| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 7 | | | |
| Schedules of Investments | | | | | | | |
| | | | | 10 | | | |
| | | | | 12 | | | |
| | | | | 20 | | | |
| | | | | 31 | | | |
| | | | | 44 | | | |
| | | | | 49 | | | |
| | | | | 62 | | | |
| | | | | 66 | | | |
| | | | | 67 | | | |
| | | | | 68 | | | |
| | | | | 71 | | | |
| | | | | 74 | | | |
| | | | | 79 | | | |
| | | | | 88 | | | |
| | | | | 106 | | |
| | |
Beginning Account Value 05/01/22 |
| |
Ending Account Value 10/31/22 |
| |
Annualized Expense Ratios for the Period 05/01/22 to 10/31/22 |
| |
Expenses Paid During the Period 05/01/22 to 10/31/221 |
| ||||||||||||
IQ MacKay California Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 959.50 | | | | | | 0.35% | | | | | $ | 1.73 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,023.44 | | | | | | 0.35% | | | | | $ | 1.79 | | |
IQ MacKay Municipal Insured ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 930.20 | | | | | | 0.31% | | | | | $ | 1.51 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,023.64 | | | | | | 0.31% | | | | | $ | 1.58 | | |
IQ MacKay Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 959.00 | | | | | | 0.31% | | | | | $ | 1.53 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,023.64 | | | | | | 0.31% | | | | | $ | 1.58 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 917.80 | | | | | | 0.39% | | | | | $ | 1.89 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,023.24 | | | | | | 0.39% | | | | | $ | 1.99 | | |
IQ MacKay ESG High Income ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 1,004.90 | | | | | | 0.40% | | | | | $ | 0.08* | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,000.88 | | | | | | 0.40% | | | | | $ | 0.08 | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 929.00 | | | | | | 0.40% | | | | | $ | 1.04** | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,012.35 | | | | | | 0.40% | | | | | $ | 1.08 | | |
| | |
Beginning Account Value 05/01/22 |
| |
Ending Account Value 10/31/22 |
| |
Annualized Expense Ratios for the Period 05/01/22 to 10/31/22 |
| |
Expenses Paid During the Period 05/01/22 to 10/31/221 |
| ||||||||||||
IQ Ultra Short Duration ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 996.80 | | | | | | 0.24% | | | | | $ | 1.21 | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,024.00 | | | | | | 0.24% | | | | | $ | 1.22 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 1,035.00 | | | | | | 0.65% | | | | | $ | 2.37*** | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,015.61 | | | | | | 0.65% | | | | | $ | 2.35 | | |
IQ Winslow Large Cap Growth ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual |
| | | $ | 1,000.00 | | | | | $ | 1,018.60 | | | | | | 0.60% | | | | | $ | 2.17*** | | |
Hypothetical (assuming a 5% return before
expenses) |
| | | $ | 1,000.00 | | | | | $ | 1,015.79 | | | | | | 0.60% | | | | | $ | 2.17 | | |
Industry |
| |
% of Net Assets |
| |||
General |
| | | | 18.3% | | |
School District |
| | | | 15.8 | | |
Development |
| | | | 11.4 | | |
General Obligation |
| | | | 11.0 | | |
Airport |
| | | | 8.0 | | |
Medical |
| | | | 7.5 | | |
Water |
| | | | 6.7 | | |
Utilities |
| | | | 5.1 | | |
Power |
| | | | 4.7 | | |
Mello-Roos |
| | | | 3.6 | | |
Facilities |
| | | | 2.3 | | |
Higher Education |
| | | | 2.0 | | |
Money Market Fund |
| | | | 1.6 | | |
Multifamily Hsg |
| | | | 0.9 | | |
Total Investments |
| | | | 98.9 | | |
Other Assets and Liabilites, Net
|
| | | | 1.1 | | |
Net Assets |
| | | | 100.0% | | |
Industry |
| |
% of Net Assets |
| |||
School District |
| | | | 23.7% | | |
General Obligation |
| | | | 22.1 | | |
General |
| | | | 12.7 | | |
Money Market Fund |
| | | | 11.4 | | |
Water |
| | | | 6.8 | | |
Transportation |
| | | | 6.6 | | |
Development |
| | | | 4.1 | | |
Higher Education |
| | | | 4.0 | | |
Airport |
| | | | 3.8 | | |
Education |
| | | | 3.7 | | |
Power |
| | | | 2.6 | | |
Medical |
| | | | 2.2 | | |
Mello-Roos |
| | | | 1.4 | | |
Housing |
| | | | 1.2 | | |
Utilities |
| | | | 0.6 | | |
Facilities |
| | | | 0.3 | | |
Pollution |
| | | | 0.3 | | |
Student Loan |
| | | | 0.0(a) | | |
Total Investments |
| | | | 107.5 | | |
Other Assets and Liabilites, Net
|
| | | | (7.5) | | |
Net Assets |
| | | | 100.0% | | |
Industry |
| |
% of Net Assets |
| |||
General |
| | | | 20.2% | | |
General Obligation |
| | | | 17.7 | | |
School District |
| | | | 13.6 | | |
Water |
| | | | 10.4 | | |
Medical |
| | | | 7.5 | | |
Multifamily Hsg |
| | | | 7.4 | | |
Higher Education |
| | | | 6.1 | | |
Transportation |
| | | | 4.7 | | |
Education |
| | | | 4.1 | | |
Money Market Fund |
| | | | 2.4 | | |
Airport |
| | | | 1.9 | | |
Power |
| | | | 1.8 | | |
Housing |
| | | | 1.5 | | |
Utilities |
| | | | 1.4 | | |
Nursing Homes |
| | | | 1.0 | | |
Development |
| | | | 0.8 | | |
Facilities |
| | | | 0.7 | | |
Mello-Roos |
| | | | 0.6 | | |
Single Family Hsg |
| | | | 0.4 | | |
Bond Bank |
| | | | 0.2 | | |
Tobacco Settlement |
| | | | 0.2 | | |
Student Loan |
| | | | 0.0(a) | | |
Total Investments |
| | | | 104.6 | | |
Other Assets and Liabilites, Net
|
| | | | (4.6) | | |
Net Assets |
| | | | 100.0% | | |
Country |
| |
% of Net Assets |
| |||
United States |
| | | | 89.3% | | |
United Kingdom |
| | | | 2.2 | | |
France |
| | | | 1.6 | | |
Japan |
| | | | 1.3 | | |
Germany |
| | | | 1.1 | | |
Switzerland |
| | | | 0.6 | | |
Canada |
| | | | 0.6 | | |
Australia |
| | | | 0.6 | | |
Spain |
| | | | 0.4 | | |
Brazil |
| | | | 0.4 | | |
Netherlands |
| | | | 0.3 | | |
Israel |
| | | | 0.3 | | |
Ireland |
| | | | 0.3 | | |
Sweden |
| | | | 0.2 | | |
Supranational |
| | | | 0.2 | | |
Chile |
| | | | 0.1 | | |
Total Investments |
| | | | 99.5 | | |
Other Assets and Liabilites, Net
|
| | | | 0.5 | | |
Net Assets |
| | | | 100.0% | | |
Country |
| |
% of Net Assets |
| |||
United States |
| | | | 82.7% | | |
Canada |
| | | | 6.4 | | |
United Kingdom |
| | | | 2.6 | | |
Italy |
| | | | 2.4 | | |
France |
| | | | 1.7 | | |
Netherlands |
| | | | 1.3 | | |
Finland |
| | | | 0.4 | | |
Total Investments |
| | | | 97.5 | | |
Other Assets and Liabilites, Net
|
| | | | 2.5 | | |
Net Assets |
| | | | 100.0% | | |
Country |
| |
% of Net Assets |
| |||
United States |
| | | | 85.9% | | |
France |
| | | | 2.2 | | |
United Kingdom |
| | | | 1.6 | | |
United Arab Emirates |
| | | | 1.5 | | |
Canada |
| | | | 0.9 | | |
Chile |
| | | | 0.8 | | |
China |
| | | | 0.7 | | |
Germany |
| | | | 0.7 | | |
Malaysia |
| | | | 0.7 | | |
Indonesia |
| | | | 0.6 | | |
Qatar |
| | | | 0.6 | | |
Israel |
| | | | 0.6 | | |
Switzerland |
| | | | 0.6 | | |
Mexico |
| | | | 0.3 | | |
Australia |
| | | | 0.3 | | |
Japan |
| | | | 0.3 | | |
Ireland |
| | | | 0.3 | | |
Netherlands |
| | | | 0.2 | | |
Finland |
| | | | 0.0(a) | | |
Total Investments |
| | | | 98.8 | | |
Other Assets and Liabilites, Net
|
| | | | 1.2 | | |
Net Assets |
| | | | 100.0% | | |
Country |
| |
% of Net Assets |
| |||
United States |
| | | | 76.0% | | |
Cayman Islands |
| | | | 12.6 | | |
United Kingdom |
| | | | 4.3 | | |
Canada |
| | | | 2.0 | | |
Ireland |
| | | | 1.4 | | |
Germany |
| | | | 1.3 | | |
France |
| | | | 1.3 | | |
Netherlands |
| | | | 0.6 | | |
Spain |
| | | | 0.5 | | |
Sweden |
| | | | 0.5 | | |
Italy |
| | | | 0.3 | | |
Total Investments |
| | | | 100.8 | | |
Other Assets and Liabilites, Net
|
| | | | (0.8) | | |
Net Assets |
| | | | 100.0% | | |
Industry |
| |
% of Net Assets |
| |||
Information Technology |
| | | | 37.7% | | |
Health Care |
| | | | 19.5 | | |
Consumer Discretionary |
| | | | 18.4 | | |
Industrials |
| | | | 9.7 | | |
Energy |
| | | | 4.0 | | |
Materials |
| | | | 3.8 | | |
Consumer Staples |
| | | | 3.2 | | |
Communication Services |
| | | | 3.0 | | |
Money Market Fund |
| | | | 1.0 | | |
Total Investments |
| | | | 100.3 | | |
Other Assets and Liabilites, Net
|
| | | | (0.3) | | |
Net Assets |
| | | | 100.0% | | |
Industry |
| |
% of Net Assets |
| |||
Information Technology |
| | | | 36.4% | | |
Health Care |
| | | | 21.3 | | |
Consumer Discretionary |
| | | | 17.5 | | |
Industrials |
| | | | 7.9 | | |
Consumer Staples |
| | | | 4.0 | | |
Communication Services |
| | | | 3.6 | | |
Energy |
| | | | 3.3 | | |
Financials |
| | | | 2.7 | | |
Money Market Fund |
| | | | 2.2 | | |
Materials |
| | | | 2.0 | | |
Total Investments |
| | | | 100.9 | | |
Other Assets and Liabilites, Net
|
| | | | (0.9) | | |
Net Assets |
| | | | 100.0% | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds — 97.3% | | ||||||||||||
California — 85.9% | | ||||||||||||
California Community
Choice Financing Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 10/1/52(a)(b)
|
| | | $ | 1,000,000 | | | | | $ | 975,531 | | |
Series A1 |
| | | | | | | | | | | | |
4.000%, due 5/1/53(a)(b)
|
| | | | 1,000,000 | | | | | | 960,459 | | |
Series B |
| | | | | | | | | | | | |
4.000%, due 2/1/52(a)(b)
|
| | | | 1,000,000 | | | | | | 932,874 | | |
California Community
Housing Agency, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 4/1/49 |
| | | | 500,000 | | | | | | 403,215 | | |
California Health
Facilities Financing Authority, Revenue Bonds Series A Insured:
BAM |
| | | | | | | | | | | | |
3.000%, due 8/15/51 |
| | | | 1,000,000 | | | | | | 678,420 | | |
Series C |
| | | | | | | | | | | | |
5.000%, due 6/1/41(a)(b)
|
| | | | 1,250,000 | | | | | | 1,365,908 | | |
California
Infrastructure & Economic Development Bank, Revenue Bonds
Series B |
| | | | | | | | | | | | |
3.000%, due 10/1/47(a)(b)
|
| | | | 1,140,000 | | | | | | 1,122,232 | | |
5.000%, due 11/1/29 |
| | | | 800,000 | | | | | | 882,912 | | |
California Municipal
Finance Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 7/15/29 |
| | | | 1,000,000 | | | | | | 927,113 | | |
Series A |
| | | | | | | | | | | | |
2.400%, due 10/1/44(a)(b)
|
| | | | 1,140,000 | | | | | | 961,921 | | |
4.125%, due 10/1/41(a)(b)
|
| | | | 1,000,000 | | | | | | 989,033 | | |
California Pollution
Control Financing Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/37 |
| | | | 1,000,000 | | | | | | 935,699 | | |
California Public
Finance Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 7/15/36 |
| | | | 500,000 | | | | | | 469,851 | | |
California State Public
Works Board, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 3/1/29 |
| | | | 1,000,000 | | | | | | 1,005,221 | | |
City of Long Beach CA
Airport System Revenue, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/32 |
| | | | 200,000 | | | | | | 219,557 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/32 |
| | | | 200,000 | | | | | | 219,557 | | |
City of Los Angeles
Department of Airports, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 5/15/30 |
| | | | 500,000 | | | | | | 518,127 | | |
5.000%, due 5/15/40 |
| | | | 1,000,000 | | | | | | 999,861 | | |
City of Roseville CA, Special Tax | | | | | | | | | | | | | |
4.000%, due 9/1/41 |
| | | | 765,000 | | | | | | 643,134 | | |
City of Victorville CA
Electric Revenue, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 5/1/38 |
| | | | 1,000,000 | | | | | | 1,002,319 | | |
Compton Unified School
District, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/29 |
| | | | 750,000 | | | | | | 802,221 | | |
East Bay Municipal
Utility District Water System Revenue, Revenue Bonds
Series A |
| | | | | | | | | | | | |
4.000%, due 6/1/33 |
| | | | 1,000,000 | | | | | | 1,005,637 | | |
East Side Union High
School District, General Obligation Bonds |
| | | | | | | | | | | | |
5.000%, due 8/1/27 |
| | | | 800,000 | | | | | | 810,090 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Hayward Unified School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/43 |
| | | $ | 750,000 | | | | | $ | 673,586 | | |
Kern County Water
Agency Improvement District No 4, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 5/1/28 |
| | | | 500,000 | | | | | | 526,561 | | |
Los Angeles County
Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds
Series A |
| | | | | | | | | | | | |
5.000%, due 6/1/32 |
| | | | 500,000 | | | | | | 528,231 | | |
Modesto Irrigation
District, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 10/1/40 |
| | | | 1,000,000 | | | | | | 1,020,020 | | |
Mount Diablo Unified
School District, General Obligation Bonds Series B |
| | | | | | | | | | | | |
4.000%, due 8/1/29 |
| | | | 1,265,000 | | | | | | 1,311,670 | | |
Municipal Improvement
Corp. of Los Angeles, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 11/1/29 |
| | | | 1,000,000 | | | | | | 1,098,585 | | |
Norman Y Mineta San
Jose International Airport SJC, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 3/1/29 |
| | | | 1,500,000 | | | | | | 1,533,147 | | |
Orange County
Sanitation District, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 2/1/30 |
| | | | 500,000 | | | | | | 513,135 | | |
Peralta Community
College District, General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 8/1/39 |
| | | | 500,000 | | | | | | 446,028 | | |
Series D |
| | | | | | | | | | | | |
4.000%, due 8/1/39 |
| | | | 850,000 | | | | | | 758,247 | | |
Ravenswood City School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 8/1/45 |
| | | | 1,000,000 | | | | | | 1,054,041 | | |
Regents of the
University of California Medical Center Pooled Revenue, Revenue Bonds
Series P |
| | | | | | | | | | | | |
4.000%, due 5/15/43 |
| | | | 750,000 | | | | | | 681,221 | | |
River Islands Public
Financing Authority, Special Tax Series A1 Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/30 |
| | | | 350,000 | | | | | | 378,651 | | |
5.000%, due 9/1/42 |
| | | | 500,000 | | | | | | 516,651 | | |
Sacramento City Unified
School District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/30 |
| | | | 655,000 | | | | | | 717,092 | | |
San Diego County Water
Authority, Revenue Bonds Series B |
| | | | | | | | | | | | |
4.000%, due 5/1/37 |
| | | | 890,000 | | | | | | 875,917 | | |
San Juan Unified School
District, General Obligation Bonds Series N |
| | | | | | | | | | | | |
4.000%, due 8/1/31 |
| | | | 1,000,000 | | | | | | 1,013,453 | | |
San Mateo Union High
School District, General Obligation Bonds Series B |
| | | | | | | | | | | | |
4.000%, due 9/1/34 |
| | | | 455,000 | | | | | | 453,464 | | |
South San Francisco
Public Facilities Financing Authority, Revenue Bonds
Series A |
| | | | | | | | | | | | |
5.000%, due 6/1/36 |
| | | | 620,000 | | | | | | 659,830 | | |
Southern California
Public Power Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/30 |
| | | | 1,210,000 | | | | | | 1,232,850 | | |
State of California,
General Obligation Bonds |
| | | | | | | | | | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
5.000%, due 4/1/29 |
| | | $ | 1,000,000 | | | | | $ | 1,094,247 | | |
5.000%, due 10/1/31 |
| | | | 500,000 | | | | | | 557,180 | | |
University of
California, Revenue Bonds Series AI |
| | | | | | | | | | | | |
5.000%, due 5/15/33 |
| | | | 750,000 | | | | | | 756,091 | | |
| | | | | | | | | | | 37,230,790 | | |
Guam — 6.6% | | ||||||||||||
Guam Power Authority,
Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 10/1/33 |
| | | | 1,000,000 | | | | | | 1,014,702 | | |
Territory of Guam,
Revenue Bonds Series D |
| | | | | | | | | | | | |
5.000%, due 11/15/27 |
| | | | 585,000 | | | | | | 585,188 | | |
Series F |
| | | | | | | | | | | | |
5.000%, due 1/1/30 |
| | | | 1,250,000 | | | | | | 1,245,300 | | |
| | | | | | | | | | | 2,845,190 | | |
Puerto Rico — 4.8% | | ||||||||||||
Commonwealth of Puerto
Rico, General Obligation Bonds Series A |
| | | | | | | | | | | | |
5.760%, due 7/1/24(c)
|
| | | | 699 | | | | | | 635 | | |
6.700%, due 7/1/33(c)
|
| | | | 2,688 | | | | | | 1,366 | | |
Series A1 |
| | | | | | | | | | | | |
4.000%, due 7/1/35 |
| | | | 251,878 | | | | | | 205,857 | | |
4.000%, due 7/1/46 |
| | | | 2,279 | | | | | | 1,653 | | |
5.375%, due 7/1/25 |
| | | | 752,326 | | | | | | 751,895 | | |
5.750%, due 7/1/31 |
| | | | 971,203 | | | | | | 977,038 | | |
Commonwealth of Puerto Rico, Notes | | | | | | | | | | | | | |
3.900%, due 11/1/51(a)(b)
|
| | | | 110,351 | | | | | | 34,898 | | |
University of Puerto
Rico, Revenue Bonds Series P Insured: NATL-IBC |
| | | | | | | | | | | | |
5.000%, due 6/1/25 |
| | | | 120,000 | | | | | | 119,565 | | |
| | | | | | | | | | | 2,092,907 | | |
Total Municipal
Bonds (Cost $44,445,368) |
| | | | | | | | | | 42,168,887 | | |
|
| | |
Shares |
| |
Value |
| ||||||
Short-Term Investment — 1.6% | | ||||||||||||
Money Market Fund — 1.6% | | ||||||||||||
Dreyfus Tax Exempt Cash
Management - Institutional, 2.01%(d) |
| | | | | | | | | | | | |
(Cost $673,693) |
| | |
|
673,790 |
| | | | $ | 673,693 | | |
Total Investments — 98.9% | | | | | | | | | | | | | |
(Cost $45,119,061) |
| | | | | | | | | | 42,842,580 | | |
Other Assets and
Liabilities, Net — 1.1% |
| | | | | | | | | | 499,186 | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 43,341,766 | | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds |
| | | $ | — | | | | | $ | 42,168,887 | | | | | $ | — | | | | | $ | 42,168,887 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 673,693 | | | | | | — | | | | | | — | | | | | | 673,693 | | |
Total Investments in Securities |
| | | $ | 673,693 | | | | | $ | 42,168,887 | | | | | $ | — | | | | | $ | 42,842,580 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds — 96.1% | | ||||||||||||
Alabama — 1.6% | | ||||||||||||
Alabaster Board of
Education, Special Tax Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/25 |
| | | $ | 100,000 | | | | | $ | 102,329 | | |
Black Belt Energy Gas
District, Revenue Bonds Series C-2 |
| | | | | | | | | | | | |
2.590%, (Municipal Swap Index + 0.35%), due
10/1/52(a)
|
| | | | 2,500,000 | | | | | | 2,336,331 | | |
County of Dallas AL,
General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.500%, due 5/1/26 |
| | | | 105,000 | | | | | | 86,666 | | |
Mobile County Board of
School Commissioners, Special Tax Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 3/1/40 |
| | | | 2,645,000 | | | | | | 2,710,091 | | |
| | | | | | | | | | | 5,235,417 | | |
Arizona — 0.8% | | ||||||||||||
Arizona Industrial
Development Authority, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/34 |
| | | | 250,000 | | | | | | 237,567 | | |
4.000%, due 6/1/39 |
| | | | 455,000 | | | | | | 407,951 | | |
Festival Ranch
Community Facilities District, General Obligation Bonds Insured:
BAM |
| | | | | | | | | | | | |
4.000%, due 7/15/36 |
| | | | 415,000 | | | | | | 408,449 | | |
Northern Arizona
University, Revenue Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/39 |
| | | | 1,355,000 | | | | | | 1,421,608 | | |
| | | | | | | | | | | 2,475,575 | | |
Arkansas — 0.2% | | ||||||||||||
City of West Memphis AR
Public Utility System Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/22 |
| | | | 600,000 | | | | | | 600,407 | | |
| | | | | | | | | | | 600,407 | | |
California — 12.3% | | ||||||||||||
Anaheim City School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/48 |
| | | | 1,000,000 | | | | | | 865,728 | | |
Baldwin Park Unified
School District, General Obligation Bonds Insured: NATL |
| | | | | | | | | | | | |
3.420%, due 8/1/23(b)
|
| | | | 300,000 | | | | | | 292,449 | | |
Calexico Unified School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/41 |
| | | | 1,745,000 | | | | | | 1,618,397 | | |
California Health
Facilities Financing Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 11/15/49 |
| | | | 1,850,000 | | | | | | 1,766,296 | | |
California Municipal
Finance Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 5/15/43 |
| | | | 250,000 | | | | | | 247,733 | | |
City of Long Beach CA
Airport System Revenue, Revenue Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/42 |
| | | | 1,000,000 | | | | | | 979,809 | | |
City of San Mateo CA,
Special Tax Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 9/1/37 |
| | | | 4,460,000 | | | | | | 4,655,932 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Folsom Cordova Unified
School District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 10/1/44 |
| | | $ | 3,040,000 | | | | | $ | 2,662,784 | | |
Fontana Unified School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
2.375%, due 8/1/44 |
| | | | 2,500,000 | | | | | | 1,603,703 | | |
Grossmont Union High
School District, General Obligation Bonds Series F Insured:
AGM |
| | | | | | | | | | | | |
4.660%, due 8/1/34(b)
|
| | | | 2,445,000 | | | | | | 1,386,388 | | |
Hercules Redevelopment
Agency Successor Agency, Tax Allocation Series A Insured:
AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/42 |
| | | | 3,000,000 | | | | | | 3,089,688 | | |
Indian Wells
Redevelopment Agency Successor Agency, Tax Allocation Series A
Insured: NATL |
| | | | | | | | | | | | |
5.000%, due 9/1/33 |
| | | | 2,400,000 | | | | | | 2,495,996 | | |
Indio Finance
Authority, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 11/1/42 |
| | | | 1,500,000 | | | | | | 1,585,470 | | |
Kelseyville Unified
School District, General Obligation Bonds Series C Insured:
AGM |
| | | | | | | | | | | | |
5.050%, due 8/1/31(b)
|
| | | | 155,000 | | | | | | 108,118 | | |
Ontario Montclair
School District, General Obligation Bonds Series B Insured:
NATL |
| | | | | | | | | | | | |
4.180%, due 8/1/29(b)
|
| | | | 390,000 | | | | | | 295,011 | | |
Poway Unified School
District, Special Tax Insured: BAM |
| | | | | | | | | | | | |
4.125%, due 9/1/47 |
| | | | 1,250,000 | | | | | | 1,094,227 | | |
Riverbank Unified
School District, General Obligation Bonds Series B Insured:
AGC |
| | | | | | | | | | | | |
5.360%, due 8/1/48(b)
|
| | | | 50,000 | | | | | | 12,795 | | |
Sacramento City
Financing Authority, Tax Allocation Series A Insured: NATL |
| | | | | | | | | | | | |
3.520%, due 12/1/23(b)
|
| | | | 5,000,000 | | | | | | 4,814,243 | | |
Sacramento City Unified
School District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
3.590%, due 7/1/24(b)
|
| | | | 310,000 | | | | | | 292,126 | | |
Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 8/1/41 |
| | | | 1,865,000 | | | | | | 1,966,133 | | |
Series C-1 Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/25 |
| | | | 200,000 | | | | | | 208,377 | | |
San Mateo County
Community College District, General Obligation Bonds Series B Insured: NATL |
| | | | | | | | | | | | |
3.440%, due 9/1/25(b)
|
| | | | 645,000 | | | | | | 585,643 | | |
San Mateo Union High
School District, General Obligation Bonds Series C Insured:
NATL |
| | | | | | | | | | | | |
3.960%, due 9/1/28(b)
|
| | | | 200,000 | | | | | | 159,094 | | |
Sweetwater Union High
School District, General Obligation Bonds |
| | | | | | | | | | | | |
4.000%, due 8/1/42 |
| | | | 965,000 | | | | | | 849,224 | | |
Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 8/1/26 |
| | | | 1,275,000 | | | | | | 1,308,711 | | |
Vista Unified School
District, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 8/1/41 |
| | | | 3,000,000 | | | | | | 3,219,184 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
West Contra Costa
Unified School District, General Obligation Bonds Series F Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/49 |
| | | $ | 1,720,000 | | | | | $ | 1,483,079 | | |
| | | | | | | | | | | 39,646,338 | | |
Colorado — 4.7% | | ||||||||||||
BNC Metropolitan
District No 1, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/37 |
| | | | 395,000 | | | | | | 412,643 | | |
Castle Oaks
Metropolitan District No 3, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/45 |
| | | | 4,625,000 | | | | | | 3,942,850 | | |
Gold Hill Mesa
Metropolitan District No 2, General Obligation Bonds Series A
Insured: BAM |
| | | | | | | | | | | | |
5.500%, due 12/1/47 |
| | | | 600,000 | | | | | | 618,121 | | |
Grand Junction Regional
Airport Authority, Revenue Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
5.000%, due 12/1/26 |
| | | | 500,000 | | | | | | 523,212 | | |
Grand River Hospital
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 12/1/37 |
| | | | 425,000 | | | | | | 430,575 | | |
Jefferson County School
District R-1, General Obligation Bonds Insured: |
| | | | | | | | | | | | |
BAM-TCRS ST AID WITHHLDG |
| | | | | | | | | | | | |
4.000%, due 12/15/36 |
| | | | 5,000,000 | | | | | | 4,834,944 | | |
Northern Colorado Water
Conservancy District, Certificates of Participation |
| | | | | | | | | | | | |
5.000%, due 7/1/42 |
| | | | 625,000 | | | | | | 648,780 | | |
Park 70 Metropolitan
District, General Obligation Bonds |
| | | | | | | | | | | | |
5.000%, due 12/1/46 |
| | | | 450,000 | | | | | | 418,944 | | |
Park Creek Metropolitan
District, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/46 |
| | | | 3,255,000 | | | | | | 2,682,760 | | |
Rio Blanco County
School District No Re-1 Meeker, General Obligation Bonds Series B
Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 12/1/35 |
| | | | 115,000 | | | | | | 124,072 | | |
South Sloan’s Lake
Metropolitan District No 2, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/33 |
| | | | 250,000 | | | | | | 248,991 | | |
Vauxmont Metropolitan
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/15/31 |
| | | | 135,000 | | | | | | 142,741 | | |
5.000%, due 12/15/32 |
| | | | 155,000 | | | | | | 163,699 | | |
| | | | | | | | | | | 15,192,332 | | |
Connecticut — 2.6% | | ||||||||||||
City of Hartford CT,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/34 |
| | | | 25,000 | | | | | | 24,901 | | |
5.000%, due 4/1/23 |
| | | | 220,000 | | | | | | 220,285 | | |
5.000%, due 7/1/24 |
| | | | 20,000 | | | | | | 20,506 | | |
5.000%, due 7/1/27 |
| | | | 60,000 | | | | | | 62,064 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/23 |
| | | | 15,000 | | | | | | 15,216 | | |
Series C Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/15/32 |
| | | | 20,000 | | | | | | 20,604 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Connecticut (continued) | | ||||||||||||
City of New Britain CT,
General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 9/1/29 |
| | | $ | 250,000 | | | | | $ | 268,493 | | |
5.250%, due 9/1/30 |
| | | | 100,000 | | | | | | 107,019 | | |
Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 3/1/47 |
| | | | 3,000,000 | | | | | | 2,551,640 | | |
City of New Haven CT,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/39 |
| | | | 4,150,000 | | | | | | 4,329,525 | | |
City of West Haven CT,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 3/15/35 |
| | | | 925,000 | | | | | | 901,113 | | |
| | | | | | | | | | | 8,521,366 | | |
Delaware — 0.1% | | ||||||||||||
Delaware State Economic
Development Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/26 |
| | | | 280,000 | | | | | | 292,223 | | |
District of Columbia — 0.7% | | ||||||||||||
Metropolitan Washington
Airports Authority Dulles Toll Road Revenue, Revenue Bonds Insured:
BAM-TCRS |
| | | | | | | | | | | | |
5.390%, due 10/1/37(b)
|
| | | | 1,500,000 | | | | | | 678,850 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 10/1/53 |
| | | | 2,000,000 | | | | | | 1,587,662 | | |
| | | | | | | | | | | 2,266,512 | | |
Florida — 3.5% | | ||||||||||||
City of Miami FL
Parking System Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/38 |
| | | | 1,000,000 | | | | | | 915,873 | | |
Florida Governmental
Utility Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/30 |
| | | | 520,000 | | | | | | 565,796 | | |
Fort Pierce Utilities
Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/40 |
| | | | 500,000 | | | | | | 521,802 | | |
5.000%, due 10/1/41 |
| | | | 500,000 | | | | | | 520,910 | | |
5.000%, due 10/1/42 |
| | | | 400,000 | | | | | | 415,684 | | |
Miami-Dade County
Expressway Authority, Revenue Bonds Insured: BAM-TCRS |
| | | | | | | | | | | | |
5.000%, due 7/1/26 |
| | | | 3,180,000 | | | | | | 3,248,482 | | |
School Board of
Miami-Dade County (The), General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 3/15/38 |
| | | | 3,250,000 | | | | | | 3,444,597 | | |
Series A |
| | | | | | | | | | | | |
5.000%, due 3/15/39 |
| | | | 1,645,000 | | | | | | 1,684,876 | | |
| | | | | | | | | | | 11,318,020 | | |
Georgia — 1.1% | | ||||||||||||
Auburn Urban
Redevelopment Agency, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/45 |
| | | | 1,035,000 | | | | | | 905,859 | | |
Municipal Electric
Authority of Georgia, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 1/1/38 |
| | | | 300,000 | | | | | | 276,062 | | |
4.000%, due 1/1/39 |
| | | | 345,000 | | | | | | 314,082 | | |
4.000%, due 1/1/46 |
| | | | 2,230,000 | | | | | | 1,908,959 | | |
| | | | | | | | | | | 3,404,962 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Idaho — 0.5% | | ||||||||||||
Idaho Housing &
Finance Association, Revenue Bonds Insured: SCH BD GTY |
| | | | | | | | | | | | |
5.000%, due 5/1/52 |
| | | $ | 1,000,000 | | | | | $ | 928,246 | | |
5.250%, due 5/1/42 |
| | | | 800,000 | | | | | | 811,140 | | |
| | | | | | | | | | | 1,739,386 | | |
Illinois — 22.5% | | ||||||||||||
Boone Mchenry &
Dekalb Counties Community Unit School District 100, General Obligation
Bonds Insured: |
| | | | | | | | | | | | |
BHAC-CR NATL-RE |
| | | | | | | | | | | | |
3.550%, due 12/1/23(b)
|
| | | | 465,000 | | | | | | 447,582 | | |
Chicago Board of
Education, General Obligation Bonds Series A Insured: AGC-ICC
FGIC |
| | | | | | | | | | | | |
5.500%, due 12/1/26 |
| | | | 1,575,000 | | | | | | 1,631,298 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/31 |
| | | | 500,000 | | | | | | 507,149 | | |
Series A Insured: NATL |
| | | | | | | | | | | | |
4.620%, due 12/1/25(b)
|
| | | | 1,295,000 | | | | | | 1,124,892 | | |
4.740%, due 12/1/26(b)
|
| | | | 90,000 | | | | | | 74,336 | | |
Series B-1 Insured: NATL |
| | | | | | | | | | | | |
4.330%, due 12/1/23(b)
|
| | | | 500,000 | | | | | | 477,310 | | |
4.620%, due 12/1/25(b)
|
| | | | 575,000 | | | | | | 499,469 | | |
Chicago O’Hare
International Airport, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 1/1/45 |
| | | | 3,585,000 | | | | | | 3,521,356 | | |
Chicago Park District,
General Obligation Bonds Series E Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/15/32 |
| | | | 1,000,000 | | | | | | 931,002 | | |
Series F-2 |
| | | | | | | | | | | | |
5.000%, due 1/1/40 |
| | | | 1,065,000 | | | | | | 1,073,812 | | |
Chicago Transit
Authority Sales Tax Receipts Fund, Revenue Bonds Insured:
BAM-TCRS |
| | | | | | | | | | | | |
4.000%, due 12/1/50 |
| | | | 2,000,000 | | | | | | 1,606,548 | | |
City of Chicago IL,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 1/1/35 |
| | | | 775,000 | | | | | | 658,684 | | |
4.000%, due 1/1/36 |
| | | | 2,500,000 | | | | | | 2,100,170 | | |
City of Chicago IL
Wastewater Transmission Revenue, Revenue Bonds Series A Insured:
NATL |
| | | | | | | | | | | | |
4.330%, due 1/1/27(b)
|
| | | | 1,300,000 | | | | | | 1,087,499 | | |
City of Chicago IL
Waterworks Revenue, Revenue Bonds Insured: BAM-TCRS |
| | | | | | | | | | | | |
5.000%, due 11/1/44 |
| | | | 3,220,000 | | | | | | 3,094,591 | | |
City of Decatur IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 3/1/40 |
| | | | 2,805,000 | | | | | | 2,520,302 | | |
4.000%, due 3/1/42 |
| | | | 3,000,000 | | | | | | 2,680,007 | | |
City of Joliet IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.500%, due 12/15/44 |
| | | | 3,805,000 | | | | | | 4,053,373 | | |
City of Kankakee IL,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 1/1/34 |
| | | | 450,000 | | | | | | 443,502 | | |
4.000%, due 1/1/35 |
| | | | 715,000 | | | | | | 700,423 | | |
City of Rock Island IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/36 |
| | | | 1,435,000 | | | | | | 1,325,032 | | |
4.000%, due 12/1/40 |
| | | | 1,000,000 | | | | | | 889,496 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
City of Waukegan IL,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/30/36 |
| | | $ | 1,065,000 | | | | | $ | 1,015,281 | | |
4.000%, due 12/30/37 |
| | | | 1,080,000 | | | | | | 1,011,282 | | |
City of Waukegan IL
Water & Sewer System Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/30/22 |
| | | | 125,000 | | | | | | 125,108 | | |
Community Unit School
District Number 427 DeKalb and Kane Counties Illinois, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/1/37 |
| | | | 535,000 | | | | | | 505,529 | | |
Cook County School
District No 94, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/40 |
| | | | 460,000 | | | | | | 425,909 | | |
County of Cook IL Sales
Tax Revenue, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/15/40 |
| | | | 780,000 | | | | | | 689,330 | | |
Crawford Hospital
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 1/1/34 |
| | | | 675,000 | | | | | | 667,630 | | |
Illinois Sports
Facilities Authority (The), Revenue Bonds Insured: AMBAC |
| | | | | | | | | | | | |
4.020%, due 6/15/23(b)
|
| | | | 500,000 | | | | | | 487,749 | | |
Illinois State Toll
Highway Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 1/1/45 |
| | | | 2,050,000 | | | | | | 2,065,226 | | |
La Salle County
Community Unit School District No 2 Serena, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.500%, due 12/1/38 |
| | | | 1,825,000 | | | | | | 1,964,004 | | |
5.500%, due 10/1/42 |
| | | | 1,260,000 | | | | | | 1,337,568 | | |
Macon County School
District No 61 Decatur, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/32 |
| | | | 25,000 | | | | | | 24,604 | | |
5.000%, due 12/1/40 |
| | | | 1,505,000 | | | | | | 1,528,522 | | |
Madison County
Community Unit School District No 7 Edwardsville, General Obligation Bonds
Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/30 |
| | | | 275,000 | | | | | | 286,254 | | |
Madison-Macoupin Etc
Counties Community College District No 536, General Obligation Bonds
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 11/1/32 |
| | | | 225,000 | | | | | | 235,606 | | |
Metropolitan Pier &
Exposition Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.510%, due 6/15/45(b)
|
| | | | 720,000 | | | | | | 210,674 | | |
5.550%, due 6/15/47(b)
|
| | | | 225,000 | | | | | | 58,502 | | |
Northern Illinois
University, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/32 |
| | | | 500,000 | | | | | | 468,540 | | |
4.000%, due 10/1/37 |
| | | | 550,000 | | | | | | 485,199 | | |
4.000%, due 10/1/39 |
| | | | 425,000 | | | | | | 367,572 | | |
4.000%, due 10/1/40 |
| | | | 400,000 | | | | | | 342,670 | | |
4.000%, due 10/1/41 |
| | | | 400,000 | | | | | | 340,130 | | |
Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 4/1/37 |
| | | | 1,425,000 | | | | | | 1,256,949 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Sangamon & Morgan
Counties Community Unit School District No 16 New Berlin, General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/43 |
| | | $ | 1,440,000 | | | | | $ | 1,452,347 | | |
5.000%, due 12/1/46 |
| | | | 1,800,000 | | | | | | 1,799,605 | | |
Sangamon County School
District No 186 Springfield, General Obligation Bonds Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 2/1/29 |
| | | | 3,000,000 | | | | | | 3,005,800 | | |
Sangamon Logan &
Menard Counties Community Unit School Dist No 15 Williamsville,
General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/36 |
| | | | 1,100,000 | | | | | | 1,167,714 | | |
Southern Illinois
University, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 4/1/40 |
| | | | 1,000,000 | | | | | | 846,014 | | |
State of Illinois,
General Obligation Bonds |
| | | | | | | | | | | | |
5.750%, due 5/1/45 |
| | | | 1,000,000 | | | | | | 1,002,517 | | |
Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/41 |
| | | | 3,765,000 | | | | | | 3,135,879 | | |
Insured: NATL |
| | | | | | | | | | | | |
6.000%, due 11/1/26 |
| | | | 500,000 | | | | | | 519,484 | | |
State of Illinois, Revenue Bonds | | | | | | | | | | | | | |
Insured: NATL |
| | | | | | | | | | | | |
6.000%, due 6/15/23 |
| | | | 180,000 | | | | | | 182,120 | | |
Town of Cicero IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 1/1/30 |
| | | | 475,000 | | | | | | 490,844 | | |
Village of Bourbonnais
IL, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 12/1/46 |
| | | | 1,000,000 | | | | | | 1,039,395 | | |
Village of McCook IL,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/25 |
| | | | 1,575,000 | | | | | | 1,637,120 | | |
Village of Rosemont IL,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/49 |
| | | | 250,000 | | | | | | 218,669 | | |
Will County Community
Unit School District No 201-U Crete-Monee, General Obligation Bonds
Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 9/1/42 |
| | | | 3,735,000 | | | | | | 3,836,979 | | |
Will County School
District No 114 Manhattan, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.500%, due 1/1/45 |
| | | | 3,765,000 | | | | | | 3,963,120 | | |
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 | | | | | | 489,793 | | |
4.000%, due 12/1/36 |
| | | | 500,000 | | | | | | 483,242 | | |
| | | | | | | | | | | 72,618,313 | | |
Indiana — 1.3% | | ||||||||||||
Evansville Waterworks
District, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.250%, due 1/1/49 |
| | | | 1,000,000 | | | | | | 895,515 | | |
5.000%, due 7/1/47 |
| | | | 2,000,000 | | | | | | 2,044,579 | | |
| | |
Principal Amount |
| |
Value |
| | | ||||||||||
Municipal Bonds (continued) | | | | ||||||||||||||||
Indiana (continued) | | | | ||||||||||||||||
Greater Clark Building
Corp., Revenue Bonds Insured: ST INTERCEPT |
| | | | | | | | | | | | | | | ||||
6.000%, due 7/15/34 |
| | | $ | 1,000,000 | | | | | $ | 1,154,044 | | | | | ||||
| | | | | | | | | | | 4,094,138 | | | | | ||||
Iowa — 3.5% | | | | ||||||||||||||||
Burlington Community
School District Infrastructure Sales Services & Use Tax, Revenue Bonds
Insured: BAM |
| | | | | | | | | | | | | | | ||||
4.000%, due 6/1/41 |
| | | | 1,940,000 | | | | | | 1,684,184 | | | | | ||||
City of Orange City IA
Water Revenue, Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | | | | ||||
4.000%, due 6/1/37 |
| | | | 650,000 | | | | | | 595,159 | | | | | ||||
4.000%, due 6/1/39 |
| | | | 700,000 | | | | | | 628,682 | | | | | ||||
4.250%, due 6/1/42 |
| | | | 1,165,000 | | | | | | 1,064,028 | | | | | ||||
Clinton Community
School District Infrastructure Sales Services & Use Tax, Revenue Bonds
Insured: AGM |
| | | | | | | | | | | | | | | ||||
4.000%, due 7/1/41 |
| | | | 2,100,000 | | | | | | 1,848,220 | | | | | ||||
Jesup Community School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | | | | ||||
3.000%, due 6/1/31 |
| | | | 580,000 | | | | | | 526,947 | | | | | ||||
3.250%, due 6/1/32 |
| | | | 600,000 | | | | | | 550,856 | | | | | ||||
3.375%, due 6/1/33 |
| | | | 620,000 | | | | | | 569,406 | | | | | ||||
4.000%, due 6/1/40 |
| | | | 805,000 | | | | | | 721,903 | | | | | ||||
4.000%, due 6/1/41 |
| | | | 835,000 | | | | | | 741,249 | | | | | ||||
4.000%, due 6/1/42 |
| | | | 870,000 | | | | | | 765,168 | | | | | ||||
West Delaware County
Community School District Sales & Services Tax Revenue, Revenue Bonds
Insured: BAM |
| | | | | | | | | | | | | | | ||||
4.000%, due 6/1/29 |
| | | | 450,000 | | | | | | 453,630 | | | | | ||||
4.000%, due 6/1/30 |
| | | | 350,000 | | | | | | 351,988 | | | | | ||||
4.125%, due 6/1/41 |
| | | | 325,000 | | | | | | 295,136 | | | | | ||||
5.000%, due 6/1/26 |
| | | | 170,000 | | | | | | 177,792 | | | | | ||||
5.000%, due 6/1/27 |
| | | | 350,000 | | | | | | 369,153 | | | | | ||||
| | | | | | | | | | | 11,343,501 | | | | | ||||
Kentucky — 1.6% | | | | | | | | ||||||||||||
City of Somerset KY,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | | | | ||||
4.000%, due 6/1/23 |
| | | | 310,000 | | | | | | 311,019 | | | | | ||||
Kentucky Bond
Development Corp., Revenue Bonds Insured: BAM |
| | | | | | | | | | | | | | | ||||
5.000%, due 9/1/38 |
| | | | 1,045,000 | | | | | | 1,094,596 | | | | | ||||
5.000%, due 9/1/49 |
| | | | 1,000,000 | | | | | | 1,023,512 | | | | | ||||
Kentucky Economic
Development Finance Authority, Revenue Bonds Series A Insured:
AGM |
| | | | | | | | | | | | | | | ||||
4.000%, due 6/1/37 |
| | | | 500,000 | | | | | | 450,076 | | | | | ||||
Louisville &
Jefferson County Metropolitan Government, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | | | | ||||
5.000%, due 5/15/47 |
| | | | 1,015,000 | | | | | | 1,006,896 | | | | | ||||
Louisville &
Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | | | | ||||
4.000%, due 6/1/36 |
| | | | 100,000 | | | | | | 97,776 | | | | | ||||
Woodford County School
District Finance Corp., Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | | | | ||||
6.000%, due 8/1/28 |
| | | | 1,040,000 | | | | | | 1,164,942 | | | | | ||||
| | | | | | | | | | | 5,148,817 | | | | | ||||
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana — 0.2% | | ||||||||||||
City of Shreveport LA
Water & Sewer Revenue, Revenue Bonds Series C Insured:
BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/31 |
| | | $ | 500,000 | | | | | $ | 524,920 | | |
5.000%, due 12/1/32 |
| | | | 125,000 | | | | | | 130,839 | | |
| | | | | | | | | | | 655,759 | | |
Maine — 0.0%(c) | | ||||||||||||
Finance Authority of
Maine, Revenue Bonds Series A-1 Insured: AGC |
| | | | | | | | | | | | |
5.000%, due 12/1/26 |
| | | | 150,000 | | | | | | 154,728 | | |
Massachusetts — 0.9% | | ||||||||||||
City of Brockton MA,
General Obligation Bonds Insured: BAM-TCRS |
| | | | | | | | | | | | |
4.000%, due 8/1/47 |
| | | | 3,180,000 | | | | | | 2,713,010 | | |
Commonwealth of
Massachusetts, General Obligation Bonds Series A Insured:
NATL |
| | | | | | | | | | | | |
3.545%, (3-Month LIBOR
+ 0.57%), due 5/1/37(a) |
| | | | 85,000 | | | | | | 80,104 | | |
| | | | | | | | | | | 2,793,114 | | |
Michigan — 0.5% | | ||||||||||||
Wayne County Airport
Authority, Revenue Bonds Series B |
| | | | | | | | | | | | |
5.000%, due 12/1/46 |
| | | | 1,790,000 | | | | | | 1,698,421 | | |
Minnesota — 0.6% | | ||||||||||||
Southern Minnesota
Municipal Power Agency, Revenue Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
3.790%, due 1/1/25(b)
|
| | | | 2,255,000 | | | | | | 2,078,644 | | |
Mississippi — 0.2% | | ||||||||||||
Mississippi Development
Bank, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 10/1/38 |
| | | | 460,000 | | | | | | 486,548 | | |
Missouri — 1.7% | | ||||||||||||
City of St Louis MO
Airport Revenue, Revenue Bonds Insured: NATL |
| | | | | | | | | | | | |
5.500%, due 7/1/28 |
| | | | 400,000 | | | | | | 430,746 | | |
Hickman Mills C-1
School District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.750%, due 3/1/41 |
| | | | 1,960,000 | | | | | | 2,096,909 | | |
Kansas City Industrial
Development Authority, Revenue Bonds Series B |
| | | | | | | | | | | | |
5.000%, due 3/1/46 |
| | | | 2,000,000 | | | | | | 1,909,445 | | |
Wright City R-II School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
6.000%, due 3/1/42 |
| | | | 1,000,000 | | | | | | 1,137,225 | | |
| | | | | | | | | | | 5,574,325 | | |
Montana — 0.0%(c) | | ||||||||||||
City of Bozeman MT, Tax
Allocation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/26 |
| | | | 75,000 | | | | | | 75,630 | | |
Nebraska — 0.3% | | ||||||||||||
Ashland-Greenwood
Public Schools, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/15/34 |
| | | | 490,000 | | | | | | 480,279 | | |
Hershey Public Schools,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/15/42 |
| | | | 620,000 | | | | | | 541,484 | | |
| | | | | | | | | | | 1,021,763 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Nevada — 0.7% | | ||||||||||||
City of North Las Vegas
NV, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | $ | 1,055,000 | | | | | $ | 1,008,996 | | |
City of Reno NV,
Revenue Bonds Series A-1 Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/46 |
| | | | 1,150,000 | | | | | | 961,021 | | |
5.000%, due 6/1/32 |
| | | | 265,000 | | | | | | 274,414 | | |
| | | | | | | | | | | 2,244,431 | | |
New Jersey — 2.6% | | ||||||||||||
Atlantic City Board of
Education, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 4/1/33 |
| | | | 325,000 | | | | | | 325,819 | | |
4.000%, due 4/1/35 |
| | | | 105,000 | | | | | | 102,841 | | |
City of East Orange NJ,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 10/15/39 |
| | | | 1,040,000 | | | | | | 927,246 | | |
City of Union City NJ,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
0.050%, due 8/1/24 |
| | | | 1,205,000 | | | | | | 1,101,841 | | |
Essex County
Improvement Authority, Revenue Bonds Insured: AMBAC |
| | | | | | | | | | | | |
5.250%, due 12/15/22 |
| | | | 500,000 | | | | | | 501,245 | | |
New Jersey Educational
Facilities Authority, Revenue Bonds Series F Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/25 |
| | | | 300,000 | | | | | | 312,446 | | |
New Jersey
Transportation Trust Fund Authority, Revenue Bonds Series C
Insured: AMBAC |
| | | | | | | | | | | | |
4.220%, due 12/15/26(b)
|
| | | | 2,130,000 | | | | | | 1,793,214 | | |
Passaic Valley Sewerage
Commission, Revenue Bonds Series I Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/25 |
| | | | 50,000 | | | | | | 52,344 | | |
South Jersey
Transportation Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 11/1/36 |
| | | | 500,000 | | | | | | 512,669 | | |
5.000%, due 11/1/37 |
| | | | 500,000 | | | | | | 510,802 | | |
5.250%, due 11/1/52 |
| | | | 2,250,000 | | | | | | 2,282,494 | | |
| | | | | | | | | | | 8,422,961 | | |
New York — 5.5% | | ||||||||||||
Canton Central School
District, General Obligation Bonds Insured: AGM ST AID WITHHLDG |
| | | | | | | | | | | | |
4.000%, due 6/15/28 |
| | | | 955,000 | | | | | | 977,615 | | |
City of Long Beach NY,
General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 7/15/35 |
| | | | 400,000 | | | | | | 413,426 | | |
5.250%, due 7/15/36 |
| | | | 300,000 | | | | | | 308,941 | | |
5.250%, due 7/15/37 |
| | | | 325,000 | | | | | | 333,326 | | |
5.250%, due 7/15/42 |
| | | | 1,800,000 | | | | | | 1,825,491 | | |
County of Nassau NY,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.125%, due 4/1/47 |
| | | | 3,525,000 | | | | | | 3,139,266 | | |
County of Suffolk NY,
General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/15/28 |
| | | | 500,000 | | | | | | 538,401 | | |
Metropolitan
Transportation Authority, Revenue Bonds Series A-1 |
| | | | | | | | | | | | |
4.000%, due 11/15/46 |
| | | | 600,000 | | | | | | 467,966 | | |
5.000%, due 11/15/29 |
| | | | 500,000 | | | | | | 503,369 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
Series B Insured: AMBAC |
| | | | | | | | | | | | |
5.250%, due 11/15/24 |
| | | $ | 1,145,000 | | | | | $ | 1,176,210 | | |
Series C Insured: AGM-CR |
| | | | | | | | | | | | |
5.000%, due 11/15/41 |
| | | | 2,000,000 | | | | | | 2,024,621 | | |
Series E |
| | | | | | | | | | | | |
4.000%, due 11/15/45 |
| | | | 450,000 | | | | | | 354,233 | | |
New York City
Industrial Development Agency, Revenue Bonds Insured: NATL |
| | | | | | | | | | | | |
9.062%, due 3/1/24(a)(d)
|
| | | | 1,500,000 | | | | | | 1,503,774 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 3/1/49 |
| | | | 1,265,000 | | | | | | 829,072 | | |
New York Convention
Center Development Corp., Revenue Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
5.320%, due 11/15/38(b)
|
| | | | 375,000 | | | | | | 161,597 | | |
New York Liberty
Development Corp., Revenue Bonds Series 1WTC Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 2/15/42 |
| | | | 2,300,000 | | | | | | 1,680,810 | | |
New York State
Dormitory Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 10/1/36 |
| | | | 5,000 | | | | | | 5,147 | | |
Niagara Falls City
School District, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/15/26 |
| | | | 200,000 | | | | | | 200,962 | | |
Oneida County Local
Development Corp., Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 12/1/44 |
| | | | 405,000 | | | | | | 274,795 | | |
Port Authority of New
York & New Jersey, Revenue Bonds Series 231 |
| | | | | | | | | | | | |
5.500%, due 8/1/52 |
| | | | 765,000 | | | | | | 797,516 | | |
Town of Oyster Bay NY,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/15/26 |
| | | | 65,000 | | | | | | 66,099 | | |
4.000%, due 2/15/27 |
| | | | 55,000 | | | | | | 56,080 | | |
| | | | | | | | | | | 17,638,717 | | |
North Carolina — 2.0% | | ||||||||||||
Greater Asheville
Regional Airport Authority, Revenue Bonds Series A Insured:
AGM |
| | | | | | | | | | | | |
5.250%, due 7/1/41 |
| | | | 3,250,000 | | | | | | 3,241,087 | | |
North Carolina Turnpike
Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 1/1/49 |
| | | | 3,325,000 | | | | | | 3,353,213 | | |
| | | | | | | | | | | 6,594,300 | | |
Ohio — 3.4% | | ||||||||||||
City of Toledo OH,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.500%, due 12/1/42 |
| | | | 3,000,000 | | | | | | 3,194,099 | | |
Cloverleaf Local School
District, Certificates of Participation Insured: BAM |
| | | | | | | | | | | | |
5.375%, due 12/1/39 |
| | | | 1,780,000 | | | | | | 1,854,026 | | |
5.500%, due 12/1/42 |
| | | | 955,000 | | | | | | 993,795 | | |
Conotton Valley Union
Local School District, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/33 |
| | | | 315,000 | | | | | | 315,858 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Ohio (continued) | | ||||||||||||
County of Cuyahoga OH,
Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 2/15/28 |
| | | $ | 500,000 | | | | | $ | 511,321 | | |
Green Local School
District/Summit County, Certificates of Participation Insured:
AGM |
| | | | | | | | | | | | |
5.500%, due 11/1/47 |
| | | | 3,000,000 | | | | | | 3,148,534 | | |
Youngstown State
University, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/15/29 |
| | | | 775,000 | | | | | | 795,662 | | |
| | | | | | | | | | | 10,813,295 | | |
Oregon — 0.7% | | ||||||||||||
City of Seaside OR
Transient Lodging Tax Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/15/37 |
| | | | 400,000 | | | | | | 421,040 | | |
Lebanon Rural Fire
Protection District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/15/45 |
| | | | 2,305,000 | | | | | | 1,917,772 | | |
| | | | | | | | | | | 2,338,812 | | |
Pennsylvania — 3.9% | | ||||||||||||
Ambridge Area School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 11/1/22 |
| | | | 660,000 | | | | | | 660,000 | | |
Bucks County Industrial
Development Authority, Revenue Bonds Insured: AGM-CR |
| | | | | | | | | | | | |
3.000%, due 8/15/53 |
| | | | 3,555,000 | | | | | | 2,211,057 | | |
4.000%, due 8/15/44 |
| | | | 1,030,000 | | | | | | 883,869 | | |
Catasauqua Area School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/15/27 |
| | | | 70,000 | | | | | | 71,096 | | |
City of Philadelphia PA
Airport Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/39 |
| | | | 1,335,000 | | | | | | 1,154,504 | | |
Erie Sewer Authority,
Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/35 |
| | | | 460,000 | | | | | | 493,194 | | |
Indiana County
Industrial Development Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 5/1/31 |
| | | | 870,000 | | | | | | 903,846 | | |
5.000%, due 5/1/33 |
| | | | 575,000 | | | | | | 588,729 | | |
New Brighton Area
School District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.250%, due 8/15/47 |
| | | | 510,000 | | | | | | 462,094 | | |
Pennsylvania Higher
Educational Facilities Authority, Revenue Bonds Series A Insured:
AGC |
| | | | | | | | | | | | |
3.108%, (3-Month LIBOR + 0.60%), due
7/1/27(a) |
| | | | 135,000 | | | | | | 132,315 | | |
Pennsylvania Turnpike
Commission, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/44 |
| | | | 1,595,000 | | | | | | 1,610,842 | | |
Series C Insured: AGM |
| | | | | | | | | | | | |
6.250%, due 6/1/33 |
| | | | 450,000 | | | | | | 490,694 | | |
Pittsburgh Water &
Sewer Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/37 |
| | | | 1,350,000 | | | | | | 1,403,279 | | |
5.000%, due 9/1/38 |
| | | | 1,420,000 | | | | | | 1,471,175 | | |
| | |
Principal Amount |
| |
Value |
| | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Pennsylvania (continued) | | | ||||||||||||||
School District of
Philadelphia (The), General Obligation Bonds Series F Insured:
BAM |
| | | | | | | | | | | | | | ||
5.000%, due 9/1/27 |
| | | $ | 5,000 | | | | | $ | 5,298 | | | | ||
South Wayne County
Water and Sewer Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | | | ||
4.000%, due 2/15/29 |
| | | | 40,000 | | | | | | 40,786 | | | | ||
| | | | | | | | | | | 12,582,778 | | | | | |
Puerto Rico — 0.2% | | | ||||||||||||||
Puerto Rico Electric
Power Authority, Revenue Bonds Series PP Insured: NATL |
| | | | | | | | | | | | | | ||
5.000%, due 7/1/24 |
| | | | 25,000 | | | | | | 24,939 | | | | ||
Series UU Insured: AGM |
| | | | | | | | | | | | | | ||
2.046%, (3-Month LIBOR + 0.52%), due
7/1/29(a) |
| | | | 510,000 | | | | | | 477,811 | | | | ||
| | | | | | | | | | | 502,750 | | | | ||
South Carolina — 0.7% | | | ||||||||||||||
Spartanburg County
School District No 4, General Obligation Bonds Insured:
SCSDE |
| | | | | | | | | | | | | | ||
5.000%, due 3/1/42 |
| | | | 2,205,000 | | | | | | 2,312,789 | | | | ||
South Dakota — 3.3% | | | ||||||||||||||
Baltic School District
No 49-1, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | | | ||
5.250%, due 12/1/47 |
| | | | 1,780,000 | | | | | | 1,848,014 | | | | ||
5.500%, due 12/1/51 |
| | | | 3,080,000 | | | | | | 3,245,242 | | | | ||
City of Brandon SD
Water Utility Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | | | ||
4.000%, due 8/1/35 |
| | | | 1,845,000 | | | | | | 1,670,790 | | | | ||
4.250%, due 8/1/42 |
| | | | 1,470,000 | | | | | | 1,349,430 | | | | ||
5.500%, due 8/1/47 |
| | | | 1,000,000 | | | | | | 1,058,135 | | | | ||
De Smet School District
No 38-2, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | | | ||
5.000%, due 8/1/47 |
| | | | 1,300,000 | | | | | | 1,327,368 | | | | ||
| | | | | | | | | | | 10,498,979 | | | | ||
Tennessee — 0.2% | | | ||||||||||||||
Chattanooga Health
Educational & Housing Facility Board, Revenue Bonds |
| | | | | | | | | | | | | | ||
5.000%, due 10/1/27 |
| | | | 550,000 | | | | | | 546,669 | | | | ||
Texas — 9.9% | | | ||||||||||||||
Belmont Fresh Water
Supply District No 1, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | | | ||
4.000%, due 3/1/39 |
| | | | 450,000 | | | | | | 392,964 | | | | ||
4.000%, due 3/1/40 |
| | | | 695,000 | | | | | | 604,370 | | | | ||
4.000%, due 3/1/43 |
| | | | 2,280,000 | | | | | | 1,941,298 | | | | ||
Central Texas Turnpike
System, Revenue Bonds Series A Insured: BHAC-CR AMBAC |
| | | | | | | | | | | | | | ||
3.930%, due 8/15/27(b)
|
| | | | 105,000 | | | | | | 87,142 | | | | ||
City of Alton TX,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | | | ||
3.000%, due 8/15/29 |
| | | | 260,000 | | | | | | 243,807 | | | | ||
City of Arlington TX
Special Tax Revenue, Special Tax Series A Insured: AGM |
| | | | | | | | | | | | | | ||
5.000%, due 2/15/37 |
| | | | 1,500,000 | | | | | | 1,540,777 | | | | ||
5.000%, due 2/15/48 |
| | | | 2,000,000 | | | | | | 2,017,555 | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Fort Bend County
Municipal Utility District No 134, General Obligation Bonds Series B
Insured: AGM |
| | | | | | | | | | | | |
6.500%, due 3/1/28 |
| | | $ | 390,000 | | | | | $ | 436,930 | | |
6.500%, due 3/1/29 |
| | | | 390,000 | | | | | | 443,397 | | |
Galveston County
Municipal Utility District No 56, General Obligation Bonds Insured:
AGM |
| | | | | | | | | | | | |
6.875%, due 6/1/29 |
| | | | 625,000 | | | | | | 721,760 | | |
Grand Parkway
Transportation Corp., Revenue Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 10/1/49 |
| | | | 140,000 | | | | | | 118,583 | | |
Green Valley Special
Utility District, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
7.000%, due 9/15/26 |
| | | | 515,000 | | | | | | 572,035 | | |
Guadalupe-Blanco River
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
6.000%, due 8/15/42 |
| | | | 1,975,000 | | | | | | 2,193,515 | | |
Harris County Water
Control & Improvement District No 158, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 9/1/48 |
| | | | 1,865,000 | | | | | | 1,807,471 | | |
7.000%, due 9/1/27 |
| | | | 340,000 | | | | | | 382,858 | | |
7.000%, due 9/1/28 |
| | | | 360,000 | | | | | | 411,625 | | |
7.000%, due 9/1/29 |
| | | | 380,000 | | | | | | 440,753 | | |
Horizon Regional
Municipal Utility District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/1/47 |
| | | | 2,980,000 | | | | | | 2,426,472 | | |
Kaufman County
Municipal Utility District No 3, General Obligation Bonds Insured:
AGM |
| | | | | | | | | | | | |
5.000%, due 3/1/48 |
| | | | 1,560,000 | | | | | | 1,503,859 | | |
5.125%, due 3/1/46 |
| | | | 1,415,000 | | | | | | 1,394,795 | | |
Lazy Nine Municipal
Utility District No 1B, General Obligation Bonds Series 1B Insured: BAM |
| | | | | | | | | | | | |
4.125%, due 3/1/39 |
| | | | 605,000 | | | | | | 546,185 | | |
Matagorda County
Navigation District No 1, Revenue Bonds Insured: AMBAC |
| | | | | | | | | | | | |
5.125%, due 11/1/28 |
| | | | 805,000 | | | | | | 844,698 | | |
Series A Insured: AMBAC |
| | | | | | | | | | | | |
4.400%, due 5/1/30 |
| | | | 500,000 | | | | | | 489,783 | | |
Montgomery County
Municipal Utility District No 95, General Obligation Bonds Insured:
BAM |
| | | | | | | | | | | | |
5.000%, due 9/1/41 |
| | | | 2,000,000 | | | | | | 2,015,979 | | |
New Hope Cultural
Education Facilities Finance Corp., Revenue Bonds Series A-1 Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/28 |
| | | | 500,000 | | | | | | 521,703 | | |
Series B-1 Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/30 |
| | | | 155,000 | | | | | | 154,747 | | |
North Texas Municipal
Water District, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | | 775,000 | | | | | | 722,411 | | |
Southwest Houston
Redevelopment Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/32 |
| | | | 390,000 | | | | | | 388,045 | | |
Texas Municipal Power
Agency, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 9/1/35 |
| | | | 2,345,000 | | | | | | 1,893,879 | | |
3.000%, due 9/1/39 |
| | | | 700,000 | | | | | | 525,787 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Texas State Technical
College, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.500%, due 8/1/42 |
| | | $ | 4,000,000 | | | | | $ | 4,185,028 | | |
| | | | | | | | | | | 31,970,211 | | |
Washington — 0.3% | | ||||||||||||
Chelan County Public
Utility District No 1, Revenue Bonds Series A Insured:
NATL |
| | | | | | | | | | | | |
3.510%, due 6/1/23(b)
|
| | | | 100,000 | | | | | | 97,984 | | |
Klickitat County Public
Utility District No 1, Revenue Bonds Series A Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/37 |
| | | | 750,000 | | | | | | 735,020 | | |
State of Washington,
General Obligation Bonds Series C Insured: AMBAC |
| | | | | | | | | | | | |
3.380%, due 6/1/23(b)
|
| | | | 200,000 | | | | | | 196,124 | | |
| | | | | | | | | | | 1,029,128 | | |
Wisconsin — 1.0% | | ||||||||||||
City of Racine WI
Waterworks System Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/30 |
| | | | 500,000 | | | | | | 534,152 | | |
Omro School District,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
3.000%, due 3/1/28 |
| | | | 30,000 | | | | | | 28,740 | | |
Public Finance
Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/1/40 |
| | | | 300,000 | | | | | | 256,919 | | |
4.000%, due 7/1/45 |
| | | | 800,000 | | | | | | 651,697 | | |
Wisconsin Center
District, Revenue Bonds Series D Insured: AGM |
| | | | | | | | | | | | |
8.390%, due 12/15/45(b)
|
| | | | 5,635,000 | | | | | | 1,641,152 | | |
| | | | | | | | | | | 3,112,660 | | |
Wyoming — 0.3% | | ||||||||||||
University of Wyoming,
Revenue Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/42 |
| | | | 1,000,000 | | | | | | 891,612 | | |
Total Municipal Bonds | | | | | | | | | | | | | |
(Cost $334,422,823) |
| | | | | | | | | | 309,936,331 | | |
|
| | |
Shares |
| |
Value |
| ||||||
Short-Term Investment — 11.4% | | ||||||||||||
Money Market Fund — 11.4% | | ||||||||||||
Dreyfus Tax Exempt Cash
Management - Institutional, 2.01%(e)
|
| | | | | | | | | | | | |
(Cost $36,591,610) |
| | |
|
36,596,500 |
| | | | $ | 36,591,610 | | |
Total Investments — 107.5% | | | | | | | | | | | | | |
(Cost $371,014,433) |
| | | | | | | | | | 346,527,941 | | |
Other Assets and
Liabilities, Net — (7.5)% |
| | | | | | | | | | (24,111,466) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 322,416,475 | | |
| 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 | |
| SCSDE | | | — | | | South Carolina Department of Education | |
|
ST INTERCEPT |
| | — | | | State Tax Intercept | |
| TCRS | | | — | | | Transferable Custodial Receipts | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds |
| | | $ | — | | | | | $ | 309,936,331 | | | | | $ | — | | | | | $ | 309,936,331 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 36,591,610 | | | | | | — | | | | | | — | | | | | | 36,591,610 | | |
Total Investments in Securities |
| | | $ | 36,591,610 | | | | | $ | 309,936,331 | | | | | $ | — | | | | | $ | 346,527,941 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds — 102.2% | | ||||||||||||
Alabama — 4.2% | | ||||||||||||
Alabama Community
College System, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/1/32 |
| | | $ | 410,000 | | | | | $ | 406,531 | | |
4.000%, due 11/1/33 |
| | | | 660,000 | | | | | | 646,422 | | |
Birmingham Airport
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/32 |
| | | | 600,000 | | | | | | 630,802 | | |
Black Belt Energy Gas
District, Revenue Bonds |
| | | | | | | | | | | | |
2.590%, (Municipal Swap Index + 0.35%), due
10/1/52(a)
|
| | | | 900,000 | | | | | | 841,079 | | |
4.000%, due 12/1/49(a)(b)
|
| | | | 600,000 | | | | | | 581,760 | | |
4.000%, due 10/1/52(a)(b)
|
| | | | 1,760,000 | | | | | | 1,694,183 | | |
5.500%, due 11/1/53(a)(b)
|
| | | | 1,000,000 | | | | | | 1,010,021 | | |
Montgomery County
Public Facilities Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 3/1/33 |
| | | | 660,000 | | | | | | 646,273 | | |
4.000%, due 3/1/35 |
| | | | 1,220,000 | | | | | | 1,160,482 | | |
Southeast Energy
Authority A Cooperative District, Revenue Bonds Series A-1 |
| | | | | | | | | | | | |
5.500%, due 1/1/53(a)(b)
|
| | | | 3,000,000 | | | | | | 3,032,409 | | |
Series B |
| | | | | | | | | | | | |
4.000%, due 12/1/51(a)(b)
|
| | | | 2,325,000 | | | | | | 2,092,969 | | |
| | | | | | | | | | | 12,742,931 | | |
Alaska — 0.0%(c) | | ||||||||||||
Alaska Industrial
Development & Export Authority, Revenue Bonds |
| | | | | | | | | | | | |
Series A |
| | | | | | | | | | | | |
5.000%, due 6/1/28 |
| | | | 100,000 | | | | | | 98,476 | | |
Arizona — 0.8% | | ||||||||||||
Arizona Industrial
Development Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 11/1/39 |
| | | | 600,000 | | | | | | 524,046 | | |
5.000%, due 11/1/31 |
| | | | 550,000 | | | | | | 569,242 | | |
Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/31 |
| | | | 300,000 | | | | | | 315,756 | | |
5.000%, due 6/1/32 |
| | | | 325,000 | | | | | | 340,872 | | |
City of Phoenix Civic
Improvement Corp., Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 7/1/34 |
| | | | 500,000 | | | | | | 502,693 | | |
Maricopa County
Industrial Development Authority, Revenue Bonds Series C Insured: SD
CRED PROG |
| | | | | | | | | | | | |
5.000%, due 7/1/37 |
| | | | 300,000 | | | | | | 303,132 | | |
| | | | | | | | | | | 2,555,741 | | |
Arkansas — 0.1% | | ||||||||||||
University of Central
Arkansas, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 11/1/34 |
| | | | 400,000 | | | | | | 413,815 | | |
California — 6.3% | | ||||||||||||
Apple Valley Public
Financing Authority, Tax Allocation Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/31 |
| | | | 1,000,000 | | | | | | 1,019,411 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Benicia Unified School
District, General Obligation Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
3.510%, due 8/1/23(d)
|
| | | $ | 300,000 | | | | | $ | 292,235 | | |
California Health
Facilities Financing Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 11/15/49 |
| | | | 835,000 | | | | | | 797,220 | | |
California Municipal
Finance Authority, Certificate for Participation Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 11/1/28 |
| | | | 250,000 | | | | | | 257,963 | | |
5.000%, due 11/1/29 |
| | | | 125,000 | | | | | | 129,039 | | |
5.000%, due 11/1/30 |
| | | | 410,000 | | | | | | 423,606 | | |
5.000%, due 11/1/32 |
| | | | 225,000 | | | | | | 231,631 | | |
5.000%, due 11/1/33 |
| | | | 1,175,000 | | | | | | 1,203,066 | | |
California Municipal
Finance Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 5/15/31 |
| | | | 400,000 | | | | | | 401,456 | | |
California State Public
Works Board, Revenue Bonds Series B |
| | | | | | | | | | | | |
4.000%, due 5/1/36 |
| | | | 200,000 | | | | | | 194,037 | | |
California Statewide
Communities Development Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 5/15/35 |
| | | | 2,000,000 | | | | | | 1,897,760 | | |
City of Long Beach CA
Airport System Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/26 |
| | | | 250,000 | | | | | | 263,607 | | |
5.000%, due 6/1/27 |
| | | | 200,000 | | | | | | 213,551 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/27 |
| | | | 200,000 | | | | | | 213,551 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/29 |
| | | | 150,000 | | | | | | 164,068 | | |
City of San Mateo CA,
Special Tax Insured: BAM |
| | | | | | | | | | | | |
5.250%, due 9/1/35 |
| | | | 1,000,000 | | | | | | 1,051,066 | | |
Fresno Unified School
District, General Obligation Bonds Series B |
| | | | | | | | | | | | |
5.000%, due 8/1/37 |
| | | | 650,000 | | | | | | 691,724 | | |
5.000%, due 8/1/38 |
| | | | 500,000 | | | | | | 527,574 | | |
Grossmont Union High
School District, General Obligation Bonds Series F Insured:
AGM |
| | | | | | | | | | | | |
4.650%, due 8/1/33(d)
|
| | | | 1,465,000 | | | | | | 873,157 | | |
Hercules Redevelopment
Agency Successor Agency, Tax Allocation Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/1/37 |
| | | | 500,000 | | | | | | 523,283 | | |
Independent Cities
Finance Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | | 700,000 | | | | | | 648,295 | | |
Kelseyville Unified
School District, General Obligation Bonds Series C Insured:
AGM |
| | | | | | | | | | | | |
4.730%, due 8/1/33(d)
|
| | | | 35,000 | | | | | | 22,629 | | |
5.050%, due 8/1/31(d)
|
| | | | 150,000 | | | | | | 104,630 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Metropolitan Water
District of Southern California, Revenue Bonds Series E |
| | | | | | | | | | | | |
2.380%, (Municipal Swap Index + 0.14%), due
7/1/37(a)
|
| | | $ | 1,200,000 | | | | | $ | 1,194,118 | | |
Monterey Peninsula
Community College District, General Obligation Bonds |
| | | | | | | | | | | | |
6.840%, due 8/1/32(d)
|
| | | | 975,000 | | | | | | 636,512 | | |
Riverside County
Community Facilities Districts, Special Tax Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/35 |
| | | | 1,060,000 | | | | | | 1,001,695 | | |
Roseville Natural Gas
Financing Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 2/15/24 |
| | | | 560,000 | | | | | | 565,628 | | |
Sacramento
City Financing Authority, Tax Allocation Series A Insured:
NATL |
| | | | | | | | | | | | |
3.520%, due 12/1/23(d)
|
| | | | 3,000,000 | | | | | | 2,888,546 | | |
Sacramento City Unified
School District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
3.590%, due 7/1/24(d)
|
| | | | 305,000 | | | | | | 287,415 | | |
State of California,
General Obligation Bonds |
| | | | | | | | | | | | |
4.000%, due 9/1/32 |
| | | | 500,000 | | | | | | 504,252 | | |
Westminster School
District, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
3.580%, due 8/1/48(d)
|
| | | | 100,000 | | | | | | 17,433 | | |
| | | | | | | | | | | 19,240,158 | | |
Colorado — 2.6% | | ||||||||||||
Adams State University,
Revenue Bonds Series A Insured: ST HGR ED INTERCEPT PROG |
| | | | | | | | | | | | |
5.000%, due 5/15/35 |
| | | | 1,125,000 | | | | | | 1,191,178 | | |
Cherokee Metropolitan
District, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 8/1/34 |
| | | | 200,000 | | | | | | 201,053 | | |
Colorado Educational
& Cultural Facilities Authority, Moral Obligation Bond |
| | | | | | | | | | | | |
4.000%, due 12/15/36 |
| | | | 475,000 | | | | | | 426,646 | | |
Colorado Educational
& Cultural Facilities Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 7/1/36 |
| | | | 1,000,000 | | | | | | 921,337 | | |
Colorado Health
Facilities Authority, Revenue Bonds Series A-1 |
| | | | | | | | | | | | |
4.000%, due 8/1/44 |
| | | | 250,000 | | | | | | 201,609 | | |
5.000%, due 8/1/35 |
| | | | 105,000 | | | | | | 105,738 | | |
Series A-2 |
| | | | | | | | | | | | |
5.000%, due 8/1/33 |
| | | | 90,000 | | | | | | 91,387 | | |
Crystal Valley
Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/36 |
| | | | 500,000 | | | | | | 485,340 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado (continued) | | ||||||||||||
Eagle County School
District No Re50J, Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/41 |
| | | $ | 515,000 | | | | | $ | 461,671 | | |
Gold Hill Mesa
Metropolitan District No 2, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/28 |
| | | | 145,000 | | | | | | 148,906 | | |
5.000%, due 12/1/29 |
| | | | 145,000 | | | | | | 148,833 | | |
5.250%, due 12/1/37 |
| | | | 200,000 | | | | | | 204,582 | | |
Grand River Hospital
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 12/1/37 |
| | | | 425,000 | | | | | | 430,575 | | |
Jefferson County School
District R-1, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/15/34 |
| | | | 3,000,000 | | | | | | 2,969,514 | | |
| | | | | | | | | | | 7,988,369 | | |
Connecticut — 4.4% | | ||||||||||||
City of Bridgeport CT,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 11/1/33 |
| | | | 600,000 | | | | | | 625,643 | | |
5.000%, due 9/1/38 |
| | | | 1,250,000 | | | | | | 1,298,224 | | |
City of Hartford CT,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 4/1/30 |
| | | | 100,000 | | | | | | 100,679 | | |
City of New Britain CT,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 3/1/30 |
| | | | 155,000 | | | | | | 165,065 | | |
5.000%, due 3/1/36 |
| | | | 400,000 | | | | | | 418,443 | | |
Series B Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 9/1/30 |
| | | | 600,000 | | | | | | 642,116 | | |
City of West Haven CT,
General Obligation Bonds |
| | | | | | | | | | | | |
4.000%, due 9/15/27 |
| | | | 240,000 | | | | | | 241,473 | | |
4.000%, due 9/15/28 |
| | | | 290,000 | | | | | | 291,876 | | |
4.000%, due 9/15/31 |
| | | | 325,000 | | | | | | 323,974 | | |
Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 3/15/29 |
| | | | 200,000 | | | | | | 204,770 | | |
Connecticut State
Health & Educational Facilities Authority, Revenue Bonds |
| | | | | | | | | | | | |
1.250%, due 7/1/42(a)(b)
|
| | | | 2,000,000 | | | | | | 2,000,000 | | |
Series I-1 |
| | | | | | | | | | | | |
5.000%, due 7/1/33 |
| | | | 350,000 | | | | | | 361,377 | | |
Series L |
| | | | | | | | | | | | |
5.000%, due 7/1/32 |
| | | | 1,590,000 | | | | | | 1,624,933 | | |
State of Connecticut,
General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 4/15/34 |
| | | | 1,875,000 | | | | | | 1,992,103 | | |
State of Connecticut
Special Tax Revenue, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 5/1/36 |
| | | | 500,000 | | | | | | 476,053 | | |
4.000%, due 5/1/39 |
| | | | 1,500,000 | | | | | | 1,398,681 | | |
5.250%, due 7/1/40 |
| | | | 1,000,000 | | | | | | 1,073,947 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Connecticut (continued) | | ||||||||||||
Town of Hamden CT,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 8/15/32 |
| | | $ | 350,000 | | | | | $ | 369,513 | | |
| | | | | | | | | | | 13,608,870 | | |
District of Columbia — 1.0% | | ||||||||||||
District of Columbia
Housing Finance Agency, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 9/1/40(a)(b)
|
| | | | 3,035,000 | | | | | | 3,028,445 | | |
Florida — 5.5% | | ||||||||||||
City of Miami Beach FL
Water & Sewer Revenue, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 12/1/34 |
| | | | 1,000,000 | | | | | | 972,357 | | |
City of Pompano Beach
FL, Revenue Bonds Series B-2 |
| | | | | | | | | | | | |
1.450%, due 1/1/27 |
| | | | 250,000 | | | | | | 213,691 | | |
County of Miami-Dade
FL, General Obligation Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/43 |
| | | | 1,430,000 | | | | | | 1,476,388 | | |
County of Miami-Dade FL
Aviation Revenue, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 10/1/38 |
| | | | 400,000 | | | | | | 354,865 | | |
County of Miami-Dade FL
Transit System, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/43 |
| | | | 4,500,000 | | | | | | 4,688,312 | | |
Florida Development
Finance Corp., Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 2/1/34 |
| | | | 1,405,000 | | | | | | 1,345,157 | | |
Series A |
| | | | | | | | | | | | |
4.000%, due 7/1/24 |
| | | | 200,000 | | | | | | 197,300 | | |
Florida Housing Finance
Corp., Revenue Bonds Series G |
| | | | | | | | | | | | |
4.500%, due 5/1/26(a)(b)
|
| | | | 3,000,000 | | | | | | 3,016,572 | | |
Fort Pierce Utilities
Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/27 |
| | | | 700,000 | | | | | | 741,960 | | |
5.000%, due 10/1/31 |
| | | | 400,000 | | | | | | 431,744 | | |
5.000%, due 10/1/33 |
| | | | 200,000 | | | | | | 214,185 | | |
5.000%, due 10/1/37 |
| | | | 425,000 | | | | | | 448,220 | | |
5.000%, due 10/1/39 |
| | | | 475,000 | | | | | | 497,115 | | |
Miami Beach Health
Facilities Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 11/15/38 |
| | | | 500,000 | | | | | | 425,907 | | |
North Springs
Improvement District, Special Assessment Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/1/28 |
| | | | 60,000 | | | | | | 61,013 | | |
4.000%, due 5/1/30 |
| | | | 45,000 | | | | | | 45,538 | | |
Tampa Bay Water, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/39 |
| | | | 1,600,000 | | | | | | 1,708,949 | | |
| | | | | | | | | | | 16,839,273 | | |
Georgia — 2.7% | | ||||||||||||
City of Atlanta GA
Airport Passenger Facility Charge, Revenue Bonds Series C |
| | | | | | | | | | | | |
5.000%, due 7/1/40 |
| | | | 2,700,000 | | | | | | 2,759,545 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Georgia (continued) | | ||||||||||||
Main Street Natural
Gas, Inc., Revenue Bonds Series G |
| | | | | | | | | | | | |
4.000%, due 4/1/48(a)(b)
|
| | | $ | 1,250,000 | | | | | $ | 1,247,332 | | |
Municipal Electric
Authority of Georgia, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 1/1/36 |
| | | | 1,000,000 | | | | | | 1,003,771 | | |
5.000%, due 1/1/38 |
| | | | 500,000 | | | | | | 493,222 | | |
Private Colleges &
Universities Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 4/1/39 |
| | | | 450,000 | | | | | | 397,630 | | |
Walton County Water
& Sewer Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.250%, due 2/1/38 |
| | | | 250,000 | | | | | | 270,615 | | |
5.250%, due 2/1/39 |
| | | | 425,000 | | | | | | 457,736 | | |
5.250%, due 2/1/40 |
| | | | 450,000 | | | | | | 482,207 | | |
5.250%, due 2/1/41 |
| | | | 400,000 | | | | | | 425,948 | | |
5.250%, due 2/1/42 |
| | | | 350,000 | | | | | | 370,936 | | |
5.250%, due 2/1/43 |
| | | | 425,000 | | | | | | 449,161 | | |
| | | | | | | | | | | 8,358,103 | | |
Guam — 0.2% | | ||||||||||||
Guam Government
Waterworks Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.250%, due 7/1/33 |
| | | | 500,000 | | | | | | 506,654 | | |
Illinois — 13.0% | | ||||||||||||
Carol Stream Park
District, General Obligation Bonds Series C Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/1/26 |
| | | | 485,000 | | | | | | 492,898 | | |
Chicago O’Hare
International Airport, Revenue Bonds Series D |
| | | | | | | | | | | | |
5.000%, due 1/1/28 |
| | | | 370,000 | | | | | | 392,043 | | |
Chicago Park District,
General Obligation Bonds Series C Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 1/1/27 |
| | | | 250,000 | | | | | | 252,510 | | |
Series D |
| | | | | | | | | | | | |
4.000%, due 1/1/34 |
| | | | 1,000,000 | | | | | | 907,355 | | |
4.000%, due 1/1/35 |
| | | | 645,000 | | | | | | 569,171 | | |
Series E Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/15/31 |
| | | | 500,000 | | | | | | 466,777 | | |
City of Chicago IL,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 1/1/36 |
| | | | 750,000 | | | | | | 630,051 | | |
5.000%, due 1/1/33 |
| | | | 1,050,000 | | | | | | 1,005,070 | | |
5.250%, due 1/1/28 |
| | | | 1,000,000 | | | | | | 1,001,227 | | |
City of Joliet IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/15/38 |
| | | | 1,000,000 | | | | | | 1,044,452 | | |
5.250%, due 12/15/39 |
| | | | 1,000,000 | | | | | | 1,061,667 | | |
5.250%, due 12/15/40 |
| | | | 1,000,000 | | | | | | 1,058,647 | | |
Cook County Township
High School District No 220 Reavis, General Obligation Bonds Insured:
BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/25 |
| | | | 600,000 | | | | | | 621,893 | | |
County of Sangamon IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/15/26 |
| | | | 240,000 | | | | | | 253,294 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Illinois Development
Finance Authority, Revenue Bonds |
| | | | | | | | | | | | |
3.750%, due 7/15/25(d)
|
| | | $ | 500,000 | | | | | $ | 452,145 | | |
Illinois Finance
Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 10/1/38 |
| | | | 2,000,000 | | | | | | 1,856,079 | | |
5.000%, due 8/15/32 |
| | | | 1,500,000 | | | | | | 1,581,070 | | |
Illinois State Toll
Highway Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 1/1/43 |
| | | | 1,095,000 | | | | | | 1,110,086 | | |
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 | | | | | | 503,678 | | |
4.000%, due 12/1/32 |
| | | | 550,000 | | | | | | 550,362 | | |
4.000%, due 12/1/40 |
| | | | 1,000,000 | | | | | | 924,057 | | |
Madison County
Community Unit School District No 8 Bethalto, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/31 |
| | | | 700,000 | | | | | | 706,413 | | |
Madison-Macoupin Etc
Counties Community College District No 536, General Obligation Bonds
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 11/1/32 |
| | | | 320,000 | | | | | | 335,085 | | |
Northern Illinois
University, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 10/1/26 |
| | | | 250,000 | | | | | | 258,797 | | |
5.000%, due 10/1/28 |
| | | | 650,000 | | | | | | 680,946 | | |
5.000%, due 10/1/30 |
| | | | 690,000 | | | | | | 729,417 | | |
Sales Tax
Securitization Corp., Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 1/1/38 |
| | | | 1,800,000 | | | | | | 1,589,244 | | |
5.000%, due 1/1/30 |
| | | | 500,000 | | | | | | 518,480 | | |
Sangamon & Morgan
Counties Community Unit School District No 16 New Berlin, General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/38 |
| | | | 1,720,000 | | | | | | 1,773,235 | | |
5.500%, due 12/1/36 |
| | | | 350,000 | | | | | | 379,021 | | |
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 | | | | | | 536,513 | | |
Southwestern Illinois
Development Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 10/15/24 |
| | | | 165,000 | | | | | | 166,157 | | |
4.000%, due 4/15/31 |
| | | | 450,000 | | | | | | 450,679 | | |
4.000%, due 4/15/33 |
| | | | 500,000 | | | | | | 490,273 | | |
State of Illinois, Series C | | | | | | | | | | | | | |
4.000%, due 10/1/40 |
| | | | 475,000 | | | | | | 386,014 | | |
State of Illinois,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 4/1/23 |
| | | | 1,450,000 | | | | | | 1,456,107 | | |
5.000%, due 12/1/26 |
| | | | 780,000 | | | | | | 785,257 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
5.000%, due 3/1/27 |
| | | $ | 500,000 | | | | | $ | 503,059 | | |
5.000%, due 3/1/29 |
| | | | 1,470,000 | | | | | | 1,471,637 | | |
5.000%, due 3/1/30 |
| | | | 1,000,000 | | | | | | 1,000,052 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
4.125%, due 4/1/33 |
| | | | 550,000 | | | | | | 516,105 | | |
Series D |
| | | | | | | | | | | | |
5.000%, due 11/1/28 |
| | | | 1,000,000 | | | | | | 1,001,311 | | |
State of Illinois Sales
Tax Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/15/27 |
| | | | 600,000 | | | | | | 605,610 | | |
Town of Cicero IL,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/26 |
| | | | 230,000 | | | | | | 230,335 | | |
5.000%, due 1/1/30 |
| | | | 450,000 | | | | | | 465,010 | | |
Village of Bolingbrook
IL, General Obligation Bonds Series A |
| | | | | | | | | | | | |
3.310%, due 1/1/35(d)
|
| | | | 4,000,000 | | | | | | 2,156,316 | | |
Village of Franklin
Park IL, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 10/1/30 |
| | | | 350,000 | | | | | | 355,133 | | |
4.000%, due 10/1/32 |
| | | | 375,000 | | | | | | 377,559 | | |
Village of Matteson IL,
Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/29 |
| | | | 465,000 | | | | | | 495,012 | | |
Village of Mundelein
IL, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/15/39 |
| | | | 100,000 | | | | | | 92,043 | | |
Village of Stone Park
IL, General Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/1/23 |
| | | | 135,000 | | | | | | 135,158 | | |
Will County School
District No 114 Manhattan, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
3.500%, due 1/1/26 |
| | | | 840,000 | | | | | | 839,409 | | |
Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 1/1/36 |
| | | | 445,000 | | | | | | 462,703 | | |
5.250%, due 1/1/39 |
| | | | 555,000 | | | | | | 582,401 | | |
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 | | | | | | 487,582 | | |
| | | | | | | | | | | 39,752,605 | | |
Indiana — 2.5% | | ||||||||||||
City of Bloomington IN
Waterworks Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/39 |
| | | | 2,690,000 | | | | | | 2,825,204 | | |
5.000%, due 1/1/42 |
| | | | 1,525,000 | | | | | | 1,592,488 | | |
Evansville Waterworks
District, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 1/1/36 |
| | | | 500,000 | | | | | | 528,694 | | |
5.000%, due 7/1/38 |
| | | | 575,000 | | | | | | 600,797 | | |
Greater Clark Building
Corp., Revenue Bonds Insured: ST INTERCEPT |
| | | | | | | | | | | | |
6.000%, due 7/15/34 |
| | | | 1,000,000 | | | | | | 1,154,044 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Indiana (continued) | | ||||||||||||
Indiana Finance
Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
1.400%, due 8/1/29 |
| | | $ | 1,000,000 | | | | | $ | 800,239 | | |
MSD of Wash Township
School Building Corp., Revenue Bonds Insured: ST INTERCEPT |
| | | | | | | | | | | | |
5.000%, due 7/15/35 |
| | | | 225,000 | | | | | | 238,048 | | |
| | | | | | | | | | | 7,739,514 | | |
Iowa — 1.6% | | ||||||||||||
City of Coralville IA,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 5/1/23 |
| | | | 520,000 | | | | | | 520,910 | | |
4.000%, due 5/1/24 |
| | | | 1,305,000 | | | | | | 1,311,151 | | |
Iowa Higher Education
Loan Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 10/1/34 |
| | | | 300,000 | | | | | | 302,237 | | |
5.000%, due 10/1/35 |
| | | | 360,000 | | | | | | 360,682 | | |
5.000%, due 10/1/36 |
| | | | 365,000 | | | | | | 363,268 | | |
Jesup Community School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/24 |
| | | | 420,000 | | | | | | 429,936 | | |
5.000%, due 6/1/25 |
| | | | 440,000 | | | | | | 455,634 | | |
5.000%, due 6/1/26 |
| | | | 465,000 | | | | | | 487,108 | | |
5.000%, due 6/1/27 |
| | | | 490,000 | | | | | | 518,721 | | |
| | | | | | | | | | | 4,749,647 | | |
Kansas — 1.0% | | ||||||||||||
City of Dodge City KS,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/28 |
| | | | 365,000 | | | | | | 390,783 | | |
5.000%, due 9/1/31 |
| | | | 420,000 | | | | | | 453,563 | | |
Johnson County Unified
School District No 233 Olathe, General Obligation Bonds
Series A |
| | | | | | | | | | | | |
4.000%, due 9/1/36 |
| | | | 1,700,000 | | | | | | 1,644,026 | | |
Wyandotte County
Unified School District No 500 Kansas City, General Obligation Bonds
Series A |
| | | | | | | | | | | | |
4.125%, due 9/1/37 |
| | | | 500,000 | | | | | | 514,583 | | |
| | | | | | | | | | | 3,002,955 | | |
Kentucky — 0.4% | | ||||||||||||
City of Berea KY, Revenue Bonds
Series A |
| | | | | | | | | | | | |
1.540%, due 6/1/32(a)(b)
|
| | | | 600,000 | | | | | | 600,000 | | |
Louisville &
Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | | 75,000 | | | | | | 73,332 | | |
Louisville/Jefferson
County Metropolitan Government, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 10/1/32 |
| | | | 500,000 | | | | | | 509,356 | | |
| | | | | | | | | | | 1,182,688 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana — 1.5% | | ||||||||||||
Cameron Parish School
District No 15, General Obligation Bonds |
| | | | | | | | | | | | |
5.000%, due 10/1/23 |
| | | $ | 205,000 | | | | | $ | 206,972 | | |
5.000%, due 10/1/29 |
| | | | 290,000 | | | | | | 305,510 | | |
City of Shreveport LA
Water & Sewer Revenue, Revenue Bonds Series C Insured:
BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/31 |
| | | | 100,000 | | | | | | 104,984 | | |
City of Youngsville LA
Sales Tax Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 5/1/32 |
| | | | 250,000 | | | | | | 250,577 | | |
4.000%, due 5/1/34 |
| | | | 300,000 | | | | | | 297,117 | | |
Louisiana Stadium &
Exposition District, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 7/3/23 |
| | | | 1,750,000 | | | | | | 1,748,984 | | |
State of Louisiana,
General Obligation Bonds Series D |
| | | | | | | | | | | | |
5.000%, due 9/1/24 |
| | | | 1,495,000 | | | | | | 1,540,561 | | |
| | | | | | | | | | | 4,454,705 | | |
Maine — 0.3% | | ||||||||||||
Finance Authority of
Maine, Revenue Bonds Series A-1 Insured: AGC |
| | | | | | | | | | | | |
5.000%, due 12/1/26 |
| | | | 155,000 | | | | | | 159,886 | | |
Maine Health &
Higher Educational Facilities Authority, Revenue Bonds Series A
Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/31 |
| | | | 225,000 | | | | | | 240,522 | | |
5.000%, due 7/1/32 |
| | | | 500,000 | | | | | | 525,490 | | |
| | | | | | | | | | | 925,898 | | |
Maryland — 1.6% | | ||||||||||||
City of Baltimore MD,
Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 7/1/38 |
| | | | 900,000 | | | | | | 846,429 | | |
Maryland Community
Development Administration, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 9/1/42 |
| | | | 1,000,000 | | | | | | 1,003,666 | | |
State of Maryland,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 3/15/32 |
| | | | 585,000 | | | | | | 642,653 | | |
5.000%, due 6/1/37 |
| | | | 2,100,000 | | | | | | 2,310,231 | | |
| | | | | | | | | | | 4,802,979 | | |
Massachusetts — 0.8% | | ||||||||||||
Commonwealth of
Massachusetts, General Obligation Bonds Series C |
| | | | | | | | | | | | |
5.000%, due 5/1/46 |
| | | | 1,250,000 | | | | | | 1,286,205 | | |
Massachusetts School
Building Authority, Revenue Bonds Series B |
| | | | | | | | | | | | |
5.000%, due 11/15/34 |
| | | | 1,000,000 | | | | | | 1,038,635 | | |
| | | | | | | | | | | 2,324,840 | | |
Michigan — 3.2% | | ||||||||||||
County of Genesee MI,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/26 |
| | | | 190,000 | | | | | | 198,124 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Michigan (continued) | | ||||||||||||
5.000%, due 6/1/28 |
| | | $ | 90,000 | | | | | $ | 95,622 | | |
5.000%, due 6/1/30 |
| | | | 210,000 | | | | | | 226,019 | | |
Great Lakes Water
Authority Sewage Disposal System Revenue, Revenue Bonds
Series C |
| | | | | | | | | | | | |
5.000%, due 7/1/36 |
| | | | 1,000,000 | | | | | | 1,025,462 | | |
Great Lakes Water
Authority Water Supply System Revenue, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/46 |
| | | | 1,000,000 | | | | | | 1,024,760 | | |
Michigan Finance
Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 4/15/29 |
| | | | 1,000,000 | | | | | | 1,079,667 | | |
5.000%, due 2/15/34 |
| | | | 235,000 | | | | | | 243,065 | | |
Series A Class 1 |
| | | | | | | | | | | | |
4.000%, due 6/1/34 |
| | | | 500,000 | | | | | | 451,977 | | |
Richmond Community
Schools, General Obligation Bonds Series I Insured: Q-SBLF |
| | | | | | | | | | | | |
4.000%, due 5/1/36 |
| | | | 1,450,000 | | | | | | 1,404,923 | | |
4.000%, due 5/1/37 |
| | | | 2,655,000 | | | | | | 2,531,463 | | |
Van Buren Public
Schools, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/1/36 |
| | | | 1,040,000 | | | | | | 977,961 | | |
Wyoming Public Schools,
General Obligation Bonds Series III Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/1/41 |
| | | | 500,000 | | | | | | 444,090 | | |
| | | | | | | | | | | 9,703,133 | | |
Minnesota — 2.1% | | ||||||||||||
City of Minneapolis
MN/St Paul Housing & Redevelopment Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
1.500%, due 11/15/35(a)(b)
|
| | | | 4,000,000 | | | | | | 4,000,000 | | |
Minneapolis Special
School District No 1, General Obligation Bonds Series B Insured: SD CRED PROG |
| | | | | | | | | | | | |
5.000%, due 2/1/28 |
| | | | 1,000,000 | | | | | | 1,073,175 | | |
5.000%, due 2/1/31 |
| | | | 1,250,000 | | | | | | 1,337,422 | | |
| | | | | | | | | | | 6,410,597 | | |
Missouri — 2.7% | | ||||||||||||
City of Kansas City MO,
Revenue Bonds Series C |
| | | | | | | | | | | | |
5.000%, due 9/1/26 |
| | | | 1,300,000 | | | | | | 1,365,135 | | |
5.000%, due 9/1/28 |
| | | | 1,000,000 | | | | | | 1,070,638 | | |
Health &
Educational Facilities Authority of the State of Missouri, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 8/1/25 |
| | | | 150,000 | | | | | | 146,260 | | |
5.000%, due 2/15/32 |
| | | | 500,000 | | | | | | 508,224 | | |
Hickman Mills C-1
School District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.750%, due 3/1/42 |
| | | | 3,390,000 | | | | | | 3,611,897 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Missouri (continued) | | ||||||||||||
Wright City R-II School
District, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
6.000%, due 3/1/27 |
| | | $ | 150,000 | | | | | $ | 164,525 | | |
6.000%, due 3/1/29 |
| | | | 150,000 | | | | | | 169,551 | | |
6.000%, due 3/1/31 |
| | | | 35,000 | | | | | | 40,498 | | |
6.000%, due 3/1/33 |
| | | | 500,000 | | | | | | 584,568 | | |
6.000%, due 3/1/35 |
| | | | 530,000 | | | | | | 614,350 | | |
| | | | | | | | | | | 8,275,646 | | |
Montana — 0.1% | | ||||||||||||
Montana Facility
Finance Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 6/1/24 |
| | | | 375,000 | | | | | | 382,133 | | |
Nebraska — 1.7% | | ||||||||||||
Central Plains Energy
Project, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 12/1/49(a)(b)
|
| | | | 1,500,000 | | | | | | 1,481,604 | | |
5.000%, due 3/1/50(a)(b)
|
| | | | 3,500,000 | | | | | | 3,501,877 | | |
City of Kearney NE,
General Obligation Bonds |
| | | | | | | | | | | | |
4.000%, due 5/15/32 |
| | | | 340,000 | | | | | | 334,602 | | |
| | | | | | | | | | | 5,318,083 | | |
Nevada — 0.9% | | ||||||||||||
City of North Las Vegas
NV, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/36 |
| | | | 1,000,000 | | | | | | 956,395 | | |
Clark County School
District, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/15/37 |
| | | | 845,000 | | | | | | 891,410 | | |
County of Clark NV,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 7/1/39 |
| | | | 1,000,000 | | | | | | 923,163 | | |
| | | | | | | | | | | 2,770,968 | | |
New Hampshire — 0.2% | | ||||||||||||
New Hampshire Business
Finance Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 4/1/30 |
| | | | 675,000 | | | | | | 666,981 | | |
New Jersey — 4.0% | | ||||||||||||
Atlantic County
Improvement Authority (The), Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/32 |
| | | | 325,000 | | | | | | 346,657 | | |
Essex County
Improvement Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 7/15/28 |
| | | | 415,000 | | | | | | 398,367 | | |
New Jersey Economic
Development Authority, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 11/1/39 |
| | | | 1,000,000 | | | | | | 865,788 | | |
New Jersey Educational
Facilities Authority, Revenue Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/25 |
| | | | 470,000 | | | | | | 486,826 | | |
Series F Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/1/25 |
| | | | 300,000 | | | | | | 312,446 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
New Jersey Health Care
Facilities Financing Authority, Revenue Bonds Series A Insured:
AGM |
| | | | | | | | | | | | |
4.125%, due 7/1/38 |
| | | $ | 290,000 | | | | | $ | 264,942 | | |
New Jersey Housing
& Mortgage Finance Agency, Revenue Bonds Series A |
| | | | | | | | | | | | |
3.500%, due 7/1/25(a)(b)
|
| | | | 4,000,000 | | | | | | 3,948,906 | | |
New Jersey
Transportation Trust Fund Authority, Revenue Bonds
Series A |
| | | | | | | | | | | | |
4.270%, due 12/15/26(d)
|
| | | | 650,000 | | | | | | 546,123 | | |
Series AA |
| | | | | | | | | | | | |
5.000%, due 6/15/37 |
| | | | 1,300,000 | | | | | | 1,293,754 | | |
New Jersey Turnpike
Authority, Revenue Bonds Series B |
| | | | | | | | | | | | |
5.000%, due 1/1/42 |
| | | | 1,000,000 | | | | | | 1,037,483 | | |
Series D-1 |
| | | | | | | | | | | | |
3.337%, (1-Month LIBOR + 0.70%), due
1/1/24(a) |
| | | | 1,000,000 | | | | | | 998,634 | | |
Newark Board of
Education, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 7/15/30 |
| | | | 750,000 | | | | | | 813,427 | | |
Salem County
Improvement Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/15/30 |
| | | | 195,000 | | | | | | 193,493 | | |
4.000%, due 8/15/31 |
| | | | 180,000 | | | | | | 177,304 | | |
South Jersey Port
Corp., Revenue Bonds Series B |
| | | | | | | | | | | | |
5.000%, due 1/1/31 |
| | | | 500,000 | | | | | | 504,467 | | |
| | | | | | | | | | | 12,188,617 | | |
New Mexico — 0.2% | | ||||||||||||
Albuquerque
Metropolitan Arroyo Flood Control Authority, General Obligation Bonds |
| | | | | | | | | | | | |
5.000%, due 8/1/27 |
| | | | 650,000 | | | | | | 696,895 | | |
New York — 7.0% | | ||||||||||||
Camden Central School
District, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 3/15/27 |
| | | | 1,180,000 | | | | | | 1,202,610 | | |
City of New York NY,
General Obligation Bonds |
| | | | | | | | | | | | |
5.250%, due 10/1/47 |
| | | | 3,000,000 | | | | | | 3,135,000 | | |
City of Syracuse NY,
General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/15/32 |
| | | | 250,000 | | | | | | 252,207 | | |
County of Nassau NY,
General Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 4/1/38 |
| | | | 1,500,000 | | | | | | 1,571,914 | | |
County of Suffolk NY,
General Obligation Bonds Series C Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 2/1/23 |
| | | | 410,000 | | | | | | 411,712 | | |
Metropolitan
Transportation Authority, Revenue Bonds Series A-1 |
| | | | | | | | | | | | |
5.000%, due 11/15/29 |
| | | | 500,000 | | | | | | 503,369 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
Series B Insured: AMBAC |
| | | | | | | | | | | | |
5.250%, due 11/15/24 |
| | | $ | 500,000 | | | | | $ | 513,629 | | |
Series C |
| | | | | | | | | | | | |
5.000%, due 11/15/38 |
| | | | 250,000 | | | | | | 240,999 | | |
5.000%, due 11/15/42 |
| | | | 500,000 | | | | | | 471,672 | | |
Monroe County
Industrial Development Corp., Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 12/1/36 |
| | | | 375,000 | | | | | | 318,916 | | |
New York City Housing
Development Corp., Revenue Bonds Series F-2 |
| | | | | | | | | | | | |
0.600%, due 5/1/61(a)(b)
|
| | | | 1,500,000 | | | | | | 1,351,962 | | |
New York City
Transitional Finance Authority Building Aid Revenue, Revenue Bonds
Series S-3 |
| | | | | | | | | | | | |
5.000%, due 7/15/33 |
| | | | 150,000 | | | | | | 157,524 | | |
New York Liberty
Development Corp., Revenue Bonds Class 1 |
| | | | | | | | | | | | |
2.450%, due 9/15/69 |
| | | | 500,000 | | | | | | 418,772 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
2.750%, due 11/15/41 |
| | | | 1,070,000 | | | | | | 744,923 | | |
New York State
Dormitory Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 3/15/41 |
| | | | 1,500,000 | | | | | | 1,338,880 | | |
Series A |
| | | | | | | | | | | | |
4.000%, due 3/15/39 |
| | | | 500,000 | | | | | | 456,331 | | |
Series E |
| | | | | | | | | | | | |
3.000%, due 3/15/41 |
| | | | 500,000 | | | | | | 366,524 | | |
4.000%, due 3/15/39 |
| | | | 215,000 | | | | | | 196,222 | | |
5.000%, due 3/15/41 |
| | | | 2,000,000 | | | | | | 2,057,977 | | |
New York State Thruway
Authority, Revenue Bonds Series A-1 |
| | | | | | | | | | | | |
4.000%, due 3/15/43 |
| | | | 1,165,000 | | | | | | 1,015,610 | | |
New York State Urban
Development Corp., Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 3/15/38 |
| | | | 650,000 | | | | | | 599,289 | | |
Schenectady County
Capital Resource Corp., Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/32 |
| | | | 500,000 | | | | | | 533,586 | | |
Triborough Bridge &
Tunnel Authority, Revenue Bonds Series A-2 |
| | | | | | | | | | | | |
2.000%, due 5/15/45(a)(b)
|
| | | | 1,345,000 | | | | | | 1,142,482 | | |
Series B-3 |
| | | | | | | | | | | | |
5.000%, due 11/15/38 |
| | | | 1,000,000 | | | | | | 1,020,755 | | |
Series D-2 |
| | | | | | | | | | | | |
5.250%, due 5/15/47 |
| | | | 1,250,000 | | | | | | 1,310,909 | | |
| | | | | | | | | | | 21,333,774 | | |
North Carolina — 0.3% | | ||||||||||||
North Carolina Medical
Care Commission, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 9/1/41 |
| | | | 1,095,000 | | | | | | 876,269 | | |
North Dakota — 0.4% | | ||||||||||||
City of Grand Forks ND, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 12/1/37 |
| | | | 1,250,000 | | | | | | 1,068,049 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Ohio — 2.1% | | ||||||||||||
Akron Bath Copley Joint
Township Hospital District, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 11/15/33 |
| | | $ | 1,260,000 | | | | | $ | 1,101,958 | | |
City of Toledo OH,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 12/1/36 |
| | | | 1,000,000 | | | | | | 1,067,319 | | |
5.500%, due 12/1/39 |
| | | | 1,330,000 | | | | | | 1,431,536 | | |
City of Upper Arlington
OH, General Obligation Bonds |
| | | | | | | | | | | | |
5.250%, due 12/1/35 |
| | | | 750,000 | | | | | | 776,677 | | |
Cloverleaf Local School
District, Certificate for Participation Insured: BAM |
| | | | | | | | | | | | |
5.375%, due 12/1/37 |
| | | | 1,000,000 | | | | | | 1,045,762 | | |
Crestview Local School
District/Columbiana County, Certificates of Participation Insured:
AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/35 |
| | | | 250,000 | | | | | | 243,899 | | |
4.000%, due 12/1/37 |
| | | | 320,000 | | | | | | 297,431 | | |
State of Ohio, Revenue Bonds Series E | | | | | | | | | | | | | |
5.000%, due 1/15/35 |
| | | | 500,000 | | | | | | 509,590 | | |
| | | | | | | | | | | 6,474,172 | | |
Pennsylvania — 1.6% | | ||||||||||||
City of Erie PA,
General Obligation Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
6.640%, due 11/15/37(d)
|
| | | | 750,000 | | | | | | 352,038 | | |
Indiana County
Industrial Development Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 5/1/27 |
| | | | 250,000 | | | | | | 258,653 | | |
Lancaster County
Hospital Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 11/1/38 |
| | | | 1,100,000 | | | | | | 1,118,235 | | |
Lancaster Industrial
Development Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 7/1/31 |
| | | | 100,000 | | | | | | 89,574 | | |
Pennsylvania Economic
Development Financing Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 1/1/29 |
| | | | 450,000 | | | | | | 435,403 | | |
Pennsylvania Higher
Educational Facilities Authority, Revenue Bonds Series A Insured:
AGC |
| | | | | | | | | | | | |
3.108%, (3-Month LIBOR + 0.60%), due
7/1/27(a) |
| | | | 140,000 | | | | | | 137,215 | | |
Pittsburgh Water &
Sewer Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/36 |
| | | | 1,285,000 | | | | | | 1,339,970 | | |
Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/32 |
| | | | 550,000 | | | | | | 590,110 | | |
Spring Cove School
District, General Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 11/15/22 |
| | | | 500,000 | | | | | | 500,132 | | |
| | | | | | | | | | | 4,821,330 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Puerto Rico — 0.3% | | ||||||||||||
Puerto Rico Electric
Power Authority, Revenue Bonds Series PP Insured: NATL |
| | | | | | | | | | | | |
5.000%, due 7/1/24 |
| | | $ | 25,000 | | | | | $ | 24,939 | | |
Puerto Rico Industrial
Tourist Educational Medical & Envirml Ctl Facs Fing Auth, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/28 |
| | | | 400,000 | | | | | | 415,754 | | |
5.000%, due 7/1/29 |
| | | | 425,000 | | | | | | 442,840 | | |
| | | | | | | | | | | 883,533 | | |
Rhode Island — 1.2% | | ||||||||||||
Providence Public
Building Authority, Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/15/32 |
| | | | 250,000 | | | | | | 266,405 | | |
Rhode Island Health and
Educational Building Corp., Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 5/15/25 |
| | | | 500,000 | | | | | | 505,262 | | |
Series F |
| | | | | | | | | | | | |
5.500%, due 5/15/39 |
| | | | 1,320,000 | | | | | | 1,424,115 | | |
5.500%, due 5/15/41 |
| | | | 180,000 | | | | | | 192,351 | | |
Rhode Island Housing
and Mortgage Finance Corp., Revenue Bonds Series 77-A |
| | | | | | | | | | | | |
5.000%, due 10/1/28 |
| | | | 350,000 | | | | | | 368,542 | | |
Rhode Island
Infrastructure Bank, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 10/1/34 |
| | | | 650,000 | | | | | | 660,807 | | |
State of Rhode Island,
General Obligation Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 4/1/34 |
| | | | 350,000 | | | | | | 348,032 | | |
| | | | | | | | | | | 3,765,514 | | |
South Carolina — 0.8% | | ||||||||||||
South Carolina Public
Service Authority, Revenue Bonds Series B |
| | | | | | | | | | | | |
5.000%, due 12/1/36 |
| | | | 100,000 | | | | | | 99,868 | | |
Spartanburg County
School District No 4, General Obligation Bonds Insured: SCSDE |
| | | | | | | | | | | | |
5.000%, due 3/1/42 |
| | | | 2,210,000 | | | | | | 2,318,033 | | |
| | | | | | | | | | | 2,417,901 | | |
South Dakota — 0.9% | | ||||||||||||
Baltic School District
No 49-1, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.500%, due 12/1/38 |
| | | | 300,000 | | | | | | 292,408 | | |
4.500%, due 12/1/42 |
| | | | 325,000 | | | | | | 310,295 | | |
County of Lawrence SD,
Certificates of Participation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 12/1/32 |
| | | | 455,000 | | | | | | 456,871 | | |
4.000%, due 12/1/33 |
| | | | 660,000 | | | | | | 659,323 | | |
4.000%, due 12/1/34 |
| | | | 500,000 | | | | | | 496,076 | | |
Tri-Valley School
District No 49-6, General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 7/15/32 |
| | | | 200,000 | | | | | | 203,238 | | |
4.000%, due 7/15/33 |
| | | | 380,000 | | | | | | 385,163 | | |
| | | | | | | | | | | 2,803,374 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Tennessee — 1.1% | | ||||||||||||
Metropolitan Government
Nashville & Davidson County Health & Educational Facs Bd, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 4/1/26(a)(b)
|
| | | $ | 3,000,000 | | | | | $ | 2,986,746 | | |
Tennessee Energy Acquisition Corp., Revenue
Bonds Series B |
| | | | | | | | | | | | |
5.625%, due 9/1/26 |
| | | | 500,000 | | | | | | 518,719 | | |
| | | | | | | | | | | 3,505,465 | | |
Texas — 14.6% | | ||||||||||||
Alamito Public Facility Corp., | | | | | | | | | | | | | |
3.500%, due 9/1/25(a)(b)
|
| | | | 4,000,000 | | | | | | 3,925,970 | | |
Alamito Public Facility
Corp., Revenue Bonds |
| | | | | | | | | | | | |
3.500%, due 9/1/25(a)(b)
|
| | | | 4,000,000 | | | | | | 3,925,970 | | |
Arlington Higher
Education Finance Corp., Revenue Bonds Series A Insured:
PSF-GTD |
| | | | | | | | | | | | |
5.000%, due 8/15/32 |
| | | | 2,200,000 | | | | | | 2,379,290 | | |
Barbers Hill
Independent School District, General Obligation Bonds Insured:
PSF-GTD |
| | | | | | | | | | | | |
4.000%, due 2/15/41 |
| | | | 1,000,000 | | | | | | 948,256 | | |
Central Texas Turnpike
System, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 8/15/39 |
| | | | 1,455,000 | | | | | | 1,498,912 | | |
City of Alvin TX Water
& Sewer System Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 2/1/27 |
| | | | 1,225,000 | | | | | | 1,299,148 | | |
City of Amarillo TX
Waterworks & Sewer System Revenue, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 4/1/41 |
| | | | 1,360,000 | | | | | | 1,230,179 | | |
City of Arlington TX, Tax Allocation | | | | | | | | | | | | | |
5.000%, due 8/15/30 |
| | | | 150,000 | | | | | | 154,476 | | |
City of Arlington TX
Special Tax Revenue, Special Tax Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 2/15/43 |
| | | | 250,000 | | | | | | 253,207 | | |
City of Austin TX,
General Obligation Bonds |
| | | | | | | | | | | | |
5.000%, due 9/1/23 |
| | | | 260,000 | | | | | | 263,896 | | |
City of Austin TX Water
& Wastewater System Revenue, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 5/15/23 |
| | | | 1,100,000 | | | | | | 1,111,099 | | |
5.000%, due 11/15/23 |
| | | | 1,000,000 | | | | | | 1,018,264 | | |
City of Georgetown TX
Utility System Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 8/15/26 |
| | | | 1,000,000 | | | | | | 1,048,498 | | |
City of San Antonio TX
Electric & Gas Systems Revenue, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 2/1/34 |
| | | | 250,000 | | | | | | 249,909 | | |
City of Temple TX, Tax
Allocation Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 8/1/27 |
| | | | 125,000 | | | | | | 131,604 | | |
Clifton Higher
Education Finance Corp., Revenue Bonds Insured: PSF-GTD |
| | | | | | | | | | | | |
3.000%, due 8/15/34 |
| | | | 180,000 | | | | | | 151,837 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
3.000%, due 8/15/35 |
| | | $ | 250,000 | | | | | $ | 206,672 | | |
5.000%, due 8/15/27 |
| | | | 570,000 | | | | | | 601,090 | | |
Series A |
| | | | | | | | | | | | |
5.000%, due 8/15/31 |
| | | | 435,000 | | | | | | 453,621 | | |
Conroe Local Government
Corp, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 10/1/31 |
| | | | 125,000 | | | | | | 134,239 | | |
Fort Bend County
Municipal Utility District No 215, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 9/1/24 |
| | | | 125,000 | | | | | | 126,363 | | |
Grand Parkway
Transportation Corp., Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 10/1/37 |
| | | | 750,000 | | | | | | 697,562 | | |
Greater Greenspoint
Redevelopment Authority, Tax Allocation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 9/1/32 |
| | | | 350,000 | | | | | | 353,356 | | |
4.000%, due 9/1/33 |
| | | | 370,000 | | | | | | 370,522 | | |
Greater Texoma Utility
Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 10/1/36 |
| | | | 2,485,000 | | | | | | 2,631,946 | | |
Guadalupe-Blanco River
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
6.000%, due 8/15/42 |
| | | | 1,980,000 | | | | | | 2,199,068 | | |
Harris County Cultural
Education Facilities Finance Corp., Revenue Bonds Series A |
| | | | | | | | | | | | |
3.287%, (1-Month LIBOR + 0.65%), due
11/15/46(a) |
| | | | 1,000,000 | | | | | | 999,732 | | |
Harris County Flood
Control District, Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 10/1/38 |
| | | | 1,265,000 | | | | | | 1,197,403 | | |
Houston Higher
Education Finance Corp., Revenue Bonds |
| | | | | | | | | | | | |
1.500%, due 10/1/23 |
| | | | 230,000 | | | | | | 219,269 | | |
Series A Insured: PSF-GTD |
| | | | | | | | | | | | |
4.000%, due 2/15/39 |
| | | | 1,915,000 | | | | | | 1,771,767 | | |
Hutto Independent
School District, General Obligation Bonds Insured: PSF-GTD |
| | | | | | | | | | | | |
5.000%, due 8/1/27 |
| | | | 355,000 | | | | | | 380,290 | | |
Laredo Independent
School District, General Obligation Bonds Insured: PSF-GTD |
| | | | | | | | | | | | |
5.000%, due 8/1/29 |
| | | | 650,000 | | | | | | 709,738 | | |
Montgomery County
Municipal Utility District No 95, General Obligation Bonds Insured:
BAM |
| | | | | | | | | | | | |
5.000%, due 9/1/41 |
| | | | 560,000 | | | | | | 564,474 | | |
North Texas Tollway
Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.250%, due 1/1/38 |
| | | | 1,000,000 | | | | | | 1,069,778 | | |
Sabine-Neches
Navigation District, General Obligation Bonds |
| | | | | | | | | | | | |
5.250%, due 2/15/37 |
| | | | 1,000,000 | | | | | | 1,068,709 | | |
5.250%, due 2/15/41 |
| | | | 2,000,000 | | | | | | 2,100,873 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
San Antonio Public
Facilities Corp., Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 9/15/27 |
| | | $ | 575,000 | | | | | $ | 611,569 | | |
Southwest Higher
Education Authority, Inc., Revenue Bonds Series A |
| | | | | | | | | | | | |
4.000%, due 10/1/42 |
| | | | 3,000,000 | | | | | | 2,648,181 | | |
Texas Municipal Gas
Acquisition & Supply Corp. II, Revenue Bonds Series C |
| | | | | | | | | | | | |
2.863%, (3-Month LIBOR + 0.69%), due
9/15/27(a) |
| | | | 2,190,000 | | | | | | 2,102,423 | | |
Texas Private Activity
Bond Surface Transportation Corp., Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 6/30/33 |
| | | | 500,000 | | | | | | 456,193 | | |
Texas Water Development
Board, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 8/1/41 |
| | | | 1,000,000 | | | | | | 1,056,611 | | |
Uptown Development
Authority, Tax Allocation Series A |
| | | | | | | | | | | | |
5.000%, due 9/1/35 |
| | | | 500,000 | | | | | | 489,878 | | |
| | | | | | | | | | | 44,811,842 | | |
Utah — 1.9% | | ||||||||||||
Intermountain Power
Agency, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/41 |
| | | | 1,000,000 | | | | | | 1,055,118 | | |
Series A |
| | | | | | | | | | | | |
5.000%, due 7/1/29 |
| | | | 750,000 | | | | | | 818,712 | | |
5.000%, due 7/1/30 |
| | | | 500,000 | | | | | | 550,567 | | |
University of Utah
(The), Revenue Bonds Series B |
| | | | | | | | | | | | |
5.000%, due 8/1/38 |
| | | | 970,000 | | | | | | 1,041,196 | | |
Utah Associated
Municipal Power Systems, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 9/1/31 |
| | | | 500,000 | | | | | | 525,986 | | |
Utah Charter School
Finance Authority, Revenue Bonds Insured: UT CSCE |
| | | | | | | | | | | | |
4.000%, due 4/15/40 |
| | | | 250,000 | | | | | | 215,319 | | |
Utah Infrastructure
Agency, Revenue Bonds |
| | | | | | | | | | | | |
3.000%, due 10/15/24 |
| | | | 520,000 | | | | | | 501,296 | | |
4.000%, due 10/15/31 |
| | | | 250,000 | | | | | | 253,475 | | |
4.000%, due 10/15/32 |
| | | | 540,000 | | | | | | 543,660 | | |
Vineyard Redevelopment
Agency, Tax Allocation Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/1/33 |
| | | | 150,000 | | | | | | 148,857 | | |
4.000%, due 5/1/35 |
| | | | 215,000 | | | | | | 210,121 | | |
| | | | | | | | | | | 5,864,307 | | |
Vermont — 0.2% | | ||||||||||||
City of Burlington VT
Airport Revenue, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 7/1/26 |
| | | | 605,000 | | | | | | 626,563 | | |
Virginia — 0.1% | | ||||||||||||
Norfolk Airport Authority, Revenue
Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/28 |
| | | | 150,000 | | | | | | 159,638 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Virginia (continued) | | ||||||||||||
Virginia Small Business
Financing Authority, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 12/1/36 |
| | | $ | 210,000 | | | | | $ | 179,953 | | |
| | | | | | | | | | | 339,591 | | |
Washington — 1.6% | | ||||||||||||
Auburn School District
No 408 of King & Pierce Counties, General Obligation Bonds Insured:
SCH BD GTY |
| | | | | | | | | | | | |
4.000%, due 12/1/34 |
| | | | 500,000 | | | | | | 497,281 | | |
4.000%, due 12/1/36 |
| | | | 500,000 | | | | | | 494,154 | | |
County of King WA Sewer
Revenue, Revenue Bonds Series A |
| | | | | | | | | | | | |
2.470%, (Municipal Swap Index + 0.23%), due
1/1/40(a)
|
| | | | 3,000,000 | | | | | | 2,917,455 | | |
Spokane Public
Facilities District, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 12/1/35 |
| | | | 535,000 | | | | | | 541,309 | | |
Washington State
Convention Center Public Facilities District, Revenue Bonds |
| | | | | | | | | | | | |
4.000%, due 7/1/43 |
| | | | 535,000 | | | | | | 421,433 | | |
| | | | | | | | | | | 4,871,632 | | |
West Virginia — 1.0% | | ||||||||||||
City of Wheeling WV
Waterworks & Sewerage System Revenue, Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/29 |
| | | | 460,000 | | | | | | 470,593 | | |
Morgantown Utility
Board, Inc., Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/34 |
| | | | 200,000 | | | | | | 196,879 | | |
West Virginia Hospital
Finance Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 9/1/39 |
| | | | 1,500,000 | | | | | | 1,475,672 | | |
West Virginia Parkways
Authority, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 6/1/43 |
| | | | 860,000 | | | | | | 888,634 | | |
| | | | | | | | | | | 3,031,778 | | |
Wisconsin — 1.5% | | ||||||||||||
PMA Levy & Aid
Anticipation Notes Program, Revenue Notes Series A |
| | | | | | | | | | | | |
4.000%, due 3/1/23 |
| | | | 1,000,000 | | | | | | 1,001,973 | | |
4.000%, due 4/19/23 |
| | | | 1,000,000 | | | | | | 1,002,468 | | |
4.000%, due 8/24/23 |
| | | | 490,000 | | | | | | 491,608 | | |
Public Finance Authority, Revenue
Bonds |
| | | | | | | | | | | | |
4.000%, due 10/1/23 |
| | | | 40,000 | | | | | | 39,832 | | |
4.000%, due 10/1/24 |
| | | | 35,000 | | | | | | 34,637 | | |
4.000%, due 10/1/30 |
| | | | 265,000 | | | | | | 246,203 | | |
4.000%, due 10/1/31 |
| | | | 390,000 | | | | | | 356,938 | | |
4.000%, due 10/1/32 |
| | | | 390,000 | | | | | | 352,679 | | |
4.000%, due 10/1/33 |
| | | | 420,000 | | | | | | 373,566 | | |
4.000%, due 10/1/34 |
| | | | 390,000 | | | | | | 341,527 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Wisconsin (continued) | | ||||||||||||
Wisconsin Health &
Educational Facilities Authority, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 2/15/33 |
| | | $ | 425,000 | | | | | $ | 447,008 | | |
| | | | | | | | | | | 4,688,439 | | |
Wyoming — 0.0%(c) | | ||||||||||||
University of Wyoming,
Revenue Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/42 |
| | | | 150,000 | | | | | | 133,742 | | |
Total Municipal Bonds | | | | | | | | | | | | | |
(Cost $335,407,092) |
| | | | | | | | | | 313,046,994 | | |
|
| | |
Shares |
| | | | | | | |||
Short-Term Investment — 2.4% | | | | | | | | | | | | | |
Money Market Fund — 2.4% | | | | | | | | | | | | | |
Dreyfus Tax Exempt Cash
Management - Institutional, 2.01%(e) |
| | | | | | | | | | | | |
(Cost
$7,478,117) |
| | | | 7,478,979 | | | | |
|
7,478,117 |
| |
Total Investments — 104.6% | | | | | | | | | | | | | |
(Cost $342,885,209) |
| | | | | | | | | | 320,525,111 | | |
Other Assets and
Liabilities, Net — (4.6)% |
| | | | | | | | | | (14,084,263) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 306,440,848 | | |
| AGC | | | — | | | Assured Guaranty Corp. | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | — | | | Ambac Assurance Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| MSD | | | — | | | Metropolitan School 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 | |
| SCSDE | | | — | | | South Carolina Department of Education | |
| 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 |
| | | $ | — | | | | | $ | 313,046,994 | | | | | $ | — | | | | | $ | 313,046,994 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 7,478,117 | | | | | | — | | | | | | — | | | | | | 7,478,117 | | |
Total Investments in Securities |
| | | $ | 7,478,117 | | | | | $ | 313,046,994 | | | | | $ | — | | | | | $ | 320,525,111 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Long-Term Bonds — 99.5% | | ||||||||||||
Collateralized Mortgage Obligations — 6.4% | | ||||||||||||
Mortgage Securities — 6.4% | | ||||||||||||
CHL Mortgage
Pass-Through Trust 2005-9 |
| | | | | | | | | | | | |
Series 2005-9 1A1, 4.186%, (1-Month
LIBOR + 0.60%), due 5/25/35(a)
|
| | | $ | 48,754 | | | | | $ | 37,504 | | |
Connecticut Avenue
Securities Trust 2019-HRP1 Series 2019-HRP1 M2, 5.736%, (1-Month
LIBOR + 2.15%), due 11/25/39(a)
|
| | | | 659,197 | | | | | | 626,237 | | |
Connecticut Avenue
Securities Trust 2020-R02 Series 2020-R02 2M2, 5.586%, (1-Month LIBOR
+ 2.00%), due 1/25/40(a)
|
| | | | 240,818 | | | | | | 236,486 | | |
Connecticut Avenue
Securities Trust 2021-R01 Series 2021-R01 1M2, 4.547%, (SOFR30A +
1.55%), due 10/25/41(a)
|
| | | | 409,445 | | | | | | 383,044 | | |
Connecticut Avenue
Securities Trust 2022-R04 Series 2022-R04 1M2, 6.097%, (SOFR30A +
3.10%), due 3/25/42(a)
|
| | | | 95,000 | | | | | | 88,960 | | |
Fannie Mae Connecticut
Avenue Securities Series 2015-C04 2M2, 9.136%, (1-Month LIBOR +
5.55%), due 4/25/28(a)
|
| | | | 23,062 | | | | | | 23,643 | | |
Series 2016-C01 1M2, 10.336%, (1-Month
LIBOR + 6.75%), due 8/25/28(a)
|
| | | | 53,680 | | | | | | 55,804 | | |
Series 2017-C02 2M2C, 7.236%, (1-Month
LIBOR + 3.65%), due 9/25/29(a)
|
| | | | 245,000 | | | | | | 249,867 | | |
Series 2017-C04 2M2, 6.436%, (1-Month
LIBOR + 2.85%), due 11/25/29(a)
|
| | | | 446,953 | | | | | | 451,559 | | |
Series 2017-C07 1B1, 7.586%, (1-Month
LIBOR + 4.00%), due 5/25/30(a)
|
| | | | 560,000 | | | | | | 565,949 | | |
Series 2018-C01 1B1, 7.136%, (1-Month
LIBOR + 3.55%), due 7/25/30(a)
|
| | | | 1,240,000 | | | | | | 1,236,170 | | |
Series 2018-C05 1B1, 7.836%, (1-Month
LIBOR + 4.25%), due 1/25/31(a)
|
| | | | 380,000 | | | | | | 383,537 | | |
Series 2021-R02 2M2, 4.997%,
(SOFR30A + 2.00%), due 11/25/41(a) |
| | | | 203,045 | | | | | | 179,743 | | |
Freddie Mac STACR Remic Trust 2020-DNA2 | | | | | | | | | | | | | |
Series 2020-DNA2 M2, 5.436%, (1-Month
LIBOR + 1.85%), due 2/25/50(a)
|
| | | | 56,050 | | | | | | 55,052 | | |
Freddie Mac STACR REMIC Trust 2020-DNA6 | | | | | | | | | | | | | |
Series 2020-DNA6 B1, 5.997%,
(SOFR30A + 3.00%), due 12/25/50(a) |
| | | | 425,000 | | | | | | 389,944 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac STACR REMIC Trust 2021-DNA5 | | | | | | | | | | | | | |
Series 2021-DNA5 B1, 6.047%,
(SOFR30A + 3.05%), due 1/25/34(a) |
| | | $ | 295,000 | | | | | $ | 256,430 | | |
Series 2021-DNA5 M2, 4.647%,
(SOFR30A + 1.65%), due 1/25/34(a)
|
| | | | 47,106 | | | | | | 45,825 | | |
Freddie Mac STACR REMIC Trust 2021-DNA6 | | | | | | | | | | | | | |
Series 2021-DNA6 B1, 6.397%,
(SOFR30A + 3.40%), due 10/25/41(a) |
| | | | 215,000 | | | | | | 189,200 | | |
Freddie Mac STACR REMIC Trust 2021-HQA1 | | | | | | | | | | | | | |
Series 2021-HQA1 B1, 5.997%,
(SOFR30A + 3.00%), due 8/25/33(a)
|
| | | | 980,000 | | | | | | 786,775 | | |
Series 2021-HQA1 M2, 5.247%,
(SOFR30A + 2.25%), due 8/25/33(a)
|
| | | | 795,000 | | | | | | 726,917 | | |
Freddie Mac STACR REMIC Trust 2021-HQA2 | | | | | | | | | | | | | |
Series 2021-HQA2 B1, 6.147%,
(SOFR30A + 3.15%), due 12/25/33(a) |
| | | | 630,000 | | | | | | 501,697 | | |
Series 2021-HQA2 M2, 5.047%,
(SOFR30A + 2.05%), due 12/25/33(a) |
| | | | 575,000 | | | | | | 506,449 | | |
Freddie Mac STACR REMIC Trust 2021-HQA3 | | | | | | | | | | | | | |
Series 2021-HQA3 B1, 6.347%,
(SOFR30A + 3.35%), due 9/25/41(a)
|
| | | | 945,000 | | | | | | 807,727 | | |
Freddie Mac STACR REMIC Trust 2022-DNA1 | | | | | | | | | | | | | |
Series 2022-DNA1 B1, 6.397%,
(SOFR30A + 3.40%), due 1/25/42(a)
|
| | | | 410,000 | | | | | | 354,497 | | |
Series 2022-DNA1 M1B, 4.847%, (SOFR30A
+ 1.85%), due 1/25/42(a)
|
| | | | 155,000 | | | | | | 139,112 | | |
Freddie Mac STACR REMIC Trust 2022-DNA2 | | | | | | | | | | | | | |
Series 2022-DNA2 M1B, 5.397%, (SOFR30A
+ 2.40%), due 2/25/42(a)
|
| | | | 425,000 | | | | | | 390,999 | | |
Freddie Mac STACR REMIC Trust 2022-DNA3 | | | | | | | | | | | | | |
Series 2022-DNA3 M1B, 5.897%, (SOFR30A
+ 2.90%), due 4/25/42(a)
|
| | | | 695,000 | | | | | | 644,613 | | |
Freddie Mac STACR Trust 2018-DNA2 | | | | | | | | | | | | | |
Series 2018-DNA2 B1, 7.286%, (1-Month
LIBOR + 3.70%), due 12/25/30(a)
|
| | | | 585,000 | | | | | | 574,991 | | |
Freddie Mac STACR Trust 2019-DNA1 | | | | | | | | | | | | | |
Series 2019-DNA1 B1, 8.236%, (1-Month
LIBOR + 4.65%), due 1/25/49(a)
|
| | | | 595,000 | | | | | | 608,089 | | |
Freddie Mac STACR Trust 2019-DNA2 | | | | | | | | | | | | | |
Series 2019-DNA2 B1, 7.936%, (1-Month
LIBOR + 4.35%), due 3/25/49(a)
|
| | | | 755,000 | | | | | | 755,000 | | |
Freddie Mac Structured
Agency Credit Risk Debt Notes |
| | | | | | | | | | | | |
Series 2021-DNA2 B1, 6.397%,
(SOFR30A + 3.40%), due 8/25/33(a)
|
| | | | 435,000 | | | | | | 375,087 | | |
Series 2021-DNA2 M2, 5.297%,
(SOFR30A + 2.30%), due 8/25/33(a) |
| | | | 455,000 | | | | | | 432,910 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
HarborView Mortgage Loan Trust
2005-2 |
| | | | | | | | | | | | |
Series 2005-2 2A1A, 3.920%, (1-Month
LIBOR + 0.44%), due 5/19/35(a) |
| | | $ | 68,690 | | | | | $ | 60,953 | | |
NewRez Warehouse Securitization Trust 2021-1 | | | | | | | | | | | | | |
Series 2021-1 A, 4.336%, (1-Month
LIBOR + 0.75%), due 5/25/55(a)
|
| | | | 450,000 | | | | | | 440,491 | | |
OBX 2019-INV2 Trust | | | | | | | | | | | | | |
Series 2019-INV2 A5, 4.000%,
due 5/27/49(a)(b)
|
| | | | 365,215 | | | | | | 338,140 | | |
OBX 2022-J1 Trust | | | | | | | | | | | | | |
Series 2022-J1 A14, 2.500%,
due 2/25/52(a)(b)
|
| | | | 251,488 | | | | | | 185,090 | | |
STACR Trust 2018-HRP2 | | | | | | | | | | | | | |
Series 2018-HRP2 B1, 7.786%, (1-Month
LIBOR + 4.20%), due 2/25/47(a)
|
| | | | 315,000 | | | | | | 305,701 | | |
Series 2018-HRP2 M3, 5.986%, (1-Month
LIBOR + 2.40%), due 2/25/47(a)
|
| | | | 170,393 | | | | | | 164,622 | | |
WaMu Mortgage
Pass-Through Certificates Series 2004-AR13 Trust |
| | | | | | | | | | | | |
Series 2004-AR13 A2B, 4.466%, (1-Month
LIBOR + 0.88%), due 11/25/34(a)
|
| | | | 58,627 | | | | | | 52,824 | | |
WaMu Mortgage
Pass-Through Certificates Series 2006-AR9 Trust |
| | | | | | | | | | | | |
Series 2006-AR9 2A, 2.419%, (12MTA +
1.05%), due 8/25/46(a) |
| | | | 65,310 | | | | | | 56,500 | | |
| | | | | | | | | | | 14,664,138 | | |
Total Collateralized
Mortgage Obligations (Cost $15,244,733) |
| | | | | | | | | | 14,664,138 | | |
Commercial Asset-Backed Securities — 8.0% | | ||||||||||||
Asset Backed Securities — 8.0% | | ||||||||||||
American Credit
Acceptance Receivables Trust 2021-2 |
| | | | | | | | | | | | |
Series 2021-2 D,
1.340%, due 7/13/27 |
| | | | 615,000 | | | | | | 576,525 | | |
American Credit
Acceptance Receivables Trust 2021-3 |
| | | | | | | | | | | | |
Series 2021-3 D,
1.340%, due 11/15/27 |
| | | | 75,000 | | | | | | 70,197 | | |
American Credit
Acceptance Receivables Trust 2022-1 |
| | | | | | | | | | | | |
Series 2022-1 D,
2.460%, due 3/13/28 |
| | | | 660,000 | | | | | | 585,264 | | |
AMSR 2020-SFR1 Trust | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.819%,
due 4/17/37 |
| | | | 579,444 | | | | | | 525,046 | | |
AMSR 2020-SFR3 Trust | | | | | | | | | | | | | |
Series 2020-SFR3 B, 1.806%,
due 9/17/37 |
| | | | 660,000 | | | | | | 584,420 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
AMSR 2020-SFR4 Trust | | | | | | | | | | | | | |
Series 2020-SFR4 A, 1.355%,
due 11/17/37 |
| | | $ | 690,000 | | | | | $ | 603,416 | | |
Avis Budget Rental Car
Funding AESOP LLC |
| | | | | | | | | | | | |
Series 2020-2A A, 2.020%,
due 2/20/27 |
| | | | 500,000 | | | | | | 442,138 | | |
Series 2021-1A A, 1.380%,
due 8/20/27 |
| | | | 100,000 | | | | | | 85,194 | | |
Series 2021-1A B,
1.630%, due 8/20/27 |
| | | | 315,000 | | | | | | 265,139 | | |
BMW Vehicle Lease Trust 2022-1 | | | | | | | | | | | | | |
Series 2022-1 A3,
1.100%, due 3/25/25 |
| | | | 521,000 | | | | | | 499,644 | | |
CarMax Auto Owner Trust 2021-4 | | | | | | | | | | | | | |
Series 2021-4 A4,
0.820%, due 4/15/27 |
| | | | 330,000 | | | | | | 297,983 | | |
Carmax Auto Owner Trust 2022-3 | | | | | | | | | | | | | |
Series 2022-3 A3,
3.970%, due 4/15/27 |
| | | | 435,000 | | | | | | 424,658 | | |
CF Hippolyta Issuer LLC | | | | | | | | | | | | | |
Series 2020-1 A2,
1.990%, due 7/15/60 |
| | | | 559,415 | | | | | | 456,577 | | |
Series 2020-1 B1,
2.280%, due 7/15/60 |
| | | | 859,500 | | | | | | 737,478 | | |
Series 2020-1 B2,
2.600%, due 7/15/60 |
| | | | 521,186 | | | | | | 406,247 | | |
Series 2021-1A A1, 1.530%,
due 3/15/61 |
| | | | 258,679 | | | | | | 221,755 | | |
Series 2021-1A B1, 1.980%,
due 3/15/61 |
| | | | 273,050 | | | | | | 229,322 | | |
CPS Auto Receivables Trust 2019-C | | | | | | | | | | | | | |
Series 2019-C E,
4.300%, due 7/15/25 |
| | | | 500,000 | | | | | | 493,062 | | |
CPS Auto Receivables Trust 2020-B | | | | | | | | | | | | | |
Series 2020-B E,
7.380%, due 6/15/27 |
| | | | 500,000 | | | | | | 504,434 | | |
CPS Auto Receivables Trust 2021-C | | | | | | | | | | | | | |
Series 2021-C E,
3.210%, due 9/15/28 |
| | | | 410,000 | | | | | | 352,741 | | |
DB Master Finance LLC | | | | | | | | | | | | | |
Series 2019-1A A23, 4.352%,
due 5/20/49 |
| | | | 111,550 | | | | | | 98,197 | | |
Drive Auto Receivables Trust 2021-1 | | | | | | | | | | | | | |
Series 2021-1 D,
1.450%, due 1/16/29 |
| | | | 475,000 | | | | | | 437,257 | | |
Drive Auto Receivables Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 D,
1.390%, due 3/15/29 |
| | | | 85,000 | | | | | | 76,865 | | |
Enterprise Fleet Financing 2022-2 LLC | | | | | | | | | | | | | |
Series 2022-2 A3,
4.790%, due 5/21/29 |
| | | | 520,000 | | | | | | 504,756 | | |
FirstKey Homes 2020-SFR1 Trust | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.339%,
due 8/17/37 |
| | | | 538,694 | | | | | | 475,033 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
FirstKey Homes 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.266%,
due 10/19/37 |
| | | $ | 247,702 | | | | | $ | 216,770 | | |
FirstKey Homes 2021-SFR1 Trust | | | | | | | | | | | | | |
Series 2021-SFR1 B, 1.788%,
due 8/17/38 |
| | | | 100,000 | | | | | | 83,550 | | |
FirstKey Homes 2021-SFR2 Trust | | | | | | | | | | | | | |
Series 2021-SFR2 B, 1.607%,
due 9/17/38 |
| | | | 100,000 | | | | | | 83,892 | | |
Flagship Credit Auto Trust 2020-4 | | | | | | | | | | | | | |
Series 2020-4 C,
1.280%, due 2/16/27 |
| | | | 100,000 | | | | | | 95,213 | | |
Flagship Credit Auto Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 C,
1.270%, due 6/15/27 |
| | | | 285,000 | | | | | | 261,185 | | |
Ford Credit Auto Owner Trust
2020-REV2 |
| | | | | | | | | | | | |
Series 2020-2 A,
1.060%, due 4/15/33 |
| | | | 100,000 | | | | | | 87,752 | | |
Ford Credit Floorplan
Master Owner Trust A Series 2018-4 A, 4.060%, due 11/15/30 |
| | | | 560,000 | | | | | | 509,182 | | |
GLS Auto Receivables Issuer
Trust 2021-2 |
| | | | | | | | | | | | |
Series 2021-2A D, 1.420%,
due 4/15/27 |
| | | | 430,000 | | | | | | 386,112 | | |
GLS Auto Receivables Issuer
Trust 2021-3 |
| | | | | | | | | | | | |
Series 2021-3A D, 1.480%,
due 7/15/27 |
| | | | 615,000 | | | | | | 543,593 | | |
GLS Auto Receivables Issuer
Trust 2021-4 |
| | | | | | | | | | | | |
Series 2021-4A C, 1.940%,
due 10/15/27 |
| | | | 550,000 | | | | | | 508,583 | | |
GM Financial Revolving
Receivables Trust 2021-1 Series 2021-1 A, 1.170%, due 6/12/34 |
| | | | 450,000 | | | | | | 385,390 | | |
Hertz Vehicle Financing III LP | | | | | | | | | | | | | |
Series 2021-2A A, 1.680%,
due 12/27/27 |
| | | | 500,000 | | | | | | 421,624 | | |
Series 2021-2A B, 2.120%,
due 12/27/27 |
| | | | 100,000 | | | | | | 84,013 | | |
Hertz Vehicle Financing LLC | | | | | | | | | | | | | |
Series 2021-1A C, 2.050%,
due 12/26/25 |
| | | | 650,000 | | | | | | 582,083 | | |
Home Partners of America 2019-1
Trust |
| | | | | | | | | | | | |
Series 2019-1 A,
2.908%, due 9/17/39 |
| | | | 405,154 | | | | | | 361,305 | | |
Home Partners of America 2021-2
Trust |
| | | | | | | | | | | | |
Series 2021-2 B,
2.302%, due 12/17/26 |
| | | | 97,367 | | | | | | 83,377 | | |
Navient Private
Education Refi Loan Trust 2021-A |
| | | | | | | | | | | | |
Series 2021-A B,
2.240%, due 5/15/69 |
| | | | 100,000 | | | | | | 67,776 | | |
Navient Private
Education Refi Loan Trust 2021-E |
| | | | | | | | | | | | |
Series 2021-EA B, 2.030%,
due 12/16/69 |
| | | | 100,000 | | | | | | 61,994 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
New Economy Assets
Phase 1 Sponsor LLC |
| | | | | | | | | | | | |
Series 2021-1 A1, 1.910%,
due 10/20/61 |
| | | $ | 550,000 | | | | | $ | 460,825 | | |
PFS Financing Corp. | | | | | | | | | | | | | |
Series 2022-D A,
4.270%, due 8/15/27 |
| | | | 335,000 | | | | | | 319,401 | | |
Progress Residential 2020-SFR3 Trust | | | | | | | | | | | | | |
Series 2020-SFR3 A, 1.294%,
due 10/17/27 |
| | | | 99,714 | | | | | | 88,628 | | |
Progress Residential 2022-SFR6 Trust | | | | | | | | | | | | | |
Series 2022-SFR6 A, 4.451%,
due 7/20/39 |
| | | | 335,000 | | | | | | 313,869 | | |
Santander Drive Auto Receivables Trust 2020-4 | | | | | | | | | | | | | |
Series 2020-4 D,
1.480%, due 1/15/27 |
| | | | 85,000 | | | | | | 80,830 | | |
Santander Drive Auto Receivables Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3 D,
1.330%, due 9/15/27 |
| | | | 555,000 | | | | | | 517,568 | | |
Santander Drive Auto Receivables Trust 2022-2 | | | | | | | | | | | | | |
Series 2022-2 B,
3.440%, due 9/15/27 |
| | | | 440,000 | | | | | | 418,860 | | |
Santander Revolving Auto Loan Trust 2019-A | | | | | | | | | | | | | |
Series 2019-A A,
2.510%, due 1/26/32 |
| | | | 550,000 | | | | | | 515,533 | | |
Synchrony Card Funding LLC | | | | | | | | | | | | | |
Series 2022-A1 A, 3.370%,
due 4/15/28 |
| | | | 330,000 | | | | | | 317,744 | | |
Taco Bell Funding LLC | | | | | | | | | | | | | |
Series 2021-1A A23, 2.542%,
due 8/25/51 |
| | | | 287,825 | | | | | | 210,094 | | |
Tricon American Homes 2020-SFR1 | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.499%,
due 7/17/38 |
| | | | 269,450 | | | | | | 230,453 | | |
| | | | | | | | | | | 18,250,547 | | |
Total Commercial
Asset-Backed Securities (Cost $19,369,611) |
| | | | | | | | | | 18,250,547 | | |
Commercial Mortgage-Backed Securities — 6.7% | | ||||||||||||
Mortgage Securities — 6.7% | | ||||||||||||
Arbor Multifamily
Mortgage Securities Trust 2021-MF2 |
| | | | | | | | | | | | |
Series 2021-MF2 A5, 2.513%,
due 6/15/54 |
| | | | 100,000 | | | | | | 77,311 | | |
Arbor Multifamily
Mortgage Securities Trust 2021-MF3 |
| | | | | | | | | | | | |
Series 2021-MF3 A5, 2.575%,
due 10/15/54 |
| | | | 100,000 | | | | | | 77,300 | | |
BAMLL Commercial
Mortgage Securities Trust 2022-DKLX |
| | | | | | | | | | | | |
Series 2022-DKLX D, 6.376%, (TSFR1M
+ 3.00%), due 1/15/39(a) |
| | | | 100,000 | | | | | | 93,342 | | |
Series 2022-DKLX E, 7.503%, (TSFR1M +
4.13%), due 1/15/39(a) |
| | | | 305,000 | | | | | | 284,404 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Bayview Commercial Asset Trust
2006-4 |
| | | | | | | | | | | | |
Series 2006-4A A1, 3.931%, (1-Month
LIBOR + 0.35%), due 12/25/36(a) |
| | | $ | 62,036 | | | | | $ | 56,714 | | |
BOCA Commercial Mortgage Trust 2022-BOCA | | | | | | | | | | | | | |
Series 2022-BOCA A, 5.145%,
(TSFR1M + 1.77%), due 5/15/39(a)
|
| | | | 370,000 | | | | | | 360,089 | | |
BX 2021-MFM1 | | | | | | | | | | | | | |
Series 2021-MFM1 A, 4.112%, (1-Month
LIBOR + 0.70%), due 1/15/34(a)
|
| | | | 630,000 | | | | | | 603,323 | | |
BX Commercial Mortgage
Trust 2021-ACNT |
| | | | | | | | | | | | |
Series 2021-ACNT B, 4.663%, (1-Month
LIBOR + 1.25%), due 11/15/38(a) |
| | | | 360,000 | | | | | | 338,723 | | |
Series 2021-ACNT D, 5.263%, (1-Month
LIBOR + 1.85%), due 11/15/38(a)
|
| | | | 740,000 | | | | | | 695,247 | | |
BX Commercial Mortgage Trust
2021-VOLT |
| | | | | | | | | | | | |
Series 2021-VOLT C, 4.512%, (1-Month
LIBOR + 1.10%), due 9/15/36(a) |
| | | | 295,000 | | | | | | 272,114 | | |
Series 2021-VOLT D, 5.062%, (1-Month
LIBOR + 1.65%), due 9/15/36(a) |
| | | | 260,000 | | | | | | 240,479 | | |
Series 2021-VOLT E, 5.412%, (1-Month
LIBOR + 2.00%), due 9/15/36(a) |
| | | | 200,000 | | | | | | 183,860 | | |
BX Commercial Mortgage
Trust 2021-XL2 |
| | | | | | | | | | | | |
Series 2021-XL2 A, 4.101%, (1-Month
LIBOR + 0.69%), due 10/15/38(a)
|
| | | | 426,289 | | | | | | 403,201 | | |
BX Trust 2018-BILT | | | | | | | | | | | | | |
Series 2018-BILT A, 4.212%, (1-Month
LIBOR + 0.80%), due 5/15/30(a)
|
| | | | 630,000 | | | | | | 606,734 | | |
BX Trust 2021-ARIA | | | | | | | | | | | | | |
Series 2021-ARIA E, 5.657%, (1-Month
LIBOR + 2.24%), due 10/15/36(a) |
| | | | 320,000 | | | | | | 288,475 | | |
BX Trust 2021-LBA | | | | | | | | | | | | | |
Series 2021-LBA AJV, 4.213%, (1-Month
LIBOR + 0.80%), due 2/15/36(a)
|
| | | | 160,000 | | | | | | 150,300 | | |
BX Trust 2021-RISE | | | | | | | | | | | | | |
Series 2021-RISE C, 4.862%, (1-Month
LIBOR + 1.45%), due 11/15/36(a) |
| | | | 342,000 | | | | | | 319,018 | | |
BX Trust 2022-PSB | | | | | | | | | | | | | |
Series 2022-PSB C, 7.073%, (TSFR1M +
3.70%), due 8/15/39(a) |
| | | | 195,000 | | | | | | 194,272 | | |
Series 2022-PSB D, 8.069%, (TSFR1M +
4.69%), due 8/15/39(a) |
| | | | 160,000 | | | | | | 159,250 | | |
BXHPP Trust 2021-FILM | | | | | | | | | | | | | |
Series 2021-FILM B, 4.312%, (1-Month
LIBOR + 0.90%), due 8/15/36(a) |
| | | | 615,000 | | | | | | 569,664 | | |
Series 2021-FILM C, 4.512%, (1-Month
LIBOR + 1.10%), due 8/15/36(a) |
| | | | 100,000 | | | | | | 91,716 | | |
Citigroup Commercial
Mortgage Trust 2015-GC35 |
| | | | | | | | | | | | |
Series 2015-GC35 AS, 4.072%,
due 11/10/48(a)(b)
|
| | | | 215,000 | | | | | | 196,988 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
COMM 2012-CCRE4 Mortgage Trust | | | | | | | | | | | | | |
Series 2012-CR4 AM, 3.251%,
due 10/15/45 |
| | | $ | 185,000 | | | | | $ | 177,697 | | |
COMM 2020-SBX Mortgage Trust | | | | | | | | | | | | | |
Series 2020-SBX A, 1.670%,
due 1/10/38 |
| | | | 545,000 | | | | | | 472,753 | | |
CSAIL 2015-C3
Commercial Mortgage Trust |
| | | | | | | | | | | | |
Series 2015-C3 A4, 3.718%,
due 8/15/48 |
| | | | 100,000 | | | | | | 94,559 | | |
CSMC 2020-WEST Trust | | | | | | | | | | | | | |
Series 2020-WEST A, 3.040%,
due 2/15/35 |
| | | | 800,000 | | | | | | 622,964 | | |
DROP Mortgage Trust 2021-FILE | | | | | | | | | | | | | |
Series 2021-FILE A, 4.560%, (1-Month
LIBOR + 1.15%), due 10/15/43(a)
|
| | | | 425,000 | | | | | | 406,375 | | |
Extended Stay America Trust 2021-ESH | | | | | | | | | | | | | |
Series 2021-ESH B, 4.793%, (1-Month
LIBOR + 1.38%), due 7/15/38(a)
|
| | | | 302,620 | | | | | | 287,085 | | |
Series 2021-ESH D, 5.663%, (1-Month
LIBOR + 2.25%), due 7/15/38(a)
|
| | | | 292,858 | | | | | | 276,726 | | |
FREMF 2017-K71 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K71 B, 3.752%,
due 11/25/50(a)(b)
|
| | | | 505,000 | | | | | | 454,076 | | |
FREMF 2019-K99 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K99 B, 3.645%,
due 10/25/52(a)(b)
|
| | | | 75,000 | | | | | | 64,733 | | |
Hawaii Hotel Trust 2019-MAUI | | | | | | | | | | | | | |
Series 2019-MAUI A, 4.562%, (1-Month
LIBOR + 1.15%), due 5/15/38(a) |
| | | | 240,000 | | | | | | 230,988 | | |
Hudson Yards 2019-30HY
Mortgage Trust |
| | | | | | | | | | | | |
Series 2019-30HY A, 3.228%,
due 7/10/39 |
| | | | 615,000 | | | | | | 516,348 | | |
J.P. Morgan Chase
Commercial Mortgage Securities Trust 2019-OSB |
| | | | | | | | | | | | |
Series 2019-OSB A, 3.397%,
due 6/5/39 |
| | | | 400,000 | | | | | | 338,418 | | |
J.P. Morgan Chase
Commercial Mortgage Securities Trust 2021-2NU |
| | | | | | | | | | | | |
Series 2021-2NU A, 1.974%,
due 1/5/40 |
| | | | 400,000 | | | | | | 319,743 | | |
Manhattan West 2020-1MW
Mortgage Trust |
| | | | | | | | | | | | |
Series 2020-1MW A, 2.130%,
due 9/10/39 |
| | | | 400,000 | | | | | | 336,569 | | |
Series 2020-1MW D, 2.335%,
due 9/10/39(a)(b)
|
| | | | 260,000 | | | | | | 202,149 | | |
Multifamily Connecticut
Avenue Securities Trust 2019-01 |
| | | | | | | | | | | | |
Series 2019-01 M10, 6.836%, (1-Month
LIBOR + 3.25%), due 10/25/49(a) |
| | | | 638,294 | | | | | | 588,009 | | |
Multifamily Connecticut
Avenue Securities Trust 2020-01 |
| | | | | | | | | | | | |
Series 2020-01 M10, 7.336%, (1-Month
LIBOR + 3.75%), due 3/25/50(a) |
| | | | 250,000 | | | | | | 231,763 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
One Bryant Park Trust 2019-OBP | | | | | | | | | | | | | |
Series 2019-OBP A, 2.516%,
due 9/15/54 |
| | | $ | 1,180,000 | | | | | $ | 939,902 | | |
SLG Office Trust 2021-OVA | | | | | | | | | | | | | |
Series 2021-OVA A, 2.585%,
due 7/15/41 |
| | | | 1,569,000 | | | | | | 1,220,197 | | |
UBS-Barclays Commercial
Mortgage Trust 2013-C6 |
| | | | | | | | | | | | |
Series 2013-C6 B, 3.875%,
due 4/10/46(a)(b)
|
| | | | 695,000 | | | | | | 672,530 | | |
Wells Fargo Commercial
Mortgage Trust 2015-NXS4 |
| | | | | | | | | | | | |
Series 2015-NXS4 A4, 3.718%,
due 12/15/48 |
| | | | 100,000 | | | | | | 93,938 | | |
Wells Fargo Commercial
Mortgage Trust 2018-AUS |
| | | | | | | | | | | | |
Series 2018-AUS A, 4.058%,
due 8/17/36(a)(b)
|
| | | | 100,000 | | | | | | 90,636 | | |
WFRBS Commercial
Mortgage Trust 2014-C21 |
| | | | | | | | | | | | |
Series 2014-C21 AS, 3.891%,
due 8/15/47 |
| | | | 500,000 | | | | | | 471,840 | | |
| | | | | | | | | | | 15,372,522 | | |
Total Commercial
Mortgage-Backed Securities (Cost $16,266,124) |
| | | | | | | | | | 15,372,522 | | |
Corporate Bonds — 22.0% | | ||||||||||||
Airlines — 1.4% | | ||||||||||||
American Airlines
2013-2 Class A Pass Through Trust |
| | | | | | | | | | | | |
Series 2013-24.950%, due 1/15/23
|
| | | | 63,637 | | | | | | 62,988 | | |
American Airlines
2019-1 Class B Pass Through Trust |
| | | | | | | | | | | | |
Series 2019-1B3.850%, due 2/15/28
|
| | | | 373,640 | | | | | | 303,152 | | |
American Airlines
2021-1 Class B Pass Through Trust |
| | | | | | | | | | | | |
Series 2021-1B3.950%, due 7/11/30
|
| | | | 295,000 | | | | | | 230,652 | | |
Delta Air Lines Inc /
SkyMiles IP Ltd. 4.500%, due 10/20/25 |
| | | | 355,000 | | | | | | 345,925 | | |
4.750%, due 10/20/28 |
| | | | 610,000 | | | | | | 567,475 | | |
JetBlue 2019-1
Class AA Pass Through Trust |
| | | | | | | | | | | | |
Series 2019-1
AA2.750%, due 5/15/32 |
| | | | 863,556 | | | | | | 685,793 | | |
Mileage Plus Holdings
LLC / Mileage Plus Intellectual Property Assets Ltd. 6.500%, due 6/20/27 |
| | | | 460,750 | | | | | | 455,500 | | |
United Airlines 2020-1
Class A Pass-Through Trust |
| | | | | | | | | | | | |
Series 2020-15.875%, due 10/15/27
|
| | | | 422,855 | | | | | | 408,003 | | |
| | | | | | | | | | | 3,059,488 | | |
Auto Manufacturers — 1.4% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
4.750%, due 1/15/43 |
| | | | 45,000 | | | | | | 31,341 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Auto Manufacturers (continued) | | ||||||||||||
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
4.125%, due 8/17/27 |
| | | $ | 920,000 | | | | | $ | 817,006 | | |
General Motors Co. | | | | | | | | | | | | | |
5.200%, due 4/1/45 |
| | | | 205,000 | | | | | | 158,173 | | |
5.600%, due 10/15/32 |
| | | | 165,000 | | | | | | 149,750 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
2.350%, due 1/8/31 |
| | | | 640,000 | | | | | | 468,525 | | |
4.300%, due 4/6/29 |
| | | | 475,000 | | | | | | 417,194 | | |
Nissan Motor Acceptance Co. LLC | | | | ||||||||||
1.125%, due 9/16/24 |
| | | | 340,000 | | | | | | 303,573 | | |
1.850%, due 9/16/26 |
| | | | 995,000 | | | | | | 780,625 | | |
| | | | | | | | | | | 3,126,187 | | |
Banks — 6.4% | | ||||||||||||
Bank of America
Corp. 2.496%, (3-Month LIBOR + 0.99%), due 2/13/31(a) |
| | | | 80,000 | | | | | | 62,853 | | |
2.572%, (SOFR + 1.21%),
due 10/20/32(a)
|
| | | | 630,000 | | | | | | 475,298 | | |
2.687%, (SOFR + 1.32%),
due 4/22/32(a) |
| | | | 440,000 | | | | | | 340,055 | | |
3.384%, (SOFR +
1.33%), due 4/2/26(a) |
| | | | 155,000 | | | | | | 145,613 | | |
3.419%, (3-Month LIBOR + 1.04%),
due 12/20/28(a)
|
| | | | 555,000 | | | | | | 489,931 | | |
3.974%, (3-Month LIBOR + 1.21%),
due 2/7/30(a)
|
| | | | 245,000 | | | | | | 216,674 | | |
Bank of New York Mellon
Corp. (The) 4.414%, (SOFR + 1.35%), due 7/24/26(a) |
| | | | 925,000 | | | | | | 898,424 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
2.520%, (SOFR + 1.18%),
due 11/3/32(a)
|
| | | | 510,000 | | | | | | 381,553 | | |
3.980%, (3-Month LIBOR + 1.34%),
due 3/20/30(a)
|
| | | | 90,000 | | | | | | 79,298 | | |
4.125%, due 7/25/28 |
| | | | 710,000 | | | | | | 639,218 | | |
4.267%, (SOFR + 1.28%),
due 2/24/28(a)
|
| | | | 225,000 | | | | | | 215,012 | | |
5.300%, due 5/6/44 |
| | | | 60,000 | | | | | | 50,562 | | |
Series W4.000%, (5 Year US CMT T-Note
+ 3.60%), due 3/10/71(a)(c)
|
| | | | 70,000 | | | | | | 59,045 | | |
Series Y4.150%, (5 Year US CMT
T-Note + 3.00%), due 2/15/71(a)
|
| | | | 235,000 | | | | | | 183,557 | | |
Citizens Bank NA/Providence RI | | | | | | | | | | | | | |
6.064%, (SOFR + 1.45%),
due 10/24/25(a)
|
| | | | 545,000 | | | | | | 548,882 | | |
Citizens Financial Group, Inc. | | | | | | | | | | | | | |
Series G4.000%, (5 Year US CMT T-Note
+ 3.22%), due 10/6/71(a)(c)
|
| | | | 250,000 | | | | | | 197,754 | | |
Fifth Third Bancorp | | | | | | | | | | | | | |
4.772%, (SOFR + 2.13%),
due 7/28/30(a) |
| | | | 860,000 | | | | | | 788,778 | | |
First Horizon Bank | | | | | | | | | | | | | |
5.750%, due 5/1/30 |
| | | | 425,000 | | | | | | 405,427 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
1.948%, (SOFR + 0.91%),
due 10/21/27(a)
|
| | | $ | 515,000 | | | | | $ | 437,560 | | |
3.102%, (SOFR + 1.41%),
due 2/24/33(a)
|
| | | | 845,000 | | | | | | 661,796 | | |
3.500%, due 11/16/26 |
| | | | 340,000 | | | | | | 311,792 | | |
Series V4.125%, (5 Year US CMT
T-Note + 2.95%), due 5/10/71(a)
|
| | | | 185,000 | | | | | | 145,225 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
2.182%, (SOFR +
1.89%), due 6/1/28(a) |
| | | | 705,000 | | | | | | 596,369 | | |
4.124%, (SOFR + 1.18%),
due 2/24/28(a)
|
| | | | 220,000 | | | | | | 213,028 | | |
4.323%, (SOFR + 1.56%),
due 4/26/28(a) |
| | | | 640,000 | | | | | | 595,323 | | |
Keybank NA/Cleveland OH | | | | | | | | | | | | | |
4.150%, due 8/8/25 |
| | | | 485,000 | | | | | | 468,364 | | |
Morgan Stanley | | | | | | | | | | | | | |
2.484%, (SOFR + 1.36%),
due 9/16/36(a)
|
| | | | 695,000 | | | | | | 492,048 | | |
2.511%, (SOFR + 1.20%),
due 10/20/32(a)
|
| | | | 795,000 | | | | | | 598,547 | | |
2.630%, (SOFR + 0.94%),
due 2/18/26(a)
|
| | | | 225,000 | | | | | | 208,534 | | |
Santander Holdings USA, Inc. | | | | | | | | | | | | | |
4.400%, due 7/13/27 |
| | | | 365,000 | | | | | | 329,850 | | |
SVB Financial Group | | | | | | | | | | | | | |
4.570%, (SOFR + 1.97%),
due 4/29/33(a) |
| | | | 365,000 | | | | | | 306,703 | | |
Series C4.000%, (5 Year US CMT T-Note
+ 3.20%), due 8/15/71(a)
|
| | | | 300,000 | | | | | | 209,939 | | |
Synchrony Bank | | | | | | | | | | | | | |
5.400%, due 8/22/25 |
| | | | 715,000 | | | | | | 691,156 | | |
Texas Capital Bancshares, Inc. | | | | | | | | | | | | | |
4.000%, (5 Year US CMT T-Note + 3.15%), due
5/6/31(a)
|
| | | | 240,000 | | | | | | 207,820 | | |
US Bancorp | | | | | | | | | | | | | |
4.548%, (SOFR + 1.66%),
due 7/22/28(a)
|
| | | | 720,000 | | | | | | 684,466 | | |
5.727%, (SOFR + 1.43%),
due 10/21/26(a)
|
| | | | 440,000 | | | | | | 441,220 | | |
Wells Fargo & Co. | | | | | | | | | | | | | |
4.897%, (SOFR + 2.10%),
due 7/25/33(a) |
| | | | 930,000 | | | | | | 850,899 | | |
| | | | | | | | | | | 14,628,573 | | |
Building Materials — 0.2% | | ||||||||||||
Johnson Controls
International PLC / Tyco Fire & Security Finance SCA |
| | | | | | | | | | | | |
4.900%, due 12/1/32 |
| | | | 430,000 | | | | | | 403,313 | | |
Owens Corning | | | | | | | | | | | | | |
4.400%, due 1/30/48 |
| | | | 85,000 | | | | | | 60,510 | | |
| | | | | | | | | | | 463,823 | | |
|
| | |
Principal Amount |
| |
Value |
| | | ||||||||||
Corporate Bonds (continued) | | | | ||||||||||||||||
Chemicals — 0.2% | | | | ||||||||||||||||
Huntsman International LLC | | | | | | | | | | | | | | | | ||||
4.500%, due 5/1/29 |
| | | $ | 370,000 | | | | | $ | 322,266 | | | | | ||||
LYB International Finance III LLC | | | | | | | | | | | | | | | | ||||
3.800%, due 10/1/60 |
| | | | 440,000 | | | | | | 263,025 | | | | | ||||
| | | | | | | | | | | 585,291 | | | | | ||||
Commercial Services — 0.3% | | | | ||||||||||||||||
Carriage Services, Inc. | | | | | | | | | | | | | | | | ||||
4.250%, due 5/15/29 |
| | | | 210,000 | | | | | | 161,612 | | | | | ||||
Service Corp. International | | | | | | | | | | | | | | | | ||||
3.375%, due 8/15/30 |
| | | | 390,000 | | | | | | 314,817 | | | | | ||||
United Rentals North America, Inc. | | | | | | | | | | | | | | | | ||||
3.875%, due 2/15/31 |
| | | | 265,000 | | | | | | 219,685 | | | | | ||||
| | | | | | | | | | | 696,114 | | | | | ||||
Computers — 0.8% | | | | | | | | ||||||||||||
Apple, Inc. | | | | | | | | | | | | | | | | ||||
2.700%, due 8/5/51 |
| | | | 560,000 | | | | | | 351,888 | | | | | ||||
Dell International LLC / EMC Corp. | | | | | | | | | | | | | | | | ||||
3.375%, due 12/15/41 |
| | | | 490,000 | | | | | | 304,103 | | | | | ||||
4.900%, due 10/1/26 |
| | | | 480,000 | | | | | | 460,719 | | | | | ||||
5.300%, due 10/1/29 |
| | | | 490,000 | | | | | | 458,731 | | | | | ||||
5.450%, due 6/15/23 |
| | | | 28,000 | | | | | | 27,954 | | | | | ||||
NCR Corp. | | | | | | | | | | | | | | | | ||||
6.125%, due 9/1/29 |
| | | | 165,000 | | | | | | 157,260 | | | | | ||||
| | | | | | | | | | | 1,760,655 | | | | | ||||
Consumer Discretionary — 0.1% | | | | ||||||||||||||||
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | | | | ||||
5.375%, due 5/1/25 |
| | | | 230,000 | | | | | | 226,550 | | | | | ||||
Diversified Financial Services — 1.3% | | | | ||||||||||||||||
Air Lease Corp. | | | | | | | | | | | | | | | | ||||
3.250%, due 3/1/25 |
| | | | 460,000 | | | | | | 428,603 | | | | | ||||
Aircastle Ltd. | | | | | | | | | | | | | | | | ||||
5.250%, (5 Year US CMT T-Note + 4.41%), due
9/15/71(a)
|
| | | | 420,000 | | | | | | 314,096 | | | | | ||||
Ally Financial, Inc. | | | | | | | | | | | | | | | | ||||
8.000%, due 11/1/31 |
| | | | 415,000 | | | | | | 425,629 | | | | | ||||
Series C4.700%, (7 Year US CMT T-Note
+ 3.48%), due 8/15/71(a)
|
| | | | 520,000 | | | | | | 349,700 | | | | | ||||
Aviation Capital Group LLC | | | | | | | | | | | | | | | | ||||
1.950%, due 1/30/26 |
| | | | 660,000 | | | | | | 551,279 | | | | | ||||
Capital One Financial Corp. | | | | | | | | | | | | | | | | ||||
5.247%, (SOFR + 2.60%),
due 7/26/30(a) |
| | | | 310,000 | | | | | | 284,033 | | | | | ||||
OneMain Finance Corp. | | | | | | | | | | | | | | | | ||||
3.500%, due 1/15/27 |
| | | | 400,000 | | | | | | 327,845 | | | | | ||||
4.000%, due 9/15/30 |
| | | | 245,000 | | | | | | 184,975 | | | | | ||||
| | | | | | | | | | | 2,866,160 | | | | | ||||
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Electric — 1.7% | | ||||||||||||
AEP Texas, Inc. | | | | | | | | | | | | | |
3.450%, due 5/15/51 |
| | | $ | 540,000 | | | | | $ | 349,949 | | |
4.700%, due 5/15/32 |
| | | | 250,000 | | | | | | 227,568 | | |
5.250%, due 5/15/52 |
| | | | 375,000 | | | | | | 326,916 | | |
Baltimore Gas and Electric Co. | | | | | | | | | | | | | |
4.550%, due 6/1/52 |
| | | | 425,000 | | | | | | 347,851 | | |
Connecticut Light and Power Co.
(The) |
| | | | | | | | | | | | |
4.000%, due 4/1/48 |
| | | | 85,000 | | | | | | 65,799 | | |
Edison International | | | | | | | | | | | | | |
Series B5.000%, (5 Year US CMT
T-Note + 3.90%), due 3/15/71(a)
|
| | | | 510,000 | | | | | | 413,100 | | |
Entergy Louisiana LLC | | | | | | | | | | | | | |
4.750%, due 9/15/52 |
| | | | 375,000 | | | | | | 312,112 | | |
National Rural
Utilities Cooperative Finance Corp. |
| | | | | | | | | | | | |
5.800%, due 1/15/33 |
| | | | 460,000 | | | | | | 465,552 | | |
Nevada Power Co. | | | | | | | | | | | | | |
Series GG5.900%, due 5/1/53 |
| | | | 230,000 | | | | | | 227,048 | | |
NSTAR Electric Co. | | | | | | | | | | | | | |
4.950%, due 9/15/52 |
| | | | 210,000 | | | | | | 187,898 | | |
PPL Electric Utilities Corp. | | | | | | | | | | | | | |
3.950%, due 6/1/47 |
| | | | 215,000 | | | | | | 163,516 | | |
Puget Energy, Inc. | | | | | | | | | | | | | |
4.224%, due 3/15/32 |
| | | | 540,000 | | | | | | 460,664 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
Series C4.625%, due 5/15/52 |
| | | | 500,000 | | | | | | 415,018 | | |
| | | | | | | | | | | 3,962,991 | | |
Environmental Control — 0.5% | | ||||||||||||
Clean Harbors, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/27 |
| | | | 160,000 | | | | | | 150,566 | | |
Covanta Holding Corp. | | | | | | | | | | | | | |
4.875%, due 12/1/29 |
| | | | 495,000 | | | | | | 421,468 | | |
Waste Connections, Inc. | | | | | | | | | | | | | |
2.200%, due 1/15/32 |
| | | | 730,000 | | | | | | 561,645 | | |
| | | | | | | | | | | 1,133,679 | | |
Food — 0.7% | | ||||||||||||
JBS USA LUX SA / JBS
USA Food Co. / JBS USA Finance, Inc. |
| | | | | | | | | | | | |
5.500%, due 1/15/30 |
| | | | 515,000 | | | | | | 469,453 | | |
5.750%, due 4/1/33 |
| | | | 460,000 | | | | | | 414,524 | | |
Kraft Heinz Foods Co. | | | | | | | | | | | | | |
3.875%, due 5/15/27 |
| | | | 30,000 | | | | | | 28,109 | | |
5.000%, due 7/15/35 |
| | | | 324,000 | | | | | | 297,467 | | |
Smithfield Foods, Inc. | | | | | | | | | | | | | |
3.000%, due 10/15/30 |
| | | | 170,000 | | | | | | 129,185 | | |
4.250%, due 2/1/27 |
| | | | 265,000 | | | | | | 239,588 | | |
| | | | | | | | | | | 1,578,326 | | |
Gas — 0.3% | | ||||||||||||
Brooklyn Union Gas Co. (The) | | | | | | | | | | | | | |
4.866%, due 8/5/32 |
| | | | 760,000 | | | | | | 681,424 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Home Builders — 0.4% | | ||||||||||||
Lennar Corp. | | | | | | | | | | | | | |
4.750%, due 11/29/27 |
| | | $ | 590,000 | | | | | $ | 545,614 | | |
Toll Brothers Finance Corp. | | | | | | | | | | | | | |
3.800%, due 11/1/29 |
| | | | 570,000 | | | | | | 462,829 | | |
| | | | | | | | | | | 1,008,443 | | |
Insurance — 0.5% | | ||||||||||||
Athene Global Funding | | | | | | | | | | | | | |
2.500%, due 3/24/28 |
| | | | 510,000 | | | | | | 419,417 | | |
Equitable Holdings, Inc. | | | | | | | | | | | | | |
4.350%, due 4/20/28 |
| | | | 250,000 | | | | | | 232,014 | | |
Hartford Financial
Services Group, Inc. (The) |
| | | | | | | | | | | | |
Series ICON5.030%, (3-Month LIBOR +
2.13%), due 2/12/47(a) |
| | | | 50,000 | | | | | | 41,332 | | |
Lincoln National Corp. | | | | | | | | | | | | | |
5.299%, (3-Month LIBOR + 2.36%),
due 5/17/66(a)
|
| | | | 50,000 | | | | | | 38,627 | | |
Protective Life Corp. | | | | | | | | | | | | | |
8.450%, due 10/15/39 |
| | | | 138,000 | | | | | | 155,339 | | |
Prudential Financial, Inc. | | | | | | | | | | | | | |
5.125%, (5 Year US CMT T-Note + 3.16%), due
3/1/52(a)
|
| | | | 320,000 | | | | | | 272,854 | | |
Willis North America, Inc. | | | | | | | | | | | | | |
2.950%, due 9/15/29 |
| | | | 80,000 | | | | | | 64,728 | | |
| | | | | | | | | | | 1,224,311 | | |
Internet — 0.2% | | ||||||||||||
Expedia Group, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/30 |
| | | | 520,000 | | | | | | 419,077 | | |
VeriSign, Inc. | | | | | | | | | | | | | |
4.750%, due 7/15/27 |
| | | | 50,000 | | | | | | 47,938 | | |
| | | | | | | | | | | 467,015 | | |
Lodging — 0.2% | | ||||||||||||
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
4.875%, due 1/15/30 |
| | | | 84,000 | | | | | | 75,285 | | |
Marriott International, Inc. | | | | | | | | | | | | | |
Series R3.125%, due 6/15/26 |
| | | | 530,000 | | | | | | 483,768 | | |
| | | | | | | | | | | 559,053 | | |
Media — 0.8% | | ||||||||||||
Charter Communications
Operating LLC / Charter Communications Operating Capital |
| | | | | | | | | | | | |
3.700%, due 4/1/51 |
| | | | 825,000 | | | | | | 494,551 | | |
DISH DBS Corp. | | | | | | | | | | | | | |
5.750%, due 12/1/28 |
| | | | 415,000 | | | | | | 334,594 | | |
Fox Corp. | | | | | | | | | | | | | |
5.576%, due 1/25/49 |
| | | | 375,000 | | | | | | 312,462 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
3.625%, due 10/1/31 |
| | | | 290,000 | | | | | | 221,055 | | |
Time Warner Cable LLC | | | | | | | | | | | | | |
6.750%, due 6/15/39 |
| | | | 485,000 | | | | | | 429,183 | | |
| | | | | | | | | | | 1,791,845 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Mining — 0.1% | | ||||||||||||
Freeport-McMoRan, Inc. | | | | ||||||||||
5.450%, due 3/15/43 |
| | | $ | 225,000 | | | | | $ | 184,838 | | |
Office/Business Equipment — 0.0%(d) | | ||||||||||||
CDW LLC / CDW Finance Corp. | | | | ||||||||||
3.250%, due 2/15/29 |
| | | | 50,000 | | | | | | 40,876 | | |
Packaging & Containers — 0.4% | | ||||||||||||
Berry Global, Inc. | | | | ||||||||||
4.875%, due 7/15/26 |
| | | | 755,000 | | | | | | 709,323 | | |
Sealed Air Corp. | | | | ||||||||||
5.125%, due 12/1/24 |
| | | | 205,000 | | | | | | 201,925 | | |
| | | | | | | | | | | 911,248 | | |
Pharmaceuticals — 0.1% | | ||||||||||||
Becton Dickinson and Co. | | | | ||||||||||
4.669%, due 6/6/47 |
| | | | 75,000 | | | | | | 62,761 | | |
CVS Health Corp. | | | | | | | | | | | | | |
4.780%, due 3/25/38 |
| | | | 65,000 | | | | | | 56,417 | | |
CVS Pass-Through Trust | | | | | | | | | | | | | |
5.926%, due 1/10/34 |
| | | | 133,457 | | | | | | 127,314 | | |
Viatris, Inc. | | | | | | | | | | | | | |
3.850%, due 6/22/40 |
| | | | 50,000 | | | | | | 31,159 | | |
4.000%, due 6/22/50 |
| | | | 50,000 | | | | | | 28,985 | | |
| | | | | | | | | | | 306,636 | | |
REITS — 1.4% | | ||||||||||||
Alexandria Real Estate Equities, Inc. | | | | | | | | | | | | | |
3.375%, due 8/15/31 |
| | | | 285,000 | | | | | | 234,824 | | |
American Homes 4 Rent LP | | | | | | | | | | | | | |
2.375%, due 7/15/31 |
| | | | 425,000 | | | | | | 313,328 | | |
American Tower Corp. | | | | | | | | | | | | | |
3.375%, due 5/15/24 |
| | | | 445,000 | | | | | | 431,219 | | |
Digital Realty Trust LP | | | | | | | | | | | | | |
3.600%, due 7/1/29 |
| | | | 710,000 | | | | | | 611,907 | | |
Invitation Homes
Operating Partnership LP |
| | | | | | | | | | | | |
2.000%, due 8/15/31 |
| | | | 415,000 | | | | | | 291,321 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
4.875%, due 9/15/29 |
| | | | 205,000 | | | | | | 176,249 | | |
5.250%, due 7/15/30 |
| | | | 280,000 | | | | | | 241,588 | | |
Office Properties Income Trust | | | | | | | | | | | | | |
2.400%, due 2/1/27 |
| | | | 530,000 | | | | | | 364,201 | | |
4.500%, due 2/1/25 |
| | | | 155,000 | | | | | | 128,879 | | |
Starwood Property Trust, Inc. | | | | | | | | | | | | | |
3.750%, due 12/31/24 |
| | | | 50,000 | | | | | | 46,742 | | |
4.375%, due 1/15/27 |
| | | | 540,000 | | | | | | 476,966 | | |
| | | | | | | | | | | 3,317,224 | | |
Retail — 0.9% | | ||||||||||||
AutoNation, Inc. | | | | | | | | | | | | | |
4.750%, due 6/1/30 |
| | | | 515,000 | | | | | | 443,435 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
9.375%, due 7/1/25 |
| | | | 121,000 | | | | | | 125,538 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Retail (continued) | | ||||||||||||
Lowe’s Cos., Inc. | | | | | | | | | | | | | |
1.700%, due 9/15/28 |
| | | $ | 540,000 | | | | | $ | 441,574 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.250%, due 8/1/31 |
| | | | 455,000 | | | | | | 330,330 | | |
QVC, Inc. | | | | | | | | | | | | | |
4.375%, due 9/1/28 |
| | | | 390,000 | | | | | | 282,750 | | |
Starbucks Corp. | | | | | | | | | | | | | |
4.450%, due 8/15/49 |
| | | | 300,000 | | | | | | 239,478 | | |
Victoria’s Secret & Co. | | | | | | | | | | | | | |
4.625%, due 7/15/29 |
| | | | 215,000 | | | | | | 171,033 | | |
| | | | | | | | | | | 2,034,138 | | |
Semiconductors — 0.1% | | ||||||||||||
Broadcom, Inc. | | | | ||||||||||
5.000%, due 4/15/30 |
| | | | 315,000 | | | | | | 289,959 | | |
Software — 0.4% | | ||||||||||||
Broadridge Financial Solutions, Inc. | | | | ||||||||||
2.900%, due 12/1/29 |
| | | | 330,000 | | | | | | 271,084 | | |
Fidelity National
Information Services, Inc. |
| | | | | | | | | | | | |
5.100%, due 7/15/32 |
| | | | 200,000 | | | | | | 188,253 | | |
MSCI, Inc. | | | | | | | | | | | | | |
3.250%, due 8/15/33 |
| | | | 420,000 | | | | | | 324,680 | | |
Oracle Corp. | | | | | | | | | | | | | |
3.650%, due 3/25/41 |
| | | | 335,000 | | | | | | 226,862 | | |
| | | | | | | | | | | 1,010,879 | | |
Telecommunications — 0.7% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
3.500%, due 9/15/53 |
| | | | 800,000 | | | | | | 513,464 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.750%, due 7/15/29 |
| | | | 50,000 | | | | | | 37,987 | | |
Sprint Spectrum Co.,
LLC / Sprint Spectrum Co., II LLC / Sprint Spectrum Co., III
LLC |
| | | | | | | | | | | | |
4.738%, due 3/20/25 |
| | | | 384,376 | | | | | | 378,951 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
2.625%, due 2/15/29 |
| | | | 145,000 | | | | | | 119,862 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
4.016%, due 12/3/29 |
| | | | 435,000 | | | | | | 392,063 | | |
| | | | | | | | | | | 1,442,327 | | |
Transportation — 0.4% | | ||||||||||||
American Airlines,
Inc./AAdvantage Loyalty IP Ltd. |
| | | | | | | | | | | | |
5.750%, due 4/20/29 |
| | | | 355,000 | | | | | | 323,050 | | |
Burlington Northern Santa Fe LLC | | | | | | | | | | | | | |
4.450%, due 1/15/53 |
| | | | 400,000 | | | | | | 335,628 | | |
FedEx Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/50(c)
|
| | | | 205,000 | | | | | | 173,320 | | |
| | | | | | | | | | | 831,998 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Water — 0.1% | | ||||||||||||
American Water Capital Corp. | | | | ||||||||||
3.250%, due 6/1/51 |
| | | $ | 285,000 | | | | | $ | 187,507 | | |
Total Corporate
Bonds (Cost $56,767,719) |
| | | | | | | | | | 50,377,558 | | |
Foreign Bonds — 10.1% | | ||||||||||||
Airlines — 0.1% | | ||||||||||||
British Airways 2021-1
Class A Pass-Through Trust, (United Kingdom) |
| | | ||||||||||
Series 2021-1A
A2.900%, due 3/15/35 |
| | | | 407,014 | | | | | | 324,277 | | |
Auto Manufacturers — 0.5% | | ||||||||||||
BMW US Capital LLC, (Germany) | | | | ||||||||||
3.450%, due 4/1/27 |
| | | | 655,000 | | | | | | 604,390 | | |
Volkswagen Group of
America Finance LLC, (Germany) |
| | | | | | | | | | | | |
4.600%, due 6/8/29 |
| | | | 675,000 | | | | | | 612,585 | | |
| | | | | | | | | | | 1,216,975 | | |
Banks — 7.2% | | ||||||||||||
Banco Santander SA, (Spain) | | | | ||||||||||
4.175%, (1 Year US CMT T-Note + 2.00%), due
3/24/28(a)
|
| | | | 415,000 | | | | | | 365,818 | | |
5.294%, due 8/18/27 |
| | | | 600,000 | | | | | | 553,320 | | |
Bank of Montreal, (Canada) | | | | ||||||||||
3.700%, due 6/7/25 |
| | | | 380,000 | | | | | | 363,709 | | |
Barclays PLC, (United Kingdom) | | | | | | | | | | | | | |
4.375%, (5 Year US CMT T-Note + 3.41%), due
12/15/70(a)
|
| | | | 585,000 | | | | | | 388,270 | | |
5.200%, due 5/12/26 |
| | | | 750,000 | | | | | | 686,123 | | |
8.000%, (5 Year US CMT T-Note + 5.43%), due
12/15/70(a)
|
| | | | 320,000 | | | | | | 286,673 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
3.052%, (SOFR + 1.51%),
due 1/13/31(a)
|
| | | | 315,000 | | | | | | 244,976 | | |
4.625%, (5 Year US CMT T-Note + 3.20%), due
7/12/71(a)
|
| | | | 465,000 | | | | | | 355,956 | | |
4.625%, (5 Year US CMT T-Note + 3.34%), due
8/25/71(a)
|
| | | | 240,000 | | | | | | 165,900 | | |
7.750%, (5 Year US CMT T-Note + 4.90%), due
2/16/71(a)
|
| | | | 220,000 | | | | | | 207,424 | | |
BPCE SA, (France) | | | | | | | | | | | | | |
2.045%, (SOFR + 1.09%),
due 10/19/27(a)
|
| | | | 1,075,000 | | | | | | 892,867 | | |
Canadian Imperial Bank
of Commerce, (Canada) |
| | | | | | | | | | | | |
3.300%, due 4/7/25 |
| | | | 465,000 | | | | | | 441,886 | | |
Cooperatieve Rabobank
UA, (Netherlands) |
| | | | | | | | | | | | |
3.649%, (1 Year US CMT T-Note + 1.22%), due
4/6/28(a)
|
| | | | 870,000 | | | | | | 775,304 | | |
Credit Agricole SA, (France) | | | | | | | | | | | | | |
4.750%, (5 Year US CMT T-Note + 3.24%), due
3/23/71(a)
|
| | | | 560,000 | | | | | | 402,124 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Credit Suisse Group AG, (Switzerland) | | | | | | | | | | | | | |
3.091%, (SOFR + 1.73%),
due 5/14/32(a)
|
| | | $ | 435,000 | | | | | $ | 298,362 | | |
6.442%, (SOFR + 3.70%),
due 8/11/28(a)
|
| | | | 415,000 | | | | | | 374,571 | | |
Deutsche Bank AG, (Germany) | | | | | | | | | | | | | |
3.729%, (SOFR + 2.76%),
due 1/14/32(a) |
| | | | 540,000 | | | | | | 380,386 | | |
Deutsche Bank AG/New
York NY, (Germany) |
| | | | | | | | | | | | |
2.552%, (SOFR +
1.32%), due 1/7/28(a) |
| | | | 890,000 | | | | | | 712,498 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
3.973%, (3-Month LIBOR + 1.61%),
due 5/22/30(a)
|
| | | | 230,000 | | | | | | 189,589 | | |
7.336%, (SOFR + 3.03%),
due 11/3/26(a) |
| | | | 390,000 | | | | | | 391,080 | | |
Kreditanstalt fuer
Wiederaufbau, (Germany) |
| | | | | | | | | | | | |
2.500%, due 11/20/24 |
| | | | 190,000 | | | | | | 182,175 | | |
Lloyds Banking Group
PLC, (United Kingdom) |
| | | | | | | | | | | | |
4.450%, due 5/8/25 |
| | | | 95,000 | | | | | | 91,053 | | |
4.582%, due 12/10/25 |
| | | | 775,000 | | | | | | 710,335 | | |
4.976%, (1 Year US CMT T-Note + 2.30%), due
8/11/33(a)
|
| | | | 305,000 | | | | | | 260,955 | | |
Macquarie Group Ltd., (Australia) | | | | | | | | | | | | | |
2.871%, (SOFR + 1.53%),
due 1/14/33(a)
|
| | | | 660,000 | | | | | | 486,976 | | |
4.098%, (SOFR + 2.13%),
due 6/21/28(a)
|
| | | | 420,000 | | | | | | 379,797 | | |
Mitsubishi UFJ
Financial Group, Inc., (Japan) |
| | | | | | | | | | | | |
2.309%, (1 Year US CMT T-Note + 0.95%), due
7/20/32(a)
|
| | | | 765,000 | | | | | | 557,801 | | |
Mizuho Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
3.261%, (1 Year US CMT T-Note + 1.25%), due
5/22/30(a)
|
| | | | 850,000 | | | | | | 706,893 | | |
NatWest Group PLC, (United
Kingdom) |
| | | | | | | | | | | | |
4.892%, (3-Month LIBOR + 1.75%),
due 5/18/29(a)
|
| | | | 770,000 | | | | | | 685,957 | | |
5.125%, due 5/28/24 |
| | | | 150,000 | | | | | | 146,194 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
Series G4.402%, (SOFR + 0.71%),
due 1/21/27(a)
|
| | | | 555,000 | | | | | | 535,028 | | |
Societe Generale SA, (France) | | | | | | | | | | | | | |
3.337%, (1 Year US CMT T-Note + 1.60%), due
1/21/33(a)
|
| | | | 535,000 | | | | | | 392,186 | | |
4.750%, (5 Year US CMT T-Note + 3.93%), due
11/26/70(a)(c)
|
| | | | 435,000 | | | | | | 334,297 | | |
5.375%, (5 Year US CMT T-Note + 4.51%), due
5/18/71(a)
|
| | | | 330,000 | | | | | | 239,036 | | |
Standard Chartered PLC,
(United Kingdom) |
| | | | | | | | | | | | |
4.750%, (5 Year US CMT T-Note + 3.81%), due
7/14/71(a)
|
| | | | 70,000 | | | | | | 46,707 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Sumitomo Mitsui
Financial Group, Inc., (Japan) |
| | | | | | | | | | | | |
1.902%, due 9/17/28 |
| | | $ | 865,000 | | | | | $ | 686,300 | | |
Swedbank AB, (Sweden) | | | | | | | | | | | | | |
3.356%, due 4/4/25 |
| | | | 465,000 | | | | | | 441,996 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
1.364%, (1 Year US CMT T-Note + 1.08%), due
1/30/27(a)
|
| | | | 570,000 | | | | | | 476,648 | | |
4.375%, (5 Year US CMT T-Note + 3.31%), due
8/10/71(a)
|
| | | | 400,000 | | | | | | 277,860 | | |
Westpac Banking Corp., (Australia) | | | | | | | | | | | | | |
3.020%, (5 Year US CMT T-Note + 1.53%), due
11/18/36(a)
|
| | | | 635,000 | | | | | | 449,235 | | |
| | | | | | | | | | | 16,564,265 | | |
Diversified Financial Services — 1.1% | | ||||||||||||
AerCap Ireland Capital
DAC / AerCap Global Aviation Trust, (Ireland) |
| | | | | | | | | | | | |
3.000%, due 10/29/28 |
| | | | 200,000 | | | | | | 161,574 | | |
3.300%, due 1/23/23 |
| | | | 85,000 | | | | | | 84,567 | | |
Avolon Holdings Funding Ltd.,
(Ireland) |
| | | | | | | | | | | | |
2.875%, due 2/15/25 |
| | | | 525,000 | | | | | | 470,174 | | |
Banco BTG Pactual
SA/Cayman Islands, (Brazil) |
| | | | | | | | | | | | |
2.750%, due 1/11/26 |
| | | | 660,000 | | | | | | 577,500 | | |
Nomura Holdings, Inc., (Japan) | | | | | | | | | | | | | |
2.172%, due 7/14/28 |
| | | | 860,000 | | | | | | 680,598 | | |
5.099%, due 7/3/25 |
| | | | 440,000 | | | | | | 430,736 | | |
| | | | | | | | | | | 2,405,149 | | |
Food — 0.1% | | ||||||||||||
MARB Bondco PLC, (Brazil) | | | | ||||||||||
3.950%, due 1/29/31 |
| | | | 400,000 | | | | | | 296,276 | | |
Multi-National — 0.2% | | ||||||||||||
Inter-American
Development Bank, (Supranational) |
| | | ||||||||||
0.875%, due 4/3/25 |
| | | | 200,000 | | | | | | 183,157 | | |
International Bank for
Reconstruction & Development, (Supranational) |
| | | ||||||||||
0.625%, due 4/22/25 |
| | | | 200,000 | | | | | | 181,717 | | |
| | | | | | | | | | | 364,874 | | |
Pharmaceuticals — 0.3% | | ||||||||||||
Teva Pharmaceutical
Finance Netherlands III BV, (Israel) |
| | | ||||||||||
3.150%, due 10/1/26 |
| | | | 250,000 | | | | | | 211,250 | | |
4.750%, due 5/9/27 |
| | | | 575,000 | | | | | | 507,437 | | |
| | | | | | | | | | | 718,687 | | |
Savings & Loans — 0.4% | | ||||||||||||
Nationwide Building
Society, (United Kingdom) |
| | | ||||||||||
2.972%, (SOFR + 1.29%),
due 2/16/28(a) |
| | | | 370,000 | | | | | | 313,329 | | |
4.850%, due 7/27/27 |
| | | | 600,000 | | | | | | 568,847 | | |
| | | | | | | | | | | 882,176 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Telecommunications — 0.2% | | ||||||||||||
Altice France SA, (France) | | | | ||||||||||
5.125%, due 7/15/29 |
| | | $ | 565,000 | | | | | $ | 425,544 | | |
Total Foreign
Bonds (Cost $26,285,251) |
| | | | | | | | | | 23,198,223 | | |
Foreign Government Obligation — 0.1% | | ||||||||||||
Chile Government
International Bond, (Chile) |
| | | | | | | | | | | | |
2.550%,due 7/27/33 (Cost $374,650) |
| | | | 425,000 | | | | | | 316,020 | | |
U.S. Treasury Bonds — 7.6% | | ||||||||||||
U.S. Treasury Bond,
3.000%, due 8/15/52 |
| | | | 6,720,000 | | | | | | 5,381,250 | | |
U.S. Treasury Bond,
3.375%, due 8/15/42 |
| | | | 13,955,000 | | | | | | 12,038,368 | | |
| | | | | | | | | | | 17,419,618 | | |
Total U.S. Treasury
Bonds (Cost $19,436,986) |
| | | | | | | | | | 17,419,618 | | |
U.S. Treasury Notes — 29.1% | | ||||||||||||
U.S. Treasury Note,
2.750%, due 8/15/32(c) |
| | | | 20,125,000 | | | | | | 18,008,731 | | |
U.S. Treasury Note,
4.000%, due 10/31/29 |
| | | | 31,085,000 | | | | | | 30,793,578 | | |
U.S. Treasury Note,
4.125%, due 10/31/27 |
| | | | 18,115,000 | | | | | | 18,020,179 | | |
| | | | | | | | | | | 66,822,488 | | |
Total U.S. Treasury
Notes (Cost $67,307,780) |
| | | | | | | | | | 66,822,488 | | |
United States Government Agency
Mortgage-Backed Securities — 9.5% |
| ||||||||||||
Mortgage Securities — 9.5% | | ||||||||||||
Fannie Mae Pool | | | | ||||||||||
Series 2021-BT0472, 2.000%,
due 7/1/51 |
| | | | 90,771 | | | | | | 71,811 | | |
Series 2021-FM7685, 3.000%,
due 6/1/51 |
| | | | 117,387 | | | | | | 100,284 | | |
Series 2022-FS0898, 3.000%,
due 2/1/52 |
| | | | 337,916 | | | | | | 288,227 | | |
Series 2022-FS1429, 3.500%,
due 4/1/52 |
| | | | 795,868 | | | | | | 700,425 | | |
Series 2022-FS2058, 4.000%,
due 6/1/52 |
| | | | 739,968 | | | | | | 673,393 | | |
Series 2022-MA4626, 4.000%,
due 6/1/52 |
| | | | 1,826,739 | | | | | | 1,662,731 | | |
Series 2022-MA4644, 4.000%,
due 5/1/52 |
| | | | 940,369 | | | | | | 856,042 | | |
Series 2022-MA4655, 4.000%,
due 7/1/52 |
| | | | 1,217,661 | | | | | | 1,108,336 | | |
Series 2022-MA4709, 5.000%,
due 7/1/52 |
| | | | 333,075 | | | | | | 321,466 | | |
Fannie Mae REMICS | | | | | | | | | | | | | |
Series 2016-57,
2.464%, due 6/25/46(a)(h) |
| | | | 605,352 | | | | | | 56,722 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
United States Government Agency
Mortgage-Backed Securities (continued) |
| ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2019-32,
2.464%, due 6/25/49(a)(h) |
| | | $ | 1,347,601 | | | | | $ | 119,893 | | |
Series 2020-49,
1.750%, due 7/25/50 |
| | | | 158,302 | | | | | | 123,145 | | |
Series 2021-10,
2.500%, due 3/25/51(h) |
| | | | 304,468 | | | | | | 46,571 | | |
Series 2021-12,
2.500%, due 3/25/51(h) |
| | | | 455,864 | | | | | | 69,408 | | |
Series 2021-34, 0.311%,
due 11/25/42(a)(h)
|
| | | | 2,459,794 | | | | | | 70,431 | | |
Series 2021-34,
2.500%, due 3/25/51(h) |
| | | | 785,831 | | | | | | 102,880 | | |
Series 2021-40,
2.364%, due 9/25/47(a)(h) |
| | | | 856,077 | | | | | | 74,989 | | |
Series 2021-54,
2.500%, due 6/25/51(h) |
| | | | 216,635 | | | | | | 27,021 | | |
Series 2021-8, 3.500%, due 3/25/51(h) |
| | | | 811,209 | | | | | | 162,967 | | |
Series 2022-5, 0.000%(g),
due 2/25/52(a)(h)
|
| | | | 379,845 | | | | | | 1,565 | | |
Freddie Mac Pool | | | | | | | | | | | | | |
3.500%, due 7/1/52 |
| | | | 399,506 | | | | | | 351,523 | | |
4.000%, due 9/1/52 |
| | | | 479,028 | | | | | | 436,314 | | |
4.500%, due 11/1/52 |
| | | | 2,415,000 | | | | | | 2,267,397 | | |
Series 2019-SD8030, 3.000%,
due 12/1/49 |
| | | | 229,855 | | | | | | 196,858 | | |
Series 2022-SD8215, 4.000%,
due 5/1/52 |
| | | | 974,353 | | | | | | 886,585 | | |
Freddie Mac REMICS | | | | | | | | | | | | | |
Series 2020-4990, 2.500%,
due 7/25/50(h)
|
| | | | 587,874 | | | | | | 81,448 | | |
Series 2020-5021, 0.553%,
due 10/25/50(a)(h)
|
| | | | 895,232 | | | | | | 30,596 | | |
Series 2020-5031, 2.500%,
due 10/25/50(h)
|
| | | | 565,584 | | | | | | 87,807 | | |
Series 2020-5036, 3.500%,
due 11/25/50(h)
|
| | | | 671,749 | | | | | | 139,868 | | |
Series 2020-5038, 2.500%,
due 10/25/50(h)
|
| | | | 559,059 | | | | | | 92,633 | | |
Series 2020-5038, 1.500%,
due 11/25/50 |
| | | | 369,548 | | | | | | 278,994 | | |
Series 2020-5040, 3.500%,
due 11/25/50(h)
|
| | | | 536,957 | | | | | | 91,820 | | |
Series 2021-5070,
3.000%, due 8/25/50(h) |
| | | | 947,980 | | | | | | 156,777 | | |
Series 2021-5149, 2.500%,
due 10/25/51(h)
|
| | | | 1,838,346 | | | | | | 246,929 | | |
Series 2021-5187, 0.000%(g), due 1/25/52(a) |
| | | | 684,784 | | | | | | 3,463 | | |
Series 2022-5191,
3.500%, due 9/25/50(h) |
| | | | 1,047,098 | | | | | | 181,223 | | |
Series 2022-5200, 0.503%,
due 2/25/52(a)(h)
|
| | | | 756,434 | | | | | | 21,753 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
United States Government Agency
Mortgage-Backed Securities (continued) |
| ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac Strips | | | | | | | | | | | | | |
Series 2013-311, 0.000%,
due 8/15/43(e)(i)
|
| | | $ | 186,150 | | | | | $ | 134,894 | | |
Series 2013-311, 2.538%,
due 8/15/43(a)(h)
|
| | | | 564,776 | | | | | | 49,543 | | |
Series 2017-358,
3.500%, due 10/15/47(h) |
| | | | 340,356 | | | | | | 56,805 | | |
FREMF 2017-K056 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K65, 4.077%,
due 7/25/50(a)(b)
|
| | | | 280,000 | | | | | | 254,113 | | |
FREMF 2018-K733 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K73, 3.855%,
due 2/25/51(a)(b)
|
| | | | 100,000 | | | | | | 90,107 | | |
FREMF 2018-K77 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K77, 4.161%,
due 5/25/51(a)(b)
|
| | | | 245,000 | | | | | | 220,036 | | |
FREMF 2018-K78 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K78, 4.128%,
due 6/25/51(a)(b)
|
| | | | 20,000 | | | | | | 18,263 | | |
Series 2018-K78, 4.128%,
due 6/25/51(a)(b)
|
| | | | 182,000 | | | | | | 163,938 | | |
FREMF 2018-K79 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K79, 4.211%,
due 7/25/51(a)(b)
|
| | | | 20,000 | | | | | | 18,223 | | |
FREMF 2018-K80 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K80, 4.231%,
due 8/25/50(a)(b)
|
| | | | 323,000 | | | | | | 290,444 | | |
FREMF 2018-K86 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K86, 4.294%,
due 11/25/51(a)(b)
|
| | | | 625,000 | | | | | | 557,214 | | |
FREMF 2019-K102 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K102, 3.531%,
due 12/25/51(a)(b)
|
| | | | 85,000 | | | | | | 71,011 | | |
FREMF 2019-K103 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K103, 3.455%,
due 12/25/51(a)(b)
|
| | | | 255,000 | | | | | | 216,775 | | |
FREMF 2019-K90 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K90, 4.316%,
due 2/25/52(a)(b)
|
| | | | 420,000 | | | | | | 373,823 | | |
FREMF 2019-K94 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K94, 3.966%,
due 7/25/52(a)(b)
|
| | | | 395,000 | | | | | | 348,016 | | |
Series 2019-K94, 3.966%,
due 7/25/52(a)(b)
|
| | | | 470,000 | | | | | | 403,596 | | |
FREMF 2019-K95 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K95, 3.921%,
due 8/25/52(a)(b)
|
| | | | 535,000 | | | | | | 461,204 | | |
FREMF 2019-K98 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K98, 3.738%,
due 10/25/52(a)(b)
|
| | | | 85,000 | | | | | | 72,622 | | |
FREMF 2020-K104 Mortgage Trust | | | | | | | | | | | | | |
Series 2020-K104, 3.540%,
due 2/25/52(a)(b)
|
| | | | 315,000 | | | | | | 263,658 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
United States Government Agency
Mortgage-Backed Securities (continued) |
| ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Government National
Mortgage Association |
| | | | | | | | | | | | |
Series 2019-136, 3.500%,
due 11/20/49(a)
|
| | | $ | 428,913 | | | | | $ | 374,988 | | |
Series 2019-136, 0.000%(g), due 11/20/49(a)(h) |
| | | | 887,751 | | | | | | 2,337 | | |
Series 2019-145, 3.500%,
due 11/20/49(a)
|
| | | | 540,581 | | | | | | 470,335 | | |
Series 2020-176,
2.000%, due 11/20/50(h) |
| | | | 675,382 | | | | | | 74,688 | | |
Series 2020-5,
3.500%, due 1/20/50(a) |
| | | | 230,332 | | | | | | 199,661 | | |
Series 2020-5, 0.000%(g), due 1/20/50(a)(h) |
| | | | 462,408 | | | | | | 2,216 | | |
Series 2021-116,
2.500%, due 7/20/51(h) |
| | | | 1,229,765 | | | | | | 192,706 | | |
Series 2021-122, 3.000%,
due 7/20/51(a)
|
| | | | 829,602 | | | | | | 698,170 | | |
Series 2021-122, 0.000%(g), due 7/20/51(a)(h) |
| | | | 1,383,796 | | | | | | 11,863 | | |
Series 2021-125, 3.170%,
due 7/20/51(a)
|
| | | | 569,825 | | | | | | 504,424 | | |
Series 2021-149,
2.500%, due 8/20/51(h) |
| | | | 938,300 | | | | | | 133,211 | | |
Series 2021-156,
2.500%, due 9/20/51(h) |
| | | | 1,053,414 | | | | | | 102,514 | | |
Series 2021-158, 0.780%,
due 9/20/51(a)(h)
|
| | | | 1,066,943 | | | | | | 45,354 | | |
Series 2021-214, 0.000%(g), due 12/20/51(a)(h) |
| | | | 16,683,212 | | | | | | 59,793 | | |
Series 2021-41, 2.000%,
due 10/20/50(a)(h)
|
| | | | 1,240,331 | | | | | | 142,701 | | |
Series 2021-42,
2.500%, due 3/20/51(h) |
| | | | 679,489 | | | | | | 72,921 | | |
Series 2021-83,
2.500%, due 5/20/51(a) |
| | | | 940,335 | | | | | | 786,364 | | |
Series 2021-96,
3.220%, due 6/20/51(a) |
| | | | 592,890 | | | | | | 522,971 | | |
Series 2021-97,
3.000%, due 6/20/51(a) |
| | | | 249,614 | | | | | | 219,088 | | |
Series 2021-97,
2.500%, due 8/20/49(h) |
| | | | 1,490,227 | | | | | | 162,228 | | |
Series 2022-1,
2.500%, due 6/20/50(h) |
| | | | 208,884 | | | | | | 29,566 | | |
Series 2022-19, 0.166%,
due 1/20/52(a)(h)
|
| | | | 1,830,882 | | | | | | 18,092 | | |
Series 2022-24, 0.086%,
due 2/20/52(a)(h)
|
| | | | 9,134,358 | | | | | | 88,276 | | |
Series 2022-29,
3.420%, due 7/20/51(a) |
| | | | 252,219 | | | | | | 224,687 | | |
Series 2022-34,
1.180%, due 2/20/52(a)(h) |
| | | | 2,495,654 | | | | | | 88,760 | | |
Series 2022-6,
0.220%, due 1/20/52(a)(h) |
| | | | 286,841 | | | | | | 4,152 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
United States Government Agency
Mortgage-Backed Securities (continued) |
| ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2022-6,
3.280%, due 1/20/52(a) |
| | | $ | 286,841 | | | | | $ | 256,026 | | |
| | | | | | | | | | | 21,742,672 | | |
Total United States
Government Agency Mortgage-Backed Securities |
| | | | | | | | | | | | |
(Cost $23,306,385) |
| | | | | | | | | | 21,742,672 | | |
|
| | |
Shares |
| | | | | | | |||
Short-Term Investment — 0.0%(d) | | ||||||||||||
Money Market Fund — 0.0%(d) | | | | | | | | | | | | | |
BlackRock Liquidity
Funds Treasury Trust Fund Portfolio, Institutional Class, 2.92%(f) (Cost $107,862) |
| | | | 107,862 | | | | |
|
107,862 |
| |
Total
Investments — 99.5% (Cost $244,467,101) |
| | | | | | | | | | 228,271,648 | | |
Other Assets and Liabilities,
Net — 0.5% |
| | | | | | | | | | 1,060,574 | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 229,332,222 | | |
| CMT | | | — | | | 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 October 31, 2022 |
| |
Unrealized Appreciation (Depreciation) |
| ||||||||||||
U.S. 10 Ultra (CBT) |
| |
Citigroup Global
Markets Inc. |
| |
December 2022 |
| | | | 79 | | | | | $ | 9,854,335 | | | | | $ | 9,162,766 | | | | | $ | (691,568) | | |
U.S. 10 Year Note (CBT) |
| |
Citigroup Global
Markets Inc. |
| |
December 2022 |
| | | | 14 | | | | | | 1,636,938 | | | | | | 1,548,312 | | | | | | (88,626) | | |
U.S. 5 Year Note (CBT) |
| |
Citigroup Global
Markets Inc. |
| |
December 2022 |
| | | | 31 | | | | | | 3,446,880 | | | | | | 3,304,406 | | | | | | (142,474) | | |
U.S. Ultra Bond (CBT) |
| |
Citigroup Global
Markets Inc. |
| |
December 2022 |
| | | | 47 | | | | | | 6,970,392 | | | | | | 5,999,844 | | | | | | (970,548) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (1,893,216) | | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations
|
| | | $ | — | | | | | $ | 14,664,138 | | | | | $ | — | | | | | $ | 14,664,138 | | |
Commercial Asset-Backed Securities
|
| | | | — | | | | | | 18,250,547 | | | | | | — | | | | | | 18,250,547 | | |
Commercial Mortgage-Backed Securities
|
| | | | — | | | | | | 15,372,522 | | | | | | — | | | | | | 15,372,522 | | |
Corporate Bonds |
| | | | — | | | | | | 50,377,558 | | | | | | — | | | | | | 50,377,558 | | |
Foreign Bonds |
| | | | — | | | | | | 23,198,223 | | | | | | — | | | | | | 23,198,223 | | |
Foreign Government Obligation |
| | | | — | | | | | | 316,020 | | | | | | — | | | | | | 316,020 | | |
U.S. Treasury Bonds |
| | | | — | | | | | | 17,419,618 | | | | | | — | | | | | | 17,419,618 | | |
U.S. Treasury Notes |
| | | | — | | | | | | 66,822,488 | | | | | | — | | | | | | 66,822,488 | | |
United States Government Agency
Mortgage-Backed Securities |
| | | | — | | | | | | 21,742,672 | | | | | | — | | | | | | 21,742,672 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 107,862 | | | | | | — | | | | | | — | | | | | | 107,862 | | |
Total Investments in Securities |
| | | $ | 107,862 | | | | | $ | 228,163,786 | | | | | $ | — | | | | | $ | 228,271,648 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(k) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts |
| | | $ | (1,893,216) | | | | | $ | — | | | | | $ | — | | | | | $ | (1,893,216) | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Long-Term Bonds — 95.2% | | ||||||||||||
Corporate Bonds — 80.4% | | ||||||||||||
Advertising — 0.8% | | ||||||||||||
Lamar Media Corp. | | | | | | | | | | | | | |
4.000%, due 2/15/30 |
| | | $ | 107,000 | | | | | $ | 90,855 | | |
Outfront
Media Capital LLC / Outfront Media Capital Corp. |
| | | | | | | | | | | | |
4.250%, due 1/15/29 |
| | | | 122,000 | | | | | | 100,650 | | |
| | | | | | | | | | | 191,505 | | |
Aerospace & Defense — 1.8% | | ||||||||||||
Howmet Aerospace, Inc. | | | | | | | | | | | | | |
5.900%, due 2/1/27 |
| | | | 209,000 | | | | | | 205,242 | | |
TransDigm, Inc. | | | | | | | | | | | | | |
4.625%, due 1/15/29 |
| | | | 82,000 | | | | | | 69,825 | | |
4.875%, due 5/1/29 |
| | | | 106,000 | | | | | | 90,127 | | |
6.250%, due 3/15/26 |
| | | | 90,000 | | | | | | 88,777 | | |
| | | | | | | | | | | 453,971 | | |
Agriculture — 1.0% | | ||||||||||||
Darling Ingredients, Inc. | | | | | | | | | | | | | |
5.250%, due 4/15/27 |
| | | | 267,000 | | | | | | 256,320 | | |
Airlines — 1.3% | | ||||||||||||
Delta Air Lines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/19/28 |
| | | | 75,000 | | | | | | 66,899 | | |
7.375%, due 1/15/26 |
| | | | 62,000 | | | | | | 63,301 | | |
United Airlines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/26 |
| | | | 97,000 | | | | | | 88,528 | | |
4.625%, due 4/15/29 |
| | | | 115,000 | | | | | | 98,358 | | |
| | | | | | | | | | | 317,086 | | |
Auto Manufacturers — 1.8% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
3.250%, due 2/12/32 |
| | | | 145,000 | | | | | | 108,869 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.815%, due 11/2/27 |
| | | | 128,000 | | | | | | 109,946 | | |
4.000%, due 11/13/30 |
| | | | 136,000 | | | | | | 109,994 | | |
4.950%, due 5/28/27 |
| | | | 132,000 | | | | | | 120,841 | | |
| | | | | | | | | | | 449,650 | | |
Auto Parts & Equipment — 1.0% | | ||||||||||||
Clarios Global LP / Clarios US Finance
Co. |
| | | | | | | | | | | | |
6.250%, due 5/15/26 |
| | | | 250,000 | | | | | | 241,875 | | |
Building Materials — 0.8% | | ||||||||||||
CP Atlas Buyer, Inc. | | | | | | | | | | | | | |
7.000%, due 12/1/28 |
| | | | 281,000 | | | | | | 202,320 | | |
Chemicals — 1.7% | | ||||||||||||
Avient Corp. | | | | | | | | | | | | | |
7.125%, due 8/1/30 |
| | | | 112,000 | | | | | | 107,102 | | |
Olin Corp. | | | | | | | | | | | | | |
5.000%, due 2/1/30 |
| | | | 104,000 | | | | | | 94,120 | | |
5.625%, due 8/1/29 |
| | | | 95,000 | | | | | | 89,281 | | |
Olympus Water US Holding Corp. | | | | | | | | | | | | | |
4.250%, due 10/1/28 |
| | | | 171,000 | | | | | | 138,820 | | |
| | | | | | | | | | | 429,323 | | |
Commercial Services — 6.3% | | ||||||||||||
ADT Security Corp. (The) | | | | | | | | | | | | | |
4.125%, due 8/1/29 |
| | | | 99,000 | | | | | | 84,893 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Commercial Services (continued) | | ||||||||||||
AMN Healthcare, Inc. | | | | | | | | | | | | | |
4.000%, due 4/15/29 |
| | | $ | 79,000 | | | | | $ | 67,978 | | |
APX Group, Inc. | | | | | | | | | | | | | |
6.750%, due 2/15/27 |
| | | | 270,000 | | | | | | 263,386 | | |
Avis Budget Car Rental
LLC / Avis Budget Finance, Inc. |
| | | | | | | | | | | | |
5.375%, due 3/1/29 |
| | | | 100,000 | | | | | | 86,627 | | |
Brink’s Co. (The) | | | | | | | | | | | | | |
4.625%, due 10/15/27 |
| | | | 71,000 | | | | | | 65,649 | | |
Gartner, Inc. | | | | | | | | | | | | | |
4.500%, due 7/1/28 |
| | | | 120,000 | | | | | | 111,208 | | |
HealthEquity, Inc. | | | | | | | | | | | | | |
4.500%, due 10/1/29 |
| | | | 79,000 | | | | | | 69,026 | | |
Herc Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 7/15/27 |
| | | | 76,000 | | | | | | 71,915 | | |
Hertz Corp. (The) | | | | | | | | | | | | | |
4.625%, due 12/1/26 |
| | | | 116,000 | | | | | | 98,890 | | |
5.000%, due 12/1/29 |
| | | | 134,000 | | | | | | 106,148 | | |
Prime Security Services
Borrower LLC / Prime Finance, Inc. |
| | | | | | | | | | | | |
3.375%, due 8/31/27 |
| | | | 160,000 | | | | | | 138,479 | | |
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 |
| | | | 124,000 | | | | | | 100,096 | | |
United Rentals North America, Inc. | | | | | | | | | | | | | |
5.500%, due 5/15/27 |
| | | | 251,000 | | | | | | 244,899 | | |
Williams Scotsman International, Inc. | | | | | | | | | | | | | |
4.625%, due 8/15/28 |
| | | | 72,000 | | | | | | 65,027 | | |
| | | | | | | | | | | 1,574,221 | | |
Computers — 1.5% | | ||||||||||||
Seagate HDD Cayman | | | | | | | | | | | | | |
4.091%, due 6/1/29 |
| | | | 177,000 | | | | | | 141,747 | | |
Tempo
Acquisition LLC / Tempo Acquisition Finance Corp. |
| | | | | | | | | | | | |
5.750%, due 6/1/25 |
| | | | 248,000 | | | | | | 243,715 | | |
| | | | | | | | | | | 385,462 | | |
Diversified Financial Services — 2.9% | | ||||||||||||
Nationstar Mortgage Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 8/15/28 |
| | | | 262,000 | | | | | | 212,511 | | |
5.750%, due 11/15/31 |
| | | | 128,000 | | | | | | 98,191 | | |
OneMain Finance Corp. | | | | | | | | | | | | | |
6.625%, due 1/15/28 |
| | | | 221,000 | | | | | | 200,763 | | |
PennyMac Financial Services, Inc. | | | | | | | | | | | | | |
4.250%, due 2/15/29 |
| | | | 140,000 | | | | | | 106,050 | | |
Rocket Mortgage LLC /
Rocket Mortgage Co.-Issuer, Inc. |
| | | | | | | | | | | | |
3.625%, due 3/1/29 |
| | | | 137,000 | | | | | | 106,175 | | |
| | | | | | | | | | | 723,690 | | |
Electric — 0.5% | | ||||||||||||
Calpine Corp. | | | | | | | | | | | | | |
4.500%, due 2/15/28 |
| | | | 141,000 | | | | | | 126,716 | | |
Electrical Component & Equipment — 0.4% | | ||||||||||||
Energizer Holdings, Inc. | | | | | | | | | | | | | |
4.750%, due 6/15/28 |
| | | | 129,000 | | | | | | 107,111 | | |
|
| | |
Principal Amount |
| |
Value |
| | | ||||||||||
Corporate Bonds (continued) | | | | ||||||||||||||||
Entertainment — 4.4% | | | | ||||||||||||||||
Caesars Entertainment, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 10/15/29 |
| | | $ | 171,000 | | | | | $ | 136,800 | | | | | ||||
CDI Escrow Issuer, Inc. | | | | | | | | | | | | | | | | ||||
5.750%, due 4/1/30 |
| | | | 126,000 | | | | | | 113,716 | | | | | ||||
Churchill Downs, Inc. | | | | | | | | | | | | | | | | ||||
4.750%, due 1/15/28 |
| | | | 138,000 | | | | | | 121,953 | | | | | ||||
Mohegan Gaming & Entertainment | | | | | | | | | | | | | | | | ||||
8.000%, due 2/1/26 |
| | | | 264,000 | | | | | | 222,692 | | | | | ||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp. |
| | | | | | | | | | | | | | | ||||
5.625%, due 9/1/29 |
| | | | 309,000 | | | | | | 228,660 | | | | | ||||
Scientific Games
Holdings LP/Scientific Games US FinCo, Inc. |
| | | | | | | | | | | | | | | ||||
6.625%, due 3/1/30 |
| | | | 120,000 | | | | | | 103,126 | | | | | ||||
Six Flags Entertainment Corp. | | | | | | | | | | | | | | | | ||||
5.500%, due 4/15/27 |
| | | | 100,000 | | | | | | 90,000 | | | | | ||||
Wynn Resorts Finance
LLC / Wynn Resorts Capital Corp. |
| | | | | | | | | | | | | | | ||||
5.125%, due 10/1/29 |
| | | | 102,000 | | | | | | 81,137 | | | | | ||||
| | | | | | | | | | | 1,098,084 | | | | | ||||
Food — 3.0% | | | | ||||||||||||||||
Albertsons Cos., Inc. /
Safeway, Inc. / New Albertsons LP / Albertsons LLC |
| | | | | | | | | | | | | | | ||||
4.625%, due 1/15/27 |
| | | | 213,000 | | | | | | 197,389 | | | | | ||||
B&G Foods, Inc. | | | | | | | | | | | | | | | | ||||
5.250%, due 9/15/27 |
| | | | 218,000 | | | | | | 182,874 | | | | | ||||
Performance Food Group, Inc. | | | | | | | | | | | | | | | | ||||
4.250%, due 8/1/29 |
| | | | 120,000 | | | | | | 101,662 | | | | | ||||
Post Holdings, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 4/15/30 |
| | | | 133,000 | | | | | | 112,227 | | | | | ||||
5.500%, due 12/15/29 |
| | | | 81,000 | | | | | | 72,894 | | | | | ||||
US Foods, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 6/1/30 |
| | | | 108,000 | | | | | | 93,692 | | | | | ||||
| | | | | | | | | | | 760,738 | | | | | ||||
Food Service — 0.5% | | | | ||||||||||||||||
Aramark Services, Inc. | | | | | | | | | | | | | | | | ||||
5.000%, due 2/1/28 |
| | | | 151,000 | | | | | | 137,577 | | | | | ||||
Healthcare-Products — 1.1% | | | | ||||||||||||||||
Hologic, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 2/1/28 |
| | | | 167,000 | | | | | | 156,145 | | | | | ||||
Teleflex, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 11/15/27 |
| | | | 135,000 | | | | | | 127,217 | | | | | ||||
| | | | | | | | | | | 283,362 | | | | | | | ||
Healthcare-Services — 5.0% | | | | | | | | ||||||||||||
Centene Corp. | | | | | | | | | | | | | | | | ||||
2.450%, due 7/15/28 |
| | | | 125,000 | | | | | | 102,813 | | | | | ||||
2.500%, due 3/1/31 |
| | | | 94,000 | | | | | | 72,145 | | | | | ||||
3.000%, due 10/15/30 |
| | | | 27,000 | | | | | | 21,735 | | | | | ||||
4.250%, due 12/15/27 |
| | | | 163,000 | | | | | | 150,368 | | | | | ||||
4.625%, due 12/15/29 |
| | | | 124,000 | | | | | | 112,220 | | | | | ||||
Encompass Health Corp. | | | | | | | | | | | | | | | | ||||
4.750%, due 2/1/30 |
| | | | 76,000 | | | | | | 64,790 | | | | | ||||
5.750%, due 9/15/25 |
| | | | 219,000 | | | | | | 217,006 | | | | | ||||
IQVIA, Inc. | | | | | | | | | | | | | | | | ||||
5.000%, due 5/15/27 |
| | | | 96,000 | | | | | | 91,476 | | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Healthcare-Services (continued) | | ||||||||||||
Syneos Health, Inc. | | | | | | | | | | | | | |
3.625%, due 1/15/29 |
| | | $ | 93,000 | | | | | $ | 77,021 | | |
Tenet Healthcare Corp. | | | | | | | | | | | | | |
4.250%, due 6/1/29 |
| | | | 127,000 | | | | | | 106,998 | | |
4.625%, due 6/15/28 |
| | | | 149,000 | | | | | | 130,747 | | |
6.125%, due 6/15/30 |
| | | | 131,000 | | | | | | 120,931 | | |
| | | | | | | | | | | 1,268,250 | | |
Home Builders — 0.9% | | ||||||||||||
Beazer Homes USA, Inc. | | | | | | | | | | | | | |
7.250%, due 10/15/29 |
| | | | 92,000 | | | | | | 76,130 | | |
Meritage Homes Corp. | | | | | | | | | | | | | |
3.875%, due 4/15/29 |
| | | | 86,000 | | | | | | 69,118 | | |
Tri Pointe Homes, Inc. | | | | | | | | | | | | | |
5.700%, due 6/15/28 |
| | | | 79,000 | | | | | | 68,444 | | |
| | | | | | | | | | | 213,692 | | |
Insurance — 0.3% | | ||||||||||||
Global Atlantic Fin Co. | | | | | | | | | | | | | |
4.700%,
(5 Year US CMT T-Note + 3.80%), due 10/15/51(a)
|
| | | | 96,000 | | | | | | 70,713 | | |
Internet — 1.2% | | ||||||||||||
Cogent Communications Group, Inc. | | | | | | | | | | | | | |
3.500%, due 5/1/26 |
| | | | 85,000 | | | | | | 76,713 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
4.125%, due 8/1/30 |
| | | | 120,000 | | | | | | 98,041 | | |
Uber Technologies, Inc. | | | | | | | | | | | | | |
4.500%, due 8/15/29 |
| | | | 158,000 | | | | | | 135,438 | | |
| | | | | | | | | | | 310,192 | | |
Leisure Time — 2.9% | | ||||||||||||
NCL Corp Ltd. | | | | | | | | | | | | | |
5.875%, due 3/15/26 |
| | | | 107,000 | | | | | | 87,606 | | |
5.875%, due 2/15/27 |
| | | | 107,000 | | | | | | 95,498 | | |
7.750%, due 2/15/29 |
| | | | 210,000 | | | | | | 167,292 | | |
Royal Caribbean Cruises Ltd. | | | | | | | | | | | | | |
4.250%, due 7/1/26 |
| | | | 346,000 | | | | | | 275,087 | | |
5.500%, due 8/31/26 |
| | | | 140,000 | | | | | | 114,464 | | |
| | | | | | | | | | | 739,947 | | |
Media — 6.8% | | ||||||||||||
Cable One, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/30 |
| | | | 96,000 | | | | | | 78,134 | | |
CCO Holdings LLC / CCO
Holdings Capital Corp. |
| | | | | | | | | | | | |
4.250%, due 2/1/31 |
| | | | 119,000 | | | | | | 94,010 | | |
4.250%, due 1/15/34 |
| | | | 121,000 | | | | | | 88,935 | | |
4.500%, due 8/15/30 |
| | | | 96,000 | | | | | | 77,910 | | |
4.500%, due 5/1/32 |
| | | | 155,000 | | | | | | 122,450 | | |
4.750%, due 3/1/30 |
| | | | 133,000 | | | | | | 111,773 | | |
Directv Financing LLC /
Directv Financing Co-Obligor, Inc. |
| | | | | | | | | | | | |
5.875%, due 8/15/27 |
| | | | 197,000 | | | | | | 177,418 | | |
iHeartCommunications, Inc. | | | | | | | | | | | | | |
8.375%, due 5/1/27 |
| | | | 261,000 | | | | | | 234,454 | | |
Nexstar Media, Inc. | | | | | | | | | | | | | |
4.750%, due 11/1/28 |
| | | | 131,000 | | | | | | 114,966 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
Sirius XM Radio, Inc. | | | | | | | | | | | | | |
3.875%, due 9/1/31 |
| | | $ | 84,000 | | | | | $ | 67,200 | | |
4.000%, due 7/15/28 |
| | | | 107,000 | | | | | | 91,985 | | |
4.125%, due 7/1/30 |
| | | | 90,000 | | | | | | 73,646 | | |
TEGNA, Inc. | | | | | | | | | | | | | |
4.750%, due 3/15/26 |
| | | | 262,000 | | | | | | 254,511 | | |
Univision Communications, Inc. | | | | | | | | | | | | | |
4.500%, due 5/1/29 |
| | | | 139,000 | | | | | | 117,021 | | |
| | | | | | | | | | | 1,704,413 | | |
Mining — 1.5% | | ||||||||||||
Arconic Corp. | | | | | | | | | | | | | |
6.125%, due 2/15/28 |
| | | | 155,000 | | | | | | 145,294 | | |
Novelis Corp. | | | | | | | | | | | | | |
3.250%, due 11/15/26 |
| | | | 102,000 | | | | | | 89,274 | | |
4.750%, due 1/30/30 |
| | | | 163,000 | | | | | | 138,476 | | |
| | | | | | | | | | | 373,044 | | |
Office/Business Equipment — 1.1% | | ||||||||||||
Xerox Corp. | | | | | | | | | | | | | |
3.800%, due 5/15/24 |
| | | | 139,000 | | | | | | 132,461 | | |
Xerox Holdings Corp. | | | | | | | | | | | | | |
5.500%, due 8/15/28 |
| | | | 177,000 | | | | | | 139,830 | | |
| | | | | | | | | | | 272,291 | | |
Oil & Gas — 7.9% | | ||||||||||||
Ascent Resources Utica
Holdings LLC / ARU Finance Corp. |
| | | | | | | | | | | | |
9.000%, due 11/1/27 |
| | | | 201,000 | | | | | | 245,220 | | |
Callon Petroleum Co. | | | | | | | | | | | | | |
6.375%, due 7/1/26 |
| | | | 87,000 | | | | | | 83,427 | | |
7.500%, due 6/15/30 |
| | | | 103,000 | | | | | | 97,829 | | |
8.000%, due 8/1/28 |
| | | | 81,000 | | | | | | 80,701 | | |
CNX Resources Corp. | | | | | | | | | | | | | |
6.000%, due 1/15/29 |
| | | | 88,000 | | | | | | 82,147 | | |
Laredo Petroleum, Inc. | | | | | | | | | | | | | |
7.750%, due 7/31/29 |
| | | | 126,000 | | | | | | 119,700 | | |
10.125%, due 1/15/28 |
| | | | 67,000 | | | | | | 65,828 | | |
Occidental Petroleum Corp. | | | | | | | | | | | | | |
2.900%, due 8/15/24 |
| | | | 272,000 | | | | | | 261,717 | | |
5.550%, due 3/15/26 |
| | | | 110,000 | | | | | | 111,650 | | |
7.500%, due 5/1/31 |
| | | | 81,000 | | | | | | 87,075 | | |
8.875%, due 7/15/30 |
| | | | 112,000 | | | | | | 127,120 | | |
Range Resources Corp. | | | | | | | | | | | | | |
4.750%, due 2/15/30 |
| | | | 76,000 | | | | | | 67,185 | | |
Rockcliff Energy II LLC | | | | | | | | | | | | | |
5.500%, due 10/15/29 |
| | | | 89,000 | | | | | | 79,266 | | |
Southwestern Energy Co. | | | | | | | | | | | | | |
5.375%, due 3/15/30 |
| | | | 114,000 | | | | | | 105,450 | | |
7.750%, due 10/1/27 |
| | | | 195,000 | | | | | | 200,591 | | |
Sunoco LP / Sunoco Finance Corp. | | | | | | | | | | | | | |
5.875%, due 3/15/28 |
| | | | 117,000 | | | | | | 111,381 | | |
Tap Rock Resources LLC | | | | | | | | | | | | | |
7.000%, due 10/1/26 |
| | | | 76,000 | | | | | | 70,958 | | |
| | | | | | | | | | | 1,997,245 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Oil & Gas Services — 2.0% | | ||||||||||||
Archrock Partners LP /
Archrock Partners Finance Corp. |
| | | | | | | | | | | | |
6.250%, due 4/1/28 |
| | | $ | 127,000 | | | | | $ | 118,097 | | |
6.875%, due 4/1/27 |
| | | | 127,000 | | | | | | 120,967 | | |
USA Compression
Partners LP / USA Compression Finance Corp. |
| | | | | | | | | | | | |
6.875%, due 4/1/26 |
| | | | 112,000 | | | | | | 107,505 | | |
6.875%, due 9/1/27 |
| | | | 163,000 | | | | | | 155,665 | | |
| | | | | | | | | | | 502,234 | | |
Packaging & Containers — 0.7% | | ||||||||||||
Ardagh Packaging
Finance PLC / Ardagh Holdings USA, Inc. |
| | | | | | | | | | | | |
4.125%, due 8/15/26 |
| | | | 95,000 | | | | | | 81,700 | | |
Mauser Packaging Solutions Holding
Co. |
| | | | | | | | | | | | |
5.500%, due 4/15/24 |
| | | | 91,000 | | | | | | 89,180 | | |
| | | | | | | | | | | 170,880 | | |
Pharmaceuticals — 1.5% | | ||||||||||||
Elanco Animal Health, Inc. | | | | | | | | | | | | | |
6.400%, due 8/28/28 |
| | | | 133,000 | | | | | | 118,984 | | |
PRA Health Sciences, Inc. | | | | | | | | | | | | | |
2.875%, due 7/15/26 |
| | | | 284,000 | | | | | | 255,953 | | |
| | | | | | | | | | | 374,937 | | |
Pipelines — 3.5% | | ||||||||||||
Cheniere Energy Partners LP | | | | | | | | | | | | | |
4.500%, due 10/1/29 |
| | | | 140,000 | | | | | | 123,613 | | |
Cheniere Energy, Inc. | | | | | | | | | | | | | |
4.625%, due 10/15/28 |
| | | | 87,000 | | | | | | 80,258 | | |
CNX Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 4/15/30 |
| | | | 120,000 | | | | | | 98,700 | | |
EnLink Midstream LLC | | | | | | | | | | | | | |
5.625%, due 1/15/28 |
| | | | 90,000 | | | | | | 86,261 | | |
Genesis Energy LP /
Genesis Energy Finance Corp. |
| | | | | | | | | | | | |
7.750%, due 2/1/28 |
| | | | 291,000 | | | | | | 277,541 | | |
Venture Global Calcasieu Pass LLC | | | | | | | | | | | | | |
3.875%, due 8/15/29 |
| | | | 137,000 | | | | | | 117,478 | | |
Western Midstream Operating LP | | | | | | | | | | | | | |
4.750%, due 8/15/28 |
| | | | 90,000 | | | | | | 83,025 | | |
| | | | | | | | | | | 866,876 | | |
REITS — 2.0% | | ||||||||||||
Iron
Mountain Information Management Services, Inc. |
| | | | | | | | | | | | |
5.000%, due 7/15/32 |
| | | | 79,000 | | | | | | 65,151 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/31 |
| | | | 88,000 | | | | | | 71,280 | | |
5.250%, due 7/15/30 |
| | | | 110,000 | | | | | | 94,909 | | |
Park Intermediate
Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer |
| | | | | | | | | | | | |
4.875%, due 5/15/29 |
| | | | 107,000 | | | | | | 91,238 | | |
SBA Communications Corp. | | | | | | | | | | | | | |
3.125%, due 2/1/29 |
| | | | 124,000 | | | | | | 100,221 | | |
XHR LP | | | | | | | | | | | | | |
4.875%, due 6/1/29 |
| | | | 84,000 | | | | | | 72,467 | | |
| | | | | | | | | | | 495,266 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Retail — 5.9% | | ||||||||||||
Arko Corp. | | | | | | | | | | | | | |
5.125%, due 11/15/29 |
| | | $ | 108,000 | | | | | $ | 85,508 | | |
Asbury Automotive Group, Inc. | | | | | | | | | | | | | |
4.750%, due 3/1/30 |
| | | | 126,000 | | | | | | 103,224 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
6.950%, due 3/1/33 |
| | | | 300,000 | | | | | | 247,020 | | |
Foot Locker, Inc. | | | | | | | | | | | | | |
4.000%, due 10/1/29 |
| | | | 112,000 | | | | | | 85,621 | | |
Group 1 Automotive, Inc. | | | | | | | | | | | | | |
4.000%, due 8/15/28 |
| | | | 122,000 | | | | | | 100,332 | | |
Lithia Motors, Inc. | | | | | | | | | | | | | |
4.375%, due 1/15/31 |
| | | | 124,000 | | | | | | 100,679 | | |
Macy’s Retail Holdings LLC | | | | | | | | | | | | | |
6.125%, due 3/15/32 |
| | | | 99,000 | | | | | | 82,256 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.375%, due 4/1/30 |
| | | | 103,000 | | | | | | 79,053 | | |
QVC, Inc. | | | | | | | | | | | | | |
4.850%, due 4/1/24 |
| | | | 93,000 | | | | | | 89,066 | | |
Sonic Automotive, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/29 |
| | | | 112,000 | | | | | | 87,687 | | |
4.875%, due 11/15/31 |
| | | | 94,000 | | | | | | 70,916 | | |
White Cap Parent LLC | | | | | | | | | | | | | |
8.250%, due 3/15/26 |
| | | | 243,000 | | | | | | 205,335 | | |
Yum! Brands, Inc. | | | | | | | | | | | | | |
4.625%, due 1/31/32 |
| | | | 167,000 | | | | | | 142,790 | | |
| | | | | | | | | | | 1,479,487 | | |
Software — 2.7% | | ||||||||||||
Fair Isaac Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/26 |
| | | | 249,000 | | | | | | 246,435 | | |
MSCI, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/29 |
| | | | 196,000 | | | | | | 170,191 | | |
PTC, Inc. | | | | | | | | | | | | | |
3.625%, due 2/15/25 |
| | | | 157,000 | | | | | | 149,626 | | |
4.000%, due 2/15/28 |
| | | | 135,000 | | | | | | 122,274 | | |
| | | | | | | | | | | 688,526 | | |
Telecommunications — 2.0% | | ||||||||||||
Frontier Communications Holdings LLC | | | | | | | | | | | | | |
5.000%, due 5/1/28 |
| | | | 253,000 | | | | | | 221,375 | | |
5.875%, due 10/15/27 |
| | | | 158,000 | | | | | | 145,333 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.750%, due 7/15/29 |
| | | | 166,000 | | | | | | 126,117 | | |
| | | | | | | | | | | 492,825 | | |
Transportation — 1.7% | | ||||||||||||
First
Student Bidco, Inc. / First Transit Parent, Inc. |
| | | | | | | | | | | | |
4.000%, due 7/31/29 |
| | | | 223,000 | | | | | | 181,210 | | |
XPO Logistics, Inc. | | | | | | | | | | | | | |
6.250%, due 5/1/25 |
| | | | 255,000 | | | | | | 257,602 | | |
| | | | | | | | | | | 438,812 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $20,146,650) |
| | | | | | | | | | 20,198,641 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds — 14.8% | | ||||||||||||
Aerospace & Defense — 1.1% | | ||||||||||||
Bombardier, Inc., (Canada) | | | | | | | | | | | | | |
7.875%, due 4/15/27 |
| | | $ | 288,000 | | | | | $ | 273,522 | | |
Banks — 1.4% | | ||||||||||||
Intesa Sanpaolo SpA, (Italy) | | | | | | | | | | | | | |
5.710%, due 1/15/26 |
| | | | 83,000 | | | | | | 77,317 | | |
UniCredit SpA, (Italy) | | | | | | | | | | | | | |
7.296%,
(USD 5 Year Swap + 4.91%), due 4/2/34(a)
|
| | | | 330,000 | | | | | | 279,985 | | |
| | | | | | | | | | | 357,302 | | |
Beverages — 0.4% | | ||||||||||||
Primo Water Holdings, Inc., (Canada) | | | | | | | | | | | | | |
4.375%, due 4/30/29 |
| | | | 137,000 | | | | | | 114,788 | | |
Chemicals — 1.4% | | ||||||||||||
INEOS
Quattro Finance 2 PLC, (United Kingdom) |
| | | ||||||||||
3.375%, due 1/15/26 |
| | | | 139,000 | | | | | | 117,555 | | |
SPCM SA, (France) | | | | | | | | | | | | | |
3.125%, due 3/15/27 |
| | | | 264,000 | | | | | | 231,990 | | |
| | | | | | | | | | | 349,545 | | |
Commercial Services — 1.0% | | ||||||||||||
Ritchie Bros Auctioneers, Inc., (Canada) | | | | | | | | | | | | | |
5.375%, due 1/15/25 |
| | | | 246,000 | | | | | | 242,310 | | |
Electric — 0.8% | | ||||||||||||
Electricite de France SA, (France) | | | | | | | | | | | | | |
5.625%,
(USD 10 Year Swap + 3.04%), due 7/22/71(a)
|
| | | | 243,000 | | | | | | 213,687 | | |
Environmental Control — 0.3% | | ||||||||||||
GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | |
3.500%, due 9/1/28 |
| | | | 90,000 | | | | | | 76,304 | | |
Forest Products & Paper — 0.4% | | ||||||||||||
Ahlstrom-Munksjo Holding 3 Oy,
(Finland) |
| | | | | | | | | | | | |
4.875%, due 2/4/28 |
| | | | 123,000 | | | | | | 97,922 | | |
Home Builders — 1.6% | | ||||||||||||
Brookfield Residential
Properties, Inc. / Brookfield Residential US LLC, (Canada) |
| | | | | | | | | | | | |
5.000%, due 6/15/29 |
| | | | 328,000 | | | | | | 247,059 | | |
Mattamy Group Corp., (Canada) | | | | | | | | | | | | | |
5.250%, due 12/15/27 |
| | | | 171,000 | | | | | | 146,111 | | |
| | | | | | | | | | | 393,170 | | |
Machinery-Diversified — 0.8% | | ||||||||||||
Husky III Holding Ltd., (Canada) | | | | | | | | | | | | | |
13.000%, due 2/15/25 |
| | | | 223,000 | | | | | | 203,773 | | |
Media — 2.4% | | ||||||||||||
UPC Broadband Finco BV, (Netherlands) | | | | | | | | | | | | | |
4.875%, due 7/15/31 |
| | | | 104,000 | | | | | | 87,332 | | |
Virgin Media Finance
PLC, (United Kingdom) |
| | | | | | | | | | | | |
5.000%, due 7/15/30 |
| | | | 98,000 | | | | | | 78,536 | | |
Virgin
Media Secured Finance PLC, (United Kingdom) |
| | | | | | | | | | | | |
5.500%, due 5/15/29 |
| | | | 135,000 | | | | | | 122,677 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
Virgin Media Vendor
Financing Notes IV DAC, (United Kingdom) |
| | | | | | | | | | | | |
5.000%, due 7/15/28 |
| | | $ | 79,000 | | | | | $ | 67,261 | | |
VZ Secured Financing BV, (Netherlands) | | | | | | | | | | | | | |
5.000%, due 1/15/32 |
| | | | 114,000 | | | | | | 90,868 | | |
Ziggo Bond Co. BV, (Netherlands) | | | | | | | | | | | | | |
5.125%, due 2/28/30 |
| | | | 83,000 | | | | | | 65,771 | | |
Ziggo BV, (Netherlands) | | | | | | | | | | | | | |
4.875%, due 1/15/30 |
| | | | 101,000 | | | | | | 84,775 | | |
| | | | | | | | | | | 597,220 | | |
Retail — 0.6% | | ||||||||||||
1011778 BC ULC / New
Red Finance, Inc., (Canada) |
| | | | | | | | | | | | |
4.000%, due 10/15/30 |
| | | | 202,000 | | | | | | 164,883 | | |
Software — 0.6% | | ||||||||||||
Open Text Corp., (Canada) | | | | | | | | | | | | | |
3.875%, due 12/1/29 |
| | | | 179,000 | | | | | | 141,858 | | |
Telecommunications — 2.0% | | ||||||||||||
Telecom Italia Capital SA, (Italy) | | | | | | | | | | | | | |
7.721%, due 6/4/38 |
| | | | 306,000 | | | | | | 243,270 | | |
Vmed O2 UK Financing I
PLC, (United Kingdom) |
| | | | | | | | | | | | |
4.750%, due 7/15/31 |
| | | | 149,000 | | | | | | 120,401 | | |
Vodafone Group PLC, (United
Kingdom) |
| | | | | | | | | | | | |
7.000%,
(USD 5 Year Swap + 4.87%), due 4/4/79(a)
|
| | | | 148,000 | | | | | | 140,600 | | |
| | | | | | | | | | | 504,271 | | |
Total Foreign Bonds | | | | | | | | | | | | | |
(Cost $3,749,097) |
| | | | | | | | | | 3,730,555 | | |
|
| | |
Shares |
| |
Value |
| ||||||
Short-Term Investment — 2.3% | | | | ||||||||||
Money Market Fund — 2.3% | | | | ||||||||||
BlackRock Liquidity
Funds Treasury Trust Fund Portfolio, Institutional Class, 2.92%(b) |
| | | | | | | | | | | | |
(Cost $576,905) |
| | |
|
576,905 |
| | | | $ | 576,905 | | |
Total Investments — 97.5% | | | | | | | | | | | | | |
(Cost $24,472,652) |
| | | | | | | | | | 24,506,101 | | |
Other
Assets and Liabilities, Net — 2.5% |
| | | | | | | | | | 617,535 | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 25,123,636 | | |
| CMT | | | — | | | Constant Maturity Treasury Index | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bonds |
| | | $ | — | | | | | $ | 20,198,641 | | | | | $ | — | | | | | $ | 20,198,641 | | |
Foreign Bonds |
| | | | — | | | | | | 3,730,555 | | | | | | — | | | | | | 3,730,555 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 576,905 | | | | | | — | | | | | | — | | | | | | 576,905 | | |
Total Investments in Securities |
| | | $ | 576,905 | | | | | $ | 23,929,196 | | | | | $ | — | | | | | $ | 24,506,101 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Long-Term Bonds — 98.2% | | ||||||||||||
Collateralized Mortgage Obligations — 7.2% | | ||||||||||||
Mortgage Securities — 7.2% | | ||||||||||||
Fannie Mae Connecticut
Avenue Securities |
| | | | | | | | | | | | |
Series 2017-C04 2M2,
6.436%, (1-Month LIBOR + 2.85%), due 11/25/29(a) |
| | | $ | 66,709 | | | | | $ | 67,397 | | |
Series 2017-C07 1B1,
7.586%, (1-Month LIBOR + 4.00%), due 5/25/30(a) |
| | | | 120,000 | | | | | | 121,275 | | |
Series 2018-C01 1B1,
7.136%, (1-Month LIBOR + 3.55%), due 7/25/30(a) |
| | | | 100,000 | | | | | | 99,691 | | |
Series 2018-C03 1B1,
7.336%, (1-Month LIBOR + 3.75%), due 10/25/30(a) |
| | | | 175,000 | | | | | | 172,868 | | |
Series 2018-C04 2B1,
8.086%, (1-Month LIBOR + 4.50%), due 12/25/30(a) |
| | | | 75,000 | | | | | | 75,861 | | |
Series 2018-C05 1B1,
7.836%, (1-Month LIBOR + 4.25%), due 1/25/31(a) |
| | | | 85,000 | | | | | | 85,791 | | |
Series 2018-C06 1M2,
5.586%, (1-Month LIBOR + 2.00%), due 3/25/31(a) |
| | | | 40,282 | | | | | | 40,120 | | |
Fannie Mae REMICS | | | | | | | | | | | | | |
Series 2016-57 SN, 2.464%, (1-Month LIBOR + 6.05%), due 6/25/46(a)(g) |
| | | | 84,382 | | | | | | 7,907 | | |
Series 2019-32 SB, 2.464%, (1-Month LIBOR + 6.05%), due 6/25/49(a)(g) |
| | | | 74,584 | | | | | | 6,635 | | |
Series 2020-49 PB, 1.750%, due 7/25/50 |
| | | | 43,533 | | | | | | 33,865 | | |
Series 2021-34 MI, 2.500%, due 3/25/51(g) |
| | | | 89,809 | | | | | | 11,758 | | |
Freddie Mac REMICS | | | | | | | | | | | | | |
Series 2020-5036, 3.500%, due 11/25/50(g) |
| | | | 72,622 | | | | | | 15,121 | | |
Series 2020-5040, 3.500%, due 11/25/50(g) |
| | | | 72,075 | | | | | | 12,325 | | |
Freddie Mac STACR REMIC Trust 2020-DNA6 | | | | | | | | | | | | | |
Series 2020-DNA6 M2, 4.997%, (SOFR + 2.00%), due 12/25/50(a) |
| | | | 90,390 | | | | | | 88,898 | | |
Freddie Mac STACR REMIC Trust 2021-HQA2 | | | | | | | | | | | | | |
Series 2021-HQA2 B1, 6.147%, (SOFR + 3.15%), due 12/25/33(a) |
| | | | 90,000 | | | | | | 71,671 | | |
Freddie Mac STACR REMIC Trust 2021-HQA3 | | | | | | | | | | | | | |
Series 2021-HQA3 B1, 6.347%, (SOFR + 3.35%), due 9/25/41(a) |
| | | | 90,000 | | | | | | 76,926 | | |
Series 2021-HQA3 M2, 5.097%, (SOFR + 2.10%), due 9/25/41(a) |
| | | | 90,000 | | | | | | 76,557 | | |
Freddie Mac STACR REMIC Trust 2022-DNA2 | | | | | | | | | | | | | |
Series 2022-DNA2 M1B, 5.397%, (SOFR + 2.40%), due 2/25/42(a) |
| | | | 65,000 | | | | | | 59,800 | | |
Freddie Mac STACR REMIC Trust 2022-DNA3 | | | | | | | | | | | | | |
Series 2022-DNA3 M1B, 5.897%, (SOFR + 2.90%), due 4/25/42(a) |
| | | | 128,000 | | | | | | 118,720 | | |
Freddie Mac STACR Trust 2019-DNA1 | | | | | | | | | | | | | |
Series 2019-DNA1 B1,
8.236%, (1-Month LIBOR + 4.65%), due 1/25/49(a) |
| | | | 70,000 | | | | | | 71,540 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac STACR Trust 2019-DNA2 | | | | | | | | | | | | | |
Series 2019-DNA2 B1,
7.936%, (1-Month LIBOR + 4.35%), due 3/25/49(a) |
| | | $ | 95,000 | | | | | $ | 95,000 | | |
Freddie Mac Strips | | | | | | | | | | | | | |
Series 2013-311, 0.000%, due 8/15/43(b)(h) |
| | | | 18,073 | | | | | | 13,096 | | |
Series 2013-311 S1,
2.538%, (1-Month LIBOR + 5.95%), due 8/15/43(a)(g) |
| | | | 71,388 | | | | | | 6,262 | | |
Government National
Mortgage Association |
| | | | | | | | | | | | |
Series 2019-136 YS, 0.000%(f), (1-Month LIBOR + 2.83%), due 11/20/49(a)(g) |
| | | | 49,874 | | | | | | 131 | | |
Series 2020-5 AF, 3.500%, (1-Month LIBOR + 0.68%), due 1/20/50(a) |
| | | | 34,899 | | | | | | 30,252 | | |
Series 2021-136 SB, 0.280%, (SOFR + 3.20%), due 8/20/51(a)(g) |
| | | | 314,822 | | | | | | 7,911 | | |
Series 2021-41 FS, 2.000%, (SOFR + 0.20%), due 10/20/50(a)(g) |
| | | | 74,944 | | | | | | 8,623 | | |
Series 2021-57 AI, 2.000%, due 2/20/51(g) |
| | | | 113,943 | | | | | | 11,955 | | |
Series 2021-96 FG, 3.220%, (SOFR + 0.30%), due 6/20/51(a) |
| | | | 82,226 | | | | | | 72,529 | | |
J.P. Morgan Mortgage Trust 2022-INV3 | | | | | | | | | | | | | |
Series 2022-INV3 A3B, 3.000%, due 9/25/52(a)(c) |
| | | | 93,570 | | | | | | 75,086 | | |
OBX 2019-INV2 Trust | | | | | | | | | | | | | |
Series 2019-INV2 A5, 4.000%, due 5/27/49(a)(c) |
| | | | 30,228 | | | | | | 27,987 | | |
| | | | | | | | | | | 1,663,558 | | |
Total Collateralized
Mortgage Obligations (Cost $1,732,392) |
| | | | | | | | | | 1,663,558 | | |
Commercial Asset-Backed Securities — 8.1% | | ||||||||||||
Asset Backed Securities — 8.1% | | ||||||||||||
AMSR 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.632%, due 7/17/37 |
| | | | 100,000 | | | | | | 90,748 | | |
CF Hippolyta Issuer LLC | | | | | | | | | | | | | |
Series 2020-1 A1, 1.690%, due 7/15/60 |
| | | | 91,436 | | | | | | 80,383 | | |
Series 2021-1A
A1, 1.530%, due 3/15/61 |
| | | | 95,807 | | | | | | 82,131 | | |
DB Master Finance LLC | | | | | | | | | | | | | |
Series 2019-1A A23, 4.352%, due 5/20/49 |
| | | $ | 97,000 | | | | | $ | 85,389 | | |
Drive Auto Receivables Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 D, 1.390%, due 3/15/29 |
| | | | 76,000 | | | | | | 68,727 | | |
Enterprise Fleet Financing 2022-2 LLC | | | | | | | | | | | | | |
Series 2022-2 A3, 4.790%, due 5/21/29 |
| | | | 100,000 | | | | | | 97,069 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
FirstKey Homes 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.266%, due 10/19/37 |
| | | $ | 118,897 | | | | | $ | 104,049 | | |
Flagship Credit Auto Trust 2020-3 | | | | | | | | | | | | | |
Series 2020-3 D, 2.500%, due 9/15/26 |
| | | | 115,000 | | | | | | 105,596 | | |
Hertz Vehicle Financing III LP | | | | | | | | | | | | | |
Series 2021-2A C, 2.520%, due 12/27/27 |
| | | | 140,000 | | | | | | 115,436 | | |
Hertz Vehicle Financing LLC | | | | | | | | | | | | | |
Series 2021-1A A, 1.210%, due 12/26/25 |
| | | | 100,000 | | | | | | 90,856 | | |
Hilton Grand Vacations Trust 2019-A | | | | | | | | | | | | | |
Series 2019-AA B, 2.540%, due 7/25/33 |
| | | | 46,864 | | | | | | 43,590 | | |
Home Partners of America 2021-2 Trust | | | | | | | | | | | | | |
Series 2021-2 A, 1.901%, due 12/17/26 |
| | | | 119,093 | | | | | | 101,316 | | |
MVW 2021-1W LLC | | | | | | | | | | | | | |
Series 2021-1WA B, 1.440%, due 1/22/41 |
| | | | 70,313 | | | | | | 63,704 | | |
Navient Private
Education Refi Loan Trust 2021-A |
| | | | | | | | | | | | |
Series 2021-A A, 0.840%, due 5/15/69 |
| | | | 81,146 | | | | | | 68,542 | | |
New Economy Assets
Phase 1 Sponsor LLC |
| | | | | | | | | | | | |
Series 2021-1 A1, 1.910%, due 10/20/61 |
| | | | 100,000 | | | | | | 83,786 | | |
PFS Financing Corp. | | | | | | | | | | | | | |
Series 2022-A A, 2.470%, due 2/15/27 |
| | | | 100,000 | | | | | | 92,397 | | |
Series 2022-D A, 4.270%, due 8/15/27 |
| | | | 100,000 | | | | | | 95,344 | | |
Series 2022-D B, 4.900%, due 8/15/27 |
| | | | 100,000 | | | | | | 94,561 | | |
Progress Residential 2021-SFR1 | | | | | | | | | | | | | |
Series 2021-SFR1 A, 1.052%, due 4/17/38 |
| | | | 99,912 | | | | | | 84,119 | | |
Progress Residential 2021-SFR4 | | | | | | | | | | | | | |
Series 2021-SFR4 A, 1.558%, due 5/17/38 |
| | | | 100,000 | | | | | | 86,739 | | |
Santander Drive Auto
Receivables Trust 2021-4 |
| | | | | | | | | | | | |
Series 2021-4 D, 1.670%, due 10/15/27 |
| | | | 100,000 | | | | | | 92,191 | | |
Taco Bell Funding LLC | | | | | | | | | | | | | |
Series 2021-1A A23, 2.542%, due 8/25/51 |
| | | | 59,550 | | | | | | 43,468 | | |
| | | | | | | | | | | 1,870,141 | | |
Total Commercial
Asset-Backed Securities (Cost $1,963,679) |
| | | | | | | | | | 1,870,141 | | |
Commercial Mortgage-Backed Securities — 8.1% | | ||||||||||||
Mortgage Securities — 8.1% | | ||||||||||||
BAMLL Commercial
Mortgage Securities Trust 2022-DKLX |
| | | | | | | | | | | | |
Series 2022-DKLX C, 5.526%, (TSFR1M + 2.15%), due 1/15/39(a) |
| | | | 100,000 | | | | | | 94,808 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
BX Commercial Mortgage
Trust 2020-VIV2 |
| | | | | | | | | | | | |
Series 2020-VIV2 C, 3.542%, due 3/9/44(a)(c) |
| | | $ | 100,000 | | | | | $ | 74,275 | | |
BX Commercial Mortgage
Trust 2020-VIVA |
| | | | | | | | | | | | |
Series 2020-VIVA D, 3.549%, due 3/11/44(a)(c) |
| | | | 100,000 | | | | | | 72,321 | | |
BX Commercial Mortgage Trust
2021-21M |
| | | | | | | | | | | | |
Series 2021-21M C, 4.589%, (1-Month LIBOR + 1.18%), due 10/15/36(a) |
| | | | 74,501 | | | | | | 68,750 | | |
BX Commercial Mortgage
Trust 2021-ACNT |
| | | | | | | | | | | | |
Series 2021-ACNT B,
4.663%, (1-Month LIBOR + 1.25%), due 11/15/38(a) |
| | | | 100,000 | | | | | | 94,090 | | |
BX Commercial Mortgage
Trust 2021-VOLT |
| | | | | | | | | | | | |
Series 2021-VOLT E,
5.412%, (1-Month LIBOR + 2.00%), due 9/15/36(a) |
| | | | 100,000 | | | | | | 91,930 | | |
BX Trust 2018-GW | | | | | | | | | | | | | |
Series 2018-GW A, 4.212%, (1-Month LIBOR + 0.80%), due 5/15/35(a) |
| | | | 100,000 | | | | | | 96,572 | | |
BX Trust 2021-ARIA | | | | | | | | | | | | | |
Series 2021-ARIA E,
5.657%, (1-Month LIBOR + 2.24%), due 10/15/36(a) |
| | | | 100,000 | | | | | | 90,148 | | |
BX Trust 2021-RISE | | | | | | | | | | | | | |
Series 2021-RISE B,
4.662%, (1-Month LIBOR + 1.25%), due 11/15/36(a) |
| | | | 100,000 | | | | | | 94,630 | | |
Series 2021-RISE C,
4.862%, (1-Month LIBOR + 1.45%), due 11/15/36(a) |
| | | | 100,000 | | | | | | 93,280 | | |
BX Trust 2022-PSB | | | | | | | | | | | | | |
Series 2022-PSB D, 8.069%, (TSFR1M + 4.69%), due 8/15/39(a) |
| | | | 100,000 | | | | | | 99,531 | | |
BXHPP Trust 2021-FILM | | | | | | | | | | | | | |
Series 2021-FILM B,
4.312%, (1-Month LIBOR + 0.90%), due 8/15/36(a) |
| | | | 130,000 | | | | | | 120,417 | | |
CSMC 2020-WEST Trust | | | | | | | | | | | | | |
Series 2020-WEST A, 3.040%, due 2/15/35 |
| | | | 100,000 | | | | | | 77,870 | | |
FREMF 2017-K71 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K71
B, 3.752%, due 11/25/50(a)(c) |
| | | | 100,000 | | | | | | 89,916 | | |
FREMF 2019-K99 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K99 B, 3.645%, due 10/25/52(a)(c) |
| | | | 100,000 | | | | | | 86,311 | | |
Hudson Yards 2019-30HY Mortgage Trust | | | | | | | | | | | | | |
Series 2019-30HY A, 3.228%, due 7/10/39 |
| | | | 100,000 | | | | | | 83,959 | | |
J.P. Morgan Chase
Commercial Mortgage Securities Trust 2019-OSB |
| | | | | | | | | | | | |
Series 2019-OSB A, 3.397%, due 6/5/39 |
| | | | 100,000 | | | | | | 84,605 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Manhattan West 2020-1MW
Mortgage Trust |
| | | | | | | | | | | | |
Series 2020-1MW A, 2.130%, due 9/10/39 |
| | | $ | 100,000 | | | | | $ | 84,142 | | |
Multifamily Connecticut
Avenue Securities Trust 2019-01 |
| | | | | | | | | | | | |
Series 2019-01 M10,
6.836%, (1-Month LIBOR + 3.25%), due 10/25/49(a) |
| | | | 95,984 | | | | | | 88,422 | | |
Multifamily Connecticut
Avenue Securities Trust 2020-01 |
| | | | | | | | | | | | |
Series 2020-01 M10,
7.336%, (1-Month LIBOR + 3.75%), due 3/25/50(a) |
| | | | 35,000 | | | | | | 32,447 | | |
One Bryant Park Trust 2019-OBP | | | | | | | | | | | | | |
Series 2019-OBP A, 2.516%, due 9/15/54 |
| | | | 100,000 | | | | | | 79,653 | | |
SLG Office Trust 2021-OVA | | | | | | | | | | | | | |
Series 2021-OVA A, 2.585%, due 7/15/41 |
| | | | 100,000 | | | | | | 77,769 | | |
| | | | | | | | | | | 1,875,846 | | |
Total Commercial
Mortgage-Backed Securities (Cost $1,982,169) |
| | | | | | | | | | 1,875,846 | | |
Corporate Bonds — 38.0% | | ||||||||||||
Advertising — 0.1% | | ||||||||||||
Clear Channel Outdoor Holdings, Inc. | | | | | | | | | | | | | |
5.125%, due 8/15/27 |
| | | | 12,000 | | | | | | 10,800 | | |
Lamar Media Corp. | | | | | | | | | | | | | |
4.000%, due 2/15/30 |
| | | | 16,000 | | | | | | 13,586 | | |
| | | | | | | | | | | 24,386 | | |
Aerospace/Defense — 0.2% | | ||||||||||||
Boeing Co. (The) | | | | | | | | | | | | | |
3.750%, due 2/1/50 |
| | | | 35,000 | | | | | | 22,394 | | |
Howmet Aerospace, Inc. | | | | | | | | | | | | | |
3.000%, due 1/15/29 |
| | | | 34,000 | | | | | | 28,301 | | |
| | | | | | | | | | | 50,695 | | |
Agriculture — 0.3% | | ||||||||||||
Altria Group, Inc. | | | | | | | | | | | | | |
4.800%, due 2/14/29 |
| | | | 50,000 | | | | | | 46,029 | | |
Darling Ingredients, Inc. | | | | | | | | | | | | | |
5.250%, due 4/15/27 |
| | | | 22,000 | | | | | | 21,120 | | |
6.000%, due 6/15/30 |
| | | | 6,000 | | | | | | 5,775 | | |
| | | | | | | | | | | 72,924 | | |
Airlines — 2.2% | | ||||||||||||
Allegiant Travel Co. | | | | | | | | | | | | | |
7.250%, due 8/15/27 |
| | | | 5,000 | | | | | | 4,700 | | |
American Airlines, Inc. | | | | | | | | | | | | | |
11.750%, due 7/15/25 |
| | | | 16,000 | | | | | | 17,498 | | |
American Airlines,
Inc./AAdvantage Loyalty IP Ltd. |
| | | | | | | | | | | | |
5.500%, due 4/20/26 |
| | | | 12,000 | | | | | | 11,428 | | |
Delta Air Lines Inc / SkyMiles IP Ltd. | | | | | | | | | | | | | |
4.750%, due 10/20/28 |
| | | | 90,000 | | | | | | 83,726 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Airlines (continued) | | ||||||||||||
JetBlue 2019-1
Class AA Pass-Through Trust |
| | | | | | | | | | | | |
Series 2019-12.750%, due 5/15/32 |
| | | $ | 102,380 | | | | | $ | 81,305 | | |
Mileage Plus Holdings
LLC / Mileage Plus Intellectual Property Assets Ltd. |
| | | | | | | | | | | | |
6.500%, due 6/20/27 |
| | | | 102,600 | | | | | | 101,431 | | |
Southwest Airlines Co. | | | | | | | | | | | | | |
1.250%, due 5/1/25 |
| | | | 94,000 | | | | | | 115,573 | | |
United Airlines 2020-1
Class A Pass-Through Trust |
| | | | | | | | | | | | |
Series 2020-15.875%, due 10/15/27 |
| | | | 86,942 | | | | | | 83,888 | | |
United Airlines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/26 |
| | | | 6,000 | | | | | | 5,476 | | |
4.625%, due 4/15/29 |
| | | | 6,000 | | | | | | 5,132 | | |
| | | | | | | | | | | 510,157 | | |
Auto Manufacturers — 1.0% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
7.400%, due 11/1/46 |
| | | | 12,000 | | | | | | 11,049 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.375%, due 11/13/25 |
| | | | 22,000 | | | | | | 19,959 | | |
4.950%, due 5/28/27 |
| | | | 22,000 | | | | | | 20,140 | | |
5.584%, due 3/18/24 |
| | | | 12,000 | | | | | | 11,818 | | |
General Motors Co. | | | | | | | | | | | | | |
6.125%, due 10/1/25 |
| | | | 60,000 | | | | | | 59,748 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
2.350%, due 1/8/31 |
| | | | 80,000 | | | | | | 58,566 | | |
Nissan Motor Acceptance Co. LLC | | | | | | | | | | | | | |
1.850%, due 9/16/26 |
| | | | 75,000 | | | | | | 58,841 | | |
| | | | | | | | | | | 240,121 | | |
Auto Parts & Equipment — 0.2% | | ||||||||||||
Clarios Global LP | | | | | | | | | | | | | |
6.750%, due 5/15/25 |
| | | | 6,000 | | | | | | 6,003 | | |
Clarios Global LP /
Clarios US Finance Co. |
| | | | | | | | | | | | |
6.250%, due 5/15/26 |
| | | | 6,000 | | | | | | 5,805 | | |
8.500%, due 5/15/27 |
| | | | 16,000 | | | | | | 15,680 | | |
Dana, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/32 |
| | | | 16,000 | | | | | | 12,233 | | |
Goodyear Tire & Rubber Co. (The) | | | | | | | | | | | | | |
4.875%, due 3/15/27 |
| | | | 12,000 | | | | | | 10,920 | | |
| | | | | | | | | | | 50,641 | | |
Banks — 5.0% | | ||||||||||||
Bank of America Corp. | | | | | | | | | | | | | |
2.087%, (SOFR + 1.06%), due 6/14/29(a) |
| | | | 85,000 | | | | | | 68,783 | | |
2.496%, (3-Month LIBOR + 0.99%), due 2/13/31(a) |
| | | | 90,000 | | | | | | 70,710 | | |
4.250%, due 10/22/26 |
| | | | 90,000 | | | | | | 85,013 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
2.520%, (SOFR + 1.18%), due 11/3/32(a) |
| | | | 90,000 | | | | | | 67,333 | | |
Series Y4.150%, (US 5 Year CMT T-Note + 3.00%), due 2/15/71(a) |
| | | | 125,000 | | | | | | 97,637 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Citizens Financial Group, Inc. | | | | | | | | | | | | | |
Series G4.000%, (US 5 Year CMT T-Note + 3.22%), due 10/6/71(a) |
| | | $ | 95,000 | | | | | $ | 75,146 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
2.615%, (SOFR + 1.28%), due 4/22/32(a) |
| | | | 75,000 | | | | | | 57,207 | | |
Series .4.075%, (3-Month LIBOR + 1.17%), due 5/15/26(a) |
| | | | 90,000 | | | | | | 88,829 | | |
Series V4.125%, (US 5 Year CMT T-Note + 2.95%), due 5/10/71(a) |
| | | | 90,000 | | | | | | 70,650 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
2.182%, (SOFR + 1.89%), due 6/1/28(a) |
| | | | 100,000 | | | | | | 84,591 | | |
Series HH4.600%, (SOFR +
3.13%), due 8/1/71(a) |
| | | | 100,000 | | | | | | 89,240 | | |
Morgan Stanley | | | | | | | | | | | | | |
2.484%, (SOFR + 1.36%), due 9/16/36(a) |
| | | | 110,000 | | | | | | 77,878 | | |
2.511%, (SOFR + 1.20%), due 10/20/32(a) |
| | | | 90,000 | | | | | | 67,760 | | |
SVB Financial Group | | | | | | | | | | | | | |
Series C4.000%, (US 5 Year CMT T-Note + 3.20%), due 8/15/71(a) |
| | | | 65,000 | | | | | | 45,487 | | |
Wells Fargo & Co. | | | | | | | | | | | | | |
2.879%, (TSFR3M + 1.43%), due 10/30/30(a) |
| | | | 20,000 | | | | | | 16,409 | | |
3.526%, (SOFR + 1.51%), due 3/24/28(a) |
| | | | 105,000 | | | | | | 94,548 | | |
| | | | | | | | | | | 1,157,221 | | |
Beverages — 0.0%(d) | | ||||||||||||
Triton Water Holdings, Inc. | | | | | | | | | | | | | |
6.250%, due 4/1/29 |
| | | | 6,000 | | | | | | 4,544 | | |
Biotechnology — 0.5% | | ||||||||||||
BioMarin Pharmaceutical, Inc. | | | | | | | | | | | | | |
1.250%, due 5/15/27 |
| | | | 123,000 | | | | | | 123,049 | | |
Building Materials — 0.1% | | ||||||||||||
Camelot Return Merger Sub, Inc. | | | | | | | | | | | | | |
8.750%, due 8/1/28 |
| | | | 7,000 | | | | | | 5,827 | | |
Standard Industries, Inc. | | | | | | | | | | | | | |
4.375%, due 7/15/30 |
| | | | 12,000 | | | | | | 9,703 | | |
| | | | | | | | | | | 15,530 | | |
Chemicals — 0.1% | | ||||||||||||
Innophos Holdings, Inc. | | | | | | | | | | | | | |
9.375%, due 2/15/28 |
| | | | 12,000 | | | | | | 11,425 | | |
Commercial Services — 1.1% | | ||||||||||||
Allied Universal Holdco
LLC / Allied Universal Finance Corp. |
| | | | | | | | | | | | |
6.000%, due 6/1/29 |
| | | | 6,000 | | | | | | 4,166 | | |
6.625%, due 7/15/26 |
| | | | 22,000 | | | | | | 21,011 | | |
9.750%, due 7/15/27 |
| | | | 22,000 | | | | | | 19,127 | | |
APX Group, Inc. | | | | | | | | | | | | | |
6.750%, due 2/15/27 |
| | | | 2,000 | | | | | | 1,951 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Commercial Services (continued) | | ||||||||||||
Avis Budget Car Rental
LLC / Avis Budget Finance, Inc. |
| | | | | | | | | | | | |
4.750%, due 4/1/28 |
| | | $ | 6,000 | | | | | $ | 5,271 | | |
Block, Inc. | | | | | | | | | | | | | |
3.500%, due 6/1/31 |
| | | | 6,000 | | | | | | 4,830 | | |
Brink’s Co. (The) | | | | | | | | | | | | | |
5.500%, due 7/15/25 |
| | | | 6,000 | | | | | | 5,838 | | |
Carriage Services, Inc. | | | | | | | | | | | | | |
4.250%, due 5/15/29 |
| | | | 22,000 | | | | | | 16,931 | | |
HealthEquity, Inc. | | | | | | | | | | | | | |
4.500%, due 10/1/29 |
| | | | 12,000 | | | | | | 10,485 | | |
Herc Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 7/15/27 |
| | | | 28,000 | | | | | | 26,495 | | |
Hertz Corp. (The) | | | | | | | | | | | | | |
4.625%, due 12/1/26 |
| | | | 6,000 | | | | | | 5,115 | | |
NESCO Holdings II, Inc. | | | | | | | | | | | | | |
5.500%, due 4/15/29 |
| | | | 16,000 | | | | | | 14,025 | | |
Prime Security Services
Borrower LLC / Prime Finance, Inc. |
| | | | | | | | | | | | |
3.375%, due 8/31/27 |
| | | | 18,000 | | | | | | 15,579 | | |
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 |
| | | | 18,000 | | | | | | 14,530 | | |
5.125%, due 6/1/29 |
| | | | 12,000 | | | | | | 11,177 | | |
7.500%, due 4/1/27 |
| | | | 6,000 | | | | | | 6,186 | | |
Sotheby’s | | | | | | | | | | | | | |
7.375%, due 10/15/27 |
| | | | 12,000 | | | | | | 11,610 | | |
Sotheby’s/Bidfair Holdings, Inc. | | | | | | | | | | | | | |
5.875%, due 6/1/29 |
| | | | 12,000 | | | | | | 10,029 | | |
United Rentals North America, Inc. | | | | | | | | | | | | | |
3.750%, due 1/15/32 |
| | | | 22,000 | | | | | | 17,820 | | |
WASH Multifamily Acquisition, Inc. | | | | | | | | | | | | | |
5.750%, due 4/15/26 |
| | | | 18,000 | | | | | | 16,784 | | |
Williams Scotsman International, Inc. | | | | | | | | | | | | | |
4.625%, due 8/15/28 |
| | | | 6,000 | | | | | | 5,419 | | |
6.125%, due 6/15/25 |
| | | | 6,000 | | | | | | 5,988 | | |
| | | | | | | | | | | 250,367 | | |
Computers — 1.2% | | ||||||||||||
Apple, Inc. | | | | | | | | | | | | | |
3.850%, due 8/4/46 |
| | | | 40,000 | | | | | | 31,867 | | |
Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
3.375%, due 12/15/41 |
| | | | 70,000 | | | | | | 43,443 | | |
5.300%, due 10/1/29 |
| | | | 65,000 | | | | | | 60,852 | | |
Lumentum Holdings, Inc. | | | | | | | | | | | | | |
0.500%, due 12/15/26 |
| | | | 117,000 | | | | | | 114,368 | | |
NCR Corp. | | | | | | | | | | | | | |
5.125%, due 4/15/29 |
| | | | 10,000 | | | | | | 8,393 | | |
5.250%, due 10/1/30 |
| | | | 6,000 | | | | | | 4,845 | | |
Presidio Holdings, Inc. | | | | | | | | | | | | | |
8.250%, due 2/1/28 |
| | | | 6,000 | | | | | | 5,340 | | |
Seagate HDD Cayman | | | | | | | | | | | | | |
4.125%, due 1/15/31 |
| | | | 6,000 | | | | | | 4,512 | | |
Tempo Acquisition LLC /
Tempo Acquisition Finance Corp. |
| | | | | | | | | | | | |
5.750%, due 6/1/25 |
| | | | 6,000 | | | | | | 5,896 | | |
| | | | | | | | | | | 279,516 | | |
Cosmetics/Personal Care — 0.0%(d) | | ||||||||||||
Edgewell Personal Care Co. | | | | | | | | | | | | | |
5.500%, due 6/1/28 |
| | | | 12,000 | | | | | | 11,286 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Distribution/Wholesale — 0.1% | | ||||||||||||
H&E Equipment Services, Inc. | | | | | | | | | | | | | |
3.875%, due 12/15/28 |
| | | $ | 22,000 | | | | | $ | 18,589 | | |
Diversified Financial Services — 1.5% | | ||||||||||||
Aircastle Ltd. | | | | | | | | | | | | | |
5.250%, (US 5 Year CMT T-Note +
4.41%), due 9/15/71(a) |
| | | | 125,000 | | | | | | 93,481 | | |
Ally Financial, Inc. | | | | | | | | | | | | | |
8.000%, due 11/1/31 |
| | | | 55,000 | | | | | | 56,409 | | |
Series C4.700%, (US 7 Year CMT T-Note + 3.48%), due 8/15/71(a) |
| | | | 115,000 | | | | | | 77,337 | | |
Aviation Capital Group LLC | | | | | | | | | | | | | |
1.950%, due 1/30/26 |
| | | | 100,000 | | | | | | 83,527 | | |
OneMain Finance Corp. | | | | | | | | | | | | | |
3.500%, due 1/15/27 |
| | | | 6,000 | | | | | | 4,918 | | |
6.125%, due 3/15/24 |
| | | | 12,000 | | | | | | 11,724 | | |
PennyMac Financial Services, Inc. | | | | | | | | | | | | | |
5.375%, due 10/15/25 |
| | | | 12,000 | | | | | | 10,860 | | |
Rocket Mortgage LLC /
Rocket Mortgage Co.-Issuer, Inc. |
| | | | | | | | | | | | |
3.625%, due 3/1/29 |
| | | | 12,000 | | | | | | 9,300 | | |
| | | | | | | | | | | 347,556 | | |
Electric — 4.3% | | ||||||||||||
AEP Texas, Inc. | | | | | | | | | | | | | |
4.700%, due 5/15/32 |
| | | | 60,000 | | | | | | 54,616 | | |
Alabama Power Co. | | | | | | | | | | | | | |
3.000%, due 3/15/52 |
| | | | 85,000 | | | | | | 53,522 | | |
Arizona Public Service Co. | | | | | | | | | | | | | |
2.200%, due 12/15/31 |
| | | | 90,000 | | | | | | 66,364 | | |
Calpine Corp. | | | | | | | | | | | | | |
3.750%, due 3/1/31 |
| | | | 12,000 | | | | | | 9,831 | | |
4.500%, due 2/15/28 |
| | | | 12,000 | | | | | | 10,784 | | |
5.125%, due 3/15/28 |
| | | | 6,000 | | | | | | 5,320 | | |
5.250%, due 6/1/26 |
| | | | 6,000 | | | | | | 5,693 | | |
Clearway Energy Operating LLC | | | | | | | | | | | | | |
3.750%, due 2/15/31 |
| | | | 6,000 | | | | | | 5,010 | | |
4.750%, due 3/15/28 |
| | | | 28,000 | | | | | | 25,864 | | |
Dominion Energy, Inc. | | | | | | | | | | | | | |
Series C4.350%, (US 5 Year CMT T-Note + 3.20%), due 4/15/71(a) |
| | | | 120,000 | | | | | | 99,275 | | |
Edison International | | | | | | | | | | | | | |
Series B5.000%, (US 5 Year CMT T-Note + 3.90%), due 3/15/71(a) |
| | | | 125,000 | | | | | | 101,250 | | |
FirstEnergy Corp. | | | | | | | | | | | | | |
Series B4.400%, due 7/15/27 |
| | | | 12,000 | | | | | | 11,269 | | |
Jersey Central Power & Light Co. | | | | | | | | | | | | | |
2.750%, due 3/1/32 |
| | | | 90,000 | | | | | | 70,031 | | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | | | | | | |
5.000%, due 7/15/32 |
| | | | 50,000 | | | | | | 47,509 | | |
NextEra Energy Operating Partners LP | | | | | | | | | | | | | |
4.250%, due 7/15/24 |
| | | | 6,000 | | | | | | 5,817 | | |
Ohio Power Co. | | | | | | | | | | | | | |
Series R2.900%, due 10/1/51 |
| | | | 50,000 | | | | | | 29,852 | | |
Pacific Gas and Electric Co. | | | | | | | | | | | | | |
3.500%, due 8/1/50 |
| | | | 75,000 | | | | | | 45,749 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Electric (continued) | | ||||||||||||
Pattern Energy
Operations LP / Pattern Energy Operations, Inc. |
| | | | | | | | | | | | |
4.500%, due 8/15/28 |
| | | $ | 12,000 | | | | | $ | 10,792 | | |
PG&E Corp. | | | | | | | | | | | | | |
5.000%, due 7/1/28 |
| | | | 12,000 | | | | | | 10,816 | | |
Puget Energy, Inc. | | | | | | | | | | | | | |
4.224%, due 3/15/32 |
| | | | 65,000 | | | | | | 55,450 | | |
Sempra Energy | | | | | | | | | | | | | |
4.125%, (US 5 Year CMT T-Note +
2.87%), due 4/1/52(a) |
| | | | 125,000 | | | | | | 94,063 | | |
Southern California Edison Co. | | | | | | | | | | | | | |
4.000%, due 4/1/47 |
| | | | 60,000 | | | | | | 42,804 | | |
Southwestern Electric Power Co. | | | | | | | | | | | | | |
3.250%, due 11/1/51 |
| | | | 65,000 | | | | | | 40,142 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
2.950%, due 11/15/51 |
| | | | 65,000 | | | | | | 40,170 | | |
Vistra Corp. | | | | | | | | | | | | | |
8.000%, (US 5 Year CMT T-Note +
6.93%), due 4/15/71(a) |
| | | | 40,000 | | | | | | 38,000 | | |
Vistra Operations Co. LLC | | | | | | | | | | | | | |
4.375%, due 5/1/29 |
| | | | 12,000 | | | | | | 10,263 | | |
5.625%, due 2/15/27 |
| | | | 6,000 | | | | | | 5,720 | | |
| | | | | | | | | | | 995,976 | | |
Electrical Components & Equipment — 0.1% | | ||||||||||||
Energizer Holdings, Inc. | | | | | | | | | | | | | |
4.375%, due 3/31/29 |
| | | | 12,000 | | | | | | 9,607 | | |
EnerSys | | | | | | | | | | | | | |
4.375%, due 12/15/27 |
| | | | 6,000 | | | | | | 5,265 | | |
WESCO Distribution, Inc. | | | | | | | | | | | | | |
7.125%, due 6/15/25 |
| | | | 12,000 | | | | | | 12,116 | | |
7.250%, due 6/15/28 |
| | | | 6,000 | | | | | | 6,087 | | |
| | | | | | | | | | | 33,075 | | |
Electronics — 0.0%(d) | | ||||||||||||
Imola Merger Corp. | | | | | | | | | | | | | |
4.750%, due 5/15/29 |
| | | | 6,000 | | | | | | 5,173 | | |
Sensata Technologies BV | | | | | | | | | | | | | |
4.000%, due 4/15/29 |
| | | | 6,000 | | | | | | 5,053 | | |
| | | | | | | | | | | 10,226 | | |
Engineering & Construction — 0.2% | | ||||||||||||
Brundage-Bone Concrete
Pumping Holdings, Inc. |
| | | | | | | | | | | | |
6.000%, due 2/1/26 |
| | | | 12,000 | | | | | | 10,860 | | |
Dycom Industries, Inc. | | | | | | | | | | | | | |
4.500%, due 4/15/29 |
| | | | 18,000 | | | | | | 15,698 | | |
Great Lakes Dredge & Dock Corp. | | | | | | | | | | | | | |
5.250%, due 6/1/29 |
| | | | 6,000 | | | | | | 4,745 | | |
TopBuild Corp. | | | | | | | | | | | | | |
4.125%, due 2/15/32 |
| | | | 12,000 | | | | | | 9,396 | | |
Weekley Homes LLC / Weekley Finance Corp. | | | | | | | | | | | | | |
4.875%, due 9/15/28 |
| | | | 12,000 | | | | | | 9,665 | | |
| | | | | | | | | | | 50,364 | | |
Entertainment — 0.7% | | ||||||||||||
Affinity Gaming | | | | | | | | | | | | | |
6.875%, due 12/15/27 |
| | | | 16,000 | | | | | | 13,356 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Entertainment (continued) | | ||||||||||||
Caesars Entertainment, Inc. | | | | | | | | | | | | | |
6.250%, due 7/1/25 |
| | | $ | 6,000 | | | | | $ | 5,854 | | |
Caesars Resort
Collection LLC / CRC Finco, Inc. |
| | | | | | | | | | | | |
5.750%, due 7/1/25 |
| | | | 6,000 | | | | | | 5,861 | | |
CDI Escrow Issuer, Inc. | | | | | | | | | | | | | |
5.750%, due 4/1/30 |
| | | | 12,000 | | | | | | 10,830 | | |
Everi Holdings, Inc. | | | | | | | | | | | | | |
5.000%, due 7/15/29 |
| | | | 6,000 | | | | | | 5,228 | | |
International Game Technology PLC | | | | | | | | | | | | | |
5.250%, due 1/15/29 |
| | | | 6,000 | | | | | | 5,567 | | |
Penn Entertainment, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/29 |
| | | | 6,000 | | | | | | 4,733 | | |
Scientific Games
Holdings LP/Scientific Games US FinCo, Inc. |
| | | | | | | | | | | | |
6.625%, due 3/1/30 |
| | | | 6,000 | | | | | | 5,156 | | |
Scientific Games International, Inc. | | | | | | | | | | | | | |
7.000%, due 5/15/28 |
| | | | 12,000 | | | | | | 11,613 | | |
Warnermedia Holdings, Inc. | | | | | | | | | | | | | |
3.638%, due 3/15/25 |
| | | | 12,000 | | | | | | 11,314 | | |
3.755%, due 3/15/27 |
| | | | 12,000 | | | | | | 10,675 | | |
4.279%, due 3/15/32 |
| | | | 70,000 | | | | | | 56,542 | | |
WMG Acquisition Corp. | | | | | | | | | | | | | |
3.750%, due 12/1/29 |
| | | | 10,000 | | | | | | 8,325 | | |
Wynn Resorts Finance
LLC / Wynn Resorts Capital Corp. |
| | | | | | | | | | | | |
5.125%, due 10/1/29 |
| | | | 10,000 | | | | | | 7,955 | | |
| | | | | | | | | | | 163,009 | | |
Environmental Control — 0.2% | | ||||||||||||
Clean Harbors, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/27 |
| | | | 6,000 | | | | | | 5,646 | | |
5.125%, due 7/15/29 |
| | | | 12,000 | | | | | | 11,126 | | |
Covanta Holding Corp. | | | | | | | | | | | | | |
4.875%, due 12/1/29 |
| | | | 6,000 | | | | | | 5,109 | | |
Stericycle, Inc. | | | | | | | | | | | | | |
3.875%, due 1/15/29 |
| | | | 12,000 | | | | | | 10,423 | | |
Waste Pro USA, Inc. | | | | | | | | | | | | | |
5.500%, due 2/15/26 |
| | | | 18,000 | | | | | | 16,657 | | |
| | | | | | | | | | | 48,961 | | |
Food — 0.5% | | ||||||||||||
Albertsons Cos., Inc. /
Safeway, Inc. / New Albertsons LP / Albertsons LLC |
| | | | | | | | | | | | |
3.500%, due 3/15/29 |
| | | | 16,000 | | | | | | 13,240 | | |
JBS USA LUX SA / JBS
USA Food Co. / JBS USA Finance, Inc. |
| | | | | | | | | | | | |
5.750%, due 4/1/33 |
| | | | 65,000 | | | | | | 58,574 | | |
Performance Food Group, Inc. | | | | | | | | | | | | | |
4.250%, due 8/1/29 |
| | | | 12,000 | | | | | | 10,166 | | |
Post Holdings, Inc. | | | | | | | | | | | | | |
5.750%, due 3/1/27 |
| | | | 12,000 | | | | | | 11,600 | | |
Simmons Foods,
Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons
Feed |
| | | | | | | | | | | | |
4.625%, due 3/1/29 |
| | | | 6,000 | | | | | | 5,007 | | |
US Foods, Inc. | | | | | | | | | | | | | |
4.625%, due 6/1/30 |
| | | | 6,000 | | | | | | 5,205 | | |
| | | | | | | | | | | 103,792 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Food Service — 0.1% | | ||||||||||||
Aramark Services, Inc. | | | | | | | | | | | | | |
5.000%, due 2/1/28 |
| | | $ | 6,000 | | | | | $ | 5,467 | | |
6.375%, due 5/1/25 |
| | | | 6,000 | | | | | | 5,935 | | |
| | | | | | | | | | | 11,402 | | |
Gas — 0.9% | | ||||||||||||
Boston Gas Co. | | | | | | | | | | | | | |
3.150%, due 8/1/27 |
| | | | 70,000 | | | | | | 61,601 | | |
National Fuel Gas Co. | | | | | | | | | | | | | |
2.950%, due 3/1/31 |
| | | | 75,000 | | | | | | 56,237 | | |
Piedmont Natural Gas Co., Inc. | | | | | | | | | | | | | |
5.050%, due 5/15/52 |
| | | | 65,000 | | | | | | 54,536 | | |
Southern Co. Gas Capital Corp. | | | | | | | | | | | | | |
Series 21A3.150%, due 9/30/51
|
| | | | 70,000 | | | | | | 42,248 | | |
| | | | | | | | | | | 214,622 | | |
Healthcare-Products — 0.8% | | ||||||||||||
Avantor Funding, Inc. | | | | | | | | | | | | | |
3.875%, due 11/1/29 |
| | | | 22,000 | | | | | | 18,564 | | |
Exact Sciences Corp. | | | | | | | | | | | | | |
0.375%, due 3/15/27 |
| | | | 162,000 | | | | | | 114,311 | | |
Hologic, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/29 |
| | | | 22,000 | | | | | | 18,695 | | |
Teleflex, Inc. | | | | | | | | | | | | | |
4.250%, due 6/1/28 |
| | | | 12,000 | | | | | | 10,858 | | |
4.625%, due 11/15/27 |
| | | | 12,000 | | | | | | 11,308 | | |
| | | | | | | | | | | 173,736 | | |
Healthcare-Services — 0.3% | | ||||||||||||
Catalent Pharma Solutions, Inc. | | | | | | | | | | | | | |
3.125%, due 2/15/29 |
| | | | 6,000 | | | | | | 4,910 | | |
3.500%, due 4/1/30 |
| | | | 10,000 | | | | | | 8,075 | | |
Centene Corp. | | | | | | | | | | | | | |
3.000%, due 10/15/30 |
| | | | 6,000 | | | | | | 4,830 | | |
4.625%, due 12/15/29 |
| | | | 28,000 | | | | | | 25,340 | | |
CHS/Community Health Systems, Inc. | | | | | | | | | | | | | |
5.250%, due 5/15/30 |
| | | | 10,000 | | | | | | 6,925 | | |
6.000%, due 1/15/29 |
| | | | 10,000 | | | | | | 7,423 | | |
Tenet Healthcare Corp. | | | | | | | | | | | | | |
4.375%, due 1/15/30 |
| | | | 16,000 | | | | | | 13,424 | | |
6.125%, due 6/15/30 |
| | | | 6,000 | | | | | | 5,539 | | |
| | | | | | | | | | | 76,466 | | |
Home Builders — 0.2% | | ||||||||||||
LGI Homes, Inc. | | | | | | | | | | | | | |
4.000%, due 7/15/29 |
| | | | 12,000 | | | | | | 9,202 | | |
Thor Industries, Inc. | | | | | | | | | | | | | |
4.000%, due 10/15/29 |
| | | | 18,000 | | | | | | 14,558 | | |
TRI Pointe Group, Inc.
/ TRI Pointe Homes, Inc. |
| | | | | | | | | | | | |
5.875%, due 6/15/24 |
| | | | 12,000 | | | | | | 11,793 | | |
| | | | | | | | | | | 35,553 | | |
Household Products/Wares — 0.0%(d) | | ||||||||||||
Spectrum Brands, Inc. | | | | | | | | | | | | | |
5.000%, due 10/1/29 |
| | | | 6,000 | | | | | | 4,920 | | |
Housewares — 0.1% | | ||||||||||||
CD&R Smokey Buyer, Inc. | | | | | | | | | | | | | |
6.750%, due 7/15/25 |
| | | | 12,000 | | | | | | 11,408 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Housewares (continued) | | ||||||||||||
Newell Brands, Inc. | | | | | | | | | | | | | |
6.375%, due 9/15/27 |
| | | $ | 5,000 | | | | | $ | 4,886 | | |
| | | | | | | | | | | 16,294 | | |
Insurance — 0.6% | | ||||||||||||
Athene Global Funding | | | | | | | | | | | | | |
2.500%, due 3/24/28 |
| | | | 60,000 | | | | | | 49,343 | | |
NMI Holdings, Inc. | | | | | | | | | | | | | |
7.375%, due 6/1/25 |
| | | | 6,000 | | | | | | 5,994 | | |
Prudential Financial, Inc. | | | | | | | | | | | | | |
5.125%, (US 5 Year CMT T-Note +
3.16%), due 3/1/52(a) |
| | | | 95,000 | | | | | | 81,004 | | |
| | | | | | | | | | | 136,341 | | |
Internet — 1.0% | | ||||||||||||
Amazon.com, Inc. | | | | | | | | | | | | | |
3.600%, due 4/13/32 |
| | | | 65,000 | | | | | | 58,198 | | |
Arches Buyer, Inc. | | | | | | | | | | | | | |
4.250%, due 6/1/28 |
| | | | 12,000 | | | | | | 9,844 | | |
6.125%, due 12/1/28 |
| | | | 16,000 | | | | | | 12,336 | | |
Cablevision Lightpath LLC | | | | | | | | | | | | | |
3.875%, due 9/15/27 |
| | | | 6,000 | | | | | | 5,102 | | |
Cogent Communications Group, Inc. | | | | | | | | | | | | | |
3.500%, due 5/1/26 |
| | | | 6,000 | | | | | | 5,415 | | |
7.000%, due 6/15/27 |
| | | | 6,000 | | | | | | 5,696 | | |
Expedia Group, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/30 |
| | | | 60,000 | | | | | | 48,355 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
4.625%, due 6/1/28 |
| | | | 22,000 | | | | | | 19,550 | | |
5.625%, due 2/15/29 |
| | | | 16,000 | | | | | | 14,177 | | |
TripAdvisor, Inc. | | | | | | | | | | | | | |
7.000%, due 7/15/25 |
| | | | 16,000 | | | | | | 15,813 | | |
Uber Technologies, Inc. | | | | | | | | | | | | | |
6.250%, due 1/15/28 |
| | | | 16,000 | | | | | | 15,200 | | |
7.500%, due 5/15/25 |
| | | | 6,000 | | | | | | 6,003 | | |
7.500%, due 9/15/27 |
| | | | 12,000 | | | | | | 11,997 | | |
| | | | | | | | | | | 227,686 | | |
Investment Companies — 0.1% | | ||||||||||||
Icahn Enterprises LP /
Icahn Enterprises Finance Corp. |
| | | | | | | | | | | | |
5.250%, due 5/15/27 |
| | | | 18,000 | | | | | | 16,585 | | |
Iron/Steel — 0.0%(d) | | ||||||||||||
Carpenter Technology Corp. | | | | | | | | | | | | | |
7.625%, due 3/15/30 |
| | | | 6,000 | | | | | | 5,864 | | |
Leisure Time — 0.3% | | ||||||||||||
Carnival Corp. | | | | | | | | | | | | | |
5.750%, due 3/1/27 |
| | | | 10,000 | | | | | | 6,930 | | |
6.000%, due 5/1/29 |
| | | | 16,000 | | | | | | 10,612 | | |
Carnival Holdings Bermuda Ltd. | | | | | | | | | | | | | |
10.375%, due 5/1/28 |
| | | | 5,000 | | | | | | 5,063 | | |
NCL Corp Ltd. | | | | | | | | | | | | | |
5.875%, due 2/15/27 |
| | | | 12,000 | | | | | | 10,710 | | |
Royal Caribbean Cruises Ltd. | | | | | | | | | | | | | |
4.250%, due 7/1/26 |
| | | | 10,000 | | | | | | 7,951 | | |
5.375%, due 7/15/27 |
| | | | 22,000 | | | | | | 17,101 | | |
| | | | | | | | | | | 58,367 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Lodging — 0.8% | | ||||||||||||
Boyd Gaming Corp. | | | | | | | | | | | | | |
4.750%, due 12/1/27 |
| | | $ | 12,000 | | | | | $ | 11,056 | | |
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
4.000%, due 5/1/31 |
| | | | 12,000 | | | | | | 10,031 | | |
4.875%, due 1/15/30 |
| | | | 12,000 | | | | | | 10,755 | | |
Hyatt Hotels Corp. | | | | | | | | | | | | | |
5.625%, due 4/23/25 |
| | | | 85,000 | | | | | | 83,508 | | |
Marriott International, Inc./Md | | | | | | | | | | | | | |
Series GG3.500%, due 10/15/32
|
| | | | 85,000 | | | | | | 67,889 | | |
Station Casinos LLC | | | | | | | | | | | | | |
4.625%, due 12/1/31 |
| | | | 6,000 | | | | | | 4,767 | | |
| | | | | | | | | | | 188,006 | | |
Media — 1.1% | | ||||||||||||
Cable One, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/30 |
| | | | 16,000 | | | | | | 13,022 | | |
CCO Holdings LLC / CCO
Holdings Capital Corp. |
| | | | | | | | | | | | |
4.250%, due 2/1/31 |
| | | | 56,000 | | | | | | 44,240 | | |
4.750%, due 3/1/30 |
| | | | 46,000 | | | | | | 38,659 | | |
CSC Holdings LLC | | | | | | | | | | | | | |
4.625%, due 12/1/30 |
| | | | 16,000 | | | | | | 11,516 | | |
5.500%, due 4/15/27 |
| | | | 44,000 | | | | | | 41,250 | | |
Directv Financing LLC /
Directv Financing Co.-Obligor, Inc. |
| | | | | | | | | | | | |
5.875%, due 8/15/27 |
| | | | 16,000 | | | | | | 14,410 | | |
DISH DBS Corp. | | | | | | | | | | | | | |
5.250%, due 12/1/26 |
| | | | 16,000 | | | | | | 13,900 | | |
7.375%, due 7/1/28 |
| | | | 16,000 | | | | | | 12,114 | | |
iHeartCommunications, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/28 |
| | | | 6,000 | | | | | | 5,235 | | |
5.250%, due 8/15/27 |
| | | | 6,000 | | | | | | 5,461 | | |
News Corp. | | | | | | | | | | | | | |
3.875%, due 5/15/29 |
| | | | 6,000 | | | | | | 5,157 | | |
5.125%, due 2/15/32 |
| | | | 12,000 | | | | | | 10,710 | | |
Nexstar Media, Inc. | | | | | | | | | | | | | |
5.625%, due 7/15/27 |
| | | | 12,000 | | | | | | 11,334 | | |
Sirius XM Radio, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/30 |
| | | | 16,000 | | | | | | 13,093 | | |
Univision Communications, Inc. | | | | | | | | | | | | | |
4.500%, due 5/1/29 |
| | | | 6,000 | | | | | | 5,051 | | |
| | | | | | | | | | | 245,152 | | |
Mining — 0.1% | | ||||||||||||
Compass Minerals International, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/24 |
| | | | 6,000 | | | | | | 5,686 | | |
6.750%, due 12/1/27 |
| | | | 15,000 | | | | | | 14,111 | | |
Novelis Corp. | | | | | | | | | | | | | |
3.875%, due 8/15/31 |
| | | | 6,000 | | | | | | 4,648 | | |
| | | | | | | | | | | 24,445 | | |
Miscellaneous Manufacturing — 0.3% | | ||||||||||||
Textron Financial Corp. | | | | | | | | | | | | | |
4.640%, (3-Month LIBOR + 1.74%), due 2/15/42(a) |
| | | | 100,000 | | | | | | 68,696 | | |
Office/Business Equipment — 0.0%(d) | | ||||||||||||
CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
5.500%, due 12/1/24 |
| | | | 6,000 | | | | | | 5,943 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Oil & Gas — 1.4% | | ||||||||||||
Aethon United BR LP /
Aethon United Finance Corp. |
| | | | | | | | | | | | |
8.250%, due 2/15/26 |
| | | $ | 12,000 | | | | | $ | 12,185 | | |
Apache Corp. | | | | | | | | | | | | | |
5.100%, due 9/1/40 |
| | | | 6,000 | | | | | | 4,858 | | |
Ascent Resources Utica
Holdings LLC / ARU Finance Corp. |
| | | | | | | | | | | | |
5.875%, due 6/30/29 |
| | | | 18,000 | | | | | | 15,795 | | |
7.000%, due 11/1/26 |
| | | | 12,000 | | | | | | 11,820 | | |
8.250%, due 12/31/28 |
| | | | 6,000 | | | | | | 5,790 | | |
Callon Petroleum Co. | | | | | | | | | | | | | |
6.375%, due 7/1/26 |
| | | | 6,000 | | | | | | 5,754 | | |
7.500%, due 6/15/30 |
| | | | 6,000 | | | | | | 5,699 | | |
CNX Resources Corp. | | | | | | | | | | | | | |
6.000%, due 1/15/29 |
| | | | 12,000 | | | | | | 11,202 | | |
7.250%, due 3/14/27 |
| | | | 2,000 | | | | | | 1,985 | | |
CrownRock LP /
CrownRock Finance, Inc. |
| | | | | | | | | | | | |
5.000%, due 5/1/29 |
| | | | 6,000 | | | | | | 5,451 | | |
Hilcorp Energy I LP / Hilcorp Finance
Co. |
| | | | | | | | | | | | |
5.750%, due 2/1/29 |
| | | | 16,000 | | | | | | 14,640 | | |
6.000%, due 2/1/31 |
| | | | 16,000 | | | | | | 14,519 | | |
Laredo Petroleum, Inc. | | | | | | | | | | | | | |
7.750%, due 7/31/29 |
| | | | 12,000 | | | | | | 11,400 | | |
9.500%, due 1/15/25 |
| | | | 6,000 | | | | | | 6,004 | | |
10.125%, due 1/15/28 |
| | | | 12,000 | | | | | | 11,790 | | |
Nabors Industries, Inc. | | | | | | | | | | | | | |
7.375%, due 5/15/27 |
| | | | 6,000 | | | | | | 5,895 | | |
Occidental Petroleum Corp. | | | | | | | | | | | | | |
6.125%, due 1/1/31 |
| | | | 22,000 | | | | | | 22,058 | | |
6.375%, due 9/1/28 |
| | | | 6,000 | | | | | | 6,090 | | |
6.625%, due 9/1/30 |
| | | | 12,000 | | | | | | 12,481 | | |
8.500%, due 7/15/27 |
| | | | 18,000 | | | | | | 19,570 | | |
PBF Holding Co. LLC / PBF Finance
Corp. |
| | | | | | | | | | | | |
6.000%, due 2/15/28 |
| | | | 6,000 | | | | | | 5,452 | | |
Permian Resources Operating LLC | | | | | | | | | | | | | |
6.875%, due 4/1/27 |
| | | | 22,000 | | | | | | 21,340 | | |
Rockcliff Energy II LLC | | | | | | | | | | | | | |
5.500%, due 10/15/29 |
| | | | 6,000 | | | | | | 5,344 | | |
SM Energy Co. | | | | | | | | | | | | | |
5.625%, due 6/1/25 |
| | | | 12,000 | | | | | | 11,657 | | |
6.500%, due 7/15/28 |
| | | | 12,000 | | | | | | 11,640 | | |
Southwestern Energy Co. | | | | | | | | | | | | | |
4.750%, due 2/1/32 |
| | | | 10,000 | | | | | | 8,632 | | |
5.375%, due 3/15/30 |
| | | | 22,000 | | | | | | 20,350 | | |
5.700%, due 1/23/25 |
| | | | 12,000 | | | | | | 11,793 | | |
8.375%, due 9/15/28 |
| | | | 6,000 | | | | | | 6,206 | | |
Tap Rock Resources LLC | | | | | | | | | | | | | |
7.000%, due 10/1/26 |
| | | | 6,000 | | | | | | 5,602 | | |
| | | | | | | | | | | 313,002 | | |
Oil & Gas Services — 1.5% | | ||||||||||||
Helix Energy Solutions Group, Inc. | | | | | | | | | | | | | |
6.750%, due 2/15/26 |
| | | | 132,000 | | | | | | 176,722 | | |
Oil States International, Inc. | | | | | | | | | | | | | |
4.750%, due 4/1/26 |
| | | | 171,000 | | | | | | 169,512 | | |
| | | | | | | | | | | 346,234 | | |
Packaging & Containers — 0.3% | | ||||||||||||
Ardagh Metal Packaging
Finance USA LLC / Ardagh Metal Packaging Finance PLC |
| | | | | | | | | | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Packaging & Containers (continued) | | ||||||||||||
3.250%, due 9/1/28 |
| | | $ | 12,000 | | | | | $ | 9,839 | | |
6.000%, due 6/15/27 |
| | | | 6,000 | | | | | | 5,757 | | |
Ardagh Packaging
Finance PLC / Ardagh Holdings USA, Inc. |
| | | | | | | | | | | | |
5.250%, due 4/30/25 |
| | | | 6,000 | | | | | | 5,658 | | |
Crown Americas LLC | | | | | | | | | | | | | |
5.250%, due 4/1/30 |
| | | | 12,000 | | | | | | 10,979 | | |
Graphic Packaging International LLC | | | | | | | | | | | | | |
3.750%, due 2/1/30 |
| | | | 6,000 | | | | | | 5,158 | | |
OI European Group BV | | | | | | | | | | | | | |
4.750%, due 2/15/30 |
| | | | 6,000 | | | | | | 5,040 | | |
Owens-Brockway Glass Container, Inc. | | | | | | | | | | | | | |
6.625%, due 5/13/27 |
| | | | 6,000 | | | | | | 5,730 | | |
Sealed Air Corp. | | | | | | | | | | | | | |
5.125%, due 12/1/24 |
| | | | 12,000 | | | | | | 11,820 | | |
TriMas Corp. | | | | | | | | | | | | | |
4.125%, due 4/15/29 |
| | | | 12,000 | | | | | | 10,307 | | |
| | | | | | | | | | | 70,288 | | |
Pharmaceuticals — 0.2% | | ||||||||||||
Elanco Animal Health, Inc. | | | | | | | | | | | | | |
6.400%, due 8/28/28 |
| | | | 11,000 | | | | | | 9,841 | | |
PRA Health Sciences, Inc. | | | | | | | | | | | | | |
2.875%, due 7/15/26 |
| | | | 6,000 | | | | | | 5,407 | | |
Prestige Brands, Inc. | | | | | | | | | | | | | |
3.750%, due 4/1/31 |
| | | | 6,000 | | | | | | 4,812 | | |
5.125%, due 1/15/28 |
| | | | 18,000 | | | | | | 16,727 | | |
| | | | | | | | | | | 36,787 | | |
Pipelines — 2.8% | | ||||||||||||
Cheniere Energy Partners LP | | | | | | | | | | | | | |
4.500%, due 10/1/29 |
| | | | 22,000 | | | | | | 19,425 | | |
Cheniere Energy, Inc. | | | | | | | | | | | | | |
4.625%, due 10/15/28 |
| | | | 6,000 | | | | | | 5,535 | | |
CNX Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 4/15/30 |
| | | | 18,000 | | | | | | 14,805 | | |
Delek Logistics
Partners LP / Delek Logistics Finance Corp. |
| | | | | | | | | | | | |
7.125%, due 6/1/28 |
| | | | 16,000 | | | | | | 14,327 | | |
DT Midstream, Inc. | | | | | | | | | | | | | |
4.300%, due 4/15/32 |
| | | | 55,000 | | | | | | 47,247 | | |
Energy Transfer LP | | | | | | | | | | | | | |
4.400%, due 3/15/27 |
| | | | 50,000 | | | | | | 46,382 | | |
Series H6.500%, (US 5 Year CMT T-Note + 5.69%), due 11/15/70(a) |
| | | | 70,000 | | | | | | 60,200 | | |
EnLink Midstream LLC | | | | | | | | | | | | | |
5.375%, due 6/1/29 |
| | | | 34,000 | | | | | | 31,389 | | |
Enterprise Products Operating LLC | | | | | | | | | | | | | |
4.200%, due 1/31/50 |
| | | | 60,000 | | | | | | 44,095 | | |
EQM Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 1/15/31 |
| | | | 28,000 | | | | | | 23,400 | | |
5.500%, due 7/15/28 |
| | | | 6,000 | | | | | | 5,359 | | |
6.000%, due 7/1/25 |
| | | | 6,000 | | | | | | 5,811 | | |
6.500%, due 7/1/27 |
| | | | 12,000 | | | | | | 11,700 | | |
7.500%, due 6/1/30 |
| | | | 6,000 | | | | | | 5,835 | | |
Flex Intermediate Holdco LLC | | | | | | | | | | | | | |
3.363%, due 6/30/31 |
| | | | 60,000 | | | | | | 46,266 | | |
Hess Midstream Operations LP | | | | | | | | | | | | | |
4.250%, due 2/15/30 |
| | | | 6,000 | | | | | | 5,131 | | |
5.625%, due 2/15/26 |
| | | | 6,000 | | | | | | 5,885 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Pipelines (continued) | | ||||||||||||
Holly Energy Partners
LP / Holly Energy Finance Corp. |
| | | | | | | | | | | | |
6.375%, due 4/15/27 |
| | | $ | 6,000 | | | | | $ | 5,775 | | |
MPLX LP | | | | | | | | | | | | | |
2.650%, due 8/15/30 |
| | | | 75,000 | | | | | | 59,044 | | |
Series B6.875%, (3-Month LIBOR + 4.65%), due 8/15/71(a) |
| | | | 65,000 | | | | | | 63,375 | | |
Plains All American Pipeline LP | | | | | | | | | | | | | |
Series B6.125%, (3-Month LIBOR + 4.11%), due 11/15/70(a) |
| | | | 70,000 | | | | | | 58,135 | | |
Venture Global Calcasieu Pass LLC | | | | | | | | | | | | | |
3.875%, due 8/15/29 |
| | | | 12,000 | | | | | | 10,290 | | |
3.875%, due 11/1/33 |
| | | | 6,000 | | | | | | 4,815 | | |
4.125%, due 8/15/31 |
| | | | 16,000 | | | | | | 13,640 | | |
Western Midstream Operating LP | | | | | | | | | | | | | |
4.300%, due 2/1/30 |
| | | | 22,000 | | | | | | 19,356 | | |
5.500%, due 2/1/50 |
| | | | 12,000 | | | | | | 9,342 | | |
| | | | | | | | | | | 636,564 | | |
REITS — 2.0% | | ||||||||||||
American Homes 4 Rent LP | | | | | | | | | | | | | |
2.375%, due 7/15/31 |
| | | | 80,000 | | | | | | 58,980 | | |
Digital Realty Trust LP | | | | | | | | | | | | | |
4.450%, due 7/15/28 |
| | | | 65,000 | | | | | | 59,950 | | |
GLP Capital LP / GLP Financing II, Inc. | | | | | | | | | | | | | |
4.000%, due 1/15/30 |
| | | | 55,000 | | | | | | 45,357 | | |
5.250%, due 6/1/25 |
| | | | 65,000 | | | | | | 62,682 | | |
Host Hotels & Resorts LP | | | | | | | | | | | | | |
Series I3.500%, due 9/15/30 |
| | | | 60,000 | | | | | | 47,058 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
5.250%, due 3/15/28 |
| | | | 16,000 | | | | | | 14,720 | | |
5.250%, due 7/15/30 |
| | | | 12,000 | | | | | | 10,354 | | |
5.625%, due 7/15/32 |
| | | | 6,000 | | | | | | 5,144 | | |
Ladder Capital Finance
Holdings LLLP / Ladder Capital Finance Corp. |
| | | | | | | | | | | | |
4.750%, due 6/15/29 |
| | | | 6,000 | | | | | | 4,776 | | |
Office Properties Income Trust | | | | | | | | | | | | | |
2.400%, due 2/1/27 |
| | | | 95,000 | | | | | | 65,281 | | |
Park Intermediate
Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer |
| | | | | | | | | | | | |
4.875%, due 5/15/29 |
| | | | 22,000 | | | | | | 18,759 | | |
SBA Communications Corp. | | | | | | | | | | | | | |
3.875%, due 2/15/27 |
| | | | 34,000 | | | | | | 30,600 | | |
Service Properties Trust | | | | | | | | | | | | | |
4.950%, due 2/15/27 |
| | | | 6,000 | | | | | | 4,857 | | |
4.950%, due 10/1/29 |
| | | | 6,000 | | | | | | 4,353 | | |
7.500%, due 9/15/25 |
| | | | 16,000 | | | | | | 15,600 | | |
XHR LP | | | | | | | | | | | | | |
4.875%, due 6/1/29 |
| | | | 6,000 | | | | | | 5,176 | | |
| | | | | | | | | | | 453,647 | | |
Retail — 1.5% | | ||||||||||||
Arko Corp. | | | | | | | | | | | | | |
5.125%, due 11/15/29 |
| | | | 16,000 | | | | | | 12,668 | | |
Asbury Automotive Group, Inc. | | | | | | | | | | | | | |
4.500%, due 3/1/28 |
| | | | 12,000 | | | | | | 10,403 | | |
AutoNation, Inc. | | | | | | | | | | | | | |
4.750%, due 6/1/30 |
| | | | 65,000 | | | | | | 55,968 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Retail (continued) | | ||||||||||||
6.625%, due 10/1/30 |
| | | $ | 10,000 | | | | | $ | 8,946 | | |
7.500%, due 6/15/29 |
| | | | 6,000 | | | | | | 5,687 | | |
9.375%, due 7/1/25 |
| | | | 6,000 | | | | | | 6,225 | | |
Burlington Stores, Inc. | | | | | | | | | | | | | |
2.250%, due 4/15/25 |
| | | | 95,000 | | | | | | 96,188 | | |
Foundation Building Materials, Inc. | | | | | | | | | | | | | |
6.000%, due 3/1/29 |
| | | | 6,000 | | | | | | 4,145 | | |
Group 1 Automotive, Inc. | | | | | | | | | | | | | |
4.000%, due 8/15/28 |
| | | | 6,000 | | | | | | 4,934 | | |
IRB Holding Corp. | | | | | | | | | | | | | |
7.000%, due 6/15/25 |
| | | | 22,000 | | | | | | 21,988 | | |
LBM Acquisition LLC | | | | | | | | | | | | | |
6.250%, due 1/15/29 |
| | | | 10,000 | | | | | | 6,995 | | |
LCM Investments Holdings II LLC | | | | | | | | | | | | | |
4.875%, due 5/1/29 |
| | | | 6,000 | | | | | | 5,061 | | |
Macy’s Retail Holdings LLC | | | | | | | | | | | | | |
5.875%, due 4/1/29 |
| | | | 16,000 | | | | | | 13,818 | | |
5.875%, due 3/15/30 |
| | | | 6,000 | | | | | | 5,037 | | |
Michaels Cos., Inc. (The) | | | | | | | | | | | | | |
5.250%, due 5/1/28 |
| | | | 2,000 | | | | | | 1,420 | | |
7.875%, due 5/1/29 |
| | | | 6,000 | | | | | | 3,345 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.375%, due 4/1/30 |
| | | | 6,000 | | | | | | 4,605 | | |
Sonic Automotive, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/29 |
| | | | 6,000 | | | | | | 4,698 | | |
4.875%, due 11/15/31 |
| | | | 5,000 | | | | | | 3,772 | | |
Starbucks Corp. | | | | | | | | | | | | | |
4.450%, due 8/15/49 |
| | | | 25,000 | | | | | | 19,957 | | |
Victoria’s Secret & Co. | | | | | | | | | | | | | |
4.625%, due 7/15/29 |
| | | | 16,000 | | | | | | 12,728 | | |
White Cap Buyer LLC | | | | | | | | | | | | | |
6.875%, due 10/15/28 |
| | | | 6,000 | | | | | | 5,085 | | |
White Cap Parent LLC | | | | | | | | | | | | | |
8.250%, due 3/15/26 |
| | | | 6,000 | | | | | | 5,070 | | |
Yum! Brands, Inc. | | | | | | | | | | | | | |
3.625%, due 3/15/31 |
| | | | 12,000 | | | | | | 9,630 | | |
4.750%, due 1/15/30 |
| | | | 12,000 | | | | | | 10,725 | | |
5.375%, due 4/1/32 |
| | | | 12,000 | | | | | | 10,734 | | |
| | | | | | | | | | | 349,832 | | |
Semiconductors — 0.6% | | ||||||||||||
Entegris, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/28 |
| | | | 16,000 | | | | | | 14,073 | | |
Microchip Technology, Inc. | | | | | | | | | | | | | |
0.125%, due 11/15/24 |
| | | | 121,000 | | | | | | 121,680 | | |
| | | | | | | | | | | 135,753 | | |
Software — 0.5% | | ||||||||||||
Boxer Parent Co., Inc. | | | | | | | | | | | | | |
7.125%, due 10/2/25 |
| | | | 6,000 | | | | | | 5,896 | | |
Central Parent, Inc. / CDK Global, Inc. | | | | | | | | | | | | | |
7.250%, due 6/15/29 |
| | | | 12,000 | | | | | | 11,470 | | |
Clarivate Science Holdings Corp. | | | | | | | | | | | | | |
3.875%, due 7/1/28 |
| | | | 6,000 | | | | | | 5,146 | | |
Fair Isaac Corp. | | | | | | | | | | | | | |
4.000%, due 6/15/28 |
| | | | 16,000 | | | | | | 14,477 | | |
Fiserv, Inc. | | | | | | | | | | | | | |
3.200%, due 7/1/26 |
| | | | 65,000 | | | | | | 59,637 | | |
MSCI, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/29 |
| | | | 16,000 | | | | | | 13,893 | | |
SS&C Technologies, Inc. | | | | | | | | | | | | | |
5.500%, due 9/30/27 |
| | | | 6,000 | | | | | | 5,579 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Software (continued) | | ||||||||||||
ZoomInfo Technologies
LLC/ZoomInfo Finance Corp. |
| | | | | | | | | | | | |
3.875%, due 2/1/29 |
| | | $ | 6,000 | | | | | $ | 5,013 | | |
| | | | | | | | | | | 121,111 | | |
Telecommunications — 0.7% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
3.500%, due 9/15/53 |
| | | | 95,000 | | | | | | 60,974 | | |
CommScope, Inc. | | | | | | | | | | | | | |
6.000%, due 3/1/26 |
| | | | 12,000 | | | | | | 11,575 | | |
8.250%, due 3/1/27 |
| | | | 6,000 | | | | | | 5,327 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.625%, due 1/15/29 |
| | | | 6,000 | | | | | | 4,575 | | |
3.750%, due 7/15/29 |
| | | | 12,000 | | | | | | 9,117 | | |
Lumen Technologies, Inc. | | | | | | | | | | | | | |
4.500%, due 1/15/29 |
| | | | 12,000 | | | | | | 8,459 | | |
Sprint Corp. | | | | | | | | | | | | | |
7.625%, due 3/1/26 |
| | | | 18,000 | | | | | | 18,787 | | |
7.875%, due 9/15/23 |
| | | | 12,000 | | | | | | 12,197 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
2.625%, due 4/15/26 |
| | | | 12,000 | | | | | | 10,830 | | |
Viavi Solutions, Inc. | | | | | | | | | | | | | |
3.750%, due 10/1/29 |
| | | | 16,000 | | | | | | 13,358 | | |
| | | | | | | | | | | 155,199 | | |
Toys/Games/Hobbies — 0.1% | | ||||||||||||
Mattel, Inc. | | | | | | | | | | | | | |
3.375%, due 4/1/26 |
| | | | 12,000 | | | | | | 10,945 | | |
5.875%, due 12/15/27 |
| | | | 18,000 | | | | | | 17,467 | | |
| | | | | | | | | | | 28,412 | | |
Transportation — 0.0%(d) | | ||||||||||||
XPO Logistics, Inc. | | | | | | | | | | | | | |
6.250%, due 5/1/25 |
| | | | 6,000 | | | | | | 6,061 | | |
Trucking & Leasing — 0.1% | | ||||||||||||
Fortress Transportation
and Infrastructure Investors LLC |
| | | | | | | | | | | | |
5.500%, due 5/1/28 |
| | | | 16,000 | | | | | | 13,378 | | |
Total Corporate
Bonds (Cost $9,327,586) |
| | | | | | | | | | 8,749,756 | | |
Foreign Bonds — 12.9% | | ||||||||||||
Aerospace/Defense — 0.0%(d) | | ||||||||||||
Bombardier, Inc., (Canada) | | | | | | | | | | | | | |
7.125%, due 6/15/26 |
| | | | 10,000 | | | | | | 9,466 | | |
Agriculture — 0.2% | | ||||||||||||
BAT International
Finance PLC, (United Kingdom) |
| | | | | | | | | | | | |
4.448%, due 3/16/28 |
| | | | 55,000 | | | | | | 48,713 | | |
Airlines — 0.5% | | ||||||||||||
Air Canada, (Canada) | | | | | | | | | | | | | |
3.875%, due 8/15/26 |
| | | | 6,000 | | | | | | 5,309 | | |
Air Canada 2020-1
Class C Pass-Through Trust, (Canada) |
| | | | | | | | | | | | |
Series 2020-1C10.500%, due 7/15/26 |
| | | | 24,000 | | | | | | 24,283 | | |
British Airways 2021-1
Class A Pass-Through Trust, (United Kingdom) |
| | | | | | | | | | | | |
Series 2021-12.900%, due 3/15/35
|
| | | | 99,272 | | | | | | 79,092 | | |
| | | | | | | | | | | 108,684 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Auto Manufacturers — 0.3% | | ||||||||||||
Volkswagen Group of
America Finance LLC, (Germany) |
| | | | | | | | | | | | |
4.600%, due 6/8/29 |
| | | $ | 65,000 | | | | | $ | 58,990 | | |
Banks — 4.1% | | ||||||||||||
Barclays PLC, (United Kingdom) | | | | | | | | | | | | | |
4.375%, (US 5 Year CMT T-Note +
3.41%), due 12/15/70(a) |
| | | | 130,000 | | | | | | 86,282 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
3.052%, (SOFR + 1.51%), due 1/13/31(a) |
| | | | 85,000 | | | | | | 66,104 | | |
4.625%, (US 5 Year CMT T-Note +
3.34%), due 8/25/71(a) |
| | | | 135,000 | | | | | | 93,319 | | |
BPCE SA, (France) | | | | | | | | | | | | | |
2.045%, (SOFR + 1.09%), due 10/19/27(a) |
| | | | 115,000 | | | | | | 95,516 | | |
Credit Agricole SA, (France) | | | | | | | | | | | | | |
4.750%, (US 5 Year CMT T-Note +
3.24%), due 3/23/71(a) |
| | | | 130,000 | | | | | | 93,350 | | |
Credit Suisse Group AG, (Switzerland) | | | | | | | | | | | | | |
3.091%, (SOFR + 1.73%), due 5/14/32(a) |
| | | | 65,000 | | | | | | 44,583 | | |
Deutsche Bank AG/New
York NY, (Germany) |
| | | | | | | | | | | | |
3.035%, (SOFR + 1.72%), due 5/28/32(a) |
| | | | 80,000 | | | | | | 56,270 | | |
3.729%, (SOFR + 2.76%), due 1/14/32(a) |
| | | | 16,000 | | | | | | 11,271 | | |
3.742%, (SOFR + 2.26%), due 1/7/33(a) |
| | | | 22,000 | | | | | | 14,977 | | |
NatWest Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.600%, (US 5 Year CMT T-Note +
3.10%), due 9/30/71(a) |
| | | | 120,000 | | | | | | 77,478 | | |
Societe Generale SA, (France) | | | | | | | | | | | | | |
5.375%, (US 5 Year CMT T-Note +
4.51%), due 5/18/71(a) |
| | | | 130,000 | | | | | | 94,166 | | |
Standard Chartered PLC,
(United Kingdom) |
| | | | | | | | | | | | |
4.750%, (US 5 Year CMT T-Note +
3.81%), due 7/14/71(a) |
| | | | 65,000 | | | | | | 43,371 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
4.875%, (US 5 Year CMT T-Note +
3.40%), due 8/12/71(a) |
| | | | 105,000 | | | | | | 83,790 | | |
Westpac Banking Corp., (Australia) | | | | | | | | | | | | | |
3.020%, (US 5 Year CMT T-Note +
1.53%), due 11/18/36(a) |
| | | | 110,000 | | | | | | 77,820 | | |
| | | | | | | | | | | 938,297 | | |
Beverages — 0.1% | | ||||||||||||
Primo Water Holdings, Inc., (Canada) | | | | | | | | | | | | | |
4.375%, due 4/30/29 |
| | | | 22,000 | | | | | | 18,433 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Chemicals — 0.1% | | ||||||||||||
SPCM SA, (France) | | | | | | | | | | | | | |
3.375%, due 3/15/30 |
| | | $ | 28,000 | | | | | $ | 22,330 | | |
Commercial Services — 0.1% | | ||||||||||||
Garda World Security Corp., (Canada) | | | | | | | | | | | | | |
4.625%, due 2/15/27 |
| | | | 12,000 | | | | | | 10,657 | | |
9.500%, due 11/1/27 |
| | | | 22,000 | | | | | | 19,855 | | |
| | | | | | | | | | | 30,512 | | |
Diversified Financial Services — 0.6% | | ||||||||||||
Avolon Holdings Funding Ltd., (Ireland) | | | | | | | | | | | | | |
3.250%, due 2/15/27 |
| | | | 85,000 | | | | | | 69,443 | | |
Nomura Holdings, Inc., (Japan) | | | | | | | | | | | | | |
2.172%, due 7/14/28 |
| | | | 90,000 | | | | | | 71,225 | | |
| | | | | | | | | | | 140,668 | | |
Environmental Control — 0.2% | | ||||||||||||
GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | |
3.750%, due 8/1/25 |
| | | | 6,000 | | | | | | 5,670 | | |
4.000%, due 8/1/28 |
| | | | 16,000 | | | | | | 13,846 | | |
4.250%, due 6/1/25 |
| | | | 6,000 | | | | | | 5,729 | | |
4.750%, due 6/15/29 |
| | | | 6,000 | | | | | | 5,230 | | |
5.125%, due 12/15/26 |
| | | | 6,000 | | | | | | 5,711 | | |
| | | | | | | | | | | 36,186 | | |
Food — 1.4% | | ||||||||||||
Cencosud SA, (Chile) | | | | | | | | | | | | | |
4.375%, due 7/17/27 |
| | | | 200,000 | | | | | | 181,000 | | |
Indofood CBP Sukses
Makmur Tbk PT, (Indonesia) |
| | | | | | | | | | | | |
3.398%, due 6/9/31 |
| | | | 200,000 | | | | | | 146,988 | | |
| | | | | | | | | | | 327,988 | | |
Forest Products & Paper — 0.0%(d) | | ||||||||||||
Ahlstrom-Munksjo Holding 3 Oy,
(Finland) |
| | | | | | | | | | | | |
4.875%, due 2/4/28 |
| | | | 12,000 | | | | | | 9,553 | | |
Household Products/Wares — 0.1% | | ||||||||||||
Kronos Acquisition
Holdings, Inc. / KIK Custom Products, Inc., (Canada) |
| | | | | | | | | | | | |
5.000%, due 12/31/26 |
| | | | 18,000 | | | | | | 16,316 | | |
7.000%, due 12/31/27 |
| | | | 22,000 | | | | | | 18,480 | | |
| | | | | | | | | | | 34,796 | | |
Internet — 0.7% | | ||||||||||||
Prosus NV, (China) | | | | | | | | | | | | | |
3.257%, due 1/19/27 |
| | | | 200,000 | | | | | | 164,678 | | |
Machinery-Diversified — 0.1% | | ||||||||||||
Titan Acquisition Ltd.
/ Titan Co.-Borrower LLC, (Canada) |
| | | | | | | | | | | | |
7.750%, due 4/15/26 |
| | | | 18,000 | | | | | | 14,715 | | |
TK Elevator US Newco, Inc., (Germany) | | | | | | | | | | | | | |
5.250%, due 7/15/27 |
| | | | 16,000 | | | | | | 14,340 | | |
| | | | | | | | | | | 29,055 | | |
Media — 0.3% | | ||||||||||||
UPC Holding BV, (Netherlands) | | | | | | | | | | | | | |
5.500%, due 1/15/28 |
| | | | 16,000 | | | | | | 14,043 | | |
Virgin Media Finance
PLC, (United Kingdom) |
| | | | | | | | | | | | |
5.000%, due 7/15/30 |
| | | | 44,000 | | | | | | 35,261 | | |
VZ Secured Financing BV, (Netherlands) | | | | | | | | | | | | | |
5.000%, due 1/15/32 |
| | | | 12,000 | | | | | | 9,565 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
Ziggo Bond Co. BV, (Netherlands) | | | | | | | | | | | | | |
5.125%, due 2/28/30 |
| | | $ | 28,000 | | | | | $ | 22,188 | | |
| | | | | | | | | | | 81,057 | | |
Oil & Gas — 1.0% | | ||||||||||||
Petroleos Mexicanos, (Mexico) | | | | | | | | | | | | | |
5.350%, due 2/12/28 |
| | | | 100,000 | | | | | | 79,698 | | |
Qatar Energy, (Qatar) | | | | | | | | | | | | | |
3.125%, due 7/12/41 |
| | | | 200,000 | | | | | | 141,760 | | |
| | | | | | | | | | | 221,458 | | |
Packaging & Containers — 0.0%(d) | | ||||||||||||
Cascades, Inc./Cascades
USA, Inc., (Canada) |
| | | | | | | | | | | | |
5.375%, due 1/15/28 |
| | | | 12,000 | | | | | | 10,263 | | |
Pharmaceuticals — 0.1% | | ||||||||||||
Teva Pharmaceutical
Finance Netherlands III BV, (Israel) |
| | | | | | | | | | | | |
3.150%, due 10/1/26 |
| | | | 6,000 | | | | | | 5,070 | | |
5.125%, due 5/9/29 |
| | | | 12,000 | | | | | | 10,298 | | |
| | | | | | | | | | | 15,368 | | |
Retail — 0.1% | | ||||||||||||
1011778 BC ULC / New
Red Finance, Inc., (Canada) |
| | | | | | | | | | | | |
3.500%, due 2/15/29 |
| | | | 16,000 | | | | | | 13,400 | | |
3.875%, due 1/15/28 |
| | | | 6,000 | | | | | | 5,274 | | |
| | | | | | | | | | | 18,674 | | |
Software — 0.0%(d) | | ||||||||||||
Open Text Corp., (Canada) | | | | | | | | | | | | | |
3.875%, due 2/15/28 |
| | | | 6,000 | | | | | | 5,136 | | |
Sovereign — 1.5% | | ||||||||||||
Abu Dhabi Government
International Bond, (United Arab Emirates) |
| | | | | | | | | | | | |
0.750%, due 9/2/23 |
| | | | 350,000 | | | | | | 337,840 | | |
Telecommunications — 1.4% | | ||||||||||||
Altice France SA/France, (France) | | | | | | | | | | | | | |
5.125%, due 7/15/29 |
| | | | 6,000 | | | | | | 4,519 | | |
5.500%, due 1/15/28 |
| | | | 22,000 | | | | | | 17,380 | | |
8.125%, due 2/1/27 |
| | | | 8,000 | | | | | | 7,321 | | |
Axiata SPV2 Bhd, (Malaysia) | | | | | | | | | | | | | |
2.163%, due 8/19/30 |
| | | | 200,000 | | | | | | 155,656 | | |
Iliad Holding SASU, (France) | | | | | | | | | | | | | |
6.500%, due 10/15/26 |
| | | | 12,000 | | | | | | 11,114 | | |
Nice Ltd., (Israel) | | | | | | | | | | | | | |
0.000%, due 9/15/25(b)
|
| | | | 125,000 | | | | | | 116,500 | | |
| | | | | | | | | | | 312,490 | | |
Total
Foreign Bonds (Cost $3,263,564) |
| | | | | | | | | | 2,980,635 | | |
Municipal Bonds — 9.5% | | ||||||||||||
California — 1.0% | | ||||||||||||
California State University, | | | | | | | | | | | | | |
1.690%, due 11/1/29 |
| | | | 290,000 | | | | | | 227,617 | | |
Colorado — 1.0% | | ||||||||||||
Metro Wastewater Reclamation District, | | | | | | | | | | | | | |
5.775%, due 4/1/29 |
| | | | 225,000 | | | | | | 232,185 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Florida — 0.9% | | ||||||||||||
County of Miami-Dade FL Transit
System, |
| | | | | | | | | | | | |
2.600%, due 7/1/42 |
| | | $ | 300,000 | | | | | $ | 199,942 | | |
Illinois — 1.1% | | ||||||||||||
State of Illinois, | | | | | | | | | | | | | |
5.100%, due 6/1/33 |
| | | | 275,000 | | | | | | 256,986 | | |
New Jersey — 1.0% | | ||||||||||||
New Jersey Turnpike Authority, | | | | | | | | | | | | | |
7.102%, due 1/1/41 |
| | | | 200,000 | | | | | | 228,573 | | |
New York — 0.9% | | ||||||||||||
City of New York NY, | | | | | | | | | | | | | |
2.360%, due 8/1/31 |
| | | | 275,000 | | | | | | 215,143 | | |
North Carolina — 0.9% | | ||||||||||||
Charlotte-Mecklenburg
Hospital Authority (The), 3.204%, due 1/15/51 |
| | | | 300,000 | | | | | | 198,439 | | |
Oregon — 0.7% | | ||||||||||||
Port of Morrow OR, | | | | | | | | | | | | | |
2.543%, due 9/1/40 |
| | | | 250,000 | | | | | | 167,055 | | |
Texas — 1.0% | | ||||||||||||
Dallas Fort Worth International Airport, | | | | | | | | | | | | | |
3.089%, due 11/1/40 |
| | | | 300,000 | | | | | | 218,855 | | |
Washington — 1.0% | | ||||||||||||
State of Washington, | | | | | | | | | | | | | |
5.090%, due 8/1/33 |
| | | | 235,000 | | | | | | 233,770 | | |
Total Municipal
Bonds (Cost $2,457,231) |
| | | | | | | | | | 2,178,565 | | |
U.S. Treasury Bonds — 6.3% | | ||||||||||||
U.S. Treasury Bond,
3.000%, due 8/15/52 |
| | | | 1,350,000 | | | | | | 1,081,055 | | |
U.S. Treasury Bond,
3.375%, due 8/15/42 |
| | | | 420,000 | | | | | | 362,315 | | |
| | | | | | | | | | | 1,443,370 | | |
Total U.S. Treasury
Bonds (Cost $1,732,162) |
| | | | | | | | | | 1,443,370 | | |
U.S. Treasury Notes — 6.1% | | ||||||||||||
U.S. Treasury Note,
2.750%, due 8/15/32 |
| | | | 120,000 | | | | | | 107,381 | | |
U.S. Treasury Note,
4.125%, due 10/31/27 |
| | | | 670,000 | | | | | | 666,493 | | |
U.S. Treasury Note,
4.250%, due 10/15/25 |
| | | | 640,000 | | | | | | 636,600 | | |
| | | | | | | | | | | 1,410,474 | | |
Total U.S. Treasury
Notes (Cost $1,424,822) |
| | | | | | | | | | 1,410,474 | | |
|
| | |
Principal Amount |
| |
Value |
| ||||||
United States Government Agency Mortgage-Backed Securities — 2.0% | | ||||||||||||
Mortgage Securities — 2.0% | | ||||||||||||
Fannie Mae Pool | | | | | | | | | | | | | |
4.000%, due 6/1/52 |
| | | $ | 170,496 | | | | | $ | 155,188 | | |
4.500%, due 7/1/52 |
| | | | 155,664 | | | | | | 146,198 | | |
5.000%, due 7/1/52 |
| | | | 154,469 | | | | | | 149,086 | | |
| | | | | | | | | | | 450,472 | | |
Total United States
Government Agency Mortgage-Backed Securities (Cost $484,952) |
| | | | | | | | | | 450,472 | | |
|
| | |
Shares |
| | | | | | | |||
Short-Term Investment — 0.7% | | ||||||||||||
Money Market Fund — 0.7% | | ||||||||||||
Dreyfus Government Cash
Management Fund, Institutional Shares, 2.91%(e) (Cost $152,160) |
| | | | 152,160 | | | | |
|
152,160 |
| |
Total
Investments — 98.9% (Cost $24,520,717) |
| | | | | | | | | | 22,774,977 | | |
Other Assets and
Liabilities, Net — 1.1% |
| | | | | | | | | | 269,486 | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 23,044,463 | | |
| Abbreviations | | ||||||
| CMT | | | — | | | 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 October 31, 2022 |
| |
Unrealized Appreciation (Depreciation) |
| ||||||||||||
U.S. 10 Year Note (CBT) |
| |
Citigroup Global
Markets Inc. |
| |
December 2022 |
| | | | 11 | | | | | $ | 1,292,009 | | | | | $ | 1,216,531 | | | | | $ | (75,478) | | |
U.S. 10 Year Ultra Note |
| |
Citigroup Global
Markets Inc. |
| |
December 2022 |
| | | | 19 | | | | | | 2,288,736 | | | | | | 2,203,703 | | | | | | (85,033) | | |
U.S. 5 Year Note (CBT) |
| |
Citigroup Global
Markets Inc. |
| |
December 2022 |
| | | | 1 | | | | | | 108,776 | | | | | | 106,594 | | | | | | (2,182) | | |
U.S. Long Bond (CBT) |
| |
Citigroup Global
Markets Inc. |
| |
December 2022 |
| | | | 2 | | | | | | 250,425 | | | | | | 241,000 | | | | | | (9,425) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (172,118) | | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations
|
| | | $ | — | | | | | $ | 1,663,558 | | | | | $ | — | | | | | $ | 1,663,558 | | |
Commercial Asset-Backed Securities
|
| | | | — | | | | | | 1,870,141 | | | | | | — | | | | | | 1,870,141 | | |
Commercial Mortgage-Backed Securities
|
| | | | — | | | | | | 1,875,846 | | | | | | — | | | | | | 1,875,846 | | |
Corporate Bonds |
| | | | — | | | | | | 8,749,756 | | | | | | — | | | | | | 8,749,756 | | |
Foreign Bonds |
| | | | — | | | | | | 2,980,635 | | | | | | — | | | | | | 2,980,635 | | |
Municipal Bonds |
| | | | — | | | | | | 2,178,565 | | | | | | — | | | | | | 2,178,565 | | |
U.S. Treasury Bonds |
| | | | — | | | | | | 1,443,370 | | | | | | — | | | | | | 1,443,370 | | |
U.S. Treasury Notes |
| | | | — | | | | | | 1,410,474 | | | | | | — | | | | | | 1,410,474 | | |
United States Government Agency
Mortgage-Backed Securities |
| | | | — | | | | | | 450,472 | | | | | | — | | | | | | 450,472 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 152,160 | | | | | | — | | | | | | — | | | | | | 152,160 | | |
Total Investments in Securities |
| | | $ | 152,160 | | | | | $ | 22,622,817 | | | | | $ | — | | | | | $ | 22,774,977 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts |
| | | $ | (172,118) | | | | | $ | — | | | | | $ | — | | | | | $ | (172,118) | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Long-Term Bonds — 88.0% | | ||||||||||||
Commercial Asset-Backed Securities — 20.7% | | ||||||||||||
Asset Backed Securities — 20.7% | | ||||||||||||
Amur
Equipment Finance Receivables XI LLC |
| | | | | | | | | | | | |
Series 2022-2A A2, 5.300%, due 6/21/28 |
| | | $ | 214,000 | | | | | $ | 211,496 | | |
Avis Budget Rental Car
Funding AESOP LLC |
| | | | | | | | | | | | |
Series 2017-2A A,
2.970%, due 3/20/24 |
| | | | 1,250,000 | | | | | | 1,243,813 | | |
Series 2018-1A A, 3.700%, due 9/20/24 |
| | | | 1,450,000 | | | | | | 1,428,129 | | |
Canyon CLO 2020-1 Ltd.,
(Cayman Islands) |
| | | | | | | | | | | | |
Series 2020-1A
BR, 5.779%, (3-Month LIBOR + 1.70%), due 7/15/34(a)
|
| | | | 410,000 | | | | | | 380,193 | | |
Cook Park CLO Ltd., (Cayman
Islands) |
| | | | | | | | | | | | |
Series 2018-1A B, 5.479%, (3-Month
LIBOR + 1.40%), due 4/17/30(a)
|
| | | | 1,000,000 | | | | | | 938,124 | | |
Ford Credit Auto Owner Trust
2018-REV2 |
| | | | | | | | | | | | |
Series 2018-2 A,
3.470%, due 1/15/30 |
| | | | 1,500,000 | | | | | | 1,480,761 | | |
Ford
Credit Floorplan Master Owner Trust A |
| | | | | | | | | | | | |
Series 2019-2 A,
3.060%, due 4/15/26 |
| | | | 1,400,000 | | | | | | 1,347,290 | | |
Galaxy XIX CLO Ltd., (Cayman
Islands) |
| | | | | | | | | | | | |
Series 2015-19A A2RR, 5.725%, (3-Month
LIBOR + 1.40%), due 7/24/30(a) |
| | | | 997,239 | | | | | | 936,811 | | |
Neuberger Berman Loan
Advisers CLO 32 Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2019-32A BR, 5.627%, (3-Month
LIBOR + 1.40%), due 1/20/32(a) |
| | | | 1,000,000 | | | | | | 940,813 | | |
Oak
Hill Credit Partners, (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-8A A, 5.384%, (3-Month
LIBOR + 1.19%), due 1/18/34(a)
|
| | | | 750,000 | | | | | | 722,613 | | |
Octagon Investment
Partners 31 LLC, (Cayman Islands) |
| | | | | | | | | | | | |
Series 2017-1A
B1R, 5.743%, (3-Month LIBOR + 1.50%), due 7/20/30(a) |
| | | | 1,000,000 | | | | | | 947,779 | | |
Octagon Investment
Partners 51 Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-1A A, 5.393%, (3-Month
LIBOR + 1.15%), due 7/20/34(a)
|
| | | | 1,000,000 | | | | | | 955,764 | | |
Palmer
Square CLO 2021-2 Ltd., (Cayman Islands) |
| | | | | | | | | | | | |
Series 2021-2A A, 5.229%, (3-Month
LIBOR + 1.15%), due 7/15/34(a)
|
| | | | 1,000,000 | | | | | | 956,796 | | |
Romark CLO IV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-4A
A1, 5.079%, (3-Month LIBOR + 1.17%), due 7/10/34(a) |
| | | | 1,000,000 | | | | | | 959,597 | | |
TICP CLO XV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-15A A, 5.523%, (3-Month
LIBOR + 1.28%), due 4/20/33(a) |
| | | | 1,000,000 | | | | | | 969,268 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
TRESTLES CLO II Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-2A
A2, 6.028%, (3-Month LIBOR + 1.67%), due 7/25/31(a) |
| | | $ | 275,000 | | | | | $ | 259,533 | | |
| | | | | | | | | | | 14,678,780 | | |
Total Commercial
Asset-Backed Securities |
| | | | | | | | | | | | |
(Cost $15,212,653) |
| | | | | | | | | | 14,678,780 | | |
Commercial Mortgage-Backed Securities — 6.8% | | ||||||||||||
Mortgage Securities — 6.8% | | ||||||||||||
COMM 2013-SFS Mortgage Trust | | | | | | | | | | | | | |
Series 2013-SFS A2, 2.987%, due 4/12/35(a)(b) |
| | | | 1,850,000 | | | | | | 1,814,826 | | |
GS Mortgage Securities Corp. II | | | | | | | | | | | | | |
Series 2012-BWTR
A, 2.954%, due 11/5/34 |
| | | | 1,250,000 | | | | | | 1,160,145 | | |
Houston Galleria Mall Trust 2015-HGLR | | | | | | | | | | | | | |
Series 2015-HGLR A1A1, 3.087%, due 3/5/37 |
| | | | 1,000,000 | | | | | | 913,119 | | |
Queens Center Mortgage
Trust 2013-QC |
| | | | | | | | | | | | |
Series 2013-QCA
A, 3.275%, due 1/11/37 |
| | | | 1,000,000 | | | | | | 927,035 | | |
| | | | | | | | | | | 4,815,125 | | |
Total Commercial
Mortgage-Backed Securities |
| | | | | | | | | | | | |
(Cost $5,218,171) |
| | | | | | | | | | 4,815,125 | | |
Corporate Bonds — 36.2% | | ||||||||||||
Basic Materials — 0.4% | | ||||||||||||
International Flavors & Fragrances,
Inc. |
| | | | | | | | | | | | |
1.230%, due 10/1/25 |
| | | | 320,000 | | | | | | 277,126 | | |
Communications — 3.8% | | ||||||||||||
T-Mobile USA, Inc. | | | | | | | | | | | | | |
1.500%, due 2/15/26 |
| | | | 800,000 | | | | | | 701,523 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
4.144%,
(SOFR + 0.79%), due 3/20/26(a) |
| | | | 2,070,000 | | | | | | 2,019,427 | | |
| | | | | | | | | | | 2,720,950 | | |
Consumer, Cyclical — 1.3% | | ||||||||||||
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.664%, due 9/8/24 |
| | | | 325,000 | | | | | | 308,069 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
6.050%, due 10/10/25 |
| | | | 340,000 | | | | | | 337,117 | | |
Warnermedia Holdings, Inc. | | | | | | | | | | | | | |
3.428%, due 3/15/24 |
| | | | 315,000 | | | | | | 303,827 | | |
| | | | | | | | | | | 949,013 | | |
Consumer, Non-cyclical — 2.7% | | ||||||||||||
Global Payments, Inc. | | | | | | | | | | | | | |
1.500%, due 11/15/24 |
| | | | 530,000 | | | | | | 485,275 | | |
Laboratory Corp. of America Holdings | | | | | | | | | | | | | |
3.250%, due 9/1/24 |
| | | | 685,000 | | | | | | 659,777 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Consumer, Non-cyclical (continued) | | ||||||||||||
Mondelez International, Inc. | | | | | | | | | | | | | |
2.125%, due 3/17/24 |
| | | $ | 570,000 | | | | | $ | 546,401 | | |
PayPal Holdings, Inc. | | | | | | | | | | | | | |
3.900%, due 6/1/27 |
| | | | 245,000 | | | | | | 232,738 | | |
| | | | | | | | | | | 1,924,191 | | |
Energy — 0.4% | | ||||||||||||
ONEOK, Inc. | | | | | | | | | | | | | |
5.850%, due 1/15/26 |
| | | | 280,000 | | | | | | 278,442 | | |
Financial — 14.9% | | ||||||||||||
Air Lease Corp. | | | | | | | | | | | | | |
0.800%, due 8/18/24 |
| | | | 1,150,000 | | | | | | 1,047,167 | | |
Aircastle Ltd. | | | | | | | | | | | | | |
2.850%, due 1/26/28 |
| | | | 430,000 | | | | | | 324,533 | | |
American Express Co. | | | | | | | | | | | | | |
3.950%, due 8/1/25 |
| | | | 715,000 | | | | | | 686,818 | | |
Bank of America Corp. | | | | | | | | | | | | | |
4.200%, due 8/26/24 |
| | | | 1,070,000 | | | | | | 1,046,339 | | |
4.827%, (SOFR +
1.75%), due 7/22/26(a) |
| | | | 565,000 | | | | | | 550,221 | | |
Blackstone Holdings Finance Co. LLC | | | | | | | | | | | | | |
5.900%, due 11/3/27 |
| | | | 245,000 | | | | | | 244,498 | | |
Blackstone Private Credit Fund | | | | | | | | | | | | | |
7.050%, due 9/29/25 |
| | | | 230,000 | | | | | | 227,990 | | |
Capital One Financial Corp. | | | | | | | | | | | | | |
4.166%, (SOFR + 1.37%), due 5/9/25(a) |
| | | | 760,000 | | | | | | 730,372 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
5.610%, (SOFR + 1.55%), due 9/29/26(a) |
| | | | 310,000 | | | | | | 305,893 | | |
Citizens Bank NA/Providence RI | | | | | | | | | | | | | |
6.064%, (SOFR +
1.45%), due 10/24/25(a) |
| | | | 250,000 | | | | | | 251,781 | | |
Corebridge Financial, Inc. | | | | | | | | | | | | | |
3.500%, due 4/4/25 |
| | | | 800,000 | | | | | | 753,941 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
5.700%, due 11/1/24 |
| | | | 550,000 | | | | | | 550,037 | | |
Huntington National Bank (The) | | | | | | | | | | | | | |
4.008%, (SOFR + 1.21%), due 5/16/25(a) |
| | | | 675,000 | | | | | | 657,845 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
3.845%, (SOFR + 0.98%), due 6/14/25(a) |
| | | | 760,000 | | | | | | 736,397 | | |
M&T Bank Corp. | | | | | | | | | | | | | |
4.553%, (SOFR +
1.78%), due 8/16/28(a) |
| | | | 290,000 | | | | | | 272,925 | | |
Morgan Stanley | | | | | | | | | | | | | |
3.620%, (SOFR + 1.16%), due 4/17/25(a) |
| | | | 1,285,000 | | | | | | 1,241,297 | | |
4.679%, (SOFR + 1.67%), due 7/17/26(a) |
| | | | 420,000 | | | | | | 407,180 | | |
Santander Holdings USA, Inc. | | | | | | | | | | | | | |
5.807%, (SOFR +
2.33%), due 9/9/26(a) |
| | | | 190,000 | | | | | | 184,011 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
Wells Fargo & Co. | | | | | | | | | | | | | |
4.540%,
(SOFR + 1.56%), due 8/15/26(a) |
| | | $ | 350,000 | | | | | $ | 336,692 | | |
| | | | | | | | | | | 10,555,937 | | |
Industrial — 2.2% | | ||||||||||||
Boeing Co. (The) | | | | | | | | | | | | | |
1.167%, due 2/4/23 |
| | | | 570,000 | | | | | | 564,383 | | |
1.950%, due 2/1/24 |
| | | | 1,040,000 | | | | | | 991,765 | | |
| | | | | | | | | | | 1,556,148 | | |
Technology — 0.2% | | ||||||||||||
Oracle Corp. | | | | | | | | | | | | | |
2.300%, due 3/25/28 |
| | | | 185,000 | | | | | | 154,755 | | |
Utilities — 10.3% | | ||||||||||||
American Electric Power Co., Inc. | | | | | | | | | | | | | |
2.031%, due 3/15/24 |
| | | | 195,000 | | | | | | 186,156 | | |
CenterPoint Energy, Inc. | | | | | | | | | | | | | |
3.388%, (SOFR + 0.65%), due 5/13/24(a) |
| | | | 1,515,000 | | | | | | 1,483,448 | | |
Duke Energy Corp. | | | | | | | | | | | | | |
4.300%, due 3/15/28 |
| | | | 335,000 | | | | | | 314,890 | | |
Entergy Louisiana LLC | | | | | | | | | | | | | |
0.620%, due 11/17/23 |
| | | | 449,000 | | | | | | 427,364 | | |
Eversource Energy | | | | | | | | | | | | | |
Series T, 3.000%, (SOFR +
0.25%), due 8/15/23(a) |
| | | | 1,975,000 | | | | | | 1,964,205 | | |
Pacific Gas and Electric Co. | | | | | | | | | | | | | |
4.200%, due 3/1/29 |
| | | | 398,000 | | | | | | 345,336 | | |
Pacific Gas And Electric Co. | | | | | | | | | | | | | |
3.250%, due 2/16/24 |
| | | | 585,000 | | | | | | 565,391 | | |
Sempra Energy | | | | | | | | | | | | | |
3.300%, due 4/1/25 |
| | | | 350,000 | | | | | | 331,387 | | |
Southern California Edison Co. | | | | | | | | | | | | | |
1.100%, due 4/1/24 |
| | | | 880,000 | | | | | | 827,740 | | |
Southern Co. (The) | | | | | | | | | | | | | |
5.150%, due 10/6/25 |
| | | | 250,000 | | | | | | 248,854 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
Series B, 3.750%, due 5/15/27
|
| | | | 605,000 | | | | | | 567,430 | | |
| | | | | | | | | | | 7,262,201 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $26,839,774) |
| | | | | | | | | | 25,678,763 | | |
Foreign Bonds — 12.2% | | ||||||||||||
Consumer, Cyclical — 1.3% | | ||||||||||||
Volkswagen
Group of America Finance LLC, (Germany) |
| | | | | | | | | | | | |
1.250%, due 11/24/25 |
| | | | 1,070,000 | | | | | | 934,364 | | |
Financial — 10.6% | | ||||||||||||
AerCap Ireland Capital
DAC / AerCap Global Aviation Trust, (Ireland) |
| | | | | | | | | | | | |
1.650%, due 10/29/24 |
| | | | 1,140,000 | | | | | | 1,034,705 | | |
Antares Holdings LP, (Canada) | | | | | | | | | | | | | |
3.950%, due 7/15/26 |
| | | | 975,000 | | | | | | 829,680 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
Foreign Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
Banco Santander SA, (Spain) | | | | | | | | | | | | | |
5.294%, due 8/18/27 |
| | | $ | 400,000 | | | | | $ | 368,880 | | |
Cooperatieve
Rabobank UA, (Netherlands) |
| | | | | | | | | | | | |
4.655%, (1 Year US CMT T-Note + 1.75%), due
8/22/28(a)
|
| | | | 440,000 | | | | | | 406,986 | | |
Credit Agricole SA/London, (France) | | | | | | | | | | | | | |
1.907%, (SOFR + 1.68%), due 6/16/26(a) |
| | | | 1,050,000 | | | | | | 929,932 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
7.336%, (SOFR +
3.03%), due 11/3/26(a) |
| | | | 420,000 | | | | | | 421,163 | | |
Lloyds Banking Group
PLC, (United Kingdom) |
| | | | | | | | | | | | |
0.695%, (1 Year US CMT T-Note + 0.55%), due
5/11/24(a)
|
| | | | 1,080,000 | | | | | | 1,047,292 | | |
4.716%, (1 Year US CMT
T-Note + 1.75%), due 8/11/26(a)
|
| | | | 340,000 | | | | | | 321,692 | | |
NatWest Markets PLC,
(United Kingdom) |
| | | | | | | | | | | | |
0.800%, due 8/12/24 |
| | | | 800,000 | | | | | | 730,806 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
5.660%, due 10/25/24 |
| | | | 295,000 | | | | | | 295,545 | | |
Standard Chartered PLC,
(United Kingdom) |
| | | | | | | | | | | | |
0.991%, (1 Year US CMT
T-Note + 0.78%), due 1/12/25(a)
|
| | | | 550,000 | | | | | | 511,294 | | |
Swedbank AB, (Sweden) | | | | | | | | | | | | | |
5.337%, due 9/20/27 |
| | | | 350,000 | | | | | | 333,077 | | |
Toronto-Dominion Bank
(The), (Canada) |
| | | | | | | | | | | | |
4.285%, due 9/13/24 |
| | | | 310,000 | | | | | | 303,738 | | |
| | | | | | | | | | | 7,534,790 | | |
Utilities — 0.3% | | ||||||||||||
Enel Finance America LLC, (Italy) | | | | | | | | | | | | | |
7.100%, due 10/14/27 |
| | | | 200,000 | | | | | | 199,415 | | |
Total Foreign Bonds | | | | | | | | | | | | | |
(Cost $9,346,581) |
| | | | | | | | | | 8,668,569 | | |
U.S. Treasury Notes — 7.8% | | ||||||||||||
U.S. Treasury Note, 2.500%, due 3/31/23 |
| | | | 1,880,000 | | | | | | 1,866,488 | | |
U.S.
Treasury Note, 2.750%, due 8/15/32 |
| | | | 4,090,000 | | | | | | 3,659,911 | | |
| | | | | | | | | | | 5,526,399 | | |
Total U.S. Treasury Notes | | | | | | | | | | | | | |
(Cost $5,946,996) |
| | | | | | | | | | 5,526,399 | | |
United States Government Agency
Mortgage-Backed Securities — 4.3% |
| ||||||||||||
Mortgage Securities — 4.3% | | ||||||||||||
Federal Home Loan
Mortgage Corporation |
| | | | | | | | | | | | |
4.500%, due 8/1/42 |
| | | | 1,187,314 | | | | | | 1,126,589 | | |
| | |
Principal Amount |
| |
Value |
| ||||||
United States Government Agency
Mortgage-Backed Securities (continued) |
| ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac Multifamily
Structured Pass Through Certificates |
| | | | | | | | | | | | |
Series 2020-K108, 1.691%, due 3/25/30(a)(b)(e) |
| | | $ | 7,355,790 | | | | | $ | 700,690 | | |
Series 2020-K119,
0.931%, due 9/25/30(a)(b)(e) |
| | | | 14,930,979 | | | | | | 820,015 | | |
Series 2021-K124,
0.720%, due 12/25/30(a)(b)(e) |
| | | | 9,479,484 | | | | | | 421,569 | | |
| | | | | | | | | | | 3,068,863 | | |
Total United States
Government Agency Mortgage-Backed Securities |
| | | | | | | | | | | | |
(Cost $3,459,154) |
| | | | | | | | | | 3,068,863 | | |
Short-Term Investment — 12.8% | | ||||||||||||
Commercial Papers — 4.1% | | ||||||||||||
Financial — 4.1% | | ||||||||||||
Barclays Capital | | | | | | | | | | | | | |
0.000%, due 4/3/23(c)
|
| | | | 1,000,000 | | | | | | 978,910 | | |
Westpac BKG Co. | | | | | | | | | | | | | |
0.000%, due 3/20/23(c)
|
| | | | 2,000,000 | | | | | | 1,964,300 | | |
| | | | | | | | | | | 2,943,210 | | |
Total Commercial Papers | | | | | | | | | | | | | |
(Cost $2,974,040) |
| | | | | | | | | | 2,943,210 | | |
|
| | |
Shares |
| | | | | | | |||
Money Market Fund — 8.7% | | ||||||||||||
BlackRock Liquidity T-Fund, 2.92%(d) | | | | | | | | | | | | | |
(Cost
$6,145,977) |
| | | | 6,145,977 | | | | |
|
6,145,977 |
| |
Total Investments — 100.8% | | | | | | | | | | | | | |
(Cost $75,143,346) |
| | | | | | | | | | 71,525,686 | | |
Other
Assets and Liabilities, Net — (0.8)% |
| | | | | | | | | | (574,088) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 70,951,598 | | |
| Abbreviations | | ||||||
| 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 October 31, 2022 |
| |
Unrealized Appreciation (Depreciation) |
| ||||||||||||
U.S. 10 Year Note (CBT) |
| |
RBC Capital Markets |
| |
December 2022 |
| | | | (3) | | | | | $ | (328,963) | | | | | $ | (331,781) | | | | | $ | (2,818) | | |
U.S. 10 Year Ultra Note |
| |
RBC Capital Markets |
| |
December 2022 |
| | | | (38) | | | | | | (4,410,033) | | | | | | (4,407,406) | | | | | | 2,627 | | |
U.S. 2 Year Note (CBT) |
| |
RBC Capital Markets |
| |
December 2022 |
| | | | (54) | | | | | | (11,042,947) | | | | | | (11,036,672) | | | | | | 6,275 | | |
U.S. 5 Year Note (CBT) |
| |
RBC Capital Markets |
| |
December 2022 |
| | | | (89) | | | | | | (9,826,179) | | | | | | (9,486,844) | | | | | | 339,335 | | |
U.S. Long Bond (CBT) |
| |
RBC Capital Markets |
| |
December 2022 |
| | | | (1) | | | | | | (123,061) | | | | | | (120,500) | | | | | | 2,561 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 347,980 | | |
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Asset-Backed Securities
|
| | | $ | — | | | | | $ | 14,678,780 | | | | | $ | — | | | | | $ | 14,678,780 | | |
Commercial Mortgage-Backed Securities
|
| | | | — | | | | | | 4,815,125 | | | | | | — | | | | | | 4,815,125 | | |
Corporate Bonds |
| | | | — | | | | | | 25,678,763 | | | | | | — | | | | | | 25,678,763 | | |
Foreign Bonds |
| | | | — | | | | | | 8,668,569 | | | | | | — | | | | | | 8,668,569 | | |
U.S. Treasury Notes |
| | | | — | | | | | | 5,526,399 | | | | | | — | | | | | | 5,526,399 | | |
United States Government Agency
Mortgage-Backed Securities |
| | | | — | | | | | | 3,068,863 | | | | | | — | | | | | | 3,068,863 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Papers |
| | | | — | | | | | | 2,943,210 | | | | | | — | | | | | | 2,943,210 | | |
Money Market Fund |
| | | | 6,145,977 | | | | | | — | | | | | | — | | | | | | 6,145,977 | | |
Total Investments in Securities |
| | | | 6,145,977 | | | | | | 65,379,709 | | | | | | — | | | | | | 71,525,686 | | |
Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts |
| | | | 350,798 | | | | | | — | | | | | | — | | | | | | 350,798 | | |
Total Investments in Securities and Other
Financial Instruments |
| | | $ | 6,496,775 | | | | | $ | 65,379,709 | | | | | $ | — | | | | | $ | 71,876,484 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts |
| | | $ | (2,818) | | | | | $ | — | | | | | $ | — | | | | | $ | (2,818) | | |
| | |
Shares |
| |
Value |
| ||||||
Common Stocks — 99.3% | | ||||||||||||
Communication Services — 3.0% | | ||||||||||||
Alphabet, Inc., Class C*
|
| | | | 1,805 | | | | | $ | 170,861 | | |
Consumer Discretionary — 18.4% | | ||||||||||||
Chipotle Mexican Grill, Inc.*
|
| | | | 215 | | | | | | 322,141 | | |
Dollar Tree, Inc.*
|
| | | | 1,507 | | | | | | 238,859 | | |
Hilton Worldwide Holdings, Inc. |
| | | | 1,930 | | | | | | 261,052 | | |
Lululemon Athletica, Inc.*
|
| | | | 674 | | | | | | 221,773 | | |
Total Consumer Discretionary |
| | | | | | | | | | 1,043,825 | | |
Consumer Staples — 3.2% | | ||||||||||||
Costco Wholesale Corp. |
| | | | 359 | | | | | | 180,039 | | |
Energy — 4.0% | | ||||||||||||
Schlumberger NV |
| | | | 4,381 | | | | | | 227,944 | | |
Health Care — 19.5% | | ||||||||||||
ABIOMED, Inc.*
|
| | | | 704 | | | | | | 177,464 | | |
Bio-Techne Corp. |
| | | | 489 | | | | | | 144,871 | | |
Intuitive Surgical, Inc.*
|
| | | | 829 | | | | | | 204,324 | | |
UnitedHealth Group, Inc. |
| | | | 589 | | | | | | 326,983 | | |
Zoetis, Inc. |
| | | | 1,682 | | | | | | 253,612 | | |
Total Health Care |
| | | | | | | | | | 1,107,254 | | |
Industrials — 9.7% | | ||||||||||||
Deere & Co. |
| | | | 745 | | | | | | 294,886 | | |
Union Pacific Corp. |
| | | | 1,294 | | | | | | 255,099 | | |
Total Industrials |
| | | | | | | | | | 549,985 | | |
Information Technology — 37.7% | | ||||||||||||
Analog Devices, Inc. |
| | | | 1,100 | | | | | | 156,882 | | |
Apple, Inc. |
| | | | 1,115 | | | | | | 170,974 | | |
ASML Holding NV, |
| | | | 568 | | | | | | 268,335 | | |
Intuit, Inc. |
| | | | 436 | | | | | | 186,390 | | |
Mastercard, Inc., Class A |
| | | | 824 | | | | | | 270,420 | | |
Microsoft Corp. |
| | | | 1,926 | | | | | | 447,082 | | |
NVIDIA Corp. |
| | | | 1,018 | | | | | | 137,399 | | |
Palo Alto Networks, Inc.*
|
| | | | 1,011 | | | | | | 173,478 | | |
ServiceNow, Inc.*
|
| | | | 364 | | | | | | 153,149 | | |
Visa, Inc., Class A(a)
|
| | | | 842 | | | | | | 174,429 | | |
Total Information Technology |
| | | | | | | | | | 2,138,538 | | |
Materials — 3.8% | | ||||||||||||
Linde PLC |
| | | | 733 | | | | | | 217,958 | | |
Total Common Stocks | | | | | | | | | | | | | |
(Cost $5,488,279) |
| | | | | | | | | | 5,636,404 | | |
| | |
Shares |
| |
Value |
| ||||||
Short-Term Investment — 1.0% | | ||||||||||||
Money Market Fund — 1.0% | | ||||||||||||
Dreyfus Institutional
Preferred Government Money Market Fund, Institutional Shares, 3.09%(b) |
| | | | | | | | | | | | |
(Cost $58,639) |
| | |
|
58,639 |
| | | | $ | 58,639 | | |
Total Investments — 100.3% | | | | | | | | | | | | | |
(Cost $5,546,918) |
| | | | | | | | | | 5,695,043 | | |
Other Assets and
Liabilities, Net — (0.3)% |
| | | | | | | | | | (17,618) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 5,677,425 | | |
|
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks |
| | | $ | 5,636,404 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,636,404 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 58,639 | | | | | | — | | | | | | — | | | | | | 58,639 | | |
Total Investments in Securities |
| | | $ | 5,695,043 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,695,043 | | |
| | |
Shares |
| |
Value |
| ||||||
Common Stocks — 98.7% | | ||||||||||||
Communication Services — 3.6% | | ||||||||||||
Alphabet, Inc., Class A*
|
| | | | 2,772 | | | | | $ | 261,982 | | |
Alphabet, Inc., Class C*
|
| | | | 2,220 | | | | | | 210,145 | | |
Total Communication Services |
| | | | | | | | | | 472,127 | | |
Consumer Discretionary — 17.5% | | ||||||||||||
Amazon.com, Inc.*
|
| | | | 2,550 | | | | | | 261,222 | | |
Chipotle Mexican Grill, Inc.*
|
| | | | 266 | | | | | | 398,556 | | |
Dollar Tree, Inc.*
|
| | | | 2,671 | | | | | | 423,353 | | |
Hilton Worldwide Holdings, Inc. |
| | | | 1,956 | | | | | | 264,569 | | |
Lululemon Athletica, Inc.*
|
| | | | 729 | | | | | | 239,870 | | |
McDonald’s Corp. |
| | | | 719 | | | | | | 196,042 | | |
Starbucks Corp. |
| | | | 2,745 | | | | | | 237,690 | | |
Tesla, Inc.*
|
| | | | 1,099 | | | | | | 250,066 | | |
Total Consumer Discretionary |
| | | | | | | | | | 2,271,368 | | |
Consumer Staples — 4.0% | | ||||||||||||
Costco Wholesale Corp. |
| | | | 748 | | | | | | 375,122 | | |
Estee Lauder Cos., Inc. (The),
Class A |
| | | | 680 | | | | | | 136,333 | | |
Total Consumer Staples |
| | | | | | | | | | 511,455 | | |
Energy — 3.3% | | ||||||||||||
Schlumberger NV |
| | | | 8,281 | | | | | | 430,860 | | |
Financials — 2.7% | | ||||||||||||
Moody’s Corp. |
| | | | 672 | | | | | | 177,993 | | |
MSCI, Inc. |
| | | | 367 | | | | | | 172,071 | | |
Total Financials |
| | | | | | | | | | 350,064 | | |
Health Care — 21.3% | | ||||||||||||
ABIOMED, Inc.*
|
| | | | 864 | | | | | | 217,797 | | |
Agilent Technologies, Inc. |
| | | | 1,870 | | | | | | 258,715 | | |
AstraZeneca PLC |
| | | | 3,455 | | | | | | 203,189 | | |
Bio-Techne Corp. |
| | | | 534 | | | | | | 158,203 | | |
Danaher Corp. |
| | | | 585 | | | | | | 147,227 | | |
IDEXX Laboratories, Inc.*
|
| | | | 460 | | | | | | 165,453 | | |
Intuitive Surgical, Inc.*
|
| | | | 1,320 | | | | | | 325,340 | | |
IQVIA Holdings, Inc.*
|
| | | | 1,118 | | | | | | 234,411 | | |
UnitedHealth Group, Inc. |
| | | | 967 | | | | | | 536,830 | | |
Veeva Systems, Inc., Class A*
|
| | | | 1,229 | | | | | | 206,398 | | |
Zoetis, Inc. |
| | | | 2,077 | | | | | | 313,170 | | |
Total Health Care |
| | | | | | | | | | 2,766,733 | | |
Industrials — 7.9% | | ||||||||||||
CoStar Group, Inc.*
|
| | | | 1,427 | | | | | | 118,042 | | |
CSX Corp. |
| | | | 7,315 | | | | | | 212,574 | | |
Deere & Co. |
| | | | 821 | | | | | | 324,968 | | |
| | |
Shares |
| |
Value |
| ||||||
Common Stocks (continued) | | ||||||||||||
Industrials (continued) | | ||||||||||||
Union Pacific Corp. |
| | | | 1,886 | | | | | $ | 371,806 | | |
Total Industrials |
| | | | | | | | | | 1,027,390 | | |
Information Technology — 36.4% | | ||||||||||||
Accenture PLC, Class A |
| | | | 909 | | | | | | 258,065 | | |
Adobe, Inc.*
|
| | | | 320 | | | | | | 101,920 | | |
Analog Devices, Inc. |
| | | | 1,865 | | | | | | 265,986 | | |
Apple, Inc. |
| | | | 3,250 | | | | | | 498,355 | | |
ASML Holding NV |
| | | | 560 | | | | | | 264,555 | | |
Atlassian Corp., Class A*
|
| | | | 355 | | | | | | 71,969 | | |
Gartner, Inc.*
|
| | | | 798 | | | | | | 240,932 | | |
Intuit, Inc. |
| | | | 768 | | | | | | 328,320 | | |
Mastercard, Inc., Class A |
| | | | 1,359 | | | | | | 445,997 | | |
Microsoft Corp. |
| | | | 4,169 | | | | | | 967,750 | | |
NVIDIA Corp. |
| | | | 1,719 | | | | | | 232,014 | | |
Palo Alto Networks, Inc.*
|
| | | | 1,321 | | | | | | 226,670 | | |
ServiceNow, Inc.*
|
| | | | 604 | | | | | | 254,127 | | |
Visa, Inc., Class A(a)
|
| | | | 2,722 | | | | | | 563,890 | | |
Total Information Technology |
| | | | | | | | | | 4,720,550 | | |
Materials — 2.0% | | ||||||||||||
Linde PLC |
| | | | 885 | | | | | | 263,155 | | |
Total Common Stocks | | | | | | | | | | | | | |
(Cost $12,845,695) |
| | | | | | | | | | 12,813,702 | | |
Short-Term Investment — 2.2% | | ||||||||||||
Money Market Fund — 2.2% | | ||||||||||||
Dreyfus Institutional
Preferred Government Money Market Fund, Institutional Shares, 3.09%(b) |
| | | | | | | | | | | | |
(Cost $281,494) |
| | | | 281,494 | | | | |
|
281,494 |
| |
Total Investments — 100.9% | | | | | | | | | | | | | |
(Cost $13,127,189) |
| | | | | | | | | | 13,095,196 | | |
Other Assets and
Liabilities, Net — (0.9)% |
| | | | | | | | | | (109,364) | | |
Net Assets — 100.0% |
| | | | | | | | | $ | 12,985,832 | | |
|
Description |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total |
| ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks |
| | | $ | 12,813,702 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,813,702 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund |
| | | | 281,494 | | | | | | — | | | | | | — | | | | | | 281,494 | | |
Total Investments in Securities |
| | | $ | 13,095,196 | | | | | $ | — | | | | | $ | — | | | | | $ | 13,095,196 | | |
| | |
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(a)
|
| | | $ | 42,842,580 | | | | | $ | 346,527,941 | | | | | $ | 320,525,111 | | | | | $ | 228,271,648 | | |
Cash |
| | | | — | | | | | | — | | | | | | 1,029,578 | | | | | | 365,400 | | |
Deposits at broker for futures contracts
|
| | | | — | | | | | | — | | | | | | — | | | | | | 597,250 | | |
Interest receivable |
| | | | 570,676 | | | | | | 3,408,987 | | | | | | 3,167,334 | | | | | | 1,313,549 | | |
Prepaid expenses |
| | | | 1,001 | | | | | | 9,483 | | | | | | 7,971 | | | | | | 12,574 | | |
Receivable for investments sold |
| | | | — | | | | | | 6,216,497 | | | | | | 615,347 | | | | | | 378,171 | | |
Receivable for capital shares
transactions |
| | | | — | | | | | | — | | | | | | 3,481,682 | | | | | | — | | |
Due from broker |
| | | | — | | | | | | 20,268 | | | | | | — | | | | | | — | | |
Securities lending income receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | 656 | | |
Dividend receivable |
| | | | — | | | | | | — | | | | | | — | | | | | | 1,407 | | |
Due from advisor |
| | | | 11,808 | | | | | | 47,661 | | | | | | 38,336 | | | | | | 8,760 | | |
Total assets |
| | | | 43,426,065 | | | | | | 356,230,837 | | | | | | 328,865,359 | | | | | | 230,949,415 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Due to broker |
| | | | 27,859 | | | | | | — | | | | | | — | | | | | | 2,949 | | |
Advisory fees payable |
| | | | 16,724 | | | | | | 111,849 | | | | | | 102,567 | | | | | | 65,304 | | |
Trustee fees payable |
| | | | 165 | | | | | | 2,328 | | | | | | — | | | | | | — | | |
Payable for investments purchased
|
| | | | — | | | | | | 33,636,458 | | | | | | 22,294,660 | | | | | | 1,392,808 | | |
Variation margin payable |
| | | | — | | | | | | — | | | | | | — | | | | | | 144,328 | | |
Accrued expenses and other liabilities
|
| | | | 39,551 | | | | | | 63,727 | | | | | | 27,284 | | | | | | 11,804 | | |
Total liabilities |
| | | | 84,299 | | | | | | 33,814,362 | | | | | | 22,424,511 | | | | | | 1,617,193 | | |
Net Assets |
| | |
$ |
43,341,766 |
| | | |
$ |
322,416,475 |
| | | |
$ |
306,440,848 |
| | | |
$ |
229,332,222 |
| |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital |
| | | $ | 52,095,983 | | | | | $ | 396,129,092 | | | | | $ | 342,527,434 | | | | | $ | 253,088,759 | | |
Total accumulated loss |
| | | | (8,754,217) | | | | | | (73,712,617) | | | | | | (36,086,586) | | | | | | (23,756,537) | | |
Net Assets |
| | |
$ |
43,341,766 |
| | | |
$ |
322,416,475 |
| | | |
$ |
306,440,848 |
| | | |
$ |
229,332,222 |
| |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no
par value, unlimited shares authorized) |
| | | | 2,100,000 | | | | | | 14,250,000 | | | | | | 13,200,000 | | | | | | 11,350,000 | | |
Net Asset Value Per Share |
| | | $ | 20.64 | | | | | $ | 22.63 | | | | | $ | 23.22 | | | | | $ | 20.21 | | |
Investments, at cost |
| | | $ | 45,119,061 | | | | | $ | 371,014,433 | | | | | $ | 342,885,209 | | | | | $ | 244,467,101 | | |
(a)Market value of securities on loan
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 18,773,147 | | |
| | |
IQ MacKay ESG High Income ETF |
| |
IQ MacKay Multi-Sector Income ETF |
| |
IQ Ultra Short Duration ETF |
| |
IQ Winslow Focused Large Cap Growth ETF |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value(a)
|
| | | $ | 24,506,101 | | | | | $ | 22,774,977 | | | | | $ | 71,525,686 | | | | | $ | 5,695,043 | | |
Cash |
| | | | 3,022 | | | | | | 3,745 | | | | | | — | | | | | | — | | |
Foreign currency |
| | | | — | | | | | | 27 | | | | | | — | | | | | | — | | |
Deposits at broker for futures contracts
|
| | | | — | | | | | | 78,300 | | | | | | 304,500 | | | | | | — | | |
Interest receivable |
| | | | 375,935 | | | | | | 193,670 | | | | | | 324,800 | | | | | | — | | |
Receivable for investments sold |
| | | | 241,196 | | | | | | 34,888 | | | | | | — | | | | | | 169,160 | | |
Dividend receivable |
| | | | 2,305 | | | | | | — | | | | | | 10,803 | | | | | | 2,259 | | |
Prepaid expenses |
| | | | — | | | | | | 994 | | | | | | 1,972 | | | | | | 90 | | |
Securities lending income receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | 14 | | |
Due from advisor |
| | | | 1,976 | | | | | | 7,582 | | | | | | 14,067 | | | | | | 8,468 | | |
Variation margin receivable |
| | | | — | | | | | | 4,469 | | | | | | 67,375 | | | | | | — | | |
Total assets |
| | | | 25,130,535 | | | | | | 23,098,652 | | | | | | 72,249,203 | | | | | | 5,875,034 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for investments purchased
|
| | | | 2,997 | | | | | | 3,745 | | | | | | 1,214,686 | | | | | | 170,117 | | |
Advisory fees payable |
| | | | 1,925 | | | | | | 7,836 | | | | | | 15,293 | | | | | | 3,452 | | |
Trustee fees payable |
| | | | 7 | | | | | | — | | | | | | 940 | | | | | | — | | |
Variation margin payable |
| | | | — | | | | | | 18,875 | | | | | | — | | | | | | — | | |
Due to broker |
| | | | — | | | | | | 4,257 | | | | | | — | | | | | | — | | |
Accrued expenses and other liabilities
|
| | | | 1,970 | | | | | | 19,476 | | | | | | 66,686 | | | | | | 24,040 | | |
Total liabilities |
| | | | 6,899 | | | | | | 54,189 | | | | | | 1,297,605 | | | | | | 197,609 | | |
Net Assets |
| | |
$ |
25,123,636 |
| | | |
$ |
23,044,463 |
| | | |
$ |
70,951,598 |
| | | |
$ |
5,677,425 |
| |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital |
| | | $ | 25,062,500 | | | | | $ | 25,062,500 | | | | | $ | 76,342,760 | | | | | $ | 5,523,245 | | |
Total distributable earnings/(accumulated
loss) |
| | | | 61,136 | | | | | | (2,018,037) | | | | | | (5,391,162) | | | | | | 154,180 | | |
Net Assets |
| | |
$ |
25,123,636 |
| | | |
$ |
23,044,463 |
| | | |
$ |
70,951,598 |
| | | |
$ |
5,677,425 |
| |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no
par value, unlimited shares authorized) |
| | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,500,000 | | | | | | 220,000 | | |
Net Asset Value Per Share |
| | | $ | 25.12 | | | | | $ | 23.04 | | | | | $ | 47.30 | | | | | $ | 25.81 | | |
Investments, at cost |
| | | $ | 24,472,652 | | | | | $ | 24,520,717 | | | | | $ | 75,143,346 | | | | | $ | 5,546,918 | | |
(a)Market value of securities on loan
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 170,907 | | |
| | |
IQ Winslow Large Cap Growth ETF |
| |||
Assets | | | | | | | |
Investments in securities, at value(a)
|
| | | $ | 13,095,196 | | |
Receivable for investments sold |
| | | | 37,897 | | |
Dividend receivable |
| | | | 4,309 | | |
Prepaid expenses |
| | | | 111 | | |
Securities lending income receivable
|
| | | | 45 | | |
Due from advisor |
| | | | 9,597 | | |
Total assets |
| | | | 13,147,155 | | |
Liabilities | | | | | | | |
Payable for investments purchased
|
| | | | 129,471 | | |
Advisory fees payable |
| | | | 7,949 | | |
Accrued expenses and other liabilities
|
| | | | 23,903 | | |
Total liabilities |
| | | | 161,323 | | |
Net Assets |
| | |
$ |
12,985,832 |
| |
Composition of Net Assets | | | | | | | |
Paid-in capital |
| | | $ | 13,138,133 | | |
Total accumulated loss |
| | | | (152,301) | | |
Net Assets |
| | |
$ |
12,985,832 |
| |
NET ASSET VALUE PER SHARE | | | | | | | |
Shares Outstanding (no par value,
unlimited shares authorized) |
| | | | 510,000 | | |
Net Asset Value Per Share |
| | | $ | 25.46 | | |
Investments, at cost |
| | | $ | 13,127,189 | | |
(a)Market value of securities on loan
|
| | | $ | 552,496 | | |
| | |
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 |
| | | $ | 638,581 | | | | | $ | 4,981,261 | | | | | $ | 3,230,148 | | | | | $ | 3,460,051 | | |
Dividend income |
| | | | 14,854 | | | | | | 141,848 | | | | | | 100,188 | | | | | | 10,025 | | |
Securities lending
income, net of borrower rebates |
| | | | — | | | | | | — | | | | | | — | | | | | | 7,692 | | |
Total investment income |
| | | | 653,435 | | | | | | 5,123,109 | | | | | | 3,330,336 | | | | | | 3,477,768 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) |
| | | | 100,749 | | | | | | 707,320 | | | | | | 565,903 | | | | | | 345,480 | | |
Administrative and accounting fees
|
| | | | 17,377 | | | | | | 41,234 | | | | | | 23,720 | | | | | | 16,802 | | |
Custodian fees |
| | | | 10,041 | | | | | | 23,071 | | | | | | 13,887 | | | | | | 11,759 | | |
Audit and tax fees |
| | | | 7,265 | | | | | | 15,625 | | | | | | 15,447 | | | | | | 7,627 | | |
Listing fees |
| | | | 4,537 | | | | | | 5,231 | | | | | | 5,250 | | | | | | 2,784 | | |
Registration fees |
| | | | 2,299 | | | | | | 496 | | | | | | 248 | | | | | | 1,379 | | |
Legal fees |
| | | | 2,096 | | | | | | 20,612 | | | | | | 13,751 | | | | | | 2,880 | | |
Shareholder reporting fees |
| | | | 1,958 | | | | | | 7,745 | | | | | | 2,391 | | | | | | 4,216 | | |
Trustee fees |
| | | | 1,331 | | | | | | 11,976 | | | | | | 7,765 | | | | | | 2,862 | | |
Intraday pricing fees |
| | | | 1,255 | | | | | | 1,260 | | | | | | 1,260 | | | | | | 1,264 | | |
Proxy fees |
| | | | 699 | | | | | | 13,715 | | | | | | 9,462 | | | | | | 1,663 | | |
Compliance fees |
| | | | 2 | | | | | | 12 | | | | | | 9 | | | | | | 5 | | |
Miscellaneous |
| | | | 77 | | | | | | 279 | | | | | | 97 | | | | | | 31 | | |
Total expenses |
| | | | 149,686 | | | | | | 848,576 | | | | | | 659,190 | | | | | | 398,752 | | |
Waivers (see Note 3) |
| | | | (70,627) | | | | | | (304,333) | | | | | | (225,270) | | | | | | (51,609) | | |
Net expenses |
| | | | 79,059 | | | | | | 544,243 | | | | | | 433,920 | | | | | | 347,143 | | |
Net investment income |
| | | | 574,376 | | | | | | 4,578,866 | | | | | | 2,896,416 | | | | | | 3,130,625 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities |
| | | | (3,604,202) | | | | | | (35,383,721) | | | | | | (9,118,898) | | | | | | (4,437,317) | | |
Futures contracts |
| | | | — | | | | | | — | | | | | | — | | | | | | (673,655) | | |
Net realized loss |
| | | | (3,604,202) | | | | | | (35,383,721) | | | | | | (9,118,898) | | | | | | (5,110,972) | | |
Net change in net
unrealized appreciation (depreciation) on: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities |
| | | | 1,300,205 | | | | | | 4,879,278 | | | | | | (7,001,238) | | | | | | (11,271,303) | | |
Futures contracts |
| | | | — | | | | | | — | | | | | | — | | | | | | (1,627,217) | | |
Net change in net
unrealized appreciation (depreciation) |
| | | | 1,300,205 | | | | | | 4,879,278 | | | | | | (7,001,238) | | | | | | (12,898,520) | | |
Net realized and unrealized loss
|
| | | | (2,303,997) | | | | | | (30,504,443) | | | | | | (16,120,136) | | | | | | (18,009,492) | | |
Net Decrease in Net
Assets Resulting From Operations |
| | | $ | (1,729,621) | | | | | $ | (25,925,577) | | | | | $ | (13,223,720) | | | | | $ | (14,878,867) | | |
| | |
IQ MacKay ESG High Income ETF(a) |
| |
IQ MacKay Multi-Sector Income ETF(b) |
| |
IQ Ultra Short Duration ETF |
| |
IQ Winslow Focused Large Cap Growth ETF(c) |
| ||||||||||||
Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income |
| | | $ | 27,456 | | | | | $ | 322,458 | | | | | $ | 1,424,135 | | | | | $ | — | | |
Dividend income* |
| | | | 2,304 | | | | | | — | | | | | | 57,257 | | | | | | 12,886 | | |
Securities lending income, net of
borrower rebates |
| | | | — | | | | | | — | | | | | | — | | | | | | 37 | | |
Total investment income |
| | | | 29,760 | | | | | | 322,458 | | | | | | 1,481,392 | | | | | | 12,923 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) |
| | | | 1,925 | | | | | | 25,960 | | | | | | 135,173 | | | | | | 14,757 | | |
Administrative and accounting fees
|
| | | | 633 | | | | | | 8,860 | | | | | | 36,895 | | | | | | 13,221 | | |
Audit and tax fees |
| | | | 548 | | | | | | 4,917 | | | | | | 11,786 | | | | | | 5,869 | | |
Custodian fees |
| | | | 384 | | | | | | 5,369 | | | | | | 13,754 | | | | | | 8,012 | | |
Listing fees |
| | | | 173 | | | | | | 3,088 | | | | | | 4,931 | | | | | | 3,605 | | |
Shareholder reporting fees |
| | | | 148 | | | | | | 1,326 | | | | | | 3,365 | | | | | | 1,583 | | |
Intraday pricing fees |
| | | | 48 | | | | | | — | | | | | | 1,260 | | | | | | 1,002 | | |
Registration fees |
| | | | 17 | | | | | | 156 | | | | | | 1,488 | | | | | | 186 | | |
Legal fees |
| | | | 16 | | | | | | 155 | | | | | | 4,630 | | | | | | 185 | | |
Trustee fees |
| | | | 7 | | | | | | 64 | | | | | | 3,358 | | | | | | 130 | | |
Proxy fees |
| | | | — | | | | | | — | | | | | | 2,495 | | | | | | — | | |
Compliance fees |
| | | | — | | | | | | 1 | | | | | | 4 | | | | | | — | | |
Miscellaneous |
| | | | 3 | | | | | | 32 | | | | | | 191 | | | | | | 39 | | |
Total expenses |
| | | | 3,902 | | | | | | 49,928 | | | | | | 219,330 | | | | | | 48,589 | | |
Waivers (see Note 3) |
| | | | (1,977) | | | | | | (23,968) | | | | | | (81,661) | | | | | | (35,798) | | |
Net expenses |
| | | | 1,925 | | | | | | 25,960 | | | | | | 137,669 | | | | | | 12,791 | | |
Net investment income |
| | | | 27,835 | | | | | | 296,498 | | | | | | 1,343,723 | | | | | | 132 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities |
| | | | (148) | | | | | | (58,608) | | | | | | (3,490,825) | | | | | | (42,922) | | |
In-Kind redemptions |
| | | | — | | | | | | — | | | | | | — | | | | | | 48,845 | | |
Futures contracts |
| | | | — | | | | | | (152,279) | | | | | | 2,452,259 | | | | | | — | | |
Net realized gain (loss) |
| | | | (148) | | | | | | (210,887) | | | | | | (1,038,566) | | | | | | 5,923 | | |
Net change in net
unrealized appreciation (depreciation) on: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities |
| | | | 33,449 | | | | | | (1,745,740) | | | | | | (162,520) | | | | | | 148,125 | | |
Futures contracts |
| | | | — | | | | | | (172,118) | | | | | | (613,617) | | | | | | — | | |
Net change in net unrealized appreciation
(depreciation) |
| | | | 33,449 | | | | | | (1,917,858) | | | | | | (776,137) | | | | | | 148,125 | | |
Net realized and unrealized gain (loss)
|
| | | | 33,301 | | | | | | (2,128,745) | | | | | | (1,814,703) | | | | | | 154,048 | | |
Net Increase (Decrease)
in Net Assets Resulting From Operations |
| | | $ | 61,136 | | | | | $ | (1,832,247) | | | | | $ | (470,980) | | | | | $ | 154,180 | | |
*Net of foreign taxes withheld of:
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 113 | | |
| | |
IQ Winslow Large Cap Growth ETF(a) |
| |||
Investment Income | | | | | | | |
Dividend income* |
| | | $ | 16,342 | | |
Securities lending income, net of
borrower rebates |
| | | | 82 | | |
Total investment income |
| | | | 16,424 | | |
Expenses | | | | | | | |
Advisory fees (see Note 3) |
| | | | 22,527 | | |
Administrative and accounting fees
|
| | | | 13,221 | | |
Custodian fees |
| | | | 8,012 | | |
Audit and tax fees |
| | | | 5,869 | | |
Listing fees |
| | | | 3,605 | | |
Shareholder reporting fees |
| | | | 1,582 | | |
Intraday pricing fees |
| | | | 1,002 | | |
Registration fees |
| | | | 186 | | |
Legal fees |
| | | | 185 | | |
Trustee fees |
| | | | 130 | | |
Miscellaneous |
| | | | 39 | | |
Total expenses |
| | | | 56,358 | | |
Waivers (see Note 3) |
| | | | (38,335) | | |
Net expenses |
| | | | 18,023 | | |
Net investment loss |
| | | | (1,599) | | |
Realized and Unrealized Gain (Loss) | | | | | | | |
Net realized gain (loss) from: | | | | | | | |
Investment securities |
| | | | (295,208) | | |
In-Kind redemptions |
| | | | 176,499 | | |
Net realized loss |
| | | | (118,709) | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | |
Investment securities |
| | | | (31,993) | | |
Net change in net unrealized appreciation
(depreciation) |
| | | | (31,993) | | |
Net realized and unrealized loss
|
| | | | (150,702) | | |
Net Decrease in Net Assets Resulting From
Operations |
| | | $ | (152,301) | | |
*Net of foreign taxes withheld of:
|
| | | $ | 50 | | |
| | |
IQ MacKay
California Municipal Intermediate ETF |
| |
IQ MacKay Municipal Insured ETF |
| ||||||||||||||||||
| | |
For the Six Months Ended October 31, 2022 (unaudited) |
| |
For the
Period December 21, 2021* to April 30, 2022 |
| |
For the Six Months Ended October 31, 2022 (unaudited) |
| |
For the Year Ended April 30, 2022 |
| ||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | $ | 574,376 | | | | | $ | 262,375 | | | | | $ | 4,578,866 | | | | | $ | 6,090,885 | | |
Net realized loss |
| | | | (3,604,202) | | | | | | (2,794,452) | | | | | | (35,383,721) | | | | | | (10,757,056) | | |
Net change in net
unrealized appreciation (depreciation) |
| | | | 1,300,205 | | | | | | (3,576,686) | | | | | | 4,879,278 | | | | | | (34,861,360) | | |
Net decrease in net
assets resulting from operations |
| | | | (1,729,621) | | | | | | (6,108,763) | | | | | | (25,925,577) | | | | | | (39,527,531) | | |
Distributions to Shareholders |
| | | | (575,193) | | | | | | (340,640) | | | | | | (4,970,475) | | | | | | (8,536,753) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created |
| | | | 4,280,192 | | | | | | 50,015,000 | | | | | | 202,062,600 | | | | | | 143,724,531 | | |
Cost of shares redeemed |
| | | | (2,199,209) | | | | | | — | | | | | | (213,778,358) | | | | | | (174,958,650) | | |
Increase (Decrease)
from capital share transactions |
| | | | 2,080,983 | | | | | | 50,015,000 | | | | | | (11,715,758) | | | | | | (31,234,119) | | |
Total increase (decrease) in net assets
|
| | | | (223,831) | | | | | | 43,565,597 | | | | | | (42,611,810) | | | | | | (79,298,403) | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period |
| | | | 43,565,597 | | | | | | — | | | | | | 365,028,285 | | | | | | 444,326,688 | | |
End of period
|
| | | $ | 43,341,766 | | | | | $ | 43,565,597 | | | | | $ | 322,416,475 | | | | | $ | 365,028,285 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period
|
| | | | 2,000,000 | | | | | | — | | | | | | 14,800,000 | | | | | | 16,150,000 | | |
Shares created |
| | | | 200,000 | | | | | | 2,000,000 | | | | | | 8,300,000 | | | | | | 5,300,000 | | |
Shares redeemed |
| | | | (100,000) | | | | | | — | | | | | | (8,850,000) | | | | | | (6,650,000) | | |
Shares outstanding, end of period
|
| | |
|
2,100,000 |
| | | |
|
2,000,000 |
| | | |
|
14,250,000 |
| | | |
|
14,800,000 |
| |
| | |
IQ MacKay Municipal Intermediate ETF |
| |
IQ MacKay ESG Core Plus Bond ETF |
| ||||||||||||||||||
| | |
For the Six Months Ended October 31, 2022 (unaudited) |
| |
For the Year Ended April 30, 2022 |
| |
For the Six Months Ended October 31, 2022 (unaudited) |
| |
For the
Period June 29, 2021* to April 30, 2022 |
| ||||||||||||
Increase
(Decrease) in Net Assets from Operations |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | $ | 2,896,416 | | | | | $ | 2,330,230 | | | | | $ | 3,130,625 | | | | | $ | 620,225 | | |
Net realized loss |
| | | | (9,118,898) | | | | | | (3,056,521) | | | | | | (5,110,972) | | | | | | (1,173,763) | | |
Net change in net
unrealized appreciation (depreciation) |
| | | | (7,001,238) | | | | | | (18,537,910) | | | | | | (12,898,520) | | | | | | (5,190,149) | | |
Net decrease in net
assets resulting from operations |
| | | | (13,223,720) | | | | | | (19,264,201) | | | | | | (14,878,867) | | | | | | (5,743,687) | | |
Distributions to Shareholders |
| | | | (3,036,211) | | | | | | (4,118,219) | | | | | | (2,648,940) | | | | | | (485,043) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created |
| | | | 143,259,571 | | | | | | 203,706,925 | | | | | | 110,427,735 | | | | | | 154,853,260 | | |
Cost of shares redeemed |
| | | | (50,543,167) | | | | | | (75,039,781) | | | | | | (12,192,236) | | | | | | — | | |
Increase from capital share transactions
|
| | | | 92,716,404 | | | | | | 128,667,144 | | | | | | 98,235,499 | | | | | | 154,853,260 | | |
Total increase in net assets |
| | | | 76,456,473 | | | | | | 105,284,724 | | | | | | 80,707,692 | | | | | | 148,624,530 | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period |
| | | | 229,984,375 | | | | | | 124,699,651 | | | | | | 148,624,530 | | | | | | — | | |
End of period |
| | |
$ |
306,440,848 |
| | | |
$ |
229,984,375 |
| | | |
$ |
229,332,222 |
| | | |
$ |
148,624,530 |
| |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period
|
| | | | 9,400,000 | | | | | | 4,650,000 | | | | | | 6,650,000 | | | | | | — | | |
Shares created |
| | | | 5,900,000 | | | | | | 7,700,000 | | | | | | 5,250,000 | | | | | | 6,650,000 | | |
Shares redeemed |
| | | | (2,100,000) | | | | | | (2,950,000) | | | | | | (550,000) | | | | | | — | | |
Shares outstanding, end of period
|
| | |
|
13,200,000 |
| | | |
|
9,400,000 |
| | | |
|
11,350,000 |
| | | |
|
6,650,000 |
| |
| | |
IQ MacKay ESG High Income ETF |
| |
IQ MacKay Multi-Sector Income ETF |
| ||||||
| | |
For the
Period October 25, 2022* to October 31, 2022 |
| |
For the
Period July 26, 2022* to October 31, 2022 |
| ||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | |
Net investment income |
| | | $ | 27,835 | | | | | $ | 296,498 | | |
Net realized loss |
| | | | (148) | | | | | | (210,887) | | |
Net change in net unrealized appreciation
(depreciation) |
| | | | 33,449 | | | | | | (1,917,858) | | |
Net increase (decrease) in net assets
resulting from operations |
| | | | 61,136 | | | | | | (1,832,247) | | |
Distributions to Shareholders |
| | | | — | | | | | | (185,790) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares created |
| | | | 25,062,500 | | | | | | 25,062,500 | | |
Increase from capital share transactions
|
| | | | 25,062,500 | | | | | | 25,062,500 | | |
Total increase in net assets |
| | | | 25,123,636 | | | | | | 23,044,463 | | |
Net Assets | | | | | | | | | | | | | |
Beginning of period |
| | | | — | | | | | | — | | |
End of period |
| | |
$ |
25,123,636 |
| | | |
$ |
23,044,463 |
| |
Changes in Shares Outstanding | | | | | | | | | | | | | |
Shares outstanding, beginning of period
|
| | | | — | | | | | | — | | |
Shares created |
| | | | 1,000,000 | | | | | | 1,000,000 | | |
Shares outstanding, end of period
|
| | |
|
1,000,000 |
| | | |
|
1,000,000 |
| |
| | |
IQ Ultra Short
Duration ETF |
| |
IQ Winslow Focused Large Cap Growth ETF |
| ||||||||||||
| | |
For the Six Months Ended October 31, 2022 (unaudited) |
| |
For the Year Ended April 30, 2022 |
| |
For the
Period June 23, 2022* to October 31, 2022 |
| |||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | $ | 1,343,723 | | | | | $ | 1,935,512 | | | | | $ | 132 | | |
Net realized gain (loss) |
| | | | (1,038,566) | | | | | | (584,436) | | | | | | 5,923 | | |
Net change in net unrealized appreciation
(depreciation) |
| | | | (776,137) | | | | | | (2,548,834) | | | | | | 148,125 | | |
Net increase (decrease)
in net assets resulting from operations |
| | | | (470,980) | | | | | | (1,197,758) | | | | | | 154,180 | | |
Distributions to Shareholders |
| | | | (1,364,012) | | | | | | (3,738,076) | | | | | | — | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created |
| | | | 19,168,848 | | | | | | 73,483,699 | | | | | | 6,816,414 | | |
Cost of shares redeemed |
| | | | (71,199,016) | | | | | | (196,709,144) | | | | | | (1,293,169) | | |
Increase (Decrease) from capital share
transactions |
| | | | (52,030,168) | | | | | | (123,225,445) | | | | | | 5,523,245 | | |
Total increase (decrease) in net assets
|
| | | | (53,865,160) | | | | | | (128,161,279) | | | | | | 5,677,425 | | |
Net Assets | | | | | | | | | | | | | | | | | | | |
Beginning of period |
| | | | 124,816,758 | | | | | | 252,978,037 | | | | | | — | | |
End of period
|
| | | $ | 70,951,598 | | | | | $ | 124,816,758 | | | | | $ | 5,677,425 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period
|
| | | | 2,600,000 | | | | | | 5,100,000 | | | | | | — | | |
Shares created |
| | | | 400,000 | | | | | | 1,500,000 | | | | | | 270,000 | | |
Shares redeemed |
| | | | (1,500,000) | | | | | | (4,000,000) | | | | | | (50,000) | | |
Shares outstanding, end of period
|
| | |
|
1,500,000 |
| | | |
|
2,600,000 |
| | | |
|
220,000 |
| |
| | |
IQ Winslow Large Cap Growth ETF |
| |||
| | |
For the
Period June 23, 2022* to October 31, 2022 |
| |||
Increase (Decrease) in Net Assets from Operations | | | | | | | |
Net investment loss |
| | | $ | (1,599) | | |
Net realized loss |
| | | | (118,709) | | |
Net change in net unrealized appreciation
(depreciation) |
| | | | (31,993) | | |
Net decrease in net assets resulting from
operations |
| | | | (152,301) | | |
Capital Share Transactions | | | | | | | |
Proceeds from shares created |
| | | | 16,300,454 | | |
Cost of shares redeemed |
| | | | (3,162,321) | | |
Increase from capital share transactions
|
| | | | 13,138,133 | | |
Total increase in net assets |
| | | | 12,985,832 | | |
Net Assets | | | | | | | |
Beginning of period |
| | | | — | | |
End of period |
| | |
$ |
12,985,832 |
| |
Changes in Shares Outstanding | | | | | | | |
Shares outstanding, beginning of period
|
| | | | — | | |
Shares created |
| | | | 630,000 | | |
Shares redeemed |
| | | | (120,000) | | |
Shares outstanding, end of period
|
| | |
|
510,000 |
| |
| | |
IQ MacKay California Municipal Intermediate ETF |
| |||||||||
| | |
For the Six Months Ended October 31, 2022 (unaudited) |
| |
For the
Period December 21, 2021(a) to April 30, 2022 |
| ||||||
Net asset value, beginning of period
|
| | | $ | 21.78 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.28 | | | | | | 0.13 | | |
Net realized and unrealized gain (loss)
|
| | | | (1.14) | | | | | | (3.18) | | |
Net increase (decrease) in net assets
resulting from investment operations |
| | | | (0.86) | | | | | | (3.05) | | |
Distributions from: | | | | | | | | | | | | | |
Net investment income |
| | | | (0.28) | | | | | | (0.17) | | |
Net asset value, end of period |
| | | $ | 20.64 | | | | | $ | 21.78 | | |
Market price, end of period |
| | | $ | 20.65 | | | | | $ | 21.80 | | |
Total Return | | | | | | | | | | | | | |
Total investment return based on net
asset value(c)
|
| | | | (4.05)% | | | | | | (12.25)% | | |
Total investment return based on market
price(d)
|
| | | | (4.05)% | | | | | | (12.17)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 43,342 | | | | | $ | 43,566 | | |
Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers |
| | | | 0.35%(f) | | | | | | 0.35%(f) | | |
Expenses excluding waivers |
| | | | 0.67%(f) | | | | | | 0.73%(f) | | |
Net investment income |
| | | | 2.57%(f) | | | | | | 1.54%(f) | | |
Portfolio turnover rate(g)
|
| | | | 85% | | | | | | 86% | | |
| | |
IQ MacKay Municipal
Insured ETF |
| |||||||||||||||||||||||||||||||||
|
For
the Six Months Ended October 31, 2022 (unaudited) |
| |
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 year |
| | | $ | 24.66 | | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment
Operations |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.31 | | | | | | 0.36 | | | | | | 0.38 | | | | | | 0.53 | | | | | | 0.72 | | | | | | 0.36 | | |
Net realized and
unrealized gain (loss) |
| | | | (2.00) | | | | | | (2.71) | | | | | | 1.76 | | | | | | 0.50(c) | | | | | | 0.90 | | | | | | (0.39) | | |
Net increase (decrease)
in net assets resulting from investment operations |
| | | | (1.69) | | | | | | (2.35) | | | | | | 2.14 | | | | | | 1.03 | | | | | | 1.62 | | | | | | (0.03) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | | (0.34) | | | | | | (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 |
| | | | (0.34) | | | | | | (0.50) | | | | | | (0.52) | | | | | | (0.75) | | | | | | (0.68) | | | | | | (0.30) | | |
Net asset value, end of year |
| | | $ | 22.63 | | | | | $ | 24.66 | | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of year |
| | | $ | 22.60 | | | | | $ | 24.65 | | | | | $ | 27.54 | | | | | $ | 26.00 | | | | | $ | 25.64 | | | | | $ | 24.86 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return
based on net asset value(d) |
| | | | (6.98)% | | | | | | (8.70)% | | | | | | 8.32% | | | | | | 4.05% | | | | | | 6.72% | | | | | | (0.13)% | | |
Total investment return
based on market price(e)
|
| | | | (7.01)% | | | | | | (8.85)% | | | | | | 7.97% | | | | | | 4.36% | | | | | | 6.02% | | | | | | 0.64%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year
(000’s omitted) |
| | | $ | 322,416 | | | | | $ | 365,028 | | | | | $ | 444,327 | | | | | $ | 88,035 | | | | | $ | 43,539 | | | | | $ | 14,801 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers |
| | | | 0.31%(g) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers |
| | | | 0.48%(g) | | | | | | 0.49% | | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.77% | | | | | | 0.99%(g) | | |
Net investment income |
| | | | 2.59%(g) | | | | | | 1.31% | | | | | | 1.40% | | | | | | 2.01% | | | | | | 2.89% | | | | | | 2.74%(g) | | |
Portfolio turnover rate(h)
|
| | | | 99% | | | | | | 80% | | | | | | 36% | | | | | | 71% | | | | | | 56% | | | | | | 77% | | |
| | |
IQ MacKay Municipal
Intermediate ETF |
| |||||||||||||||||||||||||||||||||
|
For
the Six Months Ended October 31, 2022 (unaudited) |
| |
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 year
|
| | | $ | 24.47 | | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment
Operations |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.25 | | | | | | 0.28 | | | | | | 0.47 | | | | | | 0.53 | | | | | | 0.69 | | | | | | 0.30 | | |
Net realized and
unrealized gain (loss) |
| | | | (1.24) | | | | | | (2.16) | | | | | | 1.73 | | | | | | 0.16(c) | | | | | | 0.91 | | | | | | (0.39) | | |
Net increase (decrease)
in net assets resulting from investment operations |
| | | | (0.99) | | | | | | (1.88) | | | | | | 2.20 | | | | | | 0.69 | | | | | | 1.60 | | | | | | (0.09) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | | (0.26) | | | | | | (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 |
| | | | (0.26) | | | | | | (0.47) | | | | | | (0.60) | | | | | | (1.08) | | | | | | (0.66) | | | | | | (0.24) | | |
Net asset value, end of year |
| | | $ | 23.22 | | | | | $ | 24.47 | | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of year |
| | | $ | 23.20 | | | | | $ | 24.47 | | | | | $ | 26.84 | | | | | $ | 25.22 | | | | | $ | 25.66 | | | | | $ | 24.71 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return
based on net asset value(d) |
| | | | (4.10)% | | | | | | (7.13)% | | | | | | 8.80% | | | | | | 2.65% | | | | | | 6.59% | | | | | | (0.34)% | | |
Total investment return
based on market price(e)
|
| | | | (4.17)% | | | | | | (7.19)% | | | | | | 8.90% | | | | | | 2.44% | | | | | | 6.62% | | | | | | (0.18)%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year
(000’s omitted) |
| | | $ | 306,441 | | | | | $ | 229,984 | | | | | $ | 124,700 | | | | | $ | 51,708 | | | | | $ | 43,541 | | | | | $ | 29,606 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers |
| | | | 0.31%(g) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers |
| | | | 0.47%(g) | | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.62% | | | | | | 0.71% | | | | | | 0.77%(g) | | |
Net investment income |
| | | | 2.05%(g) | | | | | | 1.05% | | | | | | 1.78% | | | | | | 2.02% | | | | | | 2.76% | | | | | | 2.28%(g) | | |
Portfolio turnover rate(h)
|
| | | | 47% | | | | | | 74% | | | | | | 43% | | | | | | 77% | | | | | | 72% | | | | | | 80% | | |
| | |
IQ MacKay ESG Core
Plus Bond ETF |
| |||||||||
| | |
For the Six Months Ended October 31, 2022 (unaudited) |
| |
For the
Period June 29, 2021(a) to April 30, 2022 |
| ||||||
Net asset value, beginning of period
|
| | | $ | 22.35 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.38 | | | | | | 0.40 | | |
Net realized and unrealized gain (loss)
|
| | | | (2.19) | | | | | | (2.70) | | |
Net increase (decrease) in net assets
resulting from investment operations |
| | | | (1.81) | | | | | | (2.30) | | |
Distributions from: | | | | | | | | | | | | | |
Net investment income |
| | | | (0.33) | | | | | | (0.32) | | |
Net realized gain |
| | | | — | | | | | | (0.03) | | |
Total distributions from net investment
income and realized gains |
| | | | (0.33) | | | | | | (0.35) | | |
Net asset value, end of period |
| | | $ | 20.21 | | | | | $ | 22.35 | | |
Market price, end of period |
| | | $ | 20.28 | | | | | $ | 22.38 | | |
Total Return | | | | | | | | | | | | | |
Total investment return based on net
asset value(c)
|
| | | | (8.22)% | | | | | | (9.31)% | | |
Total investment return based on market
price(d)
|
| | | | (7.98)% | | | | | | (9.21)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 229,332 | | | | | $ | 148,625 | | |
Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers |
| | | | 0.39%(f) | | | | | | 0.39%(f) | | |
Expenses excluding waivers |
| | | | 0.45%(f) | | | | | | 0.64%(f) | | |
Net investment income |
| | | | 3.53%(f) | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g)
|
| | | | 120% | | | | | | 333% | | |
| | |
IQ MacKay ESG High Income ETF |
| |||
| | |
For the
Period October 25, 2022(a) to October 31, 2022 |
| |||
Net asset value, beginning of period |
| | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b)
|
| | | | 0.03 | | |
Net realized and unrealized gain (loss)
|
| | | | 0.09 | | |
Net increase (decrease) in net assets
resulting from investment operations |
| | | | 0.12 | | |
Net asset value, end of period |
| | | $ | 25.12 | | |
Market price, end of period |
| | | $ | 25.20 | | |
Total Return | | | | | | | |
Total investment return based on net
asset value(c)
|
| | | | 0.49% | | |
Total investment return based on market
price(d)
|
| | | | 0.80%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 25,124 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers |
| | | | 0.40%(f) | | |
Expenses excluding waivers |
| | | | 0.81%(f) | | |
Net investment income |
| | | | 5.78%(f) | | |
Portfolio turnover rate(g)
|
| | | | 1% | | |
| | |
IQ MacKay Multi-Sector Income ETF |
| |||
| | |
For the
Period July 26, 2022(a) to October 31, 2022 |
| |||
Net asset value, beginning of period |
| | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b)
|
| | | | 0.30 | | |
Net realized and unrealized gain (loss)
|
| | | | (2.07) | | |
Net increase (decrease) in net assets
resulting from investment operations |
| | | | (1.77) | | |
Distributions from: | | | | | | | |
Net investment income |
| | | | (0.19) | | |
Net asset value, end of period |
| | | $ | 23.04 | | |
Market price, end of period |
| | | $ | 23.06 | | |
Total Return | | | | | | | |
Total investment return based on net
asset value(c)
|
| | | | (7.10)% | | |
Total investment return based on market
price(d)
|
| | | | (7.04)%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 23,044 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers |
| | | | 0.40%(f) | | |
Expenses excluding waivers |
| | | | 0.77%(f) | | |
Net investment income |
| | | | 4.57%(f) | | |
Portfolio turnover rate(g)
|
| | | | 95% | | |
| | |
IQ Ultra Short
Duration ETF |
| |||||||||||||||||||||
|
For
the Six Months Ended October 31, 2022 (unaudited) |
| |
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
|
| | | $ | 48.01 | | | | | $ | 49.60 | | | | | $ | 48.91 | | | | | $ | 50.01 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.57 | | | | | | 0.49 | | | | | | 0.51 | | | | | | 0.74 | | |
Net realized and unrealized gain (loss)
|
| | | | (0.72) | | | | | | (0.96) | | | | | | 0.97 | | | | | | (1.07) | | |
Net increase (decrease)
in net assets resulting from investment operations |
| | | | (0.15) | | | | | | (0.47) | | | | | | 1.48 | | | | | | (0.33) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income |
| | | | (0.56) | | | | | | (0.51) | | | | | | (0.56) | | | | | | (0.75) | | |
Net realized gain |
| | | | — | | | | | | (0.61) | | | | | | (0.23) | | | | | | (0.02) | | |
Total distributions
from net investment income and realized gains |
| | | | (0.56) | | | | | | (1.12) | | | | | | (0.79) | | | | | | (0.77) | | |
Net asset value, end of period |
| | | $ | 47.30 | | | | | $ | 48.01 | | | | | $ | 49.60 | | | | | $ | 48.91 | | |
Market price, end of period |
| | | $ | 47.23 | | | | | $ | 47.94 | | | | | $ | 49.60 | | | | | $ | 48.99 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net
asset value(c)
|
| | | | (0.32)% | | | | | | (0.97)% | | | | | | 3.08% | | | | | | (0.68)% | | |
Total investment return based on market
price(d)
|
| | | | (0.31)% | | | | | | (1.10)% | | | | | | 2.88% | | | | | | (0.52)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 70,952 | | | | | $ | 124,817 | | | | | $ | 252,978 | | | | | $ | 149,182 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers |
| | | | 0.24%(f) | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.24%(f) | | |
Expenses excluding waivers |
| | | | 0.39%(f) | | | | | | 0.35% | | | | | | 0.33% | | | | | | 0.49%(f) | | |
Net investment income |
| | | | 2.39%(f) | | | | | | 1.00% | | | | | | 1.03% | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g)
|
| | | | 189% | | | | | | 132% | | | | | | 185% | | | | | | 292% | | |
| | |
IQ Winslow Focused Large Cap Growth ETF |
| |||
| | |
For the
Period June 23, 2022(a) to October 31, 2022 |
| |||
Net asset value, beginning of period
|
| | | $ | 24.93 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b)
|
| | | | 0.00(c) | | |
Net realized and unrealized gain (loss)
|
| | | | 0.88 | | |
Net increase (decrease) in net assets
resulting from investment operations |
| | | | 0.88 | | |
Net asset value, end of period |
| | | $ | 25.81 | | |
Market price, end of period |
| | | $ | 25.80 | | |
Total Return | | | | | | | |
Total investment return based on net
asset value(d)
|
| | | | 3.50% | | |
Total investment return based on market
price(e)
|
| | | | 3.49%(f) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 5,677 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers |
| | | | 0.65%(g) | | |
Expenses excluding waivers |
| | | | 2.47%(g) | | |
Net investment income |
| | | | 0.01%(g) | | |
Portfolio turnover rate(h)
|
| | | | 4% | | |
| | |
IQ Winslow Large Cap Growth ETF |
| |||
| | |
For the
Period June 23, 2022(a) to October 31, 2022 |
| |||
Net asset value, beginning of period
|
| | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b)
|
| | | | (0.00)(c) | | |
Net realized and unrealized gain (loss)
|
| | | | 0.46(d) | | |
Net increase (decrease) in net assets
resulting from investment operations |
| | | | 0.46 | | |
Net asset value, end of period |
| | | $ | 25.46 | | |
Market price, end of period |
| | | $ | 25.46 | | |
Total Return | | | | | | | |
Total investment return based on net
asset value(e)
|
| | | | 1.86% | | |
Total investment return based on market
price(f)
|
| | | | 1.84%(g) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 12,986 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers |
| | | | 0.60%(h) | | |
Expenses excluding waivers |
| | | | 1.88%(h) | | |
Net investment loss |
| | | | (0.05)%(h) | | |
Portfolio turnover rate(i)
|
| | | | 24% | | |
|
Funds |
| |
Diversification
Policy |
| |
Commencement of Operations Date |
|
| IQ MacKay California Municipal Intermediate ETF | | |
Diversified |
| |
December 21, 2021 |
|
| IQ MacKay Municipal Insured ETF | | |
Diversified |
| |
October 18, 2017 |
|
| IQ MacKay Municipal Intermediate ETF | | |
Diversified |
| |
October 18, 2017 |
|
| IQ MacKay ESG Core Plus Bond ETF | | |
Diversified |
| |
June 29, 2021 |
|
| IQ MacKay ESG High Income ETF | | |
Diversified |
| |
October 25, 2022 |
|
| IQ MacKay Multi-Sector Income ETF | | |
Diversified |
| |
July 26, 2022 |
|
| IQ Ultra Short Duration ETF | | |
Diversified |
| |
July 31, 2019 |
|
| IQ Winslow Focused Large Cap Growth ETF | | |
Diversified |
| |
June 23, 2022 |
|
| IQ Winslow Large Cap Growth ETF | | |
Diversified |
| |
June 23, 2022 |
|
|
Funds |
| |
Investment Objective
|
|
| IQ MacKay California Municipal Intermediate ETF | | | Seeks current income exempt from federal and California income taxes. | |
| IQ MacKay Municipal Insured ETF | | |
Seeks current income exempt from federal
income tax. |
|
| IQ MacKay Municipal Intermediate ETF | | |
Seeks current income exempt from federal
income tax. |
|
| IQ MacKay ESG Core Plus Bond ETF | | | Seeks total returns, while incorporating the Subadvisor’s ESG investment strategy. | |
| IQ MacKay ESG High Income ETF | | | Seeks to maximize current income while incorporating the subadvisor’s ESG investment strategy. | |
| IQ MacKay Multi-Sector Income ETF | | | Seeks to maximize current income and long-term capital appreciation. | |
| IQ Ultra Short Duration ETF | | | Seeks to provide current income while maintaining limited price volatility. | |
| IQ Winslow Focused Large Cap Growth ETF | | | Seeks long-term growth of capital. | |
| IQ Winslow Large Cap Growth ETF | | | Seeks long-term growth of capital. | |
| | |
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
|
| | | $ | — | | | | | $ | 90,837 | | | | | $ | 20,626 | | | | | $ | 19,281,826 | | | | | $ | 19,393,289 | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | — | | | | | | 369 | | | | | | 3,145 | | | | | | 172,657 | | | | | | 176,171 | | |
IQ Winslow Large Cap Growth ETF |
| | | | — | | | | | | 1,191 | | | | | | 10,167 | | | | | | 558,154 | | | | | | 569,512 | | |
Funds |
| |
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 MacKay ESG High Income ETF |
| | | | 0.40% | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | 0.40% | | |
IQ Ultra Short Duration ETF |
| | | | 0.24% | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | 0.75% | | |
IQ Winslow Large Cap Growth ETF |
| | | | 0.75% | | |
Funds |
| |
Rate |
| |||
IQ MacKay California Municipal
Intermediate ETF |
| | | | 0.35% | | |
IQ MacKay Municipal Insured ETF |
| | | | 0.30% | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 0.30% | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 0.39% | | |
IQ MacKay ESG High Income ETF |
| | | | 0.40% | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | 0.40% | | |
IQ Ultra Short Duration ETF |
| | | | 0.24% | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | 0.65% | | |
IQ Winslow Large Cap Growth ETF |
| | | | 0.60% | | |
Funds |
| |
Reimbursed Expenses |
| |||
IQ MacKay California Municipal
Intermediate ETF |
| | | | 70,627 | | |
IQ MacKay Municipal Insured ETF |
| | | | 304,333 | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 225,270 | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 51,609 | | |
IQ MacKay ESG High Income ETF |
| | | | 1,977 | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | 23,968 | | |
IQ Ultra Short Duration ETF |
| | | | 81,661 | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | 35,798 | | |
IQ Winslow Large Cap Growth ETF |
| | | | 38,335 | | |
Fund
|
| |
Cost
|
| |
Gross Unrealized Appreciation |
| |
Gross Unrealized Depreciation |
| |
Net Unrealized Appreciation/ (Depreciation) |
| ||||||||||||
IQ MacKay California Municipal
Intermediate ETF |
| | | $ | 45,172,838 | | | | | $ | 498 | | | | | $ | (2,330,756) | | | | | $ | (2,330,258) | | |
IQ MacKay Municipal Insured ETF |
| | | | 373,304,079 | | | | | | 487,746 | | | | | | (27,263,884) | | | | | | (26,776,138) | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 344,058,491 | | | | | | 786,414 | | | | | | (24,319,794) | | | | | | (23,533,380) | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 244,755,288 | | | | | | 136,810 | | | | | | (16,620,450) | | | | | | (16,483,640) | | |
IQ MacKay ESG High Income ETF |
| | | | 24,472,652 | | | | | | 133,478 | | | | | | (100,029) | | | | | | 33,449 | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | 24,520,717 | | | | | | 80,918 | | | | | | (1,826,658) | | | | | | (1,745,740) | | |
IQ Ultra Short Duration ETF |
| | | | 75,176,637 | | | | | | 4,882 | | | | | | (3,655,833) | | | | | | (3,650,951) | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | 5,546,918 | | | | | | 358,846 | | | | | | (210,721) | | | | | | 148,125 | | |
IQ Winslow Large Cap Growth ETF |
| | | | 13,127,189 | | | | | | 453,744 | | | | | | (485,737) | | | | | | (31,993) | | |
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 MacKay ESG High Income ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration ETF |
| | | | 230,966 | | | | | | — | | | | | | (298,705) | | | | | | (3,488,431) | | | | | | (3,556,170) | | |
IQ Winslow Focused
Large Cap Growth ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Large Cap Growth ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| | |
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 MacKay ESG High
Income ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Multi-Sector
Income ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration ETF |
| | | | 2,460,110 | | | | | | — | | | | | | 1,277,966 | | | | | | — | | | | | | 3,256,994 | | | | | | — | | | | | | 95,475 | | | | | | — | | |
IQ Winslow Focused
Large Cap Growth ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Large Cap
Growth ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Fund
|
| |
Late Year Ordinary Losses |
| |
Short-Term Post October Losses |
| |
Long-Term Post October 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 MacKay ESG High Income ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration ETF |
| | | | — | | | | | | — | | | | | | — | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Large Cap Growth ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
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 MacKay ESG High Income ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration ETF |
| | | | — | | | | | | 298,705 | | | | | | — | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Large Cap Growth ETF |
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
Fund
|
| |
% of Ownership |
| |||
IQ MacKay California Municipal
Intermediate ETF |
| | | | 47.6% | | |
Fund
|
| |
% of Ownership |
| |||
IQ MacKay California Municipal
Intermediate ETF |
| | | | 46.7% | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 99.2% | | |
IQ MacKay ESG High Income ETF |
| | | | 99.0% | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | 99.0% | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | 90.9% | | |
IQ Winslow Large Cap Growth ETF |
| | | | 91.9% | | |
Fund
|
| |
Purchases
|
| |
Sales
|
| |
Purchases In-Kind
|
| |
Sales In-Kind |
| ||||||||||||
IQ MacKay California Municipal
Intermediate ETF |
| | | $ | 39,315,494 | | | | | $ | 35,652,416 | | | | | $ | — | | | | | $ | — | | |
IQ MacKay Municipal Insured ETF |
| | | | 335,885,588 | | | | | | 342,885,316 | | | | | | — | | | | | | — | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 235,982,304 | | | | | | 126,776,151 | | | | | | — | | | | | | — | | |
IQ MacKay ESG Core Plus Bond ETF
|
| | | | 309,029,919 | | | | | | 212,119,258 | | | | | | — | | | | | | — | | |
IQ MacKay ESG High Income ETF |
| | | | 24,128,771 | | | | | | 240,670 | | | | | | — | | | | | | — | | |
IQ MacKay Multi-Sector Income ETF
|
| | | | 42,278,069 | | | | | | 17,903,091 | | | | | | — | | | | | | — | | |
IQ Ultra Short Duration ETF |
| | | | 187,283,567 | | | | | | 236,484,964 | | | | | | — | | | | | | — | | |
IQ Winslow Focused Large Cap Growth ETF
|
| | | | 244,414 | | | | | | 236,590 | | | | | | 6,747,366 | | | | | | 1,272,834 | | |
IQ Winslow Large Cap Growth ETF |
| | | | 1,917,559 | | | | | | 2,018,497 | | | | | | 16,194,529 | | | | | | 3,129,186 | | |
| | |
Interest Risk
|
| |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized appreciation on futures
contracts1
|
| | | $ | — | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Unrealized appreciation on futures
contracts1
|
| | | $ | — | | |
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized appreciation on futures
contracts1
|
| | | $ | 350,798 | | |
| | |
Interest Risk
|
| |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized depreciation on futures
contracts1
|
| | | $ | 1,893,216 | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Unrealized depreciation on futures
contracts1
|
| | | $ | 172,118 | | |
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized depreciation on futures
contracts1
|
| | | $ | 2,818 | | |
| | |
Interest Risk
|
| |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts |
| | | $ | (673,655) | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts |
| | | $ | (1,627,217) | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts |
| | | $ | (152,279) | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts |
| | | $ | (172,118) | | |
IQ Ultra Short Duration ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts |
| | | $ | 2,452,259 | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts |
| | | $ | (613,617) | | |
| | |
Average Notional
Value |
| |||||||||||||||
| | |
IQ MacKay ESG Core Plus Bond ETF |
| |
IQ MacKay Multi-Sector Income ETF |
| |
IQ Ultra Short Duration ETF |
| |||||||||
Asset Derivatives | | | | | | | | | | | | | | | | | | | |
Futures contracts |
| | | $ | 32,619,823 | | | | | $ | 2,009,259 | | | | | $ | 484,565 | | |
Liability Derivatives | | | | | | | | | | | | | | | | | | | |
Futures contracts |
| | | $ | — | | | | | $ | — | | | | | $ | (56,012,896) | | |