0000820892-26-000126.txt : 20260427 0000820892-26-000126.hdr.sgml : 20260427 20260427130718 ACCESSION NUMBER: 0000820892-26-000126 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20260228 FILED AS OF DATE: 20260427 DATE AS OF CHANGE: 20260427 PERIOD START: 20260531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0000820892 ORGANIZATION NAME: EIN: 411418224 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05309 FILM NUMBER: 26898625 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SECURAL MUTUAL FUNDS INC DATE OF NAME CHANGE: 19910627 0000820892 S000005558 Nuveen Minnesota Intermediate Municipal Bond Fund C000015134 Class A FAMAX C000015135 Class I FAMTX C000137678 Nuveen Minnesota Intermediate Municipal Bond Fund Class C NIBCX NPORT-P 1 primary_doc.xml NPORT-P false 0000820892 XXXXXXXX S000005558 C000015134 C000015135 C000137678 Nuveen Investment Funds, Inc. 811-05309 0000820892 549300L93TESPETT4366 333 W. Wacker Dr Chicago 60606 312-917-7700 Nuveen Minnesota Intermediate Municipal Bond Fund S000005558 54930006M9H0NOT3J051 2026-05-31 2026-02-28 N 393223144.00 2221018.00 391002126.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 895000.00000000 0.00000000 0.00000000 11925358.00000000 USD N Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A N/A 073225AS3 130000.00000000 PA USD 129975.59000000 0.033241658128 Long DBT MUN US N 2 2028-08-01 Fixed 4.00000000 N N N N N N Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A N/A 10489RBE8 475000.00000000 PA USD 475697.16000000 0.121661016237 Long DBT MUN US N 2 2028-12-01 Fixed 4.00000000 N N N N N N Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A N/A 10489RBF5 495000.00000000 PA USD 495729.33000000 0.126784305515 Long DBT MUN US N 2 2029-12-01 Fixed 4.00000000 N N N N N N Buffalo, Minnesota, Water and Sewer Revenue Bonds, Refunding Series 2014A N/A 119638UX0 2000000.00000000 PA USD 2001091.60000000 0.511785350241 Long DBT MUN US N 2 2028-11-01 Fixed 4.00000000 N N N N N N Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016 N/A 169727AZ7 3370000.00000000 PA USD 3372127.14000000 0.862431919359 Long DBT MUN US N 2 2029-03-01 Fixed 4.00000000 N N N N N N Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B N/A 17012CAS2 815000.00000000 PA USD 815740.92000000 0.208628256921 Long DBT MUN US N 2 2033-08-01 Fixed 6.00000000 N N N N N N Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc., Refunding Series 2015 549300GVOKSE82SHJK80 19934PAM7 350000.00000000 PA USD 347260.90000000 0.088813046505 Long DBT MUN US N 2 2027-01-01 Fixed 4.60000000 N N N N N N Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc., Refunding Series 2015 549300GVOKSE82SHJK80 19934PAP0 500000.00000000 PA USD 471134.15000000 0.120494012352 Long DBT MUN US N 2 2034-01-01 Fixed 5.00000000 N N N N N N Dakota County Community Development Agency, Minnesota, Single Family Mortgage Revenue Bonds, Mortgage Backed Securities Program, Series 2011A N/A 23410BCE9 50000.00000000 PA USD 50015.74000000 0.012791679807 Long DBT MUN US N 2 2026-12-01 Fixed 4.40000000 N N N N N N Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A N/A 23410LBS7 2115000.00000000 PA USD 2115330.79000000 0.541002375521 Long DBT MUN US Y 2 2029-08-01 Fixed 3.87500000 N N N N N N Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A N/A 23410LBV0 1100000.00000000 PA USD 1100651.64000000 0.281495052535 Long DBT MUN US Y 2 2036-08-01 Fixed 5.00000000 N N N N N N Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A 5493005IOLNBTFT2MD86 24380HAP7 190000.00000000 PA USD 190212.86000000 0.048647525768 Long DBT MUN US N 2 2030-07-01 Fixed 5.00000000 N N N N N N Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A 5493005IOLNBTFT2MD86 24380HAQ5 710000.00000000 PA USD 710646.67000000 0.181750078259 Long DBT MUN US N 2 2037-07-01 Fixed 5.25000000 N N N N N N Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A 5493005IOLNBTFT2MD86 24380HBD3 195000.00000000 PA USD 195044.69000000 0.049883281197 Long DBT MUN US N 2 2026-07-01 Fixed 4.00000000 N N N N N N Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A 5493005IOLNBTFT2MD86 24380HBE1 300000.00000000 PA USD 300096.12000000 0.076750508512 Long DBT MUN US N 2 2027-07-01 Fixed 4.00000000 N N N N N N Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A 5493005IOLNBTFT2MD86 24380HBF8 370000.00000000 PA USD 370108.11000000 0.094656290948 Long DBT MUN US N 2 2028-07-01 Fixed 4.00000000 N N N N N N Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A 549300YEG0ZNW83BJB14 345856AH1 645000.00000000 PA USD 645648.23000000 0.165126526703 Long DBT MUN US N 2 2036-08-01 Fixed 5.50000000 N N N N N N Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013 549300YD6XHLXYWWYP70 378160BU8 400000.00000000 PA USD 400125.44000000 0.102333315701 Long DBT MUN US N 2 2026-04-01 Fixed 4.00000000 N N N N N N Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A N/A 397240AA0 230000.00000000 PA USD 229317.34000000 0.058648617168 Long DBT MUN US N 2 2026-07-01 Fixed 4.50000000 N N N N N N Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A N/A 397240AB8 40000.00000000 PA USD 37842.18000000 0.009678254281 Long DBT MUN US N 2 2036-07-01 Fixed 5.00000000 N N N N N N City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A N/A 406511AA3 100000.00000000 PA USD 100154.78000000 0.025614893971 Long DBT MUN US N 2 2031-07-01 Fixed 5.00000000 N N N N N N City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project,Series 2016A N/A 406511AB1 1000000.00000000 PA USD 998571.40000000 0.255387716229 Long DBT MUN US N 2 2036-07-01 Fixed 5.00000000 N N N N N N Ham Lake, Minnesota Charter School Lease Revenue Bonds, Parnassus Preparatory School Project, Series 2016A N/A 406511AM7 395000.00000000 PA USD 395248.69000000 0.101086071844 Long DBT MUN US N 2 2026-11-01 Fixed 4.00000000 N N N N N N Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A N/A 444584AK2 975000.00000000 PA USD 956159.10000000 0.244540639658 Long DBT MUN US N 2 2044-07-01 Fixed 5.00000000 N N N N N N Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A 5493006H504KBMJSAU33 44835ECE6 670000.00000000 PA USD 671351.39000000 0.171700189169 Long DBT MUN US N 2 2026-12-01 Fixed 5.00000000 N N N N N N Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A N/A 45362RAB3 1000000.00000000 PA USD 1001035.50000000 0.256017917406 Long DBT MUN US N 2 2031-07-01 Fixed 4.75000000 N N N N N N Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A N/A 45362RAC1 500000.00000000 PA USD 500329.80000000 0.127960889910 Long DBT MUN US N 2 2036-07-01 Fixed 5.00000000 N N N N N N Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015 N/A 56516TAV7 2000000.00000000 PA USD 2002156.40000000 0.512057676126 Long DBT MUN US N 2 2028-09-01 Fixed 5.00000000 N N N N N N Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A 54930069TEI1INHRHS55 60374VDN0 1100000.00000000 PA USD 1101009.58000000 0.281586596795 Long DBT MUN US N 2 2029-11-15 Fixed 5.00000000 N N N N N N Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A 54930069TEI1INHRHS55 60375CAB0 1160000.00000000 PA USD 1161633.05000000 0.297091236276 Long DBT MUN US N 2 2033-07-01 Fixed 6.00000000 N N N N N N Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen ? Abiitan Mill City Project, Series 2015 54930069TEI1INHRHS55 603787AH5 425000.00000000 PA USD 425103.53000000 0.108721539278 Long DBT MUN US N 2 2028-11-01 Fixed 4.75000000 N N N N N N Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen ? Abiitan Mill City Project, Series 2015 54930069TEI1INHRHS55 603787AL6 750000.00000000 PA USD 732412.73000000 0.187316815254 Long DBT MUN US N 2 2045-11-01 Fixed 5.25000000 N N N N N N Minneapolis, Minnesota, Tax Incriment Revenue Bonds, Ivy Tower Project, Series 2015 54930069TEI1INHRHS55 603795DU6 400000.00000000 PA USD 400260.44000000 0.102367842368 Long DBT MUN US N 2 2029-03-01 Fixed 5.00000000 N N N N N N Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C N/A 603827YV2 1050000.00000000 PA USD 1071560.39000000 0.274054875599 Long DBT MUN US N 2 2034-01-01 Fixed 5.00000000 N N N N N N Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1 54930069TEI1INHRHS55 603923CV3 625000.00000000 PA USD 625794.31000000 0.160048825412 Long DBT MUN US N 2 2028-06-01 Fixed 4.00000000 N N N N N N Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014 5493007DGBKI6ICBXO38 60412PDT4 500000.00000000 PA USD 501060.35000000 0.128147730327 Long DBT MUN US N 2 2029-10-01 Fixed 5.00000000 N N N N N N Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014 5493007DGBKI6ICBXO38 60412PDU1 500000.00000000 PA USD 501024.60000000 0.128138587154 Long DBT MUN US N 2 2030-10-01 Fixed 5.00000000 N N N N N N Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011 549300R89XDTQBK4GE22 60415N6P2 1185000.00000000 PA USD 1191913.88000000 0.304835651967 Long DBT MUN US N 2 2027-08-01 Fixed 5.25000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2013-7U 549300DI4V4CIPMX7K35 60416HB60 775000.00000000 PA USD 775568.62000000 0.198354067261 Long DBT MUN US N 2 2026-04-01 Fixed 4.00000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2013-7U 549300DI4V4CIPMX7K35 60416HB78 300000.00000000 PA USD 300226.95000000 0.076783968688 Long DBT MUN US N 2 2027-04-01 Fixed 4.00000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W 549300DI4V4CIPMX7K35 60416HC93 620000.00000000 PA USD 620272.92000000 0.158636712885 Long DBT MUN US N 2 2028-10-01 Fixed 4.25000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 201528J 549300DI4V4CIPMX7K35 60416HP65 0.00000000 PA USD 0.00000000 0.000000 Long DBT MUN US N 2 2029-03-01 Fixed 3.25000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John?s University, Series 2015-8I 549300DI4V4CIPMX7K35 60416HS62 700000.00000000 PA USD 700142.24000000 0.179063537879 Long DBT MUN US N 2 2030-10-01 Fixed 3.37500000 N N N N N N Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C 549300R89XDTQBK4GE22 60416SJD3 120000.00000000 PA USD 120031.92000000 0.030698533848 Long DBT MUN US N 2 2026-07-01 Fixed 3.10000000 N N N N N N Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016 N/A 61615DBM1 980000.00000000 PA USD 980157.98000000 0.250678427257 Long DBT MUN US N 2 2030-12-01 Fixed 4.00000000 N N N N N N Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2016 N/A 61615DBP4 1060000.00000000 PA USD 1060083.85000000 0.271119715088 Long DBT MUN US N 2 2032-12-01 Fixed 4.00000000 N N N N N N Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015B N/A 664259CW6 605000.00000000 PA USD 605287.13000000 0.154804050860 Long DBT MUN US N 2 2029-02-01 Fixed 3.12500000 N N N N N N Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2015B N/A 664259CX4 350000.00000000 PA USD 350161.18000000 0.089554802062 Long DBT MUN US N 2 2030-02-01 Fixed 3.25000000 N N N N N N Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A 549300C7IZXQ4JXHZS47 689149AB8 860000.00000000 PA USD 860103.29000000 0.219974069910 Long DBT MUN US N 2 2034-09-01 Fixed 5.00000000 N N N N N N Perham Dent Independent School District 549, Minnesota, General Obligation Bonds, School Building Series 2016A N/A 713805FB0 1035000.00000000 PA USD 1035254.71000000 0.264769585933 Long DBT MUN US N 2 2030-02-01 Fixed 3.00000000 N N N N N N Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2015E N/A 77158PEF5 750000.00000000 PA USD 750259.80000000 0.191881258466 Long DBT MUN US N 2 2029-12-01 Fixed 3.00000000 N N N N N N Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B 549300006EX3INSHXA95 771902GZ0 2060000.00000000 PA USD 2266899.60000000 0.579766566282 Long DBT MUN US N 2 2029-11-15 Fixed 5.00000000 N N N N N N Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B 549300006EX3INSHXA95 771902HB2 1000000.00000000 PA USD 1178450.60000000 0.301392376572 Long DBT MUN US N 2 2033-11-15 Fixed 5.00000000 N N N N N N Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A 549300IOO80ICGIWAU74 788326AC0 70000.00000000 PA USD 67194.23000000 0.017185131622 Long DBT MUN US N 2 2036-04-01 Fixed 5.00000000 N N N N N N Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A 549300777B7XVMYHUU90 789177NU2 1100000.00000000 PA USD 1101337.82000000 0.281670545187 Long DBT MUN US N 2 2030-02-01 Fixed 4.00000000 N N N N N N Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B 549300F6X6Q4H3ALF786 791748FM3 1000000.00000000 PA USD 999942.90000000 0.255738481585 Long DBT MUN US N 2 2036-06-01 Variable 4.35000000 N N N N N N Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, 549300FQCUW4VH929113 79289TER9 110000.00000000 PA USD 108019.84000000 0.027626407330 Long DBT MUN US N 2 2028-03-01 Fixed 4.00000000 N N N N N N Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A 549300FQCUW4VH929113 792905DJ7 1000000.00000000 PA USD 1000404.30000000 0.255856486059 Long DBT MUN US N 2 2035-07-01 Fixed 4.00000000 N N N N N N Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013 549300FQCUW4VH929113 792908CF0 2190000.00000000 PA USD 2190171.92000000 0.560143225410 Long DBT MUN US N 2 2033-05-01 Fixed 5.00000000 N N N N N N Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013 549300EEYEG1XIKNKU21 804359BW6 2190000.00000000 PA USD 2081397.68000000 0.532323877952 Long DBT MUN US N 2 2039-01-01 Fixed 5.12500000 N N N N N N Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A N/A 80466EAD0 2770000.00000000 PA USD 2773797.12000000 0.709407170844 Long DBT MUN US N 2 2036-10-01 Fixed 5.00000000 N N N N N N Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A 549300FQCUW4VH929113 852297AL4 595000.00000000 PA USD 595464.40000000 0.152291857359 Long DBT MUN US N 2 2033-07-01 Fixed 5.00000000 N N N N N N Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A 549300FQCUW4VH929113 852297CB4 3005000.00000000 PA USD 3028204.91000000 0.774472748007 Long DBT MUN US N 2 2031-09-01 Fixed 5.25000000 N N N N N N City of Vergas, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Refunding Series 2016 N/A 923413AL2 325000.00000000 PA USD 308814.55000000 0.078980273882 Long DBT MUN US N 2 2031-08-01 Fixed 4.00000000 N N N N N N Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016 N/A 975243AA4 30000.00000000 PA USD 29931.73000000 0.007655132289 Long DBT MUN US N 2 2026-06-01 Fixed 3.75000000 N N N N N N Winona Port Authority, Minnesota, Charter School Lease Revenue Bonds, Bluffview Montessori School Project, Refunding Series 2016 N/A 975243AB2 10000.00000000 PA USD 9406.33000000 0.002405697916 Long DBT MUN US N 2 2036-06-01 Fixed 4.50000000 N N N N N N Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A N/A 77158PFZ0 1000000.00000000 PA USD 1019540.80000000 0.260750704971 Long DBT MUN US N 2 2033-12-01 Fixed 5.00000000 N N N N N N Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A 549300IOO80ICGIWAU74 78916VDR8 1000000.00000000 PA USD 1001239.50000000 0.256070091035 Long DBT MUN US N 2 2046-05-01 Fixed 5.00000000 N N N N N N Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A 549300777B7XVMYHUU90 789182CD2 630000.00000000 PA USD 631301.01000000 0.161457180925 Long DBT MUN US N 2 2030-02-01 Fixed 5.00000000 N N N N N N Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A 549300777B7XVMYHUU90 789182CH3 725000.00000000 PA USD 725140.58000000 0.185456940456 Long DBT MUN US N 2 2038-02-01 Fixed 4.00000000 N N N N N N Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C N/A 603827YZ3 1130000.00000000 PA USD 1146177.31000000 0.293138383088 Long DBT MUN US N 2 2041-01-01 Fixed 5.00000000 N N N N N N Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2017 549300K8BX4APZ76AV52 193014BT3 235000.00000000 PA USD 235080.51000000 0.060122565676 Long DBT MUN US N 2 2031-03-01 Fixed 4.45000000 N N N N N N Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A N/A 792775QV3 1225000.00000000 PA USD 1225784.49000000 0.313498164969 Long DBT MUN US N 2 2032-02-01 Fixed 3.20000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017 549300DI4V4CIPMX7K35 60416H3K8 1600000.00000000 PA USD 1617578.88000000 0.413700788931 Long DBT MUN US N 2 2033-03-01 Fixed 4.00000000 N N N N N N Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017 N/A 56516TBQ7 495000.00000000 PA USD 503078.10000000 0.128663776114 Long DBT MUN US N 2 2031-05-01 Fixed 5.00000000 N N N N N N Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017 N/A 56516TBR5 405000.00000000 PA USD 411359.92000000 0.105206568621 Long DBT MUN US N 2 2032-05-01 Fixed 5.00000000 N N N N N N City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017 N/A 72766SAH4 1140000.00000000 PA USD 1145549.75000000 0.292977882682 Long DBT MUN US N 2 2029-04-01 Fixed 4.00000000 N N N N N N City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017 N/A 72766SAJ0 1040000.00000000 PA USD 1044905.26000000 0.267237743868 Long DBT MUN US N 2 2032-04-01 Fixed 4.00000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017 549300DI4V4CIPMX7K35 60416H3X0 2800000.00000000 PA USD 2821300.44000000 0.721556291486 Long DBT MUN US N 2 2032-05-01 Fixed 5.00000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017 549300DI4V4CIPMX7K35 60416H3Y8 655000.00000000 PA USD 657549.65000000 0.168170351585 Long DBT MUN US N 2 2037-05-01 Fixed 5.00000000 N N N N N N Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Great River School Project, Series 2017A 549300FQCUW4VH929113 852297CH1 710000.00000000 PA USD 716723.63000000 0.183304279527 Long DBT MUN US Y 2 2038-07-01 Fixed 5.50000000 N N N N N N Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A 549300FQCUW4VH929113 792909FG3 1000000.00000000 PA USD 1027732.80000000 0.262845834244 Long DBT MUN US N 2 2034-11-15 Fixed 5.00000000 N N N N N N Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A 549300FQCUW4VH929113 792909FH1 1745000.00000000 PA USD 1760155.67000000 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Project, Refunding Series 2017A 549300006EX3INSHXA95 771906DK7 775000.00000000 PA USD 772141.03000000 0.197477450544 Long DBT MUN US N 2 2026-08-01 Fixed 3.87500000 N N N N N N Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. Project, Refunding Series 2017A 549300006EX3INSHXA95 771906DL5 805000.00000000 PA USD 796581.55000000 0.203728188935 Long DBT MUN US N 2 2027-08-01 Fixed 4.00000000 N N N N N N Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. Project, Refunding Series 2017A 549300006EX3INSHXA95 771906DM3 2000000.00000000 PA USD 1935518.60000000 0.495014853192 Long DBT MUN US N 2 2030-08-01 Fixed 4.00000000 N N N N N N Crookston, Minnesota, Health Care Facilities Revenue Bonds, RiverView Health Project, Refunding Series 2017A N/A 227235AV0 1150000.00000000 PA USD 751336.17000000 0.192156543414 Long DBT MUN US N 2 2032-05-01 Fixed 4.00000000 N N N N N N Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017 549300RN3JLIQQH41516 85235KAL7 550000.00000000 PA USD 548819.48000000 0.140362275165 Long DBT MUN US N 2 2028-09-01 Fixed 3.70000000 N N N N N N Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017 549300RN3JLIQQH41516 85235KAM5 350000.00000000 PA USD 349997.20000000 0.089512863671 Long DBT MUN US N 2 2029-09-01 Fixed 3.80000000 N N N N N N Saint Paul Park, 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Bonds, CentraCare Health System, Series 2019 549300IOO80ICGIWAU74 78916VDV9 1575000.00000000 PA USD 1606085.78000000 0.410761393149 Long DBT MUN US N 2 2048-05-01 Fixed 5.00000000 N N N N N N Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A 54930069TEI1INHRHS55 60374VEJ8 2000000.00000000 PA USD 2000000.00000000 0.511506170173 Long DBT MUN US N 2 2048-11-15 Variable 2.05000000 N N N N N N Dennison, Minnesota, Senior Housing Revenue Bonds, Villages of Lonsdale, LLC Project, Series 2019 N/A 248658AL0 500000.00000000 PA USD 462631.40000000 0.118319407808 Long DBT MUN US N 2 2035-05-01 Fixed 4.20000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2019 549300DI4V4CIPMX7K35 60416JCC2 1250000.00000000 PA USD 1318513.00000000 0.337213767477 Long DBT MUN US N 2 2040-10-01 Fixed 5.00000000 N N N N N N Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of 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Project, Series 2019 N/A 56531SAK4 200000.00000000 PA USD 200163.64000000 0.051192468452 Long DBT MUN US N 2 2032-07-01 Fixed 4.00000000 N N N N N N Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 N/A 946829BC1 300000.00000000 PA USD 298706.52000000 0.076395114025 Long DBT MUN US N 2 2029-08-01 Fixed 3.25000000 N N N N N N Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 N/A 946829BA5 175000.00000000 PA USD 174059.55000000 0.044516266901 Long DBT MUN US N 2 2027-08-01 Fixed 3.00000000 N N N N N N Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 N/A 946829BD9 225000.00000000 PA USD 224595.38000000 0.057440961331 Long DBT MUN US N 2 2030-08-01 Fixed 3.37500000 N N N N N N Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019 N/A 946829BB3 300000.00000000 PA USD 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PA USD 1304894.75000000 0.333730858026 Long DBT MUN US N 2 2028-01-01 Fixed 5.00000000 N N N N N N Greenway Independent School District 316, Itasca County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2019F N/A 39678LGJ5 1345000.00000000 PA USD 1275112.59000000 0.326113978725 Long DBT MUN US N 2 2028-02-01 Fixed 0.00000000 N N N N N N Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley Care Center Project, Refunding Series 2019 N/A 161818AQ2 100000.00000000 PA USD 96880.17000000 0.024777402361 Long DBT MUN US N 2 2034-09-01 Fixed 4.00000000 N N N N N N Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley Care Center Project, Refunding Series 2019 N/A 161818AP4 155000.00000000 PA USD 151325.69000000 0.038702012070 Long DBT MUN US N 2 2033-09-01 Fixed 4.00000000 N N N N N N Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley Care Center Project, Refunding Series 2019 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549300R89XDTQBK4GE22 60416S6G0 400000.00000000 PA USD 386245.28000000 0.098783421960 Long DBT MUN US N 2 2029-07-01 Fixed 1.90000000 N N N N N N Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2020B 549300R89XDTQBK4GE22 60416S7C8 3105000.00000000 PA USD 3293985.51000000 0.842446956413 Long DBT MUN US N 2 2032-08-01 Fixed 4.00000000 N N N N N N Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B N/A 603827D86 1735000.00000000 PA USD 1864470.38000000 0.476844051737 Long DBT MUN US N 2 2030-01-01 Fixed 5.00000000 N N N N N N Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Amherst H. Wilder Foundation Project, Refunding Series 2020A 549300FQCUW4VH929113 792893HX0 1575000.00000000 PA USD 1660969.17000000 0.424797989461 Long DBT MUN US N 2 2036-12-01 Fixed 5.00000000 N N N N N N Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Amherst H. Wilder Foundation Project, Refunding Series 2020A 549300FQCUW4VH929113 792893HR3 1015000.00000000 PA USD 1027713.89000000 0.262840997954 Long DBT MUN US N 2 2026-12-01 Fixed 5.00000000 N N N N N N Anoka, Minnesota, Housing Revenue Bonds, The Homestead at Anoka, Inc. Project, Refunding Series 2017 549300R336CIYVDY0N47 036327AG9 250000.00000000 PA USD 227604.60000000 0.058210578629 Long DBT MUN US N 2 2046-11-01 Fixed 5.00000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2021 549300DI4V4CIPMX7K35 60416JCY4 1000000.00000000 PA USD 954972.20000000 0.244237086322 Long DBT MUN US N 2 2038-10-01 Fixed 3.00000000 N N N N N N Roseville Independent School District 623, Ramsey County, Minnesota, Certificates of Participation, Series 2021A N/A 778103AJ0 1215000.00000000 PA USD 1299455.99000000 0.332339878377 Long DBT MUN US N 2 2030-04-01 Fixed 5.00000000 N N N N N N Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2021-1. 501 C3 N/A 79308GAJ6 100000.00000000 PA USD 100245.64000000 0.025638131696 Long DBT MUN US N 2 2027-10-01 Fixed 3.00000000 N N N N N N Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS Apple Valley Senior Housing, Inc. ? Orchard Path Project, Refunding Series 2018 549300AMWD6044L1SO95 03800RAQ9 1000000.00000000 PA USD 1000052.30000000 0.255766460973 Long DBT MUN US N 2 2038-09-01 Fixed 4.25000000 N N N N N N Zumbro Education District 6012, Minnesota, Certificates of Participation Series 2021A N/A 989781AW9 280000.00000000 PA USD 283261.02000000 0.072444879749 Long DBT MUN US N 2 2032-02-01 Fixed 4.00000000 N N N N N N Zumbro Education District 6012, Minnesota, Certificates of Participation Series 2021A N/A 989781AY5 250000.00000000 PA USD 251229.58000000 0.064252740150 Long DBT MUN US N 2 2034-02-01 Fixed 4.00000000 N N N N N N Zumbro Education District 6012, Minnesota, Certificates of Participation Series 2021A N/A 989781BA6 175000.00000000 PA USD 170654.91000000 0.043645519717 Long DBT MUN US N 2 2038-02-01 Fixed 4.00000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunidng Series 2021 549300DI4V4CIPMX7K35 60416JDM9 160000.00000000 PA USD 171332.94000000 0.043818927981 Long DBT MUN US N 2 2031-03-01 Fixed 4.00000000 N N N N N N Woodbury, Minnesota, Charter School Lease Revenue Bonds, Woodbury Leadership Academy, Series 2021A N/A 979134AS2 895000.00000000 PA USD 886622.71000000 0.226756493390 Long DBT MUN US N 2 2031-07-01 Fixed 4.00000000 N N N N N N Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint John's University, Refunding Series 2021 549300DI4V4CIPMX7K35 60416JEJ5 200000.00000000 PA USD 208139.00000000 0.053232191376 Long DBT MUN US N 2 2034-10-01 Fixed 4.00000000 N N N N N N Brooklyn Center, Minnesota, Charter School Lease Revenue Bonds, Tesfa International dba Twin Lakes STEM Academy Project, Series 2021A N/A 113840AA0 1160000.00000000 PA USD 957740.54000000 0.244945097817 Long DBT MUN US N 2 2037-06-15 Fixed 5.00000000 N N N N N N Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Capital Appreciation Series 2021C N/A 264471LK7 1270000.00000000 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Series 2025A N/A 843375H33 750000.00000000 PA USD 879857.18000000 0.225026188220 Long DBT MUN US N 2 2038-01-01 Fixed 5.00000000 N N N N N N Minnesota State, General Obligation Bonds, Various Purpose Bid Groups 1 & 2 Series 2025A N/A 60412AW82 10000000.00000000 PA USD 11426541.00000000 2.922373112620 Long DBT MUN US N 2 2042-08-01 Fixed 5.00000000 N N N N N N Hennepin County, Minnesota, General Obligation Bonds, Series 2025A 254900YDNULMQREFAU43 425507QS2 3000000.00000000 PA USD 3570932.70000000 0.913277054662 Long DBT MUN US N 2 2037-12-01 Fixed 5.00000000 N N N N N N Blue Earth, Minnesota Electric Revenue Bonds, Series 2025A N/A 095442AU3 580000.00000000 PA USD 600664.30000000 0.153621747826 Long DBT MUN US N 2 2035-06-01 Fixed 4.00000000 N N N N N N Rum River Special Education Cooperative, Minnesota, Certificates of Participation, Series 2025A N/A 781378AB0 2000000.00000000 PA USD 2092303.20000000 0.535112998336 Long DBT MUN US N 2 2040-02-01 Fixed 5.00000000 N N N N N N Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Refunding Series 2025A 549300FQCUW4VH929113 852297EA4 1000000.00000000 PA USD 1030330.80000000 0.263510280759 Long DBT MUN US N 2 2035-07-01 Fixed 4.62500000 N N N N N N Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Refunding Series 2025A 549300FQCUW4VH929113 852297EB2 1000000.00000000 PA USD 1025535.40000000 0.262283842415 Long DBT MUN US N 2 2045-07-01 Fixed 5.75000000 N N N N N N Yellow Medicine East Independent School District 2190, Minnesota, General Obligation Bonds, Series 2025A N/A 985565DN7 1000000.00000000 PA USD 997918.60000000 0.255220760615 Long DBT MUN US N 2 2047-02-01 Fixed 4.12500000 N N N N N N Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B N/A 624165FN1 260000.00000000 PA USD 271024.88000000 0.069315449195 Long DBT MUN US N 2 2045-12-01 Fixed 5.00000000 N N N N N N Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B N/A 624165FM3 200000.00000000 PA USD 215214.92000000 0.055041879746 Long DBT MUN US N 2 2042-12-01 Fixed 5.00000000 N N N N N N Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B N/A 624165FK7 285000.00000000 PA USD 311654.06000000 0.079706487324 Long DBT MUN US N 2 2039-12-01 Fixed 5.00000000 N N N N N N Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long Term Facilities Maintenance, Series 2025B N/A 603790E44 1495000.00000000 PA USD 1681276.55000000 0.429991664546 Long DBT MUN US N 2 2043-02-01 Fixed 5.00000000 N N N N N N Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2025A N/A 603790B88 1525000.00000000 PA USD 1715014.54000000 0.438620259573 Long DBT MUN US N 2 2043-02-01 Fixed 5.00000000 N N N N N N Minnetonka Independent School District 276, Minnesota, General Obligation Bonds, School Building Capital Appreciation, Series 2026A N/A 604196BK0 1060000.00000000 PA USD 637215.50000000 0.162969829990 Long DBT MUN US N 2 2040-02-01 Fixed 0.00000000 N N N N N N Minneapolis-Saint Paul Metropolitan Council, Minnesota, General Obligation Wastewater Revenue Bonds, Refunding Series 2026A N/A 5918527N2 5000000.00000000 PA USD 5767779.00000000 1.475127273348 Long DBT MUN US N 2 2041-03-01 Fixed 5.00000000 N N N N N N Big Lake Economic Development Authority, Minnesota, Lease Revenue Bonds, Lease with Option to Purchase Project, Series 2026A N/A 089267AP3 510000.00000000 PA USD 557103.40000000 0.142480913262 Long DBT MUN US N 2 2041-02-01 Fixed 5.00000000 N N N N N N Big Lake Economic Development Authority, Minnesota, Lease Revenue Bonds, Lease with Option to Purchase Project, Series 2026A N/A 089267AN8 450000.00000000 PA USD 495102.78000000 0.126624063420 Long DBT MUN US N 2 2040-02-01 Fixed 5.00000000 N N N N N N Big Lake Economic Development Authority, Minnesota, Lease Revenue Bonds, Lease with Option to Purchase Project, Series 2026A N/A 089267AQ1 505000.00000000 PA USD 546669.97000000 0.139812531351 Long DBT MUN US N 2 2042-02-01 Fixed 5.00000000 N N N N N N Lakes Area Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, VIVIE-Knute Nelson Care Center Project Series 2026A N/A 512060AA2 1000000.00000000 PA USD 1005016.40000000 0.257036044862 Long DBT MUN US N 2 2036-11-01 Fixed 4.37500000 N N N N N N Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Social Series 2026A 549300R89XDTQBK4GE22 60416UZV0 895000.00000000 PA USD 904686.41000000 0.231376340393 Long DBT MUN US N 2 2041-07-01 Fixed 4.10000000 N N N N N N Minnesota Health and Education Facilities Authority, Revenue Bonds, Macalester College Refunding Series 2026 549300DI4V4CIPMX7K35 60410PAZ5 250000.00000000 PA USD 280057.13000000 0.071625474998 Long DBT MUN US N 2 2042-03-01 Fixed 5.00000000 N N N N N N Minnesota Health and Education Facilities Authority, Revenue Bonds, Macalester College Refunding Series 2026 549300DI4V4CIPMX7K35 60410PAY8 200000.00000000 PA USD 225958.24000000 0.057789516980 Long DBT MUN US N 2 2041-03-01 Fixed 5.00000000 N N N N N N Minnesota Health and Education Facilities Authority, Revenue Bonds, Macalester College Refunding Series 2026 549300DI4V4CIPMX7K35 60410PBA9 225000.00000000 PA USD 249859.60000000 0.063902363538 Long DBT MUN US N 2 2043-03-01 Fixed 5.00000000 N N N N N N Minnesota Health and Education Facilities Authority, Revenue Bonds, Macalester College Refunding Series 2026 549300DI4V4CIPMX7K35 60410PBB7 215000.00000000 PA USD 235741.29000000 0.060291562199 Long DBT MUN US N 2 2044-03-01 Fixed 5.00000000 N N N N N N Minnesota Health and Education Facilities Authority, Revenue Bonds, Macalester College Refunding Series 2026 549300DI4V4CIPMX7K35 60410PBC5 225000.00000000 PA USD 243833.83000000 0.062361254271 Long DBT MUN US N 2 2045-03-01 Fixed 5.00000000 N N N N N N 2026-02-28 Nuveen Investment Funds, Inc. Gina Spunder Gina Spunder Director, Fund Financial Reporting XXXX NPORT-EX 2 tiaa_FMNI.htm

1

Portfolio of Investments February 28, 2026

Minnesota Intermediate

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 92.3%   

X

361,347,634

MUNICIPAL BONDS - 92.3%  

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 14.8%

$

130,000

Baytown Township, Minnesota Charter School Lease Revenue

Bonds, Saint Croix Preparatory Academy, Refunding Series

2016A

4

.000

%

08/01/28

$

129,976

1,160,000

Brooklyn Center, Minnesota, Charter School Lease Revenue

Bonds, Tesfa International dba Twin Lakes STEM Academy

Project, Series 2021A

5

.000

06/15/37

957,741

100,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project, Series 2016A

5

.000

07/01/31

100,155

1,000,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5

.000

07/01/36

998,571

190,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5

.000

07/01/30

190,213

710,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5

.250

07/01/37

710,647

195,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2016A

4

.000

07/01/26

195,045

300,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2016A

4

.000

07/01/27

300,096

370,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2016A

4

.000

07/01/28

370,108

645,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2014A

5

.500

08/01/36

645,648

230,000

Greenwood, Minnesota, Charter School Lease Revenue Bonds,

Main Street School of Performing Arts Project, Series 2016A

4

.500

07/01/26

229,318

40,000

Greenwood, Minnesota, Charter School Lease Revenue Bonds,

Main Street School of Performing Arts Project, Series 2016A

5

.000

07/01/36

37,842

395,000

Ham Lake, Minnesota Charter School Lease Revenue Bonds,

Parnassus Preparatory School Project, Series 2016A

4

.000

11/01/26

395,249

975,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5

.000

07/01/44

956,159

1,000,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

4

.750

07/01/31

1,001,035

500,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

5

.000

07/01/36

500,330

1,405,000

(a)

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Twin Cities International Schools Project, Series 2017A

5

.000

12/01/32

1,420,319

1,160,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6

.000

07/01/33

1,161,633

4,000,000

Minneapolis, Minnesota, Revenue Bonds, University Gateway

Project, Refunding Series 2025

5

.000

12/01/36

4,755,096

1,230,000

Minneapolis, Minnesota, Revenue Bonds, University Gateway

Project, Refunding Series 2025

5

.000

12/01/45

1,339,073

200,000

Minnesota Health and Education Facilities Authority, Revenue

Bonds, Macalester College Refunding Series 2026

5

.000

03/01/41

225,958

250,000

Minnesota Health and Education Facilities Authority, Revenue

Bonds, Macalester College Refunding Series 2026

5

.000

03/01/42

280,057

225,000

Minnesota Health and Education Facilities Authority, Revenue

Bonds, Macalester College Refunding Series 2026

5

.000

03/01/43

249,860

215,000

Minnesota Health and Education Facilities Authority, Revenue

Bonds, Macalester College Refunding Series 2026

5

.000

03/01/44

235,741

225,000

Minnesota Health and Education Facilities Authority, Revenue

Bonds, Macalester College Refunding Series 2026

5

.000

03/01/45

243,834

2,800,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5

.000

05/01/32

2,821,300

655,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5

.000

05/01/37

657,550

1,600,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Refunding Series 2017

4

.000

03/01/33

1,617,579

2,380,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Series 2023

5

.000

03/01/41

2,647,398

Portfolio of Investments February 28, 2026

(continued)

Minnesota Intermediate

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

620,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Gustavus Adolfus College, Series 2013-7W

4

.250

%

10/01/28

$

620,273

160,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunidng Series 2021

4

.000

03/01/31

171,333

1,235,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Catherine University, Refunding Series 2018A

5

.000

10/01/31

1,283,643

200,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint John's University, Refunding Series 2021

4

.000

10/01/34

208,139

700,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Johns University, Series 2015-8I

3

.375

10/01/30

700,142

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2021

3

.000

10/01/38

954,972

825,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Green Series 2022A

4

.000

10/01/38

842,038

775,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2013-7U

4

.000

04/01/26

775,569

300,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2013-7U

4

.000

04/01/27

300,227

750,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2017A

4

.000

10/01/34

761,837

850,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2017A

4

.000

10/01/36

862,078

1,250,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2019

5

.000

10/01/40

1,318,513

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4

.125

10/01/41

1,014,659

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

5

.000

10/01/47

1,027,630

705,000

Minnesota Office of Higher Education, Supplemental Student

Loan Program Revenue Bonds, Senior Series 2018, (AMT)

5

.000

11/01/26

715,075

980,000

Moorhead, Minnesota, Educational Facilities Revenue Bonds, The

Concordia College Corporation Project, Series 2016

4

.000

12/01/30

980,158

1,060,000

Moorhead, Minnesota, Educational Facilities Revenue Bonds, The

Concordia College Corporation Project, Series 2016

4

.000

12/01/32

1,060,084

860,000

Otsego, Minnesota, Charter School Lease Revenue Bonds,

Kaleidoscope Charter School Project, Series 2014A

5

.000

09/01/34

860,103

70,000

Saint Cloud, Minnesota, Charter School Lease Revenue Bonds,

Stride Academy Project, Series 2016A

5

.000

04/01/36

67,194

710,000

(a)

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Great River School Project,

Series 2017A

5

.500

07/01/38

716,724

3,005,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

5

.250

09/01/31

3,028,205

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities Academy

Project, Refunding Series 2025A

4

.625

07/01/35

1,030,331

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities Academy

Project, Refunding Series 2025A

5

.750

07/01/45

1,025,535

595,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School, Series 2013A

5

.000

07/01/33

595,464

110,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Lease Revenue Bonds, Saint Paul Conservatory for Performing

Artists Charter School Project, Series 2013A

4

.000

03/01/28

108,020

2,770,000

Savage, Minnesota Charter School Lease Revenue Bonds, Aspen

Academy Project, Series 2016A

5

.000

10/01/36

2,773,797

500,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5

.000

12/01/43

501,884

700,000

University of Minnesota, General Obligation Bonds, Refunding

Series 2024A

5

.000

01/01/39

801,052

5,460,000

University of Minnesota, General Obligation Bonds, Series 2019A

5

.000

04/01/44

5,690,017

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

30,000

Winona Port Authority, Minnesota, Charter School Lease Revenue

Bonds, Bluffview Montessori School Project, Refunding Series

2016

3

.750

%

06/01/26

$

29,932

10,000

Winona Port Authority, Minnesota, Charter School Lease Revenue

Bonds, Bluffview Montessori School Project, Refunding Series

2016

4

.500

06/01/36

9,406

1,000,000

(a)

Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Math and Science Academy Building Company, Refunding Series

2025A

4

.500

06/01/35

1,020,660

895,000

Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Woodbury Leadership Academy, Series 2021A

4

.000

07/01/31

886,623

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

58,114,848

HEALTH CARE - 12.4%

3,370,000

Chippewa County, Minnesota, Gross Revenue Hospital Bonds,

Montevideo Hospital Project, Refunding Series 2016

4

.000

03/01/29

3,372,127

1,140,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

4

.000

04/01/29

1,145,550

1,040,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

4

.000

04/01/32

1,044,905

1,150,000

Crookston, Minnesota, Health Care Facilities Revenue Bonds,

RiverView Health Project, Refunding Series 2017A

4

.000

05/01/32

751,336

1,045,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5

.000

02/15/33

1,091,207

675,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

4

.000

06/15/37

701,112

240,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022A,  Forward Delivery

4

.000

06/15/35

254,618

1,400,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022B

5

.250

06/15/42

1,522,400

400,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

4

.000

04/01/26

400,125

2,000,000

Maple Grove, Minnesota, Health Care Facilities Revenue

Refunding Bonds, North Memorial Health Care, Series 2015

5

.000

09/01/28

2,002,156

495,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5

.000

05/01/31

503,078

405,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5

.000

05/01/32

411,360

470,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/37

480,453

1,500,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/38

1,528,042

3,000,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/39

3,039,315

595,000

(b)

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2023A, (Mandatory Put 11/15/28)

5

.000

11/15/52

634,224

1,100,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

5

.000

11/15/29

1,101,009

2,200,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

5

.000

11/15/33

2,201,759

2,390,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

5

.000

11/15/35

2,486,716

2,850,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

5

.000

11/15/36

2,956,170

1,000,000

Minneapolis-Saint Paul Housing and Redevelopment Authority,

Minnesota, Health Care System Revenue Bonds, Children's

Health Care, Series 2025

5

.000

08/15/41

1,101,200

2,000,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, HealthPartners Obligated

Group, Series 2024

5

.000

01/01/44

2,121,748

Portfolio of Investments February 28, 2026

(continued)

Minnesota Intermediate

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

2,060,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Refunding Series 2016B

5

.000

%

11/15/29

$

2,266,899

1,000,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Refunding Series 2016B

5

.000

11/15/33

1,178,451

1,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2016A

5

.000

05/01/46

1,001,240

1,575,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2019

5

.000

05/01/48

1,606,086

1,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

5

.000

05/01/39

1,120,946

1,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

5

.000

05/01/41

1,104,068

1,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2015A

4

.000

07/01/35

1,000,404

2,585,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2025

5

.000

07/01/33

2,947,037

1,560,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5

.000

11/15/26

1,583,059

1,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5

.000

11/15/34

1,027,733

1,745,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/35

1,760,156

1,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/37

1,004,784

TOTAL HEALTH CARE

48,451,473

HOUSING/SINGLE FAMILY - 0.8%

50,000

Dakota County Community Development Agency, Minnesota,

Single Family Mortgage Revenue Bonds, Mortgage Backed

Securities Program, Series 2011A

4

.400

12/01/26

50,016

120,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2014C

3

.100

07/01/26

120,032

670,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020E

1

.850

01/01/29

646,300

400,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020E

1

.900

07/01/29

386,245

1,000,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

4

.600

07/01/40

1,053,621

895,000

(c)

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2026A

4

.100

07/01/41

904,686

TOTAL HOUSING/SINGLE FAMILY

3,160,900

INDUSTRIALS - 0.2%

625,000

Minneapolis, Minnesota, Limited Tax Supported Development

Revenue Bonds,  Common Bond Fund Series 2013-1

4

.000

06/01/28

625,794

TOTAL INDUSTRIALS

625,794

LONG-TERM CARE - 8.1%

250,000

Anoka, Minnesota, Housing Revenue Bonds, The Homestead at

Anoka, Inc. Project, Refunding Series 2017

5

.000

11/01/46

227,605

865,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase III Project,

Series 2025A

5

.000

09/01/35

943,232

1,000,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds,

PHS Apple Valley Senior Housing, Inc. Orchard Path Project,

Refunding Series 2018

4

.250

09/01/38

1,000,052

750,000

Bethel, Minnesota, Housing and Health Care Facilities Revenue

Bonds, Ecumen Obligated Group Series 2024A

5

.250

03/01/34

787,521

800,000

Brainerd, Minnesota, Senior Housing and Healthcare Revenue

Bonds, Pinecrest of Country Manor Project, Series 2025A

5

.000

05/01/35

852,214

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

300,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5

.000

%

11/01/34

$

342,477

315,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5

.000

11/01/35

357,346

335,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5

.000

11/01/36

377,004

280,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5

.000

11/01/37

312,541

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4

.000

09/01/29

99,323

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4

.000

09/01/30

99,045

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4

.000

09/01/31

98,747

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4

.000

09/01/32

98,214

155,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4

.000

09/01/33

151,326

100,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

4

.000

09/01/34

96,880

815,000

Chisago City, Minnesota, Housing and Health Care Revenue

Bonds, CDL Homes, LLC Project, Series 2013B

6

.000

08/01/33

815,741

325,000

City of Vergas, Minnesota, Housing and Health Care Revenue

Bonds, CDL Homes, LLC Project, Refunding Series 2016

4

.000

08/01/31

308,815

235,000

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,

Assumption Home, Inc., Refunding Series 2017

4

.450

03/01/31

235,081

200,000

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,

Assumption Home, Inc., Refunding Series 2018

4

.500

09/01/33

200,049

350,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

4

.600

01/01/27

347,261

500,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

5

.000

01/01/34

471,134

1,000,000

Cuyuna Range Hospital District, Minnesota, Health Care Facilities

Revenue Bonds, Crosby Senior Service Care Center, Series 2023

5

.500

05/01/43

1,033,462

2,115,000

(a)

Dakota County Community Development Agency, Minnesota,

Senior Housing Revenue Bonds, Walker Highview Hills LLC

Project, Refunding Series 2016A

3

.875

08/01/29

2,115,331

1,100,000

(a)

Dakota County Community Development Agency, Minnesota,

Senior Housing Revenue Bonds, Walker Highview Hills LLC

Project, Refunding Series 2016A

5

.000

08/01/36

1,100,651

500,000

Dennison, Minnesota, Senior Housing Revenue Bonds, Villages

of Lonsdale, LLC Project, Series 2019

4

.200

05/01/35

462,631

1,000,000

Lakes Area Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, VIVIE-Knute Nelson Care Center

Project Series 2026A

4

.375

11/01/36

1,005,016

200,000

Maple Plain, Minnesota Senior Housing and Healthcare Revenue

Bonds, Haven Homes, Inc. Project, Series 2019

4

.000

07/01/32

200,164

100,000

Mapleton, Minnesota, Healthcare Facility Revenue Bonds,

Mapleton Community Home, Refunding Series 2019

3

.750

05/01/34

93,930

425,000

Minneapolis, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Ecumen Abiitan Mill City Project,  Series 2015

4

.750

11/01/28

425,103

750,000

Minneapolis, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Ecumen Abiitan Mill City Project,  Series 2015

5

.250

11/01/45

732,413

775,000

Rochester, Minnesota, Health Care and Housing Revenue Bonds,

Samaritan Bethany, Inc. Project, Refunding Series 2017A

3

.875

08/01/26

772,141

805,000

Rochester, Minnesota, Health Care and Housing Revenue Bonds,

Samaritan Bethany, Inc. Project, Refunding Series 2017A

4

.000

08/01/27

796,581

2,000,000

Rochester, Minnesota, Health Care and Housing Revenue Bonds,

Samaritan Bethany, Inc. Project, Refunding Series 2017A

4

.000

08/01/30

1,935,519

Portfolio of Investments February 28, 2026

(continued)

Minnesota Intermediate

6

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

405,000

Saint Joseph, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Woodcrest of Country Manor Project, Series

2019 A

4

.000

%

07/01/33

$

405,043

1,000,000

(b)

Saint Louis Park, Minnesota, Health Care Facilities Revenue

Bonds, Mount Olivet Careview Home Project, Series 2016B

4

.350

06/01/36

999,943

2,190,000

Saint Paul Housing and Redevelopment Authority Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Homes Project, Series 2013

5

.000

05/01/33

2,190,172

1,015,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5

.000

12/01/26

1,027,714

1,575,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5

.000

12/01/36

1,660,969

160,000

(a)

Saint Paul Housing and Redevelopment Authority, Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Church Homes Project, Refunding Senior Series 2021A

3

.100

11/01/31

151,132

625,000

(a)

Saint Paul Housing and Redevelopment Authority, Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Church Homes Project, Refunding Senior Series 2021A

3

.150

11/01/32

584,972

550,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

3

.700

09/01/28

548,819

350,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

3

.800

09/01/29

349,997

565,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

3

.900

09/01/30

565,032

320,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4

.125

09/01/34

320,038

685,000

Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country

Manor Campus LLC Project, Refunding Series 2017

5

.000

09/01/27

693,914

2,190,000

Sauk Rapids, Minnesota, Health Care and Housing Facilities

Revenue Bonds, Good Shepherd Luthran Home, Refunding

Series 2013

5

.125

01/01/39

2,081,398

60,000

Scanlon, Minnesota, Health Care Facilities Revenue Bonds,

Duluth Health Services Project, Refunding Series 2020

2

.700

03/01/26

60,000

335,000

Scanlon, Minnesota, Health Care Facilities Revenue Bonds,

Duluth Health Services Project, Refunding Series 2020

2

.950

03/01/28

323,467

175,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

3

.000

08/01/27

174,060

300,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

3

.125

08/01/28

298,325

300,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

3

.250

08/01/29

298,706

225,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

3

.375

08/01/30

224,595

TOTAL LONG-TERM CARE

31,852,846

TAX OBLIGATION/GENERAL - 34.6%

355,000

Alexandria, Minnesota, General Obligation Bonds, Tax

Abatement Series 2024A

5

.000

02/01/40

397,701

530,000

Alexandria, Minnesota, General Obligation Bonds, Tax

Abatement Series 2024A

5

.000

02/01/41

587,433

280,000

Alexandria, Minnesota, General Obligation Bonds, Tax

Abatement Series 2024A

5

.000

02/01/42

306,197

1,000,000

Anoka-Hennepin Independent School District 11, Coon Rapids,

Minnesota, General Obligation Bonds, School Building Series

2020A

3

.000

02/01/34

1,000,977

1,405,000

Benson Independent School District 777, Minnesota, General

Olibation Bonds, School Building Series 2018A

4

.000

02/01/32

1,428,965

3,280,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4

.000

02/01/30

3,328,273

7

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,145,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4

.000

%

02/01/35

$

2,171,820

1,720,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4

.000

02/01/37

1,736,707

2,000,000

Buffalo, Minnesota, Water and Sewer Revenue Bonds, Refunding

Series 2014A - BAM Insured

4

.000

11/01/28

2,001,092

2,380,000

City of Rosemount, Minnesota, General Obligation Bonds, Street

Reconstruction and Capital Improvement Plan Series 2023A

4

.000

02/01/45

2,397,856

1,515,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building   Facilities

Maintenance Series 2023A

4

.000

02/01/42

1,555,813

1,450,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building   Facilities

Maintenance Series 2023A

4

.000

02/01/45

1,463,083

1,270,000

Duluth Independent School District 709, Saint Louis County,

Minnesota, General Obligation Bonds, Capital Appreciation

Series 2021C

0

.000

02/01/30

1,125,746

2,590,000

Edgerton Independent School District 581, Minnesota, General

Obligation Bonds, School Building Series 2024A

5

.000

02/01/38

2,891,479

2,460,000

Forest Lake, Washington County, Minnesota, General Obligation

Bonds, Series 2019A

4

.000

02/01/32

2,583,932

1,725,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

5

.000

02/01/43

1,849,029

1,485,000

Goodhue Independent School District 253, Minnesota, General

Obligation Bonds, School Building Series 2019A

4

.000

02/01/30

1,525,204

1,345,000

Greenway Independent School District 316, Itasca County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2019F

0

.000

02/01/28

1,275,113

2,000,000

Hennepin County Regional Railroad Authority, Minnesota,

General Obligation Bonds, Limited Tax Series 2019A

5

.000

12/01/37

2,120,966

5,295,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2021A

5

.000

12/01/33

6,055,232

2,000,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2024A

5

.000

12/01/43

2,243,280

3,000,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2025A

5

.000

12/01/37

3,570,933

1,555,000

Independent School District No. 2397 (Le Sueur-Henderson),

Minnesota, General Obligation School Building Bonds, Series

2022A

5

.000

02/01/35

1,739,985

1,200,000

Jordan Independent School District 717, Scott County,

Minnesota, General Obligation Bonds, School Building Series

2023A

5

.000

02/01/37

1,321,743

1,000,000

Jordan Independent School District 717, Scott County,

Minnesota, General Obligation Bonds, School Building Series

2023A

5

.000

02/01/39

1,084,875

210,000

Medicine Lake, Minnesota, General Obligation Bonds, Series

2024A

5

.000

02/01/35

226,853

330,000

Medicine Lake, Minnesota, General Obligation Bonds, Series

2024A

5

.000

02/01/39

348,959

1,495,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Long Term Facilities

Maintenance, Series 2025B

5

.000

02/01/43

1,681,277

2,595,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Long-Term Facilities

Maintenance Series 2017B

4

.000

02/01/32

2,669,509

1,525,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, School Building Series

2025A

5

.000

02/01/43

1,715,015

1,480,000

Minneapolis, Minnesota, General Obligation Bonds,

Improvement & Various Purpose Series 2018

4

.000

12/01/33

1,498,055

500,000

Minneapolis, Minnesota, General Obligation Bonds,

Improvement & Various Purpose Series 2018

4

.000

12/01/35

504,722

3,520,000

Minneapolis, Minnesota, General Obligation Bonds, Series 2025

5

.000

12/01/38

4,108,902

Portfolio of Investments February 28, 2026

(continued)

Minnesota Intermediate

8

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

5,000,000

Minneapolis-Saint Paul Metropolitan Council, Minnesota, General

Obligation Wastewater Revenue Bonds, Refunding Series 2026A

5

.000

%

03/01/41

$

5,767,779

10,000,000

Minnesota State, General Obligation Bonds, Various Purpose Bid

Groups 1 & 2 Series 2025A

5

.000

08/01/42

11,426,541

5,100,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2021A

4

.000

09/01/38

5,337,275

5,000,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2024A

5

.000

08/01/31

5,709,704

210,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5

.000

02/01/38

234,687

500,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5

.000

02/01/44

537,583

225,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5

.000

01/01/41

250,745

300,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5

.000

01/01/42

331,549

400,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5

.000

01/01/43

438,535

1,060,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, School Building Capital Appreciation,

Series 2026A

0

.000

02/01/40

637,215

2,050,000

North Branch Independent School District 138, Chisago County,

Minnesota, General Obligation Bonds, School Building Series

2017A

4

.000

02/01/30

2,088,215

850,000

North Saint Paul-Maplewood-Oakdale Independent School

District 622, Ramsey County, Minnesota, General Obligation

Bonds, Facilities Maintenance Series 2018A

3

.375

02/01/35

853,632

1,500,000

Osseo Independent School District 279 Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018B

4

.000

02/01/34

1,521,602

3,680,000

Pequot Lakes Independent School District 186, Minnesota,

General Obligation Bonds, School Building Series 2025A

5

.000

02/01/40

4,191,237

1,565,000

Pequot Lakes Independent School District 186, Minnesota,

General Obligation Bonds, School Building Series 2025A

5

.000

02/01/43

1,736,400

1,035,000

Perham Dent Independent School District 549, Minnesota,

General Obligation Bonds, School Building Series 2016A

3

.000

02/01/30

1,035,255

880,000

Plainview-Elgin-Millville Independent School District 2899,

Minnesota, General Obligation Bonds, School Building Series

2019A

4

.000

02/01/32

911,123

2,665,000

Ramsey County, Minnesota, General Obligation Bonds, Capital

Improvement Plan, Series 2023B

4

.000

02/01/41

2,756,387

1,250,000

Robbinsdale Independent School District 281, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

3

.000

02/01/30

1,251,811

4,535,000

Roseville Independent School District 623, Ramsey County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4

.000

02/01/34

4,600,309

1,070,000

Round Lake-Brewster Independent School District 2907,

Minnesota, General Obligation Bonds, School Building Series

2023A

5

.000

02/01/40

1,184,330

1,100,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, General Obligation Bonds, Series 2015A

4

.000

02/01/30

1,101,338

1,145,000

Saint Louis County, Minnesota, General Obligation Bonds,

Transportation Sales & Use Tax Series 2025A

5

.000

12/01/37

1,332,721

1,075,000

Saint Louis Park Independent School District 283, Hennepin

County, Minnesota, General Obligation Bonds, School Building

Series 2022A

5

.000

02/01/37

1,178,883

1,225,000

Saint Michael Independent School District 885, Wright County,

Minnesota, General Obligation Bonds, School Building Series

2017A

3

.200

02/01/32

1,225,784

435,000

Sartell Independent School District 748, Stearns County,

Minnesota, General Obligation Bonds, School Building Series

2025A

5

.000

02/01/43

473,685

9

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,700,000

Sartell, Minnesota, General Obligation Bonds, Series 2022A

4

.000

%

02/01/39

$

1,750,797

1,330,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

4

.000

02/01/31

1,348,763

2,000,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2022A

4

.000

02/01/35

2,091,786

5,215,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2024A

4

.000

02/01/42

5,330,403

2,000,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, School Building Series

2016A

4

.000

02/01/29

2,004,267

975,000

Todd Morrison and Stern Counties, Minnesota, Independent

School District, General Obligation Bonds, Facilities Maintenance

and Refunding Series 2024A

5

.000

02/01/35

1,102,102

2,415,000

Watertown-Mayer Independent School District 111, Carver,

Hennepin and Wright Counties, Minnesota, General Obligation

Bonds, School Building Series 2020A

0

.000

02/01/31

2,035,451

1,000,000

Yellow Medicine East Independent School District 2190,

Minnesota, General Obligation Bonds, Series 2025A

4

.125

02/01/47

997,919

TOTAL TAX OBLIGATION/GENERAL

135,292,539

TAX OBLIGATION/LIMITED - 11.3%

450,000

Big Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Lease with Option to Purchase Project, Series

2026A

5

.000

02/01/40

495,103

510,000

Big Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Lease with Option to Purchase Project, Series

2026A

5

.000

02/01/41

557,103

505,000

Big Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Lease with Option to Purchase Project, Series

2026A

5

.000

02/01/42

546,670

55,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2017A

4

.000

12/15/37

54,580

2,570,000

Marshall, Minnesota, Education Services Facility, Lease Revenue

Bonds, Southwest West Central Service Cooperatives, Series

2024A

5

.000

02/01/37

2,780,555

1,000,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, Certificates of Participation, Full Term Series 2017C

4

.000

02/01/30

1,030,671

400,000

Minneapolis, Minnesota, Tax Incriment Revenue Bonds, Ivy Tower

Project, Series 2015

5

.000

03/01/29

400,260

1,485,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5

.000

10/01/42

1,650,424

2,000,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Revenue Bonds, Series 2024A

5

.000

10/01/43

2,178,763

960,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2018D

4

.000

08/01/34

993,756

3,105,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2020B

4

.000

08/01/32

3,293,986

205,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021B

3

.000

08/01/37

202,598

3,295,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4

.000

08/01/39

3,381,667

2,385,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4

.000

08/01/40

2,431,654

2,000,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2022C

5

.000

08/01/42

2,154,472

1,375,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2023A

5

.000

08/01/43

1,481,796

1,185,000

Minnesota Housing Finance Agency, Nonprofit Housing Bonds,

State Appropriation Series 2011

5

.250

08/01/27

1,191,914

445,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

5

.000

02/01/27

452,080

Portfolio of Investments February 28, 2026

(continued)

Minnesota Intermediate

10

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

470,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

5

.000

%

02/01/28

$

485,007

605,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015B

3

.125

02/01/29

605,287

350,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015B

3

.250

02/01/30

350,161

1,045,000

Otsego Economic Development Authority, Minnesota, Lease

Revenue Bonds, Series 2024A

4

.000

02/01/42

1,067,082

1,215,000

Roseville Independent School District 623, Ramsey County,

Minnesota, Certificates of Participation, Series 2021A

5

.000

04/01/30

1,299,456

2,000,000

Rum River Special Education Cooperative, Minnesota,

Certificates of Participation, Series 2025A

5

.000

02/01/40

2,092,303

630,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

5

.000

02/01/30

631,301

725,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

4

.000

02/01/38

725,141

1,685,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2018B

3

.250

02/01/33

1,694,433

290,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2020C

3

.000

02/01/36

290,310

1,000,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2024A

5

.000

02/01/37

1,154,671

500,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2024A

5

.000

02/01/38

573,116

1,000,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2024A

5

.000

02/01/39

1,138,270

2,500,000

Saint Paul, Minnesota, Sales Tax Revenue Bonds, Neighborhood

and Economic Development Projects, Refunding Series 2024C

5

.000

11/01/42

2,772,483

3,500,000

Virginia Housing and Redevelopment Authority, Minnesota,

Health Care Facility Lease Revenue Bonds, Refunding Series

2018A

4

.000

10/01/29

3,501,002

280,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4

.000

02/01/32

283,261

250,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4

.000

02/01/34

251,230

175,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4

.000

02/01/38

170,655

TOTAL TAX OBLIGATION/LIMITED

44,363,221

TRANSPORTATION - 7.0%

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019A

5

.000

01/01/33

1,082,366

1,250,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/28

1,304,895

1,735,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/30

1,864,471

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/32

1,069,991

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/44

1,025,522

3,580,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/49

3,615,948

1,050,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5

.000

01/01/34

1,071,561

1,130,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5

.000

01/01/41

1,146,177

11

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

2,980,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.000

%

01/01/29

$

3,176,032

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.000

01/01/32

1,124,781

2,325,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.000

01/01/33

2,594,280

855,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.000

01/01/35

946,301

2,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.250

01/01/47

2,074,405

3,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Series 2024A,

(AMT)

5

.000

01/01/43

3,212,377

1,020,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Parking Enterprise Revenue Bonds, Refunding Series 2025A

5

.250

12/01/41

1,126,102

1,020,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Parking Enterprise Revenue Bonds, Refunding Series 2025A

5

.250

12/01/42

1,117,347

TOTAL TRANSPORTATION

27,552,556

UTILITIES - 3.1%

580,000

Blue Earth, Minnesota Electric Revenue Bonds, Series 2025A

4

.000

06/01/35

600,664

475,000

Brainerd, Minnesota, Electric Utility Revenue Bonds, Series

2014A

4

.000

12/01/28

475,697

495,000

Brainerd, Minnesota, Electric Utility Revenue Bonds, Series

2014A

4

.000

12/01/29

495,730

250,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

5

.250

07/01/42

274,426

670,000

Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding

Series 2012A

5

.000

12/01/26

671,351

100,000

Luverne, Minnesota, Electric Revenue Bonds, Series 2018A

4

.000

12/01/33

103,236

500,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014

5

.000

10/01/29

501,060

500,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014

5

.000

10/01/30

501,025

285,000

Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5

.000

12/01/39

311,654

200,000

Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5

.000

12/01/42

215,215

260,000

Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5

.000

12/01/45

271,025

750,000

Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding

Series 2015E

3

.000

12/01/29

750,260

1,000,000

Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding

Series 2017A

5

.000

12/01/33

1,019,541

1,070,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2017-4, (AMT)

4

.000

10/01/40

1,056,504

100,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2021-1. 501 C3

3

.000

10/01/27

100,246

1,620,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2024-1

5

.000

10/01/42

1,754,613

500,000

Sauk Centre Public Utilities Commission, Minnesota, Electric

Revenue Bonds, Series 2024A - AGM Insured

4

.000

12/01/37

528,749

330,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5

.000

01/01/36

391,927

450,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5

.000

01/01/37

533,928

750,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5

.000

01/01/38

879,857

Portfolio of Investments February 28, 2026

(continued)

Minnesota Intermediate

12

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

425,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5

.000

%

01/01/39

$

496,749

TOTAL UTILITIES

11,933,457

TOTAL MUNICIPAL BONDS

(Cost $355,470,576)

361,347,634

TOTAL LONG-TERM INVESTMENTS

(Cost $355,470,576)

361,347,634

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS -  3.8%  

X

14,965,000

MUNICIPAL BONDS - 3.8%  

X

–

HEALTH CARE - 3.0%

$

2,000,000

(d)

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

2

.050

11/15/48

$

2,000,000

5,100,000

(d)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic Series 2008B

1

.650

11/15/38

5,100,000

4,500,000

(d)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2025D

1

.250

11/15/64

4,500,000

TOTAL HEALTH CARE

11,600,000

HOUSING/SINGLE FAMILY - 0.8%

370,000

(d)

Minnesota Housing Finance Agency, Residential Housing Finance

Bonds, Series 2015G

1

.880

01/01/34

370,000

2,875,000

(d)

Minnesota Housing Finance Agency, Residential Housing Finance

Bonds, Series 2017F

1

.880

01/01/41

2,875,000

TOTAL HOUSING/SINGLE FAMILY

3,245,000

TAX OBLIGATION/GENERAL - 0.0%

120,000

(d)

Hennepin County, Minnesota, General Obligation Bonds, Series

2017B

1

.850

12/01/41

120,000

TOTAL TAX OBLIGATION/GENERAL

120,000

TOTAL MUNICIPAL BONDS

(Cost $14,965,000)

14,965,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $14,965,000)

14,965,000

TOTAL INVESTMENTS - 96.1%

(Cost $370,435,576)

376,312,634

OTHER ASSETS & LIABILITIES, NET - 3.9%

15,322,717

NET ASSETS - 100%

$

391,635,351

AMT

Alternative Minimum Tax

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $7,109,789 or 1.9% of Total Investments.

(b)

Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(c)

When-issued or delayed delivery security.

(d)

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.

13

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

Minnesota Intermediate

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

361,347,634

$

–

$

361,347,634

Short-Term Investments:

Municipal Bonds

–

14,965,000

–

14,965,000

Total

$

–

$

376,312,634

$

–

$

376,312,634

14

Portfolio of Investments February 28, 2026

Minnesota

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 93.5%   

X

671,721,723

MUNICIPAL BONDS - 93.5%  

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 15.9%

$

130,000

Baytown Township, Minnesota Charter School Lease Revenue

Bonds, Saint Croix Preparatory Academy, Refunding Series

2016A

4

.250

%

08/01/46

$

112,626

290,000

Bethel, Minnesota, Charter School Lease Revenue Bonds,

Spectrum High School Project, Series 2024

5

.000

07/01/59

274,250

3,500,000

Brooklyn Center, Minnesota, Charter School Lease Revenue

Bonds, Tesfa International dba Twin Lakes STEM Academy

Project, Series 2021A

5

.250

06/15/56

2,381,986

100,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5

.000

07/01/36

99,857

2,000,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5

.000

07/01/47

1,741,414

675,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5

.250

07/01/37

675,615

250,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5

.250

07/01/40

250,171

500,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5

.500

07/01/50

500,070

3,000,000

(a)

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Seven Hills Preparatory Academy Project, Series 2024A

6

.125

06/15/61

2,813,116

1,025,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2014A

5

.750

08/01/44

1,025,551

1,000,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2019A

5

.375

08/01/50

1,000,090

100,000

Greenwood, Minnesota, Charter School Lease Revenue Bonds,

Main Street School of Performing Arts Project, Series 2016A

5

.000

07/01/36

94,605

5,350,000

Ham Lake, Minnesota Charter School Lease Revenue Bonds,

Parnassus Preparatory School Project, Series 2016A

5

.000

11/01/47

5,236,326

490,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5

.000

07/01/29

490,333

1,000,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5

.000

07/01/34

1,000,545

525,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5

.000

07/01/44

514,855

4,150,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

5

.000

07/01/46

3,754,372

1,415,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Paladin Career & Technical High School Project, Series

2021A

4

.000

06/01/51

1,029,157

1,450,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Hiawatha Academies Project, Series 2022A

5

.375

07/01/42

1,365,686

410,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Northeast College Prep Project, Series 2020A

5

.000

07/01/40

367,914

100,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Northeast College Prep Project, Series 2020A

5

.000

07/01/55

75,591

415,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6

.000

07/01/33

415,584

3,815,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6

.000

07/01/43

3,817,708

1,260,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6

.125

07/01/48

1,260,641

4,930,000

Minneapolis, Minnesota, Revenue Bonds, University Gateway

Project, Refunding Series 2025

5

.000

12/01/45

5,367,179

1,200,000

Minnesota Health and Education Facilities Authority, Revenue

Bonds, Macalester College Refunding Series 2026

5

.000

03/01/51

1,259,692

2,345,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5

.000

05/01/37

2,354,128

2,200,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5

.000

05/01/47

2,042,930

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Refunding Series 2017

4

.000

03/01/37

1,006,839

15

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

5,135,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Series 2023

5

.000

%

03/01/48

$

5,424,306

3,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Series 2023

5

.000

03/01/53

3,143,899

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

College of Saint Scholastica, Inc., Refunding Series 2019

4

.000

12/01/40

462,209

125,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunidng Series 2021

4

.000

03/01/35

132,154

155,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunidng Series 2021

4

.000

03/01/36

162,714

100,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunidng Series 2021

4

.000

03/01/37

104,339

675,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Catherine University, Refunding Series 2018A

5

.000

10/01/45

674,382

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint John's University, Refunding Series 2021

4

.000

10/01/32

523,910

350,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Johns University, Series 2015-8I

5

.000

10/01/33

350,446

385,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Johns University, Series 2015-8I

5

.000

10/01/34

385,491

2,300,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2016-8-N

4

.000

10/01/34

2,314,030

975,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2016-8-N

4

.000

10/01/35

980,522

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2021

3

.000

10/01/38

954,972

2,820,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Olaf College, Series 2021

4

.000

10/01/50

2,574,942

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Green Series 2022A

4

.000

10/01/38

1,020,653

575,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Green Series 2022A

4

.125

10/01/41

583,429

2,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Green Series 2022A

5

.000

10/01/47

2,055,259

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2016-8L

5

.000

04/01/27

1,002,139

100,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2017A

4

.000

10/01/36

101,421

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2019

4

.000

10/01/31

1,039,706

2,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2019

5

.000

10/01/40

2,109,621

2,125,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

5

.000

10/01/39

2,275,556

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4

.000

10/01/40

507,486

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4

.125

10/01/42

505,560

1,490,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4

.125

10/01/42

1,506,571

4,170,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2024A

5

.000

10/01/49

4,301,669

645,000

Minnesota Office of Higher Education, Supplemental Student

Loan Program Revenue Bonds, 2020 Senior Series, (AMT)

2

.650

11/01/38

612,577

1,130,000

Otsego, Minnesota, Charter School Lease Revenue Bonds,

Kaleidoscope Charter School Project, Series 2014A

5

.000

09/01/44

1,029,462

530,000

Saint Cloud, Minnesota, Charter School Lease Revenue Bonds,

Stride Academy Project, Series 2016A

5

.000

04/01/46

443,571

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community of Peace

Academy Project, Refunding Series 2015A

5

.000

12/01/46

984,479

1,600,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community of Peace

Academy Project, Series 2019

4

.000

12/01/49

1,326,645

Portfolio of Investments February 28, 2026

(continued)

Minnesota

16

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

240,000

(a)

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Great River School Project,

Series 2017A

5

.500

%

07/01/38

$

242,273

685,000

(a)

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Great River School Project,

Series 2017A

5

.500

07/01/52

659,731

2,500,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Refunding Series 2020A

5

.000

09/01/55

2,334,277

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

5

.750

09/01/46

1,002,906

500,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Series 2016A

6

.000

09/01/51

501,292

4,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hope Community

Academy Project, Series 2020A

5

.000

12/01/55

2,965,894

1,000,000

(a)

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Metro Deaf School Project,

Series 2018A

5

.000

06/15/48

894,907

1,615,000

(a)

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Metro Deaf School Project,

Series 2018A

5

.000

06/15/53

1,400,174

500,000

(a)

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Metro Deaf School Project,

Series 2026

6

.375

06/15/61

504,977

440,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Nova Classical Academy,

Refunding Series 2021A

4

.000

09/01/31

440,540

555,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Nova Classical Academy,

Refunding Series 2025

5

.500

09/01/55

555,204

945,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Nova Classical Academy,

Series 2016A

4

.125

09/01/47

825,325

1,530,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities Academy

Project, Refunding Series 2025A

5

.875

07/01/50

1,552,616

1,230,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School Project, Series 2019

5

.000

07/01/49

1,142,763

2,620,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School Project, Series 2019

5

.000

07/01/55

2,369,419

420,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School, Series 2013A

5

.000

07/01/33

420,328

1,450,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School, Series 2013A

5

.000

07/01/44

1,415,267

2,135,000

Savage, Minnesota Charter School Lease Revenue Bonds, Aspen

Academy Project, Series 2016A

5

.000

10/01/41

2,108,384

380,000

Savage, Minnesota Charter School Lease Revenue Bonds, Aspen

Academy Project, Series 2016A

5

.125

10/01/48

350,541

1,595,000

Spring Lake Park, Minnesota, Charter School Lease Revenue

Bonds, Excell Academy for Higher Learning Inc., Series 2019A

5

.000

06/15/54

1,428,901

500,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5

.000

12/01/43

501,884

500,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5

.125

12/01/49

487,262

1,750,000

University of Minnesota, General Obligation Bonds, Refunding

Series 2024A

5

.000

01/01/43

1,932,782

17

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

3,505,000

University of Minnesota, General Obligation Bonds, Series 2019A

5

.000

%

04/01/44

$

3,652,658

20,000

Winona Port Authority, Minnesota, Charter School Lease Revenue

Bonds, Bluffview Montessori School Project, Refunding Series

2016

4

.750

06/01/46

17,056

2,000,000

(a)

Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Math and Science Academy Building Company, Refunding Series

2025A

5

.250

06/01/45

1,965,408

300,000

Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Woodbury Leadership Academy, Series 2021A

4

.000

07/01/31

297,192

660,000

Woodbury, Minnesota, Charter School Lease Revenue Bonds,

Woodbury Leadership Academy, Series 2021A

4

.000

07/01/51

501,091

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

114,394,003

HEALTH CARE - 16.0%

500,000

Chippewa County, Minnesota, Gross Revenue Hospital Bonds,

Montevideo Hospital Project, Refunding Series 2016

4

.000

03/01/32

500,154

2,000,000

Chippewa County, Minnesota, Gross Revenue Hospital Bonds,

Montevideo Hospital Project, Refunding Series 2016

4

.000

03/01/37

1,999,932

280,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

3

.000

04/01/26

279,818

485,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

5

.000

04/01/41

487,747

500,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5

.000

02/15/37

518,034

580,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

4

.250

02/15/43

581,536

13,115,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5

.000

02/15/48

13,220,446

3,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5

.000

02/15/53

3,015,350

1,000,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5

.250

02/15/53

1,008,800

2,590,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5

.250

02/15/58

2,610,908

400,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

4

.000

06/15/34

423,359

175,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

4

.000

06/15/38

180,889

175,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

4

.000

06/15/39

179,778

570,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

3

.000

06/15/44

496,475

450,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022A,  Forward Delivery

4

.000

06/15/38

467,627

1,250,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022B

5

.250

06/15/47

1,310,497

500,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

4

.000

04/01/27

500,155

760,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

4

.000

04/01/31

760,201

1,000,000

Maple Grove, Minnesota, Health Care Facilities Revenue

Refunding Bonds, North Memorial Health Care, Series 2015

4

.000

09/01/35

984,967

425,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5

.000

05/01/31

431,936

Portfolio of Investments February 28, 2026

(continued)

Minnesota

18

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

430,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5

.000

%

05/01/32

$

436,752

2,725,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/37

2,785,601

10,360,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/39

10,495,768

1,000,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/40

1,006,094

525,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

5

.000

11/15/26

525,492

485,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

4

.000

11/15/40

476,937

1,000,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

5

.000

11/15/35

1,040,467

3,465,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

4

.000

11/15/48

2,999,234

2,000,000

Minneapolis-Saint Paul Housing and Redevelopment Authority,

Minnesota, Health Care System Revenue Bonds, Children's

Health Care, Series 2025

5

.000

08/15/41

2,202,399

1,250,000

Minneapolis-Saint Paul Housing and Redevelopment Authority,

Minnesota, Health Care System Revenue Bonds, Children's

Health Care, Series 2025

5

.000

08/15/43

1,349,150

6,415,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2024A

5

.250

01/01/54

6,676,410

4,660,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, HealthPartners Obligated

Group, Series 2024

5

.250

01/01/47

4,939,305

2,600,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Refunding Series 2016B

5

.000

11/15/36

3,130,939

2,500,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2022

5

.000

11/15/57

2,591,896

4,895,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2016A

5

.000

05/01/46

4,901,067

9,410,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2019

5

.000

05/01/48

9,595,725

1,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

5

.000

05/01/42

1,095,979

2,500,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

4

.000

05/01/50

2,275,638

4,050,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

5

.000

05/01/54

4,179,723

4,075,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2015A

4

.000

07/01/35

4,076,648

5,645,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2025

5

.000

07/01/32

6,364,349

2,135,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5

.000

11/15/27

2,209,291

600,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/36

603,998

640,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/37

643,062

2,830,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/43

2,701,806

2,500,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5

.000

11/15/47

2,503,214

1,100,000

Saint Paul Port Authority, Minnesota, Lease Revenue Bonds,

Regions Hospital Parking Ramp Project, Series 2007-1

5

.000

08/01/36

1,101,030

19

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,900,000

Wadena, Minnesota, Revenue Bonds, Wadena Cancer Center

Project, Series 2024A

5

.000

%

12/01/45

$

1,993,133

TOTAL HEALTH CARE

114,859,716

HOUSING/SINGLE FAMILY - 1.2%

35,000

Minneapolis-Saint Paul Housing Finance Board, Minnesota,

Single Family Mortgage Revenue Bonds, City Living Series

2007A-2, (AMT)

5

.520

03/01/41

35,043

365,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2016A, (AMT)

3

.200

01/01/33

358,508

370,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020A, (AMT)

1

.700

07/01/26

367,887

205,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020D, (AMT)

1

.650

07/01/26

203,778

460,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020H, (AMT)

1

.100

07/01/26

456,525

460,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2020H, (AMT)

1

.350

07/01/27

445,728

380,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1

.550

01/01/28

366,045

390,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1

.600

07/01/28

375,087

485,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1

.750

01/01/29

455,710

485,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1

.800

07/01/29

451,258

245,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1

.900

01/01/30

225,580

240,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2021A, (AMT)

1

.950

07/01/30

219,148

95,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2024L

4

.150

07/01/38

98,711

1,385,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

4

.850

07/01/45

1,425,935

1,355,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

4

.900

07/01/48

1,373,157

2,000,000

(b)

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2026A

4

.600

01/01/47

2,027,076

TOTAL HOUSING/SINGLE FAMILY

8,885,176

INDUSTRIALS - 0.3%

2,250,000

(a)

Saint Paul Port Authority, Minnesota, Solid Waste Disposal

Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-

7, (AMT)

4

.500

10/01/37

2,250,105

TOTAL INDUSTRIALS

2,250,105

LONG-TERM CARE - 7.2%

2,090,000

Anoka, Minnesota, Health Care and Housing Facility Revenue

Bonds, The Homestead at Anoka, Inc. Project, Series 2014

5

.125

11/01/49

1,877,143

225,000

Apple Valley, Minnesota Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase II Project,

Series 2021

4

.000

09/01/26

225,700

240,000

Apple Valley, Minnesota Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase II Project,

Series 2021

4

.000

09/01/28

243,760

270,000

Apple Valley, Minnesota Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase II Project,

Series 2021

4

.000

09/01/31

276,159

475,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase III Project,

Series 2025A

5

.375

09/01/45

490,477

1,000,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds,

PHS Apple Valley Senior Housing, Inc. Orchard Path Project,

Refunding Series 2018

5

.000

09/01/43

1,000,119

1,000,000

Bethel, Minnesota, Housing and Health Care Facilities Revenue

Bonds, Ecumen Obligated Group Series 2024A

6

.125

03/01/49

1,000,350

Portfolio of Investments February 28, 2026

(continued)

Minnesota

20

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

2,500,000

Brainerd, Minnesota, Senior Housing and Healthcare Revenue

Bonds, Pinecrest of Country Manor Project, Series 2025A

5

.500

%

05/01/45

$

2,568,803

1,165,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5

.000

11/01/44

1,228,898

1,000,000

Center City, Minnesota, Health Care Facilities Revenue Bonds,

Hazelden Betty Ford Foundation Project, Series 2025B

5

.000

11/01/47

1,033,053

500,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

5

.000

09/01/44

473,427

1,500,000

Chatfield, Minnesota, Healthcare and Housing Facilities Revenue

Bonds, Chosen Valley Care Center Project, Refunding Series

2019

5

.000

09/01/52

1,290,570

1,500,000

Chisago City, Minnesota, Housing and Health Care Revenue

Bonds, CDL Homes, LLC Project, Series 2013B

6

.000

08/01/43

1,500,595

1,500,000

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

1,378,880

250,000

Cloquet, Minnesota, Housing Facilities Revenue Bonds, HADC

Cloquet LLC Project, Refunding Series 2021

3

.400

08/01/36

226,196

700,000

Cloquet, Minnesota, Housing Facilities Revenue Bonds, HADC

Cloquet LLC Project, Refunding Series 2021

4

.000

08/01/41

615,690

200,000

Cloquet, Minnesota, Housing Facilities Revenue Bonds, HADC

Cloquet LLC Project, Refunding Series 2021

4

.000

08/01/48

151,358

1,180,000

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,

Assumption Home, Inc., Refunding Series 2013

5

.200

03/01/43

1,166,676

575,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

5

.250

01/01/40

514,646

1,175,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

5

.250

01/01/46

964,986

500,000

Cuyuna Range Hospital District, Minnesota, Health Care Facilities

Revenue Bonds, Crosby Senior Service Care Center, Series 2023

5

.500

05/01/43

516,731

1,250,000

Cuyuna Range Hospital District, Minnesota, Health Care Facilities

Revenue Bonds, Crosby Senior Service Care Center, Series 2023

5

.500

05/01/48

1,261,414

1,195,000

(a)

Dakota County Community Development Agency, Minnesota,

Senior Housing Revenue Bonds, Walker Highview Hills LLC

Project, Refunding Series 2016A

5

.000

08/01/46

1,151,713

500,000

Dennison, Minnesota, Senior Housing Revenue Bonds, Villages

of Lonsdale, LLC Project, Series 2019

4

.600

05/01/44

405,160

1,000,000

Lakes Area Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, VIVIE-Knute Nelson Care Center

Project Series 2026A

5

.500

11/01/46

1,012,969

400,000

Maple Plain, Minnesota Senior Housing and Healthcare Revenue

Bonds, Haven Homes, Inc. Project, Series 2019

4

.100

07/01/34

400,042

1,250,000

Maple Plain, Minnesota Senior Housing and Healthcare Revenue

Bonds, Haven Homes, Inc. Project, Series 2019

5

.000

07/01/54

1,140,777

200,000

Mapleton, Minnesota, Healthcare Facility Revenue Bonds,

Mapleton Community Home, Refunding Series 2019

4

.000

05/01/39

180,197

1,500,000

Minneapolis, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Ecumen Abiitan Mill City Project,  Series 2015

5

.250

11/01/45

1,464,825

300,000

Morris, Minnesota, Health Care Facilities Revenue Bonds,

Farmington Health Services Project, Refunding Series 2019

3

.400

08/01/28

291,875

2,000,000

North Oaks, Minnesota, Senior Housing Revenue Bonds, Waverly

Gardens Project, Refunding Series 2016

5

.000

10/01/47

1,984,868

1,285,000

Saint Joseph, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Woodcrest of Country Manor Project, Series

2019 A

5

.000

07/01/55

1,186,185

2,000,000

(c)

Saint Louis Park, Minnesota, Health Care Facilities Revenue

Bonds, Mount Olivet Careview Home Project, Series 2016B

4

.900

06/01/49

1,821,227

25,000

Saint Louis Park, Minnesota, Health Care Facilities Revenue

Bonds, Mount Olivet Careview Home Project, Series 2016C

3

.150

06/01/28

24,652

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Revenue Bonds, Rossy & Richard Shaller Family Sholom East

Campus, Series 2018

5

.000

10/01/43

955,937

21

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

4,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota

Senior Housing and Health Care Revenue Bonds, Carondelet

Village Project, Series 2016A

5

.000

%

12/01/41

$

4,019,150

1,175,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5

.000

12/01/29

1,248,724

300,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5

.000

12/01/30

322,843

1,750,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Revenue Bonds, Amherst H. Wilder Foundation Project,

Refunding Series 2020A

5

.000

12/01/36

1,845,521

450,000

(a)

Saint Paul Housing and Redevelopment Authority, Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Church Homes Project, Refunding Senior Series 2021A

4

.000

11/01/34

437,710

1,015,000

(a)

Saint Paul Housing and Redevelopment Authority, Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Church Homes Project, Refunding Senior Series 2021A

4

.000

11/01/42

898,108

400,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4

.000

09/01/32

400,043

500,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4

.100

09/01/33

500,085

315,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4

.200

09/01/36

314,995

300,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4

.250

09/01/37

299,985

1,000,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

5

.000

09/01/42

1,000,265

600,000

Sartell, Minnesota, Health Care and Housing Facilities Revenue

Bonds, Country Manor Campus LLC Project, Series 2022A

5

.000

09/01/35

604,913

2,190,000

Sauk Rapids, Minnesota, Health Care and Housing Facilities

Revenue Bonds, Good Shepherd Luthran Home, Refunding

Series 2013

5

.125

01/01/39

2,081,398

650,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

5

.000

08/01/49

650,079

5,000,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

5

.000

08/01/54

4,932,147

TOTAL LONG-TERM CARE

51,582,024

TAX OBLIGATION/GENERAL - 26.3%

1,355,000

Anoka-Hennepin Independent School District 11, Coon Rapids,

Minnesota, General Obligation Bonds, School Building Series

2020A

3

.000

02/01/43

1,171,652

2,105,000

Bemidji, Minnesota, General Obligation Bonds, Refunding Sales

Tax Series 2017A - AGM Insured

4

.000

02/01/29

2,174,764

5,000,000

Bird Island-Olivia-Lake Lillian Independent School District 2534,

Minnesota, General Obligation Bonds, School Building Series

2024A

5

.000

02/01/49

5,313,225

5,630,000

Bird Island-Olivia-Lake Lillian Independent School District 2534,

Minnesota, General Obligation Bonds, School Building Series

2024A

5

.000

02/01/54

5,944,410

200,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4

.000

02/01/42

200,869

3,600,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4

.000

02/01/43

3,612,109

1,090,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4

.000

02/01/36

1,101,510

1,880,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4

.000

02/01/38

1,897,199

Portfolio of Investments February 28, 2026

(continued)

Minnesota

22

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,715,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4

.000

%

02/01/41

$

2,729,357

2,260,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4

.000

02/01/42

2,268,600

3,000,000

Carlton County, Minnesota, General Obligation Bonds,

Minnesota State Credit Enhancement Program Series 2022A

4

.000

02/01/47

2,937,508

1,160,000

Chisago Lakes, Minnesota, Independent School District 2144,

General Obligation Bonds, School Building Series 2017A

3

.000

02/01/32

1,166,196

1,050,000

Cold Spring, Minnesota, General Obligation Bonds, Capital

Improvement Plan Series 2024A - BAM Insured

4

.000

02/01/54

972,670

625,000

Corcoran, Minnesota, General Obligation Bonds, Series 2023A -

BAM Insured

4

.000

02/01/40

644,891

3,605,000

Corcoran, Minnesota, General Obligation Bonds, Series 2023A -

BAM Insured

4

.000

02/01/48

3,516,102

1,145,000

Dawson-Boyd Independent School District 378, Yellow Medicine

County, Minnesota, General Obligation Bonds, School Building

Series 2019A

4

.000

02/01/31

1,180,650

1,145,000

Dawson-Boyd Independent School District 378, Yellow Medicine

County, Minnesota, General Obligation Bonds, School Building

Series 2019A

4

.000

02/01/32

1,178,309

1,225,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building   Facilities

Maintenance Series 2023A

4

.000

02/01/44

1,243,701

500,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building   Facilities

Maintenance Series 2023A

4

.000

02/01/45

504,511

1,325,000

Duluth Independent School District 709, Saint Louis County,

Minnesota, General Obligation Bonds, Capital Appreciation

Series 2021C

0

.000

02/01/31

1,134,713

1,480,000

Duluth Independent School District 709, Saint Louis County,

Minnesota, General Obligation Bonds, Capital Appreciation

Series 2021C

0

.000

02/01/32

1,222,544

535,000

Duluth Independent School District 709, Saint Louis County,

Minnesota, General Obligation Bonds, Capital Appreciation

Series 2021C

0

.000

02/01/33

424,705

1,115,000

Edgerton Independent School District 581, Minnesota, General

Obligation Bonds, School Building Series 2024A

4

.000

02/01/43

1,137,922

480,000

Fridley, Minnesota, General Obligation Bonds, Capital

Improvement Plan, Series 2017

3

.250

02/01/34

480,110

1,090,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

5

.000

02/01/41

1,184,967

2,450,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

5

.000

02/01/48

2,553,745

700,000

Greenway Independent School District 316, Itasca County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2019F

0

.000

02/01/30

625,053

705,000

Hawley Independent School District 150, Clay County,

Minnesota, General Obligation Bonds, School Building Series

2023A

5

.000

02/01/39

754,726

2,000,000

Hennepin County, Minnesota, General Obligation Bonds,

Refunding Series 2022B

5

.000

12/01/39

2,251,915

3,000,000

Hennepin County, Minnesota, General Obligation Bonds, Sales

Tax Series 2020C

5

.000

12/15/38

3,251,027

1,000,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2020A

5

.000

12/01/36

1,105,396

3,000,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2024A

5

.000

12/01/42

3,398,261

7,755,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2024A

5

.000

12/01/43

8,698,320

1,250,000

Independent School District 621, Mounds View, Minnesota,

General Obligation Bonds, School Building Series 2018A

4

.000

02/01/42

1,256,324

23

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,935,000

Independent School District No. 115, Cass Lake-Bena Public

Schools, Minnesota, Cass Beltrami and Hubbard Counties,

General Obligation School Building Bonds, Series 2023A

5

.000

%

02/01/37

$

2,140,682

1,145,000

Independent School District No. 2397 (Le Sueur-Henderson),

Minnesota, General Obligation School Building Bonds, Series

2022A

5

.000

02/01/36

1,275,328

600,000

Jordan Independent School District 717, Scott County,

Minnesota, General Obligation Bonds, School Building Series

2023A

5

.000

02/01/38

655,912

1,585,000

Kerkoven, Murdock, and Sunburg Independent School District

775, Swift County, Minnesota, General Obligation Bonds, School

Building Series 2024A

5

.000

02/01/41

1,791,848

500,000

La Crescent-Hokah Independent School District 300, Houston

and Winona Counties, Minnesota, General Obligation Bonds,

School Building & Maintenance Series 2019A

4

.000

02/01/30

509,174

660,000

Madison, Minnesota, General Obligation Bonds, Refunding

Series 2015A - AGM Insured

3

.600

01/01/35

660,202

500,000

Madison, Minnesota, General Obligation Bonds, Refunding

Series 2015A - AGM Insured

4

.000

01/01/45

500,003

1,315,000

Maple River Independent School District 2135, Minnesota,

General Obligation Bonds, School Building Series 2020A

4

.000

02/01/38

1,366,302

3,500,000

Maple River Independent School District 2135, Minnesota,

General Obligation Bonds, School Building Series 2020A

4

.000

02/01/50

3,352,577

1,590,000

Medicine Lake, Minnesota, General Obligation Bonds, Series

2024A

5

.000

02/01/54

1,540,205

1,430,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Building Series 2023A

5

.000

02/01/43

1,566,287

2,645,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Long Term Facilities

Maintenance Series 2023B

5

.000

02/01/43

2,897,084

2,780,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Long Term Facilities

Maintenance Series 2023B

5

.000

02/01/44

3,014,860

1,645,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, Long Term Facilities

Maintenance, Series 2025B

5

.000

02/01/45

1,809,079

1,430,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, School Building Series

2022A

5

.000

02/01/43

1,548,500

1,395,000

Minneapolis Special School District 1, Hennepin County,

Minnesota, General Obligation Bonds, School Building Series

2025A

5

.000

02/01/45

1,534,143

2,195,000

Minneapolis, Minnesota, General Obligation Bonds,

Improvement & Various Purpose Series 2018

4

.000

12/01/35

2,215,728

2,000,000

Minneapolis, Minnesota, General Obligation Bonds, Series 2023

5

.000

12/01/39

2,215,381

7,000,000

Minneapolis-Saint Paul Metropolitan Council, Minnesota, General

Obligation Wastewater Revenue Bonds, Refunding Series 2026A

5

.000

03/01/43

7,930,015

9,895,000

Minnesota State, General Obligation Bonds, Various Purpose Bid

Groups 1 & 2 Series 2025A

5

.000

08/01/43

11,186,802

2,975,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2018A

5

.000

08/01/35

3,153,584

4,705,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2021A

5

.000

09/01/30

5,274,752

2,000,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2023A

5

.000

08/01/41

2,252,459

7,500,000

Minnesota State, General Obligation Bonds, Various Purpose

Series 2024A

5

.000

08/01/44

8,294,819

325,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5

.000

02/01/40

359,726

500,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5

.000

02/01/42

546,150

300,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5

.250

01/01/46

323,892

Portfolio of Investments February 28, 2026

(continued)

Minnesota

24

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

340,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, Facilities Maintenance Series 2025D

5

.250

%

01/01/47

$

365,139

1,000,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, School Building Capital Appreciation,

Series 2026A

0

.000

02/01/42

534,038

1,025,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, School Building Capital Appreciation,

Series 2026A

0

.000

02/01/44

482,122

1,150,000

Minnetonka Independent School District 276, Minnesota,

General Obligation Bonds, School Building Capital Appreciation,

Series 2026A

0

.000

02/01/45

507,878

1,290,000

Moorhead Independent School District 152, Clay County,

Minnesota, General Obligation Bonds, School Building Series

2020A

3

.000

02/01/43

1,136,515

1,100,000

Moorhead Independent School District 152, Clay County,

Minnesota, General Obligation Bonds, School Building Series

2020A

3

.000

02/01/44

947,908

2,000,000

North Saint Paul-Maplewood-Oakdale Independent School

District 622, Ramsey County, Minnesota, General Obligation

Bonds, Facilities Maintenance Series 2018A

3

.375

02/01/35

2,008,545

530,000

Pillager Independent School District 116, Cass and Morrison

Counties, Minnesota, General Obligation Bonds, School Building

Series 2019A

3

.000

02/01/33

533,784

1,245,000

Ramsey County, Minnesota, General Obligation Bonds, Capital

Improvement Plan, Series 2023B

4

.000

02/01/40

1,295,340

1,795,000

Red Lake County, Minnesota, General Obligation School Building

Bonds, Independent School District No. 2906, Series 2022A

4

.000

02/01/38

1,898,505

4,000,000

Richfield Independent School District 280, Hennepin County,

Minnesota, General Obligation Bonds, School Buildings Series

2018A

4

.000

02/01/40

4,030,954

1,250,000

Robbinsdale Independent School District 281, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

3

.000

02/01/30

1,251,811

4,000,000

Roseville Independent School District 623, Ramsey County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4

.000

02/01/34

4,057,605

1,020,000

Round Lake-Brewster Independent School District 2907,

Minnesota, General Obligation Bonds, School Building Series

2023A

5

.000

02/01/39

1,134,278

1,285,000

Round Lake-Brewster Independent School District 2907,

Minnesota, General Obligation Bonds, School Building Series

2023A

4

.000

02/01/42

1,316,882

1,700,000

Russell-Tyler-Ruthton Public Schools Independent School District

2902, Minnesota, General Obligation Bonds, Series 2019A

4

.000

02/01/31

1,789,966

800,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2022B

4

.000

02/01/43

809,221

1,000,000

Saint James Independent School District 840, Minnesota,

General Obligation Bonds, School Building Series 2015B

4

.000

02/01/45

1,000,029

1,340,000

Saint Michael Independent School District 885, Wright County,

Minnesota, General Obligation Bonds, School Building Series

2017A

4

.000

02/01/28

1,342,006

1,400,000

Saint Michael Independent School District 885, Wright County,

Minnesota, General Obligation Bonds, School Building Series

2017A

4

.000

02/01/30

1,402,157

1,885,000

Saint Michael Independent School District 885, Wright County,

Minnesota, General Obligation Bonds, School Building Series

2017A

3

.200

02/01/32

1,886,207

465,000

Sartell Independent School District 748, Stearns County,

Minnesota, General Obligation Bonds, School Building Series

2025A

5

.000

02/01/42

511,121

1,840,000

Sartell, Minnesota, General Obligation Bonds, Series 2022A

4

.000

02/01/41

1,877,019

1,180,000

Sartell, Minnesota, General Obligation Bonds, Series 2022A

4

.000

02/01/43

1,194,461

25

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

250,000

Shakopee Independent School District 720, Scott County,

Minnesota, General Obligation Bonds, Capital Facilities Series

2020A

4

.000

%

02/01/33

$

253,988

425,000

Shakopee Independent School District 720, Scott County,

Minnesota, General Obligation Bonds, Capital Facilities Series

2020A

4

.000

02/01/34

431,121

2,500,000

Sibley East Independent School District 2310, Sibley, Minnesota,

General Obligation Bonds, School Building Series 2015A

4

.000

02/01/40

2,500,830

1,330,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

4

.000

02/01/31

1,348,763

670,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018A

4

.000

02/01/33

678,982

1,000,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2022A

4

.000

02/01/34

1,049,266

2,030,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2022A

4

.000

02/01/35

2,123,163

1,000,000

South Washington County Independent School District 833,

Minnesota, General Obligation Bonds, School Building Series

2016A

4

.000

02/01/29

1,002,134

5,000,000

(b)

Stillwater Independent School District 834, Washington County,

Minnesota, General Obligation Bonds, School Building Facilities

Maintenance Series 2026A

4

.000

02/01/46

4,977,602

825,000

Waconia Independent School District, Minnesota, General

Obligation Bonds, School Building Series 2015B

3

.000

02/01/28

825,269

1,410,000

Yellow Medicine East Independent School District 2190,

Minnesota, General Obligation Bonds, Series 2025A

4

.000

02/01/46

1,403,687

TOTAL TAX OBLIGATION/GENERAL

189,061,751

TAX OBLIGATION/LIMITED - 11.4%

2,135,000

Big Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Lease with Option to Purchase Project, Series

2026A

5

.000

02/01/48

2,209,230

475,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2017A

4

.200

12/15/43

440,827

1,000,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2023A

4

.875

12/15/42

1,029,551

500,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2023A

5

.000

12/15/44

510,992

1,000,000

Hennepin County, Minnesota, Sales Tax Revenue Bonds, Ballpark

Project, Refunding First Lien Series 2017A

5

.000

12/15/30

1,019,920

675,000

Marshall, Minnesota, Education Services Facility, Lease Revenue

Bonds, Southwest West Central Service Cooperatives, Series

2024A

5

.125

02/01/41

724,363

725,000

Marshall, Minnesota, Education Services Facility, Lease Revenue

Bonds, Southwest West Central Service Cooperatives, Series

2024A

5

.375

02/01/45

766,620

170,000

Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village

at St. Anthony Falls Project, Refunding Series 2015

4

.000

03/01/27

170,061

1,970,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5

.000

10/01/40

2,214,936

2,515,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5

.000

10/01/41

2,819,917

2,880,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5

.000

10/01/43

3,164,440

1,090,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2015C

3

.250

08/01/30

1,090,643

200,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2017A

4

.000

08/01/30

203,695

Portfolio of Investments February 28, 2026

(continued)

Minnesota

26

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

475,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2017A

4

.000

%

08/01/34

$

481,720

325,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2017A

4

.000

08/01/35

329,481

1,125,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2018D

4

.000

08/01/38

1,144,184

500,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021B

3

.000

08/01/38

487,014

500,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021B

3

.000

08/01/39

477,520

500,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021B

3

.000

08/01/40

467,698

2,810,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4

.000

08/01/35

2,987,669

2,925,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4

.000

08/01/36

3,069,938

3,045,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4

.000

08/01/37

3,159,695

3,165,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4

.000

08/01/38

3,270,075

1,000,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2021C

4

.000

08/01/43

1,009,214

1,780,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2022A

5

.000

08/01/40

1,950,044

2,000,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2022C

5

.000

08/01/42

2,154,472

1,280,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2023A

5

.000

08/01/42

1,392,324

1,200,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2023A

5

.000

08/01/44

1,280,847

5,800,000

Minnesota State, Certificates of Participation, State Office

Building Project, Series 2023

5

.000

11/01/43

6,372,778

1,480,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

5

.000

02/01/38

1,502,946

2,790,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

5

.125

02/01/43

2,825,191

1,470,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015A

3

.625

02/01/34

1,470,806

580,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015A

3

.750

02/01/36

580,285

4,600,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015B

4

.000

02/01/42

4,600,947

1,000,000

Plymouth Intermediate District 287, Minnesota, Certificates of

Participation, Refunding Series 2017A

4

.000

02/01/36

1,008,651

175,000

Plymouth Intermediate District 287, Minnesota, Facilities

Maintence Bonds, Series 2017B

4

.000

05/01/29

178,351

200,000

Plymouth Intermediate District 287, Minnesota, Facilities

Maintence Bonds, Series 2017B

4

.000

05/01/32

203,593

100,000

Plymouth Intermediate District 287, Minnesota, Facilities

Maintence Bonds, Series 2017B

4

.000

05/01/33

101,681

4,500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

4

.500

07/01/34

4,501,024

6,077,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

5

.000

07/01/58

5,964,749

1,155,000

Roseville Independent School District 623, Ramsey County,

Minnesota, Certificates of Participation, Series 2021A

5

.000

04/01/29

1,217,075

1,000,000

Rum River Special Education Cooperative, Minnesota,

Certificates of Participation, Series 2025A

5

.500

02/01/46

1,025,279

355,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

5

.000

02/01/32

355,725

27

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

520,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

5

.000

%

02/01/34

$

521,057

340,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Multifamily Housing Revenue Bonds, 2700 University at Westgate

Station, Series 2015B

4

.875

04/01/30

340,214

1,405,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Multifamily Housing Revenue Bonds, 2700 University at Westgate

Station, Series 2015B

5

.250

04/01/43

1,405,067

2,670,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2018B

3

.375

02/01/35

2,683,072

5,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2019B

4

.000

02/01/36

5,185

1,000,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2019B

4

.000

02/01/37

1,033,191

500,000

Saint Paul Independent School District 625, Ramsey County,

Minnesota, Certificates of Participation, Series 2024A

5

.000

02/01/43

546,803

1,810,000

Saint Paul, Minnesota, Sales Tax Revenue Bonds, Neighborhood

and Economic Development Projects, Refunding Series 2024C

5

.000

11/01/41

2,030,044

320,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4

.000

02/01/28

322,648

330,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4

.000

02/01/30

334,717

435,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4

.000

02/01/41

399,371

TOTAL TAX OBLIGATION/LIMITED

81,557,540

TRANSPORTATION - 7.3%

1,560,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019A

5

.000

01/01/49

1,587,699

1,540,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/31

1,652,753

1,235,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/39

1,293,694

5,600,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/44

5,742,925

7,370,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/49

7,444,005

8,145,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5

.000

01/01/46

8,208,998

6,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022A

5

.000

01/01/52

6,142,901

2,510,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.000

01/01/40

2,703,346

13,300,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.000

01/01/47

13,591,848

4,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Series 2024A,

(AMT)

5

.250

01/01/49

4,148,084

TOTAL TRANSPORTATION

52,516,253

UTILITIES - 7.9%

2,610,000

Blue Earth, Minnesota Electric Revenue Bonds, Series 2025A

5

.000

06/01/51

2,606,891

1,240,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5

.000

01/01/46

1,242,236

135,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

5

.000

01/01/50

137,789

Portfolio of Investments February 28, 2026

(continued)

Minnesota

28

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

250,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

5

.500

%

07/01/43

$

276,728

2,275,000

(c)

Minnesota Municipal Gas Agency, Commodity Supply Revenue

Bonds, Series 2022A, (Mandatory Put 12/01/27)

4

.000

12/01/52

2,326,267

5,000,000

(c)

Minnesota Municipal Gas Agency, Commodity Supply Revenue

Bonds, Series 2022B, (Mandatory Put 12/01/27) (SOFR*0.67%+

1.000%)

3

.458

12/01/52

4,998,252

1,000,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014A

4

.000

10/01/31

1,001,522

1,000,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014A

4

.000

10/01/32

1,001,489

4,650,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Series 2016

5

.000

10/01/47

4,668,785

535,000

Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5

.000

12/01/50

544,369

400,000

Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5

.000

12/01/54

405,202

5,555,000

Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding

Series 2017A

5

.000

12/01/47

5,602,849

390,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

District Energy Revenue Bonds, Refunding Series 2017A

4

.000

10/01/28

398,048

1,610,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

District Energy Revenue Bonds, Refunding Series 2017A

4

.000

10/01/33

1,634,219

355,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

District Energy Revenue Bonds, Refunding Series 2017B

4

.000

10/01/28

362,160

270,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

District Energy Revenue Bonds, Refunding Series 2017B

4

.000

10/01/29

275,339

2,500,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2017-3

4

.000

10/01/42

2,454,387

1,180,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2017-4, (AMT)

4

.000

10/01/40

1,165,117

300,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2021-1. 501 C3

3

.000

10/01/34

299,521

1,100,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2021-2, (AMT)

4

.000

10/01/40

1,086,126

1,250,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2023-3, (AMT)

5

.250

10/01/42

1,322,690

1,325,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2024-1

5

.000

10/01/45

1,397,298

1,250,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2024-1

5

.000

10/01/46

1,311,034

4,905,000

Saint Paul, Minnesota, Water Revenue Bonds, Series 2023A

4

.000

12/01/47

4,815,874

1,175,000

Sauk Centre Public Utilities Commission, Minnesota, Electric

Revenue Bonds, Series 2024A - AGM Insured

4

.375

12/01/49

1,165,623

715,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5

.000

01/01/43

802,682

1,205,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5

.000

01/01/44

1,331,692

500,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5

.000

01/01/46

541,587

11,265,000

Western Minnesota Municipal Power Agency, Minnesota, Power

Supply Revenue Bonds, Series 2018A

5

.000

01/01/49

11,439,379

TOTAL UTILITIES

56,615,155

TOTAL MUNICIPAL BONDS

(Cost $672,208,049)

671,721,723

TOTAL LONG-TERM INVESTMENTS

(Cost $672,208,049)

671,721,723

29

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS -  4.6%  

X

32,795,000

MUNICIPAL BONDS - 4.6%  

X

–

HEALTH CARE - 4.6%

$

5,395,000

(d)

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

2

.050

%

11/15/48

$

5,395,000

8,000,000

(d)

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Variable Rate Demand Series 2018B

2

.020

11/15/48

8,000,000

4,900,000

(d)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic Series 2008B

1

.650

11/15/38

4,900,000

14,500,000

(d)

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2025D

1

.250

11/15/64

14,500,000

TOTAL HEALTH CARE

32,795,000

TOTAL MUNICIPAL BONDS

(Cost $32,795,000)

32,795,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $32,795,000)

32,795,000

TOTAL INVESTMENTS - 98.1%

(Cost $705,003,049)

704,516,723

OTHER ASSETS & LIABILITIES, NET - 1.9%

13,823,019

NET ASSETS - 100%

$

718,339,742

AMT

Alternative Minimum Tax

SOFR

Secured Overnight Financing Rate

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $13,218,222 or 1.9% of Total Investments.

(b)

When-issued or delayed delivery security.

(c)

Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(d)

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.

Portfolio of Investments February 28, 2026

(continued)

Minnesota

30

Minnesota

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

671,721,723

$

–

$

671,721,723

Short-Term Investments:

Municipal Bonds

–

32,795,000

–

32,795,000

Total

$

–

$

704,516,723

$

–

$

704,516,723

31

Portfolio of Investments February 28, 2026

Nebraska

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.1%   

X

69,957,193

MUNICIPAL BONDS - 99.1%  

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 9.7%

$

500,000

Boys Town Village, Nebraska, Revenue Bonds, Boys Town Project

Series 2026

5

.000

%

07/01/46

$

526,178

500,000

Douglas County, Nebraska, Educational Facilities Revenue

Bonds, Creighton University Projects, Refunding Series 2025

5

.250

07/01/49

530,843

1,195,000

Nebraska State Colleges Facilities Corporation, Nebraska,

Revenue Bonds, Facilities Program Series 2022B - AGM Insured

5

.000

07/15/37

1,313,552

1,000,000

Nebraska State Colleges, Student Fees and Facilities Revenue

Bonds, Board of Trustees, Wayne State College Series 2023 -

AGM Insured

5

.000

07/01/48

1,043,498

445,000

Saline County, Nebraska, Educational Facilities Revenue Bonds,

Doane College Project, Refunding Series 2020A

3

.000

02/15/35

444,979

500,000

Southeast Community College Area, Nebraska, Facilities

Revenue Bonds, Series 2020 - AGM Insured

3

.000

03/15/45

417,749

500,000

University of Nebraska Facilities Corporation, Nebraska, Facilities

Bonds, Refunding Series 2017B

4

.000

05/15/37

505,265

2,000,000

University of Nebraska Facilities Corporation, Nebraska, Facilities

Program Bonds, Green Series 2021B

5

.000

07/15/51

2,085,728

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

6,867,792

HEALTH CARE - 9.7%

575,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Refunding

Series 2020A

4

.000

11/15/40

579,278

300,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Refunding

Series 2020A

4

.000

11/15/41

300,657

180,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Series

2017

5

.000

11/15/37

183,310

500,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Children's Hospital Obligated Group, Series

2017

5

.000

11/15/47

503,890

440,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Nebraska Methodist Health System, Series 2025

5

.000

11/01/32

497,978

585,000

Douglas County Hospital Authority 2, Nebraska, Health Facilities

Revenue Bonds, Nebraska Methodist Health System, Series 2025

5

.500

11/01/49

634,685

775,000

Douglas County Hospital Authority 2, Nebraska, Hospital

Revenue Bonds, Madonna Rehabilitation Hospital Project, Series

2014

5

.000

05/15/44

775,179

260,000

Douglas County Hospital Authority 3, Nebraska, Health Facilities

Revenue Bonds, Nebraska Methodist Health System, Refunding

Series 2015

4

.125

11/01/36

260,099

1,085,000

Douglas County Hospital Authority 3, Nebraska, Health Facilities

Revenue Bonds, Nebraska Methodist Health System, Refunding

Series 2015

5

.000

11/01/45

1,085,577

250,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project,

Refunding Series 2017A

5

.000

07/01/30

255,602

500,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project, Series

2018

5

.000

07/01/34

500,254

435,000

Madison County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Faith Regional Health Services Project, Series

2018

5

.000

07/01/35

435,217

875,000

Scotts Bluff County Hospital Authority 1, Nebraska, Hospital

Revenue Bonds, Regional West Medical Center Project,

Refunding & Improvement Series 2016A

5

.250

02/01/37

849,050

TOTAL HEALTH CARE

6,860,776

HOUSING/SINGLE FAMILY - 0.9%

660,000

Nebraska Investment Finance Authority, Single Family Housing

Revenue Bonds, Refunding Series 2016A

3

.500

09/01/36

659,745

TOTAL HOUSING/SINGLE FAMILY

659,745

Portfolio of Investments February 28, 2026

(continued)

Nebraska

32

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE - 1.6%

$

1,200,000

Nebraska Educational, Health, Cultural and Social Services

Finance Authority, Revenue Bonds, Immanuel Retirement

Communities Obligated Group, Series 2019A

4

.000

%

01/01/49

$

1,094,819

TOTAL LONG-TERM CARE

1,094,819

TAX OBLIGATION/GENERAL - 47.1%

500,000

Adams County, Nebraska, General Obligation Bonds, Series

2023A

5

.000

12/15/42

513,962

750,000

Bellevue, Nebraska, Tax Supported Municipal Improvement

Bonds, Series 2024

4

.000

09/15/49

713,295

500,000

Buffalo County School District 007 Kearney Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2016

3

.000

12/15/36

494,583

500,000

Cass County School District 32 Louisville Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2026

5

.000

12/15/46

518,380

270,000

Cass County School District 56 Conestoga Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2025A

5

.000

12/15/39

288,035

380,000

Cass County School District 56 Conestoga Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2025B

4

.000

12/15/39

387,615

750,000

City of Omaha, Nebraska, Special Tax Revenue Redevelopment

and Refunding Bonds, Series 2024A

5

.000

04/15/44

818,938

1,000,000

Custer County School District 025 Broken Bow Public Schools,

Nebraska, General Obligation Bonds, School Building Series

2024 - BAM Insured

5

.000

12/15/41

1,043,974

750,000

Dodge County School District 1 Fremont, Nebraska, General

Obligation Bonds, Series 2023 - AGM Insured

5

.000

12/15/48

795,567

1,000,000

Douglas County School District 059, Nebraska, General

Obligation Bonds, Bennington Public Schools, Series 2016

3

.375

12/15/41

936,596

500,000

Douglas County School District 059, Nebraska, General

Obligation Bonds, School Building Series 2026

5

.000

06/15/46

541,746

1,500,000

Douglas County School District 1, Nebraska, General Obligation

Bonds, Omaha Public Schools Series 2020

3

.000

12/15/43

1,314,367

1,000,000

Douglas County School District 10 Elkhorn, Nebraska, General

Obligation Bonds, Series 2018

4

.000

12/15/38

1,016,927

1,000,000

Douglas County School District 10 Elkhorn, Nebraska, General

Obligation Bonds, Series 2024 - AGM Insured

4

.000

12/15/45

988,229

1,000,000

Douglas County School District 10 Elkhorn, Nebraska, General

Obligation Bonds, Series 2025

5

.000

06/15/45

1,086,815

480,000

Douglas County School District 10 Elkhorn, Nebraska, General

Obligation Bonds, Series 2026

5

.000

06/15/45

523,635

405,000

Douglas County School District 54, Ralston, Nebraska, General

Obligation Bonds, Series 2023

5

.000

12/15/43

434,617

1,000,000

Douglas County School District 54, Ralston, Nebraska, General

Obligation Bonds, Series 2023

5

.000

12/15/48

1,049,136

635,000

Douglas County School District 66, Westside, Nebraska, General

Obligation Bonds, Series 2023

5

.000

12/01/41

685,101

425,000

Douglas County School District 66, Westside, Nebraska, General

Obligation Bonds, Series 2025B

5

.000

12/01/44

455,335

350,000

Gretna, Nebraska, Tax Supported Municipal Improvement Bonds,

Refunding Series 2025B

4

.375

12/15/41

359,430

250,000

Hall County, Nebraska, Limited Tax Bonds, Building Series 2024

5

.000

12/15/40

264,246

250,000

Hall County, Nebraska, Limited Tax Bonds, Building Series 2024

4

.000

12/15/44

247,974

375,000

Kearney County School District 501, Nebraska, General

Obligation Bonds, Axtell Community Schools School Building

Series 2024

5

.000

12/15/39

397,538

375,000

Kearney County School District 501, Nebraska, General

Obligation Bonds, Axtell Community Schools School Building

Series 2024

4

.000

12/15/44

373,916

965,000

Kearney County, Nebraska, General Obligation Bonds,

Recreational Facilities Series 2022

4

.000

05/15/42

965,623

1,000,000

La Vista, Nebraska, General Obligation Bonds, Highway

Allocation Pledge Series 2023

5

.000

09/15/43

1,039,807

33

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,000,000

La Vista, Sarpy County, Nebraska, Tax Supported Bonds, Taxable

Refunding Series 2022 - AGM Insured

5

.000

%

09/15/42

$

1,026,020

1,000,000

Lancaster County School District 1, Lincoln, Nebraska, General

Obligation Bonds, Series 2020

3

.000

01/15/43

880,896

500,000

Nance County School District 30, Nebraska, General Obligation

Bonds, Twin River Public School School Building Series 2024 -

BAM Insured

4

.125

12/15/49

479,797

300,000

North Platte Airport Authority, Nebraska, General Obligation

Bonds, Series 2024

4

.750

12/15/44

300,205

500,000

Omaha, Nebraska, General Obligation Bonds, Refunding &

Various Purpose Series 2018A

4

.000

01/15/37

504,910

500,000

Omaha, Nebraska, General Obligation Bonds, Refunding &

Various Purpose Series 2019

4

.000

04/15/37

513,049

610,000

Omaha, Nebraska, General Obligation Bonds, Series 2025A

5

.000

04/15/45

664,128

1,000,000

Omaha, Nebraska, General Obligation Bonds, Various Purpose

Series 2022

5

.000

04/15/41

1,094,921

500,000

Omaha, Nebraska, Special Tax Redevelopment Bonds, Series

2018A

5

.000

01/15/33

512,569

1,000,000

Omaha, Nebraska, Special Tax Redevelopment Bonds, Series

2024C

4

.000

04/15/49

940,370

1,000,000

Otoe County School District 0501 Palmyra District OR-1,

Nebraska, General Obligation Bonds, School Building Series

2022

5

.000

12/15/42

1,022,728

1,000,000

Papillion-LaVista School District 27, Sarpy County, Nebraska,

General Obligation Bonds, Series 2023

4

.250

12/01/43

1,037,464

1,000,000

Papillion-LaVista School District 27, Sarpy County, Nebraska,

General Obligation Bonds, Series 2025

5

.000

12/01/45

1,081,089

1,000,000

Sarpy County School District 037 Gretna Public Schools,

Nebraska, General Obligation Bonds, Series 2019

5

.000

06/15/40

1,052,246

1,000,000

Southeast Community College Area, Nebraska, Certificates of

Participation, Series 2018

5

.000

12/15/47

1,017,415

500,000

Southeast Community College Area, Nebraska, Certificates of

Participation, Series 2025

5

.000

12/15/45

532,280

1,000,000

Wayne County School District 17, Nebraska, General Obligation

Bonds, Wayne Community Schools, School Building Series 2023

4

.250

12/15/48

987,808

530,000

Wayne County School District 17, Nebraska, General Obligation

Bonds, Wayne Community Schools, School Building Series 2024

5

.000

12/15/43

551,559

750,000

York County School District 12, Nebraska, General Obligation

Bonds, School Building Series 2024

5

.000

12/15/45

784,543

TOTAL TAX OBLIGATION/GENERAL

33,239,384

TAX OBLIGATION/LIMITED - 9.8%

500,000

Blair, Nebraska, Highway Allocation Fund Pledge Bonds, Series

2023

4

.000

06/15/43

503,095

500,000

Columbus, Nebraska, Sales Tax Revenue Bonds, Police & Fire

Project, Series 2018

4

.000

09/15/27

500,598

1,250,000

Douglas County Nebraska, Sanitary and Improvement, District

Number 608, General Obligation Bonds, North Streams, Series

2022

6

.000

12/15/47

1,152,705

450,000

Douglas County Sanitary and Improvement District 607 Deer

Crest, Nebraska, General Obligation Bonds, Series 2024

5

.000

09/15/44

451,107

1,060,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5

.000

10/01/28

1,100,611

600,000

Omaha Public Facilities Corporation, Nebraska, Lease Revenue

Bonds, Series 2025E

5

.000

04/15/44

658,451

600,000

Omaha Public Facilities Corporation, Nebraska, Lease Revenue

Bonds, Series 2025E

5

.000

04/15/45

650,357

1,950,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

5

.000

07/01/58

1,913,981

TOTAL TAX OBLIGATION/LIMITED

6,930,905

Portfolio of Investments February 28, 2026

(continued)

Nebraska

34

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION - 3.8%

$

1,000,000

Lincoln, Nebraska, Airport Revenue Bonds, Series 2021, (AMT)

4

.000

%

07/01/36

$

1,042,507

550,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2017A, (AMT)

5

.000

12/15/36

558,068

1,000,000

Omaha Airport Authority, Nebraska, Airport Facilities Revenue

Bonds, Series 2024, (AMT)

5

.250

12/15/49

1,053,208

TOTAL TRANSPORTATION

2,653,783

UTILITIES - 16.5%

465,000

Central Plains Energy Project, Nebraska, Gas Project 3 Revenue

Bonds, Refunding Crossover Series 2017A

5

.000

09/01/37

526,700

1,000,000

(a)

Central Plains Energy Project, Nebraska, Gas Project 4 Revenue

Bonds, Refunding Series 2023A-1, (Mandatory Put 11/01/29)

5

.000

05/01/54

1,070,099

1,930,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

5

.000

07/01/40

1,964,135

500,000

Guam Power Authority, Revenue Bonds, Refunding Series 2022A

5

.000

10/01/43

527,756

1,000,000

Nebraska Public Power District, General Revenue Bonds, Series

2016A

5

.000

01/01/41

1,000,938

1,000,000

Nebraska Public Power District, General Revenue Bonds, Series

2023A

5

.000

07/01/28

1,051,056

1,000,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2018A

5

.000

02/01/39

1,040,452

750,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2022B

5

.000

02/01/47

790,781

1,000,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2024A

5

.500

02/01/49

1,093,650

500,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2025A

5

.000

02/01/43

558,220

1,000,000

Omaha Public Power District, Nebraska, Electric System Revenue

Bonds, Series 2025B

5

.000

02/01/47

1,079,740

500,000

Public Power Generation Agency, Nebraska, Whelan Energy

Center Unit 2 Revenue Bonds, Refunding Series 2016A

5

.000

01/01/40

503,046

100,000

Wheat Belt Public Power District, Nebraska, Electric System

Revenue Bonds, Series 2025

4

.625

09/01/41

101,087

340,000

Wheat Belt Public Power District, Nebraska, Electric System

Revenue Bonds, Series 2025

5

.000

09/01/45

342,329

TOTAL UTILITIES

11,649,989

TOTAL MUNICIPAL BONDS

(Cost $69,687,879)

69,957,193

TOTAL LONG-TERM INVESTMENTS

(Cost $69,687,879)

69,957,193

OTHER ASSETS & LIABILITIES, NET - 0.9%

634,464

NET ASSETS - 100%

$

70,591,657

AMT

Alternative Minimum Tax

(a)

Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

35

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

Nebraska

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

69,957,193

$

–

$

69,957,193

Total

$

–

$

69,957,193

$

–

$

69,957,193

36

Portfolio of Investments February 28, 2026

Oregon Intermediate

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 91.2%   

X

207,128,761

MUNICIPAL BONDS - 91.2%  

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 6.1%

$

1,095,000

Forest Grove, Oregon, Campus Improvement Revenue Bonds,

Pacific University Project, Refunding Series 2015A

5

.000

%

05/01/30

$

1,096,225

1,525,000

Forest Grove, Oregon, Campus Improvement Revenue Bonds,

Pacific University Project, Refunding Series 2022A

5

.000

05/01/32

1,630,221

420,000

Oregon Facilities Authority, Oregon, Revenue Bonds, Southern

Oregon Goodwill project, Series A

5

.000

12/01/40

444,706

95,000

(a)

Oregon Facilities Authority, Revenue Bonds, Howard Street

Charter School Project, Series 2019A

5

.000

06/15/29

97,494

920,000

(a)

Oregon Facilities Authority, Revenue Bonds, Metro East Web

Academy Project, Series 2019A

5

.000

06/15/34

944,476

2,190,000

Oregon Facilities Authority, Revenue Bonds, University of

Portland Projects, Refunding Series 2025A

5

.000

04/01/38

2,419,292

2,025,000

Oregon Facilities Authority, Revenue Bonds, University of

Portland Projects, Refunding Series 2025A

5

.000

04/01/40

2,199,937

490,000

(a)

Oregon State Facilities Authority, Oregon, Charter School

Revenue Bonds, Academy for Character Education, Series 2022A

6

.750

06/15/42

525,394

455,000

(a)

Oregon State Facilities Authority, Oregon, Charter School

Revenue Bonds, Redmond Proficiency Academy Project, Series

2025A

5

.500

06/15/45

466,492

1,000,000

Yamhill County, Oregon, Revenue Bonds, George Fox University

Project, Refunding Series 2021

4

.000

12/01/36

1,039,069

1,875,000

Yamhill County, Oregon, Revenue Bonds, George Fox University

Project, Refunding Series 2021

4

.000

12/01/41

1,906,491

1,000,000

Yamhill County, Oregon, Revenue Bonds, Linfield University

Project, Refunding Series 2020A

5

.000

10/01/35

1,043,434

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

13,813,231

HEALTH CARE - 10.1%

455,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5

.250

08/01/39

502,388

1,000,000

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue

Bonds, Columbia Memorial Hospital Project, Series 2024

5

.250

08/01/40

1,091,231

375,000

Deschutes County Hospital Facility Authority, Oregon, Hospital

Revenue Bonds, Saint Charles Health System, Inc., Series 2016A

4

.000

01/01/33

375,133

1,000,000

Deschutes County Hospital Facility Authority, Oregon, Hospital

Revenue Bonds, Saint Charles Health System, Inc., Series 2016A

5

.000

01/01/33

1,001,129

715,000

Deschutes County Hospital Facility Authority, Oregon, Hospital

Revenue Bonds, Saint Charles Health System, Inc., Series 2020A

4

.000

01/01/34

740,780

3,985,000

Oregon Facilities Authority, Revenue Bonds, Peacehealth System,

Refunding Series 2014A

4

.125

11/15/32

3,986,892

600,000

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services Project, Refunding Series 2020A

5

.000

10/01/30

646,352

485,000

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services, Refunding Series 2016A

5

.000

10/01/29

487,489

1,325,000

Oregon Facilities Authority, Revenue Bonds, Samaritan Health

Services, Refunding Series 2016A

5

.000

10/01/30

1,330,790

4,105,000

(b)

Oregon Health and Science University, Revenue Bonds, Green

Series 2021B-1, (Mandatory Put 2/01/30)

5

.000

07/01/46

4,444,315

1,000,000

Oregon Health and Science University, Revenue Bonds, Series

2019A

5

.000

07/01/29

1,082,129

560,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem

Health Projects, Refunding Series 2016A

5

.000

05/15/30

562,856

1,000,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem

Health Projects, Refunding Series 2016A

5

.000

05/15/31

1,004,899

1,200,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem

Health Projects, Refunding Series 2016A

5

.000

05/15/46

1,201,799

2,235,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem

Health Projects, Series 2019A

5

.000

05/15/32

2,396,907

1,230,000

Union County Oregon, Hospital Facility Authority Revenue

Bonds, Grande Ronde Hospital Incorporated, Series 2022

5

.000

07/01/33

1,339,182

37

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

695,000

Union County Oregon, Hospital Facility Authority Revenue

Bonds, Grande Ronde Hospital Incorporated, Series 2022

5

.000

%

07/01/34

$

753,513

TOTAL HEALTH CARE

22,947,784

HOUSING/MULTIFAMILY - 0.6%

340,000

Home Forward, Oregon, Multifamily Housing Revenue Bonds,

Lovejoy Station Apartments, Refunding Series 2016

4

.000

07/15/29

341,995

1,000,000

(b)

Oregon Housing and Community Services Department, Oregon,

Multifamily Housing Revenue Bonds, Hollywood Hub Apartments

Project, Series 2024R, (Mandatory Put 1/01/29)

4

.000

01/10/48

1,024,115

TOTAL HOUSING/MULTIFAMILY

1,366,110

HOUSING/SINGLE FAMILY - 0.7%

935,000

Oregon Housing and Community Services Department, Single

Family Mortgage Program Revenue Bonds, Series 2021A

1

.900

01/01/33

845,928

825,000

Oregon Housing and Community Services Department, Single

Family Mortgage Program Revenue Bonds, Series 2021A

1

.950

07/01/33

742,924

TOTAL HOUSING/SINGLE FAMILY

1,588,852

INFORMATION TECHNOLOGY - 0.9%

2,000,000

(b)

Oregon State  Business Development Commission, Recovery

Zone Facility Revenue Bonds, Intel Corporation Project, 232

Series 2010, (Mandatory Put 6/15/28)

3

.800

12/01/40

2,041,282

TOTAL INFORMATION TECHNOLOGY

2,041,282

LONG-TERM CARE - 4.6%

385,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5

.000

11/15/27

392,941

300,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5

.000

11/15/28

306,196

315,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5

.000

11/15/29

321,508

330,000

Clackamas County Hospital Facility Authority, Oregon, Revenue

Bonds, Rose Villa Inc., Series 2020A

5

.000

11/15/30

336,812

200,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

4

.000

05/15/26

200,075

400,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

4

.000

11/15/26

400,629

350,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

4

.000

05/15/27

351,448

350,000

Clackamas County Hospital Facility Authority, Oregon, Senior

Living Revenue Bonds, Willamette View Project, Series 2017A

4

.000

11/15/27

351,964

930,000

Multnomah County Hospital Facilities Authority, Oregon,

Revenue Bond, Terwilliger Plaza, Inc., Refunding Series 2012

5

.000

12/01/29

930,618

325,000

Multnomah County Hospital Facilities Authority, Oregon,

Revenue Bond, Terwilliger Plaza, Inc., Refunding Series 2016

5

.000

12/01/30

328,295

1,005,000

Multnomah County Hospital Facilities Authority, Oregon,

Revenue Bonds, Terwilliger Plaza-Parkview Project, Refunding

Green Series 2021A

4

.000

12/01/36

1,000,321

1,040,000

Polk County Hospital Facility Authority, Oregon, Revenue Bonds,

Dallas Retirement Village Project, Series 2015A

5

.125

07/01/35

1,040,558

1,540,000

Salem Hospital Facility Authority, Oregon, Revenue Bonds,

Capital Manor, Inc., Refunding Bonds, Series 2022

4

.000

05/15/40

1,523,971

1,150,000

Yamhill County Hospital Authority, Oregon, Revenue Bonds,

Friendsview Retirement Community, Refunding Series 2016A

5

.000

11/15/31

1,158,204

1,820,000

Yamhill County Hospital Authority, Oregon, Revenue Bonds,

Friendsview Retirement Community, Refunding Series 2021A

5

.000

11/15/36

1,878,353

TOTAL LONG-TERM CARE

10,521,893

TAX OBLIGATION/GENERAL - 40.9%

750,000

Aurora, Marion County, Oregon, General Obligation Bonds,

Taxable Series 2024 - BAM Insured

5

.250

06/01/45

811,852

2,400,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Current Interest

Series 2017C

5

.000

06/15/35

2,478,775

2,000,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Deferred Interest

Series 2017B

0

.000

06/15/33

1,510,388

Portfolio of Investments February 28, 2026

(continued)

Oregon Intermediate

38

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,000,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Series 2025A

0

.000

%

06/15/41

$

1,043,703

820,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Series 2025B

5

.000

06/15/36

980,032

1,380,000

Bend, Oregon, General Obligation Bonds, Full Faith & Credit

Series 2023

5

.000

06/01/36

1,622,605

350,000

Benton and Linn Counties District School District 509J Corvallis,

Oregon, General Obligation Bonds, Series 2018A

5

.000

06/15/26

352,839

2,835,000

Benton and Linn Counties District School District 509J Corvallis,

Oregon, General Obligation Bonds, Series 2018A

5

.000

06/15/27

2,939,050

350,000

Benton County, Oregon, Full Faith and Credit Obligations, Series

2023

5

.000

06/01/37

399,511

250,000

Benton County, Oregon, Full Faith and Credit Obligations, Series

2023

5

.000

06/01/38

282,987

1,000,000

Boardman, Morrow County, Oregon, General Obligation Bonds,

Series 2021 - BAM Insured

4

.000

06/15/35

1,038,208

680,000

Chemeketa Community College District, Oregon, General

Obligation Bonds, Series 2025B

5

.000

06/15/38

798,876

1,000,000

Chemeketa Community College District, Oregon, General

Obligation Bonds, Series 2025B

5

.000

06/15/42

1,134,958

1,665,000

Clackamas and Multnomah Counties School District 7J Lake

Oswego, Oregon, General Obligation Bonds, Series 2017

4

.000

06/01/32

1,695,367

1,000,000

Clackamas and Multnomah Counties School District 7J, Lake

Oswego, Oregon, General Obligation Bonds, Series 2025

5

.000

06/01/42

1,134,473

875,000

Clackamas Community College District, Oregon, General

Obligation Bonds, Refunding Series 2025

5

.000

06/15/42

991,591

3,575,000

Clackamas County School District 12, North Clackamas, Oregon,

General Obligation Bonds, Deferred Interest Series 2017A

0

.000

06/15/41

1,805,828

585,000

Clackamas County School District 12, North Clackamas, Oregon,

General Obligation Bonds, Series 2018

5

.000

06/15/31

621,240

550,000

Clackamas County School District 12, North Clackamas, Oregon,

General Obligation Bonds, Series 2018

5

.000

06/15/32

583,590

1,225,000

Clackamas County School District 62, Oregon City, Oregon,

General Obligation Bonds, Series 2025B

5

.000

06/15/44

1,359,347

1,135,000

David Douglas School District 40, Multnomah County, Oregon,

General Obligation Bonds, Series 2023A

0

.000

06/15/34

868,979

2,000,000

David Douglas School District 40, Multnomah County, Oregon,

General Obligation Bonds, Series 2023A

0

.000

06/15/35

1,453,164

1,210,000

David Douglas School District 40, Multnomah County, Oregon,

General Obligation Bonds, Series 2023A

0

.000

06/15/37

780,209

1,000,000

David Douglas School District 40, Multnomah County, Oregon,

General Obligation Bonds, Series 2023A

0

.000

06/15/38

606,040

1,000,000

Deschutes and Jefferson Counties School District 2J Redmond,

Oregon, General Obligation Bonds, Series 2025

5

.000

06/15/42

1,122,201

1,335,000

Deschutes County Administrative School District 1, Bend-La Pine,

Oregon, General Obligation Bonds, Series 2023

5

.000

06/15/36

1,535,055

2,000,000

Deschutes County Administrative School District 1, Bend-La Pine,

Oregon, General Obligation Bonds, Series 2025

5

.000

06/15/41

2,279,613

1,500,000

Hillsboro, Washington County, Oregon, General Obligation

Bonds, Series 2026

5

.000

06/01/40

1,752,859

1,500,000

Hillsboro, Washington County, Oregon, General Obligation

Bonds, Series 2026

4

.000

06/01/41

1,572,689

605,000

Hoodland Rural Fire Protection District 74, Oregon, General

Obligation Bonds, Series 2025

5

.000

06/15/38

699,376

1,845,000

Jackson County School District 5 Ashland, Oregon, General

Obligation Bonds, Series 2019

5

.000

06/15/34

1,992,553

190,000

Keizer, Oregon, General Obligation Assessment Bonds, Keizer

Station Area A Local Improvement District, Series 2008

5

.200

06/01/31

190,419

1,000,000

Lane Community College, Lane, Linn, Benton and Douglas

Counties, Oregon, General Obligation Bonds, Series 2020A

4

.000

06/15/33

1,059,885

1,750,000

Lane Community College, Lane, Linn, Benton and Douglas

Counties, Oregon, General Obligation Bonds, Series 2020A

4

.000

06/15/34

1,846,305

3,900,000

Lane County School District 4J Eugene, Oregon, General

Obligation Bonds, School Bond Guaranty Series 2019

4

.000

06/15/35

4,041,550

39

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

500,000

(c)

Lincoln County School District, Oregon, General Obligation

Bonds,  Conv Deferred Interest, Series 2025

0

.000

%

06/15/37

$

569,985

500,000

(c)

Lincoln County School District, Oregon, General Obligation

Bonds,  Conv Deferred Interest, Series 2025

0

.000

06/15/39

561,417

2,000,000

Marion and Polk Counties School District 24J, Salem-Kreizer,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2020B

5

.000

06/15/34

2,212,169

2,145,000

Marion and Polk Counties School District 24J, Salem-Kreizer,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2020B

5

.000

06/15/35

2,362,862

2,000,000

Marion and Polk Counties School District 24J, Salem-Kreizer,

Oregon, General Obligation Bonds, Series 2018

5

.000

06/15/33

2,123,135

1,050,000

Marion and Polk Counties School District 24J, Salem-Kreizer,

Oregon, General Obligation Bonds, Series 2018

5

.000

06/15/38

1,103,291

1,000,000

Marion County School District 15 North Marion, Oregon, General

Obligation Bonds, Series 2018B

5

.000

06/15/31

1,063,794

2,500,000

Metro, Oregon, General Obligation Bonds, Series 2020A

4

.000

06/01/34

2,656,394

1,590,000

Metro, Oregon, General Obligation Bonds, Series 2025

5

.000

06/01/41

1,838,998

1,060,000

Mount Hood Community College District, Oregon, General

Obligation Bonds, Series 2025

5

.000

06/15/42

1,185,065

450,000

Oregon Coast Community College District, Lincoln County,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2024

5

.000

06/15/39

517,000

350,000

Oregon Coast Community College District, Lincoln County,

Oregon, General Obligation Bonds, Convertible Deferred

Interest Series 2024

5

.000

06/15/41

394,678

1,250,000

Oregon State, General Obligation Bonds, Article XI-Q State

Projects, Series 2025K

5

.000

11/01/42

1,425,654

770,000

Oregon State, General Obligation Bonds, Series 2024A

5

.000

05/01/37

901,603

145,000

Port of Alsea, Lincoln County, Oregon, General Obligation

Bonds, Series 2018

3

.750

06/15/28

145,911

180,000

Port of Alsea, Lincoln County, Oregon, General Obligation

Bonds, Series 2018

4

.000

06/15/33

182,560

900,000

Portland Community College District, Multnomah County,

Oregon, General Obligation Bonds, Refunding Series 2016

5

.000

06/15/29

907,596

1,455,000

Portland Community College District, Multnomah County,

Oregon, General Obligation Bonds, Series 2023

5

.000

06/15/38

1,659,743

2,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

4

.000

07/01/37

2,004,133

500,000

Redmond Area Park and Recreation District, Deschutes County,

Oregon, General Obligation Bonds, Series 2023

5

.000

06/15/34

580,824

1,850,000

Redmond, Oregon, Full Faith and Credit Obligations, Airport

Expansion Project, Series 2025A, (AMT)

5

.000

06/01/37

2,098,116

500,000

Redmond, Oregon, Full Faith and Credit Obligations, Airport

Expansion Project, Series 2025A, (AMT)

5

.000

06/01/39

558,654

630,000

Redmond, Oregon, Full Faith and Credit Obligations, Series

2019B-1

5

.000

06/01/36

668,727

2,285,000

Saint Helens, Oregon, Full Faith and Credit Obligations, Series

2021

4

.000

08/01/41

2,335,439

1,000,000

Tillamook County School District 009, Oregon, General

Obligation Bonds, Series 2025

5

.000

06/15/39

1,149,033

245,000

Umatilla County School District 6R Umatilla, Oregon, General

Obligation Bonds, Series 2017

5

.000

06/15/27

253,833

340,000

Umatilla County School District 6R Umatilla, Oregon, General

Obligation Bonds, Series 2017

5

.000

06/15/29

352,701

315,000

Umatilla County School District 6R Umatilla, Oregon, General

Obligation Bonds, Series 2017

5

.000

06/15/31

326,468

500,000

Washington and Clackamas Counties School District 23J Tigard-

Tualatin, Oregon, General Obligation Bonds, Series 2025

5

.000

06/15/37

592,123

750,000

Washington and Clackamas Counties School District 23J Tigard-

Tualatin, Oregon, General Obligation Bonds, Series 2025

5

.000

06/15/38

881,113

750,000

Washington and Clackamas Counties School District 23J Tigard-

Tualatin, Oregon, General Obligation Bonds, Series 2025

5

.000

06/15/39

874,926

6,000,000

Washington County School District 13, Oregon, General

Obligation Bonds, Series 2024A

0

.000

06/15/44

2,628,690

Portfolio of Investments February 28, 2026

(continued)

Oregon Intermediate

40

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,320,000

Washington County, Oregon, General Obligation Bonds, Full

Faith & Credit Obligation Series 2016B

4

.000

%

03/01/31

$

1,321,097

3,845,000

Washington County, Oregon, General Obligation Bonds, Full

Faith & Credit Obligation Series 2025

5

.000

06/01/42

4,368,614

1,010,000

Washington Multnomah & Yamhill Counties School District 1J

Hillsboro, Oregon, General Obligation Bonds, Series 2017

5

.000

06/15/31

1,047,200

1,450,000

Washington Multnomah & Yamhill Counties School District 1J

Hillsboro, Oregon, General Obligation Bonds, Series 2017

5

.000

06/15/34

1,499,465

1,000,000

Yamhill County School District 40, McMinnville, Oregon, General

Obligation Bonds, Refunding Series 2016

4

.000

06/15/31

1,004,661

1,000,000

Yamhill County School District 40, McMinnville, Oregon, General

Obligation Bonds, Refunding Series 2016

4

.000

06/15/32

1,004,387

TOTAL TAX OBLIGATION/GENERAL

92,748,176

TAX OBLIGATION/LIMITED - 8.7%

1,000,000

Beaverton, Oregon, Special Revenue Bonds, Series 2020A

4

.000

06/01/37

1,037,857

200,000

Cannon Beach, Clatsop County, Oregon, General Obligation

Bonds, Full Faith Credit Series 2024

5

.000

06/01/37

231,287

250,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

5

.250

01/01/37

284,889

1,635,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5

.000

10/01/28

1,697,640

460,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5

.000

10/01/32

494,270

1,000,000

Oregon Department of Administrative Services, State Lottery

Revenue Bonds, Projects and Refunding Series 2025A

5

.000

04/01/38

1,173,151

2,000,000

Oregon State Department of Transportation, Highway User Tax

Revenue Bonds, Refunding Subordinate Lien Series 2019A

5

.000

11/15/35

2,169,020

5,470,000

Oregon State Department of Transportation, Highway User Tax

Revenue Bonds, Subordinate Lien Series 2020A

4

.000

11/15/39

5,648,669

1,000,000

Oregon State Department of Transportation, Highway User Tax

Revenue Bonds, Subordinate Lien Series 2026A

5

.000

11/15/43

1,125,986

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4

.329

07/01/40

1,002,068

1,600,000

Seaside, Clatsop County, Oregon, Transient Lodgings Tax

Revenue Bonds, Series 2018

5

.000

12/15/30

1,697,681

1,000,000

Tri-County Metropolitan Transportation District, Oregon, Capital

Grant Receipt Revenue Bonds, Series 2018A

5

.000

10/01/31

1,048,741

2,060,000

Tri-County Metropolitan Transportation District, Oregon, Capital

Grant Receipt Revenue Bonds, Series 2018A

4

.000

10/01/33

2,103,350

TOTAL TAX OBLIGATION/LIMITED

19,714,609

TRANSPORTATION - 5.8%

350,000

Jackson County, Oregon, Airport Revenue Bonds, Refunding

Series 2016 - AGM Insured

4

.000

12/01/34

351,005

1,000,000

(a)

Port of Morrow, Morrow County Oregon, Full Faith and Credit

Obligations, Series 2024A

5

.150

10/01/26

1,000,308

3,745,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Green Series 2023-29, (AMT)

5

.000

07/01/29

4,056,325

2,400,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Green Series 2024-30A, (AMT)

5

.000

07/01/37

2,718,589

1,690,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Series 2017-24B, (AMT)

5

.000

07/01/35

1,718,653

3,040,000

Port of Portland, Oregon, International Airport Revenue Bonds,

Series 2022-28, (AMT)

5

.000

07/01/34

3,418,898

TOTAL TRANSPORTATION

13,263,778

U.S. GUARANTEED - 0.1% (d)

425,000

Clackamas County School District 12, North Clackamas, Oregon,

General Obligation Bonds, Deferred Interest Series 2017A, (Pre-

refunded 6/15/27)

0

.000

06/15/41

219,290

TOTAL U.S. GUARANTEED

219,290

UTILITIES - 12.7%

2,140,000

Beaverton, Oregon, Water Revenue Bonds, Series 2020

5

.000

04/01/40

2,300,484

2,090,000

Beaverton, Oregon, Water Revenue Bonds, Series 2022

4

.000

04/01/35

2,248,831

2,150,000

Beaverton, Oregon, Water Revenue Bonds, Series 2022

4

.000

04/01/36

2,291,414

41

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

350,000

Central Lincoln Peoples Utility District, Oregon, Electric Revenue

Bonds, Refunding Series 2025

5

.000

%

12/01/42

$

395,489

250,000

Clackamas River Water, Oregon, Water Revenue Bonds,

Refunding Series 2025

5

.000

11/01/37

290,524

300,000

Clackamas River Water, Oregon, Water Revenue Bonds,

Refunding Series 2025

5

.000

11/01/42

335,045

1,000,000

Emerald Peoples Utility District, Oregon, Electric System Revenue

Bonds, Series 2025

5

.000

06/01/42

1,125,620

1,135,000

Eugene, Oregon, Electric Utility Revenue Bonds, Refunding

Series 2024

5

.000

08/01/42

1,270,551

250,000

Eugene, Oregon, Water Utility System Revenue Bonds, Series

2023

5

.000

08/01/36

289,231

250,000

Eugene, Oregon, Water Utility System Revenue Bonds, Series

2023

5

.000

08/01/37

287,183

250,000

Eugene, Oregon, Water Utility System Revenue Bonds, Series

2023

5

.000

08/01/38

285,147

1,065,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5

.000

07/01/28

1,072,934

1,120,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5

.000

07/01/29

1,128,363

1,180,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5

.000

07/01/30

1,188,716

500,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

5

.000

10/01/36

563,024

1,250,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

5

.000

10/01/38

1,386,200

1,595,000

Portland, Oregon, Sewer System Revenue Bonds, Second Lien

Refunding Series 2023A

5

.000

12/01/36

1,841,104

500,000

Portland, Oregon, Sewer System Revenue Bonds, Second Lien

Refunding Series 2025A

5

.000

10/01/42

567,262

2,500,000

Portland, Oregon, Water System Revenue Bonds, Refunding First

Lien Series 2016A

4

.000

04/01/33

2,501,819

3,000,000

Portland, Oregon, Water System Revenue Bonds, Refunding First

Lien Series 2022A

4

.000

04/01/35

3,192,779

1,000,000

(a)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

5

.000

07/01/33

1,060,786

1,000,000

Tigard, Washington County, Oregon, Water System Revenue

Bonds, Refunding Series 2025 - BAM Insured

5

.000

08/01/43

1,119,417

1,525,000

(a)

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

1,632,486

500,000

(a)

Warm Springs Reservation Confederated Tribes, Oregon,

Hydroelectric Revenue Bonds, Tribal Economic Development

Bond Pelton Round Butte Project, Taxable Refunding Green

Series 2019B

5

.000

11/01/36

529,347

TOTAL UTILITIES

28,903,756

TOTAL MUNICIPAL BONDS

(Cost $201,593,700)

207,128,761

TOTAL LONG-TERM INVESTMENTS

(Cost $201,593,700)

207,128,761

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS -  5.1%  

X

11,495,000

MUNICIPAL BONDS - 5.1%  

X

–

HEALTH CARE - 2.5%

$

2,100,000

(e)

Oregon Facilities Authority, Revenue Bonds, Peacehealth System,

Refunding Series 2018A

1

.900

08/01/34

$

2,100,000

3,485,000

(e)

Oregon Facilities Authority, Revenue Bonds, Peacehealth System,

Refunding Series 2018B

1

.900

08/01/34

3,485,000

TOTAL HEALTH CARE

5,585,000

Portfolio of Investments February 28, 2026

(continued)

Oregon Intermediate

42

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to

maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements

for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs

are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about

the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL - 2.6%

$

2,500,000

(e)

Oregon State, General Obligation Bonds, Department of

Veterans Affairs Series 105B of 2020J

1

.900

%

06/01/39

$

2,500,000

1,040,000

(e)

Oregon State, General Obligation Bonds, Department of

Veterans Affairs Series 2020M

1

.900

12/01/44

1,040,000

750,000

(e)

Oregon State, General Obligation Bonds, Veterans'  Welfare

Series 95 of 2015P

2

.000

12/01/36

750,000

1,620,000

(e)

Oregon State, General Obligation Bonds, Veteran's Welfare

Series 110 Series 2022E

1

.900

06/01/45

1,620,000

TOTAL TAX OBLIGATION/GENERAL

5,910,000

TOTAL MUNICIPAL BONDS

(Cost $11,495,000)

11,495,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $11,495,000)

11,495,000

TOTAL INVESTMENTS - 96.3%

(Cost $213,088,700)

218,623,761

OTHER ASSETS & LIABILITIES, NET - 3.7%

8,445,079

NET ASSETS - 100%

$

227,068,840

AMT

Alternative Minimum Tax

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid

and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

As of the end of the fiscal period, the aggregate value of these securities is $6,256,783 or 2.9% of Total Investments.

(b)

Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(c)

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 fiscal period.

(d)

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.

(e)

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.

43

Oregon Intermediate

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

207,128,761

$

–

$

207,128,761

Short-Term Investments:

Municipal Bonds

–

11,495,000

–

11,495,000

Total

$

–

$

218,623,761

$

–

$

218,623,761