| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| Schedules of Investments | | | | | | | |
| | | | | 23 | | | |
| | | | | 26 | | | |
| | | | | 39 | | | |
| | | | | 50 | | | |
| | | | | 61 | | | |
| | | | | 65 | | | |
| | | | | 67 | | | |
| | | | | 69 | | | |
| | | | | 72 | | | |
| | | | | 77 | | | |
| | | | | 92 | | | |
| | | | | 93 | | | |
| | | | | 94 | | | |
| | | | | 95 | | | |
| | | | | 103 | | |
| | |
Since Inception1
|
| |||
| | |
Cumulative |
| |||
IQ MacKay California
Municipal Intermediate ETF Market Price2
|
| | | | -12.17% | | |
IQ MacKay California
Municipal Intermediate ETF NAV |
| | | | -12.25% | | |
Bloomberg California Intermediate
Municipal Bond Index |
| | | | -8.14% | | |
| | |
1 Year |
| |
3 Year |
| |
Since Inception1
|
| |||||||||||||||
| | |
Avg Annual |
| |
Avg Annual |
| |
Avg Annual |
| |
Cumulative |
| ||||||||||||
IQ MacKay Municipal
Insured ETF Market Price2 |
| | | | -8.85% | | | | | | 0.90% | | | | | | 2.04% | | | | | | 9.58% | | |
IQ MacKay Municipal
Insured ETF NAV |
| | | | -8.70% | | | | | | 0.96% | | | | | | 2.06% | | | | | | 9.67% | | |
Bloomberg Municipal All Insured Bond
Index |
| | | | -8.98% | | | | | | 0.79% | | | | | | 1.86% | | | | | | 8.72% | | |
| | |
1 Year |
| |
3 Year |
| |
Since Inception1
|
| |||||||||||||||
| | |
Avg Annual |
| |
Avg Annual |
| |
Avg Annual |
| |
Cumulative |
| ||||||||||||
IQ MacKay Municipal
Intermediate ETF Market Price2 |
| | | | -7.19% | | | | | | 1.16% | | | | | | 2.16% | | | | | | 10.18% | | |
IQ MacKay Municipal
Intermediate ETF NAV |
| | | | -7.13% | | | | | | 1.22% | | | | | | 2.16% | | | | | | 10.18% | | |
Bloomberg Municipal Bond Index 1-15 Yr
Blend |
| | | | -6.80% | | | | | | 0.48% | | | | | | 1.19% | | | | | | 5.54% | | |
| | |
Since Inception1
|
| |||
| | |
Cumulative |
| |||
IQ MacKay ESG Core Plus Bond ETF Market
Price2 |
| | |
|
-9.21% |
| |
IQ MacKay ESG Core
Plus Bond ETF NAV |
| | | | -9.31% | | |
Bloomberg US Aggregate Bond Index
|
| | | | -9.32% | | |
| | |
1 Year |
| |
Since Inception1
|
| ||||||||||||
| | |
Avg Annual |
| |
Avg Annual |
| |
Cumulative |
| |||||||||
IQ Ultra Short
Duration ETF Market Price2 |
| | | | -1.10% | | | | | | 0.44% | | | | | | 1.21% | | |
IQ Ultra Short
Duration ETF NAV |
| | | | -0.97% | | | | | | 0.49% | | | | | | 1.36% | | |
Bloomberg Short Treasury 3-6 Month Index
|
| | | | 0.00% | | | | | | 0.66% | | | | | | 1.84% | | |
| | |
Beginning Account Value 11/01/21 |
| |
Ending Account Value 04/30/22 |
| |
Annualized Expense Ratios for the Period 11/01/21 to 04/30/22 |
| |
Expenses Paid for Period 11/01/21 to 04/30/221 |
| ||||||||||||
IQ MacKay California Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 878.20 | | | | | | 0.35% | | | | | $ | 1.18* | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,023.06 | | | | | | 0.35% | | | | | $ | 1.76 | | |
IQ MacKay Municipal Insured ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 911.20 | | | | | | 0.30% | | | | | $ | 1.42 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,023.31 | | | | | | 0.30% | | | | | $ | 1.51 | | |
IQ MacKay Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 929.80 | | | | | | 0.30% | | | | | $ | 1.44 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,023.31 | | | | | | 0.30% | | | | | $ | 1.51 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 905.00 | | | | | | 0.39% | | | | | $ | 1.84 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1022.86 | | | | | | 0.39% | | | | | $ | 1.96 | | |
IQ Ultra Short Duration ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 989.50 | | | | | | 0.24% | | | | | $ | 1.18 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,023.60 | | | | | | 0.24% | | | | | $ | 1.20 | | |
Industry |
| |
% of Net Assets |
| |||
School District |
| | | | 22.6% | | |
General |
| | | | 17.2 | | |
General Obligation |
| | | | 13.4 | | |
Water |
| | | | 8.7 | | |
Money Market Fund |
| | | | 8.5 | | |
Medical |
| | | | 7.7 | | |
Power |
| | | | 7.4 | | |
Utilities |
| | | | 4.7 | | |
Multifamily Hsg |
| | | | 4.4 | | |
Airport |
| | | | 2.6 | | |
Development |
| | | | 2.2 | | |
Nursing Homes |
| | | | 1.8 | | |
Mello-Roos |
| | | | 1.6 | | |
Transportation |
| | | | 0.9 | | |
Higher Education |
| | | | 0.3 | | |
Housing |
| | | | 0.2 | | |
Total Investments |
| | | | 104.2 | | |
Other Assets and Liabilities, Net
|
| | | | (4.2) | | |
Net Assets |
| | | | 100.0% | | |
Industry |
| |
% of Net Assets |
| |||
School District |
| | | | 18.3% | | |
General Obligation |
| | | | 17.3 | | |
General |
| | | | 13.9 | | |
Water |
| | | | 9.6 | | |
Development |
| | | | 5.9 | | |
Higher Education |
| | | | 5.2 | | |
Transportation |
| | | | 4.5 | | |
Medical |
| | | | 4.4 | | |
Housing |
| | | | 4.4 | | |
Education |
| | | | 3.4 | | |
Power |
| | | | 2.9 | | |
Airport |
| | | | 3.1 | | |
Money Market Fund |
| | | | 2.2 | | |
Facilities |
| | | | 1.2 | | |
Utilities |
| | | | 1.1 | | |
Pollution |
| | | | 0.5 | | |
Bond Bank |
| | | | 0.3 | | |
Mello-Roos |
| | | | 0.2 | | |
Tobacco Settlement |
| | | | 0.2 | | |
Student Loan |
| | | | 0.0(a) | | |
Total Investments |
| | | | 98.6 | | |
Other Assets and Liabilities, Net
|
| | | | 1.4 | | |
Net Assets |
| | | | 100.0% | | |
Industry |
| |
% of Net Assets |
| |||
General |
| | | | 20.1% | | |
General Obligation |
| | | | 19.1 | | |
School District |
| | | | 14.0 | | |
Money Market Fund |
| | | | 9.4 | | |
Medical |
| | | | 8.5 | | |
Water |
| | | | 8.0 | | |
Education |
| | | | 5.7 | | |
Transportation |
| | | | 4.5 | | |
Higher Education |
| | | | 3.6 | | |
Housing |
| | | | 2.4 | | |
Nursing Homes |
| | | | 2.1 | | |
Power |
| | | | 1.6 | | |
Facilities |
| | | | 1.3 | | |
Development |
| | | | 1.2 | | |
Airport |
| | | | 1.3 | | |
Utilities |
| | | | 1.1 | | |
Multifamily Hsg |
| | | | 0.6 | | |
Mello-Roos |
| | | | 0.5 | | |
Tobacco Settlement |
| | | | 0.2 | | |
Single Family Hsg |
| | | | 0.2 | | |
Student Loan |
| | | | 0.1 | | |
Total Investments |
| | | | 105.5 | | |
Other Assets and Liabilities, Net
|
| | | | (5.5) | | |
Net Assets |
| | | | 100.0% | | |
Country |
| |
% of Net Assets |
| |||
United States |
| | | | 87.8% | | |
France |
| | | | 2.1 | | |
United Kingdom |
| | | | 2.1 | | |
Japan |
| | | | 1.4 | | |
Germany |
| | | | 1.1 | | |
Canada |
| | | | 0.9 | | |
Australia |
| | | | 0.9 | | |
Switzerland |
| | | | 0.8 | | |
Brazil |
| | | | 0.6 | | |
Ireland |
| | | | 0.5 | | |
Mexico |
| | | | 0.5 | | |
Netherlands |
| | | | 0.4 | | |
Israel |
| | | | 0.4 | | |
Sweden |
| | | | 0.3 | | |
Chile |
| | | | 0.3 | | |
Spain |
| | | | 0.3 | | |
Supranational |
| | | | 0.3 | | |
China |
| | | | 0.0(a) | | |
Total Investments |
| | | | 100.7 | | |
Other Assets and Liabilities, Net
|
| | | | (0.7) | | |
Net Assets |
| | | | 100.0% | | |
Country |
| |
% of Net Assets |
| |||
United States |
| | | | 84.6% | | |
Cayman Islands |
| | | | 16.0 | | |
Germany |
| | | | 3.7 | | |
United Kingdom |
| | | | 3.5 | | |
France |
| | | | 2.2 | | |
Ireland |
| | | | 1.1 | | |
Canada |
| | | | 1.1 | | |
Supranational |
| | | | 1.1 | | |
Singapore |
| | | | 0.9 | | |
Netherlands |
| | | | 0.8 | | |
Total Investments |
| | | | 115.0 | | |
Other Assets and Liabilities, Net
|
| | | | (15.0) | | |
Net Assets |
| | | | 100.0% | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds — 95.7% | | ||||||||||||
California — 88.7% | | ||||||||||||
Alameda Corridor
Transportation Authority, Revenue Bonds Series A Insured: AMBAC |
| | | | | | | | | | | | |
3.820%, due 10/1/29(a)
|
| | | $ | 155,000 | | | | | $ | 117,072 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 10/1/34 |
| | | | 255,000 | | | | | | 249,161 | | |
Antelope Valley
Community College District, General Obligation Bonds
Series B |
| | | | | | | | | | | | |
4.000%, due 8/1/40 |
| | | | 470,000 | | | | | | 479,143 | | |
Beverly Hills Unified
School District CA, General Obligation Bonds Series B |
| | | | | | | | | | | | |
4.000%, due 8/1/38 |
| | | | 1,000,000 | | | | | | 1,040,452 | | |
California Community
Choice Financing Authority, Revenue Bonds Series B |
| | | | | | | | | | | | |
4.000%, due 2/1/52(b)(c)
|
| | | | 1,000,000 | | | | | | 1,014,631 | | |
California Community
Housing Agency, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 2/1/50 |
| | | | 1,000,000 | | | | | | 941,365 | | |
5.000%, due 8/1/50 |
| | | | 1,000,000 | | | | | | 947,830 | | |
California Health
Facilities Financing Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
3.000%, due 11/1/39 |
| | | | 1,335,000 | | | | | | 1,226,115 | | |
4.000%, due 10/1/47 |
| | | | 325,000 | | | | | | 315,851 | | |
Series A Insured: BAM-TCRS |
| | | | | | | | | | | | |
3.000%, due 8/15/51 |
| | | | 1,000,000 | | | | | | 831,928 | | |
Series B |
| | | | | | | | | | | | |
4.000%, due 11/15/41 |
| | | | 175,000 | | | | | | 173,266 | | |
California
Infrastructure & Economic Development Bank, Revenue Bonds
Series B |
| | | | | | | | | | | | |
5.000%, due 11/1/29 |
| | | | 800,000 | | | | | | 909,171 | | |
California Municipal
Finance Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 7/15/29 |
| | | | 1,000,000 | | | | | | 965,307 | | |
Series B |
| | | | | | | | | | | | |
2.125%, due 11/15/26 |
| | | | 820,000 | | | | | | 768,508 | | |
California State Public
Works Board, Revenue Bonds Series C |
| | | | | | | | | | | | |
5.000%, due 3/1/28 |
| | | | 125,000 | | | | | | 139,591 | | |
California Statewide
Communities Development Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 5/15/40 |
| | | | 75,000 | | | | | | 79,226 | | |
Series A |
| | | | | | | | | | | | |
5.250%, due 12/1/44 |
| | | | 100,000 | | | | | | 103,245 | | |
Central Basin Municipal
Water District, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 8/1/44 |
| | | | 340,000 | | | | | | 278,045 | | |
City & County of
San Francisco CA, General Obligation Bonds Series R1 |
| | | | | | | | | | | | |
5.000%, due 6/15/23 |
| | | | 250,000 | | | | | | 258,109 | | |
City of Los Angeles CA
Wastewater System Revenue, Revenue Bonds Series C |
| | | | | | | | | | | | |
5.000%, due 6/1/28 |
| | | | 1,000,000 | | | | | | 1,129,218 | | |
City of Los Angeles
Department of Airports, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 5/15/30 |
| | | | 500,000 | | | | | | 552,578 | | |
Series C |
| | | | | | | | | | | | |
5.000%, due 5/15/31 |
| | | | 500,000 | | | | | | 556,135 | | |
City of Roseville CA, Special Tax | | | | | | | | | | | | | |
4.000%, due 9/1/41 |
| | | | 765,000 | | | | | | 711,807 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Coast Community College
District, General Obligation Bonds |
| | | | | | | | | | | | |
Series F |
| | | | | | | | | | | | |
6.210%, due 8/1/42(a)
|
| | | $ | 1,500,000 | | | | | $ | 641,267 | | |
County of San
Bernardino CA, Certificates of Participation |
| | | | | | | | | | | | |
Series A |
| | | | | | | | | | | | |
5.000%, due 10/1/24 |
| | | | 950,000 | | | | | | 1,007,131 | | |
Gavilan Joint Community
College District, General Obligation Bonds |
| | | | | | | | | | | | |
Series A |
| | | | | | | | | | | | |
4.000%, due 8/1/30 |
| | | | 100,000 | | | | | | 105,172 | | |
Grossmont-Cuyamaca
Community College District, General Obligation Bonds
Series C |
| | | | | | | | | | | | |
4.000%, due 8/1/40 |
| | | | 915,000 | | | | | | 934,618 | | |
Hayward Unified School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/43 |
| | | | 1,000,000 | | | | | | 1,001,296 | | |
Livermore Valley Joint
Unified School District, General Obligation Bonds |
| | | | | | | | | | | | |
3.000%, due 8/1/39 |
| | | | 1,345,000 | | | | | | 1,185,452 | | |
Los Angeles County
Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds
Series A |
| | | | | | | | | | | | |
4.000%, due 6/1/38 |
| | | | 1,040,000 | | | | | | 1,078,021 | | |
5.000%, due 7/1/40 |
| | | | 500,000 | | | | | | 572,529 | | |
Los Angeles Unified
School District, General Obligation Bonds Series C |
| | | ||||||||||
3.000%, due 7/1/35 |
| | | | 350,000 | | | | | | 325,677 | | |
Middletown Unified
School District, General Obligation Bonds Series B Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/45 |
| | | | 350,000 | | | | | | 348,259 | | |
Mount Diablo Unified
School District, General Obligation Bonds Series B |
| | | | | | | | | | | | |
4.000%, due 8/1/29 |
| | | | 1,265,000 | | | | | | 1,355,793 | | |
Napa Valley Unified
School District, General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 8/1/34 |
| | | | 1,125,000 | | | | | | 1,154,473 | | |
Northern California
Energy Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 7/1/49(b)(c)
|
| | | | 925,000 | | | | | | 940,935 | | |
Northern California
Power Agency, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 7/1/31 |
| | | | 1,000,000 | | | | | | 1,173,068 | | |
Pacifica School
District, General Obligation Bonds |
| | | | | | | | | | | | |
4.000%, due 8/1/45 |
| | | | 950,000 | | | | | | 935,404 | | |
Pajaro Valley Unified
School District, Certificates of Participation Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/34 |
| | | | 1,060,000 | | | | | | 1,116,767 | | |
Piner-Olivet Union
Elementary School District, General Obligation Bonds |
| | | | | | | | | | | | |
5.870%, due 8/1/37(a)
|
| | | | 375,000 | | | | | | 209,656 | | |
Ravenswood City School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 8/1/45 |
| | | | 1,000,000 | | | | | | 1,109,532 | | |
Regents of The
University of California Medical Center Pooled Revenue, Revenue Bonds
Series P |
| | | | | | | | | | | | |
4.000%, due 5/15/43 |
| | | | 750,000 | | | | | | 745,201 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Sacramento County
Sanitation Districts Financing Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 12/1/27 |
| | | $ | 1,000,000 | | | | | $ | 1,124,216 | | |
Sacramento County Water
Financing Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 11/1/25 |
| | | | 1,000,000 | | | | | | 1,046,758 | | |
San Francisco City
& County Public Utilities Commission Power Revenue, Revenue Bonds
Series B |
| | | | | | | | | | | | |
4.000%, due 11/1/41 |
| | | | 1,290,000 | | | | | | 1,315,024 | | |
San Jose Unified School
District, General Obligation Bonds Series E |
| | | | | | | | | | | | |
4.000%, due 8/1/42 |
| | | | 165,000 | | | | | | 166,064 | | |
Santa Monica-Malibu
Unified School District, General Obligation
Bonds Series B |
| | | | | | | | | | | | |
4.000%, due 8/1/41 |
| | | | 1,000,000 | | | | | | 1,016,069 | | |
Silicon Valley Clean
Water, Revenue Bonds Series B |
| | | | | | | | | | | | |
0.500%, due 3/1/26 |
| | | | 1,500,000 | | | | | | 1,360,553 | | |
Southern California
Public Power Authority, Revenue Bonds |
| | | ||||||||||
5.000%, due 4/1/24 |
| | | | 600,000 | | | | | | 626,422 | | |
State of California,
General Obligation Bonds |
| | | | | | | | | | | | |
4.000%, due 3/1/36 |
| | | | 300,000 | | | | | | 309,361 | | |
5.000%, due 4/1/29 |
| | | | 1,000,000 | | | | | | 1,134,995 | | |
5.000%, due 11/1/32 |
| | | | 150,000 | | | | | | 165,921 | | |
State of California
Department of Water Resources Power Supply Revenue, Revenue Bonds Series O |
| | | | | | | | | | | | |
5.000%, due 5/1/22 |
| | | | 200,000 | | | | | | 200,000 | | |
Turlock Irrigation District, Revenue
Bonds |
| | | | | | | | | | | | |
5.000%, due 1/1/41 |
| | | | 420,000 | | | | | | 456,318 | | |
| | | | | | | | | | | 38,649,706 | | |
Guam — 1.2% | | ||||||||||||
Guam Power Authority,
Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000% , due 10/1/22 |
| | | | 500,000 | | | | | | 507,010 | | |
Puerto Rico — 5.8% | | ||||||||||||
Commonwealth of Puerto
Rico, General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.430%, due 7/1/24(a)
|
| | | | 1,075 | | | | | | 977 | | |
5.020%, due 7/1/33(a)
|
| | | | 2,688 | | | | | | 1,534 | | |
Series A1 |
| | | | | | | | | | | | |
4.000%, due 7/1/33 |
| | | | 2,089 | | | | | | 1,937 | | |
4.000%, due 7/1/35 |
| | | | 1,878 | | | | | | 1,736 | | |
4.000%, due 7/1/37 |
| | | | 1,611 | | | | | | 1,448 | | |
4.000%, due 7/1/41 |
| | | | 2,191 | | | | | | 1,968 | | |
4.000%, due 7/1/46 |
| | | | 2,279 | | | | | | 1,996 | | |
5.250%, due 7/1/23 |
| | | | 2,333 | | | | | | 2,361 | | |
5.375%, due 7/1/25 |
| | | | 752,326 | | | | | | 777,160 | | |
5.625%, due 7/1/27 |
| | | | 2,305 | | | | | | 2,442 | | |
5.625%, due 7/1/29 |
| | | | 2,268 | | | | | | 2,440 | | |
5.750%, due 7/1/31 |
| | | | 971,203 | | | | | | 1,060,697 | | |
Commonwealth of Puerto Rico, Notes | | | | | | | | | | | | | |
3.130%, due 11/1/51(b)(c)
|
| | | | 110,351 | | | | | | 44,444 | | |
Puerto Rico Sales Tax
Financing Corp. Sales Tax Revenue, Revenue
Bonds Series A1 |
| | | | | | | | | | | | |
5.910%, due 7/1/51(a)
|
| | | | 2,500,000 | | | | | | 523,702 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Puerto Rico (continued) | | ||||||||||||
University of Puerto
Rico, Revenue Bonds Series P Insured: NATL-IBC |
| | | | | | | | | | | | |
5.000%, due 6/1/25 |
| | | $ | 120,000 | | | | | $ | 122,489 | | |
| | | | | | | | | | | 2,547,331 | | |
Total Municipal
Bonds (Cost $45,280,733) |
| | | | | | | | | | 41,704,047 | | |
|
| | |
Shares |
| | ||||||||
Short-Term Investment — 8.5% | | ||||||||||||
Money Market Fund — 8.5% | | ||||||||||||
Dreyfus Tax Exempt Cash
Management — Institutional, 0.32%(d) (Cost $3,711,608) |
| | | | 3,711,979 | | | | |
|
3,711,608 |
| |
Total
Investments — 104.2% (Cost $48,992,341) |
| | | | | | | | | | 45,415,655 | | |
Other Assets and
Liabilities, Net — (4.2)% |
| | | | | | | | | | (1,850,058) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 43,565,597 | | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | — | | | Ambac Assurance Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
| TCRS | | | — | | | Transferable Custodial Receipts | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds |
| | | $ | — | | | | | $ | 41,704,047 | | | | | $ | — | | | | | $ | 41,704,047 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 3,711,608 | | | | | | — | | | | | | — | | | | | | 3,711,608 | | |
Total Investments in Securities |
| | | $ | 3,711,608 | | | | | $ | 41,704,047 | | | | | $ | — | | | | | $ | 45,415,655 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds — 96.4% | | ||||||||||||
Alabama — 1.9% | | ||||||||||||
Alabama Community
College System, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 6/1/25 |
| | | $ | 260,000 | | | | | $ | 262,497 | | |
Alabaster Board of
Education, Special Tax Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/25 |
| | | | 100,000 | | | | | | 105,470 | | |
Bibb County Board of
Education, Special Tax Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 4/1/37 |
| | | | 460,000 | | | | | | 464,003 | | |
Black Belt Energy Gas
District, Revenue Bonds Series C-2 |
| | | | | | | | | | | | |
0.790% (Municipal Swap Inde + |
| | | | | | | | | | | | |
0.35%), due 10/1/52(a)
|
| | | | 2,500,000 | | | | | | 2,438,337 | | |
City of Russellville
AL, General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/28 |
| | | | 390,000 | | | | | | 420,179 | | |
County of Dallas AL,
General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
4.090%, due 5/1/26 |
| | | | 305,000 | | | | | | 259,348 | | |
Phenix City Board of
Education, Special Tax Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/37 |
| | | | 1,500,000 | | | | | | 1,516,798 | | |
University of West
Alabama, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 1/1/41 |
| | | | 350,000 | | | | | | 353,580 | | |
Warrior River Water
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/43 |
| | | | 1,000,000 | | | | | | 1,001,482 | | |
| | | | | | | | | | | 6,821,694 | | |
Arizona — 1.3% | | ||||||||||||
Arizona Industrial
Development Authority, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/34 |
| | | | 250,000 | | | | | | 256,844 | | |
4.000%, due 6/1/39 |
| | | | 455,000 | | | | | | 464,271 | | |
5.000%, due 6/1/33 |
| | | | 350,000 | | | | | | 386,171 | | |
Mohave County Unified
School District No 20 Kingman, General Obligation Bonds Insured:
BAM |
| | | | | | | | | | | | |
4.000%, due 7/1/22 |
| | | | 2,145,000 | | | | | | 2,154,282 | | |
Northern Arizona
University, Revenue Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/39 |
| | | | 1,355,000 | | | | | | 1,491,884 | | |
Student & Academic
Services LLC, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/26 |
| | | | 95,000 | | | | | | 99,557 | | |
| | | | | | | | | | | 4,853,009 | | |
Arkansas — 1.2% | | ||||||||||||
Arkansas Development
Finance Authority, Revenue Bonds Insured: AMBAC |
| | | | | | | | | | | | |
3.330%, due 7/1/30(b)
|
| | | | 1,000,000 | | | | | | 763,499 | | |
Benton Washington
Regional Public Water Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/52 |
| | | | 2,490,000 | | | | | | 2,501,023 | | |
City of West Memphis AR
Public Utility System Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/22 |
| | | | 600,000 | | | | | | 602,176 | | |
4.000%, due 12/1/23 |
| | | | 100,000 | | | | | | 102,527 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Arkansas (continued) | | ||||||||||||
4.000%, due 12/1/24 |
| | | $ | 125,000 | | | | | $ | 129,433 | | |
County of Sharp AR,
Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 3/1/34 |
| | | | 130,000 | | | | | | 123,581 | | |
| | | | | | | | | | | 4,222,239 | | |
California — 10.8% | | ||||||||||||
Abag Finance Authority
for Nonprofit Corps, Special Tax Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/2/34 |
| | | | 175,000 | | | | | | 191,905 | | |
Antioch Unified School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/22 |
| | | | 150,000 | | | | | | 151,309 | | |
Baldwin Park Unified
School District, General Obligation Bonds Insured: NATL |
| | | | | | | | | | | | |
2.690%, due 8/1/23(b)
|
| | | | 300,000 | | | | | | 290,103 | | |
Calexico Unified School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/43 |
| | | | 2,065,000 | | | | | | 2,068,786 | | |
California Educational
Facilities Authority, Revenue Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
2.470%, due 10/1/23(b)
|
| | | | 875,000 | | | | | | 845,022 | | |
California Municipal
Finance Authority, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/26 |
| | | | 350,000 | | | | | | 380,236 | | |
California Municipal
Finance Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 5/15/33 |
| | | | 850,000 | | | | | | 861,808 | | |
4.000%, due 5/15/34 |
| | | | 950,000 | | | | | | 961,658 | | |
5.000%, due 5/15/43 |
| | | | 250,000 | | | | | | 267,277 | | |
City of El Cerrito CA,
Revenue Bonds Insured: NATL |
| | | | | | | | | | | | |
5.000%, due 5/1/26 |
| | | | 260,000 | | | | | | 278,113 | | |
5.000%, due 5/1/28 |
| | | | 355,000 | | | | | | 385,374 | | |
5.000%, due 5/1/36 |
| | | | 325,000 | | | | | | 348,920 | | |
City of Lincoln CA,
Special Tax Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/34 |
| | | | 525,000 | | | | | | 581,463 | | |
City of Susanville CA
Natural Gas Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/45 |
| | | | 1,325,000 | | | | | | 1,326,356 | | |
City of Vallejo CA
Water Revenue, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 5/1/46 |
| | | | 1,170,000 | | | | | | 1,177,801 | | |
Clovis Unified School
District, General Obligation Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
3.080%, due 8/1/27(b)
|
| | | | 335,000 | | | | | | 285,293 | | |
Coachella Valley
Unified School District, General Obligation Bonds Series D Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/37 |
| | | | 450,000 | | | | | | 454,049 | | |
Compton Unified School
District, Certificates of Participation Series A Insured:
BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/33 |
| | | | 250,000 | | | | | | 259,330 | | |
Dixon Unified School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 8/1/37 |
| | | | 570,000 | | | | | | 638,945 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Eastside Union School
District, General Obligation Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
1.670%, due 8/1/22(b)
|
| | | $ | 350,000 | | | | | $ | 348,509 | | |
El Centro Redevelopment
Agency Successor Agency, Tax Allocation Series A Insured:
BAM |
| | | | | | | | | | | | |
5.000%, due 11/1/26 |
| | | | 485,000 | | | | | | 532,597 | | |
Guadalupe Union School
District, General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/44 |
| | | | 1,005,000 | | | | | | 1,005,281 | | |
Hayward Unified School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/43 |
| | | | 2,000,000 | | | | | | 2,002,591 | | |
Hemet Unified School
District, General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/40 |
| | | | 600,000 | | | | | | 604,457 | | |
Hercules Redevelopment
Agency Successor Agency, Tax Allocation Series A Insured:
AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/42 |
| | | | 3,000,000 | | | | | | 3,285,430 | | |
Independent Cities
Finance Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/41 |
| | | | 900,000 | | | | | | 917,575 | | |
Kelseyville Unified
School District, General Obligation Bonds Series C Insured:
AGM |
| | | | | | | | | | | | |
3.330%, due 8/1/31(b)
|
| | | | 155,000 | | | | | | 113,255 | | |
Lancaster Financing
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/44 |
| | | | 995,000 | | | | | | 1,000,894 | | |
Local Public Schools
Funding Authority School Improvement District No 2016-1, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 8/1/36 |
| | | | 645,000 | | | | | | 598,873 | | |
Los Angeles County
Schools, Certificates of Participation Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/25 |
| | | | 200,000 | | | | | | 209,884 | | |
Lynwood Unified School
District, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/23 |
| | | | 285,000 | | | | | | 295,595 | | |
Lynwood Unified School
District, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/45 |
| | | | 815,000 | | | | | | 814,612 | | |
Madera County Public
Financing Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/37 |
| | | | 945,000 | | | | | | 969,378 | | |
Manteca Unified School
District, General Obligation Bonds Insured: NATL |
| | | | | | | | | | | | |
3.000%, due 8/1/25(b)
|
| | | | 575,000 | | | | | | 521,891 | | |
Merced Irrigation
District, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/24 |
| | | | 250,000 | | | | | | 265,397 | | |
Napa Valley Unified
School District, General Obligation Bonds Series C Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/44 |
| | | | 500,000 | | | | | | 497,568 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Natomas Unified School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 8/1/39 |
| | | $ | 1,040,000 | | | | | $ | 916,632 | | |
Ontario Montclair
School District, General Obligation Bonds Series B Insured:
NATL |
| | | | | | | | | | | | |
3.420%, due 8/1/29(b)
|
| | | | 390,000 | | | | | | 304,979 | | |
Palmdale Elementary
School District, Special Tax Insured: AGM |
| | | | | | | | | | | | |
3.980%, due 8/1/36(b)
|
| | | | 1,250,000 | | | | | | 712,358 | | |
Paramount Unified
School District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
2.110%, due 8/1/48(b)
|
| | | | 1,480,000 | | | | | | 251,933 | | |
Ripon Redevelopment
Agency Successor Agency, Tax Allocation Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/1/36 |
| | | | 835,000 | | | | | | 861,631 | | |
River Islands Public
Financing Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/40 |
| | | | 1,500,000 | | | | | | 1,529,439 | | |
4.000%, due 9/1/45 |
| | | | 1,500,000 | | | | | | 1,512,338 | | |
Riverbank Unified
School District, General Obligation Bonds Series B Insured:
AGC |
| | | | | | | | | | | | |
4.470%, due 8/1/48(b)
|
| | | | 50,000 | | | | | | 15,647 | | |
Riverside County
Redevelopment Successor Agency, Tax Allocation Series B Insured:
BAM |
| | | | | | | | | | | | |
5.000%, due 10/1/26 |
| | | | 575,000 | | | | | | 621,440 | | |
Rocklin Unified School
District Community Facilities District, Special Tax Insured: NATL |
| | | | | | | | | | | | |
1.680%, due 9/1/22(b)
|
| | | | 430,000 | | | | | | 427,580 | | |
Roseville Joint Union
High School District, Certificates of Participation Insured: BAM |
| | | | | | | | | | | | |
2.125%, due 6/1/35 |
| | | | 160,000 | | | | | | 128,620 | | |
Sacramento City Schools
Joint Powers Financing Authority, Revenue Bonds Series A Insured:
BAM |
| | | | | | | | | | | | |
5.000%, due 3/1/24 |
| | | | 250,000 | | | | | | 261,202 | | |
Sacramento City Unified
School District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
2.750%, due 7/1/24(b)
|
| | | | 310,000 | | | | | | 292,181 | | |
Series C-1 Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/25 |
| | | | 200,000 | | | | | | 214,387 | | |
Salinas Union High
School District, General Obligation Bonds Series A Insured:
NATL |
| | | | | | | | | | | | |
2.500%, due 10/1/23(b)
|
| | | | 225,000 | | | | | | 217,201 | | |
Salinas Valley Solid
Waste Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.500%, due 8/1/26 |
| | | | 520,000 | | | | | | 554,241 | | |
San Ysidro School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/25 |
| | | | 275,000 | | | | | | 294,870 | | |
Series F Insured: AGM |
| | | | | | | | | | | | |
4.470%, due 8/1/41(b)
|
| | | | 2,545,000 | | | | | | 1,086,141 | | |
Sonoma County Community
Redevelopment Agency Successor Agency, Tax Allocation Insured:
BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/31 |
| | | | 105,000 | | | | | | 108,757 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
South Tahoe Joint
Powers Financing Authority, Tax Allocation Series A Insured:
NATL |
| | | | | | | | | | | | |
5.000%, due 10/1/23 |
| | | $ | 1,000,000 | | | | | $ | 1,033,502 | | |
Tulare Local Health
Care District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/35 |
| | | | 350,000 | | | | | | 362,666 | | |
4.000%, due 8/1/39 |
| | | | 835,000 | | | | | | 853,212 | | |
West Kern Community
College District, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 11/1/44 |
| | | | 600,000 | | | | | | 602,852 | | |
Woodland Joint Unified
School District, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/33 |
| | | | 300,000 | | | | | | 317,236 | | |
Yuba City Unified
School District, General Obligation Bonds Insured: NATL |
| | | | | | | | | | | | |
2.560%, due 9/1/23(b)
|
| | | | 350,000 | | | | | | 338,288 | | |
| | | | | | | | | | | 39,556,868 | | |
Colorado — 4.8% | | ||||||||||||
BNC Metropolitan
District No 1, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/37 |
| | | | 395,000 | | | | | | 429,086 | | |
Castle Oaks
Metropolitan District No 3, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/45 |
| | | | 825,000 | | | | | | 850,204 | | |
4.000%, due 12/1/50 |
| | | | 4,690,000 | | | | | | 4,804,376 | | |
Colorado Educational
& Cultural Facilities Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/31 |
| | | | 1,015,000 | | | | | | 1,071,381 | | |
Grand Junction Regional
Airport Authority, Revenue Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
5.000%, due 12/1/26 |
| | | | 500,000 | | | | | | 544,186 | | |
Grand River Hospital
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 12/1/37 |
| | | | 425,000 | | | | | | 468,329 | | |
Heritage Ridge
Metropolitan District, General Obligation Bonds Series A Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/42 |
| | | | 350,000 | | | | | | 362,924 | | |
4.000%, due 12/1/51 |
| | | | 900,000 | | | | | | 922,295 | | |
Lewis Pointe
Metropolitan District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/47 |
| | | | 1,000,000 | | | | | | 1,025,551 | | |
Leyden Rock
Metropolitan District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/34 |
| | | | 260,000 | | | | | | 275,309 | | |
4.000%, due 12/1/36 |
| | | | 300,000 | | | | | | 316,787 | | |
North Pine Vistas
Metropolitan District No 3, General Obligation Bonds
Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/41 |
| | | | 600,000 | | | | | | 621,058 | | |
Poudre Tech
Metropolitan District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/32 |
| | | | 1,310,000 | | | | | | 1,384,755 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado (continued) | | ||||||||||||
Rio Blanco County
School District No Re-1 Meeker, General Obligation Bonds Insured:
BAM |
| | | | | | | | | | | | |
5.500%, due 12/1/35 |
| | | $ | 450,000 | | | | | $ | 521,182 | | |
Series B Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 12/1/33 |
| | | | 150,000 | | | | | | 171,372 | | |
5.250%, due 12/1/35 |
| | | | 115,000 | | | | | | 131,107 | | |
South Sloan’s Lake
Metropolitan District No 2, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/33 |
| | | | 250,000 | | | | | | 262,360 | | |
Town of Johnstown Co.
Wastewater Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/46 |
| | | | 2,850,000 | | | | | | 2,927,319 | | |
Vauxmont Metropolitan
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/15/31 |
| | | | 135,000 | | | | | | 146,487 | | |
5.000%, due 12/15/32 |
| | | | 155,000 | | | | | | 168,063 | | |
| | | | | | | | | | | 17,404,131 | | |
Connecticut — 1.9% | | ||||||||||||
City of Hartford CT,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/34 |
| | | | 25,000 | | | | | | 25,728 | | |
5.000%, due 4/1/23 |
| | | | 220,000 | | | | | | 220,506 | | |
5.000%, due 7/1/24 |
| | | | 20,000 | | | | | | 21,024 | | |
5.000%, due 7/1/27 |
| | | | 60,000 | | | | | | 64,141 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/23 |
| | | | 15,000 | | | | | | 15,602 | | |
Series C Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/15/32 |
| | | | 20,000 | | | | | | 21,339 | | |
City of New Britain CT,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 9/1/44 |
| | | | 2,525,000 | | | | | | 2,117,690 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 9/1/29 |
| | | | 250,000 | | | | | | 283,761 | | |
5.250%, due 9/1/30 |
| | | | 300,000 | | | | | | 339,507 | | |
City of New Haven CT,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/39 |
| | | | 1,150,000 | | | | | | 1,273,431 | | |
City of West Haven CT,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 3/15/35 |
| | | | 925,000 | | | | | | 967,282 | | |
Town of Stratford CT,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/33 |
| | | | 150,000 | | | | | | 160,025 | | |
Town of Windham CT,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/15/32 |
| | | | 445,000 | | | | | | 476,619 | | |
4.000%, due 8/15/35 |
| | | | 1,025,000 | | | | | | 1,081,073 | | |
| | | | | | | | | | | 7,067,728 | | |
Delaware — 0.1% | | ||||||||||||
Delaware State Economic
Development Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000% , due 10/1/26 |
| | | | 280,000 | | | | | | 304,614 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
District of Columbia — 1.7% | | ||||||||||||
Metropolitan Washington
Airports Authority Aviation Revenue, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 10/1/34 |
| | | $ | 2,000,000 | | | | | $ | 2,190,156 | | |
Metropolitan Washington
Airports Authority Dulles Toll Road Revenue, Revenue Bonds Insured:
AGC |
| | | | | | | | | | | | |
4.040%, due 10/1/36(b)
|
| | | | 1,585,000 | | | | | | 890,636 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 10/1/52 |
| | | | 3,000,000 | | | | | | 2,953,105 | | |
| | | | | | | | | | | 6,033,897 | | |
Florida — 2.9% | | ||||||||||||
City of Miami FL
Parking System Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/38 |
| | | | 1,000,000 | | | | | | 1,032,658 | | |
City of Palm Bay FL,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/25 |
| | | | 1,035,000 | | | | | | 1,112,949 | | |
County of Lee FL
Transportation Facilities Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/25 |
| | | | 400,000 | | | | | | 423,766 | | |
County of Miami-Dade FL
Transit System, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/42 |
| | | | 630,000 | | | | | | 633,756 | | |
Florida Governmental
Utility Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/22 |
| | | | 215,000 | | | | | | 218,023 | | |
Herons Glen Recreation
District, Special Assessment Insured: BAM |
| | | | | | | | | | | | |
2.500%, due 5/1/25 |
| | | | 175,000 | | | | | | 171,447 | | |
North Sumter County
Utility Dependent District, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 10/1/49 |
| | | | 1,350,000 | | | | | | 1,484,165 | | |
St Lucie County School
Board, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/23 |
| | | | 615,000 | | | | | | 637,079 | | |
Tolomato Community
Development District, Special Assessment Series A Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 5/1/40 |
| | | | 4,650,000 | | | | | | 4,764,424 | | |
| | | | | | | | | | | 10,478,267 | | |
Georgia — 1.1% | | ||||||||||||
Carrollton Payroll
Development Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/15/28 |
| | | | 415,000 | | | | | | 442,642 | | |
Main Street Natural
Gas, Inc., Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 5/15/39 |
| | | | 375,000 | | | | | | 373,156 | | |
Metropolitan Atlanta
Rapid Transit Authority, Revenue Bonds Series A Insured:
NATL |
| | | | | | | | | | | | |
5.250%, due 7/1/24 |
| | | | 205,000 | | | | | | 217,279 | | |
Municipal Electric
Authority of Georgia, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 1/1/38 |
| | | | 300,000 | | | | | | 303,036 | | |
4.000%, due 1/1/39 |
| | | | 345,000 | | | | | | 347,932 | | |
4.000%, due 1/1/40 |
| | | | 315,000 | | | | | | 317,198 | | |
4.000%, due 1/1/46 |
| | | | 2,230,000 | | | | | | 2,192,570 | | |
| | | | | | | | | | | 4,193,813 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Guam — 0.1% | | ||||||||||||
Guam Government
Waterworks Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000% , due 1/1/46 |
| | | $ | 500,000 | | | | | $ | 528,163 | | |
Illinois — 14.1% | | ||||||||||||
Chicago Board of
Education, General Obligation Bonds Insured: NATL |
| | | | | | | | | | | | |
2.400%, due 12/1/22(b)
|
| | | | 200,000 | | | | | | 197,218 | | |
3.070%, due 12/1/23(b)
|
| | | | 500,000 | | | | | | 476,403 | | |
3.460%, due 12/1/25(b)
|
| | | | 575,000 | | | | | | 508,348 | | |
Series A Insured: AGC-ICC
FGIC |
| | | | | | | | | | | | |
5.500%, due 12/1/26 |
| | | | 1,625,000 | | | | | | 1,768,746 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/27 |
| | | | 500,000 | | | | | | 548,486 | | |
5.000%, due 12/1/31 |
| | | | 500,000 | | | | | | 549,804 | | |
Series A Insured: NATL |
| | | | | | | | | | | | |
3.460%, due 12/1/25(b)
|
| | | | 1,295,000 | | | | | | 1,144,888 | | |
3.560%, due 12/1/26(b)
|
| | | | 90,000 | | | | | | 76,531 | | |
Chicago O’Hare
International Airport, Revenue Bonds Series E Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 1/1/39 |
| | | | 1,300,000 | | | | | | 1,324,010 | | |
Series F Insured: BAM |
| | | | | | | | | | | | |
4.250%, due 1/1/47 |
| | | | 365,000 | | | | | | 369,127 | | |
Chicago Park District,
General Obligation Bonds Series E Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/15/32 |
| | | | 1,000,000 | | | | | | 1,024,098 | | |
Series F-2 |
| | | | | | | | | | | | |
5.000%, due 1/1/40 |
| | | | 1,065,000 | | | | | | 1,164,516 | | |
City of Chicago IL,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 1/1/35 |
| | | | 775,000 | | | | | | 733,381 | | |
4.000%, due 1/1/36 |
| | | | 2,500,000 | | | | | | 2,353,282 | | |
City of Decatur IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 3/1/40 |
| | | | 2,805,000 | | | | | | 2,765,047 | | |
4.000%, due 3/1/42 |
| | | | 3,000,000 | | | | | | 2,938,687 | | |
City of Kankakee IL,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 1/1/34 |
| | | | 450,000 | | | | | | 467,754 | | |
4.000%, due 1/1/35 |
| | | | 715,000 | | | | | | 742,223 | | |
City of Sterling IL,
General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/1/37 |
| | | | 570,000 | | | | | | 583,586 | | |
4.000%, due 11/1/38 |
| | | | 500,000 | | | | | | 511,009 | | |
4.000%, due 11/1/40 |
| | | | 635,000 | | | | | | 646,773 | | |
City of Waukegan IL,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/30/36 |
| | | | 1,065,000 | | | | | | 1,117,875 | | |
4.000%, due 12/30/37 |
| | | | 1,080,000 | | | | | | 1,120,747 | | |
City of Waukegan IL
Water & Sewer System Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/30/22 |
| | | | 125,000 | | | | | | 126,619 | | |
4.000%, due 12/30/40 |
| | | | 485,000 | | | | | | 498,745 | | |
Community Unit School
District Number 427 DeKalb and Kane Counties Illinois, General Obligation Bonds Series B |
| | | | | | | | | | | | |
Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/1/36 |
| | | | 400,000 | | | | | | 417,083 | | |
4.000%, due 2/1/37 |
| | | | 535,000 | | | | | | 555,903 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Cook & Will
Counties School District No 194, General Obligation Bonds
Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/31 |
| | | $ | 325,000 | | | | | $ | 345,000 | | |
Cook County School
District No 94, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/40 |
| | | | 460,000 | | | | | | 470,867 | | |
County of Sangamon IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/15/40 |
| | | | 400,000 | | | | | | 413,714 | | |
County of Union IL,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/26 |
| | | | 360,000 | | | | | | 377,943 | | |
Crawford Hospital
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 1/1/34 |
| | | | 675,000 | | | | | | 703,482 | | |
Darien-Woodridge Fire
Protection District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 12/30/26 |
| | | | 100,000 | | | | | | 101,183 | | |
Governors State
University, Certificates of Participation Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/23 |
| | | | 385,000 | | | | | | 395,006 | | |
Illinois Finance
Authority, Revenue Bonds Series B |
| | | | | | | | | | | | |
0.270%, due 8/15/49(a)(c)
|
| | | | 1,200,000 | | | | | | 1,200,000 | | |
Kane County School
District NO 129 West Aurora, General Obligation Bonds Series C Insured: BAM-TCRS |
| | | | | | | | | | | | |
5.000%, due 2/1/25 |
| | | | 1,000,000 | | | | | | 1,062,841 | | |
La Salle & Bureau
Counties Township High School District No 120 LaSalle-Peru, General
Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/37 |
| | | | 1,000,000 | | | | | | 1,032,951 | | |
Macon County School
District No 61 Decatur, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/32 |
| | | | 200,000 | | | | | | 207,223 | | |
4.000%, due 12/1/37 |
| | | | 205,000 | | | | | | 211,326 | | |
5.000%, due 12/1/40 |
| | | | 1,000,000 | | | | | | 1,107,662 | | |
Madison County
Community Unit School District No 7 Edwardsville, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/30 |
| | | | 275,000 | | | | | | 296,199 | | |
Madison-Macoupin Etc
Counties Community College District No 536, General Obligation Bonds
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 11/1/32 |
| | | | 225,000 | | | | | | 241,163 | | |
Metropolitan Pier &
Exposition Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.680%, due 6/15/45(b)
|
| | | | 720,000 | | | | | | 246,957 | | |
4.730%, due 6/15/47(b)
|
| | | | 225,000 | | | | | | 69,528 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/15/50 |
| | | | 1,720,000 | | | | | | 1,648,203 | | |
Montgomery &
Macoupin Counties Community Unit School District No 12 Litchfield, General
Obligation Bonds Series C Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/24 |
| | | | 285,000 | | | | | | 292,134 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Northern Illinois
University, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/38 |
| | | $ | 1,000,000 | | | | | $ | 1,001,043 | | |
4.000%, due 10/1/43 |
| | | | 1,300,000 | | | | | | 1,266,084 | | |
Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 4/1/35 |
| | | | 1,200,000 | | | | | | 1,217,466 | | |
Regional Transportation
Authority, Revenue Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
5.500%, due 7/1/23 |
| | | | 155,000 | | | | | | 160,849 | | |
Sales Tax
Securitization Corp., Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 1/1/37 |
| | | | 2,030,000 | | | | | | 2,250,128 | | |
Sangamon Logan &
Menard Counties Community Unit School Dist No 15 Williamsville, General
Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/36 |
| | | | 1,000,000 | | | | | | 1,124,320 | | |
Stark Knox Marshall
Henry & Peoria Counties Community Unit School Dist No 100, General
Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/38 |
| | | | 1,000,000 | | | | | | 1,005,349 | | |
State of Illinois,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 2/1/30 |
| | | | 690,000 | | | | | | 702,814 | | |
Insured: BAM-TCRS |
| | | | | | | | | | | | |
4.000%, due 6/1/41 |
| | | | 1,085,000 | | | | | | 1,073,542 | | |
Insured: NATL |
| | | | | | | | | | | | |
6.000%, due 11/1/26 |
| | | | 500,000 | | | | | | 555,491 | | |
State of Illinois,
Revenue Bonds Insured: NATL |
| | | | | | | | | | | | |
6.000%, due 6/15/23 |
| | | | 180,000 | | | | | | 186,488 | | |
6.000%, due 6/15/24 |
| | | | 350,000 | | | | | | 371,597 | | |
Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/15/35 |
| | | | 750,000 | | | | | | 758,562 | | |
Town of Cicero IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 1/1/30 |
| | | | 475,000 | | | | | | 531,006 | | |
Village of Park Forest
IL, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 1/1/24 |
| | | | 320,000 | | | | | | 327,893 | | |
Washington County
Community Unit School Dist No 10 West Washington, General Obligation Bonds
Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 1/15/25 |
| | | | 750,000 | | | | | | 776,635 | | |
West Chicago Park
District, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 12/1/26 |
| | | | 565,000 | | | | | | 569,261 | | |
Will County Community
Unit School District No 201-U Crete-Monee, General Obligation Bonds
Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 1/1/33 |
| | | | 500,000 | | | | | | 517,000 | | |
4.000%, due 1/1/35 |
| | | | 480,000 | | | | | | 495,198 | | |
Woodford Lasalle
Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/34 |
| | | | 500,000 | | | | | | 519,935 | | |
4.000%, due 12/1/36 |
| | | | 500,000 | | | | | | 518,761 | | |
4.000%, due 12/1/37 |
| | | | 515,000 | | | | | | 534,055 | | |
| | | | | | | | | | | 51,617,748 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Indiana — 0.9% | | ||||||||||||
Indiana Bond Bank,
Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/22 |
| | | $ | 280,000 | | | | | $ | 280,709 | | |
Indianapolis Local
Public Improvement Bond Bank, Revenue Bonds Series E Insured:
AMBAC |
| | | | | | | | | | | | |
2.580%, due 2/1/24(b)
|
| | | | 450,000 | | | | | | 430,175 | | |
2.800%, due 2/1/25(b)
|
| | | | 560,000 | | | | | | 518,704 | | |
Muncie Sanitary
District, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 1/1/23 |
| | | | 520,000 | | | | | | 523,976 | | |
4.000%, due 1/1/24 |
| | | | 700,000 | | | | | | 717,496 | | |
Series C Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 7/1/22 |
| | | | 750,000 | | | | | | 752,009 | | |
| | | | | | | | | | | 3,223,069 | | |
Iowa — 0.7% | | ||||||||||||
Camanche Community
School District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/28 |
| | | | 620,000 | | | | | | 695,312 | | |
City of Altoona IA,
General Obligation Bonds Series C Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 6/1/22 |
| | | | 320,000 | | | | | | 320,451 | | |
3.000%, due 6/1/24 |
| | | | 345,000 | | | | | | 347,546 | | |
Collins-Maxwell
Community School District Sales Services & Use Tax Revenue, Revenue
Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/24 |
| | | | 175,000 | | | | | | 180,596 | | |
4.000%, due 6/1/25 |
| | | | 185,000 | | | | | | 192,987 | | |
Lewis Central Community
School District, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 7/1/22 |
| | | | 525,000 | | | | | | 527,315 | | |
Red Oak Community
School District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/25 |
| | | | 145,000 | | | | | | 155,527 | | |
| | | | | | | | | | | 2,419,734 | | |
Kansas — 0.7% | | ||||||||||||
Crawford County Unified
School District NO 250 Pittsburg, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 9/1/43 |
| | | | 500,000 | | | | | | 517,302 | | |
Kansas Development
Finance Authority, Revenue Bonds Series E Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 2/1/24 |
| | | | 1,780,000 | | | | | | 1,855,755 | | |
| | | | | | | | | | | 2,373,057 | | |
Kentucky — 1.1% | | ||||||||||||
City of Somerset KY,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/23 |
| | | | 310,000 | | | | | | 316,100 | | |
4.000%, due 6/1/24 |
| | | | 650,000 | | | | | | 671,186 | | |
Kentucky Economic
Development Finance Authority, Revenue Bonds Series A Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/37 |
| | | | 500,000 | | | | | | 502,710 | | |
Kentucky State
University, Certificates of Participation Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/1/51 |
| | | | 450,000 | | | | | | 451,664 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Kentucky (continued) | | ||||||||||||
Louisville &
Jefferson County Metropolitan Government, Revenue Bonds Series A
Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 5/15/47 |
| | | $ | 1,015,000 | | | | | $ | 1,092,911 | | |
Louisville &
Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | | 100,000 | | | | | | 103,128 | | |
Murray Electric Plant
Board, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/23 |
| | | | 240,000 | | | | | | 246,292 | | |
4.000%, due 12/1/24 |
| | | | 250,000 | | | | | | 259,057 | | |
4.000%, due 12/1/26 |
| | | | 270,000 | | | | | | 284,742 | | |
| | | | | | | | | | | 3,927,790 | | |
Louisiana — 3.5% | | ||||||||||||
Calcasieu Parish School
District No 23, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 9/1/28 |
| | | | 610,000 | | | | | | 679,648 | | |
City of New Orleans LA
Sewerage Service Revenue, Revenue Bonds Series B Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | | 400,000 | | | | | | 419,596 | | |
4.000%, due 6/1/37 |
| | | | 325,000 | | | | | | 340,520 | | |
4.000%, due 6/1/38 |
| | | | 350,000 | | | | | | 366,088 | | |
4.000%, due 6/1/39 |
| | | | 850,000 | | | | | | 887,568 | | |
City of Shreveport LA
Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/31 |
| | | | 500,000 | | | | | | 556,051 | | |
5.000%, due 12/1/32 |
| | | | 125,000 | | | | | | 138,775 | | |
Greater Ouachita Water
Co., Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 9/1/36 |
| | | | 775,000 | | | | | | 819,943 | | |
Louisiana Energy &
Power Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/23 |
| | | | 445,000 | | | | | | 458,471 | | |
Louisiana Local
Government Environmental Facilities & Community Development Auth, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 10/1/38 |
| | | | 1,000,000 | | | | | | 1,025,448 | | |
4.000%, due 10/1/39 |
| | | | 600,000 | | | | | | 612,018 | | |
4.000%, due 10/1/40 |
| | | | 1,170,000 | | | | | | 1,197,233 | | |
4.000%, due 10/1/41 |
| | | | 660,000 | | | | | | 680,255 | | |
4.000%, due 10/1/43 |
| | | | 1,060,000 | | | | | | 1,087,759 | | |
Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/40 |
| | | | 850,000 | | | | | | 877,385 | | |
New Orleans Aviation
Board, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/37 |
| | | | 1,000,000 | | | | | | 1,120,736 | | |
Parish of St Mary LA,
Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 3/1/27 |
| | | | 330,000 | | | | | | 362,144 | | |
Port New Orleans Board
of Commissioners, Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 4/1/36 |
| | | | 610,000 | | | | | | 663,864 | | |
Ward Two Water District
of Livingston Parish, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 4/1/27 |
| | | | 500,000 | | | | | | 521,244 | | |
| | | | | | | | | | | 12,814,746 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Maine — 0.0%(d) | | ||||||||||||
Finance Authority of
Maine, Revenue Bonds Series A-1 Insured: AGC |
| | | | | | | | | | | | |
5.000%, due 12/1/26 |
| | | $ | 150,000 | | | | | $ | 160,598 | | |
Maryland — 0.1% | | ||||||||||||
City of Cumberland MD,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/24 |
| | | | 400,000 | | | | | | 420,266 | | |
Massachusetts — 0.2% | | ||||||||||||
Commonwealth of
Massachusetts, General Obligation Bonds Series A Insured:
NATL |
| | | | | | | | | | | | |
1.432% (3-Month LIBOR + 0.57%),
due |
| | | | | | | | | | | | |
5/1/37(a)
|
| | | | 85,000 | | | | | | 80,766 | | |
Commonwealth of
Massachusetts, Revenue Bonds Insured: NATL |
| | | | | | | | | | | | |
5.500%, due 1/1/25 |
| | | | 600,000 | | | | | | 641,644 | | |
| | | | | | | | | | | 722,410 | | |
Michigan — 3.5% | | ||||||||||||
Benzie County Central
Schools, General Obligation Bonds Series I Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/1/37 |
| | | | 330,000 | | | | | | 344,170 | | |
4.000%, due 5/1/38 |
| | | | 300,000 | | | | | | 312,298 | | |
4.000%, due 5/1/45 |
| | | | 1,250,000 | | | | | | 1,283,012 | | |
City of Greenville MI,
Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/46 |
| | | | 2,575,000 | | | | | | 2,531,377 | | |
City of Saginaw MI
Water Supply System Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/29 |
| | | | 710,000 | | | | | | 755,488 | | |
City of Taylor MI,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 3/1/24 |
| | | | 770,000 | | | | | | 791,667 | | |
Eastern Michigan
University, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 3/1/26 |
| | | | 325,000 | | | | | | 351,704 | | |
5.000%, due 3/1/27 |
| | | | 810,000 | | | | | | 890,818 | | |
Fitzgerald Public
School District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 5/1/22 |
| | | | 150,000 | | | | | | 150,000 | | |
Grandville Public
Schools, General Obligation Bonds Series I Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/1/37 |
| | | | 245,000 | | | | | | 248,506 | | |
4.000%, due 5/1/40 |
| | | | 200,000 | | | | | | 201,867 | | |
Jackson College,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 5/1/22 |
| | | | 520,000 | | | | | | 520,000 | | |
Leland Public School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/1/37 |
| | | | 590,000 | | | | | | 607,392 | | |
Michigan Finance
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/1/40 |
| | | | 1,000,000 | | | | | | 1,022,929 | | |
Saginaw City School
District, General Obligation Bonds |
| | | | | | | | | | | | |
4.000%, due 5/1/44 |
| | | | 2,505,000 | | | | | | 2,457,170 | | |
Warren Consolidated
Schools, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 5/1/22 |
| | | | 280,000 | | | | | | 280,000 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Michigan (continued) | | ||||||||||||
Wayne County Airport
Authority, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/42 |
| | | $ | 110,000 | | | | | $ | 111,515 | | |
| | | | | | | | | | | 12,859,913 | | |
Mississippi — 0.4% | | ||||||||||||
Biloxi Public School
District, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 4/1/24 |
| | | | 170,000 | | | | | | 177,777 | | |
City of Jackson MS,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 5/1/25 |
| | | | 150,000 | | | | | | 156,458 | | |
Mississippi Development
Bank, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/33 |
| | | | 490,000 | | | | | | 554,796 | | |
5.250%, due 10/1/38 |
| | | | 460,000 | | | | | | 513,532 | | |
| | | | | | | | | | | 1,402,563 | | |
Missouri — 0.8% | | ||||||||||||
Kansas City Industrial
Development Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 3/1/50 |
| | | | 980,000 | | | | | | 937,762 | | |
Series B |
| | | | | | | | | | | | |
5.000%, due 3/1/54 |
| | | | 2,000,000 | | | | | | 2,086,754 | | |
| | | | | | | | | | | 3,024,516 | | |
Montana — 0.1% | | ||||||||||||
City of Bozeman MT, Tax
Allocation Insured: AGM |
| | | | | | | | | | | | |
2.000%, due 7/1/22 |
| | | | 50,000 | | | | | | 50,041 | | |
3.000%, due 7/1/24 |
| | | | 100,000 | | | | | | 100,439 | | |
4.000%, due 7/1/26 |
| | | | 75,000 | | | | | | 78,209 | | |
4.000%, due 7/1/27 |
| | | | 100,000 | | | | | | 104,944 | | |
| | | | | | | | | | | 333,633 | | |
Nebraska — 2.4% | | ||||||||||||
Ashland-Greenwood
Public Schools, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/15/40 |
| | | | 2,000,000 | | | | | | 2,123,893 | | |
4.000%, due 12/15/41 |
| | | | 1,075,000 | | | | | | 1,138,546 | | |
4.000%, due 12/15/42 |
| | | | 1,000,000 | | | | | | 1,049,249 | | |
Fremont School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/15/47 |
| | | | 2,000,000 | | | | | | 2,022,266 | | |
Hershey Public Schools,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/15/37 |
| | | | 340,000 | | | | | | 351,124 | | |
4.000%, due 12/15/38 |
| | | | 530,000 | | | | | | 545,852 | | |
4.000%, due 12/15/41 |
| | | | 500,000 | | | | | | 511,329 | | |
4.000%, due 12/15/42 |
| | | | 620,000 | | | | | | 633,571 | | |
4.000%, due 12/15/43 |
| | | | 500,000 | | | | | | 510,012 | | |
| | | | | | | | | | | 8,885,842 | | |
Nevada — 0.8% | | ||||||||||||
City of North Las Vegas
NV, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | | 1,055,000 | | | | | | 1,080,509 | | |
City of Reno NV,
Revenue Bonds Series A-1 Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/28 |
| | | | 730,000 | | | | | | 804,689 | | |
5.000%, due 6/1/32 |
| | | | 265,000 | | | | | | 288,448 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Nevada (continued) | | ||||||||||||
Clark County School
District, General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/15/40 |
| | | $ | 400,000 | | | | | $ | 414,209 | | |
Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/15/28 |
| | | | 250,000 | | | | | | 279,468 | | |
| | | | | | | | | | | 2,867,323 | | |
New Jersey — 6.2% | | ||||||||||||
Atlantic City Board of
Education, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 4/1/26 |
| | | | 400,000 | | | | | | 419,361 | | |
4.000%, due 4/1/28 |
| | | | 425,000 | | | | | | 449,735 | | |
4.000%, due 4/1/30 |
| | | | 335,000 | | | | | | 352,961 | | |
4.000%, due 4/1/33 |
| | | | 325,000 | | | | | | 337,052 | | |
4.000%, due 4/1/35 |
| | | | 330,000 | | | | | | 341,376 | | |
Borough of Paulsboro
NJ, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
1.000%, due 8/15/24 |
| | | | 160,000 | | | | | | 152,129 | | |
Casino Reinvestment
Development Authority, Inc., Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 11/1/27 |
| | | | 500,000 | | | | | | 522,800 | | |
City of Bayonne NJ,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/15/24 |
| | | | 100,000 | | | | | | 103,316 | | |
City of East Orange NJ,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/15/23 |
| | | | 665,000 | | | | | | 680,718 | | |
City of Newark NJ,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/28 |
| | | | 750,000 | | | | | | 833,233 | | |
Series C Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/28 |
| | | | 145,000 | | | | | | 161,092 | | |
5.000%, due 10/1/29 |
| | | | 190,000 | | | | | | 212,897 | | |
City of Trenton NJ,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 3/15/23 |
| | | | 250,000 | | | | | | 251,952 | | |
City of Union City NJ,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
0.050%, due 8/1/24 |
| | | | 1,425,000 | | | | | | 1,309,344 | | |
2.250%, due 8/1/25 |
| | | | 615,000 | | | | | | 597,058 | | |
Clifton Board Of
Education, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
2.125%, due 8/15/44 |
| | | | 2,765,000 | | | | | | 1,870,761 | | |
Essex County
Improvement Authority, Revenue Bonds Insured: AMBAC |
| | | | | | | | | | | | |
5.250%, due 12/15/22 |
| | | | 500,000 | | | | | | 511,105 | | |
Middlesex County
Improvement Authority, Revenue Bonds Insured: AMBAC |
| | | | | | | | | | | | |
2.920%, due 9/1/25(b)
|
| | | | 135,000 | | | | | | 122,533 | | |
New Jersey Economic
Development Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 7/1/22 |
| | | | 2,725,000 | | | | | | 2,735,901 | | |
Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 7/1/34 |
| | | | 150,000 | | | | | | 150,731 | | |
5.000%, due 7/1/23 |
| | | | 1,500,000 | | | | | | 1,548,056 | | |
New Jersey Educational
Facilities Authority, Revenue Bonds |
| | | | | | | | | | | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/47 |
| | | | 835,000 | | | | | | 842,563 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
Series F Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/25 |
| | | $ | 300,000 | | | | | $ | 322,594 | | |
New Jersey
Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR
AMBAC |
| | | | | | | | | | | | |
2.750%, due 12/15/24(b)
|
| | | | 275,000 | | | | | | 255,956 | | |
Insured: BHAC-CR MBIA |
| | | | | | | | | | | | |
3.110%, due 12/15/27(b)
|
| | | | 500,000 | | | | | | 420,276 | | |
Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/15/37 |
| | | | 275,000 | | | | | | 272,335 | | |
Series AA Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/15/44 |
| | | | 500,000 | | | | | | 517,216 | | |
Series C Insured: AMBAC |
| | | | | | | | | | | | |
3.340%, due 12/15/25(b)
|
| | | | 875,000 | | | | | | 776,070 | | |
3.440%, due 12/15/26(b)
|
| | | | 1,330,000 | | | | | | 1,135,968 | | |
Newark Board of
Education, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 7/15/34 |
| | | | 825,000 | | | | | | 855,787 | | |
Oceanport School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
2.500%, due 7/15/24 |
| | | | 495,000 | | | | | | 493,087 | | |
Passaic Valley Sewerage
Commission, Revenue Bonds Series H Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/24 |
| | | | 450,000 | | | | | | 477,344 | | |
Series I Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/25 |
| | | | 100,000 | | | | | | 107,886 | | |
Salem County
Improvement Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/15/48 |
| | | | 560,000 | | | | | | 542,443 | | |
South Jersey
Transportation Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 11/1/40 |
| | | | 880,000 | | | | | | 902,764 | | |
5.000%, due 11/1/30 |
| | | | 700,000 | | | | | | 794,809 | | |
Washington Borough
Board of Education/Warren County, General Obligation Bonds Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 7/15/25 |
| | | | 125,000 | | | | | | 130,895 | | |
4.000%, due 7/15/27 |
| | | | 135,000 | | | | | | 144,387 | | |
| | | | | | | | | | | 22,656,491 | | |
New York — 11.4% | | ||||||||||||
Amherst Development
Corp., Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/34 |
| | | | 515,000 | | | | | | 528,607 | | |
4.000%, due 10/1/35 |
| | | | 575,000 | | | | | | 587,071 | | |
4.000%, due 10/1/36 |
| | | | 850,000 | | | | | | 863,324 | | |
Buffalo Municipal Water
Finance Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/41 |
| | | | 1,000,000 | | | | | | 1,029,859 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/42 |
| | | | 1,015,000 | | | | | | 1,043,496 | | |
City of New York NY,
General Obligation Bonds Series B-1 Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 10/1/42 |
| | | | 1,425,000 | | | | | | 1,566,171 | | |
5.000%, due 10/1/43 |
| | | | 1,030,000 | | | | | | 1,124,055 | | |
City of Schenectady NY,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 5/1/23 |
| | | | 250,000 | | | | | | 252,410 | | |
City of Syracuse NY,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/15/34 |
| | | | 930,000 | | | | | | 974,276 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
City of Yonkers NY,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 2/15/23 |
| | | $ | 265,000 | | | | | $ | 269,019 | | |
4.000%, due 2/15/24 |
| | | | 250,000 | | | | | | 256,436 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 2/15/26 |
| | | | 825,000 | | | | | | 888,698 | | |
Series B |
| | | | | | | | | | | | |
4.000%, due 2/15/23 |
| | | | 280,000 | | | | | | 284,269 | | |
4.000%, due 2/15/24 |
| | | | 290,000 | | | | | | 297,773 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 2/15/26 |
| | | | 640,000 | | | | | | 689,414 | | |
County of Chautauqua
NY, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
2.000%, due 12/15/22 |
| | | | 130,000 | | | | | | 130,235 | | |
County of Monroe NY,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/22 |
| | | | 1,070,000 | | | | | | 1,073,122 | | |
County of Suffolk NY,
General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/15/28 |
| | | | 500,000 | | | | | | 561,334 | | |
Series C Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/1/28 |
| | | | 480,000 | | | | | | 500,835 | | |
5.000%, due 2/1/23 |
| | | | 410,000 | | | | | | 419,395 | | |
Hudson Yards
Infrastructure Corp, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 2/15/47 |
| | | | 3,500,000 | | | | | | 3,566,350 | | |
Metropolitan
Transportation Authority, Revenue Bonds Series A-1 |
| | | | | | | | | | | | |
4.000%, due 11/15/46 |
| | | | 600,000 | | | | | | 575,231 | | |
4.000%, due 11/15/47 |
| | | | 450,000 | | | | | | 429,674 | | |
5.000%, due 11/15/29 |
| | | | 500,000 | | | | | | 531,524 | | |
Series A-1 Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 11/15/44 |
| | | | 1,000,000 | | | | | | 990,234 | | |
Series B Insured: AMBAC |
| | | | | | | | | | | | |
5.250%, due 11/15/24 |
| | | | 1,145,000 | | | | | | 1,221,492 | | |
Series C Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 11/15/46 |
| | | | 745,000 | | | | | | 732,878 | | |
Series C Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 11/15/44 |
| | | | 650,000 | | | | | | 701,015 | | |
Mount Vernon City
School District, General Obligation Bonds Series A Insured:
BAM |
| | | | | | | | | | | | |
3.000%, due 3/15/24 |
| | | | 275,000 | | | | | | 277,748 | | |
New York City
Industrial Development Agency, Revenue Bonds Insured: NATL |
| | | | | | | | | | | | |
9.402%, due 3/1/24(a)(c)
|
| | | | 1,500,000 | | | | | | 1,522,769 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 1/1/46 |
| | | | 1,265,000 | | | | | | 1,025,317 | | |
New York City Municipal
Water Finance Authority, Revenue Bonds Series AA4 |
| | | | | | | | | | | | |
0.280%, due 6/15/49(a)(c)
|
| | | | 600,000 | | | | | | 600,000 | | |
New York Convention
Center Development Corp., Revenue Bonds Series B Insured:
BAM |
| | | | | | | | | | | | |
4.500%, due 11/15/38(b)
|
| | | | 375,000 | | | | | | 179,517 | | |
New York Liberty
Development Corp., Revenue Bonds Series 1WTC Insured:
BAM-TCRS |
| | | | | | | | | | | | |
3.000%, due 2/15/42 |
| | | | 3,000,000 | | | | | | 2,601,981 | | |
New York State
Dormitory Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
4.000%, due 10/1/36 |
| | | $ | 500,000 | | | | | $ | 528,357 | | |
Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/15/33 |
| | | | 115,000 | | | | | | 118,528 | | |
4.000%, due 8/15/34 |
| | | | 120,000 | | | | | | 123,335 | | |
4.000%, due 8/15/35 |
| | | | 160,000 | | | | | | 164,097 | | |
4.000%, due 8/15/36 |
| | | | 200,000 | | | | | | 204,594 | | |
4.000%, due 8/15/37 |
| | | | 450,000 | | | | | | 459,239 | | |
Niagara Falls City
School District, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/15/26 |
| | | | 200,000 | | | | | | 205,371 | | |
5.000%, due 6/15/25 |
| | | | 570,000 | | | | | | 597,558 | | |
Niagara Falls City
School District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/15/28 |
| | | | 590,000 | | | | | | 664,125 | | |
North Syracuse Central
School District, General Obligation Bonds Insured: NATL |
| | | | | | | | | | | | |
5.000%, due 6/15/22 |
| | | | 90,000 | | | | | | 90,398 | | |
Oneida County Local
Development Corp., Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 12/1/44 |
| | | | 405,000 | | | | | | 350,442 | | |
4.000%, due 12/1/38 |
| | | | 1,570,000 | | | | | | 1,595,337 | | |
4.000%, due 12/1/39 |
| | | | 1,370,000 | | | | | | 1,377,546 | | |
4.000%, due 12/1/40 |
| | | | 1,425,000 | | | | | | 1,411,469 | | |
4.000%, due 12/1/41 |
| | | | 1,480,000 | | | | | | 1,471,219 | | |
Pulaski Central School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/15/23 |
| | | | 250,000 | | | | | | 257,660 | | |
Town of Oyster Bay NY,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 3/1/28 |
| | | | 835,000 | | | | | | 880,062 | | |
Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/15/26 |
| | | | 65,000 | | | | | | 67,726 | | |
4.000%, due 11/1/26 |
| | | | 700,000 | | | | | | 733,482 | | |
4.000%, due 2/15/27 |
| | | | 55,000 | | | | | | 57,696 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 2/1/24 |
| | | | 1,790,000 | | | | | | 1,806,380 | | |
| | | | | | | | | | | 41,460,150 | | |
North Carolina — 0.8% | | ||||||||||||
North Carolina Turnpike
Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 1/1/32 |
| | | | 525,000 | | | | | | 591,164 | | |
Western Carolina
University, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/26 |
| | | | 945,000 | | | | | | 1,030,451 | | |
5.000%, due 6/1/27 |
| | | | 500,000 | | | | | | 544,061 | | |
5.000%, due 6/1/28 |
| | | | 550,000 | | | | | | 596,722 | | |
| | | | | | | | | | | 2,762,398 | | |
North Dakota — 0.6% | | ||||||||||||
City of Grand Forks ND,
Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 12/1/39 |
| | | | 2,000,000 | | | | | | 1,677,963 | | |
State Board of Higher
Education of the State of North Dakota, Revenue Bonds Series A
Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 4/1/44 |
| | | | 670,000 | | | | | | 682,019 | | |
| | | | | | | | | | | 2,359,982 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Ohio — 0.7% | | ||||||||||||
Bethel Local School
District, Certificates of Participation Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/25 |
| | | $ | 265,000 | | | | | $ | 277,376 | | |
City of Lorain OH,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/24 |
| | | | 200,000 | | | | | | 207,144 | | |
Cleveland Department of
Public Utilities Division of Public Power, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 11/15/37 |
| | | | 375,000 | | | | | | 394,403 | | |
Conotton Valley Union
Local School District, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/33 |
| | | | 315,000 | | | | | | 325,243 | | |
County of Cuyahoga OH,
Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 2/15/28 |
| | | | 500,000 | | | | | | 544,221 | | |
Crestview Local School
District/Columbiana County, Certificates of Participation |
| | | | | | | | | | | | |
Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/48 |
| | | | 410,000 | | | | | | 411,114 | | |
Euclid City School
District, Certificates of Participation Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/39 |
| | | | 400,000 | | | | | | 414,261 | | |
| | | | | | | | | | | 2,573,762 | | |
Oklahoma — 0.1% | | ||||||||||||
Tulsa Airports
Improvement Trust, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/23 |
| | | | 500,000 | | | | | | 513,244 | | |
Oregon — 1.0% | | ||||||||||||
City of Seaside OR
Transient Lodging Tax Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/15/37 |
| | | | 400,000 | | | | | | 442,721 | | |
Jackson County School
District No 6 Central Point, General Obligation Bonds Series B
Insured: SCH BD GTY |
| | | | | | | | | | | | |
4.380%, due 6/15/49(b)
|
| | | | 500,000 | | | | | | 181,249 | | |
Medford Hospital
Facilities Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/15/45 |
| | | | 3,170,000 | | | | | | 3,102,615 | | |
| | | | | | | | | | | 3,726,585 | | |
Pennsylvania — 6.2% | | ||||||||||||
Aliquippa Municipal
Water Authority Water & Sewer Revenue, Revenue Bonds Insured:
BAM |
| | | | | | | | | | | | |
4.000%, due 11/15/51 |
| | | | 1,900,000 | | | | | | 1,892,504 | | |
Allegheny Valley Joint
Sewage Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/37 |
| | | | 350,000 | | | | | | 361,507 | | |
4.000%, due 8/1/47 |
| | | | 1,075,000 | | | | | | 1,076,317 | | |
Ambridge Area School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 11/1/22 |
| | | | 660,000 | | | | | | 667,601 | | |
Bellwood-Antis School
District, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 6/1/25 |
| | | | 275,000 | | | | | | 278,618 | | |
Series AA Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 6/1/26 |
| | | | 145,000 | | | | | | 147,254 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
Bristol Borough School
District, General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 3/1/25 |
| | | $ | 50,000 | | | | | $ | 51,684 | | |
Butler Area Sewer
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/26 |
| | | | 290,000 | | | | | | 316,672 | | |
Catasauqua Area School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/15/27 |
| | | | 70,000 | | | | | | 73,304 | | |
4.000%, due 2/15/28 |
| | | | 430,000 | | | | | | 452,418 | | |
4.000%, due 2/15/29 |
| | | | 695,000 | | | | | | 746,100 | | |
City of Oil City PA,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/39 |
| | | | 320,000 | | | | | | 327,986 | | |
4.000%, due 12/1/40 |
| | | | 275,000 | | | | | | 281,441 | | |
4.000%, due 12/1/41 |
| | | | 265,000 | | | | | | 269,960 | | |
City of Philadelphia PA
Airport Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/39 |
| | | | 1,500,000 | | | | | | 1,477,922 | | |
4.000%, due 7/1/40 |
| | | | 1,155,000 | | | | | | 1,133,991 | | |
4.000%, due 7/1/41 |
| | | | 1,250,000 | | | | | | 1,223,069 | | |
Coatesville Area School
District Building Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/22 |
| | | | 400,000 | | | | | | 407,320 | | |
County of Cambria PA,
General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/32 |
| | | | 250,000 | | | | | | 258,523 | | |
Delaware County
Regional Water Quality Control Authority, Revenue Bonds Insured:
NATL |
| | | | | | | | | | | | |
5.250%, due 5/1/22 |
| | | | 205,000 | | | | | | 205,000 | | |
Ephrata Borough
Authority, Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 11/1/43 |
| | | | 1,150,000 | | | | | | 986,654 | | |
Erie Sewer Authority,
Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/35 |
| | | | 460,000 | | | | | | 520,825 | | |
Geisinger Authority,
Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 4/1/39 |
| | | | 170,000 | | | | | | 170,796 | | |
Greater Johnstown
School District, General Obligation Bonds Series C Insured:
NATL |
| | | | | | | | | | | | |
3.370%, due 8/1/28(b)
|
| | | | 200,000 | | | | | | 162,230 | | |
Hazle Township
Municipal Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/23 |
| | | | 245,000 | | | | | | 251,039 | | |
Indiana County
Industrial Development Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 5/1/31 |
| | | | 870,000 | | | | | | 955,495 | | |
5.000%, due 5/1/33 |
| | | | 575,000 | | | | | | 626,526 | | |
Lancaster Higher
Education Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/31 |
| | | | 500,000 | | | | | | 520,132 | | |
5.000%, due 10/1/23 |
| | | | 300,000 | | | | | | 311,535 | | |
Lancaster School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | | 35,000 | | | | | | 35,908 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
Pennsylvania Higher
Educational Facilities Authority, Revenue Bonds Series A Insured:
AGC |
| | | | | | | | | | | | |
1.248% (3-Month LIBOR + 0.60%),
due |
| | | | | | | | | | | | |
7/1/27(a)
|
| | | $ | 160,000 | | | | | $ | 157,399 | | |
Pennsylvania Turnpike
Commission, Revenue Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
6.250%, due 6/1/33 |
| | | | 750,000 | | | | | | 849,793 | | |
Pittsburgh Water &
Sewer Authority, Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/50 |
| | | | 785,000 | | | | | | 782,884 | | |
School District of
Philadelphia (The), General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 9/1/27 |
| | | | 735,000 | | | | | | 802,039 | | |
Insured: BHAC-CR FGIC |
| | | | | | | | | | | | |
5.000%, due 6/1/34 |
| | | | 210,000 | | | | | | 248,340 | | |
Series F Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 9/1/27 |
| | | | 5,000 | | | | | | 5,508 | | |
Somerset Area School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 2/15/23 |
| | | | 425,000 | | | | | | 431,946 | | |
South Wayne County
Water and Sewer Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/15/29 |
| | | | 40,000 | | | | | | 42,340 | | |
State Public School
Building Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/15/40 |
| | | | 585,000 | | | | | | 599,122 | | |
Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/15/22 |
| | | | 285,000 | | | | | | 286,261 | | |
Warrior Run School
District/Montour Northumberland Union County PA, General Obligation
Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/31 |
| | | | 415,000 | | | | | | 429,635 | | |
4.000%, due 9/1/32 |
| | | | 435,000 | | | | | | 449,386 | | |
Westmoreland County
Municipal Authority, Revenue Bonds Series A Insured: FGIC |
| | | | | | | | | | | | |
2.420%, due 8/15/23(b)
|
| | | | 815,000 | | | | | | 789,986 | | |
Williamsport Sanitary
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 1/1/30 |
| | | | 500,000 | | | | | | 570,094 | | |
| | | | | | | | | | | 22,635,064 | | |
Puerto Rico — 0.1% | | ||||||||||||
Puerto Rico Electric
Power Authority, Revenue Bonds Series PP Insured: NATL |
| | | | | | | | | | | | |
5.000%, due 7/1/24 |
| | | | 25,000 | | | | | | 25,519 | | |
Series UU Insured: AGM |
| | | | | | | | | | | | |
1.168% (3-Month LIBOR + 0.52%), |
| | | | | | | | | | | | |
due 7/1/29(a)
|
| | | | 510,000 | | | | | | 513,327 | | |
| | | | | | | | | | | 538,846 | | |
Rhode Island — 0.4% | | ||||||||||||
Providence Public
Building Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/15/35 |
| | | | 1,085,000 | | | | | | 1,110,537 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Rhode Island (continued) | | ||||||||||||
Rhode Island Health and
Educational Building Corp., Revenue Bonds Series A Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 5/15/36 |
| | | $ | 390,000 | | | | | $ | 401,253 | | |
| | | | | | | | | | | 1,511,790 | | |
South Carolina — 0.2% | | ||||||||||||
City of Camden SC
Combined Public Utility System Revenue, Revenue Bonds Insured:
AGM |
| | | | | | | | | | | | |
2.000% , due 3/1/23 |
| | | | 600,000 | | | | | | 600,716 | | |
South Dakota — 0.5% | | ||||||||||||
County of Lawrence SD,
Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/39 |
| | | | 600,000 | | | | | | 623,400 | | |
4.000%, due 12/1/40 |
| | | | 650,000 | | | | | | 674,223 | | |
Tri-Valley School
District No 49-6, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/15/40 |
| | | | 370,000 | | | | | | 387,601 | | |
| | | | | | | | | | | 1,685,224 | | |
Tennessee — 0.2% | | ||||||||||||
Chattanooga Health
Educational & Housing Facility Board, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 10/1/27 |
| | | | 550,000 | | | | | | 575,932 | | |
Texas — 5.9% | | ||||||||||||
Central Texas Turnpike
System, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
1.680%, due 8/15/22(b)
|
| | | | 665,000 | | | | | | 661,715 | | |
Series A Insured: AMBAC |
| | | | | | | | | | | | |
3.370%, due 8/15/28(b)
|
| | | | 1,830,000 | | | | | | 1,483,191 | | |
3.450%, due 8/15/29(b)
|
| | | | 1,000,000 | | | | | | 779,162 | | |
Series A Insured: BHAC-CR
AMBAC |
| | | | | | | | | | | | |
2.940%, due 8/15/27(b)
|
| | | | 105,000 | | | | | | 89,951 | | |
City of Arlington TX
Special Tax Revenue, Special Tax Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 2/15/32 |
| | | | 725,000 | | | | | | 769,312 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 2/15/38 |
| | | | 700,000 | | | | | | 775,143 | | |
City of Elgin TX,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 7/15/40 |
| | | | 2,970,000 | | | | | | 2,994,205 | | |
City of Houston TX
Combined Utility System Revenue, Revenue Bonds Series A Insured:
AGM |
| | | | | | | | | | | | |
2.620%, due 12/1/25(b)
|
| | | | 70,000 | | | | | | 63,768 | | |
City of Houston TX
Hotel Occupancy Tax & Special Revenue, Revenue Bonds Insured: BAM-TCRS |
| | | | | | | | | | | | |
5.000%, due 9/1/24 |
| | | | 545,000 | | | | | | 574,335 | | |
City of Rio Grande City
TX, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 2/15/26 |
| | | | 630,000 | | | | | | 659,657 | | |
County of Galveston TX,
General Obligation Bonds Insured: NATL |
| | | | | | | | | | | | |
2.260%, due 2/1/24(b)
|
| | | | 1,500,000 | | | | | | 1,441,847 | | |
Fort Bend County
Municipal Utility District No 169, General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 12/1/25 |
| | | | 370,000 | | | | | | 373,714 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Fort Bend County
Municipal Utility District No 58, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 4/1/34 |
| | | $ | 445,000 | | | | | $ | 416,296 | | |
Galveston County
Municipal Utility District No 56, General Obligation Bonds Insured:
BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/24 |
| | | | 400,000 | | | | | | 412,670 | | |
Grand Parkway
Transportation Corp., Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 10/1/49 |
| | | | 140,000 | | | | | | 137,764 | | |
Greater Greenspoint
Redevelopment Authority, Tax Allocation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/34 |
| | | | 325,000 | | | | | | 333,431 | | |
Harris County-Houston
Sports Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 11/15/25 |
| | | | 220,000 | | | | | | 232,188 | | |
La Joya Independent
School District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 2/15/38 |
| | | | 500,000 | | | | | | 508,157 | | |
Lazy Nine Municipal
Utility District No 1B, General Obligation Bonds Series 1B Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 9/1/22 |
| | | | 180,000 | | | | | | 180,937 | | |
Love Field Airport
Modernization Corp., Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 11/1/39 |
| | | | 2,500,000 | | | | | | 2,453,645 | | |
Matagorda County
Navigation District No 1, Revenue Bonds Insured: AMBAC |
| | | | | | | | | | | | |
5.125%, due 11/1/28 |
| | | | 805,000 | | | | | | 891,581 | | |
New Hope Cultural
Education Facilities Finance Corp., Revenue Bonds Series A-1 Insured:
AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/28 |
| | | | 500,000 | | | | | | 545,323 | | |
Series B-1 Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/30 |
| | | | 155,000 | | | | | | 160,522 | | |
Southwest Houston
Redevelopment Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/32 |
| | | | 450,000 | | | | | | 459,752 | | |
5.000%, due 9/1/28 |
| | | | 210,000 | | | | | | 228,670 | | |
5.000%, due 9/1/29 |
| | | | 225,000 | | | | | | 246,667 | | |
Timber Lane Utility
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
3.500%, due 8/1/23 |
| | | | 500,000 | | | | | | 508,333 | | |
3.500%, due 8/1/24 |
| | | | 500,000 | | | | | | 510,567 | | |
3.500%, due 8/1/25 |
| | | | 330,000 | | | | | | 338,766 | | |
3.500%, due 8/1/26 |
| | | | 500,000 | | | | | | 514,614 | | |
Travis County Water
Control & Improvement District, General Obligation Bonds Insured:
BAM |
| | | | | | | | | | | | |
4.000%, due 8/15/26 |
| | | | 505,000 | | | | | | 527,894 | | |
Upper Trinity Regional
Water District, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 8/1/46 |
| | | | 1,500,000 | | | | | | 1,304,761 | | |
| | | | | | | | | | | 21,578,538 | | |
Utah — 0.8% | | ||||||||||||
Utah Transit Authority,
Revenue Bonds Series A Insured: BHAC-CR MBIA |
| | | | | | | | | | | | |
5.000%, due 6/15/35 |
| | | | 215,000 | | | | | | 250,429 | | |
Vineyard Redevelopment
Agency, Tax Allocation Insured: AGM |
| | | | | | | | | | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Utah (continued) | | ||||||||||||
4.000%, due 5/1/34 |
| | | $ | 115,000 | | | | | $ | 120,791 | | |
4.000%, due 5/1/39 |
| | | | 350,000 | | | | | | 365,600 | | |
4.000%, due 5/1/41 |
| | | | 350,000 | | | | | | 364,392 | | |
5.000%, due 5/1/25 |
| | | | 700,000 | | | | | | 748,121 | | |
5.000%, due 5/1/27 |
| | | | 315,000 | | | | | | 347,465 | | |
Weber Basin Water
Conservancy District, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 4/1/46 |
| | | | 600,000 | | | | | | 608,628 | | |
| | | | | | | | | | | 2,805,426 | | |
Vermont — 0.8% | | ||||||||||||
City of Burlington VT
Electric System Revenue, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/41 |
| | | | 1,585,000 | | | | | | 1,776,098 | | |
5.000%, due 7/1/42 |
| | | | 1,000,000 | | | | | | 1,118,038 | | |
| | | | | | | | | | | 2,894,136 | | |
Virginia — 0.4% | | ||||||||||||
Lynchburg Economic
Development Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 1/1/39 |
| | | | 660,000 | | | | | | 656,784 | | |
5.000%, due 1/1/36 |
| | | | 875,000 | | | | | | 978,190 | | |
| | | | | | | | | | | 1,634,974 | | |
Washington — 0.4% | | ||||||||||||
Chelan County Public
Utility District No 1, Revenue Bonds Insured: NATL |
| | | | | | | | | | | | |
2.780%, due 6/1/24(b)
|
| | | | 100,000 | | | | | | 94,402 | | |
Series A Insured: NATL |
| | | | | | | | | | | | |
2.400%, due 6/1/23(b)
|
| | | | 100,000 | | | | | | 97,439 | | |
Klickitat County Public
Utility District No 1, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/37 |
| | | | 750,000 | | | | | | 783,863 | | |
State of Washington,
General Obligation Bonds Series C Insured: AMBAC |
| | | | | | | | | | | | |
2.280%, due 6/1/23(b)
|
| | | | 200,000 | | | | | | 195,127 | | |
2.600%, due 6/1/24(b)
|
| | | | 265,000 | | | | | | 251,089 | | |
Series E Insured: XLCA |
| | | | | | | | | | | | |
2.430%, due 12/1/23(b)
|
| | | | 100,000 | | | | | | 96,234 | | |
| | | | | | | | | | | 1,518,154 | | |
West Virginia — 0.4% | | ||||||||||||
City of Fairmont WV
Water Revenue, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 7/1/29 |
| | | | 150,000 | | | | | | 160,208 | | |
Morgantown Utility
Board, Inc., Revenue Bonds |
| | | | | | | | | | | | |
Series A Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 12/1/23 |
| | | | 290,000 | | | | | | 293,135 | | |
4.000%, due 12/1/24 |
| | | | 300,000 | | | | | | 311,401 | | |
4.000%, due 12/1/25 |
| | | | 325,000 | | | | | | 341,314 | | |
West Virginia Water
Development Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 7/1/24 |
| | | | 300,000 | | | | | | 316,464 | | |
| | | | | | | | | | | 1,422,522 | | |
Wisconsin — 1.1% | | ||||||||||||
City of Racine WI
Waterworks System Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/30 |
| | | | 500,000 | | | | | | 554,520 | | |
Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 9/1/26 |
| | | | 300,000 | | | | | | 317,466 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Wisconsin (continued) | | ||||||||||||
5.000%, due 9/1/28 |
| | | $ | 250,000 | | | | | $ | 282,541 | | |
Fond Du Lac School
District, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 4/1/35 |
| | | | 400,000 | | | | | | 414,155 | | |
Omro School District,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 3/1/28 |
| | | | 30,000 | | | | | | 30,379 | | |
Public Finance
Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/40 |
| | | | 300,000 | | | | | | 302,547 | | |
4.000%, due 7/1/45 |
| | | | 800,000 | | | | | | 800,709 | | |
Village of Mount
Pleasant WI, Tax Allocation Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 4/1/48 |
| | | | 1,135,000 | | | | | | 1,236,055 | | |
| | | | | | | | | | | 3,938,372 | | |
Wyoming — 1.1% | | ||||||||||||
University of Wyoming,
Revenue Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/42 |
| | | | 1,700,000 | | | | | | 1,708,720 | | |
4.000%, due 6/1/51 |
| | | | 2,325,000 | | | | | | 2,307,982 | | |
| | | | | | | | | | | 4,016,702 | | |
Total Municipal
Bonds (Cost $381,291,692) |
| | | | | | | | | | 351,926,639 | | |
|
| | |
Shares |
| |
Value |
| ||||||
Short-Term Investment — 2.2% | | ||||||||||||
Money Market Fund — 2.2% | | ||||||||||||
Dreyfus Tax Exempt Cash
Management — Institutional Shares, 0.32%(e) |
| | | | | | | | | | | | |
(Cost $8,033,123) |
| | |
|
8,033,927 |
| | | | $ | 8,033,123 | | |
Total
Investments — 98.6% (Cost $389,325,532) |
| | | | | | | | | | 359,959,762 | | |
Other Assets and
Liabilities, Net — 1.4% |
| | | | | | | | | | 5,068,523 | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 365,028,285 | | |
| AGC | | | — | | | Assured Guaranty Corp. | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | — | | | Ambac Assurance Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| BHAC-CR | | | — | | | Berkshire Hathaway Assurance Corp. Custodial Receipts | |
| FGIC | | | — | | | Financial Guaranty Insurance Co. | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
|
SCH BD GTY |
| | — | | | School Bond Guaranty Program | |
| TCRS | | | — | | | Transferable Custodial Receipts | |
| XLCA | | | — | | | XL Capital Assurance | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds |
| | | $ | — | | | | | $ | 351,926,639 | | | | | $ | — | | | | | $ | 351,926,639 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 8,033,123 | | | | | | — | | | | | | — | | | | | | 8,033,123 | | |
Total Investments in Securities |
| | | $ | 8,033,123 | | | | | $ | 351,926,639 | | | | | $ | — | | | | | $ | 359,959,762 | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds — 96.1% | | | ||||||||||||||
Alabama — 2.0% | | | ||||||||||||||
Alabama Community
College System, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 11/1/32 |
| | | $ | 410,000 | | | | | $ | 429,574 | | | | ||
4.000%, due 11/1/33 |
| | | | 660,000 | | | | | | 688,572 | | | | ||
Birmingham Airport
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | | | ||
5.000%, due 7/1/32 |
| | | | 600,000 | | | | | | 671,543 | | | | ||
Black Belt Energy Gas
District, Revenue Bonds 0.790% (Municipal Swap Index + 0.35%), due 10/1/52(a) |
| | | | 900,000 | | | | | | 877,801 | | | | ||
Montgomery County
Public Facilities Authority, Revenue Bonds Series A |
| | | | | | | | | | | | | | ||
4.000%, due 3/1/33 |
| | | | 660,000 | | | | | | 689,424 | | | | ||
4.000%, due 3/1/35 |
| | | | 1,220,000 | | | | | | 1,256,643 | | | | ||
| | | | | | | | | | | 4,613,557 | | | | | |
Alaska — 0.0%(b) | | | ||||||||||||||
Alaska Industrial
Development & Export Authority, Revenue Bonds Series A |
| | | | ||||||||||||
5.000% , due 6/1/28 |
| | | | 100,000 | | | | | | 102,783 | | | | ||
Arizona — 1.2% | | | ||||||||||||||
Arizona Industrial
Development Authority, Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 11/1/39 |
| | | | 600,000 | | | | | | 596,256 | | | | ||
5.000%, due 11/1/31 |
| | | | 550,000 | | | | | | 594,567 | | | | ||
Series A Insured: BAM |
| | | | | | | | | | | | | | ||
5.000%, due 6/1/31 |
| | | | 300,000 | | | | | | 332,185 | | | | ||
5.000%, due 6/1/32 |
| | | | 325,000 | | | | | | 359,248 | | | | ||
City of Phoenix Civic
Improvement Corp., Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 7/1/34 |
| | | | 500,000 | | | | | | 532,187 | | | | ||
Maricopa County
Industrial Development Authority, Revenue Bonds Series C Insured: SD
CRED PROG |
| | | | ||||||||||||
5.000%, due 7/1/37 |
| | | | 300,000 | | | | | | 320,470 | | | | ||
| | | | | | | | | | | 2,734,913 | | | | | |
Arkansas — 0.3% | | | ||||||||||||||
Bentonville School
District No 6, General Obligation Bonds Series B |
| | | | ||||||||||||
5.000%, due 6/1/22 |
| | | | 145,000 | | | | | | 145,427 | | | | ||
University of Central
Arkansas, Revenue Bonds Series A Insured: AGM |
| | | | ||||||||||||
5.000%, due 11/1/34 |
| | | | 400,000 | | | | | | 429,641 | | | | ||
| | | | | | | | | | | 575,068 | | | | ||
California — 7.9% | | | ||||||||||||||
Apple Valley Public
Financing Authority, Tax Allocation Series A Insured: BAM |
| | | | ||||||||||||
4.000%, due 6/1/31 |
| | | | 1,000,000 | | | | | | 1,068,413 | | | | ||
Benicia Unified School
District, General Obligation Bonds Series C Insured: AGM |
| | | | ||||||||||||
2.350%, due 8/1/23(c)
|
| | | | 300,000 | | | | | | 291,318 | | | | ||
California Health
Facilities Financing Authority, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 10/1/32 |
| | | | 1,000,000 | | | | | | 1,053,162 | | | | ||
California Municipal
Finance Authority, Revenue Bonds |
| | | | | | | | | | | | | | ||
5.000%, due 5/15/31 |
| | | | 400,000 | | | | | | 429,929 | | | | ||
California State Public
Works Board, Revenue BondsSeries A |
| | | | | | | | | | | | | | ||
5.000%, due 9/1/22 |
| | | | 120,000 | | | | | | 121,418 | | | | ||
Series B |
| | | | | | | | | | | | | | ||
4.000%, due 5/1/36 |
| | | | 200,000 | | | | | | 206,377 | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
California Statewide
Communities Development Authority, Revenue Bonds Insured: BAM |
| | | ||||||||||
4.000%, due 5/15/35 |
| | | $ | 2,000,000 | | | | | $ | 2,025,734 | | |
Center Unified School
District, General Obligation Bonds Series B Insured: BAM |
| | | ||||||||||
4.000%, due 8/1/24 |
| | | | 310,000 | | | | | | 320,118 | | |
Chaffey Joint Union
High School District, General Obligation Bonds Series B |
| | | ||||||||||
3.260%, due 8/1/34(c)
|
| | | | 320,000 | | | | | | 192,170 | | |
Coast Community College
District, General Obligation Bonds Series D |
| | | ||||||||||
5.000%, due 8/1/36 |
| | | | 1,000,000 | | | | | | 1,122,852 | | |
El Camino Community
College District Foundation (The), General Obligation Bonds |
| | | ||||||||||
5.000%, due 8/1/22 |
| | | | 100,000 | | | | | | 100,912 | | |
Hayward Redevelopment
Agency Successor Agency, Tax Allocation |
| | | ||||||||||
5.000%, due 9/1/22 |
| | | | 100,000 | | | | | | 101,175 | | |
Hercules Redevelopment
Agency Successor Agency, Tax Allocation Series A Insured: AGM 5.000%,
due 8/1/37 |
| | | | 500,000 | | | | | | 554,296 | | |
Huntington Beach Public
Financing Authority, Revenue Bonds Series A |
| | | ||||||||||
5.000%, due 9/1/22 |
| | | | 100,000 | | | | | | 101,115 | | |
Independent Cities
Finance Authority, Revenue Bonds Insured: AGM |
| | | ||||||||||
4.000%, due 6/1/29 |
| | | | 500,000 | | | | | | 522,114 | | |
4.000%, due 6/1/36 |
| | | | 700,000 | | | | | | 724,042 | | |
Kelseyville Unified
School District, General Obligation Bonds Series C Insured:
AGM |
| | | ||||||||||
3.330%, due 8/1/31(c)
|
| | | | 150,000 | | | | | | 109,602 | | |
3.410%, due 8/1/33(c)
|
| | | | 35,000 | | | | | | 23,347 | | |
Lake Elsinore School
Financing Authority, Special Tax Insured: BAM |
| | | ||||||||||
5.000%, due 10/1/33 |
| | | | 250,000 | | | | | | 283,805 | | |
Lodi Unified School
District, General Obligation Bonds |
| | | ||||||||||
4.000%, due 8/1/38 |
| | | | 1,015,000 | | | | | | 1,031,015 | | |
Long Beach Unified
School District, General Obligation Bonds Series B |
| | | ||||||||||
5.000%, due 8/1/22 |
| | | | 100,000 | | | | | | 100,902 | | |
Metropolitan Water
District of Southern California, Revenue Bonds Series E |
| | | ||||||||||
0.580% (Municipal Swap Index + |
| | | | | | | | | | | | |
0.14%), due 7/1/37(a)
|
| | | | 1,200,000 | | | | | | 1,196,662 | | |
Mojave Water Agency
Public Facilities Corp., Revenue Bonds Series A |
| | | ||||||||||
5.000%, due 6/1/22 |
| | | | 115,000 | | | | | | 115,349 | | |
Monterey Peninsula
Community College District, General Obligation Bonds |
| | | ||||||||||
3.920%, due 8/1/32(c)
|
| | | | 975,000 | | | | | | 684,566 | | |
Mount Diablo Unified
School District, General Obligation Bonds Series B 4.000%, due 8/1/28 |
| | | | 1,350,000 | | | | | | 1,442,889 | | |
North Coast County
Water District, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 10/1/27 |
| | | | 135,000 | | | | | | 143,570 | | |
4.000%, due 10/1/28 |
| | | | 125,000 | | | | | | 133,754 | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
California (continued) | | | ||||||||||||||
Rio Hondo Community
College District, General Obligation Bonds Series B |
| | | | ||||||||||||
5.000%, due 8/1/22 |
| | | $ | 150,000 | | | | | $ | 151,324 | | | | ||
Riverside County
Community Facilities Districts, Special Tax Insured: AGM |
| | | | ||||||||||||
4.000%, due 9/1/35 |
| | | | 1,060,000 | | | | | | 1,102,488 | | | | ||
Roseville Natural Gas
Financing Authority, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 2/15/24 |
| | | | 560,000 | | | | | | 580,341 | | | | ||
Sacramento City Unified
School District, General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
2.750%, due 7/1/24(c)
|
| | | | 305,000 | | | | | | 287,468 | | | | ||
Santa Clara Valley
Transportation Authority, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 6/1/22 |
| | | | 200,000 | | | | | | 200,604 | | | | ||
Sonoma County Junior
College District, General Obligation Bonds |
| | | | ||||||||||||
5.000%, due 8/1/22 |
| | | | 170,000 | | | | | | 171,538 | | | | ||
State of California,
General Obligation Bonds |
| | | | ||||||||||||
4.000%, due 9/1/32 |
| | | | 500,000 | | | | | | 520,656 | | | | ||
5.000%, due 8/1/22 |
| | | | 240,000 | | | | | | 242,262 | | | | ||
5.000%, due 9/1/22 |
| | | | 150,000 | | | | | | 151,853 | | | | ||
University of
California, Revenue Bonds Series AO |
| | | | ||||||||||||
5.000%, due 5/15/22 |
| | | | 100,000 | | | | | | 100,130 | | | | ||
Series AZ |
| | | | ||||||||||||
5.000%, due 5/15/22 |
| | | | 100,000 | | | | | | 100,130 | | | | ||
Series G |
| | | | ||||||||||||
4.000%, due 5/15/22 |
| | | | 200,000 | | | | | | 200,193 | | | | ||
Westminster School
District, General Obligation Bonds Series B Insured: BAM |
| | | | ||||||||||||
2.170%, due 8/1/48(c)
|
| | | | 100,000 | | | | | | 17,426 | | | | ||
Westside Union School
District, General Obligation Bonds Series A |
| | | | ||||||||||||
4.000%, due 8/1/22 |
| | | | 100,000 | | | | | | 100,664 | | | | ||
| | | | | | | | | | | 18,127,683 | | | | | |
Colorado — 3.2% | | | ||||||||||||||
Adams State University,
Revenue Bonds Series A Insured: ST HGR ED INTERCEPT PROG |
| | | | ||||||||||||
5.000%, due 5/15/35 |
| | | | 1,125,000 | | | | | | 1,263,124 | | | | ||
Cherokee Metropolitan
District, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 8/1/34 |
| | | | 200,000 | | | | | | 214,174 | | | | ||
Colorado Educational
& Cultural Facilities Authority, Revenue Bonds Insured: Moral Obligation Bond |
| | | | ||||||||||||
4.000%, due 12/15/22 |
| | | | 245,000 | | | | | | 248,177 | | | | ||
4.000%, due 12/15/36 |
| | | | 475,000 | | | | | | 488,059 | | | | ||
4.000%, due 12/15/41 |
| | | | 400,000 | | | | | | 407,251 | | | | ||
Series A Insured: Moral Obligation
Bond |
| | | | ||||||||||||
4.000%, due 7/1/36 |
| | | | 1,000,000 | | | | | | 1,025,808 | | | | ||
Colorado Health
Facilities Authority, Revenue Bonds Series A-1 |
| | | | ||||||||||||
4.000%, due 8/1/44 |
| | | | 250,000 | | | | | | 238,522 | | | | ||
5.000%, due 8/1/34 |
| | | | 75,000 | | | | | | 81,730 | | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Colorado (continued) | | | ||||||||||||||
5.000%, due 8/1/35 |
| | | $ | 105,000 | | | | | $ | 114,292 | | | | ||
Series A-2 |
| | | | ||||||||||||
5.000%, due 8/1/33 |
| | | | 90,000 | | | | | | 98,201 | | | | ||
Crystal Valley
Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM 4.000%, due 12/1/36 |
| | | | 500,000 | | | | | | 525,451 | | | | ||
Dawson Ridge
Metropolitan District No 1, General Obligation
Bonds Series A |
| | | | ||||||||||||
1.510%, due 10/1/22(c)
|
| | | | 175,000 | | | | | | 173,898 | | | | ||
Eagle County School
District No Re50J, Certificates of Participation Insured: AGM |
| | | | ||||||||||||
4.000%, due 12/1/41 |
| | | | 515,000 | | | | | | 531,459 | | | | ||
Grand River Hospital
District, General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
5.250%, due 12/1/37 |
| | | | 425,000 | | | | | | 468,328 | | | | ||
Lewis Pointe
Metropolitan District, General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 12/1/24 |
| | | | 225,000 | | | | | | 232,866 | | | | ||
Pueblo City Schools,
General Obligation Bonds 5.000%, due 12/15/34 |
| | | | 1,115,000 | | | | | | 1,267,490 | | | | ||
| | | | | | | | | | | 7,378,830 | | | | | |
Connecticut — 3.3% | | | ||||||||||||||
City of Bridgeport CT,
General Obligation Bonds Series A 5.000%, due 11/1/33 |
| | | | 600,000 | | | | | | 657,619 | | | | ||
City of Hartford CT,
General Obligation Bonds Series A Insured: BAM |
| | | | ||||||||||||
5.000%, due 4/1/30 |
| | | | 100,000 | | | | | | 102,411 | | | | ||
City of New Britain CT,
General Obligation Bonds Series B Insured: AGM |
| | | | ||||||||||||
5.250%, due 9/1/30 |
| | | | 600,000 | | | | | | 679,015 | | | | ||
City of West Haven CT,
General Obligation Bonds |
| | | | ||||||||||||
4.000%, due 9/15/27 |
| | | | 240,000 | | | | | | 252,339 | | | | ||
4.000%, due 9/15/28 |
| | | | 290,000 | | | | | | 305,196 | | | | ||
4.000%, due 9/15/31 |
| | | | 325,000 | | | | | | 340,619 | | | | ||
Insured: BAM | | | | | ||||||||||||
4.000%, due 3/15/29 |
| | | | 200,000 | | | | | | 212,671 | | | | ||
Connecticut State
Health & Educational Facilities Authority, Revenue
Bonds Series I-1 |
| | | | ||||||||||||
5.000%, due 7/1/33 |
| | | | 350,000 | | | | | | 377,849 | | | | ||
Mattabassett District,
Revenue Bonds Insured: BAM 5.000%, due 8/1/23 |
| | | | 400,000 | | | | | | 413,291 | | | | ||
State of Connecticut,
General Obligation Bonds Series A Insured: BAM |
| | | | ||||||||||||
5.000%, due 4/15/34 |
| | | | 1,875,000 | | | | | | 2,112,888 | | | | ||
State of Connecticut
Special Tax Revenue, Revenue Bonds Series A 4.000%, due 5/1/36 |
| | | | 500,000 | | | | | | 517,225 | | | | ||
4.000%, due 5/1/40 |
| | | | 1,500,000 | | | | | | 1,533,797 | | | | ||
| | | | | | | | | | | 7,504,920 | | | | | |
|
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Florida — 3.0% | | | ||||||||||||||
City of Pompano Beach
FL, Revenue Bonds Series B-2 |
| | | | ||||||||||||
1.450%, due 1/1/27 |
| | | $ | 250,000 | | | | | $ | 225,613 | | | | ||
County of Miami-Dade FL
Aviation Revenue, Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 10/1/34 |
| | | | 500,000 | | | | | | 508,023 | | | | ||
4.000%, due 10/1/39 |
| | | | 400,000 | | | | | | 400,836 | | | | ||
County of Miami-Dade FL
Water & Sewer System Revenue, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 10/1/34 |
| | | | 1,000,000 | | | | | | 1,045,364 | | | | ||
County of Palm Beach
FL, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 6/1/23 |
| | | | 115,000 | | | | | | 115,344 | | | | ||
Florida Development
Finance Corp., Revenue Bonds |
| | | | ||||||||||||
5.000%, due 2/1/34 |
| | | | 1,405,000 | | | | | | 1,526,634 | | | | ||
Series A |
| | | | ||||||||||||
4.000%, due 7/1/24 |
| | | | 200,000 | | | | | | 200,946 | | | | ||
Florida Municipal Power
Agency, Revenue Bonds Series A |
| | | | ||||||||||||
3.000%, due 10/1/33 |
| | | | 500,000 | | | | | | 476,987 | | | | ||
Miami Beach Health
Facilities Authority, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 11/15/38 |
| | | | 500,000 | | | | | | 487,834 | | | | ||
North Springs
Improvement District, Special Assessment |
| | | | ||||||||||||
Insured: AGM | | | | | ||||||||||||
2.000%, due 5/1/23 |
| | | | 185,000 | | | | | | 183,487 | | | | ||
4.000%, due 5/1/28 |
| | | | 410,000 | | | | | | 426,920 | | | | ||
4.000%, due 5/1/30 |
| | | | 445,000 | | | | | | 464,645 | | | | ||
School Board of
Miami-Dade County (The), Certificates of Participation
Series A |
| | | | ||||||||||||
5.000%, due 5/1/31 |
| | | | 260,000 | | | | | | 266,976 | | | | ||
State of Florida,
General Obligation Bonds Series A |
| | | | ||||||||||||
5.000%, due 6/1/22 |
| | | | 150,000 | | | | | | 150,447 | | | | ||
Series C |
| | | | ||||||||||||
4.000%, due 6/1/30 |
| | | | 500,000 | | | | | | 501,108 | | | | ||
| | | | | | | | | | | 6,981,164 | | | | | |
Georgia — 1.4% | | | ||||||||||||||
Main Street Natural
Gas, Inc., Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 7/1/52(a)(d)
|
| | | | 1,500,000 | | | | | | 1,540,508 | | | | ||
Municipal Electric
Authority of Georgia, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 1/1/36 |
| | | | 1,000,000 | | | | | | 1,094,799 | | | | ||
5.000%, due 1/1/38 |
| | | | 500,000 | | | | | | 545,885 | | | | ||
| | | | | | | | | | | 3,181,192 | | | | | |
Guam — 0.2% | | | ||||||||||||||
Guam Government
Waterworks Authority, Revenue Bonds |
| | | | ||||||||||||
5.250% , due 7/1/33 |
| | | | 500,000 | | | | | | 517,034 | | | | ||
Hawaii — 0.1% | | | ||||||||||||||
City & County of
Honolulu HI, General Obligation Bonds Series D |
| | | | ||||||||||||
5.000% , due 8/1/22 |
| | | | 235,000 | | | | | | 237,126 | | | | ||
Idaho — 0.5% | | | ||||||||||||||
Idaho Housing &
Finance Association, Revenue Bonds Series A |
| | | | ||||||||||||
5.000% , due 7/15/33 |
| | | | 1,100,000 | | | | | | 1,256,654 | | | | ||
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois — 13.3% | | ||||||||||||
Chicago Board of
Education, General Obligation Bonds Series A Insured: AGM |
| | | ||||||||||
5.000%, due 12/1/27 |
| | | $ | 500,000 | | | | | $ | 548,486 | | |
Chicago O’Hare
International Airport, Revenue Bonds Series C |
| | | ||||||||||
5.000%, due 1/1/28 |
| | | | 100,000 | | | | | | 107,312 | | |
Chicago Park District,
General Obligation Bonds Series C Insured: BAM |
| | | ||||||||||
5.000%, due 1/1/27 |
| | | | 250,000 | | | | | | 256,896 | | |
Series D |
| | | ||||||||||
4.000%, due 1/1/34 |
| | | | 1,000,000 | | | | | | 1,010,496 | | |
4.000%, due 1/1/35 |
| | | | 645,000 | | | | | | 650,910 | | |
Series E Insured: BAM |
| | | ||||||||||
4.000%, due 11/15/31 |
| | | | 500,000 | | | | | | 513,048 | | |
City of Chicago Heights
IL, General Obligation Bonds Insured: BAM |
| | | ||||||||||
4.000%, due 12/1/23 |
| | | | 100,000 | | | | | | 102,199 | | |
City of Chicago IL,
General Obligation Bonds Series A |
| | | ||||||||||
5.000%, due 1/1/34 |
| | | | 1,000,000 | | | | | | 1,064,778 | | |
City of St Charles IL,
General Obligation Bonds Series A |
| | | ||||||||||
4.000%, due 12/1/22 |
| | | | 150,000 | | | | | | 152,026 | | |
Cook County Township
High School District No 220 Reavis, General Obligation Bonds Insured:
BAM |
| | | ||||||||||
5.000%, due 12/1/25 |
| | | | 600,000 | | | | | | 645,616 | | |
County of Sangamon IL,
General Obligation Bonds Insured: BAM |
| | | ||||||||||
5.000%, due 12/15/26 |
| | | | 240,000 | | | | | | 262,546 | | |
Illinois Finance
Authority, Revenue Bonds Series A |
| | | ||||||||||
4.000%, due 10/1/38 |
| | | | 2,000,000 | | | | | | 2,028,134 | | |
5.000%, due 8/15/32 |
| | | | 1,500,000 | | | | | | 1,679,047 | | |
Kane & DeKalb
Counties Community Unit School District No 301 Burlington, General Obligation Bonds Insured: NATL |
| | | ||||||||||
1.980%, due 12/1/22(c)
|
| | | | 400,000 | | | | | | 395,383 | | |
Kendall Kane & Will
Counties Community Unit School District No 308, General Obligation Bonds
Insured: AGM |
| | | ||||||||||
2.940%, due 2/1/26(c)
|
| | | | 450,000 | | | | | | 403,259 | | |
Macon & De Witt
Counties Community Unit School District No 2 Maroa-Forsyth, General Obligation Bonds Insured: AGM |
| | | ||||||||||
4.000%, due 12/1/31 |
| | | | 500,000 | | | | | | 530,853 | | |
4.000%, due 12/1/32 |
| | | | 550,000 | | | | | | 575,922 | | |
4.000%, due 12/1/40 |
| | | | 1,000,000 | | | | | | 1,034,265 | | |
Madison County
Community Unit School District No 8 Bethalto, General Obligation Bonds Series B Insured: BAM |
| | | ||||||||||
4.000%, due 12/1/22 |
| | | | 200,000 | | | | | | 202,655 | | |
4.000%, due 12/1/31 |
| | | | 700,000 | | | | | | 741,818 | | |
Madison-Macoupin Etc
Counties Community College District No 536, General Obligation Bonds
Series A Insured: AGM |
| | | ||||||||||
5.000%, due 11/1/32 |
| | | | 320,000 | | | | | | 342,988 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Northern Illinois
University, Revenue Bonds Insured: BAM |
| | | ||||||||||
5.000%, due 10/1/26 |
| | | $ | 250,000 | | | | | $ | 270,360 | | |
5.000%, due 10/1/28 |
| | | | 650,000 | | | | | | 719,345 | | |
5.000%, due 10/1/30 |
| | | | 690,000 | | | | | | 777,868 | | |
Sales Tax
Securitization Corp., Revenue Bonds Series A |
| | | ||||||||||
4.000%, due 1/1/38 |
| | | | 300,000 | | | | | | 298,756 | | |
4.000%, due 1/1/39 |
| | | | 1,200,000 | | | | | | 1,194,152 | | |
5.000%, due 1/1/30 |
| | | | 500,000 | | | | | | 558,294 | | |
Sangamon County School
District No 186 Springfield, General Obligation Bonds Series C
Insured: AGM |
| | | ||||||||||
5.000%, due 6/1/29 |
| | | | 500,000 | | | | | | 559,812 | | |
Sangamon Logan &
Menard Counties Community Unit School Dist No 15 Williamsville, General
Obligation Bonds Series B Insured: BAM |
| | | ||||||||||
5.000%, due 12/1/32 |
| | | | 500,000 | | | | | | 565,055 | | |
Southwestern Illinois
Development Authority, Revenue Bonds |
| | | ||||||||||
4.000%, due 10/15/24 |
| | | | 165,000 | | | | | | 170,013 | | |
4.000%, due 4/15/31 |
| | | | 450,000 | | | | | | 465,053 | | |
4.000%, due 4/15/33 |
| | | | 500,000 | | | | | | 511,126 | | |
State of Illinois,
General Obligation Bonds |
| | | ||||||||||
5.000%, due 2/1/28 |
| | | | 500,000 | | | | | | 534,399 | | |
Series A |
| | | ||||||||||
5.000%, due 12/1/25 |
| | | | 800,000 | | | | | | 849,408 | | |
5.000%, due 12/1/26 |
| | | | 780,000 | | | | | | 836,577 | | |
Series A Insured: AGM |
| | | ||||||||||
4.125%, due 4/1/33 |
| | | | 550,000 | | | | | | 556,251 | | |
Series D |
| | | ||||||||||
5.000%, due 11/1/28 |
| | | | 1,470,000 | | | | | | 1,578,587 | | |
Town of Cicero IL,
General Obligation Bonds Insured: BAM |
| | | ||||||||||
5.000%, due 12/1/26 |
| | | | 230,000 | | | | | | 234,383 | | |
5.000%, due 1/1/30 |
| | | | 450,000 | | | | | | 503,059 | | |
Veterans Park District,
General Obligation Bonds Series A Insured: BAM |
| | | ||||||||||
3.000%, due 12/15/22 |
| | | | 150,000 | | | | | | 151,095 | | |
Village of Antioch IL,
General Obligation Bonds Insured: BAM |
| | | ||||||||||
3.000%, due 12/1/22 |
| | | | 150,000 | | | | | | 151,081 | | |
Village of Bolingbrook
IL, General Obligation Bonds Series A |
| | | ||||||||||
2.210%, due 1/1/35(c)
|
| | | | 4,000,000 | | | | | | 2,148,150 | | |
Village of Franklin
Park IL, Revenue Bonds Series A Insured: BAM |
| | | ||||||||||
4.000%, due 10/1/30 |
| | | | 350,000 | | | | | | 371,504 | | |
4.000%, due 10/1/32 |
| | | | 375,000 | | | | | | 391,438 | | |
Village of Matteson IL,
Revenue Bonds Insured: BAM |
| | | ||||||||||
5.000%, due 12/1/29 |
| | | | 465,000 | | | | | | 513,260 | | |
Village of Mundelein
IL, General Obligation Bonds Insured: AGM |
| | | ||||||||||
4.000%, due 12/15/39 |
| | | | 100,000 | | | | | | 103,285 | | |
Village of Park Forest
IL, General Obligation Bonds Insured: BAM |
| | | ||||||||||
4.000%, due 1/1/23 |
| | | | 235,000 | | | | | | 238,209 | | |
4.000%, due 1/1/25 |
| | | | 475,000 | | | | | | 491,672 | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Illinois (continued) | | | ||||||||||||||
Village of Stone Park
IL, General Obligation Bonds Series B Insured: BAM |
| | | | ||||||||||||
4.000%, due 2/1/23 |
| | | $ | 135,000 | | | | | $ | 136,839 | | | | ||
Will County School
District No 114 Manhattan, General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
3.500%, due 1/1/26 |
| | | | 840,000 | | | | | | 851,139 | | | | ||
Woodford Lasalle
Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest,
General Obligation Bonds Series A Insured: BAM |
| | | | ||||||||||||
4.000%, due 12/1/35 |
| | | | 500,000 | | | | | | 519,351 | | | | ||
| | | | | | | | | | | 30,498,158 | | | | | |
Indiana — 0.9% | | | ||||||||||||||
City of Fishers IN
Sewage Works Revenue, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 1/1/25 |
| | | | 270,000 | | | | | | 280,324 | | | | ||
Indiana Finance
Authority, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
5.000%, due 10/1/35 |
| | | | 500,000 | | | | | | 579,094 | | | | ||
Series A |
| | | | ||||||||||||
1.400%, due 8/1/29 |
| | | | 1,000,000 | | | | | | 842,288 | | | | ||
MSD of Wash Township
School Building Corp., Revenue Bonds Insured: ST INTERCEPT |
| | | | ||||||||||||
5.000%, due 7/15/35 |
| | | | 225,000 | | | | | | 253,939 | | | | ||
| | | | | | | | | | | 1,955,645 | | | | | |
Iowa — 0.8% | | | ||||||||||||||
City of Coralville IA,
General Obligation Bonds |
| | | | ||||||||||||
Series A |
| | | | | | | | | | | | | | ||
4.000%, due 5/1/23 |
| | | | 520,000 | | | | | | 527,633 | | | | ||
4.000%, due 5/1/24 |
| | | | 1,305,000 | | | | | | 1,336,293 | | | | ||
| | | | | | | | | | | 1,863,926 | | | | | |
Kansas — 0.2% | | | ||||||||||||||
Wyandotte County
Unified School District NO 500 Kansas City, General Obligation Bonds
Series A |
| | | | ||||||||||||
4.125% , due 9/1/37 |
| | | | 500,000 | | | | | | 529,759 | | | | ||
Kentucky — 0.5% | | | ||||||||||||||
City of Berea KY,
Revenue Bonds Series A |
| | | | ||||||||||||
0.320%, due 6/1/32(a)(d)
|
| | | | 600,000 | | | | | | 600,000 | | | | ||
Louisville &
Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 6/1/36 |
| | | | 75,000 | | | | | | 77,346 | | | | ||
Louisville/Jefferson
County Metropolitan Government, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 10/1/32 |
| | | | 500,000 | | | | | | 543,521 | | | | ||
| | | | | | | | | | | 1,220,867 | | | | | |
Louisiana — 3.0% | | | ||||||||||||||
Cameron Parish School
District No 15, General Obligation Bonds |
| | | | ||||||||||||
4.000%, due 10/1/22 |
| | | | 125,000 | | | | | | 125,928 | | | | ||
5.000%, due 10/1/23 |
| | | | 205,000 | | | | | | 211,061 | | | | ||
5.000%, due 10/1/29 |
| | | | 290,000 | | | | | | 317,523 | | | | ||
City of Shreveport LA
Water & Sewer Revenue, Revenue Bonds Series C Insured:
BAM |
| | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Louisiana (continued) | | | ||||||||||||||
5.000%, due 12/1/31 |
| | | $ | 100,000 | | | | | $ | 111,210 | | | | ||
City of Youngsville LA
Sales Tax Revenue, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 5/1/32 |
| | | | 250,000 | | | | | | 263,639 | | | | ||
4.000%, due 5/1/34 |
| | | | 300,000 | | | | | | 316,778 | | | | ||
Jefferson Parish
Consolidated Sewerage District No 1, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 2/1/29 |
| | | | 750,000 | | | | | | 792,818 | | | | ||
Louisiana Stadium &
Exposition District, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 7/3/23 |
| | | | 1,500,000 | | | | | | 1,518,076 | | | | ||
New Orleans Aviation
Board, Revenue Bonds Series A Insured: AGM |
| | | | ||||||||||||
5.000%, due 10/1/37 |
| | | | 600,000 | | | | | | 672,441 | | | | ||
Port New Orleans Board
of Commissioners, Revenue Bonds Series B Insured: AGM |
| | | | ||||||||||||
5.000%, due 4/1/36 |
| | | | 620,000 | | | | | | 674,747 | | | | ||
State of Louisiana,
General Obligation Bonds Series D |
| | | | ||||||||||||
5.000%, due 9/1/24 |
| | | | 1,495,000 | | | | | | 1,579,292 | | | | ||
Ward Two Water District
of Livingston Parish, Revenue Bonds |
| | | | ||||||||||||
Insured: BAM |
| | | | ||||||||||||
3.000%, due 4/1/23 |
| | | | 300,000 | | | | | | 301,828 | | | | ||
| | | | | | | | | | | 6,885,341 | | | | | |
Maine — 0.4% | | | ||||||||||||||
Finance Authority of
Maine, Revenue Bonds Series A-1 Insured: AGC |
| | | | ||||||||||||
5.000%, due 12/1/26 |
| | | | 155,000 | | | | | | 165,951 | | | | ||
Maine Health &
Higher Educational Facilities Authority, Revenue Bonds Series A
Insured: AGM |
| | | | ||||||||||||
5.000%, due 7/1/31 |
| | | | 225,000 | | | | | | 258,653 | | | | ||
5.000%, due 7/1/32 |
| | | | 500,000 | | | | | | 568,849 | | | | ||
| | | | | | | | | | | 993,453 | | | | | |
Maryland — 1.2% | | | ||||||||||||||
City of Baltimore MD,
Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 7/1/38 |
| | | | 900,000 | | | | | | 922,765 | | | | ||
County of Baltimore MD,
General Obligation Bonds |
| | | | ||||||||||||
4.000%, due 3/1/33 |
| | | | 1,000,000 | | | | | | 1,048,130 | | | | ||
State of Maryland,
General Obligation Bonds Series A |
| | | | ||||||||||||
5.000%, due 3/15/32 |
| | | | 585,000 | | | | | | 674,811 | | | | ||
| | | | | | | | | | | 2,645,706 | | | | | |
Massachusetts — 0.1% | | | ||||||||||||||
Commonwealth of
Massachusetts, Revenue Bonds Insured: NATL |
| | | | ||||||||||||
5.500%, due 1/1/25 |
| | | | 250,000 | | | | | | 267,351 | | | | ||
Michigan — 4.1% | | | ||||||||||||||
City of Marquette MI,
General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 5/1/24 |
| | | | 360,000 | | | | | | 371,109 | | | | ||
4.000%, due 5/1/26 |
| | | | 785,000 | | | | | | 825,495 | | | | ||
5.000%, due 5/1/27 |
| | | | 590,000 | | | | | | 651,966 | | | | ||
City of Owosso MI,
General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
4.000%, due 5/1/23 |
| | | | 160,000 | | | | | | 162,903 | | | | ||
4.000%, due 5/1/24 |
| | | | 115,000 | | | | | | 118,435 | | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Michigan (continued) | | | ||||||||||||||
City of Saginaw MI
Water Supply System Revenue, Revenue Bonds Insured: AGM |
| | | | ||||||||||||
4.000%, due 7/1/23 |
| | | $ | 700,000 | | | | | $ | 714,610 | | | | ||
City of Taylor MI,
General Obligation Bonds Series 2021 Insured: BAM |
| | | | ||||||||||||
4.000%, due 3/1/31 |
| | | | 250,000 | | | | | | 265,710 | | | | ||
Jackson County
Intermediate School District, General Obligation Bonds Insured:
AGM |
| | | | ||||||||||||
5.000%, due 5/1/24 |
| | | | 115,000 | | | | | | 120,431 | | | | ||
Lakeview Public School
District, General Obligation Bonds Insured: Q-SBLF |
| | | | ||||||||||||
5.000%, due 11/1/22 |
| | | | 290,000 | | | | | | 294,907 | | | | ||
5.000%, due 11/1/23 |
| | | | 640,000 | | | | | | 667,245 | | | | ||
Michigan Finance
Authority, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 4/15/29 |
| | | | 1,000,000 | | | | | | 1,118,423 | | | | ||
5.000%, due 2/15/34 |
| | | | 235,000 | | | | | | 264,509 | | | | ||
Series A Class 1 |
| | | | ||||||||||||
4.000%, due 6/1/34 |
| | | | 500,000 | | | | | | 507,193 | | | | ||
Van Buren Public
Schools, General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 11/1/35 |
| | | | 1,700,000 | | | | | | 1,764,697 | | | | ||
4.000%, due 11/1/36 |
| | | | 1,040,000 | | | | | | 1,078,451 | | | | ||
Wyoming Public Schools,
General Obligation Bonds Series III Insured: AGM |
| | | | ||||||||||||
4.000%, due 5/1/41 |
| | | | 500,000 | | | | | | 507,238 | | | | ||
| | | | | | | | | | | 9,433,322 | | | | | |
Minnesota — 1.1% | | | ||||||||||||||
Minneapolis Special
School District No 1, General Obligation Bonds Series B Insured:
SD CRED PROG |
| | | | ||||||||||||
5.000%, due 2/1/28 |
| | | | 1,000,000 | | | | | | 1,128,577 | | | | ||
5.000%, due 2/1/31 |
| | | | 1,250,000 | | | | | | 1,396,104 | | | | ||
| | | | | | | | | | | 2,524,681 | | | | | |
Mississippi — 1.1% | | | ||||||||||||||
State of Mississippi,
General Obligation Bonds Series C |
| | | | ||||||||||||
4.000% , due 10/1/37 |
| | | | 2,500,000 | | | | | | 2,568,154 | | | | ||
Missouri — 2.5% | | | ||||||||||||||
City of Kansas City MO,
Revenue Bonds Series C |
| | | | ||||||||||||
5.000%, due 9/1/26 |
| | | | 1,300,000 | | | | | | 1,418,017 | | | | ||
5.000%, due 9/1/28 |
| | | | 1,000,000 | | | | | | 1,111,133 | | | | ||
Health &
Educational Facilities Authority of the State of Missouri, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 8/1/25 |
| | | | 150,000 | | | | | | 155,178 | | | | ||
4.000%, due 2/1/26 |
| | | | 715,000 | | | | | | 729,934 | | | | ||
4.000%, due 2/15/35 |
| | | | 500,000 | | | | | | 502,190 | | | | ||
4.500%, due 1/1/39 |
| | | | 1,000,000 | | | | | | 1,030,274 | | | | ||
5.000%, due 2/15/32 |
| | | | 500,000 | | | | | | 574,437 | | | | ||
St Louis Municipal
Finance Corp, Revenue Bonds Insured: AGM |
| | | | ||||||||||||
4.000%, due 6/15/43 |
| | | | 105,000 | | | | | | 106,778 | | | | ||
| | | | | | | | | | | 5,627,941 | | | | | |
Montana — 0.2% | | | ||||||||||||||
Montana Facility
Finance Authority, Revenue Bonds 5.000%, due 6/1/24 |
| | | | 375,000 | | | | | | 392,522 | | | | ||
|
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Nebraska — 2.3% | | | ||||||||||||||
Central Plains Energy
Project, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 3/1/50(a)(d)
|
| | | $ | 600,000 | | | | | $ | 615,685 | | | | ||
5.250%, due 9/1/37 |
| | | | 3,340,000 | | | | | | 3,375,523 | | | | ||
City of Kearney NE,
General Obligation Bonds |
| | | | ||||||||||||
4.000%, due 5/15/32 |
| | | | 340,000 | | | | | | 348,592 | | | | ||
City of Omaha NE,
General Obligation Bonds |
| | | | ||||||||||||
5.000%, due 4/15/25 |
| | | | 800,000 | | | | | | 859,694 | | | | ||
| | | | | | | | | | | 5,199,494 | | | | | |
Nevada — 1.2% | | | ||||||||||||||
City of North Las Vegas
NV, General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
4.000%, due 6/1/36 |
| | | | 1,000,000 | | | | | | 1,024,179 | | | | ||
Insured: BAM |
| | | | ||||||||||||
5.000%, due 6/1/25 |
| | | | 1,220,000 | | | | | | 1,309,699 | | | | ||
Clark County School
District, General Obligation Bonds Series F |
| | | | ||||||||||||
5.000%, due 6/15/22 |
| | | | 250,000 | | | | | | 250,691 | | | | ||
Las Vegas Convention
& Visitors Authority, Revenue Bonds Series B |
| | | | ||||||||||||
5.000%, due 7/1/43 |
| | | | 250,000 | | | | | | 273,283 | | | | ||
| | | | | | | | | | | 2,857,852 | | | | | |
New Hampshire — 0.3% | | | ||||||||||||||
New Hampshire Business
Finance Authority, Revenue Bonds Series A |
| | | | ||||||||||||
4.000% , due 4/1/30 |
| | | | 675,000 | | | | | | 680,773 | | | | ||
New Jersey — 3.6% | | | ||||||||||||||
Atlantic County
Improvement Authority (The), Revenue Bonds Insured: AGM |
| | | | ||||||||||||
5.000%, due 7/1/32 |
| | | | 325,000 | | | | | | 370,581 | | | | ||
City of Newark NJ,
General Obligation Bonds Series B Insured: AGM |
| | | | ||||||||||||
5.000%, due 10/1/25 |
| | | | 600,000 | | | | | | 641,506 | | | | ||
Essex County
Improvement Authority, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 7/15/28 |
| | | | 415,000 | | | | | | 414,577 | | | | ||
New Jersey Economic
Development Authority, Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 11/1/39 |
| | | | 1,000,000 | | | | | | 971,754 | | | | ||
New Jersey Educational
Facilities Authority, Revenue Bonds Series C Insured: AGM |
| | | | ||||||||||||
5.000%, due 7/1/25 |
| | | | 470,000 | | | | | | 501,704 | | | | ||
Series F Insured: BAM |
| | | | ||||||||||||
5.000%, due 7/1/25 |
| | | | 300,000 | | | | | | 322,594 | | | | ||
New Jersey Health Care
Facilities Financing Authority, Revenue Bonds Series A Insured: AGM |
| | | | ||||||||||||
4.125%, due 7/1/38 |
| | | | 290,000 | | | | | | 290,123 | | | | ||
New Jersey
Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR
AMBAC |
| | | | ||||||||||||
2.750%, due 12/15/24(c)
|
| | | | 575,000 | | | | | | 535,180 | | | | ||
Series A |
| | | | ||||||||||||
3.620%, due 12/15/26(c)
|
| | | | 650,000 | | | | | | 550,657 | | | | ||
New Jersey Turnpike
Authority, Revenue Bonds |
| | | | ||||||||||||
Series D-1 |
| | | | ||||||||||||
1.260% (1-Month LIBOR + 0.70%),
due |
| | | | | | | | | | | | | | ||
1/1/24(a)
|
| | | | 1,000,000 | | | | | | 1,004,402 | | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
New Jersey (continued) | | | ||||||||||||||
Newark Board of
Education, General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
5.000%, due 7/15/30 |
| | | $ | 750,000 | | | | | $ | 856,184 | | | | ||
Insured: School Bond Reserve Fund | | | | | ||||||||||||
5.000%, due 7/15/23 |
| | | | 300,000 | | | | | | 310,028 | | | | ||
Salem County
Improvement Authority, Revenue Bonds Insured: AGM |
| | | | ||||||||||||
4.000%, due 8/15/30 |
| | | | 195,000 | | | | | | 203,088 | | | | ||
4.000%, due 8/15/31 |
| | | | 180,000 | | | | | | 187,159 | | | | ||
South Jersey Port
Corp., Revenue Bonds Series B |
| | | | ||||||||||||
5.000%, due 1/1/31 |
| | | | 500,000 | | | | | | 529,350 | | | | ||
State of New Jersey,
General Obligation Bonds Series A |
| | | | ||||||||||||
4.000%, due 6/1/30 |
| | | | 500,000 | | | | | | 523,194 | | | | ||
| | | | | | | | | | | 8,212,081 | | | | | |
New York — 9.2% | | | ||||||||||||||
Albany County Airport
Authority, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 12/15/22 |
| | | | 370,000 | | | | | | 376,709 | | | | ||
Avon Central School
District, General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
2.000%, due 6/15/23 |
| | | | 335,000 | | | | | | 333,316 | | | | ||
2.000%, due 6/15/24 |
| | | | 645,000 | | | | | | 635,062 | | | | ||
Camden Central School
District, General Obligation Bonds |
| | | | ||||||||||||
4.000%, due 3/15/24 |
| | | | 1,390,000 | | | | | | 1,428,069 | | | | ||
Insured: BAM |
| | | | ||||||||||||
4.000%, due 3/15/27 |
| | | | 1,180,000 | | | | | | 1,242,943 | | | | ||
City of New York NY,
General Obligation Bonds Series A-1 |
| | | | ||||||||||||
4.000%, due 8/1/39 |
| | | | 500,000 | | | | | | 511,651 | | | | ||
Series B-1 |
| | | | ||||||||||||
4.000%, due 10/1/40 |
| | | | 500,000 | | | | | | 518,969 | | | | ||
City of Syracuse NY,
General Obligation Bonds Series A Insured: AGM |
| | | | ||||||||||||
4.000%, due 5/15/32 |
| | | | 250,000 | | | | | | 263,059 | | | | ||
County of Suffolk NY,
General Obligation Bonds Series C Insured: BAM |
| | | | ||||||||||||
5.000%, due 2/1/23 |
| | | | 410,000 | | | | | | 419,395 | | | | ||
Highland Central School
District, General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
2.000%, due 6/15/22 |
| | | | 300,000 | | | | | | 300,239 | | | | ||
Hudson Yards
Infrastructure Corp, Revenue Bonds Series A Insured: AGM |
| | | | ||||||||||||
4.000%, due 2/15/47 |
| | | | 1,835,000 | | | | | | 1,869,786 | | | | ||
Metropolitan
Transportation Authority, Revenue Bonds Series A-1 |
| | | | ||||||||||||
5.000%, due 11/15/29 |
| | | | 500,000 | | | | | | 531,524 | | | | ||
Series B Insured: AMBAC | | | | | ||||||||||||
5.250%, due 11/15/24 |
| | | | 500,000 | | | | | | 533,403 | | | | ||
Series B-1 |
| | | | ||||||||||||
5.000%, due 5/15/22 |
| | | | 200,000 | | | | | | 200,226 | | | | ||
Series C |
| | | | ||||||||||||
5.000%, due 11/15/38 |
| | | | 250,000 | | | | | | 255,105 | | | | ||
5.000%, due 11/15/42 |
| | | | 500,000 | | | | | | 509,696 | | | | ||
Monroe County
Industrial Development Corp., Revenue Bonds |
| | | | ||||||||||||
5.000%, due 5/1/24 |
| | | | 500,000 | | | | | | 526,009 | | | | ||
Series A |
| | | | ||||||||||||
4.000%, due 12/1/36 |
| | | | 375,000 | | | | | | 369,565 | | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
New York (continued) | | | ||||||||||||||
New York City Housing
Development Corp., Revenue Bonds Series F-2 Insured: Federal Housing
Administration |
| | | | ||||||||||||
0.600%, due 5/1/61(a)(d)
|
| | | $ | 1,500,000 | | | | | $ | 1,383,371 | | | | ||
New York City
Transitional Finance Authority Building Aid Revenue, Revenue Bonds
Series S-3 |
| | | | ||||||||||||
5.000%, due 7/15/33 |
| | | | 150,000 | | | | | | 164,890 | | | | ||
New York Liberty
Development Corp, Revenue Bonds Series A |
| | | | ||||||||||||
2.750%, due 11/15/41 |
| | | | 1,070,000 | | | | | | 851,936 | | | | ||
New York Liberty
Development Corp., Revenue Bonds Class 1 |
| | | | ||||||||||||
2.450%, due 9/15/69 |
| | | | 500,000 | | | | | | 469,262 | | | | ||
New York State
Dormitory Authority, Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 3/15/37 |
| | | | 650,000 | | | | | | 658,177 | | | | ||
4.000%, due 3/15/40 |
| | | | 620,000 | | | | | | 622,834 | | | | ||
5.000%, due 10/1/23 |
| | | | 850,000 | | | | | | 882,081 | | | | ||
Series A Insured: AGM |
| | | | ||||||||||||
5.000%, due 10/1/33 |
| | | | 500,000 | | | | | | 555,925 | | | | ||
Series D |
| | | | ||||||||||||
4.000%, due 2/15/47 |
| | | | 500,000 | | | | | | 496,032 | | | | ||
Series E |
| | | | ||||||||||||
4.000%, due 3/15/39 |
| | | | 215,000 | | | | | | 216,386 | | | | ||
New York State Thruway
Authority, Revenue Bonds |
| | | | ||||||||||||
Series A-1 |
| | | | ||||||||||||
4.000%, due 3/15/42 |
| | | | 1,165,000 | | | | | | 1,169,111 | | | | ||
Series J |
| | | | ||||||||||||
4.125%, due 1/1/31 |
| | | | 200,000 | | | | | | 204,123 | | | | ||
New York State Urban
Development Corp., Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 3/15/36 |
| | | | 500,000 | | | | | | 557,033 | | | | ||
Series E |
| | | | ||||||||||||
3.000%, due 3/15/40 |
| | | | 500,000 | | | | | | 436,404 | | | | ||
New York Transportation
Development Corp., Revenue Bonds Series C |
| | | | ||||||||||||
5.000%, due 12/1/27 |
| | | | 150,000 | | | | | | 161,124 | | | | ||
Town of Oyster Bay NY,
General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 11/1/23 |
| | | | 500,000 | | | | | | 511,810 | | | | ||
Triborough Bridge &
Tunnel Authority, Revenue Bonds Series A-2 |
| | | | ||||||||||||
2.000%, due 5/15/45(a)(d)
|
| | | | 1,000,000 | | | | | | 966,222 | | | | ||
| | | | | | | | | | | 21,131,447 | | | | | |
North Carolina — 0.7% | | | ||||||||||||||
North Carolina Medical
Care Commission, Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 9/1/41 |
| | | | 1,095,000 | | | | | | 1,056,308 | | | | ||
North Carolina Turnpike
Authority, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 2/1/24 |
| | | | 500,000 | | | | | | 519,017 | | | | ||
| | | | | | | | | | | 1,575,325 | | | | | |
North Dakota — 0.6% | | | ||||||||||||||
City of Grand Forks ND, Revenue
Bonds |
| | | | ||||||||||||
4.000% , due 12/1/36 |
| | | | 1,375,000 | | | | | | 1,371,486 | | | | ||
Ohio — 2.2% | | | ||||||||||||||
Akron Bath Copley Joint
Township Hospital District, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 11/15/33 |
| | | | 1,260,000 | | | | | | 1,256,840 | | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Ohio (continued) | | | ||||||||||||||
City of Hamilton OH
Wastewater System Revenue, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 10/1/41 |
| | | $ | 1,235,000 | | | | | $ | 1,285,721 | | | | ||
Crestview Local School
District/Columbiana County, Certificates of Participation Insured:
AGM |
| | | | ||||||||||||
4.000%, due 12/1/35 |
| | | | 250,000 | | | | | | 258,325 | | | | ||
4.000%, due 12/1/37 |
| | | | 320,000 | | | | | | 327,118 | | | | ||
State of Ohio, Revenue Bonds Series E | | | | | ||||||||||||
5.000%, due 1/15/35 |
| | | | 500,000 | | | | | | 542,220 | | | | ||
Triway Local School
District, Certificates of Participation Insured: BAM |
| | | | ||||||||||||
3.000%, due 12/1/22 |
| | | | 800,000 | | | | | | 805,903 | | | | ||
3.000%, due 12/1/23 |
| | | | 675,000 | | | | | | 682,193 | | | | ||
| | | | | | | | | | | 5,158,320 | | | | | |
Oregon — 0.0%(b) | | | ||||||||||||||
State of Oregon,
General Obligation Bonds Series E |
| | | | ||||||||||||
5.000% , due 6/1/22 |
| | | | 100,000 | | | | | | 100,301 | | | | ||
Pennsylvania — 3.4% | | | ||||||||||||||
Borough of Carnegie PA,
General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
3.000%, due 8/15/22 |
| | | | 75,000 | | | | | | 75,287 | | | | ||
City of Erie PA,
General Obligation Bonds Series C Insured: AGM |
| | | | ||||||||||||
3.900%, due 11/15/37(c)
|
| | | | 750,000 | | | | | | 416,618 | | | | ||
City of Oil City PA,
General Obligation Bonds Series A Insured: AGM |
| | | | ||||||||||||
4.000%, due 12/1/37 |
| | | | 885,000 | | | | | | 910,002 | | | | ||
City of Philadelphia PA
Airport Revenue, Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 7/1/35 |
| | | | 500,000 | | | | | | 507,320 | | | | ||
County of Cambria PA,
General Obligation Bonds Series B Insured: AGM |
| | | | ||||||||||||
4.000%, due 8/1/32 |
| | | | 250,000 | | | | | | 258,523 | | | | ||
Deer Creek Drainage
Basin Authority, Revenue Bonds |
| | | | ||||||||||||
Insured: AGM |
| | | | ||||||||||||
5.000%, due 12/1/27 |
| | | | 215,000 | | | | | | 237,822 | | | | ||
Forest Hills School
District, General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
5.000%, due 8/15/23 |
| | | | 265,000 | | | | | | 274,410 | | | | ||
Hazle Township
Municipal Authority, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 12/1/24 |
| | | | 240,000 | | | | | | 248,512 | | | | ||
Indiana County
Industrial Development Authority, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
5.000%, due 5/1/27 |
| | | | 250,000 | | | | | | 269,304 | | | | ||
Lancaster County
Hospital Authority, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 11/1/38 |
| | | | 1,100,000 | | | | | | 1,193,929 | | | | ||
Lancaster Industrial
Development Authority, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 7/1/31 |
| | | | 100,000 | | | | | | 99,314 | | | | ||
North East School
District, General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
2.000%, due 9/1/22 |
| | | | 250,000 | | | | | | 250,292 | | | | ||
North Pocono School
District, General Obligation Bonds Series A Insured: AGM |
| | | | ||||||||||||
4.000%, due 9/15/32 |
| | | | 250,000 | | | | | | 260,755 | | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Pennsylvania (continued) | | | ||||||||||||||
Pennsylvania Economic
Development Financing Authority, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 1/1/29 |
| | | $ | 450,000 | | | | | $ | 460,777 | | | | ||
Pennsylvania Higher
Educational Facilities Authority, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 8/15/37 |
| | | | 500,000 | | | | | | 551,858 | | | | ||
Series A Insured: AGC | | | | | ||||||||||||
1.248% (3-Month LIBOR + 0.60%), |
| | | | | | | | | | | | | | ||
due 7/1/27(a)
|
| | | | 165,000 | | | | | | 162,318 | | | | ||
Pittsburgh Water &
Sewer Authority, Revenue Bonds Series A Insured: AGM |
| | | | ||||||||||||
5.000%, due 9/1/32 |
| | | | 550,000 | | | | | | 619,362 | | | | ||
Spring Cove School
District, General Obligation Bonds Series A Insured: BAM |
| | | | ||||||||||||
4.000%, due 11/15/22 |
| | | | 500,000 | | | | | | 506,103 | | | | ||
Upper Darby School
District, General Obligation Bonds Series A Insured: BAM |
| | | | ||||||||||||
4.000%, due 4/1/38 |
| | | | 250,000 | | | | | | 256,520 | | | | ||
Warrior Run School
District/Montour Northumberland Union County PA, General Obligation Bonds
Insured: AGM |
| | | | ||||||||||||
4.000%, due 9/1/36 |
| | | | 255,000 | | | | | | 260,060 | | | | ||
| | | | | | | | | | | 7,819,086 | | | | | |
Puerto Rico — 0.4% | | | ||||||||||||||
Puerto Rico Electric
Power Authority, Revenue Bonds Series PP Insured: NATL |
| | | | ||||||||||||
5.000%, due 7/1/24 |
| | | | 25,000 | | | | | | 25,518 | | | | ||
Puerto Rico Industrial
Tourist Educational Medical & Envirml Ctl Facs Fing Auth, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 7/1/28 |
| | | | 400,000 | | | | | | 439,351 | | | | ||
5.000%, due 7/1/29 |
| | | | 425,000 | | | | | | 470,194 | | | | ||
| | | | | | | | | | | 935,063 | | | | | |
Rhode Island — 1.0% | | | ||||||||||||||
Providence Public
Building Authority, Revenue Bonds Series B Insured: AGM |
| | | | ||||||||||||
5.000%, due 6/15/32 |
| | | | 250,000 | | | | | | 276,449 | | | | ||
Rhode Island Health and
Educational Building Corp., Revenue Bonds |
| | | | ||||||||||||
5.000%, due 5/15/25 |
| | | | 500,000 | | | | | | 533,415 | | | | ||
Rhode Island Housing
And Mortgage Finance Corp., Revenue Bonds Series 77-A |
| | | | ||||||||||||
5.000%, due 10/1/28 |
| | | | 400,000 | | | | | | 441,304 | | | | ||
State of Rhode Island,
General Obligation Bonds Series A |
| | | | ||||||||||||
4.000%, due 4/1/34 |
| | | | 1,000,000 | | | | | | 1,068,579 | | | | ||
| | | | | | | | | | | 2,319,747 | | | | | |
South Carolina — 0.0%(b) | | | ||||||||||||||
South Carolina Public
Service Authority, Revenue Bonds Series B |
| | | | ||||||||||||
5.000%, due 12/1/36 |
| | | | 100,000 | | | | | | 107,108 | | | | ||
South Dakota — 1.0% | | | ||||||||||||||
County of Lawrence SD,
Certificates of Participation Insured: AGM |
| | | | ||||||||||||
4.000%, due 12/1/32 |
| | | | 455,000 | | | | | | 480,964 | | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
South Dakota (continued) | | | ||||||||||||||
4.000%, due 12/1/33 |
| | | $ | 660,000 | | | | | $ | 695,359 | | | | ||
4.000%, due 12/1/34 |
| | | | 500,000 | | | | | | 525,629 | | | | ||
Tri-Valley School
District No 49-6, General Obligation Bonds Insured: AGM |
| | | | ||||||||||||
4.000%, due 7/15/32 |
| | | | 200,000 | | | | | | 215,789 | | | | ||
4.000%, due 7/15/33 |
| | | | 380,000 | | | | | | 409,068 | | | | ||
| | | | | | | | | | | 2,326,809 | | | | | |
Texas — 10.0% | | | ||||||||||||||
Acton Municipal Utility
District, Revenue Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 5/1/24 |
| | | | 920,000 | | | | | | 945,852 | | | | ||
Arlington Higher
Education Finance Corp., Revenue Bonds Insured: PSF-GTD |
| | | | ||||||||||||
4.000%, due 8/15/24 |
| | | | 165,000 | | | | | | 170,354 | | | | ||
4.000%, due 8/15/25 |
| | | | 255,000 | | | | | | 266,067 | | | | ||
4.000%, due 8/1/29 |
| | | | 475,000 | | | | | | 503,691 | | | | ||
Series A Insured: PSF-GTD |
| | | | ||||||||||||
4.000%, due 8/15/35 |
| | | | 1,000,000 | | | | | | 1,040,820 | | | | ||
Brazoria County
Municipal Utility District No 28, General Obligation Bonds |
| | | | ||||||||||||
Series A Insured: BAM |
| | | | ||||||||||||
2.000%, due 9/1/23 |
| | | | 200,000 | | | | | | 198,948 | | | | ||
2.000%, due 9/1/24 |
| | | | 195,000 | | | | | | 192,804 | | | | ||
Central Texas Turnpike
System, Revenue Bonds Series A Insured: AMBAC |
| | | | ||||||||||||
1.780%, due 8/15/22(c)
|
| | | | 2,455,000 | | | | | | 2,442,183 | | | | ||
Series A Insured: BHAC-CR AMBAC | | | | | ||||||||||||
2.830%, due 8/15/26(c)
|
| | | | 750,000 | | | | | | 664,752 | | | | ||
City of Arlington TX, Tax Allocation | | | | | ||||||||||||
5.000%, due 8/15/30 |
| | | | 250,000 | | | | | | 274,109 | | | | ||
City of Bryan TX
Electric System Revenue, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 7/1/23 |
| | | | 200,000 | | | | | | 206,501 | | | | ||
City of Dallas TX Hotel
Occupancy Tax Revenue, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 8/15/38 |
| | | | 1,000,000 | | | | | | 1,025,018 | | | | ||
City of Houston TX
Combined Utility System Revenue, Revenue Bonds Series A Insured:
AGM |
| | | | ||||||||||||
2.620%, due 12/1/25(c)
|
| | | | 465,000 | | | | | | 423,599 | | | | ||
Series B |
| | | | ||||||||||||
5.000%, due 11/15/29 |
| | | | 395,000 | | | | | | 432,093 | | | | ||
City of Houston TX
Hotel Occupancy Tax & Special Revenue, Revenue Bonds Series B
Insured: AGM |
| | | | ||||||||||||
1.760%, due 9/1/22(c)
|
| | | | 140,000 | | | | | | 139,176 | | | | ||
City of Mission TX,
General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
5.000%, due 2/15/23 |
| | | | 305,000 | | | | | | 311,910 | | | | ||
City of Mission TX-REF,
General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
5.000%, due 2/15/23 |
| | | | 615,000 | | | | | | 628,934 | | | | ||
City of San Antonio TX
Electric & Gas Systems Revenue, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 2/1/34 |
| | | | 250,000 | | | | | | 258,425 | | | | ||
Series A |
| | | | ||||||||||||
5.000%, due 2/1/37 |
| | | | 290,000 | | | | | | 328,799 | | | | ||
City of Temple TX, Tax Allocation | | | | | ||||||||||||
Series A Insured: BAM |
| | | | ||||||||||||
5.000%, due 8/1/23 |
| | | | 145,000 | | | | | | 149,782 | | | | ||
5.000%, due 8/1/24 |
| | | | 135,000 | | | | | | 142,001 | | | | ||
5.000%, due 8/1/25 |
| | | | 270,000 | | | | | | 288,901 | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
5.000%, due 8/1/27 |
| | | $ | 125,000 | | | | | $ | 137,194 | | |
5.000%, due 8/1/30 |
| | | | 225,000 | | | | | | 252,433 | | |
Clifton Higher
Education Finance Corp., Revenue Bonds Insured: PSF-GTD |
| | | ||||||||||
3.000%, due 8/15/34 |
| | | | 250,000 | | | | | | 236,381 | | |
3.000%, due 8/15/35 |
| | | | 250,000 | | | | | | 233,422 | | |
4.000%, due 8/15/23 |
| | | | 170,000 | | | | | | 173,811 | | |
4.000%, due 8/15/24 |
| | | | 235,000 | | | | | | 242,784 | | |
4.000%, due 8/15/25 |
| | | | 310,000 | | | | | | 322,858 | | |
5.000%, due 8/15/26 |
| | | | 275,000 | | | | | | 298,591 | | |
5.000%, due 8/15/27 |
| | | | 570,000 | | | | | | 627,649 | | |
Series A |
| | | ||||||||||
5.000%, due 8/15/31 |
| | | | 435,000 | | | | | | 480,357 | | |
Conroe Local Government
Corp, Revenue Bonds |
| | | ||||||||||
5.000%, due 10/1/31 |
| | | | 125,000 | | | | | | 142,201 | | |
Dallas Independent
School District, General Obligation Bonds Insured: PSF-GTD |
| | | ||||||||||
5.000%, due 8/15/23 |
| | | | 200,000 | | | | | | 202,052 | | |
Fort Bend County
Municipal Utility District No 2, General Obligation Bonds Series A
Insured: AGM |
| | | ||||||||||
4.000%, due 10/1/23 |
| | | | 105,000 | | | | | | 107,248 | | |
4.000%, due 10/1/24 |
| | | | 110,000 | | | | | | 113,819 | | |
Fort Bend County
Municipal Utility District No 215, General Obligation Bonds Insured:
BAM |
| | | ||||||||||
4.000%, due 9/1/24 |
| | | | 125,000 | | | | | | 128,638 | | |
Fort Bend County
Municipal Utility District No 23, General Obligation Bonds Insured:
BAM |
| | | ||||||||||
4.000%, due 9/1/23 |
| | | | 395,000 | | | | | | 403,932 | | |
4.000%, due 9/1/24 |
| | | | 205,000 | | | | | | 211,669 | | |
Greater Greenspoint
Redevelopment Authority, Tax Allocation Insured: AGM |
| | | ||||||||||
4.000%, due 9/1/32 |
| | | | 350,000 | | | | | | 360,418 | | |
4.000%, due 9/1/33 |
| | | | 370,000 | | | | | | 380,337 | | |
Greater Texoma Utility
Authority, Revenue Bonds Insured: AGM |
| | | ||||||||||
5.000%, due 10/1/23 |
| | | | 225,000 | | | | | | 233,237 | | |
5.000%, due 10/1/24 |
| | | | 240,000 | | | | | | 253,739 | | |
Harris County Cultural
Education Facilities Finance Corp, Revenue Bonds Series A |
| | | ||||||||||
1.210% (1-Month LIBOR + 0.65%),
due |
| | | | | | | | | | | | |
11/15/46(a)
|
| | | | 1,000,000 | | | | | | 999,297 | | |
Harris County Cultural
Education Facilities Finance Corp., Revenue Bonds Series A |
| | | ||||||||||
3.000%, due 10/1/40 |
| | | | 250,000 | | | | | | 216,971 | | |
Houston Higher
Education Finance Corp., Revenue Bonds |
| | | ||||||||||
1.500%, due 10/1/23 |
| | | | 230,000 | | | | | | 221,388 | | |
Lamar Consolidated
Independent School District, General Obligation Bonds Insured:
PSF-GTD |
| | | ||||||||||
4.000%, due 2/15/38 |
| | | | 500,000 | | | | | | 520,422 | | |
Texas Municipal Gas
Acquisition & Supply Corp. III, Revenue Bonds |
| | | ||||||||||
5.000%, due 12/15/22 |
| | | | 250,000 | | | | | | 253,774 | | |
5.000%, due 12/15/23 |
| | | | 250,000 | | | | | | 257,265 | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Texas (continued) | | | ||||||||||||||
Texas Municipal Gas
Acquisition and Supply Corp II, Revenue Bonds Series C |
| | | | ||||||||||||
1.235% (3-Month LIBOR + 0.69%),
due |
| | | | | | | | | | | | | | ||
9/15/27(a)
|
| | | $ | 2,500,000 | | | | | $ | 2,453,266 | | | | ||
Texas Private Activity
Bond Surface Transportation Corp., Revenue Bonds Series A |
| | | | ||||||||||||
4.000%, due 6/30/32 |
| | | | 500,000 | | | | | | 511,774 | | | | ||
Uptown Development
Authority, Tax Allocation Series A |
| | | | ||||||||||||
5.000%, due 9/1/35 |
| | | | 500,000 | | | | | | 522,862 | | | | ||
Viridian Municipal
Management District, General Obligation Bonds Insured: BAM |
| | | | ||||||||||||
4.000%, due 12/1/24 |
| | | | 360,000 | | | | | | 374,047 | | | | ||
| | | | | | | | | | | 22,908,555 | | | | | |
Utah — 2.4% | | | ||||||||||||||
Intermountain Power
Agency, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 7/1/29 |
| | | | 750,000 | | | | | | 854,021 | | | | ||
5.000%, due 7/1/30 |
| | | | 500,000 | | | | | | 575,833 | | | | ||
Utah Associated
Municipal Power Systems, Revenue Bonds Series A |
| | | | ||||||||||||
5.000%, due 9/1/31 |
| | | | 500,000 | | | | | | 547,613 | | | | ||
Utah Charter School
Finance Authority, Revenue Bonds Insured: UT CSCE |
| | | | ||||||||||||
4.000%, due 4/15/40 |
| | | | 250,000 | | | | | | 251,807 | | | | ||
Utah Infrastructure
Agency, Revenue Bonds |
| | | | ||||||||||||
3.000%, due 10/15/24 |
| | | | 520,000 | | | | | | 510,595 | | | | ||
4.000%, due 10/15/31 |
| | | | 250,000 | | | | | | 266,633 | | | | ||
4.000%, due 10/15/32 |
| | | | 540,000 | | | | | | 571,812 | | | | ||
Vineyard Redevelopment
Agency, Tax Allocation Insured: AGM |
| | | | ||||||||||||
4.000%, due 5/1/33 |
| | | | 150,000 | | | | | | 157,926 | | | | ||
4.000%, due 5/1/35 |
| | | | 215,000 | | | | | | 225,152 | | | | ||
5.000%, due 5/1/22 |
| | | | 800,000 | | | | | | 800,000 | | | | ||
5.000%, due 5/1/24 |
| | | | 350,000 | | | | | | 367,157 | | | | ||
5.000%, due 5/1/29 |
| | | | 400,000 | | | | | | 451,232 | | | | ||
| | | | | | | | | | | 5,579,781 | | | | | |
Virginia — 0.2% | | | ||||||||||||||
Norfolk Airport
Authority, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 7/1/28 |
| | | | 150,000 | | | | | | 166,615 | | | | ||
Virginia Small Business
Financing Authority, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 12/1/36 |
| | | | 210,000 | | | | | | 195,237 | | | | ||
| | | | | | | | | | | 361,852 | | | | | |
Washington — 3.1% | | | ||||||||||||||
Auburn School District
No 408 of King & Pierce Counties, General Obligation Bonds Insured: SCH BD GTY |
| | | | ||||||||||||
4.000%, due 12/1/34 |
| | | | 500,000 | | | | | | 527,514 | | | | ||
4.000%, due 12/1/36 |
| | | | 500,000 | | | | | | 526,460 | | | | ||
City of Bellingham WA
Water & Sewer Revenue, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 8/1/22 |
| | | | 245,000 | | | | | | 247,211 | | | | ||
City of Seattle WA
Drainage & Wastewater Revenue, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 5/1/22 |
| | | | 100,000 | | | | | | 100,000 | | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Washington (continued) | | | ||||||||||||||
County of King WA Sewer
Revenue, Revenue Bonds |
| | | | ||||||||||||
Series A |
| | | | ||||||||||||
0.670% (Municipal Swap Index + |
| | | | | | | | | | | | | | ||
0.23%), due 1/1/40(a)
|
| | | $ | 3,000,000 | | | | | $ | 2,992,759 | | | | ||
King County School
District No 210 Federal Way, General Obligation Bonds Insured: SCH BD
GTY |
| | | | ||||||||||||
4.000%, due 12/1/35 |
| | | | 1,000,000 | | | | | | 1,057,140 | | | | ||
Spokane Public
Facilities District, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 12/1/35 |
| | | | 535,000 | | | | | | 560,536 | | | | ||
State of Washington,
General Obligation Bonds Series B |
| | | | ||||||||||||
5.000%, due 6/1/22 |
| | | | 125,000 | | | | | | 125,365 | | | | ||
Series D |
| | | | ||||||||||||
5.000%, due 6/1/22 |
| | | | 180,000 | | | | | | 180,525 | | | | ||
State of Washington, Revenue Bonds |
| | | | ||||||||||||
Series F |
| | | | ||||||||||||
5.000%, due 9/1/22 |
| | | | 325,000 | | | | | | 328,603 | | | | ||
Washington State
Convention Center Public Facilities District, Revenue Bonds
Series B |
| | | | ||||||||||||
4.000%, due 7/1/37 |
| | | | 535,000 | | | | | | 506,323 | | | | ||
| | | | | | | | | | | 7,152,436 | | | | | |
West Virginia — 0.8% | | | ||||||||||||||
City of Wheeling WV
Waterworks & Sewerage System Revenue, Revenue Bonds Series A Insured: BAM |
| | | | ||||||||||||
4.000%, due 6/1/24 |
| | | | 115,000 | | | | | | 118,630 | | | | ||
4.000%, due 6/1/26 |
| | | | 125,000 | | | | | | 131,304 | | | | ||
4.000%, due 6/1/27 |
| | | | 280,000 | | | | | | 296,442 | | | | ||
4.000%, due 6/1/29 |
| | | | 460,000 | | | | | | 492,646 | | | | ||
Morgantown Utility
Board, Inc., Revenue Bonds Series A Insured: BAM |
| | | | ||||||||||||
4.000%, due 12/1/34 |
| | | | 200,000 | | | | | | 209,946 | | | | ||
West Virginia Hospital
Finance Authority, Revenue Bonds |
| | | | ||||||||||||
5.000%, due 9/1/39 |
| | | | 500,000 | | | | | | 549,776 | | | | ||
| | | | | | | | | | | 1,798,744 | | | | | |
Wisconsin — 1.1% | | | ||||||||||||||
Public Finance
Authority, Revenue Bonds |
| | | | ||||||||||||
4.000%, due 10/1/22 |
| | | | 75,000 | | | | | | 75,452 | | | | ||
4.000%, due 10/1/23 |
| | | | 40,000 | | | | | | 40,753 | | | | ||
4.000%, due 10/1/24 |
| | | | 35,000 | | | | | | 36,025 | | | | ||
4.000%, due 10/1/30 |
| | | | 265,000 | | | | | | 271,272 | | | | ||
4.000%, due 10/1/31 |
| | | | 390,000 | | | | | | 396,422 | | | | ||
4.000%, due 10/1/32 |
| | | | 390,000 | | | | | | 394,879 | | | | ||
4.000%, due 10/1/33 |
| | | | 420,000 | | | | | | 423,600 | | | | ||
4.000%, due 10/1/34 |
| | | | 390,000 | | | | | | 391,509 | | | | ||
Wisconsin Health &
Educational Facilities Authority, Revenue Bonds Series A Insured:
AGM |
| | | | ||||||||||||
5.000%, due 2/15/33 |
| | | | 425,000 | | | | | | 478,900 | | | | ||
| | | | | | | | | | | 2,508,812 | | | | | |
Wyoming — 0.1% | | | ||||||||||||||
University of Wyoming,
Revenue Bonds Series C Insured: AGM |
| | | | ||||||||||||
4.000%, due 6/1/42 |
| | | | 250,000 | | | | | | 251,282 | | | | ||
Total Municipal Bonds | | | | | | | | | | | | | | | ||
(Cost $236,332,964) |
| | | | | | | | | | 220,974,104 | | | | ||
|
| | |
Shares |
| |
Value |
| ||||||
Short-Term Investment — 9.4% | | ||||||||||||
Money Market Fund — 9.4% | | ||||||||||||
Dreyfus Tax Exempt Cash
Management — Institutional Shares, 0.32%(e) |
| | | | | | | | | | | | |
(Cost $21,668,866) |
| | |
|
21,671,034 |
| | | | $ | 21,668,866 | | |
Total Investments — 105.5% | | | | | | | | | | | | | |
(Cost $258,001,830) |
| | | | | | | | | | 242,642,970 | | |
Other Assets and
Liabilities, Net — (5.5)% |
| | | | | | | | | | (12,658,595) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 229,984,375 | | |
| AGC | | | — | | | Assured Guaranty Corp. | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | — | | | Ambac Assurance Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| BHAC-CR | | | — | | | Berkshire Hathaway Assurance Corp. Custodial Receipts | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| MSD | | | - | | | Metropolitan Scholl District | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
| PSF-GTD | | | — | | | Permanent School Fund Guaranteed. | |
| Q-SBLF | | | — | | | Qualified School Bond Loan Fund | |
|
SCH BD GTY |
| | — | | | School Bond Guaranty Program | |
| SD CRED PROG | | | — | | | School District Credit Enhancement Program | |
| ST HGR ED INTERCEPT PROG | | | — | | | State Higher Education Intercept Program | |
|
ST INTERCEPT |
| | — | | | State Tax Intercept | |
| UT CSCE | | | — | | | Utah Charter School Credit Enhancement | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds |
| | | $ | — | | | | | $ | 220,974,104 | | | | | $ | — | | | | | $ | 220,974,104 | | |
Short-Term Investment: | | | | | | ||||||||||||||||||||
Money Market Fund |
| | | | 21,668,866 | | | | | | — | | | | | | — | | | | | | 21,668,866 | | |
Total Investments in Securities |
| | | $ | 21,668,866 | | | | | $ | 220,974,104 | | | | | $ | — | | | | | $ | 242,642,970 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Long-Term Bonds — 98.8% | | ||||||||||||
Collateralized Mortgage Obligations — 8.4% | | ||||||||||||
Mortgage Securities — 8.4% | | ||||||||||||
CHL Mortgage
Pass-Through Trust 2005-9 Series 2005-9 1A1, 1.268%, (1-Month LIBOR + 0.60%) due 5/25/35(a) |
| | | $ | 53,414 | | | | | $ | 43,716 | | |
Connecticut Avenue
Securities Trust 2019-HRP1 Series 2019-HRP1 M2, 2.818%, (1-Month
LIBOR + 2.15%) due 11/25/39(a)
|
| | | | 438,463 | | | | | | 431,854 | | |
Connecticut Avenue
Securities Trust 2020-R02 Series 2020-R02 2M2, 2.668%, (1-Month LIBOR + 2.00%) due 1/25/40(a) |
| | | | 237,389 | | | | | | 237,145 | | |
Connecticut Avenue
Securities Trust 2021-R01 Series 2021-R01 1M2, 1.839%, (SOFR30A + 1.55%) due 10/25/41(a) |
| | | | 264,445 | | | | | | 255,794 | | |
Connecticut Avenue
Securities Trust 2022-R04 Series 2022-R04 1M2, 3.389%, (SOFR30A + 3.10%) due 3/25/42(a) |
| | | | 95,000 | | | | | | 95,474 | | |
Fannie Mae Connecticut
Avenue Securities Series 2015-C04 2M2, 6.218%, (1-Month LIBOR + 5.55%) due 4/25/28(a) |
| | | | 29,506 | | | | | | 30,905 | | |
Series 2016-C01 1M2, 7.418%, (1-Month
LIBOR + 6.75%) due 8/25/28(a) |
| | | | 69,243 | | | | | | 74,051 | | |
Series 2016-C07 2M2, 5.018%, (1-Month
LIBOR + 4.35%) due 5/25/29(a) |
| | | | 217,558 | | | | | | 227,377 | | |
Series 2017-C01 1M2, 4.218%, (1-Month
LIBOR + 3.55%) due 7/25/29(a) |
| | | | 134,610 | | | | | | 139,420 | | |
Series 2017-C02 2M2C, 4.318%, (1-Month
LIBOR + 3.65%) due 9/25/29(a)
|
| | | | 245,000 | | | | | | 250,872 | | |
Series 2017-C04 2M2, 3.518%, (1-Month
LIBOR + 2.85%) due 11/25/29(a) |
| | | | 144,018 | | | | | | 147,143 | | |
Series 2017-C05 1M2, 2.868%, (1-Month
LIBOR + 2.20%) due 1/25/30(a) |
| | | | 58,978 | | | | | | 59,421 | | |
Series 2018-C01 1M2, 2.918%, (1-Month
LIBOR + 2.25%) due 7/25/30(a) |
| | | | 665,205 | | | | | | 671,438 | | |
Series 2021-R02 2M2, 2.289%,
(SOFR30A + 2.00%) due 11/25/41(a)
|
| | | | 203,045 | | | | | | 193,125 | | |
Fannie Mae Pool
Series 2022-FS0898 3.000%, due 2/1/52 |
| | | | 351,864 | | | | | | 332,820 | | |
Series 2022-FS1429 3.500%, due 4/1/52 |
| | | | 820,000 | | | | | | 797,261 | | |
Series 2022-MA4540 2.000%, due 2/1/42 |
| | | | 187,753 | | | | | | 167,896 | | |
Series 2022-MA4644 4.000%, due 5/1/52
|
| | | | 970,000 | | | | | | 966,189 | | |
Freddie Mac Pool
Series 2022-RB5148 2.000%, due 3/1/42 |
| | | | 173,610 | | | | | | 155,948 | | |
Series 2022-SD8215 4.000%, due 5/1/52 |
| | | | 1,000,000 | | | | | | 996,071 | | |
Freddie Mac STACR Remic
Trust 2020-DNA2 Series 2020-DNA2 M2, 2.518%, (1-Month LIBOR + 1.85%) due 2/25/50(a) |
| | | | 68,844 | | | | | | 68,761 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac STACR REMIC
Trust 2021-DNA5 Series 2021-DNA5 M2, 1.939%, (SOFR30A + 1.65%) due 1/25/34(a) |
| | | $ | 55,617 | | | | | $ | 55,175 | | |
Series 2021-DNA5 B1, 3.339%, (SOFR30A
+ 3.05%) due 1/25/34(a) |
| | | | 295,000 | | | | | | 278,752 | | |
Freddie Mac STACR REMIC
Trust 2021-DNA6 Series 2021-DNA6 B1, 3.689%, (SOFR30A + 3.40%) due 10/25/41(a) |
| | | | 215,000 | | | | | | 201,674 | | |
Freddie Mac STACR REMIC
Trust 2021-HQA2 Series 2021-HQA2 B1, 3.439%, (SOFR30A + 3.15%) due 12/25/33(a) |
| | | | 50,000 | | | | | | 45,002 | | |
Freddie Mac STACR REMIC
Trust 2021-HQA3 Series 2021-HQA3 B1, 3.639%, (SOFR30A + 3.35%) due 9/25/41(a) |
| | | | 460,000 | | | | | | 415,908 | | |
Freddie Mac STACR REMIC
Trust 2022-DNA1 Series 2022-DNA1 M1B, 2.139%, (SOFR30A + 1.85%) due 1/25/42(a) |
| | | | 55,000 | | | | | | 52,530 | | |
Series 2022-DNA1 B1, 3.689%, (SOFR30A
+ 3.40%) due 1/25/42(a) |
| | | | 410,000 | | | | | | 373,438 | | |
Freddie Mac STACR REMIC
Trust 2022-DNA3 Series 2022-DNA3 M1B, 3.151%, (SOFR30A + 2.90%) due 4/25/42(a) |
| | | | 520,000 | | | | | | 520,329 | | |
Freddie Mac STACR Trust
2018-DNA2 Series 2018-DNA2 M2, 2.818%, (1-Month LIBOR + 2.15%) due
12/25/30(a)
|
| | | | 638,713 | | | | | | 643,498 | | |
Series 2018-DNA2 B1, 4.368%, (1-Month
LIBOR + 3.70%) due 12/25/30(a) |
| | | | 115,000 | | | | | | 112,528 | | |
Freddie Mac STACR Trust
2019-DNA2 Series 2019-DNA2 B1, 5.018%, (1-Month LIBOR + 4.35%) due 3/25/49(a) |
| | | | 75,000 | | | | | | 75,715 | | |
Freddie Mac Structured
Agency Credit Risk Debt Notes Series 2018-HQA1 M2, 2.968%, (1-Month LIBOR + 2.30%) due 9/25/30(a) |
| | | | 603,546 | | | | | | 607,284 | | |
Series 2021-DNA2 M2, 2.589%, (SOFR30A
+ 2.30%) due 8/25/33(a) |
| | | | 190,000 | | | | | | 187,408 | | |
Series 2021-DNA2 B1, 3.689%, (SOFR30A
+ 3.40%) due 8/25/33(a) |
| | | | 130,000 | | | | | | 122,722 | | |
Series 2022-DNA2 M1B, 2.689%, (SOFR30A
+ 2.40%) due 2/25/42(a) |
| | | | 325,000 | | | | | | 319,155 | | |
GS Mortgage-Backed
Securities Trust 2021-PJ7 Series 2021-PJ7 A2, 2.500%, due 1/25/52(a)(b) |
| | | | 91,682 | | | | | | 80,975 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
HarborView Mortgage
Loan Trust 2005-2 Series 2005-2 2A1A, 0.994%, (1-Month LIBOR + 0.44%) due 5/19/35(a) |
| | | $ | 74,384 | | | | | $ | 70,348 | | |
Mello Mortgage Capital
Acceptance Series 2021-MTG2 A1, 2.500%, due 6/25/51(a)(b)
|
| | | | 86,452 | | | | | | 75,811 | | |
Mello Warehouse
Securitization Trust 2020-2 Series 2020-2 A, 1.468%, (1-Month LIBOR + 0.80%) due 11/25/53(a) |
| | | | 114,000 | | | | | | 113,479 | | |
Mello Warehouse
Securitization Trust 2021-1 Series 2021-1 A, 1.157%, (1-Month LIBOR + 0.70%) due 2/25/55(a) |
| | | | 200,000 | | | | | | 198,458 | | |
Series 2021-1 B, 1.357%, (1-Month
LIBOR + 0.90%) due 2/25/55(a)
|
| | | | 225,000 | | | | | | 223,188 | | |
Newrez Warehouse
Securitization Trust 2021-1 Series 2021-1 A, 1.418%, (1-Month LIBOR + 0.75%) due 5/25/55(a) |
| | | | 450,000 | | | | | | 446,529 | | |
STACR Trust
2018-DNA3 Series 2018-DNA3 M2, 2.768%, (1-Month LIBOR + 2.10%) due 9/25/48(a) |
| | | | 507,103 | | | | | | 510,065 | | |
STACR Trust
2018-HRP2 Series 2018-HRP2 M3, 3.068%, (1-Month LIBOR + 2.40%) due 2/25/47(a) |
| | | | 243,000 | | | | | | 242,092 | | |
WaMu Mortgage
Pass-Through Certificates Series 2004-AR13 Trust
Series 2004-AR13 A2B, 1.548%, (1-Month LIBOR + 0.88%) due
11/25/34(a)
|
| | | | 64,318 | | | | | | 60,461 | | |
WaMu Mortgage
Pass-Through Certificates Series 2006-AR9 Trust Series 2006-AR9
2A, 1.723%, (COF 11 + 1.50%) due 8/25/46(a) |
| | | | 68,692 | | | | | | 65,440 | | |
| | | | | | | | | | | 12,440,645 | | |
Total Collateralized
Mortgage Obligations (Cost $12,606,672) |
| | | | | | | | | | 12,440,645 | | |
Commercial Asset-Backed Securities — 7.3% | | ||||||||||||
Asset Backed Securities — 7.3% | | ||||||||||||
American Credit
Acceptance Receivables Trust 2021-2 Series 2021-2 D, 1.340%, due
7/13/27 |
| | | | 465,000 | | | | | | 442,033 | | |
American Credit
Acceptance Receivables Trust 2021-3 Series 2021-3 D, 1.340%,
due 11/15/27 |
| | | | 75,000 | | | | | | 70,505 | | |
American Credit
Acceptance Receivables Trust 2022-1 Series 2022-1 D, 2.460%, due
3/13/28 |
| | | | 75,000 | | | | | | 70,049 | | |
AMSR 2020-SFR4
Trust Series 2020-SFR4 A, 1.355%, due 11/17/37 |
| | | | 100,000 | | | | | | 91,846 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Avis Budget Rental Car
Funding AESOP LLC Series 2020-2A A, 2.020%, due 2/20/27 |
| | | $ | 500,000 | | | | | $ | 467,631 | | |
Series 2021-1A A, 1.380%, due 8/20/27 |
| | | | 100,000 | | | | | | 89,906 | | |
Series 2021-1A B, 1.630%, due 8/20/27 |
| | | | 315,000 | | | | | | 281,685 | | |
CarMax Auto Owner Trust
2021-4 Series 2021-4 A4, 0.820%, due 4/15/27 |
| | | | 330,000 | | | | | | 307,616 | | |
CF Hippolyta
LLC Series 2020-1 A2, 1.990%, due 7/15/60 |
| | | | 90,447 | | | | | | 80,847 | | |
Series 2020-1 B1, 2.280%, due 7/15/60 |
| | | | 658,160 | | | | | | 612,808 | | |
Series 2020-1 B2, 2.600%, due 7/15/60 |
| | | | 266,946 | | | | | | 240,038 | | |
Series 2021-1A A1, 1.530%, due 3/15/61 |
| | | | 260,416 | | | | | | 237,165 | | |
Series 2021-1A B1, 1.980%, due 3/15/61 |
| | | | 274,884 | | | | | | 252,370 | | |
Drive Auto Receivables
Trust 2021-1 Series 2021-1 D, 1.450%, due 1/16/29 |
| | | | 475,000 | | | | | | 449,933 | | |
Drive Auto Receivables
Trust 2021-2 Series 2021-2 D, 1.390%, due 3/15/29 |
| | | | 85,000 | | | | | | 80,046 | | |
FirstKey Homes
2020-SFR1 Trust Series 2020-SFR1 A, 1.339%, due 8/17/37 |
| | | | 99,680 | | | | | | 91,901 | | |
FirstKey Homes
2021-SFR1 Trust Series 2021-SFR1 B, 1.788%, due 8/17/38 |
| | | | 100,000 | | | | | | 90,119 | | |
FirstKey Homes
2021-SFR2 Trust Series 2021-SFR2 B, 1.607%, due 9/17/38 |
| | | | 100,000 | | | | | | 88,087 | | |
Flagship Credit Auto
Trust 2020-4 Series 2020-4 C, 1.280%, due 2/16/27 |
| | | | 100,000 | | | | | | 96,944 | | |
Flagship Credit Auto
Trust 2021-2 Series 2021-2 C, 1.270%, due 6/15/27 |
| | | | 95,000 | | | | | | 88,784 | | |
Ford Credit Auto Owner
Trust 2020-REV2 Series 2020-2 A, 1.060%, due 4/15/33 |
| | | | 100,000 | | | | | | 91,513 | | |
Ford Credit Floorplan
Master Owner Trust A Series 2018-4 A, 4.060%, due 11/15/30 |
| | | | 670,000 | | | | | | 677,205 | | |
GLS Auto Receivables
Issuer Trust 2021-3 Series 2021-3A D, 1.480%, due 7/15/27 |
| | | | 175,000 | | | | | | 159,845 | | |
GLS Auto Receivables
Issuer Trust 2021-4 Series 2021-4A C, 1.940%, due 10/15/27 |
| | | | 550,000 | | | | | | 519,967 | | |
GLS Auto Receivables
Trust Series 2021-2A D, 1.420%, due 4/15/27 |
| | | | 430,000 | | | | | | 396,650 | | |
Gm Financial Revolving
Receivables Trust 2021-1 Series 2021-1 A, 1.170%, due 6/12/34 |
| | | | 450,000 | | | | | | 404,498 | | |
Hertz Vehicle Financing
III LP Series 2021-2A A, 1.680%, due 12/27/27 |
| | | | 500,000 | | | | | | 446,838 | | |
Series 2021-2A B, 2.120%, due 12/27/27 |
| | | | 100,000 | | | | | | 90,318 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Hertz Vehicle Financing
LLC Series 2021-1A C, 2.050%, due 12/26/25 |
| | | $ | 650,000 | | | | | $ | 611,190 | | |
Home Partners of
America 2021-2 Trust Series 2021-2 B, 2.302%, due 12/17/26 |
| | | | 98,881 | | | | | | 90,235 | | |
Navient Private
Education Refi Loan Trust 2021-A Series 2021-A B, 2.240%, due 5/15/69 |
| | | | 100,000 | | | | | | 84,888 | | |
Navient Private
Education Refi Loan Trust 2021-E Series 2021-EA B, 2.030%, due 12/16/69 |
| | | | 100,000 | | | | | | 84,746 | | |
New Economy Assets
Phase 1 Sponsor LLC Series 2021-1 A1, 1.910%, due 10/20/61 |
| | | | 550,000 | | | | | | 493,493 | | |
PFS Financing
Corp. Series 2020-E A, 1.000%, due 10/15/25 |
| | | | 100,000 | | | | | | 96,536 | | |
Progress Residential
2020-SFR3 Trust Series 2020-SFR3 A, 1.294%, due 10/17/27 |
| | | | 99,714 | | | | | | 91,664 | | |
Progress Residential
2021-SFR2 Trust Series 2021-SFR2 B, 1.796%, due 4/19/38 |
| | | | 125,000 | | | | | | 113,425 | | |
Santander Drive Auto
Receivables Trust 2020-4 Series 2020-4 D, 1.480%, due 1/15/27 |
| | | | 85,000 | | | | | | 82,873 | | |
Santander Drive Auto
Receivables Trust 2021-3 Series 2021-3 D, 1.330%, due 9/15/27 |
| | | | 555,000 | | | | | | 526,061 | | |
Santander Drive Auto
Receivables Trust 2022-2 Series 2022-2 B, 3.440%, due 9/15/27 |
| | | | 190,000 | | | | | | 186,745 | | |
Santander Revolving
Auto Loan Trust 2019-A Series 2019-A A, 2.510%, due 1/26/32 |
| | | | 550,000 | | | | | | 531,456 | | |
Synchrony Card Funding
LLC Series 2022-A1 A, 3.370%, due 4/17/28 |
| | | | 330,000 | | | | | | 329,130 | | |
Taco Bell Funding
LLC Series 2021-1A A23, 2.542%, due 8/25/51 |
| | | | 259,350 | | | | | | 217,769 | | |
Tricon American Homes
2020-SFR1 Series 2020-SFR1 A, 1.499%, due 7/17/38 |
| | | | 269,450 | | | | | | 244,814 | | |
| | | | | | | | | | | 10,802,172 | | |
Total Commercial
Asset-Backed Securities (Cost $11,133,297) |
| | | | | | | | | | 10,802,172 | | |
Commercial Mortgage-Backed Securities — 5.9% | | ||||||||||||
Mortgage Securities — 5.9% | | ||||||||||||
Arbor Multifamily
Mortgage Securities Trust 2021-MF2 Series 2021-MF2 A5, 2.513%, due 6/15/54 |
| | | | 100,000 | | | | | | 87,927 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Arbor Multifamily
Mortgage Securities Trust 2021-MF3 Series 2021-MF3 A5, 2.575%, due 10/15/54 |
| | | $ | 100,000 | | | | | $ | 88,060 | | |
Arbor Multifamily
Mortgage Securities Trust 2022-MF4 Series 2022-MF4 A5, 3.403%, due 2/15/55(a)(b) |
| | | | 440,000 | | | | | | 412,762 | | |
BAMLL Commercial
Mortgage Securities Trust 2022-DKLX Series 2022-DKLX D, 3.509%, (SOFR30A + 3.00%) due 1/15/39(a) |
| | | | 100,000 | | | | | | 97,428 | | |
Series 2022-DKLX E, 4.636%,
(SOFR30A + 4.13%) due 1/15/39(a)
|
| | | | 305,000 | | | | | | 294,650 | | |
Bayview Commercial
Asset Trust 2006-4 Series 2006-4A A1, 1.013%, (1-Month LIBOR + 0.35%)
due 12/25/36(a)
|
| | | | 68,629 | | | | | | 65,338 | | |
BOCA Commercial
Mortgage Trust 2022-BOCA Series 2022-BOCA A, 2.270%, (SOFR30A + 1.77%) due 5/15/39(a) |
| | | | 370,000 | | | | | | 369,474 | | |
BX
2021-MFM1 Series 2021-MFM1 A, 1.254%, (1-Month LIBOR + 0.70%) due 1/15/34(a) |
| | | | 475,000 | | | | | | 469,090 | | |
BX Commercial Mortgage
Trust 2021-VOLT Series 2021-VOLT C, 1.654%, (1-Month LIBOR + 1.10%) due 9/15/36(a) |
| | | | 295,000 | | | | | | 284,931 | | |
Series 2021-VOLT D, 2.204%, (1-Month
LIBOR + 1.65%) due 9/15/36(a)
|
| | | | 260,000 | | | | | | 251,770 | | |
BX Commercial Mortgage
Trust 2021-XL2 Series 2021-XL2 A, 1.243%, (1-Month LIBOR + 0.69%) due 10/15/38(a) |
| | | | 437,693 | | | | | | 426,470 | | |
BX Trust
2018-BILT Series 2018-BILT A, 1.354%, (1-Month LIBOR + 0.80%) due 5/15/30(a) |
| | | | 200,000 | | | | | | 195,989 | | |
BX Trust
2021-LBA Series 2021-LBA AJV, 1.355%, (1-Month LIBOR + 0.80%) due 2/15/36(a) |
| | | | 160,000 | | | | | | 156,050 | | |
BX Trust
2021-RISE Series 2021-RISE C, 2.004%, (1-Month LIBOR + 1.45%) due 11/15/36(a) |
| | | | 102,000 | | | | | | 99,003 | | |
BXHPP Trust 2021-FILM
Series 2021-FILM B, 1.454%, (1-Month LIBOR + 0.90%) due 8/15/36(a) |
| | | | 465,000 | | | | | | 445,846 | | |
Series 2021-FILM C, 1.654%, (1-Month
LIBOR + 1.10%) due 8/15/36(a)
|
| | | | 100,000 | | | | | | 95,501 | | |
Citigroup Commercial
Mortgage Trust 2015-GC35 Series 2015-GC35 AS, 4.072%, due 11/10/48(a)(b) |
| | | | 215,000 | | | | | | 210,878 | | |
COMM 2012-CCRE4
Mortgage Trust Series 2012-CR4 AM, 3.251%, due 10/15/45 |
| | | | 365,000 | | | | | | 363,050 | | |
CSAIL 2015-C3
Commercial Mortgage Trust Series 2015-C3 A4, 3.718%, due 8/15/48 |
| | | | 100,000 | | | | | | 99,310 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
CSMC 2020-WEST
Trust Series 2020- WEST A, 3.040%, due 2/15/35 |
| | | $ | 100,000 | | | | | $ | 90,153 | | |
DROP Mortgage Trust
2021-FILE Series 2021-FILE A, 1.700%, (1-Month LIBOR + 1.15%) due
4/15/26(a)
|
| | | | 425,000 | | | | | | 418,262 | | |
Extended Stay America
Trust 2021-ESH Series 2021-ESH B, 1.935%, (1-Month LIBOR + 1.38%) due
7/15/38(a)
|
| | | | 308,104 | | | | | | 303,877 | | |
Series 2021-ESH D, 2.805%, (1-Month
LIBOR + 2.25%) due 7/15/38(a)
|
| | | | 298,165 | | | | | | 292,782 | | |
Hudson Yards Mortgage
Trust Series 2019-30HY A, 3.228%, due 7/10/39 |
| | | | 100,000 | | | | | | 94,248 | | |
J.P. Morgan Chase
Commercial Mortgage Securities Trust
2021-2NU Series 2021-2NU A, 1.974%, due 1/5/40 |
| | | | 400,000 | | | | | | 355,821 | | |
Manhattan West 2020-1mw
Mortgage Trust Series 2020-1MW A, 2.130%, due 9/10/39 |
| | | | 400,000 | | | | | | 361,840 | | |
Series 2020-1MW D, 2.413%, due
9/10/39(a)(b)
|
| | | | 260,000 | | | | | | 227,888 | | |
One Bryant Park Trust
2019-OBP Series 2019-OBP A, 2.516%, due 9/15/54 |
| | | | 840,000 | | | | | | 751,732 | | |
SLG Office Trust
2021-OVA Series 2021-OVA A, 2.585%, due 7/15/41 |
| | | | 769,000 | | | | | | 684,530 | | |
UBS-Barclays Commercial
Mortgage Trust 2013-C6 Series 2013-C6 B, 3.875%, due 4/10/46(a)(b) |
| | | | 50,000 | | | | | | 49,152 | | |
Wells Fargo Commercial
Mortgage Trust 2015-NXS4 Series 2015-NXS4 A4, 3.718%, due 12/15/48 |
| | | | 100,000 | | | | | | 99,422 | | |
Wells Fargo Commercial
Mortgage Trust 2018-1745 Series 2018-1745 A, 3.874%, due 6/15/36(a)(b) |
| | | | 100,000 | | | | | | 95,720 | | |
Wells Fargo Commercial
Mortgage Trust 2018-AUS Series 2018-AUS A, 4.194%, due 8/17/36(a)(b) |
| | | | 100,000 | | | | | | 98,685 | | |
WFRBS Commercial
Mortgage Trust 2012-C7 Series 2012-C7 AS, 4.090%, due 6/15/45(a)(b) |
| | | | 225,000 | | | | | | 224,588 | | |
Wfrbs Commercial
Mortgage Trust 2014-C21 Series 2014-C21 AS, 3.891%, due 8/15/47 |
| | | | 165,000 | | | | | | 163,247 | | |
| | | | | | | | | | | 8,825,474 | | |
Total Commercial
Mortgage-Backed Securities (Cost $9,070,725) |
| | | | | | | | | | 8,825,474 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds — 27.6% | | ||||||||||||
Airlines — 2.2% | | ||||||||||||
American Airlines
2013-2 Class A Pass Through Trust Series 2013-2, 4.950%, due 1/15/23 |
| | | $ | 67,875 | | | | | $ | 67,421 | | |
American Airlines
2019-1 Class B Pass-Through Trust Series B, 3.850%, due 2/15/28 |
| | | | 397,136 | | | | | | 359,382 | | |
American Airlines,
Inc./AAdvantage Loyalty IP Ltd. 5.750%, due 4/20/29 |
| | | | 355,000 | | | | | | 342,069 | | |
Delta Air Lines Inc / SkyMiles IP Ltd. | | | | ||||||||||
4.500%, due 10/20/25 |
| | | | 355,000 | | | | | | 352,597 | | |
4.750%, due 10/20/28 |
| | | | 610,000 | | | | | | 602,886 | | |
JetBlue 2019-1
Class AA Pass Through Trust Series 2019, 2.750%, due 5/15/32 |
| | | | 599,096 | | | | | | 538,644 | | |
Mileage Plus Holdings
LLC / Mileage Plus Intellectual Property Assets Ltd. 6.500%, due 6/20/27 |
| | | | 485,000 | | | | | | 494,690 | | |
United Airlines 2020-1
Class A Pass-Through Trust Series 20-1, 5.875%, due 10/15/27 |
| | | | 458,988 | | | | | | 468,531 | | |
| | | | | | | | | | | 3,226,220 | | |
Auto Manufacturers — 1.7% | | ||||||||||||
Ford Motor Co. | | | | ||||||||||
4.750%, due 1/15/43 |
| | | | 45,000 | | | | | | 36,225 | | |
Ford Motor Credit Co. LLC | | | | ||||||||||
4.125%, due 8/17/27 |
| | | | 515,000 | | | | | | 477,431 | | |
General Motors Co. | | | | ||||||||||
5.200%, due 4/1/45 |
| | | | 205,000 | | | | | | 186,633 | | |
General Motors Financial Co., Inc. | | | | ||||||||||
2.350%, due 1/8/31 |
| | | | 410,000 | | | | | | 331,237 | | |
4.300%, due 4/6/29 |
| | | | 475,000 | | | | | | 453,038 | | |
Nissan Motor Acceptance Co. LLC | | | | ||||||||||
1.125%, due 9/16/24 |
| | | | 55,000 | | | | | | 51,113 | | |
1.850%, due 9/16/26 |
| | | | 995,000 | | | | | | 862,443 | | |
Toyota Motor Credit Corp. | | | | | | | | | | | | | |
3.050%, due 3/22/27 |
| | | | 310,000 | | | | | | 301,188 | | |
| | | | | | | | | | | 2,699,308 | | |
Banks — 6.0% | | ||||||||||||
Bank of America Corp. | | | | ||||||||||
2.496%, (3-Month LIBOR + 0.99%) due
2/13/31(a)
|
| | | | 80,000 | | | | | | 68,610 | | |
2.572%, (SOFR + 1.21%) due 10/20/32(a)
|
| | | | 310,000 | | | | | | 261,886 | | |
3.384%, (SOFR + 1.33%) due 4/2/26(a) |
| | | | 155,000 | | | | | | 151,632 | | |
3.419%, (3-Month LIBOR + 1.04%) due
12/20/28(a)
|
| | | | 555,000 | | | | | | 525,135 | | |
3.974%, (3-Month LIBOR + 1.21%) due
2/7/30(a)
|
| | | | 245,000 | | | | | | 236,510 | | |
4.250%, due 10/22/26 |
| | | | 280,000 | | | | | | 279,383 | | |
4.571%, (SOFR + 1.83%) due 4/27/33(a) |
| | | | 380,000 | | | | | | 378,310 | | |
Bank of New York Mellon
Corp. (The) Series G, 4.700%, (US 5 Year CMT T-Note + 4.36%) due 9/20/70(a) |
| | | | 50,000 | | | | | | 49,875 | | |
Citigroup, Inc. 2.324%,
(SOFR + 1.28%) due 2/24/28(a) |
| | | | 225,000 | | | | | | 223,317 | | |
3.700%, due 1/12/26 |
| | | | 110,000 | | | | | | 108,777 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
3.980%, (3-Month LIBOR + 1.34%) due
3/20/30(a)
|
| | | $ | 90,000 | | | | | $ | 86,085 | | |
4.125%, due 7/25/28 |
| | | | 535,000 | | | | | | 519,352 | | |
5.300%, due 5/6/44 |
| | | | 60,000 | | | | | | 60,875 | | |
Series W, 4.000%, (US 5 Year CMT
T-Note + 3.60%) due 3/10/71(a)
|
| | | | 70,000 | | | | | | 63,525 | | |
Series Y, 4.150%, (US 5 Year CMT
T-Note + 3.00%) due 2/15/71(a)
|
| | | | 235,000 | | | | | | 207,881 | | |
Citizens Financial
Group, Inc. Series G, 4.000%, (US 5 Year CMT T-Note + 3.22%) due 10/6/70(a) |
| | | | 250,000 | | | | | | 221,875 | | |
First Horizon Bank | | | | ||||||||||
5.750%, due 5/1/30 |
| | | | 425,000 | | | | | | 455,975 | | |
Freedom Mortgage Corp. | | | | ||||||||||
7.625%, due 5/1/26 |
| | | | 40,000 | | | | | | 36,400 | | |
Goldman Sachs Group, Inc. (The) | | | | ||||||||||
1.948%, (SOFR + 0.91%) due 10/21/27(a)
|
| | | | 515,000 | | | | | | 462,505 | | |
2.127%, (SOFR + 1.85%) due 3/15/28(a) |
| | | | 70,000 | | | | | | 71,304 | | |
3.102%, (SOFR + 1.41%) due 2/24/33(a) |
| | | | 520,000 | | | | | | 454,432 | | |
3.500%, due 11/16/26 |
| | | | 155,000 | | | | | | 151,148 | | |
Series V, 4.125%, (US 5 Year CMT
T-Note + 2.95%) due 5/10/71(a)
|
| | | | 185,000 | | | | | | 165,912 | | |
JPMorgan Chase & Co. | | | | ||||||||||
1.407%, (SOFR + 1.18%) due 2/24/28(a) |
| | | | 220,000 | | | | | | 217,426 | | |
2.182%, (SOFR + 1.89%) due 6/1/28(a) |
| | | | 405,000 | | | | | | 364,429 | | |
4.323%, (SOFR + 1.56%) due 4/26/28(a) |
| | | | 640,000 | | | | | | 637,140 | | |
Morgan Stanley | | | | ||||||||||
2.484%, (SOFR + 1.36%) due 9/16/36(a) |
| | | | 330,000 | | | | | | 264,019 | | |
2.511%, (SOFR + 1.20%) due 10/20/32(a)
|
| | | | 545,000 | | | | | | 458,163 | | |
2.630%, (SOFR + 0.94%) due 2/18/26(a) |
| | | | 225,000 | | | | | | 216,595 | | |
5.297%, (SOFR + 2.62%) due 4/20/37(a) |
| | | | 100,000 | | | | | | 100,019 | | |
Series I, 0.864%, (SOFR + 0.75%) due
10/21/25(a)
|
| | | | 195,000 | | | | | | 180,806 | | |
Santander Holdings USA, Inc. | | | | ||||||||||
4.400%, due 7/13/27 |
| | | | 365,000 | | | | | | 360,020 | | |
SVB Financial Group | | | | ||||||||||
4.570%, (SOFR + 1.97%) due 4/29/33(a) |
| | | | 365,000 | | | | | | 361,618 | | |
Series C, 4.000%, (US 5 Year CMT
T-Note + 3.20%) due 8/15/70(a)
|
| | | | 300,000 | | | | | | 260,910 | | |
Texas Capital Bancshares, Inc. | | | | | | | | | | | | | |
4.000%, (US 5 Year CMT T-Note + 3.15%) due
5/6/31(a)
|
| | | | 240,000 | | | | | | 229,950 | | |
| | | | | | | | | | | 8,891,799 | | |
Beverages — 0.1% | | ||||||||||||
PepsiCo, Inc. | | | | | | | | | | | | | |
0.400%, due 10/7/23 |
| | | | 200,000 | | | | | | 194,719 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Biotechnology — 0.1% | | ||||||||||||
Gilead Sciences, Inc. | | | | | | | | | | | | | |
3.700%, due 4/1/24 |
| | | $ | 70,000 | | | | | $ | 70,373 | | |
Building Materials — 0.1% | | ||||||||||||
Builders FirstSource,
Inc. 5.000%, due 3/1/30 |
| | | | 5,000 | | | | | | 4,625 | | |
Carrier Global Corp. | | | | | | | | | | | | | |
2.242%, due 2/15/25 |
| | | | 12,000 | | | | | | 11,487 | | |
Owens Corning | | | | | | | | | | | | | |
4.400%, due 1/30/48 |
| | | | 85,000 | | | | | | 76,763 | | |
| | | | | | | | | | | 92,875 | | |
Chemicals — 0.2% | | ||||||||||||
LYB International Finance III LLC | | | | | | | | | | | | | |
3.800%, due 10/1/60 |
| | | | 440,000 | | | | | | 339,981 | | |
Commercial Services — 0.8% | | ||||||||||||
Allied Universal Holdco
LLC / Allied Universal Finance Corp. |
| | | | | | | | | | | | |
6.625%, due 7/15/26 |
| | | | 275,000 | | | | | | 265,771 | | |
Hertz Corp. (The) | | | | | | | | | | | | | |
5.000%, due 12/1/29 |
| | | | 280,000 | | | | | | 245,000 | | |
S&P Global, Inc. | | | | | | | | | | | | | |
4.250%, due 5/1/29 |
| | | | 180,000 | | | | | | 180,806 | | |
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 |
| | | | 170,000 | | | | | | 146,200 | | |
United Rentals North America, Inc. | | | | | | | | | | | | | |
3.875%, due 2/15/31 |
| | | | 265,000 | | | | | | 233,677 | | |
| | | | | | | | | | | 1,071,454 | | |
Computers — 1.3% | | ||||||||||||
Apple, Inc. | | | | | | | | | | | | | |
2.700%, due 8/5/51 |
| | | | 560,000 | | | | | | 429,284 | | |
Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
3.375%, due 12/15/41 |
| | | | 280,000 | | | | | | 210,190 | | |
4.900%, due 10/1/26 |
| | | | 480,000 | | | | | | 489,939 | | |
5.300%, due 10/1/29 |
| | | | 490,000 | | | | | | 504,962 | | |
5.450%, due 6/15/23 |
| | | | 28,000 | | | | | | 28,611 | | |
NCR Corp. | | | | | | | | | | | | | |
6.125%, due 9/1/29 |
| | | | 385,000 | | | | | | 368,638 | | |
| | | | | | | | | | | 2,031,624 | | |
Cosmetics/Personal Care — 0.2% | | ||||||||||||
Edgewell Personal Care Co. | | | | | | | | | | | | | |
5.500%, due 6/1/28 |
| | | | 80,000 | | | | | | 77,400 | | |
Procter & Gamble Co. (The) | | | | | | | | | | | | | |
2.150%, due 8/11/22 |
| | | | 190,000 | | | | | | 190,376 | | |
| | | | | | | | | | | 267,776 | | |
Diversified Financial Services — 1.5% | | ||||||||||||
Aircastle Ltd. | | | | | | | | | | | | | |
5.250%, (US 5 Year CMT T-Note + 4.41%) due
9/15/70(a)
|
| | | | 420,000 | | | | | | 373,859 | | |
Ally Financial, Inc. | | | | | | | | | | | | | |
8.000%, due 11/1/31 |
| | | | 255,000 | | | | | | 303,352 | | |
Series C, 4.700%,
(US 7 Year CMT T-Note + 3.48%) due 8/15/70(a) |
| | | | 465,000 | | | | | | 400,277 | | |
American Express Co. | | | | | | | | | | | | | |
3.000%, due 10/30/24 |
| | | | 75,000 | | | | | | 74,317 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Diversified Financial Services (continued) | | ||||||||||||
Aviation Capital Group LLC | | | | | | | | | | | | | |
1.950%, due 1/30/26 |
| | | $ | 460,000 | | | | | $ | 410,928 | | |
OneMain Finance Corp. | | | | | | | | | | | | | |
3.500%, due 1/15/27 |
| | | | 400,000 | | | | | | 351,408 | | |
4.000%, due 9/15/30 |
| | | | 245,000 | | | | | | 200,574 | | |
| | | | | | | | | | | 2,114,715 | | |
Electric — 0.9% | | ||||||||||||
AEP Texas, Inc. | | | | | | | | | | | | | |
3.450%, due 5/15/51 |
| | | | 540,000 | | | | | | 425,607 | | |
Connecticut Light and Power Co. (The) | | | | | | | | | | | | | |
4.000%, due 4/1/48 |
| | | | 285,000 | | | | | | 267,344 | | |
Edison International
Series B, 5.000%, (US 5 Year CMT T-Note + 3.90%) due 3/15/71(a) |
| | | | 510,000 | | | | | | 461,613 | | |
Pattern Energy
Operations LP / Pattern Energy Operations, Inc. |
| | | | | | | | | | | | |
4.500%, due 8/15/28 |
| | | | 50,000 | | | | | | 46,750 | | |
PPL Electric Utilities Corp. | | | | | | | | | | | | | |
3.950%, due 6/1/47 |
| | | | 215,000 | | | | | | 197,935 | | |
| | | | | | | | | | | 1,399,249 | | |
Engineering & Construction — 0.0%(c) | | ||||||||||||
TopBuild Corp. | | | | | | | | | | | | | |
3.625%, due 3/15/29 |
| | | | 50,000 | | | | | | 43,563 | | |
Environmental Control — 0.5% | | ||||||||||||
Clean Harbors, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/27 |
| | | | 160,000 | | | | | | 156,800 | | |
Waste Connections, Inc. | | | | | | | | | | | | | |
2.200%, due 1/15/32 |
| | | | 630,000 | | | | | | 532,719 | | |
| | | | | | | | | | | 689,519 | | |
Food — 0.8% | | ||||||||||||
JBS USA LUX SA / JBS
USA Food Co. / JBS USA Finance, Inc. |
| | | | | | | | | | | | |
5.500%, due 1/15/30 |
| | | | 515,000 | | | | | | 508,563 | | |
Kraft Heinz Foods Co. | | | | | | | | | | | | | |
3.875%, due 5/15/27 |
| | | | 30,000 | | | | | | 29,336 | | |
5.000%, due 7/15/35 |
| | | | 324,000 | | | | | | 322,231 | | |
Smithfield Foods, Inc. | | | | | | | | | | | | | |
3.000%, due 10/15/30 |
| | | | 170,000 | | | | | | 147,347 | | |
4.250%, due 2/1/27 |
| | | | 265,000 | | | | | | 258,654 | | |
| | | | | | | | | | | 1,266,131 | | |
Healthcare-Products — 0.1% | | ||||||||||||
Hologic, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/29 |
| | | | 90,000 | | | | | | 80,178 | | |
Teleflex, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/27 |
| | | | 50,000 | | | | | | 49,000 | | |
| | | | | | | | | | | 129,178 | | |
Healthcare-Services — 0.0%(c) | | ||||||||||||
NYU Langone Hospitals
Series 2020, 3.380%, due 7/1/55 |
| | | | 30,000 | | | | | | 23,265 | | |
Home Builders — 0.3% | | ||||||||||||
Lennar Corp. | | | | | | | | | | | | | |
4.750%, due 11/29/27 |
| | | | 505,000 | | | | | | 506,035 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Housewares — 0.1% | | ||||||||||||
Newell Brands, Inc. | | | | | | | | | | | | | |
4.875%, due 6/1/25 |
| | | $ | 75,000 | | | | | $ | 75,973 | | |
Insurance — 1.2% | | ||||||||||||
Athene Global Funding | | | | | | | | | | | | | |
2.500%, due 3/24/28 |
| | | | 570,000 | | | | | | 505,243 | | |
Equitable Holdings, Inc. | | | | | | | | | | | | | |
4.350%, due 4/20/28 |
| | | | 480,000 | | | | | | 477,461 | | |
Hartford Financial
Services Group, Inc. (The) Series ICON, 2.631%, (3-Month LIBOR +
2.13%) due 2/12/47(a)
|
| | | | 50,000 | | | | | | 43,928 | | |
Lincoln National Corp. | | | | | | | | | | | | | |
2.826%, (3-Month LIBOR + 2.36%) due
5/17/66(a)
|
| | | | 50,000 | | | | | | 42,125 | | |
Metropolitan Life Global Funding I | | | | | | | | | | | | | |
2.800%, due 3/21/25 |
| | | | 185,000 | | | | | | 181,075 | | |
Protective Life Corp. | | | | | | | | | | | | | |
8.450%, due 10/15/39 |
| | | | 138,000 | | | | | | 180,094 | | |
Prudential Financial, Inc. | | | | | | | | | | | | | |
5.125%, (US 5 Year CMT T-Note + 3.16%) due
3/1/52(a)
|
| | | | 230,000 | | | | | | 223,675 | | |
Reliance Standard Life Global
Funding II |
| | | | | | | | | | | | |
2.500%, due 10/30/24 |
| | | | 70,000 | | | | | | 68,138 | | |
Willis North America, Inc. |
| | | | | | | | | | | | |
2.950%, due 9/15/29 |
| | | | 80,000 | | | | | | 71,422 | | |
| | | | | | | | | | | 1,793,161 | | |
Internet — 0.5% | | ||||||||||||
Expedia Group, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/30 |
| | | | 540,000 | | | | | | 481,697 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
3.625%, due 10/1/31 |
| | | | 290,000 | | | | | | 241,251 | | |
VeriSign, Inc. | | | | | | | | | | | | | |
4.750%, due 7/15/27 |
| | | | 50,000 | | | | | | 50,230 | | |
| | | | | | | | | | | 773,178 | | |
Lodging — 0.6% | | ||||||||||||
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
4.875%, due 1/15/30 |
| | | | 260,000 | | | | | | 250,822 | | |
5.375%, due 5/1/25 |
| | | | 230,000 | | | | | | 234,671 | | |
Marriott International,
Inc./Md Series R, 3.125%, due 6/15/26 |
| | | | 345,000 | | | | | | 334,217 | | |
| | | | | | | | | | | 819,710 | | |
Media — 1.1% | | ||||||||||||
Charter Communications
Operating LLC / Charter Communications Operating Capital |
| | | | | | | | | | | | |
3.700%, due 4/1/51 |
| | | | 695,000 | | | | | | 490,188 | | |
DISH DBS Corp. | | | | | | | | | | | | | |
5.750%, due 12/1/28 |
| | | | 320,000 | | | | | | 286,234 | | |
Fox Corp. | | | | | | | | | | | | | |
5.576%, due 1/25/49 |
| | | | 290,000 | | | | | | 300,496 | | |
Sirius XM Radio, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/30 |
| | | | 135,000 | | | | | | 118,542 | | |
Time Warner Cable LLC | | | | | | | | | | | | | |
6.750%, due 6/15/39 |
| | | | 400,000 | | | | | | 426,690 | | |
| | | | | | | | | | | 1,622,150 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Mining — 0.2% | | ||||||||||||
Freeport-McMoRan, Inc. | | | | | | | | | | | | | |
5.450%, due 3/15/43 |
| | | $ | 225,000 | | | | | $ | 224,901 | | |
Office/Business Equipment — 0.0%(c) | | ||||||||||||
CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
3.250%, due 2/15/29 |
| | | | 50,000 | | | | | | 44,000 | | |
Packaging & Containers — 0.5% | | ||||||||||||
Berry Global, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/26 |
| | | | 575,000 | | | | | | 571,464 | | |
Sealed Air Corp. | | | | | | | | | | | | | |
5.125%, due 12/1/24 |
| | | | 205,000 | | | | | | 208,588 | | |
| | | | | | | | | | | 780,052 | | |
Pharmaceuticals — 0.2% | | ||||||||||||
Becton Dickinson and Co. | | | | | | | | | | | | | |
4.669%, due 6/6/47 |
| | | | 75,000 | | | | | | 72,829 | | |
CVS Health Corp. | | | | | | | | | | | | | |
4.780%, due 3/25/38 |
| | | | 65,000 | | | | | | 64,281 | | |
CVS Pass-Through Trust | | | | | | | | | | | | | |
5.926%, due 1/10/34 |
| | | | 137,578 | | | | | | 147,448 | | |
Viatris, Inc. | | | | | | | | | | | | | |
3.850%, due 6/22/40 |
| | | | 50,000 | | | | | | 38,929 | | |
4.000%, due 6/22/50 |
| | | | 50,000 | | | | | | 36,974 | | |
| | | | | | | | | | | 360,461 | | |
Real Estate — 0.1% | | ||||||||||||
Realogy Group LLC /
Realogy Co.-Issuer Corp. |
| | | | | | | | | | | | |
5.250%, due 4/15/30 |
| | | | 230,000 | | | | | | 186,344 | | |
REITS — 1.9% | | ||||||||||||
Alexandria Real Estate Equities, Inc. | | | | | | | | | | | | | |
3.375%, due 8/15/31 |
| | | | 110,000 | | | | | | 101,820 | | |
American Assets Trust LP | | | | | | | | | | | | | |
3.375%, due 2/1/31 |
| | | | 50,000 | | | | | | 44,479 | | |
American Homes 4 Rent LP | | | | | | | | | | | | | |
2.375%, due 7/15/31 |
| | | | 425,000 | | | | | | 351,294 | | |
American Tower Corp. | | | | | | | | | | | | | |
3.375%, due 5/15/24 |
| | | | 445,000 | | | | | | 443,720 | | |
Digital Realty Trust LP | | | | | | | | | | | | | |
3.600%, due 7/1/29 |
| | | | 245,000 | | | | | | 230,908 | | |
Invitation Homes
Operating Partnership LP |
| | | | | | | | | | | | |
2.000%, due 8/15/31 |
| | | | 415,000 | | | | | | 332,259 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
4.875%, due 9/15/29 |
| | | | 325,000 | | | | | | 297,715 | | |
Office Properties Income Trust | | | | | | | | | | | | | |
2.400%, due 2/1/27 |
| | | | 530,000 | | | | | | 458,173 | | |
4.500%, due 2/1/25 |
| | | | 155,000 | | | | | | 153,792 | | |
Starwood Property Trust, Inc. | | | | | | | | | | | | | |
3.750%, due 12/31/24 |
| | | | 50,000 | | | | | | 48,116 | | |
4.375%, due 1/15/27 |
| | | | 540,000 | | | | | | 503,761 | | |
| | | | | | | | | | | 2,966,037 | | |
Retail — 1.2% | | ||||||||||||
AutoNation, Inc. | | | | | | | | | | | | | |
4.750%, due 6/1/30 |
| | | | 515,000 | | | | | | 507,192 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Retail (continued) | | ||||||||||||
Bath & Body Works, Inc. | | | | | | | | | | | | | |
9.375%, due 7/1/25 |
| | | $ | 121,000 | | | | | $ | 136,125 | | |
Group 1 Automotive, Inc. | | | | | | | | | | | | | |
4.000%, due 8/15/28 |
| | | | 50,000 | | | | | | 44,986 | | |
KFC Holding Co./Pizza
Hut Holdings LLC/Taco Bell of America LLC |
| | | | | | | | | | | | |
4.750%, due 6/1/27 |
| | | | 75,000 | | | | | | 74,813 | | |
Lowe’s Cos., Inc. | | | | | | | | | | | | | |
1.700%, due 9/15/28 |
| | | | 235,000 | | | | | | 205,391 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.250%, due 8/1/31 |
| | | | 340,000 | | | | | | 288,179 | | |
QVC, Inc. | | | | | | | | | | | | | |
4.375%, due 9/1/28 |
| | | | 390,000 | | | | | | 331,387 | | |
Target Corp. | | | | | | | | | | | | | |
3.500%, due 7/1/24 |
| | | | 70,000 | | | | | | 70,750 | | |
Victoria’s Secret & Co. | | | | | | | | | | | | | |
4.625%, due 7/15/29 |
| | | | 215,000 | | | | | | 176,377 | | |
| | | | | | | | | | | 1,835,200 | | |
Semiconductors — 0.4% | | ||||||||||||
Broadcom, Inc. | | | | | | | | | | | | | |
5.000%, due 4/15/30 |
| | | | 315,000 | | | | | | 318,232 | | |
NVIDIA Corp. | | | | | | | | | | | | | |
2.850%, due 4/1/30 |
| | | | 95,000 | | | | | | 88,455 | | |
Texas Instruments, Inc. | | | | | | | | | | | | | |
1.375%, due 3/12/25 |
| | | | 75,000 | | | | | | 71,270 | | |
| | | | | | | | | | | 477,957 | | |
Software — 0.9% | | ||||||||||||
Adobe, Inc. | | | | | | | | | |||||
1.900%, due 2/1/25 |
| | | | 75,000 | | | | | | 72,431 | | |
Broadridge Financial Solutions, Inc. | | | | | | | | | | | | | |
2.900%, due 12/1/29 |
| | | | 330,000 | | | | | | 296,316 | | |
Fair Isaac Corp. | | | | | | | | | | | | | |
4.000%, due 6/15/28 |
| | | | 50,000 | | | | | | 45,681 | | |
Microsoft Corp. | | | | | | | | | | | | | |
3.625%, due 12/15/23 |
| | | | 180,000 | | | | | | 182,473 | | |
MSCI, Inc. | | | | | | | | | | | | | |
3.250%, due 8/15/33 |
| | | | 500,000 | | | | | | 422,500 | | |
Oracle Corp. | | | | | | | | | | | | | |
3.650%, due 3/25/41 |
| | | | 335,000 | | | | | | 259,448 | | |
| | | | | | | | | | | 1,278,849 | | |
Sovereign — 0.1% | | ||||||||||||
Federal Home Loan
Mortgage Corporation |
| | | | | | | | | | | | |
1.550%, due 11/20/31 |
| | | | 180,000 | | | | | | 155,584 | | |
Telecommunications — 1.5% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
2.550%, due 12/1/33 |
| | | | 100,000 | | | | | | 82,980 | | |
3.500%, due 9/15/53 |
| | | | 560,000 | | | | | | 438,426 | | |
Cisco Systems, Inc. | | | | | | | | | | | | | |
3.625%, due 3/4/24 |
| | | | 70,000 | | | | | | 70,946 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.400%, due 3/1/27 |
| | | | 80,000 | | | | | | 72,000 | | |
3.750%, due 7/15/29 |
| | | | 50,000 | | | | | | 40,625 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Telecommunications (continued) | | ||||||||||||
Lumen Technologies, Inc. | | | | | | | | | | | | | |
4.000%, due 2/15/27 |
| | | $ | 50,000 | | | | | $ | 44,464 | | |
Sprint Spectrum Co.,
LLC / Sprint Spectrum Co., II LLC / Sprint Spectrum Co., III LLC |
| | | | | | | | | | | | |
4.738%, due 3/20/25 |
| | | | 461,250 | | | | | | 464,750 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
2.625%, due 2/15/29 |
| | | | 335,000 | | | | | | 289,594 | | |
3.500%, due 4/15/31 |
| | | | 235,000 | | | | | | 208,288 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
4.016%, due 12/3/29 |
| | | | 435,000 | | | | | | 425,570 | | |
| | | | | | | | | | | 2,137,643 | | |
Transportation — 0.1% | | ||||||||||||
FedEx Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/50(d)
|
| | | | 205,000 | | | | | | 210,015 | | |
Water — 0.2% | | ||||||||||||
American Water Capital Corp. | | | | | | | | | | | | | |
3.250%, due 6/1/51 |
| | | | 285,000 | | | | | | 231,297 | | |
Total Corporate
Bonds (Cost $43,288,106) |
| | | | | | | | | | 41,030,296 | | |
Foreign Bonds — 12.3% | | ||||||||||||
Auto Manufacturers — 0.3% | | ||||||||||||
BMW US Capital LLC, (Germany) | | | | | | | | | | | | | |
3.450%, due 4/1/27 |
| | | | 475,000 | | | | | | 467,137 | | |
Banks — 9.2% | | ||||||||||||
Banco Santander SA, (Spain) | | | | | | | | | | | | | |
4.175%, (1 Year US CMT T-Note + 2.00%) due
3/24/28(a)
|
| | | | 415,000 | | | | | | 402,608 | | |
Barclays PLC, (United Kingdom) | | | | | | | | | | | | | |
4.375%, (US 5 Year CMT T-Note + 3.41%) due
12/15/70(a)
|
| | | | 545,000 | | | | | | 454,394 | | |
5.200%, due 5/12/26 |
| | | | 575,000 | | | | | | 582,222 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
3.052%, (SOFR + 1.51%) due 1/13/31(a) |
| | | | 315,000 | | | | | | 277,174 | | |
4.625%, (US 5 Year CMT T-Note + 3.20%) due
7/12/70(a)
|
| | | | 465,000 | | | | | | 420,611 | | |
4.625%, (US 5 Year CMT T-Note + 3.34%) due
8/25/70(a)
|
| | | | 240,000 | | | | | | 202,188 | | |
BPCE SA, (France) | | | | | | | | | | | | | |
2.045%, (SOFR + 1.09%) due 10/19/27(a)
|
| | | | 700,000 | | | | | | 626,108 | | |
Canadian Imperial Bank
of Commerce, (Canada) |
| | | | | | | | | | | | |
3.300%, due 4/7/25 |
| | | | 465,000 | | | | | | 458,200 | | |
Cooperatieve Rabobank
Ua, (Netherlands) |
| | | ||||||||||
3.649%, (1 Year US CMT T-Note + 1.22%) due
4/6/28(a) |
| | | | 685,000 | | | | | | 660,478 | | |
Credit Agricole SA, (France) | | | | | | | | | | | | | |
4.750%, (US 5 Year CMT T-Note + 3.24%) due
3/23/71(a)
|
| | | | 525,000 | | | | | | 452,156 | | |
Credit Suisse Group AG, (Switzerland) | | | | | | | | | | | | | |
3.091%, (SOFR + 1.73%) due 5/14/32(a) |
| | | | 435,000 | | | | | | 363,794 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Deutsche Bank AG, (Germany) | | | | | | | | | | | | | |
3.729%, (SOFR + 2.76%) due 1/14/32(a) |
| | | $ | 540,000 | | | | | $ | 445,871 | | |
Deutsche Bank AG/New
York NY, (Germany) |
| | | | | | | | | | | | |
2.552%, (SOFR + 1.32%) due 1/7/28(a) |
| | | | 510,000 | | | | | | 452,879 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
3.973%, (3-Month LIBOR + 1.61%) due
5/22/30(a)
|
| | | | 230,000 | | | | | | 216,880 | | |
Kreditanstalt fuer
Wiederaufbau, (Germany) |
| | | | | | | | | | | | |
2.500%, due 11/20/24 |
| | | | 190,000 | | | | | | 188,094 | | |
Lloyds Banking Group
PLC, (United Kingdom) |
| | | | | | | | | | | | |
4.450%, due 5/8/25 |
| | | | 95,000 | | | | | | 95,964 | | |
4.582%, due 12/10/25 |
| | | | 505,000 | | | | | | 506,822 | | |
Macquarie Group Ltd., (Australia) | | | | | | | | | | | | | |
2.871%, (SOFR + 1.53%) due 1/14/33(a) |
| | | | 440,000 | | | | | | 365,710 | | |
4.098%, (SOFR + 2.13%) due 6/21/28(a) |
| | | | 420,000 | | | | | | 406,831 | | |
Mitsubishi UFJ
Financial Group, Inc., (Japan) |
| | | | | | | | | | | | |
2.309%, (1 Year US CMT T-Note + 0.95%) due
7/20/32(a)
|
| | | | 545,000 | | | | | | 454,201 | | |
Mizuho Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
3.261%, (1 Year US CMT T-Note + 1.25%) due
5/22/30(a)
|
| | | | 555,000 | | | | | | 512,217 | | |
NatWest Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.892%, (3-Month LIBOR + 1.75%) due
5/18/29(a)
|
| | | | 590,000 | | | | | | 587,228 | | |
5.125%, due 5/28/24 |
| | | | 150,000 | | | | | | 152,669 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
3.375%, due 4/14/25 |
| | | | 515,000 | | | | | | 509,536 | | |
Series G, 1.006%,
(SOFR + 0.71%) due 1/21/27(a)
|
| | | | 375,000 | | | | | | 368,925 | | |
Societe Generale SA, (France) | | | | | | | | | | | | | |
3.337%, (1 Year US CMT T-Note + 1.60%) due
1/21/33(a)
|
| | | | 320,000 | | | | | | 270,960 | | |
4.750%, (US 5 Year CMT T-Note + 3.93%) due
11/26/70(a)
|
| | | | 435,000 | | | | | | 385,686 | | |
5.375%, (US 5 Year CMT T-Note + 4.51%) due
5/18/70(a)
|
| | | | 300,000 | | | | | | 263,400 | | |
Standard Chartered PLC,
(United Kingdom) |
| | | | | | | | | | | | |
4.750%, (US 5 Year CMT T-Note + 3.81%) due
7/14/70(a)
|
| | | | 70,000 | | | | | | 60,025 | | |
Sumitomo Mitsui
Financial Group, Inc., (Japan) |
| | | | | | | | | | | | |
1.902%, due 9/17/28 |
| | | | 655,000 | | | | | | 560,416 | | |
Swedbank AB, (Sweden) | | | | | | | | | | | | | |
3.356%, due 4/4/25 |
| | | | 465,000 | | | | | | 461,431 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
1.364%, (1 Year US CMT T-Note + 1.08%) due
1/30/27(a)
|
| | | | 570,000 | | | | | | 511,420 | | |
4.375%, (US 5 Year CMT T-Note + 3.31%) due
8/10/70(a)
|
| | | | 400,000 | | | | | | 333,880 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Westpac Banking Corp., (Australia) | | | | | | | | | | | | | |
3.020%, (US 5 Year CMT T-Note + 1.53%) due
11/18/36(a)
|
| | | $ | 635,000 | | | | | $ | 526,206 | | |
| | | | | | | | | | | 13,537,184 | | |
Building Materials — 0.0%(c) | | ||||||||||||
Cemex SAB de CV, (Mexico) | | | | | | | | | | | | | |
7.375%, due 6/5/27 |
| | | | 60,000 | | | | | | 63,162 | | |
Diversified Financial Services — 1.3% | | ||||||||||||
Aercap Ireland Capital
Dac / Aercap Global Aviation Trust, (Ireland) |
| | | | | | | | | | | | |
3.000%, due 10/29/28 |
| | | | 200,000 | | | | | | 173,828 | | |
AerCap Ireland Capital
DAC / AerCap Global Aviation Trust, (Ireland) |
| | | | | | | | | | | | |
3.300%, due 1/23/23 |
| | | | 85,000 | | | | | | 84,966 | | |
Avolon Holdings Funding Ltd., (Ireland) | | | | | | | | | | | | | |
2.875%, due 2/15/25 |
| | | | 525,000 | | | | | | 493,037 | | |
Banco Btg Pactual
SA/Cayman Islands, (Brazil) |
| | | | | | | | | | | | |
2.750%, due 1/11/26 |
| | | | 660,000 | | | | | | 601,425 | | |
Nomura Holdings, Inc., (Japan) | | | | | | | | | | | | | |
2.172%, due 7/14/28 |
| | | | 650,000 | | | | | | 565,786 | | |
| | | | | | | | | | | 1,919,042 | | |
Food — 0.2% | | ||||||||||||
Marb Bondco PLC, (Brazil) | | | | | | | | | | | | | |
3.950%, due 1/29/31 |
| | | | 400,000 | | | | | | 332,272 | | |
Media — 0.2% | | ||||||||||||
Grupo Televisa S.A.B.,, (Mexico) | | | | | | | | | | | | | |
5.250%, due 5/24/49 |
| | | | 245,000 | | | | | | 247,720 | | |
Multi-National — 0.2% | | ||||||||||||
Inter-American
Development Bank, (Supranational) |
| | | | | | | | | | | | |
0.875%, due 4/3/25 |
| | | | 200,000 | | | | | | 188,486 | | |
International Bank for
Reconstruction & Development, (Supranational) |
| | | | | | | | | | | | |
0.625%, due 4/22/25 |
| | | | 200,000 | | | | | | 186,864 | | |
| | | | | | | | | | | 375,350 | | |
Pharmaceuticals — 0.5% | | ||||||||||||
AstraZeneca PLC, (United Kingdom) | | | | | | | | | | | | | |
0.700%, due 4/8/26 |
| | | | 80,000 | | | | | | 71,542 | | |
Teva Pharmaceutical
Finance Netherlands III BV, (Israel) |
| | | | | | | | | | | | |
3.150%, due 10/1/26 |
| | | | 250,000 | | | | | | 214,380 | | |
4.750%, due 5/9/27 |
| | | | 475,000 | | | | | | 434,625 | | |
| | | | | | | | | | | 720,547 | | |
Savings & Loans — 0.2% | | ||||||||||||
Nationwide Building
Society, (United Kingdom) |
| | | | | | | | | | | | |
2.972%, (SOFR + 1.29%) due 2/16/28(a) |
| | | | 370,000 | | | | | | 343,786 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Semiconductors — 0.0%(c) | | ||||||||||||
NXP BV / NXP Funding
LLC / NXP USA, Inc., (China) |
| | | | | | | | | | | | |
3.400%, due 5/1/30 |
| | | $ | 35,000 | | | | | $ | 31,888 | | |
Telecommunications — 0.2% | | ||||||||||||
Altice France SA/France, (France) | | | | | | | | | | | | | |
5.125%, due 7/15/29 |
| | | | 340,000 | | | | | | 287,830 | | |
Total Foreign
Bonds (Cost $19,229,474) |
| | | | | | | | | | 18,325,918 | | |
Foreign Government Obligations — 0.5% | | ||||||||||||
Chile Government
International Bond, (Chile) |
| | | | | | | | | | | | |
2.550%, due 7/27/33 |
| | | | 495,000 | | | | | | 412,612 | | |
Mexico Government
International Bond, (Mexico) |
| | | | | | | | | | | | |
2.659%, due 5/24/31 |
| | | | 465,000 | | | | | | 389,633 | | |
Total Foreign
Government Obligations (Cost $842,194) |
| | | | | | | | | | 802,245 | | |
U.S. Treasury Bonds — 7.9% | | ||||||||||||
U.S. Treasury Bond,
2.250%, due 2/15/52 |
| | | | 5,880,000 | | | | | | 5,048,531 | | |
U.S. Treasury Bond,
2.375%, due 2/15/42(d)
|
| | | | 7,580,000 | | | | | | 6,697,641 | | |
| | | | | | | | | | | 11,746,172 | | |
Total U.S. Treasury
Bonds (Cost $12,352,704) |
| | | | | | | | | | 11,746,172 | | |
U.S. Treasury Inflation Indexed Note — 0.5% | | ||||||||||||
U.S. Treasury Inflation
Indexed Note, 0.125%, due 7/15/30 (Cost $773,471) |
| | | | 670,000 | | | | |
|
754,340 |
| |
U.S. Treasury Notes — 25.6% | | | | ||||||||||
U.S. Treasury Note,
2.625%, due 4/15/25 |
| | | | 12,485,000 | | | | | | 12,395,264 | | |
U.S. Treasury Note,
2.750%, due 4/30/27 |
| | | | 6,545,000 | | | | | | 6,488,754 | | |
U.S. Treasury Note,
2.875%, due 4/30/29 |
| | | | 19,205,000 | | | | | | 19,114,977 | | |
| | | | | | | | | | | 37,998,995 | | |
Total U.S. Treasury
Notes (Cost $38,078,286) |
| | | | | | | | | | 37,998,995 | | |
United States Government Agency
Mortgage-Backed Securities — 2.8% |
| ||||||||||||
Mortgage Securities — 2.8% | | ||||||||||||
Fannie Mae
Pool Series 2021-BT0472, 2.000%, due 7/1/51 |
| | | | 94,795 | | | | | | 83,788 | | |
Series 2021-FM7685, 3.000%, due 6/1/51
|
| | | | 124,010 | | | | | | 117,361 | | |
Series 2021-FM8360, 2.500%, due 8/1/51
|
| | | | 76,957 | | | | | | 70,490 | | |
Series 2021-MA4383, 2.000%, due 7/1/36
|
| | | | 342,514 | | | | | | 321,410 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
United States Government Agency
Mortgage-Backed Securities (continued) |
| ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Federal Home Loan
Mortgage Corporation Series 2021-377, 2.000%, due 1/25/51 |
| | | $ | 210,016 | | | | | $ | 26,927 | | |
Series 2021-5149, 2.500%,
due 10/25/51 |
| | | | 933,882 | | | | | | 129,479 | | |
Freddie Mac
Pool Series 2019-SD8030, 3.000%, due 12/1/49 |
| | | | 249,412 | | | | | | 236,491 | | |
Series 2021-RA6132, 2.500%, due
10/1/51 |
| | | | 611,924 | | | | | | 559,081 | | |
Series 2021-SD0625, 2.500%, due 5/1/51
|
| | | | 347,580 | | | | | | 317,691 | | |
Freddie Mac
REMICS Series 2020-5038, 1.500%, due 11/25/50 |
| | | | 384,250 | | | | | | 317,241 | | |
FREMF 2016-K58 Mortgage
Trust Series 2016-K58, 3.866%, due 9/25/49(a)(b)
|
| | | | 450,000 | | | | | | 438,842 | | |
FREMF 2017-K71 Mortgage
Trust Series 2017-K71, 3.881%, due 11/25/50(a)(b)
|
| | | | 245,000 | | | | | | 237,610 | | |
FREMF 2018-K77 Mortgage
Trust Series 2018-K77, 4.303%, due 5/25/51(a)(b)
|
| | | | 245,000 | | | | | | 236,076 | | |
FREMF 2018-K86 Mortgage
Trust Series 2018-K86, 4.437%, due 11/25/51(a)(b)
|
| | | | 75,000 | | | | | | 73,329 | | |
FREMF 2019-K102
Mortgage Trust Series 2019-K102, 3.652%, due 12/25/51(a)(b)
|
| | | | 85,000 | | | | | | 78,725 | | |
FREMF 2019-K103
Mortgage Trust Series 2019-K103, 3.573%, due 12/25/51(a)(b)
|
| | | | 255,000 | | | | | | 234,842 | | |
FREMF 2019-K87 Mortgage
Trust Series 2019-K87, 4.471%, due 1/25/51(a)(b)
|
| | | | 35,000 | | | | | | 34,191 | | |
Fremf 2019-K94 Mortgage
Trust Series 2019-K94, 4.101%, due 7/25/52(a)(b)
|
| | | | 95,000 | | | | | | 92,160 | | |
FREMF 2019-K94 Mortgage
Trust Series 2019-K94, 4.101%, due 7/25/52(a)(b)
|
| | | | 220,000 | | | | | | 209,239 | | |
FREMF 2019-K95 Mortgage
Trust Series 2019-K95, 4.054%, due 8/25/52(a)(b)
|
| | | | 50,000 | | | | | | 47,589 | | |
FREMF 2019-K98 Mortgage
Trust Series 2019-K98, 3.862%, due 10/25/52(a)(b)
|
| | | | 85,000 | | | | | | 79,858 | | |
FREMF 2020-K104
Mortgage Trust Series 2020-K104, 3.660%, due 2/25/52(a)(b)
|
| | | | 50,000 | | | | | | 45,986 | | |
Government National
Mortgage Association Series 2020-MA6398, 2.500%, due 1/20/50
|
| | | | 53,351 | | | | | | 49,190 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
United States Government Agency
Mortgage-Backed Securities (continued) |
| ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2021-42, 2.500%, due 3/20/51 |
| | | $ | 730,314 | | | | | $ | 78,214 | | |
| | | | | | | | | | | 4,115,810 | | |
Total United States
Government Agency Mortgage-Backed Securities (Cost $4,391,288) |
| | | | | | | | | | 4,115,810 | | |
|
| | |
Shares |
| |
Value |
| ||||||
Short-Term Investment — 1.9% | | | | | | | | | | | | | |
Money Market Fund — 1.9% | | | | | | | | | | | | | |
Dreyfus Government Cash
Management Fund, Institutional Shares, 0.24%(e)(f)
|
| | | | 2,413,563 | | | | | | 2,413,563 | | |
BlackRock Liquidity
Funds Treasury Trust Fund Portfolio, Institutional Class, 0.35%(e)
|
| | | | 397,597 | | | | | | 397,597 | | |
Total Short-Term
Investment (Cost $2,811,160) |
| | | | | | | | | | 2,811,160 | | |
Total
Investments — 100.7% (Cost $154,577,377) |
| | | | | | | | | | 149,653,227 | | |
Other Assets and Liabilities,
Net — (0.7)% |
| | | | | | | | | | (1,028,697) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 148,624,530 | | |
| CMT | | | — | | | 1 year Constant Maturity Treasury Index | |
| FREMF | | | — | | | Freddie MAC Multifamily Securities | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| SOFR | | | — | | | Secured Financing Overnight Rate | |
Type |
| |
Broker |
| |
Expiration Date |
| |
Number
of Contracts Purchased (Sold) |
| |
Notional Value at Trade Date |
| |
Notional Value at April 30, 2022 |
| |
Unrealized Appreciation (Depreciation) |
| ||||||||||||
U.S. 10 Year Note (CBT) |
| |
Citigroup Global Markets Inc. |
| |
June 2022 |
| | | | 18 | | | | | $ | 2,192,987 | | | | | $ | 2,144,813 | | | | | $ | (48,174) | | |
U.S. 2 Year Note (CBT) |
| |
Citigroup Global Markets Inc. |
| |
June 2022 |
| | | | 11 | | | | | | 2,326,992 | | | | | | 2,318,937 | | | | | | (8,055) | | |
U.S. 5 Year Note (CBT) |
| |
Citigroup Global Markets Inc. |
| |
June 2022 |
| | | | 27 | | | | | | 3,114,465 | | | | | | 3,042,141 | | | | | | (72,324) | | |
U.S. Long Bond (CBT) |
| |
Citigroup Global Markets Inc. |
| |
June 2022 |
| | | | 54 | | | | | | 7,734,571 | | | | | | 7,597,125 | | | | | | (137,446) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (265,999) | | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations
|
| | | $ | — | | | | | $ | 12,440,645 | | | | | $ | — | | | | | $ | 12,440,645 | | |
Commercial Asset-Backed Securities
|
| | | | — | | | | | | 10,802,172 | | | | | | — | | | | | | 10,802,172 | | |
Commercial Mortgage-Backed Securities
|
| | | | — | | | | | | 8,825,474 | | | | | | — | | | | | | 8,825,474 | | |
Corporate Bonds |
| | | | — | | | | | | 41,030,296 | | | | | | — | | | | | | 41,030,296 | | |
Foreign Bonds |
| | | | — | | | | | | 18,325,918 | | | | | | — | | | | | | 18,325,918 | | |
Foreign Government Obligations |
| | | | — | | | | | | 802,245 | | | | | | — | | | | | | 802,245 | | |
U.S. Treasury Bonds |
| | | | — | | | | | | 11,746,172 | | | | | | — | | | | | | 11,746,172 | | |
U.S. Treasury Inflation Indexed Note
|
| | | | — | | | | | | 754,340 | | | | | | — | | | | | | 754,340 | | |
U.S. Treasury Notes |
| | | | — | | | | | | 37,998,995 | | | | | | — | | | | | | 37,998,995 | | |
United States Government Agency
Mortgage-Backed Securities |
| | | | — | | | | | | 4,115,810 | | | | | | — | | | | | | 4,115,810 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 2,811,160 | | | | | | — | | | | | | — | | | | | | 2,811,160 | | |
Total Investments in Securities |
| | | $ | 2,811,160 | | | | | $ | 146,842,067 | | | | | $ | — | | | | | $ | 149,653,227 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts |
| | | $ | (265,999) | | | | | $ | — | | | | | $ | — | | | | | $ | (265,999) | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Long-Term Bonds 91.0% | | ||||||||||||
Commercial Asset-Backed Securities — 18.4% | | ||||||||||||
Asset Backed Securities — 18.4% | | ||||||||||||
522 Funding CLO 2019-4
Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2019-4A BR, 2.663%, (3-Month LIBOR + 1.60%) due 4/20/30(a) |
| | | $ | 1,000,000 | | | | | $ | 989,293 | | |
Battalion Clo 17 Ltd. | | | | | | | | | | | | | |
Series 2021-17A A1,
2.323%, (3-Month LIBOR + 1.26%) due 3/9/34(a) |
| | | | 1,000,000 | | | | | | 994,676 | | |
Canyon CLO 2020-1 Ltd.,
(Cayman Islands) |
| | | | | | | | | | | | |
Series 2020-1A BR, 2.744%, (3-Month LIBOR + 1.70%) due 7/15/34(a) |
| | | | 410,000 | | | | | | 403,908 | | |
CARLYLE US CLO 2021-1
Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-1A A1, 2.184%, (3-Month LIBOR + 1.14%) due 4/15/34(a) |
| | | | 1,000,000 | | | | | | 986,501 | | |
Cook Park CLO Ltd. | | | | | | | | | | | | | |
Series 2018-1A B, 2.444%, (3-Month LIBOR + 1.40%) due 4/17/30(a) |
| | | | 1,000,000 | | | | | | 986,276 | | |
Dewolf Park CLO Ltd. | | | | | | | | | | | | | |
Series 2017-1A BR, 2.494%, (3-Month LIBOR + 1.45%) due 10/15/30(a) |
| | | | 1,000,000 | | | | | | 992,199 | | |
Galaxy XIX CLO Ltd., (Cayman
Islands) |
| | | | | | | | | | | | |
Series 2015-19A A2RR,
2.584%, (3-Month LIBOR + 1.40%) due 7/24/30(a) |
| | | | 1,000,000 | | | | | | 983,619 | | |
Neuberger Berman Loan
Advisers CLO 32 Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2019-32A BR,
2.444%, (3-Month LIBOR + 1.40%) due 1/20/32(a) |
| | | | 1,000,000 | | | | | | 984,691 | | |
Neuberger Berman Loan
Advisers CLO 37 Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2020-37A BR,
2.513%, (3-Month LIBOR + 1.45%) due 7/20/31(a) |
| | | | 1,000,000 | | | | | | 989,047 | | |
Oak Hill Credit
Partners, (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-8A A, 2.234%, (3-Month LIBOR + 1.19%) due 1/18/34(a) |
| | | | 750,000 | | | | | | 744,365 | | |
Oaktree CLO 2020-1
Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2020-1A BR, 2.694%, (3-Month LIBOR + 1.65%) due 7/15/34(a) |
| | | | 1,000,000 | | | | | | 978,062 | | |
Octagon Investment
Partners 31 LLC, (Cayman Islands) |
| | | | | | | | | | | | |
Series 2017-1A B1R,
2.563%, (3-Month LIBOR + 1.50%) due 7/20/30(a) |
| | | | 1,000,000 | | | | | | 990,471 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Octagon Investment
Partners 51 Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-1A A, 2.213%, (3-Month LIBOR + 1.15%) due 7/20/34(a) |
| | | $ | 1,000,000 | | | | | $ | 988,742 | | |
Palmer Square CLO
2014-1 Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2014-1A A2R2,
2.494%, (3-Month LIBOR + 1.45%) due 1/17/31(a) |
| | | | 1,150,000 | | | | | | 1,138,131 | | |
Palmer Square CLO
2021-2 Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-2A A, 2.194%, (3-Month LIBOR + 1.15%) due 7/15/34(a) |
| | | | 1,000,000 | | | | | | 988,861 | | |
Park Avenue
Institutional Advisers CLO Ltd. 2018-1, (Cayman Islands) |
| | | | | | | | | | | | |
Series 2018-1A A2R,
2.663%, (3-Month LIBOR + 1.60%) due 10/20/31(a) |
| | | | 700,000 | | | | | | 687,197 | | |
Park Avenue
Institutional Advisers CLO Ltd. 2021-1, (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-1A A1A,
2.453%, (3-Month LIBOR + 1.39%) due 1/20/34(a) |
| | | | 1,000,000 | | | | | | 996,224 | | |
Rad CLO 10 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-10A A, 2.354%, (3-Month LIBOR + 1.17%) due 4/23/34(a) |
| | | | 1,000,000 | | | | | | 991,165 | | |
Romark CLO IV Ltd., (Cayman
Islands) |
| | | | | | | | | | | | |
Series 2021-4A A1, 2.159%, (3-Month LIBOR + 1.17%) due 7/10/34(a) |
| | | | 1,000,000 | | | | | | 981,048 | | |
Shackleton 2019-XIV Clo
Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2019-14A A1R,
2.263%, (3-Month LIBOR + 1.20%) due 7/20/34(a) |
| | | | 1,000,000 | | | | | | 986,276 | | |
Sixth Street CLO XVII
Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-17A A, 2.303%, (3-Month LIBOR + 1.24%) due 1/20/34(a) |
| | | | 1,000,000 | | | | | | 994,191 | | |
TICP CLO XV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-15A A, 2.343%, (3-Month LIBOR + 1.28%) due 4/20/33(a) |
| | | | 1,000,000 | | | | | | 994,796 | | |
TRESTLES CLO II Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-2A A2, 2.854%, (3-Month LIBOR + 1.67%) due 7/25/31(a) |
| | | | 275,000 | | | | | | 271,666 | | |
Trestles Clo IV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-4A A, 2.268%, (3-Month LIBOR + 1.17%) due 7/21/34(a) |
| | | | 1,000,000 | | | | | | 987,915 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Wellfleet CLO 2021-2
Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-2A A1, 2.244%, (3-Month LIBOR + 1.20%) due 7/15/34(a) |
| | | $ | 933,333 | | | | | $ | 922,048 | | |
| | | | | | | | | | | 22,951,368 | | |
Total Commercial
Asset-Backed Securities (Cost $23,195,345) |
| | | | | | | | | | 22,951,368 | | |
Commercial Mortgage-Backed Securities — 5.2% | | ||||||||||||
Mortgage Securities — 5.2% | | ||||||||||||
BFLD Trust | | | | | | | | | | | | | |
Series 2021-FPM A, 2.155%, (1-Month LIBOR + 1.60%) due 6/15/38(a) |
| | | | 1,000,000 | | | | | | 986,200 | | |
BPR Trust 2022-OANA | | | | | | | | | | | | | |
Series 2022-OANA A,
2.248%, (SOFR30A + 1.90%) due 4/15/37(a) |
| | | | 500,000 | | | | | | 499,050 | | |
COMM 2013-SFS Mortgage Trust | | | | | | | | | | | | | |
Series 2013-SFS A2, 3.086%, due 4/12/35(a)(b) |
| | | | 1,850,000 | | | | | | 1,835,641 | | |
GS Mortgage Securities Corp. II | | | | | | | | | | | | | |
Series 2012-BWTR A, 2.954%, due 11/5/34 |
| | | | 1,250,000 | | | | | | 1,244,988 | | |
Houston Galleria Mall Trust 2015-HGLR | | | | | | | | | | | | | |
Series 2015-HGLR A1A1, 3.087%, due 3/5/37 |
| | | | 1,000,000 | | | | | | 969,301 | | |
Queens Center Mortgage
Trust 2013-QC |
| | | | | | | | | | | | |
Series 2013-QCA A, 3.275%, due 1/11/37 |
| | | | 1,000,000 | | | | | | 973,667 | | |
| | | | | | | | | | | 6,508,847 | | |
Total Commercial
Mortgage-Backed Securities |
| | | | | | | | | | | | |
(Cost $6,720,632) |
| | | | | | | | | | 6,508,847 | | |
Corporate Bonds — 34.3% | | ||||||||||||
Basic Materials — 0.3% | | ||||||||||||
International Flavors & Fragrances,
Inc. |
| | | | | | | | | | | | |
1.230%, due 10/1/25 |
| | | | 425,000 | | | | | | 387,244 | | |
Communications — 3.6% | | ||||||||||||
T-Mobile USA, Inc. | | | | | | | | | | | | | |
1.500%, due 2/15/26 |
| | | | 1,950,000 | | | | | | 1,778,864 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
1.083%, (SOFR + 0.79%) due 3/20/26(a) |
| | | | 2,725,000 | | | | | | 2,715,890 | | |
| | | | | | | | | | | 4,494,754 | | |
Consumer, Cyclical — 4.1% | | ||||||||||||
Aptiv PLC / Aptiv Corp. | | | | | | | | | | | | | |
2.396%, due 2/18/25 |
| | | | 1,000,000 | | | | | | 961,583 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.087%, due 1/9/23 |
| | | | 200,000 | | | | | | 200,176 | | |
3.664%, due 9/8/24 |
| | | $ | 325,000 | | | | | $ | 314,437 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Consumer, Cyclical (continued) | | ||||||||||||
1.050%, due 3/8/24 |
| | | | 1,500,000 | | | | | | 1,431,841 | | |
Hyundai Capital America | | | | | | | | | | | | | |
1.300%, due 1/8/26 |
| | | | 2,425,000 | | | | | | 2,178,506 | | |
| | | | | | | | | | | 5,086,543 | | |
Consumer, Non-cyclical — 4.7% | | ||||||||||||
Avery Dennison Corp. | | | | | | | | | | | | | |
0.850%, due 8/15/24 |
| | | | 2,250,000 | | | | | | 2,119,888 | | |
Baxter International, Inc. | | | | | | | | | | | | | |
1.322%, due 11/29/24 |
| | | | 1,275,000 | | | | | | 1,202,787 | | |
Global Payments, Inc. | | | | | | | | | | | | | |
1.500%, due 11/15/24 |
| | | | 900,000 | | | | | | 850,125 | | |
Laboratory Corp. of America
Holdings |
| | | | | | | | | | | | |
3.250%, due 9/1/24 |
| | | | 900,000 | | | | | | 894,249 | | |
Mondelez International, Inc. | | | | | | | | | | | | | |
2.125%, due 3/17/24 |
| | | | 750,000 | | | | | | 736,419 | | |
| | | | | | | | | | | 5,803,468 | | |
Energy — 0.2% | | ||||||||||||
Valero Energy Corp. | | | | | | | | | | | | | |
2.850%, due 4/15/25 |
| | | | 325,000 | | | | | | 316,135 | | |
Financial — 8.6% | | ||||||||||||
Air Lease Corp. | | | | | | | | | | | | | |
0.800%, due 8/18/24 |
| | | | 1,500,000 | | | | | | 1,394,392 | | |
Aircastle Ltd. | | | | | | | | | | | | | |
2.850%, due 1/26/28 |
| | | | 1,100,000 | | | | | | 960,121 | | |
American Express Co. | | | | | | | | | | | | | |
3.375%, due 5/3/24 |
| | | | 1,500,000 | | | | | | 1,498,803 | | |
Ares Finance Co. LLC | | | | | | | | | | | | | |
4.000%, due 10/8/24 |
| | | | 1,640,000 | | | | | | 1,635,457 | | |
Bank of America Corp. | | | | | | | | | | | | | |
4.200%, due 8/26/24 |
| | | | 1,400,000 | | | | | | 1,412,857 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
1.953%, (3-Month LIBOR + 1.43%) due 9/1/23(a) |
| | | | 1,775,000 | | | | | | 1,778,197 | | |
Corebridge Financial, Inc. | | | | | | | | | | | | | |
3.500%, due 4/4/25 |
| | | | 1,200,000 | | | | | | 1,187,832 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
2.184%, (3-Month LIBOR + 1.00%) due 7/24/23(a) |
| | | | 1,000,000 | | | | | | 999,838 | | |
| | | | | | | | | | | 10,867,497 | | |
Industrial — 2.4% | | ||||||||||||
Boeing Co. (The) | | | | | | | | | | | | | |
1.167%, due 2/4/23 |
| | | | 750,000 | | | | | | 740,994 | | |
1.950%, due 2/1/24 |
| | | | 1,375,000 | | | | | | 1,335,440 | | |
Flex Ltd. | | | | | | | | | | | | | |
3.750%, due 2/1/26 |
| | | | 875,000 | | | | | | 853,890 | | |
| | | | | | | | | | | 2,930,324 | | |
Technology — 1.7% | | ||||||||||||
Skyworks Solutions, Inc. | | | | | | | | | | | | | |
0.900%, due 6/1/23 |
| | | | 2,225,000 | | | | | | 2,169,283 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Utilities — 8.7% | | ||||||||||||
American Electric Power Co., Inc. | | | | | | | | | | | | | |
2.031%, due 3/15/24 |
| | | $ | 225,000 | | | | | $ | 219,055 | | |
CenterPoint Energy, Inc. | | | | | | | | | | | | | |
0.846%, (SOFR + 0.65%) due 5/13/24(a) |
| | | | 1,725,000 | | | | | | 1,711,358 | | |
Entergy Louisiana LLC | | | | | | | | | | | | | |
0.620%, due 11/17/23 |
| | | | 850,000 | | | | | | 818,964 | | |
Eversource Energy | | | | | | | | | | | | | |
Series T, 0.448%, (SOFR +
0.25%) due 8/15/23(a) |
| | | | 2,250,000 | | | | | | 2,244,162 | | |
OGE Energy Corp. | | | | | | | | | | | | | |
0.703%, due 5/26/23 |
| | | | 2,000,000 | | | | | | 1,945,951 | | |
Pacific Gas and Electric Co. | | | | | | | | | | | | | |
1.750%, due 6/16/22 |
| | | | 1,700,000 | | | | | | 1,698,847 | | |
Sempra Energy | | | | | | | | | | | | | |
3.300%, due 4/1/25 |
| | | | 400,000 | | | | | | 394,428 | | |
Southern California Edison Co. | | | | | | | | | | | | | |
1.100%, due 4/1/24 |
| | | | 1,875,000 | | | | | | 1,799,038 | | |
| | | | | | | | | | | 10,831,803 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $44,552,759) |
| | | | | | | | | | 42,887,051 | | |
Foreign Bonds — 14.4% | | ||||||||||||
Communications — 0.4% | | ||||||||||||
Thomson Reuters Corp., (Canada) | | | | | | | | | | | | | |
3.850%, due 9/29/24 |
| | | | 475,000 | | | | | | 475,937 | | |
Consumer, Cyclical — 2.1% | | ||||||||||||
Daimler Trucks Finance
North America LLC, (Germany) |
| | | | | | | | | | | | |
1.625%, due 12/13/24 |
| | | | 1,275,000 | | | | | | 1,210,755 | | |
Volkswagen Group of
America Finance LLC, (Germany) |
| | | | | | | | | | | | |
1.250%, due 11/24/25 |
| | | | 1,500,000 | | | | | | 1,366,304 | | |
| | | | | | | | | | | 2,577,059 | | |
Consumer, Non-cyclical — 1.6% | | ||||||||||||
Bayer US Finance II LLC, (Germany) | | | | | | | | | | | | | |
3.875%, due 12/15/23 |
| | | | 2,025,000 | | | | | | 2,041,047 | | |
Financial — 9.2% | | ||||||||||||
AerCap Ireland Capital
DAC / AerCap Global Aviation Trust, (Ireland) |
| | | | | | | | | | | | |
1.650%, due 10/29/24 |
| | | | 1,500,000 | | | | | | 1,398,318 | | |
Antares Holdings LP, (Canada) | | | | | | | | | | | | | |
3.950%, due 7/15/26 |
| | | | 975,000 | | | | | | 894,695 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
4.250%, due 10/15/24 |
| | | | 1,500,000 | | | | | | 1,514,822 | | |
BOC Aviation USA Corp., (Singapore) | | | | | | | | | | | | | |
1.625%, due 4/29/24 |
| | | | 1,125,000 | | | | | | 1,078,076 | | |
Credit Agricole SA/London, (France) | | | | | | | | | | | | | |
1.907%, (SOFR + 1.68%) due 6/16/26(a) |
| | | | 1,300,000 | | | | | | 1,204,178 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
4.250%, due 8/18/25 |
| | | | 1,500,000 | | | | | | 1,501,339 | | |
ING Bank NV, (Netherlands) | | | | | | | | | | | | | |
5.800%, due 9/25/23 |
| | | | 1,000,000 | | | | | | 1,026,631 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
Lloyds Banking Group
PLC, (United Kingdom) |
| | | | | | | | | | | | |
0.695%, (CMT + 0.55%) due 5/11/24(a) |
| | | $ | 1,500,000 | | | | | $ | 1,455,715 | | |
NatWest Markets PLC,
(United Kingdom) |
| | | | | | | | | | | | |
0.800%, due 8/12/24 |
| | | | 1,000,000 | | | | | | 935,920 | | |
Standard Chartered PLC,
(United Kingdom) |
| | | | | | | | | | | | |
0.991%, (CMT + 0.78%) due 1/12/25(a) |
| | | | 550,000 | | | | | | 522,137 | | |
| | | | | | | | | | | 11,531,831 | | |
Government — 1.1% | | ||||||||||||
International Bank for
Reconstruction & Development, (Supranational) |
| | | | | | | | | | | | |
Series GDIF, 0.850%, due 2/10/27 |
| | | | 1,500,000 | | | | | | 1,338,355 | | |
Total Foreign Bonds | | | | | | | | | | | | | |
(Cost $18,945,911) |
| | | | | | | | | | 17,964,229 | | |
U.S. Treasury Note — 15.6% | | ||||||||||||
U.S. Treasury Note, 2.500%, due
4/30/24 |
| | | | | | | | | | | | |
(Cost
$19,465,510) |
| | | | 19,525,000 | | | | |
|
19,442,629 |
| |
United States Government Agency
Mortgage-Backed Securities — 3.1% |
| ||||||||||||
Mortgage Securities — 3.1% | | ||||||||||||
Freddie Mac Multifamily
Structured Pass Through Certificates |
| | | | | | | | | | | | |
Series 2020-K108, 1.810%, due
3/25/30(a)(b)
|
| | | | 7,357,068 | | | | | | 798,816 | | |
Series 2020-K119, 1.026%, due
9/25/30(a)(b)
|
| | | | 14,949,976 | | | | | | 936,015 | | |
Series 2020-K122, 0.973%, due
11/25/30(a)(b)
|
| | | | 17,654,940 | | | | | | 1,057,660 | | |
Series 2021-K124, 0.812%, due
12/25/30(a)(b)
|
| | | | 9,485,709 | | | | | | 479,158 | | |
Series 2021-K130, 1.144%, due
6/25/31(a)(b)
|
| | | | 7,331,606 | | | | | | 557,855 | | |
| | | | | | | | | | | 3,829,504 | | |
Total United States
Government Agency Mortgage-Backed Securities |
| | | | | | | | | | | | |
(Cost $4,147,803) |
| | | | | | | | | | 3,829,504 | | |
|
Short-Term Investment — 24.0% |
| ||||||||||||
Commercial Papers — 2.3% | | | | | | | | | | | | | |
Utilities — 2.3% | | | | | | | | | | | | | |
Barclays Capital | | | | | | | | | | | | | |
0.000%, due 4/3/23 |
| | | | 1,000,000 | | | | | | 975,780 | | |
Westpac BKG Co. | | | | | | | | | | | | | |
0.000%, due 3/20/23 |
| | | | 2,000,000 | | | | | | 1,954,980 | | |
| | | | | | | | | | | 2,930,760 | | |
Total Commercial Papers | | | | | | | | | | | | | |
(Cost $2,941,568) |
| | | | | | | | | | 2,930,760 | | |
| | |
Shares |
| |
Value |
| ||||||
Money Market Fund — 21.7% | | ||||||||||||
BlackRock Liquidity T-Fund, 0.29%(c) | | | | | | | | | | | | | |
(Cost $27,077,252) |
| | |
|
27,077,252 |
| | | | $ | 27,077,252 | | |
Total Investments — 115.0% | | ||||||||||||
(Cost $147,046,780) |
| | | | | | | | | | 143,591,640 | | |
Other Assets and
Liabilities, Net — (15.0)% |
| | | | | | | | | | (18,774,882) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 124,816,758 | | |
| CMT | | | — | | | 1 year Constant Maturity Treasury Index | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| SOFR | | | — | | | Secured Financing Overnight Rate | |
Type |
| |
Broker |
| |
Expiration Date |
| |
Number
of Contracts Purchased (Sold) |
| |
Notional Value at Trade Date |
| |
Notional Value at April 30, 2022 |
| |
Unrealized Appreciation (Depreciation) |
| ||||||||||||
U.S. 10 Year Note (CBT) |
| |
RBC Capital Markets |
| |
June 2022 |
| | | | (19) | | | | | $ | (2,300,654) | | | | | $ | (2,263,969) | | | | | $ | 36,685 | | |
U.S. 10 Year Ultra Note |
| |
RBC Capital Markets |
| |
June 2022 |
| | | | 26 | | | | | | 3,391,953 | | | | | | 3,354,000 | | | | | | (37,953) | | |
U.S. 2 Year Note (CBT) |
| |
RBC Capital Markets |
| |
June 2022 |
| | | | (238) | | | | | | (50,378,420) | | | | | | (50,173,375) | | | | | | 205,045 | | |
U.S. 5 Year Note (CBT) |
| |
RBC Capital Markets |
| |
June 2022 |
| | | | (164) | | | | | | (19,236,008) | | | | | | (18,478,188) | | | | | | 757,820 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 961,597 | | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Asset-Backed Securities
|
| | | $ | — | | | | | $ | 22,951,368 | | | | | $ | — | | | | | $ | 22,951,368 | | |
Commercial Mortgage-Backed Securities
|
| | | | — | | | | | | 6,508,847 | | | | | | — | | | | | | 6,508,847 | | |
Corporate Bonds |
| | | | — | | | | | | 42,887,051 | | | | | | — | | | | | | 42,887,051 | | |
Foreign Bonds |
| | | | — | | | | | | 17,964,229 | | | | | | — | | | | | | 17,964,229 | | |
U.S. Treasury Note |
| | | | — | | | | | | 19,442,629 | | | | | | — | | | | | | 19,442,629 | | |
United States Government Agency
Mortgage-Backed Securities |
| | | | — | | | | | | 3,829,504 | | | | | | — | | | | | | 3,829,504 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Papers |
| | | | — | | | | | | 2,930,760 | | | | | | — | | | | | | 2,930,760 | | |
Money Market Fund |
| | | | 27,077,252 | | | | | | — | | | | | | — | | | | | | 27,077,252 | | |
Total Investments in Securities |
| | | | 27,077,252 | | | | | | 116,514,388 | | | | | | — | | | | | | 143,591,640 | | |
Other Financial Instruments:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts |
| | | | 999,550 | | | | | | — | | | | | | — | | | | | | 999,550 | | |
Total Investments in Securities and Other
Financial Instruments |
| | | $ | 28,076,802 | | | | | $ | 116,514,388 | | | | | $ | — | | | | | $ | 144,591,190 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts |
| | | $ | (37,953) | | | | | $ | — | | | | | $ | — | | | | | $ | (37,953) | | |
| | |
IQ
MacKay California Municipal Intermediate ETF |
| |
IQ MacKay Municipal Insured ETF |
| |
IQ MacKay Municipal Intermediate ETF |
| |
IQ MacKay ESG Core Plus Bond ETF |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value
|
| | | $ | 45,415,655 | | | | | $ | 359,959,762 | | | | | $ | 242,642,970 | | | | | $ | 149,653,227 | | |
Cash |
| | | | — | | | | | | 332 | | | | | | 11 | | | | | | 43,238 | | |
Deposits at broker for futures contracts
|
| | | | — | | | | | | — | | | | | | — | | | | | | 233,100 | | |
Receivable for investments sold |
| | | | 1,825,981 | | | | | | 23,988,448 | | | | | | 1,219,580 | | | | | | 26,809,126 | | |
Interest receivable |
| | | | 399,083 | | | | | | 3,854,507 | | | | | | 2,279,724 | | | | | | 714,326 | | |
Receivable for capital shares
transactions |
| | | | — | | | | | | 4,441 | | | | | | 2,202 | | | | | | — | | |
Prepaid expenses |
| | | | — | | | | | | — | | | | | | 10 | | | | | | 11 | | |
Due from broker |
| | | | — | | | | | | — | | | | | | — | | | | | | 32 | | |
Securities lending income receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | 177 | | |
Dividend receivable |
| | | | — | | | | | | — | | | | | | — | | | | | | 937 | | |
Due from advisor |
| | | | 14,646 | | | | | | 90,393 | | | | | | 56,342 | | | | | | 7,628 | | |
Total assets |
| | | | 47,655,365 | | | | | | 387,897,883 | | | | | | 246,200,839 | | | | | | 177,461,802 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for investments purchased
|
| | | | 4,009,138 | | | | | | 7,771,044 | | | | | | 8,682,110 | | | | | | 26,317,584 | | |
Due to Broker |
| | | | 27,859 | | | | | | — | | | | | | — | | | | | | — | | |
Advisory fees payable |
| | | | 16,553 | | | | | | 128,380 | | | | | | 77,613 | | | | | | 27,885 | | |
Trustee fees payable |
| | | | 223 | | | | | | 1,427 | | | | | | 661 | | | | | | 1 | | |
Variation margin payable |
| | | | — | | | | | | — | | | | | | — | | | | | | 34,829 | | |
Payable for capital shares repurchased
|
| | | | — | | | | | | 14,803,709 | | | | | | 7,340,326 | | | | | | — | | |
Collateral for investments on loan
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,413,563 | | |
Accrued expenses and other liabilities
|
| | | | 35,995 | | | | | | 165,038 | | | | | | 115,754 | | | | | | 43,410 | | |
Total liabilities |
| | | | 4,089,768 | | | | | | 22,869,598 | | | | | | 16,216,464 | | | | | | 28,837,272 | | |
Net Assets |
| | | $ | 43,565,597 | | | | | $ | 365,028,285 | | | | | $ | 229,984,375 | | | | | $ | 148,624,530 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital |
| | | $ | 50,015,000 | | | | | $ | 407,844,850 | | | | | $ | 249,811,030 | | | | | $ | 154,853,260 | | |
Total accumulated loss |
| | | | (6,449,403) | | | | | | (42,816,565) | | | | | | (19,826,655) | | | | | | (6,228,730) | | |
Net Assets |
| | | $ | 43,565,597 | | | | | $ | 365,028,285 | | | | | $ | 229,984,375 | | | | | $ | 148,624,530 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no
par value, unlimited shares authorized) |
| | | | 2,000,000 | | | | | | 14,800,000 | | | | | | 9,400,000 | | | | | | 6,650,000 | | |
Net Asset Value Per Share |
| | | $ | 21.78 | | | | | $ | 24.66 | | | | | $ | 24.47 | | | | | $ | 22.35 | | |
Investments, at cost |
| | | $ | 48,992,341 | | | | | $ | 389,325,532 | | | | | $ | 258,001,830 | | | | | $ | 154,577,377 | | |
(a) Market value of securities on loan
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,574,135 | | |
| | |
IQ Ultra Short Duration ETF |
| |||
Assets | | | | | | | |
Investments in securities, at value
|
| | | $ | 143,591,640 | | |
Deposits at broker for futures contracts
|
| | | | 399,360 | | |
Receivable for investments sold |
| | | | 1,487,474 | | |
Interest receivable |
| | | | 327,580 | | |
Dividend receivable |
| | | | 1,605 | | |
Due from broker |
| | | | 348 | | |
Due from advisor |
| | | | 12,077 | | |
Variation margin receivable |
| | | | 72,031 | | |
Total assets |
| | | | 145,892,115 | | |
Liabilities | | | | | | | |
Payable for investments purchased
|
| | | | 20,968,013 | | |
Advisory fees payable |
| | | | 23,447 | | |
Trustee fees payable |
| | | | 1,270 | | |
Compliance fees payable |
| | | | 1 | | |
Accrued expenses and other liabilities
|
| | | | 82,626 | | |
Total liabilities |
| | | | 21,075,357 | | |
Net Assets |
| | |
$ |
124,816,758 |
| |
Composition of Net Assets | | | | | | | |
Paid-in capital |
| | | $ | 128,372,928 | | |
Total accumulated loss |
| | | | (3,556,170) | | |
Net Assets |
| | |
$ |
124,816,758 |
| |
NET ASSET VALUE PER SHARE | | | | | | | |
Shares Outstanding (no par value,
unlimited shares authorized) |
| | | | 2,600,000 | | |
Net Asset Value Per Share |
| | | $ | 48.01 | | |
Investments, at cost |
| | | $ | 147,046,780 | | |
| | |
IQ
MacKay California Municipal Intermediate ETF* |
| |
IQ MacKay Municipal Insured ETF |
| |
IQ MacKay Municipal Intermediate ETF |
| |
IQ MacKay ESG Core Plus Bond ETF** |
| ||||||||||||
Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income |
| | | $ | 321,226 | | | | | $ | 7,484,718 | | | | | $ | 2,995,651 | | | | | $ | 737,895 | | |
Dividend income |
| | | | 795 | | | | | | 604 | | | | | | 564 | | | | | | 1,033 | | |
Securities lending income, net of
borrower rebates |
| | | | — | | | | | | — | | | | | | — | | | | | | 2,281 | | |
Total investment income |
| | | | 322,021 | | | | | | 7,485,322 | | | | | | 2,996,215 | | | | | | 741,209 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) |
| | | | 76,689 | | | | | | 1,859,250 | | | | | | 887,980 | | | | | | 120,984 | | |
Audit and tax fees |
| | | | 14,653 | | | | | | 28,671 | | | | | | 28,671 | | | | | | 15,714 | | |
Administrative and accounting fees
|
| | | | 13,755 | | | | | | 182,141 | | | | | | 76,636 | | | | | | 14,944 | | |
Custodian fees |
| | | | 7,123 | | | | | | 108,458 | | | | | | 66,396 | | | | | | 22,299 | | |
Registration fees |
| | | | 3,628 | | | | | | 5,963 | | | | | | 15,090 | | | | | | 2,728 | | |
Listing fees |
| | | | 3,230 | | | | | | 9,902 | | | | | | 9,929 | | | | | | 6,529 | | |
Legal fees |
| | | | 1,516 | | | | | | 60,325 | | | | | | 28,508 | | | | | | 3,034 | | |
Shareholder reporting fees |
| | | | 1,374 | | | | | | 14,034 | | | | | | 4,011 | | | | | | 8,360 | | |
Intraday pricing fees |
| | | | 890 | | | | | | 2,500 | | | | | | 2,500 | | | | | | 2,500 | | |
Trustee fees |
| | | | 824 | | | | | | 20,134 | | | | | | 9,473 | | | | | | 1,040 | | |
Compliance fees |
| | | | — | | | | | | 85 | | | | | | 23 | | | | | | — | | |
Miscellaneous |
| | | | 105 | | | | | | 553 | | | | | | 142 | | | | | | 85 | | |
Total expenses |
| | | | 123,787 | | | | | | 2,292,016 | | | | | | 1,129,359 | | | | | | 198,217 | | |
Waivers (see Note 3) |
| | | | (64,141) | | | | | | (897,579) | | | | | | (463,374) | | | | | | (77,233) | | |
Net expenses |
| | | | 59,646 | | | | | | 1,394,437 | | | | | | 665,985 | | | | | | 120,984 | | |
Net investment income |
| | | | 262,375 | | | | | | 6,090,885 | | | | | | 2,330,230 | | | | | | 620,225 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities |
| | | | (2,794,452) | | | | | | (10,757,056) | | | | | | (3,056,521) | | | | | | (961,599) | | |
Futures contracts |
| | | | — | | | | | | — | | | | | | — | | | | | | (212,164) | | |
Net realized loss |
| | | | (2,794,452) | | | | | | (10,757,056) | | | | | | (3,056,521) | | | | | | (1,173,763) | | |
Net change in net
unrealized appreciation (depreciation) on: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities |
| | | | (3,576,686) | | | | | | (34,861,360) | | | | | | (18,537,910) | | | | | | (4,924,150) | | |
Futures contracts |
| | | | — | | | | | | — | | | | | | — | | | | | | (265,999) | | |
Net change in net
unrealized appreciation (depreciation) |
| | | | (3,576,686) | | | | | | (34,861,360) | | | | | | (18,537,910) | | | | | | (5,190,149) | | |
Net realized and unrealized loss
|
| | | | (6,371,138) | | | | | | (45,618,416) | | | | | | (21,594,431) | | | | | | (6,363,912) | | |
Net Decrease in Net
Assets Resulting From Operations |
| | | $ | (6,108,763) | | | | | $ | (39,527,531) | | | | | $ | (19,264,201) | | | | | $ | (5,743,687) | | |
| | |
IQ Ultra Short Duration ETF |
| |||
Investment Income | | | | | | | |
Interest income |
| | | $ | 2,398,581 | | |
Dividend income |
| | | | 2,395 | | |
Total investment income |
| | | | 2,400,976 | | |
Expenses | | | | | | | |
Advisory fees (see Note 3) |
| | | | 465,461 | | |
Administrative and accounting fees
|
| | | | 97,622 | | |
Legal fees |
| | | | 27,723 | | |
Custodian fees |
| | | | 24,719 | | |
Audit and tax fees |
| | | | 22,523 | | |
Listing fees |
| | | | 9,444 | | |
Shareholder reporting fees |
| | | | 9,020 | | |
Trustee fees |
| | | | 8,532 | | |
Intraday pricing fees |
| | | | 2,500 | | |
Registration fees |
| | | | 1,991 | | |
Compliance fees |
| | | | 117 | | |
Miscellaneous |
| | | | 1,495 | | |
Total expenses |
| | | | 671,147 | | |
Waivers (see Note 3) |
| | | | (205,683) | | |
Net expenses |
| | | | 465,464 | | |
Net investment income |
| | | | 1,935,512 | | |
Realized and Unrealized Gain (Loss) | | | | | | | |
Net realized gain (loss) from: | | | | | | | |
Investment securities |
| | | | (1,837,807) | | |
Futures contracts |
| | | | 1,253,371 | | |
Net realized loss |
| | | | (584,436) | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | |
Investment securities |
| | | | (2,907,489) | | |
Futures contracts |
| | | | 358,655 | | |
Net change in net unrealized appreciation
(depreciation) |
| | | | (2,548,834) | | |
Net realized and unrealized loss
|
| | | | (3,133,270) | | |
Net Decrease in Net Assets Resulting From
Operations |
| | | $ | (1,197,758) | | |
| | |
IQ MacKay California Municipal Intermediate ETF |
| |
IQ MacKay Municipal Insured ETF |
| ||||||||||||
| | |
For
the Period December 21, 2021* to April 30, 2022 |
| |
For the Year Ended
April 30, |
| ||||||||||||
| | |
2022 |
| |
2021 |
| ||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | $ | 262,375 | | | | | $ | 6,090,885 | | | | | $ | 3,231,383 | | |
Net realized gain (loss) |
| | | | (2,794,452) | | | | | | (10,757,056) | | | | | | 1,326,301 | | |
Net change in net
unrealized appreciation (depreciation) |
| | | | (3,576,686) | | | | | | (34,861,360) | | | | | | 6,386,307 | | |
Net increase (decrease)
in net assets resulting from operations |
| | | | (6,108,763) | | | | | | (39,527,531) | | | | | | 10,943,991 | | |
Distributions to Shareholders |
| | | | (340,640) | | | | | | (8,536,753) | | | | | | (3,808,446) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created |
| | | | 50,015,000 | | | | | | 143,724,531 | | | | | | 349,155,789 | | |
Cost of shares redeemed |
| | | | — | | | | | | (174,958,650) | | | | | | — | | |
Increase (Decrease) from capital share
transactions |
| | | | 50,015,000 | | | | | | (31,234,119) | | | | | | 349,155,789 | | |
Total increase (decrease) in net assets
|
| | | | 43,565,597 | | | | | | (79,298,403) | | | | | | 356,291,334 | | |
Net Assets | | | | | | | | | | | | | | | | | | | |
Beginning of period |
| | | | — | | | | | | 444,326,688 | | | | | | 88,035,354 | | |
End of period
|
| | | $ | 43,565,597 | | | | | $ | 365,028,285 | | | | | $ | 444,326,688 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period
|
| | | | — | | | | | | 16,150,000 | | | | | | 3,400,000 | | |
Shares created |
| | | | 2,000,000 | | | | | | 5,300,000 | | | | | | 12,750,000 | | |
Shares redeemed |
| | | | — | | | | | | (6,650,000) | | | | | | — | | |
Shares outstanding, end of period
|
| | |
|
2,000,000 |
| | | |
|
14,800,000 |
| | | |
|
16,150,000 |
| |
| | |
IQ MacKay Municipal Intermediate ETF |
| |
IQ MacKay ESG Core Plus Bond ETF |
| ||||||||||||
| | |
For the Year Ended
April 30, |
| |
For
the Period June 29, 2021* to April 30, 2022 |
| ||||||||||||
| | |
2022 |
| |
2021 |
| ||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | $ | 2,330,230 | | | | | $ | 1,272,092 | | | | | $ | 620,225 | | |
Net realized gain (loss) |
| | | | (3,056,521) | | | | | | 771,203 | | | | | | (1,173,763) | | |
Net change in net unrealized appreciation
(depreciation) |
| | | | (18,537,910) | | | | | | 3,232,459 | | | | | | (5,190,149) | | |
Net increase (decrease) in net assets
resulting from operations |
| | | | (19,264,201) | | | | | | 5,275,754 | | | | | | (5,743,687) | | |
Distributions to Shareholders |
| | | | (4,118,219) | | | | | | (1,545,079) | | | | | | (485,043) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created |
| | | | 203,706,925 | | | | | | 69,260,748 | | | | | | 154,853,260 | | |
Cost of shares redeemed |
| | | | (75,039,781) | | | | | | — | | | | | | — | | |
Increase from capital share transactions
|
| | | | 128,667,144 | | | | | | 69,260,748 | | | | | | 154,853,260 | | |
Total increase in net assets |
| | | | 105,284,724 | | | | | | 72,991,423 | | | | | | 148,624,530 | | |
Net Assets | | | | | | | | | | | | | | | | | | | |
Beginning of period |
| | | | 124,699,651 | | | | | | 51,708,228 | | | | | | — | | |
End of period |
| | |
$ |
229,984,375 |
| | | |
$ |
124,699,651 |
| | | |
$ |
148,624,530 |
| |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period
|
| | | | 4,650,000 | | | | | | 2,050,000 | | | | | | — | | |
Shares created |
| | | | 7,700,000 | | | | | | 2,600,000 | | | | | | 6,650,000 | | |
Shares redeemed |
| | | | (2,950,000) | | | | | | — | | | | | | — | | |
Shares outstanding, end of period
|
| | |
|
9,400,000 |
| | | |
|
4,650,000 |
| | | |
|
6,650,000 |
| |
| | |
IQ Ultra Short
Duration ETF |
| | |||||||||||
| | |
For the Year Ended
April 30, |
| | |||||||||||
| | |
2022 |
| |
2021 |
| | ||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | |
Net investment income |
| | | $ | 1,935,512 | | | | | $ | 2,228,528 | | | | ||
Net realized gain (loss) |
| | | | (584,436) | | | | | | 2,944,104 | | | | ||
Net change in net unrealized appreciation
(depreciation) |
| | | | (2,548,834) | | | | | | 365,211 | | | | ||
Net increase (decrease) in net assets
resulting from operations |
| | | | (1,197,758) | | | | | | 5,537,843 | | | | ||
Distributions to Shareholders |
| | | | (3,738,076) | | | | | | (3,352,469) | | | | ||
Capital Share Transactions | | | | | | | | | | | | | | | ||
Proceeds from shares created |
| | | | 73,483,699 | | | | | | 213,233,109 | | | | ||
Cost of shares redeemed |
| | | | (196,709,144) | | | | | | (111,622,801) | | | | ||
Increase (Decrease) from capital share
transactions |
| | | | (123,225,445) | | | | | | 101,610,308 | | | | ||
Total increase (decrease) in net assets
|
| | | | (128,161,279) | | | | | | 103,795,682 | | | | ||
Net Assets | | | | | | | | | | | | | | | ||
Beginning of period |
| | | | 252,978,037 | | | | | | 149,182,355 | | | | ||
End of period
|
| | | $ | 124,816,758 | | | | | $ | 252,978,037 | | | | ||
Changes in Shares Outstanding | | | | | | | | | | | | | | | ||
Shares outstanding, beginning of period
|
| | | | 5,100,000 | | | | | | 3,050,000 | | | | ||
Shares created |
| | | | 1,500,000 | | | | | | 4,300,000 | | | | ||
Shares redeemed |
| | | | (4,000,000) | | | | | | (2,250,000) | | | | ||
Shares outstanding, end of period
|
| | |
|
2,600,000 |
| | | |
|
5,100,000 |
| | |
| | |
IQ MacKay California Municipal Intermediate ETF |
| |||
| | |
For the
Period December 21, 2021(a) to April 30, 2022 |
| |||
Net asset value, beginning of period
|
| | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b)
|
| | | | 0.13 | | |
Net realized and unrealized gain (loss)
|
| | | | (3.18) | | |
Net increase (decrease) in net assets
resulting from investment operations |
| | | | (3.05) | | |
Distributions from: | | | | | | | |
Net investment income |
| | | | (0.17) | | |
Net asset value, end of period |
| | | $ | 21.78 | | |
Market price, end of period |
| | | $ | 21.80 | | |
Total Return | | | | | | | |
Total investment return based on net
asset value(c)
|
| | | | (12.25)% | | |
Total investment return based on market
price(d)
|
| | | | (12.17)%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 43,566 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers |
| | | | 0.35%(f) | | |
Expenses excluding waivers |
| | | | 0.73%(f) | | |
Net investment income |
| | | | 1.54%(f) | | |
Portfolio turnover rate(g)
|
| | | | 86% | | |
| | |
IQ MacKay Municipal
Insured ETF |
| |||||||||||||||||||||||||||
| | |
For the Year Ended
April 30, |
| |
For
the Period October 18, 2017(a) to April 30, 2018 |
| ||||||||||||||||||||||||
| | |
2022 |
| |
2021 |
| |
2020 |
| |
2019 |
| ||||||||||||||||||
Net asset value, beginning of period
|
| | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.36 | | | | | | 0.38 | | | | | | 0.53 | | | | | | 0.72 | | | | | | 0.36 | | |
Net realized and unrealized gain (loss)
|
| | | | (2.71) | | | | | | 1.76 | | | | | | 0.50(c) | | | | | | 0.90 | | | | | | (0.39) | | |
Net increase (decrease)
in net assets resulting from investment operations |
| | | | (2.35) | | | | | | 2.14 | | | | | | 1.03 | | | | | | 1.62 | | | | | | (0.03) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | | (0.49) | | | | | | (0.52) | | | | | | (0.64) | | | | | | (0.68) | | | | | | (0.30) | | |
Net realized gain |
| | | | (0.01) | | | | | | — | | | | | | (0.11) | | | | | | — | | | | | | — | | |
Total distributions
from net investment income and realized gains |
| | | | (0.50) | | | | | | (0.52) | | | | | | (0.75) | | | | | | (0.68) | | | | | | (0.30) | | |
Net asset value, end of period |
| | | $ | 24.66 | | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period |
| | | $ | 24.65 | | | | | $ | 27.54 | | | | | $ | 26.00 | | | | | $ | 25.64 | | | | | $ | 24.86 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net
asset value(d)
|
| | | | (8.70)% | | | | | | 8.32% | | | | | | 4.05% | | | | | | 6.72% | | | | | | (0.13)% | | |
Total investment return based on market
price(e)
|
| | | | (8.85)% | | | | | | 7.97% | | | | | | 4.36% | | | | | | 6.02% | | | | | | 0.64%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 365,028 | | | | | $ | 444,327 | | | | | $ | 88,035 | | | | | $ | 43,539 | | | | | $ | 14,801 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers |
| | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers |
| | | | 0.49% | | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.77% | | | | | | 0.99%(g) | | |
Net investment income |
| | | | 1.31% | | | | | | 1.40% | | | | | | 2.01% | | | | | | 2.89% | | | | | | 2.74%(g) | | |
Portfolio turnover rate(h)
|
| | | | 80% | | | | | | 36% | | | | | | 71% | | | | | | 56% | | | | | | 77% | | |
| | |
IQ MacKay Municipal
Intermediate ETF |
| |||||||||||||||||||||||||||
| | |
For the Year Ended
April 30, |
| |
For
the Period October 18, 2017(a) to April 30, 2018 |
| ||||||||||||||||||||||||
| | |
2022 |
| |
2021 |
| |
2020 |
| |
2019 |
| ||||||||||||||||||
Net asset value, beginning of period
|
| | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.28 | | | | | | 0.47 | | | | | | 0.53 | | | | | | 0.69 | | | | | | 0.30 | | |
Net realized and unrealized gain (loss)
|
| | | | (2.16) | | | | | | 1.73 | | | | | | 0.16(c) | | | | | | 0.91 | | | | | | (0.39) | | |
Net increase (decrease)
in net assets resulting from investment operations |
| | | | (1.88) | | | | | | 2.20 | | | | | | 0.69 | | | | | | 1.60 | | | | | | (0.09) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | | (0.39) | | | | | | (0.58) | | | | | | (0.67) | | | | | | (0.66) | | | | | | (0.24) | | |
Net realized gain |
| | | | (0.08) | | | | | | (0.02) | | | | | | (0.41) | | | | | | — | | | | | | — | | |
Total distributions
from net investment income and realized gains |
| | | | (0.47) | | | | | | (0.60) | | | | | | (1.08) | | | | | | (0.66) | | | | | | (0.24) | | |
Net asset value, end of period |
| | | $ | 24.47 | | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period |
| | | $ | 24.47 | | | | | $ | 26.84 | | | | | $ | 25.22 | | | | | $ | 25.66 | | | | | $ | 24.71 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net
asset value(d)
|
| | | | (7.13)% | | | | | | 8.80% | | | | | | 2.65% | | | | | | 6.59% | | | | | | (0.34)% | | |
Total investment return based on market
price(e)
|
| | | | (7.19)% | | | | | | 8.90% | | | | | | 2.44% | | | | | | 6.62% | | | | | | (0.18)%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 229,984 | | | | | $ | 124,700 | | | | | $ | 51,708 | | | | | $ | 43,541 | | | | | $ | 29,606 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers |
| | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers |
| | | | 0.51% | | | | | | 0.57% | | | | | | 0.62% | | | | | | 0.71% | | | | | | 0.77%(g) | | |
Net investment income |
| | | | 1.05% | | | | | | 1.78% | | | | | | 2.02% | | | | | | 2.76% | | | | | | 2.28%(g) | | |
Portfolio turnover rate(h)
|
| | | | 74% | | | | | | 43% | | | | | | 77% | | | | | | 72% | | | | | | 80% | | |
| | |
IQ MacKay ESG Core Plus Bond ETF |
| |||
| | |
For the
Period June 29, 2021(a) to April 30, 2022 |
| |||
Net asset value, beginning of period
|
| | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b)
|
| | | | 0.40 | | |
Net realized and unrealized gain (loss)
|
| | | | (2.70) | | |
Net increase (decrease) in net assets
resulting from investment operations |
| | | | (2.30) | | |
Distributions from: | | | | | | | |
Net investment income |
| | | | (0.32) | | |
Net realized gain |
| | | | (0.03) | | |
Total distributions from net investment
income and realized gains |
| | | | (0.35) | | |
Net asset value, end of period |
| | | $ | 22.35 | | |
Market price, end of period |
| | | $ | 22.38 | | |
Total Return | | | | | | | |
Total investment return based on net
asset value(c)
|
| | | | (9.31)% | | |
Total investment return based on market
price(d)
|
| | | | (9.21)%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 148,625 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers |
| | | | 0.39%(f) | | |
Expenses excluding waivers |
| | | | 0.64%(f) | | |
Net investment income |
| | | | 2.00%(f) | | |
Portfolio turnover rate(g)
|
| | | | 333% | | |
| | |
IQ Ultra Short
Duration ETF |
| |||||||||||||||
| | |
For the Year Ended
April 30, |
| |
For
the Period July 31, 2019(a) to April 30, 2020 |
| ||||||||||||
| | |
2022 |
| |
2021 |
| ||||||||||||
Net asset value, beginning of period
|
| | | $ | 49.60 | | | | | $ | 48.91 | | | | | $ | 50.01 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.49 | | | | | | 0.51 | | | | | | 0.74 | | |
Net realized and unrealized gain (loss)
|
| | | | (0.96) | | | | | | 0.97 | | | | | | (1.07) | | |
Net increase (decrease)
in net assets resulting from investment operations |
| | | | (0.47) | | | | | | 1.48 | | | | | | (0.33) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | | (0.51) | | | | | | (0.56) | | | | | | (0.75) | | |
Net realized gain |
| | | | (0.61) | | | | | | (0.23) | | | | | | (0.02) | | |
Total distributions from net investment
income and realized gains |
| | | | (1.12) | | | | | | (0.79) | | | | | | (0.77) | | |
Net asset value, end of period |
| | | $ | 48.01 | | | | | $ | 49.60 | | | | | $ | 48.91 | | |
Market price, end of period |
| | | $ | 47.94 | | | | | $ | 49.60 | | | | | $ | 48.99 | | |
Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net
asset value(c)
|
| | | | (0.97)% | | | | | | 3.08% | | | | | | (0.68)% | | |
Total investment return based on market
price(d)
|
| | | | (1.10)% | | | | | | 2.88% | | | | | | (0.52)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 124,817 | | | | | $ | 252,978 | | | | | $ | 149,182 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers |
| | | | 0.24% | | | | | | 0.24% | | | | | | 0.24%(f) | | |
Expenses excluding waivers |
| | | | 0.35% | | | | | | 0.33% | | | | | | 0.49%(f) | | |
Net investment income |
| | | | 1.00% | | | | | | 1.03% | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g)
|
| | | | 132% | | | | | | 185% | | | | | | 292% | | |
| | |
Money Market Mutual Fund |
| |
U.S. Government
Securities |
| ||||||||||||||||||||||||
Fund
|
| |
Overnight and Continuous |
| |
<30
Days |
| |
Between 30 & 90 Days |
| |
>90
Days |
| |
Total
|
| |||||||||||||||
IQ MacKay ESG Core Plus Bond ETF
|
| | | $ | 2,413,563 | | | | | $ | 101,780 | | | | | $ | — | | | | | $ | 2,215,017 | | | | | $ | 4,730,360 | | |
Fund
|
| |
Rate
|
| |||
IQ MacKay California Municipal
Intermediate ETF |
| | | | 0.45% | | |
IQ MacKay Municipal Insured ETF |
| | | | 0.40% | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 0.40% | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 0.39% | | |
IQ Ultra Short Duration ETF |
| | | | 0.24% | | |
Fund
|
| |
Cost
|
| |
Gross Unrealized Appreciation |
| |
Gross Unrealized Depreciation |
| |
Net Unrealized Appreciation/ (Depreciation) |
| ||||||||||||
IQ MacKay California Municipal
Intermediate ETF |
| | | $ | 49,046,118 | | | | | $ | — | | | | | $ | (3,630,463) | | | | | $ | (3,630,463) | | |
IQ MacKay Municipal Insured ETF |
| | | | 391,615,178 | | | | | | 79,031 | | | | | | (31,734,447) | | | | | | (31,655,416) | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 259,175,112 | | | | | | 128,120 | | | | | | (16,660,262) | | | | | | (16,532,142) | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 154,865,564 | | | | | | 16,468 | | | | | | (5,228,805) | | | | | | (5,212,337) | | |
IQ Ultra Short Duration ETF |
| | | | 147,080,071 | | | | | | 10,917 | | | | | | (3,499,348) | | | | | | (3,488,431) | | |
Fund
|
| |
Ordinary Income (Loss)1 |
| |
Tax-Exempt Income (Loss) |
| |
Net Capital Gain (Losses)2 |
| |
Net Unrealized Appreciation/ Depreciation |
| |
Total Earnings/ (Losses) |
| |||||||||||||||
IQ
MacKay California Municipal Intermediate ETF
|
| | | $ | 3,315 | | | | | $ | 62,490 | | | | | $ | (2,884,745) | | | | | $ | (3,630,463) | | | | | $ | (6,449,403) | | |
IQ MacKay Municipal Insured ETF |
| | | | 2,491 | | | | | | 739,071 | | | | | | (11,902,711) | | | | | | (31,655,416) | | | | | | (42,816,565) | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 223 | | | | | | 351,765 | | | | | | (3,646,501) | | | | | | (16,532,142) | | | | | | (19,826,655) | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 207,329 | | | | | | — | | | | | | (1,223,722) | | | | | | (5,212,337) | | | | | | (6,228,730) | | |
IQ Ultra Short Duration ETF |
| | | | 230,966 | | | | | | — | | | | | | (298,705) | | | | | | (3,488,431) | | | | | | (3,556,170) | | |
| | |
2022 |
| |
2021 |
| ||||||||||||||||||||||||||||||||||||||||||
Fund
|
| |
Ordinary Income |
| |
Tax-Exempt Income |
| |
Long-Term Capital Gains |
| |
Tax Return of Capital |
| |
Ordinary Income |
| |
Tax-Exempt Income |
| |
Long-Term Capital Gains |
| |
Tax Return of Capital |
| ||||||||||||||||||||||||
IQ
MacKay California Municipal Intermediate ETF |
| | | $ | — | | | | | $ | 340,640 | | | | | $ | — | | | | | $ | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Municipal
Insured ETF |
| | | | 6,571 | | | | | | 8,358,177 | | | | | | 172,005 | | | | | | — | | | | | | 20,321 | | | | | | 3,788,125 | | | | | | — | | | | | | — | | |
IQ MacKay Municipal
Intermediate ETF |
| | | | 437,277 | | | | | | 3,268,012 | | | | | | 412,930 | | | | | | — | | | | | | 2,692 | | | | | | 1,486,578 | | | | | | 55,809 | | | | | | — | | |
IQ MacKay ESG Core Plus
Bond ETF |
| | | | 485,043 | | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration
ETF |
| | | | 2,460,110 | | | | | | — | | | | | | 1,277,966 | | | | | | — | | | | | | 3,256,994 | | | | | | — | | | | | | 95,475 | | | | | | — | | |
Fund
|
| |
Late Year Ordinary Losses |
| |
Short-Term Post October Losses |
| |
Long-Term PostOctober Losses |
| |||||||||
IQ MacKay California Municipal
Intermediate ETF |
| | | $ | — | | | | | | — | | | | | $ | — | | |
IQ MacKay Municipal Insured ETF |
| | | | — | | | | | | — | | | | | | — | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | — | | | | | | 3,436,333 | | | | | | 210,168 | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | — | | | | | | 944,373 | | | | | | 279,349 | | |
IQ Ultra Short Duration ETF |
| | | | — | | | | | | — | | | | | | — | | |
Fund
|
| |
Utilized on Current Year |
| |
Short-Term With No Expiration |
| |
Long-Term With No Expiration |
| |||||||||
IQ MacKay California Municipal
Intermediate ETF |
| | | $ | — | | | | | $ | 2,884,745 | | | | | $ | — | | |
IQ MacKay Municipal Insured ETF |
| | | | — | | | | | | 6,528,937 | | | | | | 5,373,774 | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | — | | | | | | — | | | | | | — | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | — | | | | | | — | | | | | | — | | |
IQ Ultra Short Duration ETF |
| | | | — | | | | | | 298,705 | | | | | | — | | |
Fund
|
| |
% Ownership |
| |||
IQ MacKay California Municipal
Intermediate ETF |
| | | | 50.0% | | |
Fund
|
| |
% Ownership |
| |||
IQ MacKay California Municipal
Intermediate ETF |
| | | | 49.0% | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 98.9% | | |
Fund
|
| |
Purchases
|
| |
Sales
|
| ||||||
IQ MacKay California Municipal
Intermediate ETF |
| | | $ | 81,162,905 | | | | | $ | 33,586,588 | | |
IQ MacKay Municipal Insured ETF |
| | | | 356,150,850 | | | | | | 369,381,341 | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 289,943,965 | | | | | | 150,702,914 | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 287,417,058 | | | | | | 134,598,336 | | |
IQ Ultra Short Duration ETF |
| | | | 239,363,546 | | | | | | 355,642,515 | | |
| | |
Interest Risk
|
| |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized appreciation on futures
contracts1
|
| | | $ | — | | |
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized appreciation on futures
contracts1
|
| | | $ | 999,550 | | |
| | |
Interest Risk
|
| |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized depreciation on futures
contracts1. . . |
| | | $ | 265,999 | | |
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized depreciation on futures
contracts1
|
| | | $ | 37,953 | | |
| | |
Interest Risk
|
| |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts |
| | | $ | (212,164) | | |
Change in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts |
| | | $ | (265,999) | | |
IQ Ultra Short Duration ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts |
| | | $ | 1,253,371 | | |
Change in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts |
| | | $ | 358,655 | | |
| | |
Average Notional
Value |
| |||||||||
| | |
IQ MacKay ESG Core Plus Bond ETF |
| |
IQ Ultra Short Duration ETF |
| ||||||
Asset Derivatives | | | | | | | | | | | | | |
Futures contracts |
| | | $ | 3,735,101 | | | | | $ | 691,601 | | |
Liability Derivatives | | | | | | | | | | | | | |
Futures contracts |
| | | $ | — | | | | | $ | (50,454,698) | | |
| |
Individual Fund Comprising the IndexIQ Active ETF Trust |
| | |
Statement of
Operations |
| | |
Statements of Changes in Net Assets |
| | |
Financial Highlights
|
| |
| | IQ MacKay California Municipal Intermediate ETF | | | | For the period December 21, 2021 (commencement of operations) through April 30, 2022 | | | ||||||||
| | IQ
MacKay Municipal Insured ETF IQ MacKay Municipal Intermediate ETF |
| | | For the year ended April 30, 2022 | | | | For the years ended April 30, 2022 and 2021 | | | | For the years ended April 30, 2022, 2021, 2020 and 2019, and the period from October 18, 2017 (commencement of operations) through April 30, 2018 | | |
| | IQ MacKay ESG Core Plus Bond ETF | | | | For the period June 29, 2021 (commencement of operations) through April 30, 2022 | | | ||||||||
| | IQ Ultra Short Duration ETF | | | | For the year ended April 30, 2022 | | | | For the years ended April 30, 2022 and 2021 | | | | For the year ended April 30, 2022, 2021 and the period from July 31, 2019 (commencement of operations) through April 30, 2020 | | |
|
IQ MacKay California Municipal
Intermediate ETF |
| | | | 99.18% | | |
|
IQ MacKay Municipal Insured ETF |
| | | | 99.92% | | |
|
IQ MacKay Municipal Intermediate ETF
|
| | | | 94.26% | | |
|
Name and Year of Birth(1) |
| |
Position(s) Held with Trust |
| |
Term of Office and Length of Time Served(2) |
| |
Principal
Occupation(s) During Past 5 Years |
| |
Number of Portfolios in Fund Complex Overseen by Trustee(3) |
| |
Other Directorships Held by Trustee During Past 5 Years |
|
| Michael A. Pignataro, 1959 | | |
Trustee |
| |
Since April 2015 |
| | Retired; formerly, Director, Credit Suisse Asset Management (2001 to 2012); and Chief Financial Officer, Credit Suisse Funds (1996 to 2013). | | |
28 |
| | The New Ireland Fund, Inc. (closed-end fund) (2015 to present). | |
| Paul D. Schaeffer, 1951 | | |
Trustee |
| |
Since April 2015 |
| | President, ASP (dba Aspiring Solution Partners) (financial services consulting) (2013 to present); Consultant and Executive Advisor, Aquiline Capital Partners LLC (private equity investment) (2014 to present). | | |
28 |
| | Management Board Member, RIA in a Box LLC (financial services consulting) (2018 to 2021); Context Capital Funds (mutual fund trust) (2 Portfolios) (2014 to 2018); Management Board Member, Altegris Investments, LLC (registered broker-dealer) (2016 to 2018); Management Board Member, AssetMark Inc. (financial services consulting) (2016 to 2017); PopTech! (conference operator) (2012 to 2016); Board Member, Pathways Core Training (non-profit) (2019 to present); Board Member, Center for Collaborative Investigative Journalism (non-profit) (2020 – present). | |
|
Name and Year of Birth(1) |
| |
Position(s) Held with Trust |
| |
Term of Office and Length of Time Served(2) |
| |
Principal
Occupation(s) During Past 5 Years |
| |
Number of Portfolios in Fund Complex Overseen by Trustee(3) |
| |
Other Directorships Held by Trustee During Past 5 Years |
|
| Kirk C. Lehneis, 1974(4) | | |
President Chairman ofthe Board |
| |
Since January 2018 Since December 2021 |
| | Chief Operating Officer and Senior Managing Director, New York Life Investment Management LLC (since 2016); Chief Executive Officer, IndexIQ Advisors LLC (since 2018); Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since September 2017); President, MainStay CBRE Global | | |
28 |
| | None. | |
|
Names and Year of Birth(1) |
| |
Position(s) Held with Trust |
| |
Term of Office and Length of Time Served(2) |
| |
Principal
Occupation(s) During Past 5 Years |
|
| Jomil M. Guerrero | | |
Vice President |
| |
Since March 2022
|
| | Chief Operating Officer and Managing Director, IndexIQ Advisors LLC (2021 to present); Managing Director, Global Marketing operations, New York Life Investment Management LLC (2016 to 2021); and Director of Finance (2011 to 2016) New York Life Investment Management LLC. | |
|
Adefolahan Oyefeso, 1974 |
| |
Treasurer, Principal Financial Officer and
Principal Accounting Officer |
| |
Since April 2018 |
| | Vice President of Operations & Finance, IndexIQ Advisors (2015 to present); Director of the Fund Administration Client Service Department at The Bank of New York Mellon (2007 to 2015) | |
| Matthew V. Curtin, 1982 | | |
Secretary and Chief Legal Officer
|
| |
Since June 2015 |
| | Secretary and Chief Legal Officer, IndexIQ Advisors, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (June 2015 to January 2017); Associate General Counsel, New York Life Insurance Company (since February 2015); Associate, Dechert LLP (2007 to 2015). | |
|
Kevin M. Bopp, 1969 |
| |
Chief Compliance Officer |
| |
Since June 2021 |
| | Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2021); Head of Investments Compliance, New York Life Investments (since 2019); Chief Compliance Officer, IndexIQ Advisors (since 2017); Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (2017 to 2019) Vice President and Chief Compliance Officer, The MainStay Funds, MainStay Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (2014 to 2019). | |