saint Paul, Minnesota, General Obligation Bonds, Refunding Street Reconstruction Series 2021C, 5.000%, 5/01/30 | No Opt. Call | AAA | 2,036,448 | ||
1,940 | Saint Paul, Minnesota, General Obligation Bonds, Refunding Various Purpose Series 2021A, 5.000%, 3/01/28 | No Opt. Call | AAA | 2,487,255 | ||
Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Capital Facilities Series 2020A: | ||||||
250 | 4.000%, 2/01/33 | 2/27 at 100.00 | Aa2 | 285,580 | ||
425 | 4.000%, 2/01/34 | 2/27 at 100.00 | Aa2 | 483,965 | ||
3,390 | Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Series 2013A, 3.000%, 2/01/25 | 2/23 at 100.00 | Aa2 | 3,542,347 | ||
2,500 | Sibley East Independent School District 2310, Sibley, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/40 | 2/25 at 100.00 | Aa2 | 2,750,750 | ||
420 | Sleepy Eye, Minnesota, General Obligation Bonds, Refunding Series 2020A, 4.000%, 2/01/28 | No Opt. Call | AA | 501,010 | ||
South Washington County Independent School District 833, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018A: | ||||||
1,330 | 4.000%, 2/01/31 | 2/27 at 100.00 | Aa2 | 1,539,528 | ||
670 | 4.000%, 2/01/33 | 2/27 at 100.00 | Aa2 | 772,068 | ||
South Washington County Independent School District 833, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2020A: | ||||||
1,575 | 5.000%, 2/01/28 | No Opt. Call | Aa2 | 2,008,046 | ||
1,575 | 4.000%, 2/01/29 | 2/28 at 100.00 | Aa2 | 1,881,117 | ||
700 | 4.000%, 2/01/30 | 2/28 at 100.00 | Aa2 | 830,396 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 1,000 | South Washington County Independent School District 833, Minnesota, General Obligation Bonds, School Building Series 2016A, 4.000%, 2/01/29 | 2/26 at 100.00 | Aa2 | $1,144,720 | ||
500 | Spring Lake Independent School District 16, Anoka County, Minnesota, General Obligation Bonds, Refunding Series 2015A, 4.000%, 2/01/22 | No Opt. Call | Aa2 | 513,025 | ||
Swift County-Benson Hospital District, Minnesota, Congregate Senior Revenue Bonds, Series 2020A: | ||||||
150 | 4.000%, 2/01/25 | No Opt. Call | AA- | 168,237 | ||
330 | 4.000%, 2/01/28 | No Opt. Call | AA- | 392,479 | ||
345 | 4.000%, 2/01/29 | No Opt. Call | AA- | 415,808 | ||
Virginia, Minnesota, General Obligation Bonds, Sales Tax Series 2020A: | ||||||
535 | 4.000%, 2/01/31 – AGM Insured | 2/28 at 100.00 | AA | 622,414 | ||
500 | 4.000%, 2/01/32 – AGM Insured | 2/28 at 100.00 | AA | 580,115 | ||
815 | 4.000%, 2/01/33 – AGM Insured | 2/28 at 100.00 | AA | 943,240 | ||
655 | 4.000%, 2/01/35 – AGM Insured | 2/28 at 100.00 | AA | 754,960 | ||
245 | 4.000%, 2/01/37 – AGM Insured | 2/28 at 100.00 | AA | 281,199 | ||
2,500 | Waconia Independent School District, Minnesota, General Obligation Bonds, School Building Series 2015B, 3.000%, 2/01/28 | 2/25 at 100.00 | Aa2 | 2,701,900 | ||
1,315 | Waseca Independent School District 829, Steele, Rice, and Waseca Counties, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/27 | 2/26 at 100.00 | Aa2 | 1,517,563 | ||
1,685 | Watertown-Mayer Independent School District 111, Carver, Hennepin and Wright Counties, Minnesota, General Obligation Bonds, School Building Series 2020A, 0.000%, 2/01/32 | 2/28 at 92.57 | AAA | 1,387,817 | ||
1,220 | West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39 | 2/27 at 100.00 | AAA | 1,383,809 | ||
White Bear Lake Independent School District 624, Ramsey County, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
4,820 | 4.000%, 2/01/27 | No Opt. Call | AAA | 5,712,905 | ||
5,000 | 3.000%, 2/01/42 | 2/28 at 100.00 | AAA | 5,420,950 | ||
540 | White Bear, Ramsey County, Minnesota, General Obligation Bonds, Improvement & Utlity Series 2021A, 5.000%, 2/01/29 (WI/DD, Settling 06/17/21) | No Opt. Call | AA+ | 699,057 | ||
725 | Wright County, Minnesota, General Obligation Bonds, Refunding Jail Series 2017A, 4.000%, 12/01/21 | No Opt. Call | AA+ | 738,964 | ||
204,910 | Total Tax Obligation/General | 238,933,248 | ||||
Tax Obligation/Limited – 7.9% | ||||||
750 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Refunding Full Term Series 2019B, 5.000%, 2/01/25 | No Opt. Call | Aa2 | 860,647 | ||
600 | Elbow Lake Economic Development Authority, Minnesota, Lease Revenue Bonds, Grant County Public Project, Series 2017A, 4.200%, 12/15/43 | 12/27 at 100.00 | N/R | 644,652 | ||
135 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 4.000%, 3/01/30 | 3/23 at 100.00 | N/R | 138,438 | ||
425 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St Anthony Falls Project, Refunding Series 2015, 4.000%, 3/01/27 | 3/23 at 100.00 | N/R | 437,810 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 1,090 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2015C, 3.250%, 8/01/30 | 8/24 at 100.00 | AA+ | $1,168,273 | ||
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2017A: | ||||||
200 | 4.000%, 8/01/30 | 8/27 at 100.00 | AA+ | 233,944 | ||
475 | 4.000%, 8/01/34 | 8/27 at 100.00 | AA+ | 551,731 | ||
325 | 4.000%, 8/01/35 | 8/27 at 100.00 | AA+ | 376,984 | ||
1,125 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2018D, 4.000%, 8/01/38 | 8/28 at 100.00 | AA+ | 1,309,522 | ||
2,450 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2020A, 4.000%, 8/01/29 | No Opt. Call | AA+ | 3,005,856 | ||
3,105 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2020B, 4.000%, 8/01/32 | 8/30 at 100.00 | AA+ | 3,827,844 | ||
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015A: | ||||||
1,470 | 3.625%, 2/01/34 | 2/25 at 100.00 | A1 | 1,564,683 | ||
580 | 3.750%, 2/01/36 | 2/25 at 100.00 | A1 | 618,634 | ||
4,600 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 4.000%, 2/01/42 | 2/25 at 100.00 | A1 | 4,947,024 | ||
1,000 | Plymouth Intermediate District 287, Minnesota, Certificates of Participation, Refunding Series 2017A, 4.000%, 2/01/36 | 2/27 at 100.00 | A1 | 1,121,930 | ||
Plymouth Intermediate District 287, Minnesota, Facilities Maintenance Bonds, Series 2017B: | ||||||
175 | 4.000%, 5/01/29 | 5/27 at 100.00 | Aa3 | 201,707 | ||
200 | 4.000%, 5/01/32 | 5/27 at 100.00 | Aa3 | 227,262 | ||
100 | 4.000%, 5/01/33 | 5/27 at 100.00 | Aa3 | 113,371 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
4,500 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 4,953,510 | ||
3,577 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 4,021,120 | ||
1,010 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 1,152,208 | ||
2,049 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 2,273,406 | ||
Rosemount Independent School District 196, Dakota County, Minnesota, Certificates of Participation, Series 2021A: | ||||||
835 | 3.000%, 4/01/24 | No Opt. Call | Aa3 | 894,719 | ||
865 | 3.000%, 4/01/25 | No Opt. Call | Aa3 | 943,187 | ||
945 | 3.000%, 4/01/28 | No Opt. Call | Aa3 | 1,068,776 | ||
1,215 | Roseville Independent School District 623, Ramsey County, Minnesota, Certificates of Participation, Series 2021A, 5.000%, 4/01/30 | No Opt. Call | Baa2 | 1,613,897 | ||
Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A: | ||||||
355 | 5.000%, 2/01/32 | 2/25 at 100.00 | A1 | 407,512 | ||
520 | 5.000%, 2/01/34 | 2/25 at 100.00 | A1 | 595,702 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B: | ||||||
$ 310 | 4.250%, 4/01/25 | 4/23 at 100.00 | N/R | $319,638 | ||
430 | 4.875%, 4/01/30 | 4/23 at 100.00 | N/R | 442,070 | ||
1,665 | 5.250%, 4/01/43 | 4/23 at 100.00 | N/R | 1,697,734 | ||
2,670 | Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of Participation, Series 2018B, 3.375%, 2/01/35 | 2/27 at 100.00 | AAA | 2,944,156 | ||
Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of Participation, Series 2019B: | ||||||
1,005 | 4.000%, 2/01/36 | 2/29 at 100.00 | AAA | 1,197,437 | ||
1,000 | 4.000%, 2/01/37 | 2/29 at 100.00 | AAA | 1,188,360 | ||
Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of Participation, Series 2020C: | ||||||
3,325 | 4.000%, 2/01/30 | 2/28 at 100.00 | AAA | 3,953,791 | ||
2,840 | 3.000%, 2/01/36 | 2/28 at 100.00 | AAA | 3,107,216 | ||
White Bear Lake Independent School District 624, Ramsey County, Minnesota, Certificates of Participation, Series 2020B: | ||||||
745 | 5.000%, 4/01/24 | No Opt. Call | A+ | 838,795 | ||
900 | 4.000%, 4/01/28 | No Opt. Call | A+ | 1,069,290 | ||
Zumbro Education District 6012, Minnesota, Certificates of Participation Series 2021A: | ||||||
280 | 4.000%, 2/01/32 | 2/31 at 100.00 | Baa1 | 333,396 | ||
250 | 4.000%, 2/01/34 | 2/31 at 100.00 | Baa1 | 295,903 | ||
425 | 4.000%, 2/01/38 | 2/31 at 100.00 | Baa1 | 498,372 | ||
700 | 4.000%, 2/01/41 | 2/31 at 100.00 | Baa1 | 813,484 | ||
51,221 | Total Tax Obligation/Limited | 57,973,991 | ||||
Transportation – 5.2% | ||||||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2016A: | ||||||
1,000 | 5.000%, 1/01/28 | 1/27 at 100.00 | AA- | 1,225,670 | ||
390 | 5.000%, 1/01/31 | 1/27 at 100.00 | AA- | 475,266 | ||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014A: | ||||||
200 | 5.000%, 1/01/25 | 1/24 at 100.00 | A+ | 224,160 | ||
2,000 | 5.000%, 1/01/31 | 1/24 at 100.00 | A+ | 2,231,160 | ||
1,175 | 5.000%, 1/01/32 | 1/24 at 100.00 | A+ | 1,310,807 | ||
200 | 5.000%, 1/01/33 | 1/24 at 100.00 | A+ | 223,116 | ||
750 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2014B, 5.000%, 1/01/26 (AMT) | 1/24 at 100.00 | A+ | 835,860 | ||
270 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 1/01/22 | No Opt. Call | A+ | 277,509 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019A: | ||||||
$ 30 | 5.000%, 1/01/31 | 7/29 at 100.00 | A+ | $38,578 | ||
70 | 5.000%, 1/01/37 | 7/29 at 100.00 | A+ | 88,846 | ||
1,250 | 5.000%, 1/01/44 | 7/29 at 100.00 | A+ | 1,562,712 | ||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B: | ||||||
750 | 5.000%, 1/01/30 (AMT) | 7/29 at 100.00 | A+ | 960,585 | ||
2,000 | 5.000%, 1/01/35 (AMT) | 7/29 at 100.00 | A+ | 2,519,320 | ||
1,225 | 5.000%, 1/01/38 (AMT) | 7/29 at 100.00 | A+ | 1,532,010 | ||
2,215 | 5.000%, 1/01/39 (AMT) | 7/29 at 100.00 | A+ | 2,763,899 | ||
3,000 | 5.000%, 1/01/44 (AMT) | 7/29 at 100.00 | A+ | 3,704,580 | ||
7,250 | 5.000%, 1/01/49 (AMT) | 7/29 at 100.00 | A+ | 8,894,952 | ||
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C: | ||||||
125 | 5.000%, 1/01/33 | 1/27 at 100.00 | AA- | 151,956 | ||
1,630 | 5.000%, 1/01/37 | 1/27 at 100.00 | AA- | 1,977,483 | ||
5,580 | 5.000%, 1/01/46 | 1/27 at 100.00 | AA- | 6,754,981 | ||
475 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D, 5.000%, 1/01/34 (AMT) | 1/27 at 100.00 | A+ | 572,237 | ||
31,585 | Total Transportation | 38,325,687 | ||||
U.S. Guaranteed – 2.2% (5) | ||||||
1,135 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2013A, 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 1,256,558 | ||
2,000 | Mankato Independent School District 77, Nicollet and Le Sueur Counties, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/28 (Pre-refunded 2/01/24) | 2/24 at 100.00 | AAA | 2,194,500 | ||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1: | ||||||
625 | 6.000%, 10/01/32 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 | 637,013 | ||
2,000 | 6.000%, 10/01/40 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Baa3 | 2,038,440 | ||
720 | Otter Tail County, Minnesota, General Obligation Bonds, Capital Improvement Series 2016A, 3.000%, 2/01/23 (ETM) | No Opt. Call | AA | 754,070 | ||
1,500 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.625%, 9/01/42 (Pre-refunded 9/01/21) | 9/21 at 100.00 | BB+ | 1,524,210 | ||
1,600 | St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc, Series 2015A, 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R | 1,916,656 | ||
3,715 | Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa3 | 4,173,728 | ||
1,530 | Worthington Independent School District 518, Nobles County, Minnesota, Certificates of Participation, Series 2017A, 4.000%, 2/01/42 (Pre-refunded 2/01/26) | 2/26 at 100.00 | A+ | 1,770,409 | ||
14,825 | Total U.S. Guaranteed | 16,265,584 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities – 9.0% | ||||||
$ 300 | Elk River, Minnesota, Electric Revenue Bonds, Series 2021B, 5.000%, 8/01/28 | No Opt. Call | Aa3 | $384,657 | ||
1,240 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A- | 1,400,964 | ||
135 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2020A, 5.000%, 1/01/50 | 7/30 at 100.00 | A- | 164,866 | ||
235 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 247,131 | ||
500 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014, 4.000%, 10/01/21 | No Opt. Call | A1 | 506,300 | ||
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: | ||||||
1,000 | 4.000%, 10/01/31 | 10/24 at 100.00 | A1 | 1,084,840 | ||
1,000 | 4.000%, 10/01/32 | 10/24 at 100.00 | A1 | 1,082,790 | ||
2,250 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/47 | 10/26 at 100.00 | A1 | 2,673,090 | ||
1,690 | Minnesota Public Facilities Authority, State Clean Water Revolving Fund Revenue Bonds, Series 2016A, 5.000%, 3/01/25 | No Opt. Call | AAA | 1,983,114 | ||
3,500 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 | 12/26 at 100.00 | AA | 4,161,815 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, District Energy Revenue Bonds, Refunding Series 2017A: | ||||||
390 | 4.000%, 10/01/28 | 10/27 at 100.00 | A- | 454,557 | ||
675 | 4.000%, 10/01/33 | 10/27 at 100.00 | A- | 767,070 | ||
Saint Paul Housing and Redevelopment Authority, Minnesota, District Energy Revenue Bonds, Refunding Series 2017B: | ||||||
355 | 4.000%, 10/01/28 | 10/27 at 100.00 | A- | 413,763 | ||
270 | 4.000%, 10/01/29 | 10/27 at 100.00 | A- | 312,266 | ||
2,000 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42 | 10/27 at 100.00 | A- | 2,226,500 | ||
1,180 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-4, 4.000%, 10/01/40 (AMT) | 10/27 at 100.00 | A- | 1,301,705 | ||
Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2021-1 501 C3: | ||||||
300 | 3.000%, 10/01/34 | 10/27 at 100.00 | A- | 319,023 | ||
675 | 4.000%, 10/01/41 | 10/27 at 100.00 | A- | 752,848 | ||
1,100 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2021-2, 4.000%, 10/01/40 (AMT) | 10/27 at 100.00 | A- | 1,213,454 | ||
1,075 | Southern Minnesota Municipal Power Agency Power Supply System Revenue Bonds, Series 2015A, 5.000%, 1/01/27 | 1/26 at 100.00 | AA- | 1,287,785 | ||
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A: | ||||||
755 | 0.000%, 1/01/22 – NPFG Insured | No Opt. Call | A+ | 753,060 | ||
3,055 | 0.000%, 1/01/23 – NPFG Insured | No Opt. Call | A+ | 3,027,719 | ||
10,530 | 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | A+ | 10,334,563 | ||
5,005 | 0.000%, 1/01/25 – NPFG Insured | No Opt. Call | A+ | 4,847,192 | ||
7,255 | 0.000%, 1/01/26 – NPFG Insured | No Opt. Call | A+ | 6,911,693 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Thief River Falls, Minnesota, Electric Revenue Bonds, Series 2018A: | ||||||
$ 230 | 4.000%, 2/01/35 – AGM Insured | 2/26 at 100.00 | AA | $257,699 | ||
260 | 4.000%, 2/01/38 – AGM Insured | 2/26 at 100.00 | AA | 289,991 | ||
13,765 | Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2018A, 5.000%, 1/01/49 | 7/28 at 100.00 | Aa3 | 16,926,132 | ||
60,725 | Total Utilities | 66,086,587 | ||||
$ 615,992 | Total Long-Term Investments (cost $659,945,547) | 699,393,543 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 3.7% | ||||||
MUNICIPAL BONDS – 3.7% | ||||||
Health Care – 3.0% | ||||||
$ 9,000 | Minneapolis, Minnesota, Variable Rate Demand Obligations, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A, 0.020%, 11/15/48 (6) | No Opt. Call | VMIG1 | $9,000,000 | ||
5,000 | Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Variable Rate Demand Obligations, Health Care System Revenue Bonds, Allina Health System, Series 2007C2, 0.050%, 11/15/34 (6) | No Opt. Call | VMIG1 | 5,000,000 | ||
8,100 | Rochester, Minnesota, Variable Rate Demand Obligations, Health Care Facilities Revenue Bonds, Mayo Clinic Series 2008A, 0.040%, 11/15/38 (6) | No Opt. Call | A-1+ | 8,100,000 | ||
22,100 | Total Health Care | 22,100,000 | ||||
Housing/Single Family – 0.7% | ||||||
5,225 | Minnesota Housing Finance Agency, Variable Rate Demand Obligations, Residential Housing Finance Bonds, Series 2015D, 0.070%, 1/01/46 (AMT) (6) | No Opt. Call | A-1+ | 5,225,000 | ||
$ 27,325 | Total Short-Term Investments (cost $27,325,000) | 27,325,000 | ||||
Total Investments (cost $687,270,547) – 99.1% | 726,718,543 | |||||
Other Assets Less Liabilities – 0.9% | 6,419,550 | |||||
Net Assets – 100% | $ 733,138,093 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
(6) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 97.1% | ||||||
MUNICIPAL BONDS – 97.1% | ||||||
Consumer Staples – 0.8% | ||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1: | ||||||
$ 65 | 4.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | $75,248 | ||
1,000 | 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 1,050,850 | ||
1,065 | Total Consumer Staples | 1,126,098 | ||||
Education and Civic Organizations – 6.3% | ||||||
1,500 | Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University Projects, Refunding Series 2017, 5.000%, 7/01/47 | 7/27 at 100.00 | A2 | 1,802,085 | ||
Saline County, Nebraska, Educational Facilities Revenue Bonds, Doane College Project, Refunding Series 2020A: | ||||||
360 | 3.000%, 2/15/34 | 2/29 at 100.00 | A | 382,086 | ||
445 | 3.000%, 2/15/35 | 2/29 at 100.00 | A | 470,765 | ||
500 | Southeast Community College Area, Nebraska, Facilities Revenue Bonds, Series 2020, 3.000%, 3/15/45 – AGM Insured | 7/25 at 100.00 | AA | 509,165 | ||
1,000 | University of Nebraska Facilities Corporation, Nebraska, Facilities Bonds, Refunding Series 2017B, 4.000%, 5/15/37 | 11/27 at 100.00 | Aa1 | 1,149,820 | ||
1,000 | University of Nebraska Facilities Corporation, Nebraska, Facilities Bonds, Refunding Series 2021A, 5.000%, 7/15/31 (WI/DD, Settling 06/09/21) | No Opt. Call | Aa1 | 1,374,573 | ||
2,000 | University of Nebraska Facilities Corporation, Nebraska, Facilities Bonds, Refunding Series 2021B, 5.000%, 7/15/51 (WI/DD, Settling 06/09/21) | 7/31 at 100.00 | Aa1 | 2,615,029 | ||
6,805 | Total Education and Civic Organizations | 8,303,523 | ||||
Health Care – 6.2% | ||||||
200 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 225,726 | ||
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Refunding Series 2020A: | ||||||
575 | 4.000%, 11/15/40 | 11/30 at 100.00 | AA- | 684,112 | ||
300 | 4.000%, 11/15/41 | 11/30 at 100.00 | AA- | 355,917 | ||
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017: | ||||||
180 | 5.000%, 11/15/37 | 5/27 at 100.00 | AA- | 216,119 | ||
1,050 | 5.000%, 11/15/47 | 5/27 at 100.00 | AA- | 1,258,246 | ||
775 | Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/44 | 5/24 at 100.00 | A- | 851,710 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015: | ||||||
$ 500 | 4.125%, 11/01/36 | 11/25 at 100.00 | A | $545,120 | ||
1,000 | 5.000%, 11/01/45 | 11/25 at 100.00 | A | 1,151,530 | ||
500 | Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, Series 2020A, 4.000%, 7/01/40 | 7/30 at 100.00 | A | 587,000 | ||
250 | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Refunding Series 2017A, 5.000%, 7/01/30 | 7/27 at 100.00 | BBB | 298,015 | ||
Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Series 2018: | ||||||
500 | 5.000%, 7/01/34 | 7/25 at 100.00 | BBB | 571,245 | ||
435 | 5.000%, 7/01/35 | 7/25 at 100.00 | BBB | 496,548 | ||
875 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/01/37 | 2/27 at 100.00 | BB+ | 929,469 | ||
7,140 | Total Health Care | 8,170,757 | ||||
Housing/Single Family – 0.9% | ||||||
660 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Refunding Series 2016A, 3.500%, 9/01/36 | 3/25 at 100.00 | AA+ | 690,862 | ||
230 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2016C, 3.350%, 9/01/36 | 9/25 at 100.00 | AA+ | 241,976 | ||
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2021A: | ||||||
100 | 1.850%, 9/01/35 | 3/30 at 100.00 | AA+ | 100,121 | ||
100 | 1.950%, 9/01/37 | 3/30 at 100.00 | AA+ | 100,154 | ||
1,090 | Total Housing/Single Family | 1,133,113 | ||||
Long-Term Care – 3.1% | ||||||
Nebraska Educational, Health, Cultural and Social Services Finance Authority, Revenue Bonds, Immanuel Retirement Communities Obligated Group, Series 2019A: | ||||||
3,500 | 4.000%, 1/01/44 | 1/26 at 102.00 | AA | 3,884,055 | ||
200 | 4.000%, 1/01/49 | 1/26 at 102.00 | AA | 221,062 | ||
3,700 | Total Long-Term Care | 4,105,117 | ||||
Tax Obligation/General – 33.9% | ||||||
Adams County School District 18, Nebraska, General Obligation Bonds, Hastings Public Schools, Series 2019: | ||||||
600 | 4.000%, 12/15/38 | 5/29 at 100.00 | Aa3 | 697,302 | ||
975 | 4.000%, 12/15/44 | 5/29 at 100.00 | Aa3 | 1,118,042 | ||
Buffalo County School District 007 Kearney Public Schools, Nebraska, General Obligation Bonds, School Building Series 2016: | ||||||
1,000 | 4.000%, 12/15/30 | 4/26 at 100.00 | AA- | 1,154,230 | ||
500 | 3.000%, 12/15/36 | 4/26 at 100.00 | AA- | 526,815 | ||
1,500 | Dodge County School District 1 Fremont, Nebraska, General Obligation Bonds, Refunding Limited Tax Series 2019, 4.000%, 12/15/40 | 12/29 at 100.00 | A+ | 1,745,850 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 1,090 | Douglas County School District 059, Nebraska, General Obligation Bonds, Bennington Public Schools, School Building Series 2019, 4.000%, 6/15/33 | 3/24 at 100.00 | AA- | $1,191,435 | ||
1,000 | Douglas County School District 059, Nebraska, General Obligation Bonds, Bennington Public Schools, Series 2016, 3.375%, 12/15/41 | 12/25 at 100.00 | AA- | 1,068,960 | ||
1,500 | Douglas County School District 059, Nebraska, General Obligation Bonds, School Building Series 2020B, 3.000%, 12/15/45 | 8/25 at 100.00 | AA- | 1,565,985 | ||
1,500 | Douglas County School District 1, Nebraska, General Obligation Bonds, Omaha Public Schools Series 2020, 3.000%, 12/15/43 | 1/30 at 100.00 | AA | 1,640,565 | ||
750 | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Series 2016, 4.000%, 12/15/36 | 12/25 at 100.00 | AA- | 869,048 | ||
1,000 | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Series 2018, 4.000%, 12/15/38 | 12/28 at 100.00 | AA- | 1,164,140 | ||
750 | Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Series 2019, 4.000%, 12/15/39 | 12/29 at 100.00 | AA- | 883,230 | ||
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Series 2020: | ||||||
430 | 4.000%, 12/15/39 | 12/30 at 100.00 | AA- | 514,611 | ||
400 | 4.000%, 12/15/40 | 12/30 at 100.00 | AA- | 477,568 | ||
1,360 | Douglas County School District 17 Millard, Nebraska, General Obligation Bonds, Series 2020, 3.000%, 12/15/36 | 12/30 at 100.00 | AA | 1,550,454 | ||
Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Series 2020: | �� | |||||
3,240 | 5.000%, 1/15/30 | No Opt. Call | AAA | 4,311,209 | ||
1,000 | 3.000%, 1/15/43 | 7/30 at 100.00 | AAA | 1,105,020 | ||
1,200 | Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 4.000%, 11/01/41 | 11/30 at 100.00 | Aa1 | 1,450,644 | ||
195 | Omaha, Nebraska, General Obligation Bonds, Convention Center Project, Series 2004, 5.250%, 4/01/26 | No Opt. Call | AA+ | 239,177 | ||
500 | Omaha, Nebraska, General Obligation Bonds, Refunding & Various Purpose Series 2017A, 4.000%, 4/15/33 | 4/27 at 100.00 | AA+ | 578,560 | ||
500 | Omaha, Nebraska, General Obligation Bonds, Refunding & Various Purpose Series 2018A, 4.000%, 1/15/37 | 1/27 at 100.00 | AA+ | 571,535 | ||
1,000 | Omaha, Nebraska, General Obligation Bonds, Refunding & Various Purpose Series 2019, 4.000%, 4/15/38 | 4/29 at 100.00 | AA+ | 1,192,220 | ||
Omaha, Nebraska, General Obligation Bonds, Refunding & Various Purpose Series 2020A: | ||||||
380 | 4.000%, 4/15/31 | 4/30 at 100.00 | AA+ | 473,100 | ||
540 | 3.000%, 4/15/39 | 4/30 at 100.00 | AA+ | 596,446 | ||
500 | Omaha, Nebraska, Special Tax Redevelopment Bonds, Series 2018A, 5.000%, 1/15/33 | 1/27 at 100.00 | AA+ | 610,030 | ||
1,000 | Omaha, Nebraska, Special Tax Redevelopment Bonds, Series 2019A, 4.000%, 1/15/40 | 1/29 at 100.00 | AA+ | 1,182,320 | ||
Omaha-Douglas Public Building Commission, Nebraska, General Obligation Bonds, Series 2020B: | ||||||
1,000 | 3.000%, 5/01/36 | 5/29 at 100.00 | AA+ | 1,115,520 | ||
1,280 | 4.000%, 5/01/43 | 5/29 at 100.00 | AA+ | 1,507,814 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Papillion-LaVista School District 27, Sarpy County, Nebraska, General Obligation Bonds, Refunding Series 2020B: | ||||||
$ 750 | 4.000%, 12/01/35 | 12/30 at 100.00 | Aa2 | $923,287 | ||
1,000 | 3.000%, 12/01/40 | 12/30 at 100.00 | Aa2 | 1,093,480 | ||
750 | Sarpy County School District 037 Gretna Public Schools, Nebraska, General Obligation Bonds, Refunding Series 2019C, 4.000%, 6/15/43 | 6/29 at 100.00 | AA- | 878,415 | ||
Sarpy County School District 037 Gretna Public Schools, Nebraska, General Obligation Bonds, Series 2019: | ||||||
1,000 | 5.000%, 6/15/40 | 6/29 at 100.00 | AA- | 1,253,480 | ||
1,000 | 5.000%, 6/15/41 | 6/29 at 100.00 | AA- | 1,250,520 | ||
Sarpy County School District 037 Gretna Public Schools, Nebraska, General Obligation Bonds, Series 2020B: | ||||||
750 | 3.000%, 12/15/43 | 12/25 at 100.00 | AA- | 806,648 | ||
750 | 3.000%, 12/15/44 | 12/25 at 100.00 | AA- | 806,265 | ||
Sarpy County School District 1, Bellevue Public School, Nebraska, General Obligation Bonds, School Building Series 2017: | ||||||
550 | 5.000%, 12/15/29 | 12/27 at 100.00 | Aa3 | 696,834 | ||
500 | 5.000%, 12/15/35 | 12/27 at 100.00 | Aa3 | 625,315 | ||
1,000 | Sarpy County School District 1, Bellevue Public School, Nebraska, General Obligation Bonds, School Building Series 2020, 4.000%, 12/15/40 | 12/30 at 100.00 | Aa3 | 1,209,510 | ||
Saunders County School District 1, Ashland-Greenwood, Nebraska, General Obligation Bonds, Series 2021: | ||||||
500 | 3.000%, 12/15/42 | 12/30 at 100.00 | A+ | 555,755 | ||
2,000 | 3.000%, 12/15/50 | 12/30 at 100.00 | A+ | 2,156,500 | ||
Southeast Community College Area, Nebraska, Certificates of Participation, Series 2018: | ||||||
215 | 5.000%, 12/15/30 | 6/28 at 100.00 | Aa1 | 272,730 | ||
1,000 | 5.000%, 12/15/47 | 6/28 at 100.00 | Aa1 | 1,218,330 | ||
38,455 | Total Tax Obligation/General | 44,848,899 | ||||
Tax Obligation/Limited – 5.0% | ||||||
500 | Columbus, Nebraska, Sales Tax Revenue Bonds, Police & Fire Project, Series 2018, 4.000%, 9/15/27 | 9/23 at 100.00 | A | 539,660 | ||
265 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 272,473 | ||
430 | Grand Island, Nebraska, Highway Allocation Fund Pledge Bonds, Series 2020, 3.000%, 11/15/30 | 11/25 at 100.00 | Aa2 | 463,880 | ||
500 | Omaha Public Facilities Corporation, Nebraska, Lease Revenue Bonds, Omaha Baseball Stadium Project, Refunding Series 2016A, 4.000%, 6/01/36 | 6/26 at 100.00 | AA+ | 566,860 | ||
1,000 | Omaha Public Facilities Corporation, Nebraska, Lease Revenue Bonds, Series 2020B, 3.000%, 4/15/40 | 4/30 at 100.00 | AA+ | 1,106,750 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
750 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 842,775 | ||
800 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 899,328 | ||
600 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 684,480 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 1,000 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018, 5.000%, 7/01/58 | 7/28 at 100.00 | Baa1 | $ 1,204,750 | ||
5,845 | Total Tax Obligation/Limited | 6,580,956 | ||||
Transportation – 4.1% | ||||||
Guam International Airport Authority, Revenue Bonds, Series 2013C: | ||||||
500 | 6.000%, 10/01/34 – AGM Insured (AMT) | 10/23 at 100.00 | AA | 546,730 | ||
165 | 6.375%, 10/01/43 (AMT) | 10/23 at 100.00 | Baa2 | 178,448 | ||
70 | Hawaii State, Harbor System Revenue Bonds, Series 2020A, 4.000%, 7/01/36 (AMT) | 7/30 at 100.00 | Aa3 | 83,649 | ||
825 | Lincoln, Nebraska, Airport Revenue Bonds, Series 2015A, 4.000%, 7/01/45 | 7/25 at 100.00 | Aa1 | 893,978 | ||
Omaha Airport Authority, Nebraska, Airport Facilities Revenue Refunding Bonds, Series 2017A: | ||||||
1,000 | 5.000%, 12/15/34 (AMT) | 12/26 at 100.00 | Aa3 | 1,211,580 | ||
1,000 | 5.000%, 12/15/36 (AMT) | 12/26 at 100.00 | Aa3 | 1,211,640 | ||
1,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019A, 5.000%, 7/01/49 | 7/29 at 100.00 | A1 | 1,246,450 | ||
4,560 | Total Transportation | 5,372,475 | ||||
U.S. Guaranteed – 12.8% (4) | ||||||
500 | Adams County School District 18, Nebraska, General Obligation Bonds, Hastings Public Schools, Series 2017, 4.500%, 12/15/44 (Pre-refunded 1/31/22) | 1/22 at 100.00 | Aa3 | 514,730 | ||
Colfax County School District 123 Schuyler Community Schools, Nebraska, General Obligation Bonds, Refunding Series 2019: | ||||||
500 | 4.000%, 12/15/36 (Pre-refunded 5/22/24) | 5/24 at 100.00 | A1 | 554,385 | ||
500 | 4.000%, 12/15/39 (Pre-refunded 5/22/24) | 5/24 at 100.00 | A1 | 554,385 | ||
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012: | ||||||
1,000 | 4.000%, 11/01/37 (Pre-refunded 11/01/21) | 11/21 at 100.00 | N/R | 1,015,880 | ||
2,800 | 5.000%, 11/01/42 (Pre-refunded 11/01/21) | 11/21 at 100.00 | N/R | 2,856,028 | ||
2,460 | Lincoln- West Haymarket Joint Public Agency, Nebraska, General Obligation Facility Bonds, Series 2011, 5.000%, 12/15/42 (Pre-refunded 12/15/21) | 12/21 at 100.00 | AAA | 2,525,116 | ||
Lincoln, Nebraska, Educational Facilities Revenue and Refunding Bonds, Nebraska Wesleyan University Project, Series 2012: | ||||||
685 | 3.300%, 4/01/25 (Pre-refunded 4/01/22) | 4/22 at 100.00 | A- | 702,899 | ||
410 | 4.000%, 4/01/32 (Pre-refunded 4/01/22) | 4/22 at 100.00 | A- | 423,198 | ||
Omaha, Nebraska, General Obligation Bonds, Refunding & Various Purpose Series 2013A: | ||||||
715 | 4.500%, 11/15/28 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA+ | 791,491 | ||
365 | 4.500%, 11/15/29 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA+ | 404,048 | ||
1,395 | Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2011, 4.250%, 11/15/41 (Pre-refunded 11/15/21) | 11/21 at 100.00 | AA | 1,421,449 | ||
500 | Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2017, 4.000%, 12/15/31 (Pre-refunded 6/15/22) | 6/22 at 100.00 | AA | 520,295 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (4) (continued) | ||||||
$ 750 | Platte County School District 001, Columbus Public Schools, Nebraska, General Obligation Bonds, School Building Series 2014, 5.000%, 12/15/39 (Pre-refunded 6/15/24) | 6/24 at 100.00 | Aa3 | $858,173 | ||
500 | Scotts Bluff County School District 16, Nebraska, General Obligation Bonds, Gering Public Schools Series 2017, 5.000%, 12/01/46 (Pre-refunded 5/30/22) | 5/22 at 100.00 | A1 | 524,240 | ||
600 | University of Nebraska, Revenue Bonds, Omaha Student Housing Project, Refunding Series 2017A, 5.000%, 5/15/32 (Pre-refunded 11/15/27) | 11/27 at 100.00 | Aa1 | 764,232 | ||
1,000 | University of Nebraska, Revenue Bonds, Refunding Lincoln Student Fees and Facilities Series 2011, 5.000%, 7/01/42 (Pre-refunded 1/01/22) | 1/22 at 100.00 | Aa1 | 1,028,660 | ||
1,125 | University of Nebraska, Revenue Bonds, Refunding Omaha Student Health & Recreation Project Series 2016B, 3.000%, 5/15/30 (Pre-refunded 5/15/26) | 5/26 at 100.00 | Aa1 | 1,260,652 | ||
220 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/23 (ETM) | No Opt. Call | BBB+ | 243,300 | ||
16,025 | Total U.S. Guaranteed | 16,963,161 | ||||
Utilities – 24.0% | ||||||
800 | Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21 | No Opt. Call | A2 | 819,928 | ||
465 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A, 5.000%, 9/01/37 | No Opt. Call | A | 663,220 | ||
2,350 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | A2 | 2,489,801 | ||
Columbus, Nebraska, Combined Revenue Bonds, Refunding Series 2020: | ||||||
375 | 4.000%, 6/15/34 | 6/30 at 100.00 | AA | 448,549 | ||
400 | 4.000%, 6/15/35 | 6/30 at 100.00 | AA | 477,972 | ||
1,185 | District Energy Corporation, Nebraska, Facility Revenue Bonds, NSP System Series 2021, 4.000%, 7/01/45 | 7/31 at 100.00 | AA+ | 1,408,455 | ||
1,000 | District Energy Corporation, Nebraska, Facility Revenue Bonds, Refunding Series 2021A, 5.000%, 7/01/28 | No Opt. Call | AA+ | 1,278,230 | ||
1,500 | Fremont, Nebraska, Combined Utilities System Revenue Bonds, Series 2014B, 5.000%, 7/15/34 | 7/21 at 100.00 | AA- | 1,511,055 | ||
Grand Island, Nebraska, Combined Utilities Revenue Bonds, Refunding Series 2020A: | ||||||
750 | 4.000%, 8/15/35 – AGM Insured | 8/30 at 100.00 | AA | 903,218 | ||
800 | 4.000%, 8/15/37 – AGM Insured | 8/30 at 100.00 | AA | 958,440 | ||
1,930 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 | 7/27 at 100.00 | A- | 2,242,602 | ||
235 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 247,131 | ||
870 | Lincoln, Nebraska, Electric System Revenue Bonds, Series 2018, 5.000%, 9/01/34 | 3/27 at 100.00 | AA | 1,064,488 | ||
435 | Lincoln, Nebraska, Electric System Revenue Bonds, Series 2020A, 5.000%, 9/01/33 | 3/30 at 100.00 | AA | 578,098 | ||
500 | Metropolitan Utilities District Omaha, Nebraska, Water Revenue Bonds, Series 2015, 3.250%, 12/01/32 | 12/25 at 100.00 | Aa2 | 540,825 | ||
110 | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/31 | 4/22 at 100.00 | A+ | 114,265 | ||
1,850 | Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/34 | 1/22 at 100.00 | A+ | 1,900,523 | ||
1,500 | Nebraska Public Power District, General Revenue Bonds, Series 2016A, 5.000%, 1/01/41 | 1/26 at 100.00 | A+ | 1,766,385 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 500 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Series 2015C, 4.000%, 2/01/38 | 2/25 at 100.00 | AA | $553,180 | ||
1,000 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Series 2016A, 4.000%, 2/01/38 | 2/26 at 100.00 | AA | 1,129,830 | ||
1,000 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2017A, 5.000%, 2/01/42 | 12/27 at 100.00 | AA | 1,237,540 | ||
1,000 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2018A, 5.000%, 2/01/39 | 2/28 at 100.00 | AA | 1,236,380 | ||
320 | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Refunding Series 2015A, 3.500%, 2/01/42 | 2/25 at 100.00 | A+ | 336,637 | ||
1,500 | Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Refunding Series 2019, 4.000%, 4/01/39 | 4/29 at 100.00 | AA | 1,783,080 | ||
Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Refunding Series 2020A: | ||||||
440 | 4.000%, 4/01/38 | 4/30 at 100.00 | AA | 533,927 | ||
370 | 4.000%, 4/01/39 | 4/30 at 100.00 | AA | 447,508 | ||
300 | 4.000%, 4/01/40 | 4/30 at 100.00 | AA | 361,881 | ||
1,000 | Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/31 | 1/25 at 100.00 | A2 | 1,151,160 | ||
1,500 | Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/40 | 7/26 at 100.00 | A2 | 1,788,975 | ||
800 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A, 5.000%, 7/01/30, 144A | No Opt. Call | N/R | 971,288 | ||
800 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 5.250%, 7/01/42 | 7/22 at 100.00 | CCC | 846,688 | ||
27,585 | Total Utilities | 31,791,259 | ||||
$ 112,270 | Total Long-Term Investments (cost $122,075,597) | 128,395,358 | ||||
Other Assets Less Liabilities – 2.9% | 3,861,619 | |||||
Net Assets – 100% | $ 132,256,977 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 96.9% | ||||||
MUNICIPAL BONDS – 96.9% | ||||||
Education and Civic Organizations – 4.2% | ||||||
$ 2,500 | Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 4.500%, 5/01/29 | 5/22 at 100.00 | BBB | $2,583,100 | ||
1,095 | Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2015A, 5.000%, 5/01/30 | 5/25 at 100.00 | BBB | 1,254,903 | ||
Forest Grove, Oregon, Student Housing Revenue Bonds, Oak Tree Foundation, Inc Project, Series 2017: | ||||||
350 | 5.000%, 3/01/23 | No Opt. Call | BBB- | 369,418 | ||
440 | 5.000%, 3/01/24 | No Opt. Call | BBB- | 476,080 | ||
405 | 5.000%, 3/01/25 | No Opt. Call | BBB- | 447,250 | ||
110 | Oregon Facilities Authority, Revenue Bonds, Howard Street Charter School Project, Series 2019A, 5.000%, 6/15/29, 144A | 6/27 at 102.00 | N/R | 124,883 | ||
920 | Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series 2019A, 5.000%, 6/15/34, 144A | 6/27 at 102.00 | N/R | 1,020,050 | ||
100 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2015A, 5.500%, 6/15/35, 144A | 6/25 at 100.00 | N/R | 110,275 | ||
600 | Oregon Facilities Authority, Revenue Bonds, Redmond Proficiency Academy Project, Series 2016A, 5.000%, 6/15/33 | 6/25 at 100.00 | N/R | 646,710 | ||
Oregon Facilities Authority, Revenue Bonds, Reed College, Series 2017A: | ||||||
795 | 5.000%, 7/01/30 | 7/27 at 100.00 | Aa2 | 983,439 | ||
400 | 4.000%, 7/01/32 | 7/27 at 100.00 | Aa2 | 464,884 | ||
Oregon Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A: | ||||||
450 | 5.000%, 4/01/29 | 4/25 at 100.00 | A | 518,026 | ||
700 | 5.000%, 4/01/30 | 4/25 at 100.00 | A | 804,328 | ||
Yamhill County, Oregon, Revenue Bonds, Linfield University Project, Refunding Series 2020A: | ||||||
850 | 4.000%, 10/01/23 | No Opt. Call | Baa2 | 914,090 | ||
1,000 | 5.000%, 10/01/35 | 10/30 at 100.00 | Baa2 | 1,274,880 | ||
10,715 | Total Education and Civic Organizations | 11,992,316 | ||||
Health Care – 12.9% | ||||||
1,035 | Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/23 | 8/22 at 100.00 | A- | 1,088,841 | ||
Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles Health System, Inc, Series 2016A: | ||||||
375 | 4.000%, 1/01/33 | 1/26 at 100.00 | A+ | 420,319 | ||
1,000 | 5.000%, 1/01/33 | 1/26 at 100.00 | A+ | 1,173,970 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles Health System, Inc, Series 2020A: | ||||||
$ 350 | 5.000%, 1/01/29 | No Opt. Call | A+ | $451,661 | ||
715 | 4.000%, 1/01/34 | 1/31 at 100.00 | A+ | 868,503 | ||
Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Refunding Series 2016: | ||||||
265 | 5.000%, 9/01/28 | 9/26 at 100.00 | A | 318,896 | ||
730 | 5.000%, 9/01/29 | 9/26 at 100.00 | A | 873,635 | ||
200 | 5.000%, 9/01/30 | 9/26 at 100.00 | A | 238,246 | ||
600 | 5.000%, 9/01/31 | 9/26 at 100.00 | A | 712,878 | ||
270 | 5.000%, 9/01/32 | 9/26 at 100.00 | A | 320,193 | ||
500 | Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/24 | 9/22 at 100.00 | A | 520,805 | ||
1,870 | Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2020A, 5.000%, 8/15/33 | 8/30 at 100.00 | A+ | 2,467,970 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, 5.000%, 6/01/30 | 6/26 at 100.00 | A+ | 1,203,440 | ||
Oregon Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2014A: | ||||||
690 | 5.000%, 11/15/25 | 5/24 at 100.00 | AA- | 776,836 | ||
4,155 | 4.125%, 11/15/32 | 5/24 at 100.00 | AA- | 4,456,404 | ||
1,815 | Oregon Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2013A, 5.000%, 10/01/23 | No Opt. Call | AA- | 2,012,018 | ||
600 | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services Project, Refunding Series 2020A, 5.000%, 10/01/30 | No Opt. Call | BBB+ | 780,330 | ||
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A: | ||||||
485 | 5.000%, 10/01/29 | 10/26 at 100.00 | BBB+ | 577,489 | ||
1,325 | 5.000%, 10/01/30 | 10/26 at 100.00 | BBB+ | 1,570,602 | ||
Oregon Health and Science University, Revenue Bonds, Refunding Series 2012A: | ||||||
925 | 5.000%, 7/01/25 | 7/22 at 100.00 | AA- | 969,807 | ||
1,195 | 5.000%, 7/01/26 | 7/22 at 100.00 | AA- | 1,252,945 | ||
4,000 | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/33 | 7/26 at 100.00 | AA- | 4,831,080 | ||
Oregon Health and Science University, Revenue Bonds, Series 2019A: | ||||||
1,070 | 5.000%, 7/01/29 | No Opt. Call | AA- | 1,402,524 | ||
1,000 | 5.000%, 7/01/30 | 1/30 at 100.00 | AA- | 1,315,100 | ||
500 | 5.000%, 7/01/31 | 1/30 at 100.00 | AA- | 654,730 | ||
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Project, Refunding Series 2016A: | ||||||
1,355 | 5.000%, 5/15/29 | 5/26 at 100.00 | AA- | 1,618,114 | ||
560 | 5.000%, 5/15/30 | 5/26 at 100.00 | AA- | 667,800 | ||
1,000 | 5.000%, 5/15/31 | 5/26 at 100.00 | AA- | 1,191,270 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 2,000 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Series 2019A, 5.000%, 5/15/32 | 5/29 at 100.00 | AA- | $ 2,571,620 | ||
31,585 | Total Health Care | 37,308,026 | ||||
Housing/Multifamily – 0.7% | ||||||
Clackamas County Housing Authority, Oregon, Multifamily Housing Revenue Bonds, Easton Ridge Apartments Project, Series 2013A: | ||||||
285 | 4.000%, 9/01/22 | No Opt. Call | Aa2 | 297,295 | ||
195 | 4.000%, 9/01/23 | 3/23 at 100.00 | Aa2 | 206,392 | ||
340 | Home Forward, Oregon, Multifamily Housing Revenue Bonds, Lovejoy Station Apartments, Refunding Series 2016, 4.000%, 7/15/29 | 7/26 at 100.00 | Aa2 | 380,783 | ||
1,000 | Oregon Facilities Authority, Revenue Bonds, College Housing Northwest Projects, Refunding Series 2013, 5.000%, 10/01/24 | 10/23 at 100.00 | BBB- | 1,077,450 | ||
30 | Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A, 4.250%, 7/01/21 (AMT) | 6/21 at 100.00 | Aaa | 30,047 | ||
155 | Portland Housing Authority, Oregon, Housing Revenue Bonds, Yards at Union Station Project, Refunding Series 2007, 4.750%, 5/01/22 (AMT) | 6/21 at 100.00 | Aa2 | 155,457 | ||
2,005 | Total Housing/Multifamily | 2,147,424 | ||||
Information Technology – 0.9% | ||||||
2,375 | Oregon State Business Development Commission, Recovery Zone Facility Revenue Bonds, Intel Corporation Project, 232 Series 2010, 2.400%, 12/01/40 (Mandatory Put 8/14/23) | No Opt. Call | A+ | 2,478,550 | ||
Long-Term Care – 3.8% | ||||||
Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc, Series 2020A: | ||||||
285 | 5.000%, 11/15/27 | 11/25 at 102.00 | N/R | 321,625 | ||
300 | 5.000%, 11/15/28 | 11/25 at 102.00 | N/R | 337,191 | ||
315 | 5.000%, 11/15/29 | 11/25 at 102.00 | N/R | 352,630 | ||
330 | 5.000%, 11/15/30 | 11/25 at 102.00 | N/R | 367,937 | ||
Clackamas County Hospital Facility Authority, Oregon, Senior Living Revenue Bonds, Willamette View Project, Series 2017A: | ||||||
525 | 4.000%, 5/15/24 | No Opt. Call | N/R | 557,597 | ||
445 | 4.000%, 11/15/24 | No Opt. Call | N/R | 477,160 | ||
355 | 4.000%, 5/15/25 | No Opt. Call | N/R | 382,552 | ||
460 | 4.000%, 11/15/25 | No Opt. Call | N/R | 500,025 | ||
200 | 4.000%, 5/15/26 | 11/25 at 102.00 | N/R | 218,474 | ||
400 | 4.000%, 11/15/26 | 11/25 at 102.00 | N/R | 440,476 | ||
350 | 4.000%, 5/15/27 | 11/25 at 102.00 | N/R | 386,407 | ||
350 | 4.000%, 11/15/27 | 11/25 at 102.00 | N/R | 389,260 | ||
450 | Medford Hospital Facilities Authority, Oregon, Revenue Bonds, Rogue Valley Manor, Series 2013A, 5.000%, 10/01/24 | 10/23 at 100.00 | A- | 494,266 | ||
1,500 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bond, Terwilliger Plaza, Inc, Refunding Series 2012, 5.000%, 12/01/29 | 12/22 at 100.00 | BBB | 1,580,640 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 325 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bond, Terwilliger Plaza, Inc, Refunding Series 2016, 5.000%, 12/01/30 | 12/26 at 100.00 | BBB | $379,756 | ||
575 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A, 5.000%, 10/01/24 | No Opt. Call | N/R | 611,323 | ||
1,040 | Polk County Hospital Facility Authority, Oregon, Revenue Bonds, Dallas Retirement Village Project, Series 2015A, 5.125%, 7/01/35 | 7/25 at 100.00 | N/R | 1,083,212 | ||
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc, Refunding Series 2012: | ||||||
120 | 5.000%, 5/15/22 | No Opt. Call | BBB | 124,457 | ||
550 | 5.750%, 5/15/27 | 5/22 at 100.00 | BBB | 574,007 | ||
1,150 | Yamhill County Hospital Authority, Oregon, Revenue Bonds, Friendsview Retirement Community, Refunding Series 2016A, 5.000%, 11/15/31 | 11/24 at 102.00 | N/R | 1,250,395 | ||
10,025 | Total Long-Term Care | 10,829,390 | ||||
Tax Obligation/General – 42.9% | ||||||
1,365 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/26 | No Opt. Call | AA+ | 1,666,310 | ||
Benton and Linn Counties District School District 509J Corvallis, Oregon, General Obligation Bonds, Series 2018A: | ||||||
350 | 5.000%, 6/15/26 | No Opt. Call | AA+ | 427,844 | ||
2,835 | 5.000%, 6/15/27 | No Opt. Call | AA+ | 3,566,543 | ||
Benton and Linn Counties District School District 509J Corvallis, Oregon, General Obligation Bonds, Series 2020: | ||||||
625 | 4.000%, 6/15/31 | 6/30 at 100.00 | Aa1 | 774,856 | ||
500 | 4.000%, 6/15/34 | 6/30 at 100.00 | Aa1 | 614,060 | ||
750 | 4.000%, 6/15/35 | 6/30 at 100.00 | Aa1 | 919,447 | ||
1,000 | Boardman, Morrow County, Oregon, General Obligation Bonds, Series 2021, 4.000%, 6/15/33 – BAM Insured | 6/29 at 100.00 | AA | 1,199,070 | ||
500 | Central Oregon Community College District, Crook, Jefferson, Deschutes, Klamath, Lake, and Wasco Counties, Oregon, General Obligation Bonds, Series 2014, 5.000%, 6/01/29 | 6/24 at 100.00 | AA | 566,825 | ||
1,100 | Chemeketa Community College District, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/26 | 6/24 at 100.00 | AA+ | 1,253,362 | ||
200 | Clackamas and Multnomah Counties School District 7J Lake Oswego, Oregon, General Obligation Bonds, Refunding Series 2005, 5.250%, 6/01/25 – AGM Insured | No Opt. Call | Aa2 | 238,338 | ||
1,640 | Clackamas and Multnomah Counties School District 7J Lake Oswego, Oregon, General Obligation Bonds, Series 2017, 4.000%, 6/01/32 | 6/27 at 100.00 | AA+ | 1,912,191 | ||
1,250 | Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/15/28 | 6/25 at 100.00 | AA+ | 1,472,587 | ||
Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2017B: | ||||||
1,000 | 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 1,248,820 | ||
2,000 | 5.000%, 6/15/33 | 6/27 at 100.00 | AA+ | 2,478,720 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2018: | ||||||
$ 585 | 5.000%, 6/15/31 | 6/28 at 100.00 | Aa1 | $746,203 | ||
550 | 5.000%, 6/15/32 | 6/28 at 100.00 | Aa1 | 699,891 | ||
1,500 | Clackamas County School District 46 Oregon Trail, Oregon, General Obligation Bonds, Refunding Series 2017, 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 1,863,225 | ||
570 | Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2018B, 5.000%, 6/15/33 | 6/28 at 100.00 | AA+ | 725,650 | ||
Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2020A: | ||||||
775 | 4.000%, 6/15/33 | 6/30 at 100.00 | Aa1 | 954,707 | ||
560 | 4.000%, 6/15/34 | 6/30 at 100.00 | Aa1 | 685,082 | ||
500 | Clatsop County School District 1C Astoria, Oregon, General Obligation Bonds, Series 2019B, 5.000%, 6/15/30 | 6/29 at 100.00 | Aa1 | 654,830 | ||
500 | Clatsop County, Oregon, General Obligation Bonds, Series 2019, 5.000%, 6/15/31 | 6/29 at 100.00 | Aa2 | 649,895 | ||
450 | Columbia County School District 502 Saint Helens, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/33 | 6/27 at 100.00 | Aa1 | 554,737 | ||
Coos County School District 9 Coos Bay, Oregon, General Obligation Bonds, Series 2020: | ||||||
185 | 5.000%, 6/15/31 | 6/30 at 100.00 | AA+ | 247,029 | ||
430 | 5.000%, 6/15/33 | 6/30 at 100.00 | AA+ | 571,479 | ||
765 | 5.000%, 6/15/34 | 6/30 at 100.00 | AA+ | 1,013,679 | ||
1,000 | David Douglas School District 40, Multnomah County, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25 | No Opt. Call | AA+ | 972,020 | ||
3,055 | Deshutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Series 2008B, 0.000%, 6/15/22 | No Opt. Call | Aa1 | 3,050,081 | ||
Deshutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Series 2021: | ||||||
300 | 4.000%, 6/15/32 | 6/31 at 100.00 | Aa1 | 379,791 | ||
485 | 4.000%, 6/15/33 | 6/31 at 100.00 | Aa1 | 609,136 | ||
375 | 4.000%, 6/15/34 | 6/31 at 100.00 | Aa1 | 469,406 | ||
300 | 4.000%, 6/15/35 | 6/31 at 100.00 | Aa1 | 374,793 | ||
300 | 4.000%, 6/15/36 | 6/31 at 100.00 | Aa1 | 373,608 | ||
380 | 4.000%, 6/15/37 | 6/31 at 100.00 | Aa1 | 471,645 | ||
2,000 | Greater Albany School District 8J, Linn & Benton Counties, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/32 | 6/27 at 100.00 | AA+ | 2,472,520 | ||
2,825 | Hood River County School District, Oregon, General Obligation Bonds, Refunding Series 2016, 4.000%, 6/15/29 | 6/26 at 100.00 | AA+ | 3,271,209 | ||
Jackson County School District 5 Ashland, Oregon, General Obligation Bonds, Series 2019: | ||||||
2,120 | 5.000%, 6/15/31 | 6/29 at 100.00 | AA+ | 2,765,031 | ||
2,260 | 5.000%, 6/15/32 | 6/29 at 100.00 | AA+ | 2,939,785 | ||
1,620 | 5.000%, 6/15/33 | 6/29 at 100.00 | AA+ | 2,101,043 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 1,250 | Jackson County School District 549C, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/15/28 | 6/25 at 100.00 | AA+ | $1,472,587 | ||
Jackson County School District 6, Central Point, Oregon, General Obligation Bonds, Series 2019A: | ||||||
1,675 | 4.000%, 6/15/34 | 6/29 at 100.00 | Aa1 | 2,017,018 | ||
1,700 | 4.000%, 6/15/35 | 6/29 at 100.00 | Aa1 | 2,043,825 | ||
395 | Keizer, Oregon, General Obligation Assessment Bonds, Keizer Station Area A Local Improvement District, Series 2008, 5.200%, 6/01/31 | 6/21 at 100.00 | Aa3 | 396,367 | ||
Lake County School District 52 Bethel, Oregon, General Obligation Bonds, Series 2021B: | ||||||
800 | 4.000%, 6/15/34 | 6/31 at 100.00 | Aa1 | 1,009,976 | ||
1,500 | 4.000%, 6/15/35 | 6/31 at 100.00 | Aa1 | 1,890,000 | ||
1,200 | Lake Oswego, Oregon, General Obligation Bonds, Refunding Full Faith & Credit Series 2017, 4.000%, 12/01/31 | 12/27 at 100.00 | AAA | 1,429,188 | ||
2,000 | Lane Community College, Oregon, General Obligation Bonds, Series 2020A, 4.000%, 6/15/34 | 6/30 at 100.00 | Aa1 | 2,475,440 | ||
1,105 | Lane County School District 4J Eugene, Oregon, General Obligation Bonds, Series 2019, 4.000%, 6/15/35 | 6/29 at 100.00 | Aa1 | 1,328,486 | ||
510 | Lebanon Rural Fire Protection District, Linn County, Oregon, General Obligation Bonds, Series 2020, 4.000%, 6/15/33 – BAM Insured | 6/27 at 100.00 | AA | 584,108 | ||
205 | Linn and Marion Counties School District 129J Santiam Canyon, Oregon, General Obligation Bonds, Series 2019, 5.000%, 6/15/34 | 6/29 at 100.00 | AA+ | 261,545 | ||
Marion and Polk Counties School District 24J, Salem-Kreizer, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2020B: | ||||||
1,135 | 5.000%, 6/15/32 | 6/30 at 100.00 | AA+ | 1,509,062 | ||
1,000 | 5.000%, 6/15/33 (4) | 6/30 at 100.00 | AA+ | 1,325,210 | ||
Marion and Polk Counties School District 24J, Salem-Kreizer, Oregon, General Obligation Bonds, Series 2018: | ||||||
1,500 | 5.000%, 6/15/31 | 6/28 at 100.00 | AA+ | 1,919,205 | ||
2,000 | 5.000%, 6/15/33 | 6/28 at 100.00 | AA+ | 2,546,140 | ||
Marion County School District 103 Woodburn, Oregon, General Obligation Bonds, Series 2015: | ||||||
1,000 | 5.000%, 6/15/27 | 6/25 at 100.00 | Aa1 | 1,180,710 | ||
1,000 | 5.000%, 6/15/33 | 6/25 at 100.00 | Aa1 | 1,175,440 | ||
1,000 | Marion County School District 15 North Marion, Oregon, General Obligation Bonds, Series 2018B, 5.000%, 6/15/31 | 6/28 at 100.00 | AA+ | 1,263,130 | ||
2,500 | Metro, Oregon, General Obligation Bonds, Series 2020A, 4.000%, 6/01/34 | 6/30 at 100.00 | AAA | 3,104,150 | ||
Multnomah County School District 7, Reynolds, Oregon, General Obligation Bonds, Refunding Series 2020: | ||||||
200 | 4.000%, 6/01/32 | 6/30 at 100.00 | Aa3 | 245,142 | ||
135 | 4.000%, 6/01/33 | 6/30 at 100.00 | Aa3 | 164,916 | ||
250 | 3.000%, 6/01/34 | 6/30 at 100.00 | Aa3 | 278,925 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Multnomah County School District 7, Reynolds, Oregon, General Obligation Bonds, Series 2015A: | ||||||
$ 1,500 | 5.000%, 6/15/29 | 6/25 at 100.00 | Aa1 | $1,763,820 | ||
2,250 | 5.000%, 6/15/30 | 6/25 at 100.00 | Aa1 | 2,645,730 | ||
1,190 | Nestucca Valley School District 101, Tillamook & Yamhill Counties, Oregon, General Obligation Bonds, Series 2018B Current Interest, 5.000%, 6/15/29 | 6/28 at 100.00 | AA+ | 1,519,666 | ||
Oregon City, Oregon, General Obligation Bonds, Series 2018: | ||||||
350 | 5.000%, 6/01/30 | 6/28 at 100.00 | AA+ | 446,275 | ||
765 | 5.000%, 6/01/31 | 6/28 at 100.00 | AA+ | 971,810 | ||
25 | Oregon State, General Obligation Bonds, Alternative Energy Series 2011B, 5.000%, 1/01/23 (AMT) | 6/21 at 100.00 | AA+ | 25,053 | ||
2,255 | Oregon State, General Obligation Bonds, Article XI-Q State Projects, Refunding Series 2016G, 5.000%, 11/01/29 | 5/26 at 100.00 | AA+ | 2,718,177 | ||
Pacific Communities Health District, Oregon, General Obligation Bonds, Series 2016: | ||||||
325 | 5.000%, 6/01/27 | 6/26 at 100.00 | A1 | 391,193 | ||
350 | 5.000%, 6/01/28 | 6/26 at 100.00 | A1 | 419,958 | ||
750 | 5.000%, 6/01/29 | 6/26 at 100.00 | A1 | 897,112 | ||
1,000 | 5.000%, 6/01/30 | 6/26 at 100.00 | A1 | 1,190,190 | ||
770 | 5.000%, 6/01/31 | 6/26 at 100.00 | A1 | 913,975 | ||
1,210 | Phoenix-Talent School District 4, Jackson County, Oregon, General Obligation Bonds, Current Interest Series 2018B, 5.000%, 6/15/32 | 6/28 at 100.00 | AA+ | 1,517,328 | ||
Port of Alsea, Lincoln County, Oregon, General Obligation Bonds, Series 2018: | ||||||
225 | 3.750%, 6/15/28 | No Opt. Call | N/R | 245,756 | ||
180 | 4.000%, 6/15/33 | 6/28 at 100.00 | N/R | 200,826 | ||
900 | Portland Community College District, Multnomah County, Oregon, General Obligation Bonds, Refunding Series 2016, 5.000%, 6/15/29 | 6/26 at 100.00 | AA+ | 1,094,166 | ||
Portland Community College District, Multnomah County, Oregon, General Obligation Bonds, Series 2018: | ||||||
1,500 | 5.000%, 6/15/29 | 6/26 at 100.00 | AA+ | 1,823,610 | ||
1,050 | 5.000%, 6/15/30 | 6/26 at 100.00 | AA+ | 1,275,949 | ||
2,235 | Portland, Oregon, General Obligation Bonds, Sellwood Bridge Project, Series 2014A, 5.000%, 6/01/28 | 6/24 at 100.00 | Aaa | 2,540,167 | ||
340 | Redmond, Oregon, Full Faith and Credit Obligations, Refunding Series 2012A, 4.000%, 6/01/25 | 6/22 at 100.00 | Aa3 | 352,481 | ||
350 | Redmond, Oregon, Full Faith and Credit Obligations, Series 2014A, 5.000%, 6/01/25 | 6/24 at 100.00 | Aa3 | 398,013 | ||
630 | Redmond, Oregon, Full Faith and Credit Obligations, Series 2019B-1, 5.000%, 6/01/36 | 12/28 at 100.00 | Aa3 | 799,987 | ||
500 | Rogue Community College District, Jackson and Jospehine Counties, Oregon, General Obligation Bonds, Jackson County Service Area, Series 2016B, 4.000%, 6/15/31 | 6/26 at 100.00 | Aa1 | 577,400 | ||
800 | Salem-Keizer School District 24J, Marion and Polk Counties, Oregon, General Obligation Bonds, Series 2009B, 0.000%, 6/15/22 | No Opt. Call | AA+ | 798,712 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Sherwood, Oregon, General Obligation Bonds, Refunding Full Faith & Credit Series 2021: | ||||||
$ 605 | 4.000%, 6/01/31 | 6/30 at 100.00 | Aa2 | $752,481 | ||
650 | 4.000%, 6/01/32 | 6/30 at 100.00 | Aa2 | 806,032 | ||
675 | 4.000%, 6/01/33 | 6/30 at 100.00 | Aa2 | 837,472 | ||
330 | 4.000%, 6/01/34 | 6/30 at 100.00 | Aa2 | 408,161 | ||
Umatilla County School District 6R Umatilla, Oregon, General Obligation Bonds, Series 2017: | ||||||
245 | 0.000%, 6/15/27 (4) | No Opt. Call | AA+ | 278,658 | ||
340 | 0.000%, 6/15/29 (4) | 6/27 at 100.00 | AA+ | 381,480 | ||
315 | 0.000%, 6/15/31 (4) | 6/27 at 100.00 | AA+ | 351,042 | ||
1,000 | Umatilla County School District R61Stanfield, Oregon, General Obligation Bonds, Series 2019, 4.000%, 6/15/34 | 6/29 at 100.00 | AA+ | 1,204,190 | ||
1,250 | Washington and Clackamas Counties School District 23J Tigard-Tualatin, Oregon, General Obligation Bonds, Series 2017, 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 1,552,687 | ||
965 | Washington County School District 15, Forest Grove, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25 | No Opt. Call | AA+ | 934,236 | ||
1,320 | Washington County, Oregon, General Obligation Bonds, Full Faith & Credit Obligation Series 2016B, 4.000%, 3/01/31 | 3/26 at 100.00 | Aaa | 1,514,621 | ||
Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2017: | ||||||
990 | 5.000%, 6/15/31 | 6/27 at 100.00 | Aa1 | 1,231,699 | ||
3,750 | 5.000%, 6/15/32 | 6/27 at 100.00 | Aa1 | 4,655,850 | ||
1,000 | Washington, Clackamas and Yamhill Counties School District 88J Sherwood, Oregon, General Obligation Bonds, Series 2017B, 5.000%, 6/15/30 | 6/27 at 100.00 | AA+ | 1,248,820 | ||
1,500 | Yamhill County School District 29J Newberg, Oregon, General Obligation Bonds, Series 2021B, 4.000%, 6/15/32 | 6/31 at 100.00 | Aa1 | 1,895,715 | ||
Yamhill County School District 40, McMinnville, Oregon, General Obligation Bonds, Refunding Series 2016: | ||||||
1,000 | 4.000%, 6/15/31 | 6/26 at 100.00 | AA+ | 1,155,340 | ||
1,000 | 4.000%, 6/15/32 | 6/26 at 100.00 | AA+ | 1,153,270 | ||
195 | Yamhill County School District 8 Dayton, Oregon, General Obligation Bonds, Refunding & Project Series 2019, 5.000%, 6/15/33 | 6/29 at 100.00 | AA+ | 250,314 | ||
102,145 | Total Tax Obligation/General | 123,715,440 | ||||
Tax Obligation/Limited – 9.5% | ||||||
Beaverton, Oregon, Special Revenue Bonds, Series 2020A: | ||||||
300 | 5.000%, 6/01/32 | 6/30 at 100.00 | Aa3 | 396,051 | ||
400 | 5.000%, 6/01/34 | 6/30 at 100.00 | Aa3 | 523,568 | ||
Deschutes Public Library District, Deschutes County, Oregon, General Obligation Bonds, Series 2021: | ||||||
900 | 4.000%, 6/01/31 | No Opt. Call | Aa2 | 1,142,424 | ||
600 | 4.000%, 6/01/33 | 6/31 at 100.00 | Aa2 | 756,330 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
$ 2,260 | 5.000%, 11/15/28 | 11/25 at 100.00 | BB | $2,613,713 | ||
500 | 5.000%, 11/15/29 | 11/25 at 100.00 | BB | 575,555 | ||
750 | Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, 5.000%, 6/15/30 | 6/27 at 100.00 | Aa3 | 930,113 | ||
1,270 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014B, 5.000%, 4/01/27 | 4/24 at 100.00 | AAA | 1,434,109 | ||
Oregon State Bond Bank, Revenue Bonds, Oregon Business Development Department, Refunding Series 2021A: | ||||||
275 | 5.000%, 1/01/31 | No Opt. Call | AA+ | 371,789 | ||
285 | 5.000%, 1/01/32 | 1/31 at 100.00 | AA+ | 383,841 | ||
200 | 5.000%, 1/01/33 | 1/31 at 100.00 | AA+ | 268,474 | ||
1,000 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Subordinate Lien Series 2020A, 5.000%, 11/15/35 | 11/30 at 100.00 | AA+ | 1,338,340 | ||
1,000 | Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012B, 5.000%, 6/15/23 | 6/22 at 100.00 | Aa3 | 1,049,220 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
499 | 0.000%, 7/01/29 | 7/28 at 98.64 | N/R | 425,203 | ||
2,189 | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 1,725,676 | ||
1,906 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 1,392,066 | ||
614 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 675,879 | ||
1,260 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 1,397,995 | ||
1,600 | Seaside, Clatsop County, Oregon, Transient Lodgings Tax Revenue Bonds, Series 2018, 5.000%, 12/15/30 | 6/28 at 100.00 | A3 | 1,995,184 | ||
1,000 | Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/27 | No Opt. Call | A | 1,250,300 | ||
Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2018A: | ||||||
1,000 | 5.000%, 10/01/31 | 4/28 at 100.00 | A | 1,237,070 | ||
750 | 4.000%, 10/01/33 | 4/28 at 100.00 | A | 862,005 | ||
Tri-County Metropolitan Transportation District, Oregon, Payroll Tax Revenue Bonds, Refunding Senior Lien Series 2016A: | ||||||
1,000 | 4.000%, 9/01/31 | 9/26 at 100.00 | AAA | 1,162,370 | ||
655 | 4.000%, 9/01/32 | 9/26 at 100.00 | AAA | 759,531 | ||
Tri-County Metropolitan Transportation District, Oregon, Payroll Tax Revenue Bonds, Senior Lien Series 2018A: | ||||||
1,000 | 5.000%, 9/01/30 | 9/27 at 100.00 | AAA | 1,259,200 | ||
855 | 5.000%, 9/01/31 | 9/27 at 100.00 | AAA | 1,074,513 | ||
340 | Tri-County Metropolitan Transportation District, Oregon, Payroll Tax Revenue Bonds, Senior Lien Series 2019A, 5.000%, 9/01/34 | 9/29 at 100.00 | AAA | 443,676 | ||
24,408 | Total Tax Obligation/Limited | 27,444,195 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation – 4.7% | ||||||
Jackson County, Oregon, Airport Revenue Bonds, Refunding Series 2016: | ||||||
$ 395 | 5.000%, 12/01/30 – AGM Insured | 6/26 at 100.00 | AA | $473,728 | ||
430 | 5.000%, 12/01/31 – AGM Insured | 6/26 at 100.00 | AA | 515,712 | ||
380 | 5.000%, 12/01/33 – AGM Insured | 6/26 at 100.00 | AA | 455,688 | ||
350 | 4.000%, 12/01/34 – AGM Insured | 6/26 at 100.00 | AA | 394,415 | ||
500 | Port of Portland, Oregon, International Airport Revenue Bonds, Refunding Series 2020-26C, 5.000%, 7/01/28 (AMT) | No Opt. Call | A+ | 634,015 | ||
1,030 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011, 5.000%, 7/01/23 (AMT) | 7/21 at 100.00 | A+ | 1,034,048 | ||
1,250 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2015-23, 5.000%, 7/01/28 | 7/25 at 100.00 | A+ | 1,469,775 | ||
Port of Portland, Oregon, International Airport Revenue Bonds, Series 2019-25B: | ||||||
1,105 | 5.000%, 7/01/31 (AMT) | 7/29 at 100.00 | A+ | 1,408,433 | ||
1,850 | 5.000%, 7/01/33 (AMT) | 7/29 at 100.00 | A+ | 2,344,764 | ||
2,500 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2020-27A, 5.000%, 7/01/33 (AMT) | 7/30 at 100.00 | A+ | 3,221,425 | ||
1,500 | Port of Portland, Oregon, Portland International Airport Passenger Facility Charge Revenue Bonds, Series 2011A, 5.000%, 7/01/26 | 7/21 at 100.00 | A | 1,505,700 | ||
11,290 | Total Transportation | 13,457,703 | ||||
U.S. Guaranteed – 8.7% (5) | ||||||
1,105 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Series 2014B, 5.000%, 6/15/27 (Pre-refunded 6/15/24) | 6/24 at 100.00 | AA+ | 1,264,374 | ||
2,000 | Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/15/30 (Pre-refunded 6/15/25) | 6/25 at 100.00 | AA+ | 2,369,720 | ||
1,135 | Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/28 (Pre-refunded 6/15/24) | 6/24 at 100.00 | AA+ | 1,298,701 | ||
Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2014: | ||||||
255 | 5.000%, 6/01/29 (Pre-refunded 6/01/24) | 6/24 at 100.00 | AA | 290,486 | ||
325 | 5.000%, 6/01/29 (Pre-refunded 6/01/24) | 6/24 at 100.00 | AA | 371,277 | ||
525 | Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2012A, 5.000%, 6/15/25 (Pre-refunded 6/15/22) | 6/22 at 100.00 | AA+ | 551,744 | ||
1,635 | Lake County School District 52 Bethel, Oregon, General Obligation Bonds, Series 2013B, 5.000%, 6/15/33 (Pre-refunded 6/15/24) | 6/24 at 100.00 | Aa1 | 1,870,816 | ||
300 | Marion-Clackamas Counties School District 4J Silver Falls, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 6/15/24 (Pre-refunded 6/15/23) | 6/23 at 100.00 | Aa1 | 329,439 | ||
Oregon Facilities Authority, Revenue Bonds, CHF-Ashland, LLC Southern Oregon University Project Series 2012: | ||||||
1,185 | 4.350%, 7/01/27 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A2 | 1,239,498 | ||
400 | 4.700%, 7/01/33 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A2 | 419,908 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||
$ 1,980 | 5.000%, 11/15/26 (Pre-refunded 11/15/24) | 11/24 at 100.00 | AAA | $2,303,116 | ||
1,000 | 5.000%, 11/15/27 (Pre-refunded 11/15/24) | 11/24 at 100.00 | AAA | 1,163,190 | ||
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2015A: | ||||||
2,000 | 5.000%, 11/15/27 (Pre-refunded 11/15/24) | 11/24 at 100.00 | AAA | 2,326,380 | ||
2,500 | 5.000%, 11/15/28 (Pre-refunded 11/15/24) | 11/24 at 100.00 | AAA | 2,907,975 | ||
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012: | ||||||
1,435 | 5.000%, 8/01/26 (Pre-refunded 8/01/22) | 8/22 at 100.00 | AA- | 1,516,939 | ||
1,915 | 5.000%, 8/01/30 (Pre-refunded 8/01/22) | 8/22 at 100.00 | AA- | 2,024,346 | ||
1,715 | Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A, 5.000%, 10/01/26 (Pre-refunded 10/01/21) | 10/21 at 100.00 | A | 1,742,697 | ||
1,080 | Umatilla County School District 016R Pendleton, Oregon, General Obligation Bonds, Series 2014A, 5.000%, 6/15/29 (Pre-refunded 6/15/24) | 6/24 at 100.00 | Aa1 | 1,235,768 | ||
22,490 | Total U.S. Guaranteed | 25,226,374 | ||||
Utilities – 8.6% | ||||||
1,295 | Albany, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/01/25 | 8/23 at 100.00 | Aa3 | 1,424,888 | ||
1,035 | Bend, Oregon, Sewer Revenue Bonds, Series 2020, 5.000%, 5/01/33 | 5/30 at 100.00 | AA | 1,374,790 | ||
Central Lincoln Peoples Utility District, Oregon, Electric Revenue Bonds, Series 2016: | ||||||
500 | 3.500%, 12/01/29 | 12/25 at 100.00 | AA- | 548,240 | ||
350 | 5.000%, 12/01/33 | 12/25 at 100.00 | AA- | 416,129 | ||
350 | 5.000%, 12/01/34 | 12/25 at 100.00 | AA- | 415,618 | ||
270 | Clackamas River Water, Oregon, Water Revenue Bonds, Series 2016, 5.000%, 11/01/33 | 5/25 at 100.00 | AA- | 314,636 | ||
500 | Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/22 – AGM Insured | No Opt. Call | A1 | 534,005 | ||
Eugene, Oregon, Electric Utility Revenue Bonds, Series 2020A: | ||||||
250 | 4.000%, 8/01/32 | 8/30 at 100.00 | Aa2 | 308,445 | ||
650 | 4.000%, 8/01/33 | 8/30 at 100.00 | Aa2 | 799,259 | ||
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016: | ||||||
1,065 | 5.000%, 7/01/28 | 7/26 at 100.00 | A- | 1,248,925 | ||
1,120 | 5.000%, 7/01/29 | 7/26 at 100.00 | A- | 1,306,346 | ||
1,180 | 5.000%, 7/01/30 | 7/26 at 100.00 | A- | 1,368,411 | ||
250 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/21 – AGM Insured | No Opt. Call | AA | 253,823 | ||
2,000 | Portland, Oregon, Sewer System Revenue Bonds, Refunding Second Lien Series 2019A, 5.000%, 3/01/32 | 9/29 at 100.00 | AA | 2,618,780 | ||
1,880 | Portland, Oregon, Sewer System Revenue Bonds, Second Lien Series 2018A, 4.500%, 5/01/30 | 5/26 at 100.00 | AA | 2,213,362 | ||
2,500 | Portland, Oregon, Water System Revenue Bonds, Refunding First Lien Series 2016A, 4.000%, 4/01/33 | 4/26 at 100.00 | Aa1 | 2,858,375 | ||
3,000 | Portland, Oregon, Water System Revenue Bonds, Second Lien Series 2019A, 5.000%, 5/01/34 | 11/29 at 100.00 | Aa2 | 3,920,880 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 1,015 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A, 5.000%, 7/01/30, 144A | No Opt. Call | N/R | $1,232,322 | ||
1,000 | Sunrise Water Authority, Oregon, Water Revenue Bonds, Refunding Series 2014, 4.000%, 3/01/23 | No Opt. Call | AA | 1,065,250 | ||
525 | Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds, Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series 2019B, 5.000%, 11/01/33, 144A | 5/29 at 100.00 | A3 | 634,615 | ||
20,735 | Total Utilities | 24,857,099 | ||||
$ 237,773 | Total Long-Term Investments (cost $261,891,166) | 279,456,517 | ||||
Other Assets Less Liabilities – 3.1% | 8,830,834 | |||||
Net Assets – 100% | $ 288,287,351 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Assets | ||||
Long-term investments, at value (cost $428,585,682, $659,945,547, $122,075,597 and $261,891,166, respectively) | $451,996,653 | $699,393,543 | $128,395,358 | $279,456,517 |
Short-term investments, at value (cost approximates value) | 3,000,000 | 27,325,000 | — | — |
Cash | 116,685 | 334,460 | 5,434,011 | 5,442,118 |
Receivable for: | ||||
Interest | 5,122,958 | 8,004,697 | 1,552,608 | 3,523,066 |
Investments sold | 257,865 | 318,869 | 744,468 | 30,000 |
Shares sold | 986,793 | 1,484,970 | 305,704 | 382,502 |
Other assets | 32,989 | 31,086 | 22,931 | 52,022 |
Total assets | 461,513,943 | 736,892,625 | 136,455,080 | 288,886,225 |
Liabilities | ||||
Payable for: | ||||
Dividends | 292,873 | 213,020 | 17,002 | 193,119 |
Investments purchased - when-issued/delayed-delivery settlement | 1,657,325 | 2,157,536 | 3,988,540 | — |
Shares redeemed | 584,163 | 757,511 | 50,746 | 186,897 |
Accrued expenses: | ||||
Custodian fees | 42,347 | 53,839 | 23,907 | 29,962 |
Directors fees | 27,755 | 26,194 | 1,971 | 4,119 |
Management fees | 198,333 | 302,908 | 52,234 | 126,264 |
12b-1 distribution and service fees | 35,190 | 75,344 | 13,361 | 10,105 |
Other | 115,697 | 168,180 | 50,342 | 48,408 |
Total liabilities | 2,953,683 | 3,754,532 | 4,198,103 | 598,874 |
Net assets | $458,560,260 | $733,138,093 | $132,256,977 | $288,287,351 |
Class A Shares | ||||
Net assets | $138,392,907 | $277,598,282 | $ 62,258,845 | $ 35,099,688 |
Shares outstanding | 12,994,594 | 22,915,429 | 5,605,802 | 3,280,785 |
Net asset value ("NAV") per share | $ 10.65 | $ 12.11 | $ 11.11 | $ 10.70 |
Offering price per share (NAV per share plus maximum sales charge of 3.00%, 4.20%, 4.20% and 3.00%, respectively, of offering price) | $ 10.98 | $ 12.64 | $ 11.60 | $ 11.03 |
Class C Shares | ||||
Net assets | $ 13,672,092 | $ 33,134,021 | $ 3,109,600 | $ 4,473,394 |
Shares outstanding | 1,292,053 | 2,737,925 | 280,545 | 420,457 |
NAV and offering price per share | $ 10.58 | $ 12.10 | $ 11.08 | $ 10.64 |
Class C1 Shares | ||||
Net assets | $ — | $ 143,097 | $ — | $ — |
Shares outstanding | — | 11,862 | — | — |
NAV and offering price per share | $ — | $ 12.06 | $ — | $ — |
Class C2 Shares | ||||
Net assets | $ 206,558 | $ 397,624 | $ 241,635 | $ 492,006 |
Shares outstanding | 19,458 | 32,755 | 21,740 | 46,034 |
NAV and offering price per share | $ 10.62 | $ 12.14 | $ 11.11 | $ 10.69 |
Class I Shares | ||||
Net assets | $306,288,703 | $421,865,069 | $ 66,646,897 | $248,222,263 |
Shares outstanding | 28,889,971 | 34,868,337 | 5,989,898 | 23,154,151 |
NAV and offering price per share | $ 10.60 | $ 12.10 | $ 11.13 | $ 10.72 |
Fund level net assets consist of: | ||||
Capital paid-in | $438,454,952 | $707,042,780 | $128,413,971 | $274,513,484 |
Total distributable earnings | 20,105,308 | 26,095,313 | 3,843,006 | 13,773,867 |
Fund level net assets | $458,560,260 | $733,138,093 | $132,256,977 | $288,287,351 |
Authorized shares - per class | 2 billion | 2 billion | 2 billion | 2 billion |
Par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Investment Income | $12,538,374 | $19,141,014 | $3,104,718 | $6,752,446 |
Expenses | ||||
Management fees | 2,260,866 | 3,324,758 | 606,937 | 1,406,570 |
12b-1 service fees - Class A Shares | 256,750 | 523,717 | 109,570 | 60,634 |
12b-1 distribution and service fees - Class C Shares | 138,348 | 338,346 | 30,758 | 45,548 |
12b-1 distribution and service fees - Class C1 Shares | 790 | 2,976 | 532 | — |
12b-1 distribution and service fees - Class C2 Shares | 22,624 | 29,342 | 9,284 | 19,668 |
Shareholder servicing agent fees | 133,606 | 228,457 | 39,446 | 75,187 |
Interest expense | 8,687 | 12,658 | 2,177 | 5,654 |
Custodian fees | 59,708 | 78,771 | 30,812 | 34,553 |
Professional fees | 54,552 | 71,378 | 32,999 | 42,517 |
Directors fees | 11,411 | 17,315 | 3,138 | 6,949 |
Shareholder reporting expenses | 36,580 | 56,110 | 22,940 | 23,578 |
Federal and state registration fees | 27,314 | 41,123 | 43,058 | 23,458 |
Other | 12,732 | 12,557 | 7,618 | 9,520 |
Total expenses before fee waiver/expense reimbursement | 3,023,968 | 4,737,508 | 939,269 | 1,753,836 |
Fee waiver/expense reimbursement | — | — | (10,269) | — |
Net expenses | 3,023,968 | 4,737,508 | 929,000 | 1,753,836 |
Net investment income (loss) | 9,514,406 | 14,403,506 | 2,175,718 | 4,998,610 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from investments | 18,501 | 304,635 | (83,435) | (266) |
Change in net unrealized appreciation (depreciation) of investments | 6,638,282 | 17,365,371 | 1,376,975 | 2,170,968 |
Net realized and unrealized gain (loss) | 6,656,783 | 17,670,006 | 1,293,540 | 2,170,702 |
Net increase (decrease) in net assets from operations | $16,171,189 | $32,073,512 | $3,469,258 | $7,169,312 |
Minnesota Intermediate | Minnesota | ||||
Year Ended 5/31/21 | Year Ended 5/31/20 | Year Ended 5/31/21 | Year Ended 5/31/20 | ||
Operations | |||||
Net investment income (loss) | $ 9,514,406 | $ 9,850,670 | $ 14,403,506 | $ 14,220,894 | |
Net realized gain (loss) from investments | 18,501 | (295,870) | 304,635 | (1,995,865) | |
Change in net unrealized appreciation (depreciation) of investments | 6,638,282 | 307,031 | 17,365,371 | (1,189,213) | |
Net increase (decrease) in net assets from operations | 16,171,189 | 9,861,831 | 32,073,512 | 11,035,816 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (2,596,023) | (2,788,535) | (5,566,512) | (6,328,270) | |
Class C Shares | (172,816) | (234,821) | (453,603) | (630,301) | |
Class C1 Shares(1) | (2,103) | (22,705) | (8,590) | (63,940) | |
Class C2 Shares | (46,794) | (92,782) | (66,352) | (141,208) | |
Class I Shares | (6,538,066) | (7,431,628) | (8,646,743) | (8,145,739) | |
Decrease in net assets from distributions to shareholders | (9,355,802) | (10,570,471) | (14,741,800) | (15,309,458) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 99,742,853 | 104,638,783 | 217,092,684 | 238,724,410 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 5,330,587 | 5,901,192 | 11,759,580 | 12,513,877 | |
105,073,440 | 110,539,975 | 228,852,264 | 251,238,287 | ||
Cost of shares redeemed | (59,880,920) | (67,330,828) | (104,544,474) | (102,046,128) | |
Net increase (decrease) in net assets from Fund share transactions | 45,192,520 | 43,209,147 | 124,307,790 | 149,192,159 | |
Net increase (decrease) in net assets | 52,007,907 | 42,500,507 | 141,639,502 | 144,918,517 | |
Net assets at the beginning of period | 406,552,353 | 364,051,846 | 591,498,591 | 446,580,074 | |
Net assets at the end of period | $458,560,260 | $406,552,353 | $ 733,138,093 | $ 591,498,591 |
(1) | Class C1 Shares for Minnesota Intermediate and Nebraska closed effective January 7, 2021. |
Nebraska | Oregon Intermediate | ||||
Year Ended 5/31/21 | Year Ended 5/31/20 | Year Ended 5/31/21 | Year Ended 5/31/20 | ||
Operations | |||||
Net investment income (loss) | $ 2,175,718 | $ 2,091,156 | $ 4,998,610 | $ 5,193,920 | |
Net realized gain (loss) from investments | (83,435) | (16,865) | (266) | (162,994) | |
Change in net unrealized appreciation (depreciation) of investments | 1,376,975 | 1,645,500 | 2,170,968 | 4,813,363 | |
Net increase (decrease) in net assets from operations | 3,469,258 | 3,719,791 | 7,169,312 | 9,844,289 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (977,433) | (988,722) | (544,249) | (549,397) | |
Class C Shares | (30,383) | (44,042) | (45,914) | (46,707) | |
Class C1 Shares(1) | (1,275) | (12,952) | — | — | |
Class C2 Shares | (16,477) | (35,189) | (33,888) | (53,979) | |
Class I Shares | (1,149,955) | (1,154,325) | (4,645,342) | (4,557,356) | |
Decrease in net assets from distributions to shareholders | (2,175,523) | (2,235,230) | (5,269,393) | (5,207,439) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 41,776,943 | 33,338,632 | 80,350,440 | 54,118,842 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 1,935,242 | 1,914,053 | 2,688,706 | 2,540,909 | |
43,712,185 | 35,252,685 | 83,039,146 | 56,659,751 | ||
Cost of shares redeemed | (12,109,347) | (14,962,151) | (40,166,369) | (54,028,611) | |
Net increase (decrease) in net assets from Fund share transactions | 31,602,838 | 20,290,534 | 42,872,777 | 2,631,140 | |
Net increase (decrease) in net assets | 32,896,573 | 21,775,095 | 44,772,696 | 7,267,990 | |
Net assets at the beginning of period | 99,360,404 | 77,585,309 | 243,514,655 | 236,246,665 | |
Net assets at the end of period | $132,256,977 | $ 99,360,404 | $288,287,351 | $243,514,655 |
(1) | Class C1 Shares for Minnesota Intermediate and Nebraska closed effective January 7, 2021. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (02/94) | |||||||||
2021 | $10.48 | $0.22 | $ 0.17 | $ 0.39 | $(0.22) | $ — | $(0.22) | $10.65 | |
2020 | 10.49 | 0.26 | 0.01 | 0.27 | (0.28) | — | (0.28) | 10.48 | |
2019 | 10.26 | 0.29 | 0.23 | 0.52 | (0.29) | — | (0.29) | 10.49 | |
2018 | 10.46 | 0.29 | (0.20) | 0.09 | (0.29) | — | (0.29) | 10.26 | |
2017 | 10.66 | 0.29 | (0.20) | 0.09 | (0.29) | — | (0.29) | 10.46 | |
Class C (02/14) | |||||||||
2021 | 10.41 | 0.13 | 0.17 | 0.30 | (0.13) | — | (0.13) | 10.58 | |
2020 | 10.43 | 0.17 | — | 0.17 | (0.19) | — | (0.19) | 10.41 | |
2019 | 10.19 | 0.20 | 0.24 | 0.44 | (0.20) | — | (0.20) | 10.43 | |
2018 | 10.39 | 0.20 | (0.19) | 0.01 | (0.21) | — | (0.21) | 10.19 | |
2017 | 10.60 | 0.21 | (0.21) | — | (0.21) | — | (0.21) | 10.39 | |
Class C2 (01/11) | |||||||||
2021 | 10.45 | 0.16 | 0.17 | 0.33 | (0.16) | — | (0.16) | 10.62 | |
2020 | 10.46 | 0.20 | 0.01 | 0.21 | (0.22) | — | (0.22) | 10.45 | |
2019 | 10.22 | 0.23 | 0.24 | 0.47 | (0.23) | — | (0.23) | 10.46 | |
2018 | 10.42 | 0.23 | (0.20) | 0.03 | (0.23) | — | (0.23) | 10.22 | |
2017 | 10.62 | 0.23 | (0.20) | 0.03 | (0.23) | — | (0.23) | 10.42 | |
Class I (02/94) | |||||||||
2021 | 10.43 | 0.24 | 0.16 | 0.40 | (0.23) | — | (0.23) | 10.60 | |
2020 | 10.44 | 0.28 | 0.01 | 0.29 | (0.30) | — | (0.30) | 10.43 | |
2019 | 10.20 | 0.30 | 0.25 | 0.55 | (0.31) | — | (0.31) | 10.44 | |
2018 | 10.40 | 0.31 | (0.20) | 0.11 | (0.31) | — | (0.31) | 10.20 | |
2017 | 10.60 | 0.31 | (0.20) | 0.11 | (0.31) | — | (0.31) | 10.40 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
3.71% | $138,393 | 0.79% | 2.05% | 6% |
2.57 | 115,325 | 0.80 | 2.43 | 12 |
5.15 | 93,956 | 0.81 | 2.79 | 20 |
0.92 | 95,506 | 0.81 | 2.78 | 21 |
0.88 | 90,431 | 0.81 | 2.79 | 16 |
2.91 | 13,672 | 1.59 | 1.25 | 6 |
1.67 | 13,064 | 1.60 | 1.64 | 12 |
4.42 | 12,274 | 1.61 | 1.99 | 20 |
0.10 | 14,453 | 1.61 | 1.98 | 21 |
(0.02) | 13,522 | 1.61 | 2.00 | 16 |
3.13 | 207 | 1.34 | 1.55 | 6 |
2.00 | 4,313 | 1.35 | 1.90 | 12 |
4.66 | 4,618 | 1.36 | 2.24 | 20 |
0.33 | 5,251 | 1.37 | 2.23 | 21 |
0.30 | 5,937 | 1.36 | 2.25 | 16 |
3.90 | 306,289 | 0.59 | 2.25 | 6 |
2.76 | 273,269 | 0.60 | 2.64 | 12 |
5.47 | 251,853 | 0.61 | 2.99 | 20 |
1.09 | 257,288 | 0.61 | 2.98 | 21 |
1.06 | 226,491 | 0.61 | 2.99 | 16 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (07/88) | |||||||||
2021 | $11.78 | $0.25 | $ 0.34 | $0.59 | $(0.26) | $ — | $(0.26) | $12.11 | |
2020 | 11.84 | 0.32 | (0.04) | 0.28 | (0.34) | — | (0.34) | 11.78 | |
2019 | 11.56 | 0.36 | 0.27 | 0.63 | (0.35) | — | (0.35) | 11.84 | |
2018 | 11.74 | 0.36 | (0.17) | 0.19 | (0.37) | — | (0.37) | 11.56 | |
2017 | 12.00 | 0.37 | (0.26) | 0.11 | (0.37) | — | (0.37) | 11.74 | |
Class C (02/14) | |||||||||
2021 | 11.77 | 0.15 | 0.34 | 0.49 | (0.16) | — | (0.16) | 12.10 | |
2020 | 11.83 | 0.22 | (0.03) | 0.19 | (0.25) | — | (0.25) | 11.77 | |
2019 | 11.55 | 0.27 | 0.27 | 0.54 | (0.26) | — | (0.26) | 11.83 | |
2018 | 11.73 | 0.27 | (0.17) | 0.10 | (0.28) | — | (0.28) | 11.55 | |
2017 | 11.98 | 0.27 | (0.25) | 0.02 | (0.27) | — | (0.27) | 11.73 | |
Class C1 (02/99) | |||||||||
2021 | 11.73 | 0.21 | 0.32 | 0.53 | (0.20) | — | (0.20) | 12.06 | |
2020 | 11.79 | 0.27 | (0.04) | 0.23 | (0.29) | — | (0.29) | 11.73 | |
2019 | 11.51 | 0.31 | 0.27 | 0.58 | (0.30) | — | (0.30) | 11.79 | |
2018 | 11.69 | 0.31 | (0.17) | 0.14 | (0.32) | — | (0.32) | 11.51 | |
2017 | 11.95 | 0.31 | (0.26) | 0.05 | (0.31) | — | (0.31) | 11.69 | |
Class C2 (01/11) | |||||||||
2021 | 11.79 | 0.19 | 0.35 | 0.54 | (0.19) | — | (0.19) | 12.14 | |
2020 | 11.85 | 0.26 | (0.04) | 0.22 | (0.28) | — | (0.28) | 11.79 | |
2019 | 11.57 | 0.30 | 0.27 | 0.57 | (0.29) | — | (0.29) | 11.85 | |
2018 | 11.75 | 0.30 | (0.17) | 0.13 | (0.31) | — | (0.31) | 11.57 | |
2017 | 12.00 | 0.30 | (0.25) | 0.05 | (0.30) | — | (0.30) | 11.75 | |
Class I (08/97) | |||||||||
2021 | 11.77 | 0.27 | 0.34 | 0.61 | (0.28) | — | (0.28) | 12.10 | |
2020 | 11.83 | 0.34 | (0.03) | 0.31 | (0.37) | — | (0.37) | 11.77 | |
2019 | 11.55 | 0.39 | 0.27 | 0.66 | (0.38) | — | (0.38) | 11.83 | |
2018 | 11.73 | 0.39 | (0.17) | 0.22 | (0.40) | — | (0.40) | 11.55 | |
2017 | 11.99 | 0.39 | (0.26) | 0.13 | (0.39) | — | (0.39) | 11.73 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
5.02% | $277,598 | 0.77% | 2.07% | 7% |
2.40 | 236,237 | 0.79 | 2.67 | 13 |
5.61 | 193,379 | 0.80 | 3.17 | 25 |
1.65 | 165,020 | 0.81 | 3.11 | 22 |
0.92 | 152,704 | 0.81 | 3.11 | 22 |
4.19 | 33,134 | 1.57 | 1.28 | 7 |
1.58 | 33,110 | 1.59 | 1.88 | 13 |
4.77 | 28,496 | 1.60 | 2.36 | 25 |
0.82 | 29,110 | 1.61 | 2.30 | 22 |
0.19 | 28,195 | 1.61 | 2.32 | 22 |
4.57 | 143 | 1.22 | 1.74 | 7 |
1.95 | 1,455 | 1.24 | 2.26 | 13 |
5.14 | 3,333 | 1.25 | 2.69 | 25 |
1.19 | 10,201 | 1.26 | 2.65 | 22 |
0.46 | 11,562 | 1.26 | 2.67 | 22 |
4.61 | 398 | 1.32 | 1.59 | 7 |
1.83 | 5,423 | 1.34 | 2.14 | 13 |
5.01 | 6,458 | 1.35 | 2.62 | 25 |
1.08 | 6,615 | 1.36 | 2.55 | 22 |
0.45 | 8,106 | 1.36 | 2.57 | 22 |
5.23 | 421,865 | 0.57 | 2.27 | 7 |
2.61 | 315,275 | 0.59 | 2.87 | 13 |
5.84 | 214,913 | 0.60 | 3.36 | 25 |
1.86 | 178,434 | 0.61 | 3.31 | 22 |
1.13 | 152,558 | 0.61 | 3.31 | 22 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (02/01) | |||||||||
2021 | $10.98 | $0.20 | $ 0.13 | $ 0.33 | $(0.20) | $ — | $(0.20) | $11.11 | |
2020 | 10.77 | 0.25 | 0.23 | 0.48 | (0.27) | — | (0.27) | 10.98 | |
2019 | 10.55 | 0.28 | 0.23 | 0.51 | (0.29) | — | (0.29) | 10.77 | |
2018 | 10.77 | 0.31 | (0.21) | 0.10 | (0.32) | — | (0.32) | 10.55 | |
2017 | 11.09 | 0.34 | (0.31) | 0.03 | (0.35) | — | (0.35) | 10.77 | |
Class C (02/14) | |||||||||
2021 | 10.95 | 0.11 | 0.13 | 0.24 | (0.11) | — | (0.11) | 11.08 | |
2020 | 10.75 | 0.16 | 0.22 | 0.38 | (0.18) | — | (0.18) | 10.95 | |
2019 | 10.52 | 0.20 | 0.23 | 0.43 | (0.20) | — | (0.20) | 10.75 | |
2018 | 10.74 | 0.22 | (0.21) | 0.01 | (0.23) | — | (0.23) | 10.52 | |
2017 | 11.06 | 0.25 | (0.31) | (0.06) | (0.26) | — | (0.26) | 10.74 | |
Class C2 (01/11) | |||||||||
2021 | 10.99 | 0.14 | 0.12 | 0.26 | (0.14) | — | (0.14) | 11.11 | |
2020 | 10.78 | 0.19 | 0.23 | 0.42 | (0.21) | — | (0.21) | 10.99 | |
2019 | 10.56 | 0.23 | 0.22 | 0.45 | (0.23) | — | (0.23) | 10.78 | |
2018 | 10.77 | 0.25 | (0.20) | 0.05 | (0.26) | — | (0.26) | 10.56 | |
2017 | 11.10 | 0.28 | (0.32) | (0.04) | (0.29) | — | (0.29) | 10.77 | |
Class I (02/01) | |||||||||
2021 | 11.00 | 0.22 | 0.13 | 0.35 | (0.22) | — | (0.22) | 11.13 | |
2020 | 10.79 | 0.27 | 0.23 | 0.50 | (0.29) | — | (0.29) | 11.00 | |
2019 | 10.56 | 0.30 | 0.24 | 0.54 | (0.31) | — | (0.31) | 10.79 | |
2018 | 10.78 | 0.33 | (0.21) | 0.12 | (0.34) | — | (0.34) | 10.56 | |
2017 | 11.10 | 0.36 | (0.31) | 0.05 | (0.37) | — | (0.37) | 10.78 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
3.03% | $62,259 | 0.88% | 1.78% | 0.87% | 1.79% | 4 | |
4.50 | 47,070 | 0.89 | 2.29 | 0.88 | 2.31 | 12 | |
4.94 | 33,183 | 0.91 | 2.68 | 0.88 | 2.70 | 20 | |
0.98 | 32,036 | 0.92 | 2.84 | 0.88 | 2.88 | 12 | |
0.32 | 26,201 | 0.93 | 3.08 | 0.89 | 3.13 | 11 | |
2.20 | 3,110 | 1.68 | 0.99 | 1.67 | 1.00 | 4 | |
3.58 | 2,833 | 1.69 | 1.50 | 1.68 | 1.51 | 12 | |
4.19 | 2,488 | 1.71 | 1.88 | 1.68 | 1.91 | 20 | |
0.13 | 2,972 | 1.72 | 2.04 | 1.68 | 2.08 | 12 | |
(0.51) | 2,966 | 1.73 | 2.28 | 1.69 | 2.33 | 11 | |
2.47 | 242 | 1.43 | 1.25 | 1.42 | 1.26 | 4 | |
3.93 | 1,641 | 1.44 | 1.77 | 1.43 | 1.79 | 12 | |
4.34 | 2,088 | 1.46 | 2.13 | 1.43 | 2.16 | 20 | |
0.50 | 3,196 | 1.47 | 2.30 | 1.43 | 2.34 | 12 | |
(0.35) | 3,549 | 1.48 | 2.54 | 1.44 | 2.58 | 11 | |
3.24 | 66,647 | 0.68 | 1.98 | 0.67 | 1.99 | 4 | |
4.71 | 47,500 | 0.69 | 2.50 | 0.68 | 2.51 | 12 | |
5.21 | 38,739 | 0.71 | 2.87 | 0.68 | 2.90 | 20 | |
1.15 | 33,831 | 0.72 | 3.04 | 0.68 | 3.07 | 12 | |
0.48 | 28,202 | 0.73 | 3.28 | 0.69 | 3.33 | 11 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (02/99) | |||||||||
2021 | $10.61 | $0.18 | $ 0.10 | $ 0.28 | $(0.19) | $ — | $(0.19) | $10.70 | |
2020 | 10.40 | 0.21 | 0.21 | 0.42 | (0.21) | — | (0.21) | 10.61 | |
2019 | 10.08 | 0.22 | 0.31 | 0.53 | (0.21) | — | (0.21) | 10.40 | |
2018 | 10.32 | 0.22 | (0.23) | (0.01) | (0.23) | — | (0.23) | 10.08 | |
2017 | 10.49 | 0.23 | (0.17) | 0.06 | (0.23) | — | (0.23) | 10.32 | |
Class C (02/14) | |||||||||
2021 | 10.55 | 0.10 | 0.10 | 0.20 | (0.11) | — | (0.11) | 10.64 | |
2020 | 10.34 | 0.12 | 0.22 | 0.34 | (0.13) | — | (0.13) | 10.55 | |
2019 | 10.02 | 0.14 | 0.31 | 0.45 | (0.13) | — | (0.13) | 10.34 | |
2018 | 10.26 | 0.14 | (0.24) | (0.10) | (0.14) | — | (0.14) | 10.02 | |
2017 | 10.43 | 0.15 | (0.17) | (0.02) | (0.15) | — | (0.15) | 10.26 | |
Class C2 (01/11) | |||||||||
2021 | 10.60 | 0.13 | 0.09 | 0.22 | (0.13) | — | (0.13) | 10.69 | |
2020 | 10.38 | 0.15 | 0.22 | 0.37 | (0.15) | — | (0.15) | 10.60 | |
2019 | 10.06 | 0.16 | 0.31 | 0.47 | (0.15) | — | (0.15) | 10.38 | |
2018 | 10.30 | 0.16 | (0.23) | (0.07) | (0.17) | — | (0.17) | 10.06 | |
2017 | 10.46 | 0.17 | (0.16) | 0.01 | (0.17) | — | (0.17) | 10.30 | |
Class I (08/97) | |||||||||
2021 | 10.63 | 0.20 | 0.10 | 0.30 | (0.21) | — | (0.21) | 10.72 | |
2020 | 10.42 | 0.23 | 0.21 | 0.44 | (0.23) | — | (0.23) | 10.63 | |
2019 | 10.10 | 0.24 | 0.31 | 0.55 | (0.23) | — | (0.23) | 10.42 | |
2018 | 10.33 | 0.24 | (0.23) | 0.01 | (0.24) | — | (0.24) | 10.10 | |
2017 | 10.50 | 0.25 | (0.17) | 0.08 | (0.25) | — | (0.25) | 10.33 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
2.69% | $ 35,100 | 0.80% | 1.69% | 4% |
4.07 | 25,357 | 0.81 | 1.97 | 13 |
5.33 | 29,278 | 0.82 | 2.16 | 18 |
(0.13) | 37,684 | 0.82 | 2.13 | 13 |
0.61 | 44,776 | 0.81 | 2.24 | 25 |
1.88 | 4,473 | 1.60 | 0.90 | 4 |
3.27 | 4,285 | 1.61 | 1.16 | 13 |
4.49 | 3,262 | 1.62 | 1.35 | 18 |
(0.96) | 3,075 | 1.62 | 1.33 | 13 |
(0.21) | 4,066 | 1.61 | 1.44 | 25 |
2.12 | 492 | 1.35 | 1.17 | 4 |
3.59 | 3,505 | 1.36 | 1.42 | 13 |
4.72 | 4,035 | 1.37 | 1.61 | 18 |
(0.72) | 5,555 | 1.37 | 1.58 | 13 |
0.12 | 6,708 | 1.36 | 1.69 | 25 |
2.88 | 248,222 | 0.60 | 1.90 | 4 |
4.24 | 210,368 | 0.61 | 2.16 | 13 |
5.51 | 199,671 | 0.62 | 2.35 | 18 |
0.14 | 188,385 | 0.62 | 2.33 | 13 |
0.78 | 160,000 | 0.61 | 2.44 | 25 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Minnesota Intermediate | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $451,996,653 | $ — | $451,996,653 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 3,000,000 | — | 3,000,000 |
Total | $ — | $454,996,653 | $ — | $454,996,653 |
Minnesota | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $699,393,543 | $ — | $699,393,543 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 27,325,000 | — | 27,325,000 |
Total | $ — | $726,718,543 | $ — | $726,718,543 |
Nebraska | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $128,395,358 | $ — | $128,395,358 |
Oregon Intermediate | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $279,456,517 | $ — | $279,456,517 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Purchases | $76,481,239 | $174,337,155 | $36,646,917 | $48,729,374 |
Sales and maturities | 24,797,100 | 46,779,334 | 5,020,000 | 10,060,000 |
Year Ended 5/31/21 | Year Ended 5/31/20 | ||||
Minnesota Intermediate | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 3,072,520 | $ 32,699,984 | 3,269,215 | $ 34,481,802 | |
Class A – automatic conversion of Class C1 Shares | 10,138 | 106,448 | — | — | |
Class C | 250,682 | 2,646,027 | 324,152 | 3,415,074 | |
Class C11 | 139 | 1,472 | — | — | |
Class C2 | 85 | 898 | 178 | 1,876 | |
Class I | 6,080,484 | 64,288,024 | 6,400,826 | 66,740,031 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 240,260 | 2,552,741 | 261,277 | 2,755,391 | |
Class C | 15,990 | 168,792 | 21,740 | 227,934 | |
Class C11 | 191 | 2,038 | 2,026 | 21,481 | |
Class C2 | 4,395 | 46,540 | 8,643 | 90,895 | |
Class I | 242,124 | 2,560,476 | 267,302 | 2,805,491 | |
9,917,008 | 105,073,440 | 10,555,359 | 110,539,975 | ||
Shares redeemed: | |||||
Class A | (1,335,077) | (14,176,703) | (1,481,083) | (15,461,936) | |
Class C | (229,288) | (2,420,120) | (268,543) | (2,782,886) | |
Class C11 | (45,496) | (484,628) | (75,085) | (798,627) | |
Class C1 – automatic conversion to Class A Shares1 | (10,099) | (106,448) | — | — | |
Class C2 | (397,904) | (4,209,404) | (37,622) | (393,554) | |
Class I | (3,637,275) | (38,483,617) | (4,591,263) | (47,893,825) | |
(5,655,139) | (59,880,920) | (6,453,596) | (67,330,828) | ||
Net increase (decrease) | 4,261,869 | $ 45,192,520 | 4,101,763 | $ 43,209,147 |
Year Ended 5/31/21 | Year Ended 5/31/20 | ||||
Minnesota | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 5,240,544 | $ 63,060,524 | 7,022,984 | $ 83,700,999 | |
Class A – automatic conversion of Class C1 Shares | 5,764 | 69,803 | 5,019 | 60,189 | |
Class A – automatic conversion of Class C2 Shares | 42,328 | 508,666 | — | — | |
Class C | 453,926 | 5,456,594 | 761,562 | 9,061,592 | |
Class C1 | 274 | 3,250 | 297 | 3,522 | |
Class C2 | 64 | 765 | 163 | 1,950 | |
Class I | 12,311,907 | 147,993,082 | 12,331,247 | 145,896,158 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 446,541 | 5,370,736 | 514,236 | 6,127,032 | |
Class C | 36,335 | 436,417 | 50,492 | 600,837 | |
Class C1 | 676 | 8,067 | 5,082 | 60,375 | |
Class C2 | 5,245 | 63,082 | 11,270 | 134,492 | |
Class I | 489,488 | 5,881,278 | 470,100 | 5,591,141 | |
19,033,092 | 228,852,264 | 21,172,452 | 251,238,287 | ||
Shares redeemed: | |||||
Class A | (2,866,394) | (34,434,785) | (3,823,273) | (45,189,660) | |
Class C | (564,704) | (6,791,683) | (408,209) | (4,849,509) | |
Class C1 | (107,271) | (1,281,571) | (159,038) | (1,878,221) | |
Class C1 – automatic conversion to Class A Shares | (5,793) | (69,803) | (5,042) | (60,189) | |
Class C2 | (390,056) | (4,694,777) | (96,539) | (1,151,453) | |
Class C2 – automatic conversion to Class A Shares | (42,262) | (508,666) | — | — | |
Class I | (4,720,058) | (56,763,189) | (4,182,099) | (48,917,096) | |
(8,696,538) | (104,544,474) | (8,674,200) | (102,046,128) | ||
Net increase (decrease) | 10,336,554 | $ 124,307,790 | 12,498,252 | $ 149,192,159 |
Year Ended 5/31/21 | Year Ended 5/31/20 | ||||
Nebraska | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,596,843 | $ 17,655,318 | 1,393,534 | $ 15,194,795 | |
Class A – automatic conversion of Class C1 Shares | 320 | 3,543 | 2,814 | 30,894 | |
Class A – automatic conversion of Class C2 Shares | 5,853 | 64,444 | — | — | |
Class C | 65,658 | 726,265 | 81,058 | 879,727 | |
Class C11 | 30 | 325 | 10 | 105 | |
Class C2 | 14 | 156 | — | — | |
Class I | 2,102,179 | 23,326,892 | 1,582,340 | 17,233,111 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 85,884 | 951,427 | 88,756 | 966,440 | |
Class C | 2,744 | 30,333 | 4,013 | 43,595 | |
Class C11 | 114 | 1,250 | 1,121 | 12,121 | |
Class C2 | 1,469 | 16,287 | 3,172 | 34,568 | |
Class I | 84,336 | 935,945 | 78,565 | 857,329 | |
3,945,444 | 43,712,185 | 3,235,383 | 35,252,685 | ||
Shares redeemed: | |||||
Class A | (371,745) | (4,114,186) | (277,717) | (3,009,192) | |
Class C | (46,528) | (515,002) | (57,908) | (628,382) | |
Class C11 | (28,860) | (317,786) | (70,786) | (765,866) | |
Class C1 – automatic conversion to Class A Shares1 | (323) | (3,543) | (2,832) | (30,894) | |
Class C2 | (123,198) | (1,360,551) | (47,521) | (512,864) | |
Class C2 – automatic conversion to Class A Shares | (5,847) | (64,444) | — | — | |
Class I | (515,959) | (5,733,835) | (931,470) | (10,014,953) | |
(1,092,460) | (12,109,347) | (1,388,234) | (14,962,151) | ||
Net increase (decrease) | 2,852,984 | $ 31,602,838 | 1,847,149 | $ 20,290,534 |
Year Ended 5/31/21 | Year Ended 5/31/20 | ||||
Oregon Intermediate | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,106,096 | $ 11,847,309 | 397,021 | $ 4,175,250 | |
Class A – automatic conversion of Class C Shares | 1,553 | 16,521 | — | — | |
Class A – automatic conversion of Class C2 Shares | 22,437 | 238,607 | — | — | |
Class C | 121,302 | 1,290,754 | 216,519 | 2,264,137 | |
Class C2 | 59 | 630 | — | — | |
Class I | 6,241,013 | 66,956,619 | 4,532,819 | 47,679,455 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 44,811 | 478,976 | 47,633 | 501,087 | |
Class C | 4,186 | 44,497 | 4,450 | 46,574 | |
Class C2 | 3,107 | 33,184 | 4,801 | 50,415 | |
Class I | 199,043 | 2,132,049 | 184,326 | 1,942,833 | |
7,743,607 | 83,039,146 | 5,387,569 | 56,659,751 | ||
Shares redeemed: | |||||
Class A | (283,320) | (3,036,355) | (870,702) | (9,120,806) | |
Class C | (109,413) | (1,163,314) | (130,402) | (1,346,975) | |
Class C – automatic conversion to Class A Shares | (1,562) | (16,521) | — | — | |
Class C2 | (265,422) | (2,823,911) | (62,728) | (658,840) | |
Class C2 – automatic conversion to Class A Shares | (22,464) | (238,607) | — | — | |
Class I | (3,068,147) | (32,887,661) | (4,102,830) | (42,901,990) | |
(3,750,328) | (40,166,369) | (5,166,662) | (54,028,611) | ||
Net increase (decrease) | 3,993,279 | $ 42,872,777 | 220,907 | $ 2,631,140 |
1 | Class C1 Shares closed effective January 7, 2021. |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Tax cost of investments | $431,563,762 | $687,368,110 | $122,067,756 | $261,885,026 |
Gross unrealized: | ||||
Appreciation | $ 23,787,339 | $ 40,085,320 | $ 6,394,949 | $ 17,730,458 |
Depreciation | (354,448) | (734,887) | (67,347) | (158,967) |
Net unrealized appreciation (depreciation) of investments | $ 23,432,891 | $ 39,350,433 | $ 6,327,602 | $ 17,571,491 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Undistributed net tax-exempt income1 | $83,030 | $ — | $ — | $177,210 |
Undistributed net ordinary income2 | 10,001 | — | — | 1,435 |
Undistributed net long-term capital gains | — | — | — | — |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2021 through May 31, 2021, and paid on June 1, 2021. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
2021 | Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate |
Distributions from net tax-exempt income3 | $9,340,338 | $14,733,717 | $2,172,097 | $5,266,417 |
Distributions from net ordinary income2 | 15,464 | 8,083 | 3,426 | 2,976 |
Distributions from net long-term capital gains | — | — | — | — |
2020 | Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate |
Distributions from net tax-exempt income | $10,570,471 | $15,309,458 | $2,188,492 | $5,204,795 |
Distributions from net ordinary income2 | — | — | 46,738 | 2,644 |
Distributions from net long-term capital gains | — | — | — | — |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
3 | The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2021, as Exempt Interest Dividends. |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Not subject to expiration: | ||||
Short-term | $2,718,244 | $10,003,797 | $1,094,430 | $3,457,065 |
Long-term | — | 2,196,585 | 1,214,772 | 113,946 |
Total | $2,718,244 | $12,200,382 | $2,309,202 | $3,571,011 |
Minnesota Intermediate | Minnesota | Oregon Intermediate | |
Utilized capital loss carryforwards | $19,389 | $309,335 | $2,652 |
Average Daily Net Assets | Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate |
For the first $125 million | 0.3500% | 0.3500% | 0.3500% | 0.3500% |
For the next $125 million | 0.3375 | 0.3375 | 0.3375 | 0.3375 |
For the next $250 million | 0.3250 | 0.3250 | 0.3250 | 0.3250 |
For the next $500 million | 0.3125 | 0.3125 | 0.3125 | 0.3125 |
For the next $1 billion | 0.3000 | 0.3000 | 0.3000 | 0.3000 |
For the next $3 billion | 0.2750 | 0.2750 | 0.2750 | 0.2750 |
For the next $5 billion | 0.2500 | 0.2500 | 0.2500 | 0.2500 |
For net assets over $10 billion | 0.2375 | 0.2375 | 0.2375 | 0.2375 |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
$55 billion | 0.2000% |
$56 billion | 0.1996 |
$57 billion | 0.1989 |
$60 billion | 0.1961 |
$63 billion | 0.1931 |
$66 billion | 0.1900 |
$71 billion | 0.1851 |
$76 billion | 0.1806 |
$80 billion | 0.1773 |
$91 billion | 0.1691 |
$125 billion | 0.1599 |
$200 billion | 0.1505 |
$250 billion | 0.1469 |
$300 billion | 0.1445 |
Fund | Complex-Level Fee |
Minnesota Intermediate | 0.1748% |
Minnesota | 0.1631% |
Nebraska | 0.1668% |
Oregon Intermediate | 0.1758% |
Fund | Expense Cap | Expense Cap Expiration Date |
Nebraska | 0.70% | July 31, 2023 |
Cross-Trades | Minnesota Intermediate | Minnesota | Nebraska |
Purchases | $5,147,371 | $12,033,208 | $844,000 |
Sales | — | 11,883,410 | — |
Realized gain (loss) | — | (98,015) | — |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Sales charges collected (Unaudited) | $246,117 | $577,709 | $219,007 | $65,101 |
Paid to financial intermediaries (Unaudited) | 234,878 | 551,583 | 205,853 | 64,334 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
Commission advances (Unaudited) | $235,388 | $509,440 | $151,159 | $58,976 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
12b-1 fees retained (Unaudited) | $26,490 | $77,747 | $6,372 | $13,979 |
Minnesota Intermediate | Minnesota | Nebraska | Oregon Intermediate | |
CDSC retained (Unaudited) | $30,007 | $56,677 | $18,766 | $5,141 |
• | Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds; |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds; |
• | Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes; |
• | Liquidity Management – continuing to operate the liquidity management program of the applicable Nuveen funds including monitoring daily their liquidity profile and assessing annually the overall liquidity risk of such funds; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives; |
• | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals; |
• | Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Independent Directors: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chair and Director | 2008 | Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 143 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Life Trustee of Coe College and the Iowa College Foundation; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System (2007- 2013); Director and Chairman (2009-2021), United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), The Gazette Company (media and publishing); Director (1997- 2003), Federal Reserve Bank of Chicago; President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). | 143 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 143 |
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 | Director | 2021 | Formerly, Managing Director, Independent Directors Council (IDC) (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); Member of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA) (since 2020). | 143 |
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 | Director | 2021 | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses)(2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). | 143 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 143 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The President's Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 143 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (endowment created jointly by seven of the eight Great Lakes states' Governors to take a regional approach to improving the health of the Great Lakes) (1990-1994). | 143 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); formerly, Director, Cboe Global Markets, Inc., (2010-2020) (formerly named CBOE Holdings, Inc.); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 143 |
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 | Director | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | 143 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 143 |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 143 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Christopher E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) and Senior Vice President (2013-2016) of Nuveen; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2018). | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management, LLC (2012-2017). | |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019). | |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Deann D. Morgan 1969 730 Third Avenue New York, NY 10017 | Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2020); Managing Member of MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director and Assistant Secretary (since 2017) of Nuveen Securities, LLC; Managing Director (since 2017), General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017) and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Controller | 2019 | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) of the CREF Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-237263/g843759imgb6471f2e1.gif)
Serving Investors for Generations
ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, William C. Hunter and Albin F. Moschner, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
Mr. Moschner, Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996), including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PriceWaterHouseCoopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PriceWaterHouseCoopers LLP, provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
Fiscal Year Ended May 31, 2021 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Minnesota Municipal Bond Fund | 21,575 | 6,500 | 0 | 0 | ||||||||||||
Nuveen Minnesota Intermediate Municipal Bond Fund | 20,795 | 6,500 | 0 | 0 | ||||||||||||
Nuveen Nebraska Municipal Bond Fund | 19,785 | 6,500 | 0 | 0 | ||||||||||||
Nuveen Oregon Intermediate Municipal Bond Fund | 20,265 | 6,500 | 0 | 0 | ||||||||||||
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Total | $ | 82,420 | $ | 26,000 | $ | 0 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Minnesota Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Minnesota Intermediate Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Nebraska Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Oregon Intermediate Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
May 30, 2020 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Minnesota Municipal Bond Fund | 20,950 | 0 | 0 | 0 | ||||||||||||
Nuveen Minnesota Intermediate Municipal Bond Fund | 20,335 | 0 | 0 | 0 | ||||||||||||
Nuveen Nebraska Municipal Bond Fund | 19,295 | 0 | 0 | 0 | ||||||||||||
Nuveen Oregon Intermediate Municipal Bond Fund | 19,820 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 80,400 | $ | 0 | $ | 0 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Minnesota Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Minnesota Intermediate Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Nebraska Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Oregon Intermediate Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended May 31, 2021 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended May 30, 2020 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended May 31, 2021 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | |||||||||
Fund Name | ||||||||||||
Nuveen Minnesota Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Minnesota Intermediate Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Nebraska Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Oregon Intermediate Municipal Bond Fund | 0 | 0 | 0 | |||||||||
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Total | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended May 30, 2020 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | |||||||||
Fund Name | ||||||||||||
Nuveen Minnesota Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Minnesota Intermediate Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Nebraska Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Oregon Intermediate Municipal Bond Fund | 0 | 0 | 0 | |||||||||
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Total | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
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 implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
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.
(Registrant) Nuveen Investment Funds, Inc.
By (Signature and Title) | /s/ Mark J. Czarniecki | |
Mark J. Czarniecki | ||
Vice President and Secretary |
Date: August 5, 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 dates indicated.
By (Signature and Title) | /s/ Christopher E. Stickrod | |
Christopher E. Stickrod | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: August 5, 2021
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: August 5, 2021