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