UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Catherine Kennedy
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrants telephone number, including area code: 800-222-8222
Date of fiscal year end: December 31
Registrant is making a filing for: Wells Fargo Managed Account CoreBuilder Shares Series M
Date of reporting period: December 31, 2020
ITEM 1. REPORT TO STOCKHOLDERS
■ | Wells Fargo Managed Account CoreBuilder® Shares – Series M |
Expense ratios (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 1 | |
Wells Fargo Managed Account CoreBuilder Shares - Series M | 4-14-2008 | 4.19 | 4.25 | 6.15 | 0.02 | 0.00 |
Bloomberg Barclays Municipal Bond Index2 | – | 5.21 | 3.91 | 4.63 | – | – |
Growth of $10,000 investment as of December 31, 20203 |
1 | Generally, no ordinary operating fees or expenses are charged to the Fund. Wells Fargo Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
2 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
3 | The chart compares the performance of the Fund for the most recent ten years with the Bloomberg Barclays Municipal Bond Index. The chart assumes a hypothetical $10,000 investment and reflects all operating expenses of the Fund. |
4 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
5 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
■ | The Fund underperformed its benchmark, the Bloomberg Barclays Municipal Bond Index, for the 12-month period that ended December 31, 2020. Over that time, the Fund bested the benchmark in 8 of the 12 months, performed on par in 1 month, and lagged in 3 months. |
■ | 2020 was a tale of two periods, where credit and security selection were key detractors in the first half of the year but were additive in the second half. |
■ | The opposite was true with respect to our conservative duration positioning, which was positive in the first half of the year but a detractor in the second. |
Credit quality as of December 31, 20204 |
Effective maturity distribution as of December 31, 20205 |
Beginning
account value 7-1-2020 |
Ending
account value 12-31-2020 |
Expenses
paid during the period1 |
Annualized
net expense ratio | |
Actual | $1,000.00 | $1,041.93 | $0.00* | 0.00%* |
Hypothetical (5% return before expenses) | $1,000.00 | $1,025.21 | $0.00* | 0.00%* |
Interest
rate |
Maturity
date |
Principal | Value | ||
Municipal obligations: 99.13% | |||||
Alabama: 1.62% | |||||
Tax revenue: 0.71% | |||||
Alabama Federal Aid Highway Finance Authority Series A | 5.00 | 9-1-2035 | $ 4,995,000 | 6,147,778 | |
Utilities revenue: 0.68% | |||||
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ) | 4.00 | 7-1-2046 | 3,000,000 | 3,035,250 | |
Southeast Alabama Gas Supply District Project #2 Series B (1 Month LIBOR+0.85%)± | 0.95 | 6-1-2049 | 2,925,000 | 2,920,320 | |
5,955,570 | |||||
Water & sewer revenue: 0.23% | |||||
Jefferson County AL CAB Series B (AGM Insured)¤ | 0.00 | 10-1-2026 | 1,350,000 | 1,152,914 | |
Jefferson County AL Sewer Revenue Senior Lien (AGM Insured) | 5.50 | 10-1-2053 | 760,000 | 848,137 | |
2,001,051 | |||||
14,104,399 | |||||
Alaska: 0.26% | |||||
Health revenue: 0.26% | |||||
Alaska Industrial Development & Export Authority series A | 5.00 | 10-1-2032 | 1,740,000 | 2,241,485 | |
Arizona: 2.77% | |||||
Education revenue: 1.70% | |||||
Arizona IDA Education Revenue Candeo Schools Incorporate Project Series A (South Dakota Credit Program Insured) | 4.00 | 7-1-2047 | 650,000 | 712,524 | |
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses | 5.00 | 7-1-2023 | 410,000 | 426,839 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 4.90 | 6-15-2028 | 515,000 | 533,391 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 5.75 | 6-15-2038 | 1,000,000 | 1,042,530 | |
Maricopa County AZ IDA Horizon Community Learning Center Project | 5.00 | 7-1-2035 | 3,000,000 | 3,190,560 | |
Phoenix AZ IDA Education Great Hearts Academies-Veritas Project | 6.00 | 7-1-2032 | 600,000 | 616,302 | |
Phoenix AZ IDA Education Great Hearts Academies-Veritas Project | 6.25 | 7-1-2032 | 275,000 | 282,807 | |
Pima County AZ IDA Educational Facility Charter School Project Series R | 2.88 | 7-1-2021 | 190,000 | 191,695 | |
Pima County AZ IDA Educational Facility Desert Heights Charter School | 7.00 | 5-1-2034 | 1,000,000 | 1,101,550 | |
Pima County AZ IDA New Plan Learning Project Series A | 7.75 | 7-1-2035 | 985,000 | 982,439 | |
Pima County AZ IDA Noah Webster Schools Project Series A | 6.75 | 12-15-2033 | 1,120,000 | 1,255,307 | |
Pima County AZ IDA Paideia Academies Project 144A | 5.00 | 7-1-2025 | 505,000 | 527,967 | |
Pima County AZ IDA Paideia Academies Project 144A | 6.00 | 7-1-2035 | 1,475,000 | 1,611,570 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Education revenue (continued) | |||||
Pima County AZ IDA Paideia Academies Project 144A | 6.13% | 7-1-2045 | $ 2,000,000 | $ 2,163,660 | |
Yavapai County AZ IDA Business & Equine Center Project 144A | 4.63 | 3-1-2022 | 145,000 | 147,545 | |
14,786,686 | |||||
GO revenue: 0.06% | |||||
Verrado AZ Community Facilities District #1 144A | 5.00 | 7-15-2022 | 500,000 | 511,580 | |
Resource recovery revenue: 0.27% | |||||
Yavapai County AZ IDA Waste Management Incorporated Project | 2.80 | 6-1-2027 | 2,300,000 | 2,321,413 | |
Tax revenue: 0.15% | |||||
City of San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00 | 7-1-2038 | 1,200,000 | 1,334,232 | |
Utilities revenue: 0.59% | |||||
Salt River Agricultural Improvement & Power Project Series A | 5.00 | 12-1-2045 | 2,000,000 | 2,353,640 | |
Salt Verde Financial Corporation (Citibank NA Guaranty Agreement) | 5.00 | 12-1-2032 | 2,055,000 | 2,762,865 | |
5,116,505 | |||||
24,070,416 | |||||
California: 2.92% | |||||
Airport revenue: 1.48% | |||||
San Francisco CA City & County Airport Commission San Francisco International Airport Series B | 5.00 | 5-1-2046 | 10,000,000 | 11,633,700 | |
San Jose CA Airport Revenue Refunding AMT Series A | 5.00 | 3-1-2035 | 1,000,000 | 1,195,730 | |
12,829,430 | |||||
Education revenue: 0.25% | |||||
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 1,000,000 | 1,107,640 | |
University of California Series AI | 5.00 | 5-15-2038 | 1,000,000 | 1,099,620 | |
2,207,260 | |||||
GO revenue: 0.53% | |||||
Compton CA Community College District Election of 2002 CAB Series C ¤ | 0.00 | 8-1-2029 | 500,000 | 444,365 | |
Hawthorne CA School District CAB Series C (National Insured)¤ | 0.00 | 11-1-2025 | 100,000 | 95,510 | |
Los Angeles CA Unified School District Series R | 4.00 | 7-1-2044 | 3,000,000 | 3,620,100 | |
Peralta CA Community College District Alameda County | 5.00 | 8-1-2024 | 450,000 | 483,548 | |
4,643,523 | |||||
Health revenue: 0.27% | |||||
California HFFA Revenue Stanford Health Care Series A | 4.00 | 8-15-2050 | 1,000,000 | 1,197,510 | |
University of California Regents Medical Center Prerefunded Bond Series J | 5.25 | 5-15-2038 | 780,000 | 870,964 | |
University of California Regents Medical Center Unrefunded Bond Series J | 5.25 | 5-15-2038 | 220,000 | 244,017 | |
2,312,491 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Housing revenue: 0.13% | |||||
California Community Housing Agency Essential Housing Revenue Serenity at Larkspur Series C 144A | 5.00% | 2-1-2050 | $ 500,000 | $ 558,590 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 492,440 | 554,970 | |
1,113,560 | |||||
Miscellaneous revenue: 0.19% | |||||
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00 | 5-1-2046 | 1,000,000 | 1,099,680 | |
San Diego CA Public Financing Authority Capital Improvement Project Series B | 5.00 | 10-15-2029 | 500,000 | 601,260 | |
1,700,940 | |||||
Water & sewer revenue: 0.07% | |||||
Los Angeles CA Department of Water & Power Series A | 5.00 | 7-1-2039 | 500,000 | 575,935 | |
25,383,139 | |||||
Colorado: 2.28% | |||||
Education revenue: 0.37% | |||||
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A | 6.00 | 12-15-2037 | 1,435,000 | 1,521,028 | |
Colorado ECFA Charter School Community Leadership Academy Second Campus Project | 7.00 | 8-1-2033 | 425,000 | 469,549 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 8.13 | 9-1-2048 | 1,000,000 | 1,202,660 | |
3,193,237 | |||||
GO revenue: 0.54% | |||||
Aviation Station North Metropolitan District #2 Limited Series A | 5.00 | 12-1-2039 | 750,000 | 792,060 | |
Broadway Station Metropolitan District #3 | 5.00 | 12-1-2039 | 750,000 | 800,880 | |
Colorado Aviation Station North Metropolitan District #2 Refunding & Improvement Bonds Limited Tax Series A | 5.00 | 12-1-2048 | 850,000 | 886,576 | |
Southlands CO Metropolitan District #1 Series A-2 | 5.00 | 12-1-2047 | 650,000 | 705,179 | |
Thompson Crossing Metropolitan District #4 | 5.00 | 12-1-2039 | 1,400,000 | 1,501,360 | |
4,686,055 | |||||
Health revenue: 0.69% | |||||
Colorado Health Facilities Authority Commonspirit Health Series A2 | 5.00 | 8-1-2044 | 3,000,000 | 3,675,930 | |
Colorado Health Facilities Authority Revenue Hospital Advent Health Obligated Group Series A | 4.00 | 11-15-2043 | 2,000,000 | 2,343,820 | |
6,019,750 | |||||
Industrial development revenue: 0.34% | |||||
Denver CO Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 | 5.00 | 12-1-2033 | 2,500,000 | 2,903,425 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Miscellaneous revenue: 0.34% | |||||
Regents of the University of Colorado Certificate of Participation Series A | 5.00% | 11-1-2028 | $ 1,000,000 | $ 1,119,760 | |
Westminster CO Public Schools Certificate of Participation Series 2019 (AGM Insured) | 5.00 | 12-1-2048 | 1,500,000 | 1,841,700 | |
2,961,460 | |||||
19,763,927 | |||||
Connecticut: 1.32% | |||||
Education revenue: 0.58% | |||||
Connecticut State HEFAR Trinity College Series R | 5.00 | 6-1-2035 | 850,000 | 1,097,580 | |
Connecticut State HEFAR Trinity College Series R | 5.00 | 6-1-2036 | 880,000 | 1,132,287 | |
University of Connecticut Series A | 5.00 | 2-15-2041 | 2,200,000 | 2,840,794 | |
5,070,661 | |||||
GO revenue: 0.63% | |||||
Bridgeport CT Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,209,790 | |
Hamden CT (BAM Insured) | 5.00 | 8-15-2024 | 450,000 | 509,459 | |
Hamden CT (BAM Insured) | 5.00 | 8-15-2025 | 275,000 | 311,231 | |
Hamden CT Series A (BAM Insured) | 4.00 | 8-1-2039 | 500,000 | 562,820 | |
Hamden CT Series A (BAM Insured) | 5.00 | 8-1-2035 | 500,000 | 627,990 | |
Hartford CT Series 2013B | 5.00 | 4-1-2028 | 2,055,000 | 2,245,848 | |
5,467,138 | |||||
Health revenue: 0.11% | |||||
Connecticut HEFA Revenue Nuvance Health Series A | 4.00 | 7-1-2041 | 860,000 | 965,402 | |
11,503,201 | |||||
Delaware: 0.19% | |||||
Education revenue: 0.19% | |||||
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00 | 9-1-2045 | 1,500,000 | 1,684,650 | |
District of Columbia: 0.45% | |||||
Miscellaneous revenue: 0.04% | |||||
District of Columbia Association of American Medical Colleges Series A | 5.00 | 10-1-2024 | 270,000 | 305,540 | |
Tax revenue: 0.41% | |||||
District of Columbia Income Tax Revenue Secured Series A | 4.00 | 3-1-2045 | 3,000,000 | 3,603,630 | |
3,909,170 | |||||
Florida: 4.21% | |||||
Airport revenue: 1.84% | |||||
Broward County FL Airport System Revenue Bond AMT Series 2015A | 5.00 | 10-1-2036 | 4,500,000 | 5,192,505 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2040 | 2,625,000 | 3,238,305 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2044 | 5,500,000 | 6,435,880 | |
Miami-Dade County FL Seaport AMT Series B | 6.00 | 10-1-2033 | 1,000,000 | 1,117,580 | |
15,984,270 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Education revenue: 0.47% | |||||
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50% | 6-15-2044 | $ 1,000,000 | $ 1,126,190 | |
Florida Higher Educational Facilities Financing Authority Jacksonville University 144A | 4.50 | 6-1-2033 | 1,300,000 | 1,355,666 | |
Miami-Dade County FL IDA Youth Co-Op Charter School Project Series 2015A 144A | 5.75 | 9-15-2035 | 1,500,000 | 1,641,450 | |
4,123,306 | |||||
Health revenue: 0.72% | |||||
Atlantic Beach FL Health Care Facilities Fleet Landing Project Series B | 5.63 | 11-15-2043 | 1,500,000 | 1,598,205 | |
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | 11-1-2038 | 250,000 | 162,500 | |
Jacksonville FL HCFR Brooks Rehabilitation | 4.00 | 11-1-2045 | 1,500,000 | 1,702,725 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2030 | 225,000 | 295,715 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2031 | 450,000 | 588,506 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2032 | 250,000 | 325,025 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2033 | 250,000 | 323,285 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2035 | 475,000 | 610,940 | |
Tampa FL Hospital Revenue H Lee Moffitt Cancer Center Project | 5.00 | 7-1-2036 | 475,000 | 608,755 | |
6,215,656 | |||||
Miscellaneous revenue: 0.46% | |||||
CityPlace Florida Community Development District | 5.00 | 5-1-2022 | 500,000 | 527,560 | |
Miami-Dade County FL School Board Certificate of Participation Series A | 5.00 | 5-1-2031 | 3,000,000 | 3,441,720 | |
3,969,280 | |||||
Transportation revenue: 0.55% | |||||
Florida State Department of Transportation Sunshine Bridge (AGM Insured) | 4.00 | 7-1-2037 | 4,000,000 | 4,778,320 | |
Water & sewer revenue: 0.17% | |||||
Orange County FL Water and Wastewater Revenue Utility | 5.00 | 10-1-2040 | 1,090,000 | 1,475,217 | |
36,546,049 | |||||
Georgia: 2.41% | |||||
Energy revenue: 0.26% | |||||
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4 Project M | 5.00 | 1-1-2036 | 800,000 | 996,936 | |
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 5.00 | 1-1-2044 | 1,000,000 | 1,233,940 | |
2,230,876 | |||||
Health revenue: 0.14% | |||||
Fulton County GA Development Authority Hospital WellStar Health System Series A | 5.00 | 4-1-2042 | 1,000,000 | 1,205,770 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Industrial development revenue: 0.01% | |||||
Atlanta GA Development Authority Tuff Yamacraw LLC Project Series A (Ambac Insured) | 5.00% | 1-1-2027 | $ 50,000 | $ 59,768 | |
Utilities revenue: 2.00% | |||||
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project | 2.25 | 10-1-2032 | 1,000,000 | 1,034,810 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Series 2 | 2.93 | 11-1-2048 | 5,000,000 | 5,328,300 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series C (Royal Bank of Canada LIQ) | 4.00 | 8-1-2048 | 4,000,000 | 4,386,920 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ) | 4.00 | 4-1-2048 | 1,700,000 | 1,851,623 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR+0.75%)± | 0.85 | 4-1-2048 | 4,800,000 | 4,808,112 | |
17,409,765 | |||||
20,906,179 | |||||
Guam: 0.17% | |||||
Tax revenue: 0.04% | |||||
Guam Government Business Privilege Tax Series A | 5.00 | 1-1-2031 | 365,000 | 376,381 | |
Water & sewer revenue: 0.13% | |||||
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013 | 5.25 | 7-1-2021 | 550,000 | 561,534 | |
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013 | 5.25 | 7-1-2022 | 500,000 | 531,605 | |
1,093,139 | |||||
1,469,520 | |||||
Hawaii: 0.28% | |||||
Airport revenue: 0.28% | |||||
Hawaii Airports System Revenue Series A | 5.00 | 7-1-2048 | 2,000,000 | 2,415,820 | |
Idaho: 0.18% | |||||
Education revenue: 0.18% | |||||
Idaho Housing & Finance Association Idaho Arts Charter School Series A 144A | 5.00 | 12-1-2036 | 1,000,000 | 1,102,890 | |
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 5.85 | 5-1-2033 | 440,000 | 454,890 | |
1,557,780 | |||||
Illinois: 17.22% | |||||
Airport revenue: 1.35% | |||||
Chicago IL Midway Airport Second Lien Refunding Bonds Series A | 5.50 | 1-1-2031 | 4,500,000 | 4,896,180 | |
Chicago IL O'Hare International Airport AMT Senior Lien Series C | 5.50 | 1-1-2044 | 1,100,000 | 1,187,076 | |
Chicago IL O'Hare International Airport AMT Series A | 5.00 | 1-1-2048 | 2,000,000 | 2,389,120 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Airport revenue (continued) | |||||
Chicago IL O'Hare International Airport Customer Facility Charge Senior Lien Series D | 5.75% | 1-1-2043 | $ 1,500,000 | $ 1,599,210 | |
Chicago IL O'Hare International Airport Senior Lien Series D | 5.25 | 1-1-2032 | 1,000,000 | 1,084,570 | |
Chicago IL O'Hare International Airport Transportation Infrastructure Properties Obligated Group | 5.00 | 7-1-2038 | 500,000 | 589,315 | |
11,745,471 | |||||
Education revenue: 0.31% | |||||
Illinois Finance Authority Wesley University | 5.00 | 9-1-2036 | 2,345,000 | 2,652,078 | |
GO revenue: 6.29% | |||||
Bureau County IL Township High School District #502 Series A (BAM Insured) | 6.25 | 12-1-2033 | 750,000 | 879,473 | |
Chicago IL Board of Education Series A (National Insured) | 5.25 | 12-1-2021 | 2,555,000 | 2,655,463 | |
Chicago IL CAB City Colleges (National Insured)¤ | 0.00 | 1-1-2027 | 6,000,000 | 5,164,560 | |
Chicago IL CAB Series C ¤ | 0.00 | 1-1-2021 | 610,000 | 610,000 | |
Chicago IL City Colleges Capital Improvement Project CAB (National Insured)¤ | 0.00 | 1-1-2031 | 800,000 | 593,920 | |
Chicago IL Emergency Telephone System Project (National Insured) | 5.50 | 1-1-2023 | 380,000 | 395,930 | |
Chicago IL Neighborhoods Alive 21 Program Series B | 5.50 | 1-1-2032 | 1,300,000 | 1,439,477 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2030 | 1,000,000 | 1,137,520 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2031 | 1,000,000 | 1,134,430 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2032 | 1,225,000 | 1,385,659 | |
Chicago IL Park District Limited Tax Park Bonds Series 2016A | 5.00 | 1-1-2035 | 1,000,000 | 1,123,260 | |
Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016A | 5.00 | 11-15-2028 | 1,655,000 | 1,936,400 | |
Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016E | 5.00 | 11-15-2029 | 1,735,000 | 2,014,109 | |
Chicago IL Series A | 5.00 | 1-1-2027 | 2,000,000 | 2,268,220 | |
Chicago IL Series A | 6.00 | 1-1-2038 | 3,500,000 | 4,094,650 | |
Chicago IL Series C ## | 4.00 | 1-1-2021 | 750,000 | 750,000 | |
Cook County IL School District # 159 (AGM Insured)¤ | 0.00 | 12-1-2023 | 455,000 | 449,485 | |
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured)¤ | 0.00 | 12-1-2025 | 675,000 | 636,329 | |
Cook County IL School District #159 (AGM Insured)¤ | 0.00 | 12-1-2023 | 160,000 | 155,797 | |
Illinois (AGM Insured) | 5.00 | 1-1-2023 | 820,000 | 832,120 | |
Illinois (AGM Insured) | 5.00 | 4-1-2026 | 1,130,000 | 1,242,559 | |
Illinois (AGM Insured) | 5.00 | 11-1-2025 | 2,000,000 | 2,277,140 | |
Illinois Refunding Bond Series 2018A | 5.00 | 10-1-2021 | 2,000,000 | 2,058,260 | |
Illinois Series A (AGM Insured) | 5.00 | 4-1-2024 | 1,905,000 | 2,045,284 | |
Illinois Series B | 5.00 | 10-1-2031 | 2,000,000 | 2,406,800 | |
Kane, Cook & DuPage Counties IL Series A | 5.00 | 1-1-2034 | 1,000,000 | 1,126,330 | |
Kane, Cook & DuPage Counties IL Series D | 5.00 | 1-1-2034 | 1,700,000 | 1,914,761 | |
Village Bolingbrook IL (AGM Insured) | 5.00 | 1-1-2031 | 500,000 | 580,570 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured)¤ | 0.00 | 1-1-2033 | 1,625,000 | 1,240,623 | |
Will County IL Community High School Refunding Bond Series A (AGM Insured) | 5.00 | 1-1-2027 | 4,000,000 | 4,275,000 | |
Will County IL Community High School Refunding Bond Series B (BAM Insured) | 5.00 | 1-1-2030 | 1,000,000 | 1,062,380 |
Interest
rate |
Maturity
date |
Principal | Value | ||
GO revenue (continued) | |||||
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00% | 1-1-2032 | $ 715,000 | $ 820,434 | |
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | 1-1-2033 | 745,000 | 851,975 | |
Will County IL Crete-Monee Community High School District #201 Series B (AGM Insured) | 4.00 | 1-1-2035 | 475,000 | 539,135 | |
Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured)¤ | 0.00 | 1-1-2027 | 1,030,000 | 941,853 | |
Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured)¤ | 0.00 | 1-1-2028 | 475,000 | 423,159 | |
Winnebago County IL Series A (AGM Insured) | 4.00 | 12-30-2025 | 1,035,000 | 1,209,936 | |
54,673,001 | |||||
Health revenue: 0.13% | |||||
Illinois Finance Authority Health Services Facility Lease Revenue Provident Group UIC Surgery | 4.00 | 10-1-2050 | 1,000,000 | 1,103,450 | |
Miscellaneous revenue: 1.82% | |||||
Chicago IL Board of Education Series C | 5.00 | 12-1-2021 | 2,000,000 | 2,053,340 | |
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 2,282,000 | 2,364,631 | |
Illinois | 5.00 | 5-1-2025 | 870,000 | 956,643 | |
Illinois | 5.50 | 7-1-2025 | 1,250,000 | 1,358,588 | |
Illinois | 5.50 | 7-1-2033 | 1,000,000 | 1,068,530 | |
Illinois Finance Authority Prerefunded Bond Art Institute of Chicago Series A | 5.00 | 3-1-2034 | 5,000 | 5,274 | |
Illinois Finance Authority Rogers Park Montessori School | 5.00 | 2-1-2024 | 265,000 | 272,680 | |
Illinois Finance Authority Unrefunded Bond Art Institute of Chicago Series A | 5.00 | 3-1-2034 | 495,000 | 522,408 | |
Illinois Refunding Bonds Series 2016 | 5.00 | 2-1-2026 | 1,000,000 | 1,142,490 | |
Illinois Series B | 5.25 | 7-1-2028 | 400,000 | 428,408 | |
Illinois Sports Facilities Authority | 5.00 | 6-15-2029 | 1,000,000 | 1,161,300 | |
Illinois Sports Facilities Authority State Tax Supported (AGM Insured) | 5.25 | 6-15-2031 | 2,500,000 | 2,801,500 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2028 | 1,500,000 | 1,681,785 | |
15,817,577 | |||||
Tax revenue: 4.31% | |||||
Chicago IL Sales Tax | 5.00 | 1-1-2031 | 4,525,000 | 5,371,628 | |
Chicago IL Sales Tax | 5.00 | 1-1-2033 | 2,785,000 | 3,306,074 | |
Chicago IL Sales Tax Refunding Bond | 5.00 | 1-1-2030 | 2,250,000 | 2,670,975 | |
Illinois Sales Tax Revenue Build Illinois Bond | 5.00 | 6-15-2029 | 1,000,000 | 1,014,170 | |
Illinois Sales Tax Revenue Build Illinois Bond | 5.00 | 6-15-2032 | 1,560,000 | 1,580,576 | |
Illinois Series 2013 | 5.00 | 6-15-2024 | 1,000,000 | 1,087,380 | |
Illinois Series A | 4.00 | 1-1-2029 | 1,000,000 | 1,016,540 | |
Illinois Series A | 5.00 | 1-1-2027 | 2,000,000 | 2,058,760 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured)¤ | 0.00 | 12-15-2030 | 11,000,000 | 8,812,870 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (National Insured)¤ | 0.00 | 6-15-2029 | 1,950,000 | 1,640,379 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Tax revenue (continued) | |||||
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B1 (AGM Insured)¤ | 0.00% | 6-15-2027 | $ 5,150,000 | $ 4,638,348 | |
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 3,000,000 | 3,126,060 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 4.00 | 1-1-2038 | 1,000,000 | 1,129,240 | |
37,453,000 | |||||
Tobacco revenue: 0.40% | |||||
Railsplitter IL Tobacco Settlement Authority | 5.00 | 6-1-2024 | 3,000,000 | 3,442,740 | |
Transportation revenue: 0.93% | |||||
Illinois Toll Highway Authority | 5.00 | 1-1-2031 | 1,500,000 | 2,000,250 | |
Illinois Toll Highway Authority Series B | 5.00 | 1-1-2028 | 1,830,000 | 2,362,859 | |
Illinois Toll Highway Authority Toll Senior Series A | 5.00 | 1-1-2045 | 2,000,000 | 2,574,280 | |
Illinois Toll Highway Authority Toll Senior Series B | 5.00 | 1-1-2039 | 1,030,000 | 1,143,928 | |
8,081,317 | |||||
Water & sewer revenue: 1.68% | |||||
Chicago IL Wastewater Second Lien Transmission Revenue Project Bonds Series 2014 | 5.00 | 1-1-2025 | 1,985,000 | 2,225,086 | |
Chicago IL Wastewater Transmission Second Lien Series 2012 | 5.00 | 1-1-2027 | 1,000,000 | 1,040,170 | |
Chicago IL Water Revenue Refunding Bond Second Lien | 5.00 | 11-1-2025 | 2,600,000 | 3,094,494 | |
Chicago IL Water Revenue Second Lien Project | 5.00 | 11-1-2026 | 2,750,000 | 3,179,303 | |
Chicago IL Waterworks Second Lien Revenue Bonds Series 2004 | 5.00 | 11-1-2027 | 2,250,000 | 2,761,785 | |
Chicago IL Waterworks Second Lien Series 2012 | 5.00 | 11-1-2030 | 1,000,000 | 1,073,470 | |
Chicago IL Waterworks Second Lien Series 2017-2 (AGM Insured) | 5.00 | 11-1-2037 | 1,000,000 | 1,208,300 | |
14,582,608 | |||||
149,551,242 | |||||
Indiana: 2.22% | |||||
Health revenue: 1.48% | |||||
Indiana Finance Authority Health System Franciscan Alliance Incorporated Obligated Group Series C | 4.00 | 11-1-2034 | 5,360,000 | 6,228,642 | |
Indiana Health and Educational Facility Financing Authority Revenue Unrefunded Balance Ascension | 1.75 | 11-15-2031 | 105,000 | 106,262 | |
Indiana Health and Educational Facility Financing Authority Revenue Unrefunded Balance Ascension | 1.75 | 11-15-2031 | 6,450,000 | 6,528,045 | |
12,862,949 | |||||
Industrial development revenue: 0.12% | |||||
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A | 5.00 | 7-1-2035 | 1,000,000 | 1,077,580 | |
Miscellaneous revenue: 0.46% | |||||
Indiana Finance Authority Series M | 5.00 | 7-1-2029 | 605,000 | 648,621 | |
Indianapolis IN Local Public Improvement Series 2015E | 5.00 | 1-1-2035 | 2,675,000 | 3,303,063 | |
3,951,684 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Water & sewer revenue: 0.16% | |||||
Indiana Finance Authority Wastewater Utility Project Series A | 5.25% | 10-1-2031 | $ 1,310,000 | $ 1,356,322 | |
19,248,535 | |||||
Iowa: 0.06% | |||||
Miscellaneous revenue: 0.06% | |||||
Coralville IA Certificate of Participation | 4.00 | 6-1-2021 | 500,000 | 499,990 | |
Kansas: 0.80% | |||||
Tax revenue: 0.80% | |||||
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤ | 0.00 | 9-1-2034 | 15,750,000 | 6,975,833 | |
Kentucky: 3.46% | |||||
Transportation revenue: 0.13% | |||||
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2029 | 1,400,000 | 1,090,684 | |
Utilities revenue: 3.33% | |||||
Kentucky Public Energy Authority Gas Supply Series A-1 | 4.00 | 12-1-2049 | 9,020,000 | 10,276,396 | |
Kentucky Public Energy Authority Gas Supply Series B | 4.00 | 1-1-2049 | 6,500,000 | 7,306,520 | |
Kentucky Public Energy Authority Gas Supply Series C-1 | 4.00 | 2-1-2050 | 8,050,000 | 9,588,033 | |
Paducah KY Electric Plant (AGM Insured) | 5.00 | 10-1-2035 | 1,510,000 | 1,796,825 | |
28,967,774 | |||||
30,058,458 | |||||
Louisiana: 0.57% | |||||
Airport revenue: 0.09% | |||||
Port New Orleans LA Board Commuters Port Facility Revenue AMT Series E | 5.00 | 4-1-2038 | 640,000 | 800,442 | |
Industrial development revenue: 0.12% | |||||
St. John the Baptist Parish LA Series A | 2.20 | 6-1-2037 | 1,000,000 | 1,031,410 | |
Water & sewer revenue: 0.36% | |||||
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2033 | 600,000 | 720,324 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2034 | 500,000 | 598,900 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2035 | 500,000 | 597,255 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2036 | 565,000 | 672,587 | |
Greater Ouachita Water Company (BAM Insured) | 4.00 | 9-1-2037 | 415,000 | 492,568 | |
3,081,634 | |||||
4,913,486 | |||||
Maine: 0.04% | |||||
Airport revenue: 0.04% | |||||
Portland ME General Airport | 5.00 | 7-1-2022 | 150,000 | 159,191 | |
Portland ME General Airport | 5.00 | 7-1-2023 | 175,000 | 191,989 | |
351,180 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Maryland: 1.23% | |||||
Airport revenue: 0.47% | |||||
Maryland State Economic Development Corporation | 4.00% | 7-1-2039 | $ 1,100,000 | $ 1,245,948 | |
Maryland State Economic Development Corporation | 4.00 | 7-1-2044 | 750,000 | 839,888 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2024 | 645,000 | 725,322 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2027 | 800,000 | 968,384 | |
Maryland State Economic Development Corporation | 5.00 | 7-1-2029 | 220,000 | 275,537 | |
4,055,079 | |||||
Education revenue: 0.69% | |||||
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 5.75 | 8-1-2033 | 1,000,000 | 1,079,790 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 7.00 | 8-1-2046 | 1,500,000 | 1,682,205 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2018-A2 | 6.00 | 8-1-2048 | 2,825,000 | 3,240,558 | |
6,002,553 | |||||
Health revenue: 0.07% | |||||
Maryland HEFAR Frederick Health System | 4.00 | 7-1-2040 | 550,000 | 645,997 | |
10,703,629 | |||||
Massachusetts: 1.28% | |||||
Health revenue: 0.66% | |||||
Massachusetts Development Finance Agency Partners Healthcare Series S-4 | 5.00 | 7-1-2038 | 5,000,000 | 5,712,450 | |
Miscellaneous revenue: 0.14% | |||||
Massachusetts Refunding Bond Series D | 4.00 | 11-1-2040 | 1,000,000 | 1,241,330 | |
Tax revenue: 0.48% | |||||
Massachusetts School Building Authority | 5.00 | 8-15-2037 | 2,000,000 | 2,394,580 | |
Massachusetts School Building Authority Series A | 5.00 | 11-15-2034 | 1,470,000 | 1,783,874 | |
4,178,454 | |||||
11,132,234 | |||||
Michigan: 4.40% | |||||
Education revenue: 0.05% | |||||
Western Michigan University | 5.25 | 11-15-2031 | 400,000 | 452,348 | |
Health revenue: 1.38% | |||||
Michigan Finance Authority Trinity Health Credit Group Series A | 5.00 | 12-1-2047 | 11,000,000 | 12,001,440 | |
Miscellaneous revenue: 0.27% | |||||
Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project | 4.00 | 11-1-2048 | 2,000,000 | 2,298,700 | |
Tax revenue: 0.50% | |||||
Michigan Finance Authority Refunding Bond Local Government Loan Program Public Lighting Authority Series B | 5.00 | 7-1-2039 | 4,000,000 | 4,338,720 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Water & sewer revenue: 2.20% | |||||
Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C | 5.00% | 7-1-2036 | $ 3,560,000 | $ 4,286,240 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D | 4.00 | 7-1-2032 | 4,000,000 | 4,506,640 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured) | 4.00 | 7-1-2033 | 4,000,000 | 4,577,240 | |
Michigan Finance Authority Local Government Loan Program Series D | 5.00 | 7-1-2030 | 4,000,000 | 4,582,080 | |
Michigan Finance Authority Local Government Loan Program Series D4 | 5.00 | 7-1-2029 | 1,000,000 | 1,146,270 | |
19,098,470 | |||||
38,189,678 | |||||
Minnesota: 0.05% | |||||
Education revenue: 0.05% | |||||
Independence MN Charter School Lease Series A | 4.25 | 7-1-2026 | 435,000 | 458,046 | |
Mississippi: 0.78% | |||||
Miscellaneous revenue: 0.54% | |||||
Mississippi City of Jackson Convention Center Series A (Municipal Government Guaranty Insured) | 5.00 | 3-1-2026 | 3,050,000 | 3,665,490 | |
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured) | 5.00 | 9-1-2030 | 990,000 | 1,055,291 | |
4,720,781 | |||||
Resource recovery revenue: 0.24% | |||||
Mississippi Business Finance Corporation AMT Waste Pro USA Incorporated Project 144A | 5.00 | 2-1-2036 | 2,000,000 | 2,088,900 | |
6,809,681 | |||||
Missouri: 0.82% | |||||
Health revenue: 0.12% | |||||
Missouri HEFA | 5.00 | 2-1-2021 | 800,000 | 802,288 | |
Missouri HEFA | 5.00 | 2-1-2022 | 220,000 | 229,167 | |
1,031,455 | |||||
Miscellaneous revenue: 0.70% | |||||
Kansas City MO IDA Series B (AGM Insured) | 5.00 | 3-1-2049 | 5,000,000 | 6,132,150 | |
7,163,605 | |||||
Nebraska: 0.53% | |||||
Utilities revenue: 0.53% | |||||
Nebraska Central Plains Energy Gas Project #1 (Royal Bank of Canada LIQ) | 4.00 | 12-1-2049 | 4,000,000 | 4,594,360 | |
Nevada: 1.17% | |||||
GO revenue: 1.17% | |||||
Clark County NV School District Limited Tax Building Series A (AGM Insured) | 4.00 | 6-15-2040 | 750,000 | 898,305 |
Interest
rate |
Maturity
date |
Principal | Value | ||
GO revenue (continued) | |||||
Clark County NV School District Limited Tax Building Series B (BAM Insured) | 5.00% | 6-15-2031 | $ 2,500,000 | $ 3,347,425 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2035 | 2,000,000 | 2,301,180 | |
Clark County NV Series A | 5.00 | 5-1-2048 | 3,000,000 | 3,645,570 | |
10,192,480 | |||||
New Hampshire: 0.81% | |||||
Housing revenue: 0.26% | |||||
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 1,975,778 | 2,218,562 | |
Water & sewer revenue: 0.55% | |||||
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2026 | 1,000,000 | 1,177,070 | |
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2027 | 845,000 | 1,030,258 | |
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2028 | 480,000 | 585,235 | |
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A | 5.00 | 1-1-2028 | 1,690,000 | 1,989,248 | |
4,781,811 | |||||
7,000,373 | |||||
New Jersey: 5.69% | |||||
Education revenue: 1.97% | |||||
New Jersey EDA Educational Facilities Series AB | 5.00 | 6-1-2022 | 1,920,000 | 2,041,133 | |
New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A | 5.00 | 7-1-2027 | 500,000 | 544,410 | |
New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A | 5.25 | 7-1-2037 | 1,500,000 | 1,573,875 | |
New Jersey EDA School Facilities Construction Project Series NN | 5.00 | 3-1-2027 | 3,150,000 | 3,395,826 | |
New Jersey EDA School Facilities Construction Project Series NN | 5.00 | 3-1-2028 | 5,000,000 | 5,377,250 | |
New Jersey Educational Facilities Authority Higher Education Facilities Trust Fund | 5.00 | 6-15-2025 | 1,000,000 | 1,130,650 | |
New Jersey Higher Education Assistance Authoirty Student Loan Series 2011-1 | 5.50 | 12-1-2021 | 2,900,000 | 3,034,618 | |
17,097,762 | |||||
GO revenue: 0.31% | |||||
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2025 | 2,355,000 | 2,692,330 | |
Housing revenue: 1.27% | |||||
New Jersey Housing and Mortgage Finance Agency Series B | 3.30 | 10-1-2025 | 4,045,000 | 4,454,111 | |
New Jersey Housing and Mortgage Finance Agency Series B | 3.40 | 4-1-2026 | 4,080,000 | 4,537,490 | |
New Jersey Housing and Mortgage Finance Agency Series B | 3.45 | 10-1-2026 | 1,790,000 | 2,008,291 | |
10,999,892 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Miscellaneous revenue: 0.24% | |||||
Union County NJ Utilities Authority Refunding AMT Covanta Union Series A | 5.25% | 12-1-2031 | $ 2,000,000 | $ 2,080,880 | |
Tax revenue: 0.24% | |||||
New Jersey EDA Unrefunded Bond Motor Vehicle Surcharges Series A (National Insured) | 5.25 | 7-1-2026 | 205,000 | 249,616 | |
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 1,500,000 | 1,886,715 | |
2,136,331 | |||||
Transportation revenue: 1.49% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2031 | 2,500,000 | 1,924,175 | |
New Jersey TTFA Series A | 5.00 | 6-15-2029 | 2,000,000 | 2,347,700 | |
New Jersey TTFA Series A | 5.25 | 12-15-2022 | 600,000 | 653,850 | |
New Jersey TTFA Series AA | 4.00 | 6-15-2039 | 2,250,000 | 2,561,580 | |
New Jersey TTFA Series AA | 4.00 | 6-15-2045 | 2,000,000 | 2,236,640 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2040 | 1,250,000 | 1,542,725 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2045 | 1,500,000 | 1,669,080 | |
12,935,750 | |||||
Water & sewer revenue: 0.17% | |||||
New Jersey EDA | 2.20 | 10-1-2039 | 1,350,000 | 1,461,497 | |
49,404,442 | |||||
New Mexico: 0.71% | |||||
Utilities revenue: 0.71% | |||||
New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue Refunding Bond and Acquisition Subordinated Series A (Royal Bank of Canada LIQ) | 5.00 | 11-1-2039 | 5,240,000 | 6,198,710 | |
New York: 6.72% | |||||
Airport revenue: 0.13% | |||||
Port Authority NY and NJ Consolidated Two Hundred Twenty First Series | 4.00 | 7-15-2040 | 1,000,000 | 1,180,760 | |
Education revenue: 1.22% | |||||
Dutchess County NY Local Development Corporation Bard College Project 144A | 5.00 | 7-1-2051 | 1,000,000 | 1,093,180 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 6.24 | 2-1-2047 | 3,500,000 | 3,894,905 | |
Hempstead Town NY Local Development Corporation Education Revenue Refunding Academy Charter School Project | 5.66 | 2-1-2044 | 4,585,000 | 5,052,808 | |
Monroe County NY IDA Refunding Bond Monroe Community College Association (AGM Insured) | 5.00 | 1-15-2038 | 500,000 | 548,415 | |
10,589,308 | |||||
GO revenue: 0.36% | |||||
New York NY Series F-1 | 5.00 | 3-1-2032 | 1,000,000 | 1,103,190 | |
Suffolk County NY Series A | 5.00 | 3-19-2021 | 2,000,000 | 2,018,140 | |
3,121,330 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Health revenue: 0.24% | |||||
Broome County NY Local Development Corporation Revenue United Health Services Hospitals Incorporate Project (AGM Insured) | 4.00% | 4-1-2038 | $ 1,250,000 | $ 1,487,463 | |
Dutchess County NY Local Development Corporation Series B | 4.00 | 7-1-2049 | 515,000 | 577,279 | |
2,064,742 | |||||
Industrial development revenue: 1.21% | |||||
New York Liberty Development Corporation Refunding Bond | 2.80 | 9-15-2069 | 1,000,000 | 976,170 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated Laguardia | 5.00 | 1-1-2031 | 1,135,000 | 1,355,235 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated Laguardia | 5.00 | 10-1-2035 | 3,500,000 | 4,306,470 | |
New York Transportation Development Corporation Special Facility Revenue Terminal 4 JFK International Airport | 5.00 | 12-1-2033 | 1,000,000 | 1,288,970 | |
New York Transportation Development Corporation Special Facility Revenue Terminal 4 JFK International Airport | 5.00 | 12-1-2034 | 2,000,000 | 2,573,180 | |
10,500,025 | |||||
Tax revenue: 0.81% | |||||
New York Urban Development Corporation Personal Income Tax General Purpose | 4.00 | 3-15-2045 | 3,000,000 | 3,547,470 | |
New York Urban Development Corporation Personal Income Tax General Purpose | 4.00 | 3-15-2045 | 3,000,000 | 3,547,470 | |
7,094,940 | |||||
Tobacco revenue: 0.06% | |||||
Suffolk NY Tobacco Asset Securitization Corporation | 5.00 | 6-1-2024 | 500,000 | 519,545 | |
Transportation revenue: 1.94% | |||||
New York Metropolitan Transportation Authority Revenue BAN Subordinated Series B-1 | 5.00 | 5-15-2022 | 2,420,000 | 2,515,687 | |
New York Metropolitan Transportation Authority Revenue BAN Subordinated Series C-2 | 5.00 | 9-1-2021 | 5,000,000 | 5,094,750 | |
New York Metropolitan Transportation Authority Series C | 5.00 | 11-15-2034 | 3,000,000 | 3,513,420 | |
New York Metropolitan Transportation Authority Series C | 5.25 | 11-15-2030 | 2,000,000 | 2,281,700 | |
New York Metropolitan Transportation Authority Series C | 5.25 | 11-15-2031 | 3,000,000 | 3,418,080 | |
16,823,637 | |||||
Water & sewer revenue: 0.75% | |||||
New York NY Municipal Water Finance Authority Water and Sewer System Revenue Second General Resolution | 4.00 | 6-15-2042 | 5,000,000 | 6,085,300 | |
Western Nassau County NY Water Authority Series B | 5.00 | 4-1-2025 | 355,000 | 422,833 | |
6,508,133 | |||||
58,402,420 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Ohio: 2.52% | |||||
Health revenue: 1.55% | |||||
Cleveland Cuyahoga County OH Port Authority Economic Development Center for Dialysis Care Project Series A | 5.00% | 12-1-2037 | $ 2,700,000 | $ 3,127,383 | |
Lucas County OH Hospital Revenue Promedica Healthcare Obligation | 5.25 | 11-15-2048 | 5,000,000 | 5,811,350 | |
Middleburg Heights OH Hospital Revenue Refunding Facilities Southwest General Health %% | 4.00 | 8-1-2041 | 2,000,000 | 2,254,180 | |
Montgomery County OH Hospital Revenue Refunding Bonds | 4.00 | 11-15-2039 | 2,000,000 | 2,216,560 | |
13,409,473 | |||||
Industrial development revenue: 0.24% | |||||
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series A | 2.88 | 2-1-2026 | 2,000,000 | 2,093,120 | |
Miscellaneous revenue: 0.54% | |||||
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2035 | 2,000,000 | 2,303,640 | |
Ohio Private Activity Bond Series A (AGM Insured) | 5.00 | 12-31-2029 | 2,070,000 | 2,417,594 | |
4,721,234 | |||||
Utilities revenue: 0.19% | |||||
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Project Series A | 3.25 | 9-1-2029 | 1,500,000 | 1,632,195 | |
21,856,022 | |||||
Oklahoma: 1.80% | |||||
Airport revenue: 0.81% | |||||
Oklahoma City OK Airport Trust AMT Junior Lien Thirty Third Series | 5.00 | 7-1-2037 | 3,805,000 | 4,635,023 | |
Tulsa OK Airports Improvement Trust Series A (AGM Insured) | 5.25 | 6-1-2048 | 2,000,000 | 2,392,720 | |
7,027,743 | |||||
Miscellaneous revenue: 0.99% | |||||
Custer County OK EDA Series E | 4.00 | 12-1-2031 | 3,250,000 | 3,879,005 | |
Garfield County OK Educational Facilities Authority Enid Public Schools Project | 5.00 | 9-1-2027 | 1,895,000 | 2,358,744 | |
Muskogee OK Industrial Trust Educational Facilities | 4.00 | 9-1-2030 | 2,000,000 | 2,339,980 | |
8,577,729 | |||||
15,605,472 | |||||
Oregon: 0.43% | |||||
Education revenue: 0.02% | |||||
Oregon Facilities Authority Southern Oregon University Project (AGM Insured) | 4.00 | 7-1-2023 | 185,000 | 194,851 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Health revenue: 0.41% | |||||
Medford OR Hospital Facilities Authority Revenue Refunding Asante Projects Series A | 5.00% | 8-15-2045 | $ 2,750,000 | $ 3,517,498 | |
3,712,349 | |||||
Pennsylvania: 8.31% | |||||
Airport revenue: 0.46% | |||||
Philadelphia PA Airport Series A | 5.00 | 6-15-2027 | 1,000,000 | 1,018,820 | |
Philadelphia PA Airport Series B | 5.00 | 7-1-2042 | 2,500,000 | 2,979,650 | |
3,998,470 | |||||
Education revenue: 0.70% | |||||
Allegheny County PA IDA Propel Charter School Sunrise Project | 5.25 | 7-15-2023 | 255,000 | 266,988 | |
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University | 5.00 | 7-1-2021 | 660,000 | 661,696 | |
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University | 5.00 | 7-1-2023 | 760,000 | 778,194 | |
Philadelphia PA Authority for Industrial Development Southwest Leadership Academy Series A | 6.47 | 11-1-2037 | 2,500,000 | 2,696,525 | |
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A | 7.00 | 6-15-2033 | 1,000,000 | 1,155,850 | |
Philadelphia PA IDA Discovery Charter School Project | 5.00 | 4-1-2022 | 195,000 | 198,531 | |
Philadelphia PA IDA Mariana Bracetti Academy Project | 6.25 | 12-15-2021 | 45,000 | 47,541 | |
Philadelphia PA IDA New Foundations Charter School Project | 6.00 | 12-15-2027 | 270,000 | 295,874 | |
6,101,199 | |||||
GO revenue: 2.19% | |||||
Allegheny County PA Series C-72 | 5.25 | 12-1-2032 | 1,000,000 | 1,146,540 | |
Armstrong PA School District Series A (BAM Insured) | 4.00 | 3-15-2037 | 1,000,000 | 1,190,830 | |
North Pocono PA School District Notes Series A (AGM Insured) | 4.00 | 9-15-2028 | 2,500,000 | 3,055,775 | |
Philadelphia PA Refunding Bond Series A | 5.25 | 7-15-2033 | 1,010,000 | 1,145,138 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2036 | 3,000,000 | 3,572,220 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2037 | 1,000,000 | 1,188,350 | |
Philadelphia PA School District Unrefunded Bond Series F | 5.00 | 9-1-2030 | 1,000,000 | 1,210,680 | |
Philadelphia PA Series A | 5.00 | 8-1-2025 | 1,905,000 | 2,285,295 | |
Philadelphia Tender Option Bond Trust Receipts/Floater Certificates Series 2020-SM0860 (JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ)144Aø | 0.13 | 9-1-2027 | 4,275,000 | 4,275,000 | |
19,069,828 | |||||
Health revenue: 0.88% | |||||
Berks County PA Municipal Authority | 5.00 | 11-1-2044 | 1,155,000 | 1,176,795 | |
Bucks County PA IDA Hospital Revenue | 4.00 | 8-15-2035 | 450,000 | 516,186 | |
Bucks County PA IDA Hospital Revenue | 4.00 | 8-15-2036 | 900,000 | 1,029,231 | |
Bucks County PA IDA Hospital Revenue | 4.00 | 8-15-2037 | 2,285,000 | 2,606,157 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Health revenue (continued) | |||||
Geisinger PA Health System Series A-1 | 4.00% | 4-1-2050 | $ 1,000,000 | $ 1,164,240 | |
Pennsylvania EDFA Series A-1 | 4.00 | 4-15-2045 | 1,000,000 | 1,155,740 | |
7,648,349 | |||||
Industrial development revenue: 0.67% | |||||
Pennsylvania EDFA Bridges FinCo LP | 5.00 | 12-31-2034 | 5,000,000 | 5,810,750 | |
Miscellaneous revenue: 2.43% | |||||
Delaware Valley Regional Finance Authority Pennsylvania Local Government Series A (Ambac Insured) | 5.50 | 8-1-2028 | 4,490,000 | 5,861,066 | |
Pennsylvania Commonwealth Financing Authority Series B-1 (AGM Insured) | 5.00 | 6-1-2025 | 500,000 | 601,615 | |
Philadelphia PA IDA | 5.00 | 12-1-2037 | 1,500,000 | 1,816,365 | |
Philadelphia PA IDA Cultural & Commercial Corridors Program Series A | 5.00 | 12-1-2025 | 1,995,000 | 2,401,940 | |
Philadelphia PA Municipal Authority Revenue Refunding Bond City Agreement Juvenile | 5.00 | 4-1-2033 | 2,355,000 | 2,868,107 | |
Philadelphia PA Public School Building Authority Prerefunded Bond Series A | 5.00 | 6-1-2036 | 190,000 | 241,213 | |
Philadelphia PA Public School Building Authority Unrefunded Bond Series A | 5.00 | 6-1-2036 | 4,525,000 | 5,419,593 | |
State Public School Building Authority Prerefunded Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 260,000 | 295,407 | |
State Public School Building Authority Prerefunded Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 1,450,000 | 1,623,739 | |
21,129,045 | |||||
Tax revenue: 0.16% | |||||
Pennsylvania State Turnpike Commission | 5.00 | 12-1-2043 | 1,115,000 | 1,354,324 | |
Transportation revenue: 0.51% | |||||
Lancaster PA Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2041 | 1,500,000 | 1,708,740 | |
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,000,000 | 1,212,940 | |
Pennsylvania Turnpike Commission Subordinate Bond Series E | 6.38 | 12-1-2038 | 1,150,000 | 1,517,632 | |
4,439,312 | |||||
Water & sewer revenue: 0.31% | |||||
Philadelphia PA Water & Sewer Series B | 5.00 | 7-1-2032 | 1,145,000 | 1,348,925 | |
Reading PA Water Authority Series 2011 | 5.25 | 12-1-2036 | 1,250,000 | 1,306,613 | |
2,655,538 | |||||
72,206,815 | |||||
South Carolina: 1.09% | |||||
Education revenue: 0.14% | |||||
South Carolina Jobs EDA York Preparatory Academy Project Series A | 7.00 | 11-1-2033 | 1,090,000 | 1,212,102 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Health revenue: 0.17% | |||||
Lexington County SC Health Services District LexMed Obligated Group | 5.00% | 11-1-2021 | $ 250,000 | $ 259,155 | |
Lexington County SC Health Services District LexMed Obligated Group | 5.00 | 11-1-2022 | 1,120,000 | 1,210,026 | |
1,469,181 | |||||
Resource recovery revenue: 0.15% | |||||
South Carolina Jobs EDA | 8.00 | 12-6-2029 | 115,000 | 114,195 | |
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A | 6.00 | 2-1-2035 | 1,500,000 | 1,197,945 | |
1,312,140 | |||||
Water & sewer revenue: 0.63% | |||||
Columbia SC Waterworks & Sewer System | 5.00 | 2-1-2043 | 5,000,000 | 5,500,450 | |
9,493,873 | |||||
South Dakota: 0.35% | |||||
Housing revenue: 0.35% | |||||
South Dakota Housing Development Authority Homeownership Series D (FHLB SPA)ø | 0.09 | 5-1-2043 | 3,000,000 | 3,000,000 | |
Tennessee: 1.06% | |||||
Utilities revenue: 1.06% | |||||
Tennessee Energy Acquisition Corporation Gas Project | 4.00 | 11-1-2049 | 8,000,000 | 9,190,640 | |
Texas: 6.03% | |||||
Airport revenue: 1.50% | |||||
Austin TX Airport System AMT | 5.00 | 11-15-2044 | 2,500,000 | 2,798,175 | |
Dallas-Fort Worth TX International Airport AMT Series D | 5.00 | 11-1-2038 | 3,315,000 | 3,443,954 | |
Dallas-Fort Worth TX International Airport Series H | 5.00 | 11-1-2042 | 6,500,000 | 6,752,850 | |
12,994,979 | |||||
Education revenue: 1.42% | |||||
Arlington TX Higher Education Finance Corporation Universal Academy Project Series A | 7.13 | 3-1-2044 | 1,250,000 | 1,359,613 | |
Clifton TX Higher Education Finance Corporation International Leadership Series A | 5.75 | 8-15-2038 | 1,000,000 | 1,151,990 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.00 | 8-15-2038 | 2,500,000 | 2,907,175 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.13 | 8-15-2048 | 2,250,000 | 2,602,013 | |
Clifton TX Higher Educational Finance Corporation International Leadership Series A | 5.50 | 8-15-2035 | 2,000,000 | 2,294,480 | |
Clifton TX Higher Educational Finance Corporation Uplift Education Project Series A | 3.10 | 12-1-2022 | 650,000 | 660,823 | |
Houston TX Higher Education Finance Corporation Series A | 4.00 | 2-15-2022 | 60,000 | 61,223 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Education revenue (continued) | |||||
New Hope Cultural Educational Facilities Finance Corporation Series A 144A | 5.00% | 8-15-2026 | $ 500,000 | $ 508,625 | |
Newark TX Higher Educational Finance Corporation Austin Achieve Public School Incorporated Series A | 5.00 | 6-15-2032 | 750,000 | 769,965 | |
12,315,907 | |||||
GO revenue: 1.06% | |||||
El Paso County TX Hospital District | 5.00 | 8-15-2029 | 1,555,000 | 1,651,612 | |
Houston TX Public Improvement Refunding Bonds Series A | 5.00 | 3-1-2029 | 1,000,000 | 1,260,800 | |
Port Isabel TX 144A | 5.10 | 2-15-2049 | 505,000 | 566,964 | |
San Antonio TX Independent School District | 5.00 | 8-15-2048 | 4,890,000 | 5,737,633 | |
9,217,009 | |||||
Miscellaneous revenue: 0.97% | |||||
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 5.50 | 9-1-2039 | 1,860,000 | 1,873,355 | |
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 6.00 | 9-1-2037 | 5,605,000 | 5,842,932 | |
Texas Transportation Commission Highway | 5.00 | 4-1-2028 | 565,000 | 698,419 | |
8,414,706 | |||||
Tax revenue: 0.14% | |||||
Old Spanish Trail Alameda Corridors RDA (BAM Insured) | 4.00 | 9-1-2035 | 1,070,000 | 1,254,661 | |
Transportation revenue: 0.77% | |||||
Central Texas Regional Mobility Authority Revenue Refunding Senior Lien Series B | 4.00 | 1-1-2038 | 550,000 | 649,330 | |
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2049 | 1,000,000 | 1,248,840 | |
North Texas Tollway Authority System Series B | 5.00 | 1-1-2026 | 350,000 | 350,000 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 4.00 | 12-31-2037 | 2,500,000 | 2,919,925 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00 | 12-31-2038 | 1,300,000 | 1,494,987 | |
6,663,082 | |||||
Water & sewer revenue: 0.17% | |||||
Upper Trinity TX Regional Water District (BAM Insured) | 5.00 | 8-1-2028 | 750,000 | 908,453 | |
Upper Trinity TX Regional Water District (BAM Insured) | 5.00 | 8-1-2029 | 500,000 | 604,250 | |
1,512,703 | |||||
52,373,047 | |||||
Utah: 1.77% | |||||
Airport revenue: 0.28% | |||||
Salt Lake City UT Series A | 5.00 | 7-1-2043 | 1,000,000 | 1,227,740 | |
Salt Lake City UT Series A | 5.25 | 7-1-2048 | 1,000,000 | 1,216,680 | |
2,444,420 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Education revenue: 0.90% | |||||
Utah Charter School Finance Authority Christian School Early Light Academy Project 144A | 4.50% | 7-15-2027 | $ 730,000 | $ 760,543 | |
Utah Charter School Finance Authority Freedom Academy Foundation Project 144A | 5.25 | 6-15-2037 | 3,000,000 | 3,344,430 | |
Utah Charter School Finance Authority Refunding Freedom Academy Foundation Project 144A | 5.38 | 6-15-2048 | 1,500,000 | 1,653,705 | |
Utah Charter School Finance Authority Refunding Summit Academy Incorporate Series A (CSCE Insured) | 5.00 | 4-15-2039 | 700,000 | 863,233 | |
Utah Charter School Finance Authority Wallace Stegner Academy Project 144A | 3.63 | 6-15-2029 | 485,000 | 496,436 | |
Utah Charter School Finance Authority Wallace Stegner Academy Project 144A | 5.00 | 6-15-2039 | 675,000 | 721,298 | |
7,839,645 | |||||
Health revenue: 0.59% | |||||
Utah County UT Hospital Revenue Bond IHC Health Services Incorporated Series 2012 | 5.00 | 5-15-2043 | 5,000,000 | 5,087,700 | |
15,371,765 | |||||
Virginia: 0.94% | |||||
Health revenue: 0.06% | |||||
Roanoke VA EDA Residential Care Facility Revenue Richfield Living | 5.00 | 9-1-2050 | 500,000 | 490,115 | |
Transportation revenue: 0.88% | |||||
Chesapeake VA Bay Bridge & Tunnel District First Tier Generation Resolution | 5.00 | 11-1-2023 | 1,000,000 | 1,117,670 | |
Virginia Commonweallth Transportation Series A | 5.00 | 5-15-2028 | 2,000,000 | 2,598,740 | |
Virginia Small Business Financing Authority AMT 95 Express Lanes LLC Project | 5.00 | 7-1-2049 | 2,000,000 | 2,074,880 | |
Virginia Small Business Financing Authority Senior Lien 95 Express Lanes LLC Project | 5.00 | 7-1-2034 | 1,800,000 | 1,869,210 | |
7,660,500 | |||||
8,150,615 | |||||
Washington: 2.32% | |||||
Airport revenue: 0.87% | |||||
Port of Seattle WA Revenue AMT Intermediate Lien | 4.00 | 4-1-2044 | 3,500,000 | 3,925,040 | |
Port of Seattle WA Revenue AMT Intermediate Lien | 5.00 | 4-1-2044 | 3,000,000 | 3,662,940 | |
7,587,980 | |||||
GO revenue: 0.82% | |||||
King County WA Public Hospital District #1 Series 2016 | 5.00 | 12-1-2036 | 475,000 | 562,614 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2035 | 5,500,000 | 6,530,205 | |
7,092,819 | |||||
Health revenue: 0.56% | |||||
Washington HCFR Catholic Health Initiatives Series A | 5.00 | 1-1-2029 | 1,300,000 | 1,532,011 | |
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap+1.40%)± | 1.49 | 1-1-2035 | 2,000,000 | 1,982,480 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Health revenue (continued) | |||||
Washington Health Care Facilities Authority Revenue Seattle Cancer Care Alliance Series A | 5.00% | 9-1-2036 | $ 365,000 | $ 476,303 | |
Washington Health Care Facilities Authority Revenue Seattle Cancer Care Alliance Series A | 5.00 | 9-1-2037 | 670,000 | 871,549 | |
4,862,343 | |||||
Water & sewer revenue: 0.07% | |||||
King County WA Sewer Revenue | 5.00 | 7-1-2049 | 500,000 | 611,425 | |
20,154,567 | |||||
Wisconsin: 4.89% | |||||
Airport revenue: 0.31% | |||||
Wisconsin PFA Airport Facilities Series C | 5.00 | 7-1-2042 | 2,585,000 | 2,688,943 | |
Education revenue: 1.37% | |||||
Wisconsin PFA Carolina International School Series A 144A | 7.20 | 8-1-2048 | 1,000,000 | 1,110,020 | |
Wisconsin PFA Lease Development University of Kansas Campus Development Project | 5.00 | 3-1-2046 | 4,500,000 | 5,144,625 | |
Wisconsin PFA Pine Lake Preparatory 144A | 4.95 | 3-1-2030 | 1,370,000 | 1,482,504 | |
Wisconsin PFA Research Triangle High School Project Series 2015-A 144A | 5.63 | 7-1-2045 | 1,790,000 | 1,920,598 | |
Wisconsin PFA Research Triangle High School Project Series A 144A | 4.38 | 7-1-2025 | 380,000 | 394,254 | |
Wisconsin PFA Research Triangle High School Project Series A 144A | 5.38 | 7-1-2035 | 1,730,000 | 1,865,148 | |
11,917,149 | |||||
Health revenue: 1.85% | |||||
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2034 | 700,000 | 833,511 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2035 | 500,000 | 594,280 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2036 | 600,000 | 710,634 | |
Wisconsin HEFA Revenue Marshfield Clinic Health System (AGM Insured) | 4.00 | 2-15-2037 | 550,000 | 649,132 | |
Wisconsin HEFA Revenue Rogers Memorial Hospital Incorporate Series A | 5.00 | 7-1-2044 | 1,050,000 | 1,225,518 | |
Wisconsin HEFA Revenue Rogers Memorial Hospital Incorporate Series B | 5.00 | 7-1-2038 | 750,000 | 884,715 | |
Wisconsin PFA Series A | 4.00 | 10-1-2049 | 10,000,000 | 11,165,100 | |
16,062,890 | |||||
Miscellaneous revenue: 0.32% | |||||
Wisconsin PFA Capital Improvements Boynton Beach FL Municipal Improvements Project | 5.00 | 7-1-2041 | 2,280,000 | 2,750,752 | |
Tax revenue: 1.04% | |||||
Mount Pleasant WI Series A | 5.00 | 4-1-2043 | 5,000,000 | 6,079,200 |
Interest
rate |
Maturity
date |
Principal | Value | ||
Tax revenue (continued) | |||||
Mount Pleasant WI Series A | 5.00% | 4-1-2048 | $ 330,000 | $ 397,818 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 2,170,000 | 2,599,747 | |
9,076,765 | |||||
42,496,499 | |||||
Total Municipal obligations (Cost $801,871,005) | 861,015,781 |
Yield | Shares | ||||
Short-term investments: 0.19% | |||||
Investment companies: 0.19% | |||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01% | 1,683,153 | 1,683,658 | ||
Total Short-term investments (Cost $1,683,507) | 1,683,658 | ||||
Total investments in securities (Cost $803,554,512) | 99.32% | 862,699,439 | |||
Other assets and liabilities, net | 0.68 | 5,871,943 | |||
Total net assets | 100.00% | $ 868,571,382 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
## | All or a portion of this security is segregated for when-issued securities. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CAB | Capital appreciation bond |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHLB | Federal Home Loan Bank |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
National | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gains (losses) |
Net
change in unrealized gains (losses) |
Value,
end of period |
%
of net assets |
Shares,
end of period |
Income
from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class | $2,893,624 | $191,066,750 | $(192,280,055) | $3,188 | $151 | $1,683,658 | 0.19% | 1,683,153 | $32,308 |
Assets | |
Investments in unaffiliated securities, at value (cost
$801,871,005) |
$ 861,015,781 |
Investments in affiliated securites, at value (cost
$1,683,507) |
1,683,658 |
Cash |
125,000 |
Receivable for
interest |
9,810,937 |
Receivable for Fund shares
sold |
640,515 |
Receivable for investments
sold |
250,000 |
Receivable from
manager |
112,436 |
Total
assets |
873,638,327 |
Liabilities | |
Dividends
payable |
2,477,875 |
Payable for investments
purchased |
2,193,660 |
Payable for Fund shares
redeemed |
395,410 |
Total
liabilities |
5,066,945 |
Total net
assets |
$868,571,382 |
Net assets consist of | |
Paid-in
capital |
$ 825,488,804 |
Total distributable
earnings |
43,082,578 |
Total net
assets |
$868,571,382 |
Computation of net asset value per share | |
Net
assets |
$ 868,571,382 |
Share outstanding
1 |
69,673,314 |
Net
asset value per
share |
$12.47 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest |
$ 27,465,491 |
Income from affiliated
securities |
32,308 |
Total investment
income |
27,497,799 |
Expenses | |
Custody and accounting
fees |
51,753 |
Professional
fees |
71,591 |
Registration
fees |
70,288 |
Shareholder report
expenses |
28,517 |
Trustees’ fees and
expenses |
17,354 |
Other fees and
expenses |
20,236 |
Total
expenses |
259,739 |
Less: Fee waivers and/or expense
reimbursements |
(259,739) |
Net
expenses |
0 |
Net investment
income |
27,497,799 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated
securities |
(11,281,698) |
Affiliated
securities |
3,188 |
Net realized losses on
investments |
(11,278,510) |
Net change in unrealized gains (losses) on | |
Unaffiliated
securities |
17,323,627 |
Affiliated
securities |
151 |
Net change in unrealized gains (losses) on
investments |
17,323,778 |
Net realized and unrealized gains (losses) on
investments |
6,045,268 |
Net increase in net assets resulting from
operations |
$ 33,543,067 |
Year
ended December 31, 2020 |
Year
ended December 31, 2019 | |||
Operations | ||||
Net investment
income |
$ 27,497,799 | $ 26,010,133 | ||
Net realized gains (losses) on
investments |
(11,278,510) | 1,185,862 | ||
Net change in unrealized gains (losses) on
investments |
17,323,778 | 33,326,041 | ||
Net increase in net assets resulting from
operations |
33,543,067 | 60,522,036 | ||
Distributions to shareholders from | ||||
Net investment income and net realized
gains |
(27,496,579) | (26,004,956) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares
sold |
21,307,732 | 260,380,117 | 24,483,989 | 298,047,384 |
Payment for shares
redeemed |
(21,056,988) | (255,957,315) | (10,727,172) | (130,908,591) |
Net increase in net assets resulting from capital share
transactions |
4,422,802 | 167,138,793 | ||
Total increase in net
assets |
10,469,290 | 201,655,873 | ||
Net assets | ||||
Beginning of
period |
858,102,092 | 656,446,219 | ||
End of
period |
$ 868,571,382 | $ 858,102,092 |
Year ended December 31 | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value, beginning of
period |
$12.36 | $11.79 | $11.91 | $11.51 | $11.96 |
Net investment
income |
0.40 | 0.41 | 0.43 | 0.40 | 0.37 |
Net realized and unrealized gains (losses) on
investments |
0.11 | 0.57 | (0.13) | 0.40 | (0.45) |
Total from investment
operations |
0.51 | 0.98 | 0.30 | 0.80 | (0.08) |
Distributions to shareholders from | |||||
Net investment
income |
(0.40) | (0.41) | (0.42) | (0.40) | (0.37) |
Net asset value, end of
period |
$12.47 | $12.36 | $11.79 | $11.91 | $11.51 |
Total
return |
4.19% | 8.42% | 2.63% | 7.02% | (0.75)% |
Ratios to average net assets (annualized) | |||||
Gross
expenses |
0.03% | 0.02% | 0.03% | 0.04% | 0.04% |
Net
expenses |
0.00% 1 | 0.00% 1 | 0.00% 1 | 0.00% 1 | 0.00% 1 |
Net investment
income |
3.23% | 3.37% | 3.62% | 3.39% | 3.05% |
Supplemental data | |||||
Portfolio turnover
rate |
19% | 7% | 28% | 19% | 15% |
Net assets, end of period (000s
omitted) |
$868,571 | $858,102 | $656,446 | $618,341 | $539,047 |
1 | The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for service provided the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and others expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
Gross unrealized gains | $59,682,952 |
Gross unrealized losses | (538,025) |
Net unrealized gains | $59,144,927 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted
prices (Level 1) |
Other
significant observable inputs (Level 2) |
Significant
unobservable inputs (Level 3) |
Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $ 0 | $ 861,015,781 | $0 | $ 861,015,781 |
Short-term investments | ||||
Investment companies | 1,683,658 | 0 | 0 | 1,683,658 |
Total assets | $1,683,658 | $861,015,781 | $0 | $862,699,439 |
Year ended December 31 | ||
2020 | 2019 | |
Tax-exempt income | $27,496,579 | $26,004,956 |
Undistributed
ordinary income |
Unrealized
gains |
Capital
loss carryforward |
$2,483,087 | $59,144,927 | $(16,067,561) |
Name
and year of birth |
Position
held and length of service* |
Principal occupations during past five years or longer | Current
other public company or investment company directorships |
William
R. Ebsworth (Born 1957) |
Trustee,
since 2015 |
Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane
A. Freeman (Born 1953) |
Trustee,
since 2015; Chair Liaison, since 2018 |
Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah
Harris, Jr. (Born 1952) |
Trustee,
since 2009; Audit Committee Chair, since 2019 |
Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith
M. Johnson (Born 1949) |
Trustee,
since 2008 |
Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David
F. Larcker (Born 1950) |
Trustee,
since 2009 |
James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name
and year of birth |
Position
held and length of service* |
Principal occupations during past five years or longer | Current
other public company or investment company directorships |
Olivia
S. Mitchell (Born 1953) |
Trustee,
since 2006; Nominating and Governance Committee Chair, since 2018 |
International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy
J. Penny (Born 1951) |
Trustee,
since 1996; Chair, since 2018 |
President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James
G. Polisson (Born 1959) |
Trustee,
since 2018 |
Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela
Wheelock (Born 1959) |
Trustee,
since January 2020; previously Trustee from January 2018 to July 2019 |
Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name
and year of birth |
Position
held and length of service |
Principal occupations during past five years or longer |
Andrew
Owen (Born 1960) |
President,
since 2017 |
Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Nancy
Wiser1 (Born 1967) |
Treasurer,
since 2012 |
Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. |
Michelle
Rhee (Born 1966) |
Chief
Legal Officer, since 2019 |
Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine
Kennedy (Born 1969) |
Secretary,
since 2019 |
Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael
H. Whitaker (Born 1967) |
Chief
Compliance Officer, since 2016 |
Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Jeremy
DePalma1 (Born 1974) |
Assistant
Treasurer, since 2009 |
Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrants principal accountant. These fees were billed to the registrant and were approved by the Registrants audit committee.
Fiscal year ended December 31, 2020 |
Fiscal year ended December 31, 2019 |
|||||||
Audit fees |
$ | 51,160 | $ | 33,880 | ||||
Audit-related fees |
| | ||||||
Tax fees (1) |
2,030 | 2,500 | ||||||
All other fees |
| | ||||||
|
|
|
|
|||||
$ | 53,190 | $ | 36,380 | |||||
|
|
|
|
(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (Auditors) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Funds investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management.
Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) Not applicable
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for Wells Fargo Managed Account CoreBuilder Shares Series M is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrants Board of Trustees that have been implemented since the registrants last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrants internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) | Code of Ethics. | |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust | ||
By: | ||
/s/ Andrew Owen | ||
Andrew Owen President | ||
Date: | February 25, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Wells Fargo Funds Trust | ||
By: | ||
/s/ Andrew Owen | ||
Andrew Owen President | ||
Date: | February 25, 2021 | |
By: | ||
/s/ Nancy Wiser | ||
Nancy Wiser Treasurer | ||
Date: | February 25, 2021 |
Wells Fargo Funds Trust
Wells Fargo Master Trust
Wells Fargo Variable Trust
Wells Fargo Global Dividend Opportunity Fund
Wells Fargo Income Opportunities Fund
Wells Fargo Multi-Sector Income Fund
Wells Fargo Utilities and High Income Fund
Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers
I. | Covered Officers / Purpose of the Code |
This Code of Ethics (Code) of Wells Fargo Funds Trust, Wells Fargo Master Trust and Wells Fargo Variable Trust, Wells Fargo Global Dividend Opportunity Fund, Wells Fargo Income Opportunities Fund, Wells Fargo Multi-Sector Income Fund and Wells Fargo Utilities and High Income Fund (collectively, the Trusts and each, a Trust) applies to each Trusts Principal Executive Officer, Principal Financial Officer and any other Trust officers listed on Exhibit A (the Covered Officers) for the purpose of promoting:
| honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
| full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files with, or submits to, the Securities and Exchange Commission (SEC) and in other public communications made by the Trust; |
| compliance with applicable laws and governmental rules and regulations; |
| the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
| accountability for adherence to the Code. |
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
II. | Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest |
Overview. A conflict of interest occurs when a Covered Officers private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.
Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as affiliated persons of the Trust. The compliance programs and procedures of the Trust and Wells Fargo Funds Management, LLC (the Adviser) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trusts Board of Trustees (Board) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.
* * * *
Each Covered Officer must:
| not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust; |
2
| not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of a Trust; |
| not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; |
| not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of potential violations that are made in good faith; and |
| not engage in personal, business or professional relationships or dealings that would impair his or her independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders. |
There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the Chief Legal Officer) if material. Examples of these include:
| service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company); |
| acquiring a financial interest in any company that provides services to the Trust (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may have an ownership interest in his or her employer or the employers parent company); |
| the receipt of any entertainment or gifts from any person or company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; |
| any consulting or employment relationship with any of the Trusts service providers, other than with the primary employer of the Covered Officer; and |
| a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officers primary employment, such as compensation or equity ownership. |
III. | Disclosure and Compliance |
Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.
3
Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trusts auditors, and to governmental regulators and self-regulatory organizations.
Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.
It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.
Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.
No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trusts books or records for any reason. No disbursement of a Trusts assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trusts documents or contracts.
A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.
4
IV. | Reporting and Accountability |
Each Covered Officer must:
| upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form attached to this Code) to the Board that he or she has received, read, and understands the Code; |
| annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has complied with the requirements of the Code; and |
| notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code. |
The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a waiver and can be approved only by the Board.
The Trust will follow these procedures in investigating and enforcing this Code:
| the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him or her; |
| if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action; |
| any matter that the Chief Legal Officer believes is a violation will be reported to the Board; |
| if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer; |
| the Board will be responsible for granting waivers, as appropriate (a waiver is the approval of a situation that is expressly prohibited by this Code); and |
| any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. |
V. | Other Policies and Procedures |
This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered
5
investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.
VI. | Amendments |
Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.
VII. | Confidentiality |
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.
VIII. | Internal Use |
The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.
Adopted by the Boards: August 5, 2003
Amended: January 1, 2019
6
Exhibit A
Persons Covered by the Code
Andrew Owen, President of each Trust
Nancy Wiser, Treasurer of:
Wells Fargo Funds Trust
Wells Fargo Master Trust
Wells Fargo Global Dividend Opportunity Fund
Wells Fargo Utilities and High Income Fund
Jeremy DePalma, Treasurer of:
Wells Fargo Funds Trust
Wells Fargo Master Trust
Wells Fargo Variable Trust
Wells Fargo Income Opportunities Fund
Wells Fargo Multi-Sector Income Fund
Exhibit A amended: January 1, 2019
7
CERTIFICATION
I, Andrew Owen, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Managed Account CoreBuilder Shares Series M;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and
d) disclosed in this report any change in the registrants internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officers and I have disclosed, based on our most recent evaluation, to the registrants auditors and the audit committee of the registrants Board of Trustees (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls over financial reporting.
Date: February 25, 2021 |
/s/ Andrew Owen |
Andrew Owen |
President |
Wells Fargo Funds Trust |
Exhibit 99.CERT
CERTIFICATION
I, Nancy Wiser, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Managed Account CoreBuilder Shares Series M;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and
d) disclosed in this report any change in the registrants internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officers and I have disclosed, based on our most recent evaluation, to the registrants auditors and the audit committee of the registrants Board of Trustees (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls over financial reporting.
Date: February 25, 2021 |
/s/ Nancy Wiser |
Nancy Wiser |
Treasurer |
Wells Fargo Funds Trust |
Exhibit 99.CERT
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrants report on Form N-CSR for the year ended December 31, 2020 (the Report) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: February 25, 2021
By: | ||
/s/ Andrew Owen | ||
Andrew Owen | ||
President | ||
Wells Fargo Funds Trust |
This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.
Exhibit 99.906CERT
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrants report on Form N-CSR for the year ended December 31, 2020 (the Report) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: February 25, 2021
By: | ||
/s/ Nancy Wiser | ||
Nancy Wiser | ||
Treasurer | ||
Wells Fargo Funds Trust |
This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.
Exhibit 99.906CERT
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