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1 |
Fund Performance Overview | |
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2 |
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4 |
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6 |
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7 |
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8 |
Portfolio of Investments | |
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9 |
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27 |
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40 |
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41 |
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42 |
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43 |
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45 |
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52 |
Performance | ||||
Average
Annual Total Returns |
Cumulative Total Returns | |||
6
Months Ended 1/31/22 |
1
Year Ended 1/31/22 |
Inception
(11/1/18) to 1/31/22 |
Inception
(11/1/18) to 1/31/22 | |
Fund Performance | ||||
NAV | -1.72% | -0.68% | 2.49% | 8.31% |
Market Price | -1.72% | -0.73% | 2.49% | 8.31% |
Index Performance | ||||
Bloomberg Municipal Short (1-5) Year Index | -1.83% | -1.41% | 1.98% | 6.58% |
(1) | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poor’s Ratings Group, a division of the McGraw Hill Companies, Inc., Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
(2) | Includes variation margin on futures contracts. |
Performance | ||||
Average
Annual Total Returns |
Cumulative Total Returns | |||
6
Months Ended 1/31/22 |
1
Year Ended 1/31/22 |
Inception
(11/1/18) to 1/31/22 |
Inception
(11/1/18) to 1/31/22 | |
Fund Performance | ||||
NAV | -0.40% | -0.15% | 1.13% | 3.71% |
Market Price | -0.45% | -0.20% | 1.11% | 3.66% |
Index Performance | ||||
Bloomberg Municipal Short-Term Index | -0.05% | 0.09% | 1.03% | 3.37% |
(1) | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poor’s Ratings Group, a division of the McGraw Hill Companies, Inc., Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
Beginning Account Value August 1, 2021 |
Ending Account Value January 31, 2022 |
Annualized Expense Ratio Based on the Six-Month Period (a) |
Expenses Paid During the Six-Month Period (b) | |
First Trust Short Duration Managed Municipal ETF (FSMB) | ||||
Actual | $1,000.00 | $982.80 | 0.35% | $1.75 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.44 | 0.35% | $1.79 |
First Trust Ultra Short Duration Municipal ETF (FUMB) | ||||
Actual | $1,000.00 | $996.00 | 0.25% | $1.26 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.95 | 0.25% | $1.28 |
(a) | These expense ratios reflect expense waivers. See Note 3 in the Notes to Financial Statements. |
(b) | Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (August 1, 2021 through January 31, 2022), multiplied by 184/365 (to reflect the six-month period). |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS – 96.0% | ||||||||
Alabama – 5.2% | ||||||||
$1,000,000 |
AL Federal Aid Hwy Fin Auth Spl Oblig Rev,
GARVEE
|
5.00% | 09/01/30 | $1,100,417 | ||||
350,000 |
AL St Port Auth Docks Facs Rev Ref Docks Facs
Rev, Ser A, AMT, AGM
|
5.00% | 10/01/24 | 383,164 | ||||
50,000 |
Birmingham AL Spl Care Facs Fing Auth Hlthcare
Fac Ref Children’s Hosp of AL
|
5.00% | 06/01/26 | 55,892 | ||||
130,000 |
Birmingham AL Spl Care Facs Fing Auth Hlthcare
Fac Ref Children’s Hosp of AL
|
5.00% | 06/01/27 | 145,230 | ||||
250,000 |
Black Belt Energy Gas Dist AL Gas Prepay Rev Proj
#5, Ser A-1
|
4.00% | 04/01/25 | 269,394 | ||||
490,000 |
Black Belt Energy Gas Dist AL Gas Prepay Rev Proj
#5, Ser A-1 (Mandatory put 10/01/26)
|
4.00% | 10/01/49 | 539,479 | ||||
535,000 |
Black Belt Energy Gas Dist AL Gas Prepay Rev, Ser
A (Mandatory put 12/01/23)
|
4.00% | 12/01/48 | 558,892 | ||||
2,000,000 |
Black Belt Energy Gas Dist AL Gas Proj Rev Proj
No 6, Ser B (Mandatory put 12/01/26)
|
4.00% | 10/01/52 | 2,199,625 | ||||
275,000 |
Black Belt Energy Gas Dist AL Gas Sply Rev, Ser A
(Mandatory put 07/01/22)
|
4.00% | 08/01/47 | 277,827 | ||||
100,000 |
Greenville AL Pub Impt Cooperative Pub Impt Rev
Greenville Funding, BAM
|
5.00% | 03/01/25 | 111,419 | ||||
550,000 |
Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev
Infirmary Hlth Sys Inc, Ser A
|
5.00% | 02/01/25 | 608,373 | ||||
215,000 |
Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev
Infirmary Hlth Sys Inc, Ser A
|
5.00% | 02/01/28 | 243,050 | ||||
500,000 |
Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev
Infirmary Hlth Sys Inc, Ser A
|
5.00% | 02/01/36 | 557,423 | ||||
1,005,000 |
Lower AL Gas Dist Gas Proj Rev Gas Proj Rev Bonds
Proj 2 (Mandatory put 12/01/25)
|
4.00% | 12/01/50 | 1,089,370 | ||||
300,000 |
Midcity Impt Dist AL Spl Assmnt Rev
|
3.88% | 11/01/27 | 300,104 | ||||
430,000 |
Prichard AL Wtrwks & Swr Brd Wtr & Swr
Rev Ref
|
5.00% | 11/01/25 | 475,832 | ||||
225,000 |
SE AL St Gas Sply Dist Gas Sply Rev Proj #1, Ser
A (Mandatory put 04/01/24)
|
4.00% | 04/01/49 | 236,585 | ||||
10,000 |
SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser
A
|
4.00% | 06/01/23 | 10,387 | ||||
305,000 |
SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser
A (Mandatory put 06/01/24)
|
4.00% | 06/01/49 | 322,264 | ||||
350,000 |
SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser
A
|
4.00% | 10/01/23 | 365,730 | ||||
500,000 |
SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser
A
|
4.00% | 10/01/25 | 541,932 | ||||
155,000 |
Univ of AL at Birmingham Gen Rev Brd of Trustees,
Ser A
|
4.00% | 10/01/22 | 158,579 | ||||
250,000 |
Warrior River AL Wtr Auth Wtr Rev Ref, BAM
|
3.00% | 08/01/23 | 256,931 | ||||
10,807,899 | ||||||||
Arizona – 2.8% | ||||||||
110,000 |
AZ St Indl Dev Auth Edu Rev Greathearts AZ Proj,
Ser A
|
4.00% | 07/01/23 | 114,715 | ||||
155,000 |
AZ St Indl Dev Auth Edu Rev Jerome Fac Proj
Social Bonds, Ser B
|
5.00% | 07/01/27 | 173,269 | ||||
155,000 |
AZ St Indl Dev Auth Edu Rev Jerome Fac Proj
Social Bonds, Ser B
|
5.00% | 07/01/29 | 171,926 | ||||
115,000 |
AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of
Northern NV Proj, Ser A (a)
|
4.00% | 07/15/26 | 123,329 | ||||
600,000 |
AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan
Fd Social Bonds Equitable Sch Revolving Fund, Ser A
|
4.00% | 11/01/25 | 656,730 | ||||
1,000,000 |
AZ St Indl Dev Auth Rev Lincoln S Beltway
Proj
|
5.00% | 05/01/27 | 1,175,860 | ||||
1,000,000 |
Coconino Cnty AZ Poll Controlcorp Ref NV Pwr
Company Remk, Ser A, AMT (Mandatory put 03/31/23)
|
1.88% | 09/01/32 | 1,009,750 | ||||
95,000 |
Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref
Royal Oaks Life Care Cmnty
|
4.00% | 05/15/29 | 100,465 | ||||
615,000 |
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy
Trad Sch Proj
|
5.00% | 07/01/24 | 666,350 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Arizona (Continued) | ||||||||
$580,000 |
Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Sch
(a)
|
5.00% | 07/01/35 | $632,719 | ||||
500,000 |
Pima Cnty AZ Indl Dev Auth Edu Rev Fac Amern
Leadership Acdmy Proj (a)
|
5.00% | 06/15/47 | 508,249 | ||||
110,000 |
Salt Verde AZ Finl Corp Sr Gas Rev Sr
|
5.25% | 12/01/22 | 113,879 | ||||
280,000 |
Santa Cruz Cnty AZ Pledged Rev Ref
|
4.00% | 07/01/34 | 303,721 | ||||
5,750,962 | ||||||||
Arkansas – 0.1% | ||||||||
110,000 |
AR St Dev Fin Auth Hlthcare Facs Rev Carti
Surgery Ctr Proj, Ser B
|
4.00% | 07/01/23 | 113,034 | ||||
140,000 |
AR St Dev Fin Auth Hlthcare Facs Rev Carti
Surgery Ctr Proj, Ser B
|
4.00% | 07/01/25 | 146,705 | ||||
259,739 | ||||||||
California – 4.7% | ||||||||
200,000 |
CA Sch Fin Auth Sch Fac Rev Kipp L.A. Proj, Ser A
(a)
|
4.00% | 07/01/23 | 207,969 | ||||
25,000 |
CA St Enterprise Dev Auth Stdt Hsg Rev M@College
Proj, Ser A
|
5.00% | 08/01/23 | 26,502 | ||||
50,000 |
CA St Enterprise Dev Auth Stdt Hsg Rev M@College
Proj, Ser A
|
5.00% | 08/01/24 | 54,661 | ||||
205,000 |
CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys
W, Ser A
|
5.00% | 03/01/23 | 214,488 | ||||
415,000 |
CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys
W, Ser A
|
4.00% | 03/01/33 | 428,651 | ||||
385,000 |
CA St Hlth Facs Fing Auth Rev El Camino
Hosp
|
5.00% | 02/01/33 | 450,986 | ||||
750,000 |
CA St Muni Fin Auth Mf Hsg Rev Peppertree Sr
Apts, Ser A
|
2.80% | 06/01/23 | 768,362 | ||||
300,000 |
CA St Poll Control Fin Auth Sol Wst Disp Rev Ref
Wst Mgmt Inc, Ser A1, AMT
|
3.38% | 07/01/25 | 320,303 | ||||
150,000 |
CA St Pub Wks Brd Lease Rev Ref Dept Correction
& Rehab CA St Prison Kern Cnty
|
5.00% | 06/01/26 | 152,265 | ||||
25,000 |
CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area
No. 1
|
4.00% | 09/01/22 | 25,405 | ||||
40,000 |
CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area
No. 1
|
4.00% | 09/01/23 | 41,470 | ||||
50,000 |
CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area
No. 1
|
4.00% | 09/01/24 | 52,637 | ||||
80,000 |
CA St Stwd Cmntys Dev Auth Spl Tax Rev Impt Area
No. 1
|
4.00% | 09/01/25 | 85,120 | ||||
325,000 |
CA St Stwd Cmntys Dev Auth Stwd Rev Dev Auth, Ser
2021A
|
4.00% | 09/02/24 | 342,408 | ||||
355,000 |
CA St Stwd Cmntys Dev Auth Stwd Rev Dev Auth, Ser
2021A
|
4.00% | 09/02/25 | 379,123 | ||||
880,000 |
CA Stwd Cmntys Dev Auth Rev Ref Insd Enloe Med
Ctr
|
5.00% | 08/15/24 | 964,427 | ||||
265,000 |
Cathedral City CA Redev Agy Successor Agy Tax
Allocation Rev Ref Sub Hsg Merged Redev Proj Area, Ser C
|
4.00% | 08/01/23 | 275,666 | ||||
115,000 |
Folsom Ranch CA Fing Auth Spl Tax Rev White Rock
Springs Ranch
|
3.00% | 09/01/23 | 117,603 | ||||
100,000 |
Folsom Ranch CA Fing Auth Spl Tax Rev White Rock
Springs Ranch
|
4.00% | 09/01/26 | 107,840 | ||||
295,000 |
Fontana CA Spl Tax Summit at Rosena Phase
One
|
3.00% | 09/01/24 | 303,768 | ||||
160,000 |
Golden St Tobacco Securitization Corp CA Tobacco
Stlmt Enhanced Asset Bkd, Ser A
|
5.00% | 06/01/30 | 168,889 | ||||
195,000 |
Hemet CA Unif Sch Dist Facs Dist Spl Tax
Ref
|
4.00% | 09/01/25 | 208,803 | ||||
25,000 |
Irvine CA Impt Bond Act 1915 Ltd Oblig Re-Assmnt
Dist #13-1
|
5.00% | 09/02/23 | 26,650 | ||||
400,000 |
Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser
A
|
5.25% | 11/15/22 | 414,340 | ||||
85,000 |
Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev
Grantline 208 Cmnty Fac Dt #2018-1
|
3.00% | 09/01/23 | 86,911 | ||||
90,000 |
Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev
Grantline 208 Cmnty Fac Dt #2018-1
|
3.00% | 09/01/24 | 92,744 | ||||
365,000 |
Rio Vista CA Pub Fing Auth Spl Tax Rev Ref
|
5.00% | 09/01/24 | 398,326 | ||||
575,000 |
River Islands CA Pub Fing Auth Spl Tax Ref Cmnty
Facs Dist #2003-1
|
5.00% | 09/01/27 | 596,882 | ||||
195,000 |
Riverside CA Unif Sch Dist Cmnty Facs Dt #33
Citrus Heights II Spl Tax
|
3.00% | 09/01/24 | 200,348 | ||||
240,000 |
Roseville CA Fin Auth Spl Tax Rev Ref, Ser
A
|
5.00% | 09/01/25 | 271,294 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
$60,000 |
Roseville CA Spl Tax Svsp Westpark Federico Cmnty
Facs Dt No. 1
|
3.00% | 09/01/24 | $61,615 | ||||
70,000 |
Roseville CA Spl Tax Svsp Westpark Federico Cmnty
Facs Dt No. 1
|
3.00% | 09/01/25 | 72,202 | ||||
85,000 |
Roseville CA Spl Tax Svsp Westpark Federico Cmnty
Facs Dt No. 1
|
4.00% | 09/01/26 | 91,702 | ||||
100,000 |
San Diego Cnty CA Regl Arpt Auth Subord Ref, Ser
A
|
5.00% | 07/01/24 | 109,173 | ||||
140,000 |
San Francisco CA City & Cnty Arpts Commn Intl
Arpt Rev Ref 2nd Ser, Ser A
|
4.00% | 05/01/26 | 154,921 | ||||
100,000 |
San Francisco CA City & Cnty Arpts Commn Intl
Arpt Rev Ref Second Ser, Ser A, AMT
|
5.00% | 05/01/24 | 101,069 | ||||
200,000 |
San Francisco CA City & Cnty Dcnty Dev Spl
Tax Dist No Mission Rock Fac and Svcs, Ser A (a)
|
4.00% | 09/01/26 | 213,357 | ||||
150,000 |
San Francisco City & Cnty CA Cmnty Facs Dist
#2016-1, Ser 2021
|
4.00% | 09/01/25 | 159,493 | ||||
400,000 |
San Francisco City & Cnty CA Cmnty Facs Dist
#2016-1, Ser 2021
|
4.00% | 09/01/26 | 429,732 | ||||
175,000 |
San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl
Tax
|
4.00% | 09/01/25 | 187,576 | ||||
100,000 |
San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl
Tax
|
4.00% | 09/01/26 | 108,613 | ||||
50,000 |
Temecula CA Pub Fing Auth Spl Tax Ref, BAM
|
5.00% | 09/01/25 | 56,614 | ||||
125,000 |
Tobacco Securitization Auth Sthrn CA Tobacco
Stlmt Rev Ref San Diego Co Asset Securitization Corp Class 1, Ser A
|
5.00% | 06/01/25 | 140,791 | ||||
9,671,699 | ||||||||
Colorado – 1.7% | ||||||||
500,000 |
CO St Eductnl & Cultural Facs Auth Rev Ref
& Impt Chrt Sch Univ Lab Bldg Corp
|
5.00% | 12/15/28 | 553,238 | ||||
110,000 |
CO St Eductnl & Cultural Facs Auth Rev Ref
Chrt Sch Stargate Chrt Sch Proj, Ser A
|
5.00% | 12/01/25 | 124,105 | ||||
100,000 |
CO St Eductnl & Cultural Facs Auth Rev Ref N
Star Acdmy Chrt Sch Proj
|
4.00% | 11/01/23 | 104,829 | ||||
215,000 |
CO St Hgr Edu Capital Const Lease Pur Prog,
COPS
|
5.00% | 11/01/25 | 243,318 | ||||
130,000 |
CO St Hlth Facs Auth Hosp Rev Ref Commonspirit
Hlth, Ser B-1 (Mandatory put 08/01/25)
|
5.00% | 08/01/49 | 143,999 | ||||
80,000 |
CO St Hlth Facs Auth Rev Ref Parkview Med Cntr,
Ser A
|
3.25% | 09/01/25 | 85,169 | ||||
275,000 |
CO St Hlth Facs Auth Rev Ref Parkview Med Cntr,
Ser B
|
5.00% | 09/01/28 | 307,380 | ||||
220,000 |
CO St Hlth Facs Auth Rev Sch Hlth Sys, Ser
A
|
5.00% | 01/01/29 | 235,630 | ||||
355,000 |
CO St, Ser A, COPS
|
5.00% | 12/15/25 | 404,645 | ||||
125,000 |
Crystal Vly CO Met Dist #2 Ref, Ser A, AGM
|
5.00% | 12/01/23 | 133,844 | ||||
220,000 |
Denver City & Cnty CO Arpt Rev Ref Sub Sys,
Ser A, AMT
|
5.00% | 12/01/25 | 247,774 | ||||
150,000 |
Denver City & Cnty CO Arpt Rev Sys, Ser A,
AMT
|
5.00% | 11/15/24 | 154,843 | ||||
30,000 |
E-470 CO Pub Hwy Auth Cap Apprec Sr, Ser B,
NATL-RE
|
(b) | 09/01/22 | 29,852 | ||||
15,000 |
E-470 CO Pub Hwy Auth Cap Apprec Sr, Ser B,
NATL-RE
|
(b) | 09/01/23 | 14,716 | ||||
500,000 |
Eagle Cnty CO Sch Dist Re50 Jt Garfield &
Routt Cnty
|
5.00% | 12/01/30 | 582,491 | ||||
10,000 |
Park Creek CO Met Dist Rev Ref Sr Ltd Property
Tax Supported, Ser A
|
5.00% | 12/01/24 | 11,000 | ||||
135,000 |
Park Creek CO Met Dist Rev Ref Sr Ltd Property
Tax Supported, Ser A
|
5.00% | 12/01/34 | 149,916 | ||||
3,526,749 | ||||||||
Connecticut – 3.8% | ||||||||
100,000 |
CT St
|
5.00% | 08/01/31 | 111,972 | ||||
50,000 |
CT St Hlth & Eductnl Facs Auth Rev Hartford
Hlthcare, Ser E
|
5.00% | 07/01/25 | 54,461 | ||||
170,000 |
CT St Hlth & Eductnl Facs Auth Rev Ref
|
5.00% | 07/01/29 | 189,388 | ||||
1,205,000 |
CT St Hlth & Eductnl Facs Auth Rev Stamford
Hosp, Ser J
|
5.00% | 07/01/42 | 1,227,082 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Connecticut (Continued) | ||||||||
$650,000 |
CT St Hlth & Eductnl Facs Auth Rev Temps 50
Mclean Issue, Ser B-2 (a)
|
2.75% | 01/01/26 | $652,176 | ||||
375,000 |
CT St Spl Tax Oblig Rev Ref Transprtn Infra, Ser
B
|
5.00% | 08/01/27 | 422,083 | ||||
165,000 |
CT St Spl Tax Oblig Rev Transprtn Infra, Ser
A
|
5.00% | 09/01/33 | 180,198 | ||||
155,000 |
CT St, Ser E
|
5.00% | 09/15/25 | 175,812 | ||||
105,000 |
Hamden CT Ref, BAM
|
3.00% | 08/15/22 | 106,367 | ||||
250,000 |
Hamden CT Ref, BAM
|
4.00% | 08/15/23 | 261,598 | ||||
400,000 |
Hamden CT Ref, BAM
|
4.00% | 08/15/24 | 428,511 | ||||
315,000 |
Hamden CT Ref, Ser A, BAM
|
5.00% | 08/01/23 | 333,983 | ||||
145,000 |
Hamden CT Ref, Ser A, BAM
|
5.00% | 08/01/24 | 158,757 | ||||
200,000 |
Hamden CT Ref, Ser A, BAM
|
5.00% | 08/01/25 | 225,550 | ||||
250,000 |
Hamden CT Ref, Ser A, BAM
|
5.00% | 08/15/26 | 289,324 | ||||
1,500,000 |
Harbor Point CT Infra Impt Dist Spl Oblg Rev Ref
Harbor Point Proj Ltd (a)
|
5.00% | 04/01/30 | 1,715,727 | ||||
25,000 |
Univ of CT CT Ref, Ser A
|
5.00% | 03/15/27 | 28,616 | ||||
970,000 |
Univ of CT CT, Ser A
|
5.00% | 11/01/26 | 1,131,557 | ||||
75,000 |
Univ of CT CT, Ser A
|
5.00% | 02/15/28 | 82,955 | ||||
25,000 |
Univ of CT CT, Ser A
|
5.00% | 11/01/35 | 30,077 | ||||
7,806,194 | ||||||||
Florida – 6.6% | ||||||||
110,000 |
Alachua Cnty FL Hlth Facs Auth Ccrc Ref Oak
Hammock at the Univ of FL Inc Proj
|
4.00% | 10/01/24 | 117,183 | ||||
100,000 |
Alachua Cnty FL Hlth Facs Auth Ccrc Ref Oak
Hammock at the Univ of FL Inc Proj
|
4.00% | 10/01/25 | 108,172 | ||||
105,000 |
Alachua Cnty FL Hlth Facs Auth Ccrc Ref Oak
Hammock at the Univ of FL Inc Proj
|
4.00% | 10/01/26 | 114,893 | ||||
150,000 |
Alachua Cnty FL Hlth Facs Auth Shands Teaching
Hosp & Clinics, Ser A
|
5.00% | 12/01/26 | 164,869 | ||||
500,000 |
Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt
Rev Proj, Ser 2021
|
2.38% | 05/01/26 | 493,814 | ||||
250,000 |
Berry Bay CDD FL Spl Assmt Rev Assmt Area 1
|
2.63% | 05/01/26 | 249,895 | ||||
375,000 |
Epperson N CDD FL Capital Impt Rev Assmnt Area
Three, Ser A
|
2.45% | 11/01/26 | 371,668 | ||||
550,000 |
FL St Brd of Governors FL Intl Univ Dorm Rev Ref,
Ser A, BAM
|
5.00% | 07/01/27 | 649,293 | ||||
110,000 |
FL St Dev Fin Corp Eductnl Facs Rev River City
Science Acdmy Projs, Ser A
|
4.00% | 07/01/24 | 115,274 | ||||
330,000 |
FL St Dev Fin Corp Eductnl Facs Rev River City
Science Acdmy Projs, Ser A
|
4.00% | 07/01/25 | 350,812 | ||||
155,000 |
FL St Dev Fin Corp Eductnl Facs Rev River City
Science Acdmy Projs, Ser A
|
4.00% | 07/01/26 | 166,885 | ||||
150,000 |
FL St Dev Fin Corp Eductnl Facs Rev River City
Science Acdmy Projs, Ser A
|
4.00% | 07/01/28 | 164,487 | ||||
105,000 |
FL St Dev Fin Corp Sr Living Rev Ref Glenridge on
Palmer Ranch Proj
|
4.00% | 06/01/24 | 110,001 | ||||
100,000 |
FL St Dev Fin Corp Sr Living Rev Ref Glenridge on
Palmer Ranch Proj
|
4.00% | 06/01/25 | 106,178 | ||||
185,000 |
Gulfstream Polo Cmnty Dev Dist FL Spl Assmnt
Phase 2 Proj
|
3.00% | 11/01/24 | 187,286 | ||||
405,000 |
Hills Minneola Cmnty Dev Dist FL Spl Assmnt Rev S
Parcel Assmnt Area (a)
|
3.00% | 05/01/25 | 408,414 | ||||
450,000 |
Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub
Pkg Fac Proj, Ser I
|
5.00% | 10/01/23 | 478,687 | ||||
575,000 |
Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub
Pkg Fac Proj, Ser I
|
5.00% | 10/01/24 | 629,484 | ||||
210,000 |
Jea FL Elec Sys Rev Sub, Ser B
|
5.00% | 10/01/22 | 216,210 | ||||
100,000 |
Lakeland FL Hosp Sys Rev Lakeland Regl Hlth
|
5.00% | 11/15/33 | 110,628 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Florida (Continued) | ||||||||
$230,000 |
Lakes of Sarasota CDD FL Impt Rev Phase 1 Proj,
Ser A-1
|
2.75% | 05/01/26 | $229,446 | ||||
170,000 |
Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev
Ref Country Club E Proj, AGM
|
5.00% | 05/01/25 | 187,878 | ||||
720,000 |
Ltc Ranch W Rsdl Cmnty Dev Dist Spl Assmnt Rev
Assmnt Area One Proj, Ser A
|
2.50% | 05/01/26 | 713,672 | ||||
500,000 |
Mirada II Cmnty Dev Dist FL Cap Impt Rev
|
2.50% | 05/01/26 | 497,792 | ||||
180,000 |
N Springs FL Impt Dist Heron Bay Wtr Mgmt Proj,
Ser 2021-1, AGM
|
2.00% | 05/01/23 | 181,582 | ||||
370,000 |
N Springs FL Impt Dist Heron Bay Wtr Mgmt Proj,
Ser 2021-1, AGM
|
2.00% | 05/01/24 | 373,602 | ||||
380,000 |
N Springs FL Impt Dist Heron Bay Wtr Mgmt Proj,
Ser 2021-1, AGM
|
2.00% | 05/01/25 | 383,953 | ||||
385,000 |
N Springs FL Impt Dist Heron Bay Wtr Mgmt Proj,
Ser 2021-1, AGM
|
2.00% | 05/01/26 | 388,672 | ||||
25,000 |
Orange Cnty FL Hlth Facs Auth Rev Ref
Presbyterian Retmnt Cmntys
|
5.00% | 08/01/31 | 27,258 | ||||
270,000 |
Palm Beach Cnty FL Hlth Facs Auth Ref Acts Retmnt
Life Cmntys Inc Oblig Grp
|
5.00% | 11/15/32 | 311,858 | ||||
230,000 |
Parkway Ctr FL CDD Spl Assmnt Rev Ref Assmt Area,
Ser 1
|
3.50% | 05/01/22 | 230,906 | ||||
200,000 |
Pine Isle Cmnty Dev Dist FL Spl Assmnt 2021 Proj
(a)
|
2.38% | 12/15/26 | 197,635 | ||||
100,000 |
Poinciana FL W CDD Spl Assmnt Ref Sr, Ser 1,
AGM
|
3.60% | 05/01/26 | 108,283 | ||||
125,000 |
Rhodine Road N CDD FL Spl Assmnt
|
3.50% | 05/01/24 | 126,876 | ||||
115,000 |
Saint Johns Cnty FL Indl Dev Auth Sr Living Rev
Ref Vicar’s Landing Proj, Ser A
|
4.00% | 12/15/23 | 119,499 | ||||
145,000 |
Saint Johns Cnty FL Indl Dev Auth Sr Living Rev
Ref Vicar’s Landing Proj, Ser A
|
4.00% | 12/15/24 | 153,004 | ||||
385,000 |
Sarasota Natl FL CDD Spl Assmnt Ref
|
3.00% | 05/01/23 | 391,240 | ||||
375,000 |
Sarasota Natl FL CDD Spl Assmnt Ref
|
3.00% | 05/01/24 | 383,776 | ||||
240,000 |
Sarasota Natl FL CDD Spl Assmnt Ref
|
3.00% | 05/01/25 | 246,132 | ||||
250,000 |
Shingle Creek at Bronson CDD FL Spl Assmnt
|
2.50% | 06/15/26 | 248,867 | ||||
375,000 |
Silver Palms W CDD FL Spl Assmnt 2022 Proj
|
2.60% | 06/15/27 | 372,018 | ||||
350,000 |
Six Mile Creek FL CDD Capital Impt Rev Assmnt
Area 3 Phase 1
|
2.50% | 05/01/26 | 347,372 | ||||
30,000 |
Tampa FL Capital Impt Cigarette Tax Allocation H
Lee Moffitt Cancer Ctr Proj, Ser A
|
5.00% | 09/01/24 | 32,932 | ||||
525,000 |
Timber Creek SW CDD FL Spl Assmnt Area Two
Proj
|
2.35% | 12/15/26 | 522,597 | ||||
735,000 |
Tolomato FL CDD Ref, Ser A, AGM
|
3.00% | 05/01/24 | 758,277 | ||||
375,000 |
V Dana CDD FL Spl Assmnt CDD Assmnt Area One 2021
Proj
|
2.60% | 05/01/26 | 373,497 | ||||
125,000 |
Vlg FL CDD #6 Spl Assmnt Rev Ref
|
4.00% | 05/01/25 | 133,555 | ||||
250,000 |
Westside Haines City CDD Spl Assmnt Assmnt Area
One Proj
|
2.50% | 05/01/26 | 247,110 | ||||
13,603,422 | ||||||||
Georgia – 1.7% | ||||||||
100,000 |
Burke Cnty GA Dev Auth Poll Control Rev Var GA
Pwr Co Plant Vogtle Proj Remk (Mandatory put 06/13/24)
|
2.15% | 10/01/32 | 102,468 | ||||
155,000 |
Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt
Fac Rev Ref Lenbrook Sq Fdtn Inc
|
4.00% | 07/01/22 | 156,565 | ||||
175,000 |
Gainesville & Hall Cnty GA Hosp Auth Ref NE
GA Hlth Sys Inc Proj, Ser A
|
5.00% | 02/15/24 | 188,877 | ||||
290,000 |
Glynn Brunswick GA Memorial Hosp Auth Ref Antic
Ctfs SE GA Hlth
|
5.00% | 08/01/23 | 307,163 | ||||
715,000 |
Madison Cnty GA Sch Dist Ref Capital Impt Proj,
COPS
|
4.00% | 05/01/25 | 773,583 | ||||
120,000 |
Main Street Nat Gas Inc GA Gas Rev, Ser A
|
5.50% | 09/15/23 | 128,515 | ||||
830,000 |
Main Street Nat Gas Inc GA Gas Rev, Ser B
|
5.00% | 03/15/22 | 834,521 | ||||
240,000 |
Main Street Nat Gas Inc GA Gas Sply Rev, Ser
A
|
5.00% | 05/15/25 | 263,478 | ||||
500,000 |
Main Street Nat Gas Inc GA Gas Sply Rev, Ser
C
|
5.00% | 09/01/26 | 569,819 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Georgia (Continued) | ||||||||
$165,000 |
Muni Elec Auth of GA Ref Plant Vogtle Units
3&4 Proj J, Ser A, AGM
|
5.00% | 01/01/27 | $192,707 | ||||
3,517,696 | ||||||||
Guam – 0.0% | ||||||||
85,000 |
Guam Govt Wtrwks Auth Wtr & Wstwtr Sys
Rev
|
5.00% | 07/01/23 | 89,452 | ||||
Hawaii – 1.1% | ||||||||
2,000,000 |
HI St Dept of Budget & Fin Spl Purp Rev Ref
Hawaiian Elec Co Inc, Ser A, AMT
|
3.10% | 05/01/26 | 2,108,701 | ||||
150,000 |
Honolulu City & Cnty HI Wstwtr Sys Rev Ref Sr
First Bd Resolution, Ser B
|
4.00% | 07/01/32 | 162,504 | ||||
2,271,205 | ||||||||
Idaho – 0.1% | ||||||||
185,000 |
Boise ID St Univ Revs Ref Gen Proj, Ser A
|
4.00% | 04/01/22 | 186,103 | ||||
Illinois – 11.2% | ||||||||
1,000,000 |
Boone McHenry & DeKalb Cntys IL Cmnty Unit
Sch Dist #100 Ref, Ser B
|
4.00% | 01/01/27 | 1,117,129 | ||||
135,000 |
Chicago IL Brd of Edu Cap Apprec Sch Reform, Ser
B-1, NATL-RE
|
(b) | 12/01/22 | 133,826 | ||||
150,000 |
Chicago IL Brd of Edu Cap Apprec Sch Reform, Ser
B-1, NATL-RE
|
(b) | 12/01/23 | 145,992 | ||||
175,000 |
Chicago IL Brd of Edu Green Bond, Ser E
|
5.13% | 12/01/32 | 189,141 | ||||
190,000 |
Chicago IL Brd of Edu Ref, Ser A, AMBAC
|
5.50% | 12/01/23 | 204,439 | ||||
400,000 |
Chicago IL Brd of Edu Ref, Ser C
|
5.00% | 12/01/22 | 414,111 | ||||
100,000 |
Chicago IL Park Dist Ref Ltd Tax, Ser B
|
5.00% | 01/01/23 | 103,822 | ||||
540,000 |
Chicago IL Park Dist Ref Ltd Tax, Ser B
|
5.00% | 01/01/28 | 576,129 | ||||
125,000 |
Chicago IL Ref Proj, Ser A
|
5.00% | 01/01/27 | 133,423 | ||||
210,000 |
Chicago IL Ref Remk, 2003B
|
5.00% | 01/01/26 | 230,086 | ||||
100,000 |
Chicago IL Ref Remk, 2003B
|
5.13% | 01/01/27 | 110,074 | ||||
110,000 |
Chicago IL Ref, Ser C
|
5.00% | 01/01/26 | 122,983 | ||||
260,000 |
Chicago IL Ref, Ser C
|
5.00% | 01/01/35 | 291,245 | ||||
65,000 |
Chicago IL Ref, Ser C, CABS
|
(b) | 01/01/25 | 60,419 | ||||
500,000 |
Chicago IL Wstwtr Trans Rev Ref Second Lien Remk,
Ser C
|
5.00% | 01/01/27 | 552,818 | ||||
100,000 |
Chicago IL Wstwtr Trans Rev Second Lien Ref, Ser
B
|
5.00% | 01/01/24 | 107,342 | ||||
165,000 |
Chicago IL Wstwtr Trans Rev Second Lien Ref, Ser
B
|
5.00% | 01/01/26 | 187,356 | ||||
390,000 |
Chicago IL Wtrwks Rev 2nd Lien Proj
|
5.00% | 11/01/27 | 427,760 | ||||
150,000 |
Chicago IL, Ser A
|
5.00% | 01/01/26 | 164,347 | ||||
90,000 |
Ford Champaign Etc Cntys IL Cmnty Unit Sch Dist
#10 Sch Bldg, Ser A, AGM
|
4.00% | 12/01/25 | 98,593 | ||||
205,000 |
Glencoe IL, Ser A
|
3.00% | 12/15/28 | 217,479 | ||||
115,000 |
Hillside IL Tax Incr Rev Ref
|
5.00% | 01/01/24 | 118,998 | ||||
250,000 |
IL St
|
5.00% | 03/01/22 | 250,895 | ||||
395,000 |
IL St
|
5.00% | 05/01/23 | 414,492 | ||||
125,000 |
IL St
|
5.00% | 05/01/24 | 135,274 | ||||
150,000 |
IL St
|
5.00% | 05/01/27 | 161,985 | ||||
195,000 |
IL St
|
5.00% | 06/01/27 | 221,228 | ||||
470,000 |
IL St
|
4.00% | 01/01/31 | 508,162 | ||||
195,000 |
IL St Fin Auth Hlth Svcs Facs Lease Rev Univ of
IL Hlth Svcs Fac Proj
|
5.00% | 10/01/24 | 212,887 | ||||
1,750,000 |
IL St Fin Auth Rev Ref Ascension Hlth Credit Grp,
Ser C
|
5.00% | 02/15/27 | 2,048,989 | ||||
85,000 |
IL St Ref
|
4.00% | 08/01/25 | 86,240 | ||||
80,000 |
IL St Sales Tax Rev First Ser, NATL-RE
|
6.00% | 06/15/23 | 85,370 | ||||
160,000 |
IL St Sales Tax Rev, Ser P
|
6.50% | 06/15/22 | 163,583 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Illinois (Continued) | ||||||||
$150,000 |
IL St, Ser A
|
5.25% | 05/01/22 | $151,711 | ||||
100,000 |
IL St, Ser A
|
4.00% | 01/01/24 | 100,269 | ||||
15,000 |
IL St, Ser A
|
4.00% | 01/01/25 | 15,040 | ||||
700,000 |
IL St, Ser C
|
5.00% | 11/01/29 | 804,476 | ||||
280,000 |
IL St, Ser D
|
5.00% | 11/01/23 | 298,484 | ||||
520,000 |
IL St, Ser D
|
5.00% | 11/01/24 | 570,749 | ||||
350,000 |
Macon Cnty IL Sch Dist #61 Ref, Ser C, AGM
|
4.00% | 01/01/26 | 385,129 | ||||
725,000 |
Macon Cnty IL Sch Dist #61 Ref, Ser C, AGM
|
4.00% | 01/01/30 | 799,423 | ||||
700,000 |
Macon Cnty IL Sch Dist #61, AGM
|
4.00% | 12/01/25 | 769,033 | ||||
800,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place Proj, Ser B
|
5.00% | 12/15/28 | 813,047 | ||||
150,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place Proj, Ser B
|
4.25% | 06/15/42 | 152,032 | ||||
420,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place Proj, Ser B, AGM
|
4.25% | 06/15/42 | 425,689 | ||||
100,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place Proj, Ser B, BAM
|
5.00% | 06/15/52 | 101,631 | ||||
170,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place, Ser B, BAM
|
4.25% | 06/15/42 | 172,303 | ||||
500,000 |
Mount Vernon IL Ref, BAM
|
4.00% | 12/15/23 | 526,294 | ||||
1,245,000 |
Mount Vernon IL Ref, BAM
|
4.00% | 12/15/25 | 1,357,962 | ||||
650,000 |
Northern IL Univ Revs Brd of Trustees Aux Facs
Sys Rev N IL Univ Ref, BAM
|
5.00% | 10/01/25 | 729,508 | ||||
1,045,000 |
Peoria IL Ref, Ser C, AGM
|
5.00% | 01/01/27 | 1,211,326 | ||||
755,000 |
Railsplitter IL Tobacco Stlmt Auth
|
5.00% | 06/01/27 | 859,394 | ||||
145,000 |
Springfield IL Elec Rev Ref Sr Lien
|
5.00% | 03/01/26 | 161,231 | ||||
910,000 |
Springfield IL Elec Rev Ref Sr Lien
|
5.00% | 03/01/27 | 1,010,406 | ||||
570,000 |
Springfield IL Elec Rev Ref Sr Lien
|
5.00% | 03/01/31 | 630,887 | ||||
700,000 |
Sthrn IL St Univ Ref Sthrn IL Univ Hsg and Aux
Facs Sys, Ser A, BAM
|
4.00% | 04/01/25 | 755,432 | ||||
365,000 |
Univ of IL IL Revs Ref Auxiliary Facs Sys, Ser
A
|
5.00% | 04/01/22 | 367,768 | ||||
23,165,841 | ||||||||
Indiana – 0.8% | ||||||||
125,000 |
IN Bond Bank Rev Hamilton Co Projs, CABS
|
(b) | 01/15/26 | 117,728 | ||||
675,000 |
Indianapolis IN Loc Pub Impt Bond Bank Ref
Cityway 1 Proj, Ser B
|
5.00% | 02/01/35 | 726,302 | ||||
100,000 |
La Porte IN Wtrwks Rev, AGM
|
4.00% | 01/01/24 | 104,578 | ||||
105,000 |
La Porte IN Wtrwks Rev, AGM
|
4.00% | 07/01/24 | 110,850 | ||||
545,000 |
Merrillville IN Conservancy Dist
|
3.00% | 01/15/23 | 556,914 | ||||
1,616,372 | ||||||||
Iowa – 1.1% | ||||||||
100,000 |
Bettendorf IA Ref, Ser D
|
5.00% | 06/01/22 | 101,493 | ||||
110,000 |
Pefa Inc IA Gas Proj Rev
|
5.00% | 09/01/26 | 125,557 | ||||
1,810,000 |
Pefa Inc IA Gas Proj Rev (Mandatory put
09/01/26)
|
5.00% | 09/01/49 | 2,056,794 | ||||
2,283,844 | ||||||||
Kansas – 0.3% | ||||||||
270,000 |
Brown Cnty KS Horton Unif Sch Dist #430,
BAM
|
4.00% | 09/01/24 | 288,827 | ||||
280,000 |
Brown Cnty KS Horton Unif Sch Dist #430,
BAM
|
4.00% | 09/01/25 | 305,607 | ||||
594,434 | ||||||||
Kentucky – 2.1% | ||||||||
165,000 |
Estrn KY Univ Gen Recpts, Ser A
|
5.00% | 04/01/28 | 189,328 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Kentucky (Continued) | ||||||||
$240,000 |
KY St Econ Dev Fin Auth Hlth Sys Rev Norton
Hlthcare Inc, Ser B, NATL-RE
|
(b) | 10/01/25 | $222,138 | ||||
20,000 |
KY St Econ Dev Fin Auth Ref Owensboro Hlth, Ser
A
|
5.00% | 06/01/25 | 22,246 | ||||
355,000 |
KY St Hgr Edu Stdt Loan Corp Sr, Ser A, AMT
|
5.00% | 06/01/26 | 399,240 | ||||
255,000 |
KY St Pub Energy Auth Gas Sply Rev Gas Sply, Ser
B (Mandatory put 01/01/25)
|
4.00% | 01/01/49 | 271,238 | ||||
1,210,000 |
KY St Pub Energy Auth Gas Sply Rev, Ser A
(Mandatory put 04/01/24)
|
4.00% | 04/01/48 | 1,274,879 | ||||
630,000 |
KY St Pub Energy Auth Gas Sply Rev, Ser A
(Mandatory put 06/01/26)
|
4.00% | 12/01/50 | 686,512 | ||||
105,000 |
KY St Pub Energy Auth Gas Sply Rev, Ser A-1
(Mandatory put 06/01/25)
|
4.00% | 12/01/49 | 113,039 | ||||
140,000 |
KY St Univ KY St Univ Proj, COPS, BAM
|
5.00% | 11/01/25 | 157,838 | ||||
125,000 |
KY St Univ KY St Univ Proj, COPS, BAM
|
5.00% | 11/01/26 | 144,510 | ||||
100,000 |
Louisville & Jefferson Cnty KY Met Govt Hlth
Sys Rev Norton Hlthcare Oblig Grp, Ser A
|
5.75% | 10/01/38 | 107,332 | ||||
60,000 |
Louisville & Jefferson Cnty KY Met Govt Hlth
Sys Rev Ref Norton Hlthcare Inc, Ser A
|
5.00% | 10/01/30 | 69,079 | ||||
210,000 |
Paducah KY Elec Plant Brd Rev Ref, Ser A,
AGM
|
5.00% | 10/01/34 | 243,109 | ||||
450,000 |
Univ of Louisville KY Ref, Ser A
|
5.00% | 03/01/27 | 510,930 | ||||
4,411,418 | ||||||||
Louisiana – 1.9% | ||||||||
750,000 |
E Baton Rouge Parish LA Capital Impts Dist MOVEBR
Sales, Ser T
|
5.00% | 08/01/25 | 846,636 | ||||
270,000 |
LA St Univ & Agric & Mech Clg
Auxiliary
|
5.00% | 07/01/23 | 284,925 | ||||
20,000 |
New Orleans LA Aviation Brd Gen Arpt N Term, Ser
B, AMT
|
5.00% | 01/01/28 | 23,025 | ||||
455,000 |
New Orleans LA Aviation Brd, Ser B, AMT
|
5.00% | 01/01/31 | 497,586 | ||||
100,000 |
New Orleans LA Aviation Brd, Ser B, AMT,
AGM
|
5.00% | 01/01/32 | 109,330 | ||||
150,000 |
New Orleans LA Wtr Rev Wtr Rev
|
5.00% | 12/01/26 | 170,434 | ||||
400,000 |
New Orleans LA Wtr Rev Wtr Rev
|
5.00% | 12/01/28 | 452,409 | ||||
550,000 |
Saint John the Baptist Parish LA Rev Var Ref
Marathon Oil Corp Proj Remk, Subser 2017B-1 (Mandatory put 07/01/24)
|
2.13% | 06/01/37 | 561,406 | ||||
550,000 |
Saint John the Baptist Parish LA Rev Var Ref
Marathon Oil Corp Proj Remk, Subser 2017B-2 (Mandatory put 07/01/26)
|
2.38% | 06/01/37 | 568,330 | ||||
105,000 |
Shreveport LA Wtr & Swr Impt
|
5.00% | 09/01/22 | 107,522 | ||||
250,000 |
Shreveport LA Wtr & Swr Rev Junior Lien, Ser
C, BAM
|
5.00% | 12/01/24 | 275,957 | ||||
3,897,560 | ||||||||
Maryland – 0.3% | ||||||||
115,000 |
Harford Cnty MD Spl Oblg Ref Beechtree Estates
Proj
|
4.00% | 07/01/23 | 119,996 | ||||
300,000 |
Harford Cnty MD Spl Oblg Ref Beechtree Estates
Proj
|
4.00% | 07/01/24 | 320,545 | ||||
150,000 |
Howard Cnty MD Ref Consol Pub Impt, Ser B
|
5.00% | 02/15/24 | 162,243 | ||||
100,000 |
MD St Hlth & Hgr Eductnl Facs Auth Rev Ref
Stevenson Univ Proj, Ser A
|
5.00% | 06/01/28 | 118,142 | ||||
720,926 | ||||||||
Massachusetts – 0.9% | ||||||||
350,000 |
MA St Clg Bldg Auth, Ser A
|
5.00% | 05/01/28 | 368,533 | ||||
575,000 |
MA St Eductnl Fing Auth Sr, Ser B, AMT
|
5.00% | 07/01/24 | 619,735 | ||||
500,000 |
MA St Eductnl Fing Auth Sr, Ser B, AMT
|
5.00% | 07/01/25 | 551,930 | ||||
285,000 |
MA St Eductnl Fing Auth, Ser A, AMT
|
5.00% | 01/01/26 | 309,638 | ||||
1,849,836 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Michigan – 3.1% | ||||||||
$70,000 |
Detroit MI Downtown Dev Auth Tax Incr Rev Ref
Catalyst Dev Proj, Ser A, AGM
|
5.00% | 07/01/30 | $75,740 | ||||
20,000 |
Detroit MI Downtown Dev Auth Tax Incr Rev Ref
Catalyst Dev Proj, Ser A, AGM
|
5.00% | 07/01/31 | 21,635 | ||||
100,000 |
Great Lakes MI Wtr Auth Wtr Sply Sys Rev Sr Lien
Bond, Ser A
|
5.00% | 07/01/25 | 112,507 | ||||
575,000 |
Kalamazoo MI Econ Dev Corp Heritage Cmnty of
Kalamazoo Revel Creek Proj Temps 60, Ser B2
|
2.63% | 05/15/25 | 575,273 | ||||
210,000 |
MI St Fin Auth Rev Multi Modal Mclaren Hlthcare,
Ser A
|
5.00% | 02/15/26 | 239,478 | ||||
110,000 |
MI St Fin Auth Rev Ref Ascension Sr Credit Grp
Remk, Ser E-1 (Mandatory put 08/15/24)
|
4.00% | 11/15/44 | 117,469 | ||||
330,000 |
MI St Fin Auth Rev Ref Beaumont Hlth Credit
Grp
|
5.00% | 08/01/28 | 360,197 | ||||
55,000 |
MI St Fin Auth Rev Ref Henry Ford Hlth Sys
|
4.00% | 11/15/36 | 59,871 | ||||
350,000 |
MI St Fin Auth Rev Ref Loc Govt Loan Prog Great
Lakes Wtr Auth, Ser D1, AGM
|
5.00% | 07/01/28 | 393,023 | ||||
135,000 |
MI St Fin Auth Rev Ref Loc Govt Loan Prog Great
Lakes Wtr Auth, Ser D2, AGM
|
5.00% | 07/01/24 | 147,181 | ||||
1,035,000 |
MI St Fin Auth Rev Ref Loc Govt Loan Prog Great
Lakes Wtr Auth, Ser D2, AGM
|
5.00% | 07/01/28 | 1,132,542 | ||||
250,000 |
MI St Fin Auth Rev Sr Lien Great Lakes Wtr Auth,
Ser C-3, AGM
|
5.00% | 07/01/27 | 273,875 | ||||
90,000 |
MI St Hosp Fin Auth Ref Mclaren Hlthcare, Ser
A
|
5.00% | 06/01/24 | 91,344 | ||||
425,000 |
MI St Hsg Dev Auth Sf Mtge Rev, Ser B
|
1.50% | 06/01/22 | 426,087 | ||||
1,500,000 |
MI St Strategic Fund Ltd Oblg Rev Var Green Bond
Recycled Brd Machine Proj, AMT (Mandatory put 10/01/26)
|
4.00% | 10/01/61 | 1,640,614 | ||||
235,000 |
Wayne Cnty MI Arpt Auth Rev Detroit Met Wayne
Cnty Arpt, Ser C, AMT
|
5.00% | 12/01/29 | 256,854 | ||||
270,000 |
Wayne Cnty MI Arpt Auth Rev Detroit Met Wayne
Cnty Arpt, Ser C, AMT
|
5.00% | 12/01/30 | 295,109 | ||||
100,000 |
Wayne Cnty MI Arpt Auth Rev Ref Junior Lien, Ser
A
|
5.00% | 12/01/23 | 107,170 | ||||
90,000 |
Wayne Cnty MI Arpt Auth Rev Ref, Ser F, AMT
|
5.00% | 12/01/25 | 101,398 | ||||
6,427,367 | ||||||||
Minnesota – 0.1% | ||||||||
200,000 |
Duluth MN Econ Dev Auth Rev Ref Benedictine Hlth
Sys, Ser A
|
3.00% | 07/01/24 | 205,069 | ||||
Mississippi – 0.1% | ||||||||
225,000 |
MS St Busn Fin Corp Sol Wst Disp Rev Waste Mgmt
Inc Proj Remk, AMT (Mandatory put 06/03/24)
|
2.20% | 03/01/27 | 230,744 | ||||
Missouri – 2.0% | ||||||||
375,000 |
Bridgeton MO Spl Oblig Rev Ref, Ser A
|
4.00% | 12/01/25 | 408,461 | ||||
385,000 |
Bridgeton MO Spl Oblig Rev Ref, Ser A
|
4.00% | 12/01/26 | 426,444 | ||||
200,000 |
Jackson Cnty MO Spl Oblg Rirr Right of Way
Proj
|
4.00% | 12/01/27 | 220,354 | ||||
140,000 |
MO St Hlth & Eductnl Facs Auth Hlth Facs Rev
Bethesda Hlth Grp Inc Ref
|
3.00% | 08/01/23 | 144,426 | ||||
305,000 |
MO St Hlth & Eductnl Facs Auth Hlth Facs Rev
Bethesda Hlth Grp Inc Ref
|
4.00% | 08/01/25 | 334,053 | ||||
350,000 |
MO St Hlth & Eductnl Facs Auth Hlth Facs Rev
Ref Saint Lukes Hlth Sys Inc
|
4.00% | 11/15/33 | 379,826 | ||||
235,000 |
MO St Hlth & Eductnl Facs Auth Lutheran Sr
Svcs
|
5.00% | 02/01/23 | 244,184 | ||||
1,000,000 |
MO St Hlth & Eductnl Facs Auth Lutheran Sr
Svcs Projs
|
4.00% | 02/01/25 | 1,075,138 | ||||
125,000 |
Plaza at Noah’s Ark Cmnty Impt Dist MO Tax Incr
& Impt Ref
|
3.00% | 05/01/22 | 125,248 | ||||
200,000 |
Plaza at Noah’s Ark Cmnty Impt Dist MO Tax Incr
& Impt Ref
|
3.00% | 05/01/24 | 202,343 | ||||
300,000 |
Springfield MO Spl Oblg Ref
|
4.00% | 04/01/25 | 325,992 | ||||
250,000 |
Springfield MO Spl Oblg Ref
|
4.00% | 04/01/26 | 276,527 | ||||
4,162,996 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Montana – 0.4% | ||||||||
$240,000 |
Forsyth MT Poll Control Rev Ref Puget Sound
Energy Proj, Ser A (Mandatory put 03/01/23)
|
3.90% | 03/01/31 | $246,377 | ||||
275,000 |
Gallatin Cnty MT High Sch Dist #7 Bozeman
|
5.00% | 12/01/24 | 303,877 | ||||
150,000 |
MT St Fac Fin Auth Hlthcare Facs Rev MT
Children’s Home and Hosp Proj, Ser A
|
4.00% | 07/01/24 | 157,555 | ||||
155,000 |
MT St Fac Fin Auth Hlthcare Facs Rev MT
Children’s Home and Hosp Proj, Ser A
|
4.00% | 07/01/25 | 165,356 | ||||
873,165 | ||||||||
Nebraska – 0.9% | ||||||||
420,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
#3
|
5.00% | 09/01/22 | 430,239 | ||||
150,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
#3
|
5.25% | 09/01/37 | 153,954 | ||||
70,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
No. 4
|
5.00% | 01/01/24 | 74,904 | ||||
350,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
No. 4 (Mandatory put 01/01/24)
|
5.00% | 03/01/50 | 372,393 | ||||
330,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Ref
Proj #3, Ser A
|
5.00% | 09/01/26 | 377,298 | ||||
330,000 |
Centrl Plains Energy Proj NE Gas Sply Rev Ref
(Mandatory put 08/01/25)
|
4.00% | 12/01/49 | 358,857 | ||||
1,767,645 | ||||||||
Nevada – 1.4% | ||||||||
500,000 |
Clark Cnty NV Sch Dist Ref Bldg, Ser A, BAM
|
5.00% | 06/15/30 | 587,409 | ||||
750,000 |
Director of the St of NV Dept of Busn & Ind
Var Brightline W Psngr Rail Proj Remk, Ser A, AMT (Mandatory put 02/01/22)
(a)
|
0.25% | 01/01/50 | 750,000 | ||||
300,000 |
Las Vegas NV Spl Impt Dist #616 Spl Impt Dist No
816 Summerlin Vlg 22
|
2.00% | 06/01/24 | 301,429 | ||||
225,000 |
Las Vegas NV Spl Impt Dist #616 Spl Impt Dist No
816 Summerlin Vlg 22
|
2.00% | 06/01/26 | 222,321 | ||||
305,000 |
Las Vegas NV Spl Impt Dist #808 & #810
Ref
|
5.00% | 06/01/28 | 324,497 | ||||
125,000 |
Reno NV Capital Impt Rev Ref, Ser A-1, AGM
|
5.00% | 06/01/25 | 139,644 | ||||
500,000 |
Yerington NV USDA Interim Debs
|
1.63% | 11/01/23 | 501,580 | ||||
2,826,880 | ||||||||
New Hampshire – 0.6% | ||||||||
220,000 |
Natl Fin Auth NH Sr Living Rev Ref Springpoint Sr
Living
|
4.00% | 01/01/24 | 229,911 | ||||
1,000,000 |
NH St Hlth & Ed Facs Auth Hlthcare Sys Rev
Covenant Hlth Sys Oblig Grp
|
5.00% | 07/01/42 | 1,018,325 | ||||
1,248,236 | ||||||||
New Jersey – 4.9% | ||||||||
120,000 |
Jersey City NJ Muni Utilities Auth Wtr Proj
Notes
|
3.00% | 07/01/22 | 121,178 | ||||
1,100,000 |
Middlesex Cnty NJ Ref Civic Square IV Redev,
COPS
|
5.00% | 10/15/31 | 1,252,831 | ||||
1,455,000 |
NJ St Covid-19 Go Emergency Bonds, Ser A
|
5.00% | 06/01/25 | 1,624,954 | ||||
255,000 |
NJ St Econ Dev Auth Ref, Ser A
|
4.13% | 06/15/27 | 276,425 | ||||
665,000 |
NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser
NN
|
5.00% | 03/01/29 | 694,818 | ||||
110,000 |
NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser
PP
|
3.50% | 06/15/27 | 114,283 | ||||
380,000 |
NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser
PP
|
5.00% | 06/15/27 | 413,939 | ||||
265,000 |
NJ St Econ Dev Auth Rev Ref Sch Facs Constr, Ser
PP, AGM
|
5.00% | 06/15/25 | 288,203 | ||||
300,000 |
NJ St Econ Dev Auth Rev Ref, Ser BBB
|
5.00% | 06/15/22 | 304,736 | ||||
475,000 |
NJ St Econ Dev Auth Rev Ref, Ser XX
|
4.38% | 06/15/27 | 518,792 | ||||
335,000 |
NJ St Econ Dev Auth Rev, Ser WW
|
5.00% | 06/15/34 | 372,838 | ||||
655,000 |
NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser B,
AMT
|
5.00% | 12/01/25 | 737,690 | ||||
175,000 |
NJ St Hlth Care Facs Fing Auth Rev Ref St Josephs
Hlthcare Sys Oblig Grp
|
5.00% | 07/01/22 | 178,155 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
New Jersey (Continued) | ||||||||
$50,000 |
NJ St Transprtn Trust Fund Auth Cap Apprec
Transprtn Sys, Ser C, AMBAC
|
(b) | 12/15/25 | $46,627 | ||||
170,000 |
NJ St Transprtn Trust Fund Auth Fed Hwy Reimb
Nts, Ser A-1, GARVEE
|
5.00% | 06/15/27 | 195,304 | ||||
240,000 |
NJ St Transprtn Trust Fund Auth Ref Fed Hwy Reimb
Nts, Ser A, GARVEE
|
5.00% | 06/15/29 | 274,455 | ||||
455,000 |
NJ St Transprtn Trust Fund Auth Sys Remk, Ser
C
|
5.25% | 06/15/32 | 504,452 | ||||
275,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
5.00% | 06/15/22 | 279,341 | ||||
160,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
5.00% | 06/15/25 | 173,767 | ||||
250,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
4.00% | 06/15/27 | 253,203 | ||||
350,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
5.00% | 06/15/33 | 355,774 | ||||
750,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
5.00% | 06/15/38 | 762,373 | ||||
285,000 |
NJ St Transprtn Trust Fund Auth Transprtn Sys,
Ser A
|
5.00% | 06/15/42 | 289,755 | ||||
60,000 |
NJ St Turnpike Auth, Ser E
|
5.00% | 01/01/31 | 66,229 | ||||
10,100,122 | ||||||||
New Mexico – 0.1% | ||||||||
260,000 |
Albuquerque Bernalillo Cnty NM Wtr Util Auth Jt
Wtr & Swr Ref
|
5.00% | 07/01/25 | 293,448 | ||||
New York – 4.8% | ||||||||
155,000 |
Hudson Yards Infra Corp NY 2nd Indenture Rev Ref,
Ser A
|
5.00% | 02/15/30 | 180,908 | ||||
175,000 |
Hudson Yards Infra Corp NY 2nd Indenture Rev Ref,
Ser A
|
4.00% | 02/15/36 | 192,410 | ||||
200,000 |
Met Transprtn Auth NY Dedicated Tax Fund Ref, Ser
A
|
5.25% | 11/15/28 | 234,724 | ||||
150,000 |
Met Transprtn Auth NY Rev Ref, Ser F
|
5.00% | 11/15/26 | 169,154 | ||||
135,000 |
Met Transprtn Auth NY Rev Transptrn, Ser
A-2
|
5.00% | 11/15/22 | 139,382 | ||||
900,000 |
Met Transprtn Auth NY Rev, Ser A-2S, BANS
|
4.00% | 02/01/22 | 900,000 | ||||
635,000 |
Met Transprtn Auth NY Rev, Ser B-1, BANS
|
5.00% | 05/15/22 | 642,518 | ||||
305,000 |
Met Transprtn Auth NY Rev, Ser D-1, BANS
|
5.00% | 09/01/22 | 312,093 | ||||
250,000 |
Nassau Cnty NY, Ser A, AGM
|
5.00% | 04/01/25 | 279,481 | ||||
355,000 |
New York City NY Transitional Fin Auth Rev Future
Tax Secured, Subser B-1
|
4.00% | 08/01/35 | 391,585 | ||||
575,000 |
New York City NY Transitional Fin Auth Rev Ref,
Ser A-1
|
5.00% | 11/01/25 | 654,349 | ||||
200,000 |
New York City NY Transitional Fin Auth Rev Sub
Future Tax Secured Fiscal 2017, Subser A-1
|
4.00% | 05/01/31 | 220,968 | ||||
1,000,000 |
NY NY Adj Fiscal 2020, Subser B-3 (c)
|
0.12% | 10/01/46 | 1,000,000 | ||||
125,000 |
NY NY, Ser G
|
4.00% | 08/01/29 | 132,504 | ||||
270,000 |
NY NY, Ser I, Subser 1-I
|
5.00% | 03/01/25 | 291,494 | ||||
250,000 |
NY NY, Subser F-1
|
5.00% | 03/01/27 | 261,376 | ||||
255,000 |
NY St Dorm Auth St Personal Income Tax Rev, Ser
B
|
5.00% | 03/15/30 | 256,383 | ||||
270,000 |
NY St Transprtn Dev Corp Spl Fac Rev Laguardia
Arpt Term B Redev Proj, Ser A-P3, AMT, AGM
|
4.00% | 07/01/35 | 283,206 | ||||
500,000 |
NY St Transprtn Dev Corp Spl Fac Rev Ref American
Airls Inc John F Kennedy Intl Arpt Proj, AMT
|
2.25% | 08/01/26 | 503,202 | ||||
200,000 |
NY St Transprtn Dev Corp Spl Fac Rev Rev Ref
Terminal 4 JFK Intl Arpt Proj, Ser C
|
5.00% | 12/01/24 | 219,299 | ||||
125,000 |
NY St Transprtn Dev Corp Spl Fac Rev Rev Ref
Terminal 4 JFK Intl Arpt Proj, Ser C
|
5.00% | 12/01/25 | 139,792 | ||||
180,000 |
Onondaga NY Civic Dev Corp Le Moyne Clg
Proj
|
5.00% | 07/01/26 | 205,001 | ||||
120,000 |
Port Auth of NY & NJ NY Consol One Hundred
Eighty Fifth Ref, AMT
|
5.00% | 09/01/23 | 127,304 | ||||
340,000 |
Port Auth of NY & NJ NY Consol One Hundred
Eighty Fifth Ref, AMT
|
4.00% | 09/01/34 | 362,276 | ||||
370,000 |
Port Auth of NY & NJ NY Ref, Ser 207,
AMT
|
5.00% | 09/15/23 | 392,985 | ||||
855,000 |
Port Auth of NY & NJ NY Ref, Ser 223,
AMT
|
5.00% | 07/15/25 | 959,296 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
$455,000 |
Port Auth of NY & NJ NY Ref, Ser 226,
AMT
|
5.00% | 10/15/24 | $499,947 | ||||
9,951,637 | ||||||||
North Carolina – 0.3% | ||||||||
415,000 |
NC St Agric & Tech Univ Ref Gen, Ser A
|
5.00% | 10/01/40 | 468,294 | ||||
190,000 |
NC St Capital Facs Fin Agy Eductnl Facs Rev Ref
High Point Univ
|
4.00% | 05/01/24 | 201,205 | ||||
669,499 | ||||||||
North Dakota – 1.0% | ||||||||
50,000 |
Grand Forks ND Hlthcare Sys Rev Altru Hlth Sys
Ref
|
5.00% | 12/01/25 | 56,571 | ||||
50,000 |
Grand Forks ND Hlthcare Sys Rev Altru Hlth Sys
Ref
|
5.00% | 12/01/26 | 57,920 | ||||
200,000 |
Horace ND Ref
|
3.00% | 05/01/24 | 206,975 | ||||
200,000 |
Horace ND Ref
|
3.00% | 05/01/25 | 208,957 | ||||
1,000,000 |
Larimore ND Loan Anticipation Temp Impt
Bonds
|
0.85% | 05/01/24 | 977,837 | ||||
460,000 |
Williston ND Cnty Wide Pub Safety Sales Tax Rev
Ref, Ser A
|
5.00% | 07/15/22 | 467,753 | ||||
1,976,013 | ||||||||
Ohio – 1.3% | ||||||||
75,000 |
NE OH Med Univ Gen Recpts Ref, Ser A
|
5.00% | 12/01/24 | 81,735 | ||||
1,000,000 |
OH St Air Quality Dev Auth OH Vly Elec Corp Proj
Remk, Ser C (Mandatory put 11/04/25)
|
1.50% | 02/01/26 | 982,473 | ||||
500,000 |
OH St Air Quality Dev Auth Ref American Elec Pwr
Company Proj Remk, Ser B, AMT (Mandatory put 10/01/24)
|
2.10% | 07/01/28 | 508,882 | ||||
1,000,000 |
OH St Air Quality Dev Auth Var OH Vly Elec Corp
Proj Remk, Ser B (Mandatory put 11/01/24)
|
1.38% | 02/01/26 | 986,893 | ||||
130,000 |
OH St Univ, Ser A
|
5.00% | 12/01/25 | 143,881 | ||||
2,703,864 | ||||||||
Oklahoma – 1.0% | ||||||||
1,145,000 |
OK St Dev Fin Auth Gilcrease Expressway W Proj P3
Proj, AMT
|
1.63% | 07/06/23 | 1,147,144 | ||||
495,000 |
Oklahoma City OK Arpt Trust Junior Lien,
AMT
|
5.00% | 07/01/22 | 504,134 | ||||
235,000 |
Tulsa Cnty OK Indl Auth Eductnl Facs Lease Rev
Broken Arrow Pub Schs Proj
|
5.00% | 09/01/25 | 249,724 | ||||
200,000 |
Tulsa OK Arpts Impt Trust Arpt, Ser A, AMT,
AGM
|
4.00% | 06/01/25 | 216,604 | ||||
2,117,606 | ||||||||
Oregon – 0.8% | ||||||||
500,000 |
Clackamas Cnty OR Hosp Fac Auth Rev Ref Temps 50
Rose Villa Proj, Ser B2
|
2.75% | 11/15/25 | 500,293 | ||||
100,000 |
OR St Facs Auth Rev Ref Legacy Hlth Proj, Ser
A
|
5.00% | 06/01/22 | 101,503 | ||||
130,000 |
Port of Portland OR Arpt Rev, Ser 24B, AMT
|
5.00% | 07/01/33 | 149,319 | ||||
1,000,000 |
Yamhill Cnty OR Hosp Auth Friendsview Temps 50,
Ser B-3
|
1.75% | 11/15/26 | 992,705 | ||||
1,743,820 | ||||||||
Pennsylvania – 6.6% | ||||||||
315,000 |
Allegheny Vly PA Jt Sewage Auth Green Bond,
BAM
|
4.00% | 08/01/25 | 342,914 | ||||
280,000 |
Cumberland Cnty PA Muni Auth Ref Messiah Vlg
Proj
|
4.00% | 07/01/22 | 282,827 | ||||
295,000 |
Cumberland Cnty PA Muni Auth Ref Messiah Vlg
Proj
|
5.00% | 07/01/23 | 308,963 | ||||
660,000 |
Dauphin Cnty PA Gen Auth Hlth Sys Rev Ref
Pinnacle Hlth Sys Proj, Ser A
|
4.00% | 06/01/32 | 723,334 | ||||
265,000 |
Deer Creek PA Drain Basin Allegheny Cnty Swr Rev
Ref, AGM
|
5.00% | 12/01/26 | 306,708 | ||||
90,000 |
E Hempfield Twp PA Indl Dev Auth Ref Willow Vly
Cmntys Proj
|
5.00% | 12/01/24 | 99,133 | ||||
175,000 |
E Hempfield Twp PA Indl Dev Auth Ref Willow Vly
Cmntys Proj
|
5.00% | 12/01/25 | 198,069 | ||||
390,000 |
E Hempfield Twp PA Indl Dev Auth Ref Willow Vly
Cmntys Proj
|
5.00% | 12/01/28 | 436,060 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Pennsylvania (Continued) | ||||||||
$170,000 |
E Hempfield Twp PA Indl Dev Auth Ref Willow Vly
Cmntys Proj
|
5.00% | 12/01/30 | $189,256 | ||||
50,000 |
Erie PA Hgr Edu Bldg Auth Aicup Fing Prog Gannon
Uni Proj Ref, Ser TT1
|
5.00% | 05/01/24 | 53,682 | ||||
75,000 |
Erie PA Hgr Edu Bldg Auth Aicup Fing Prog Gannon
Uni Proj Ref, Ser TT1
|
5.00% | 05/01/25 | 82,637 | ||||
75,000 |
Erie PA Hgr Edu Bldg Auth Aicup Fing Prog Gannon
Uni Proj Ref, Ser TT1
|
5.00% | 05/01/26 | 84,554 | ||||
500,000 |
Lancaster PA Ref, BAM
|
5.00% | 05/01/25 | 556,612 | ||||
80,000 |
Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill
Univ
|
5.00% | 03/01/24 | 84,819 | ||||
150,000 |
Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill
Univ
|
5.00% | 03/01/25 | 162,431 | ||||
255,000 |
Lehigh Cnty PA Gen Purp Auth Revs Ref Lehigh
Carbon Cmnty Clg, Ser 2016, BAM
|
5.00% | 11/01/26 | 294,422 | ||||
245,000 |
Monroeville PA Fin Auth Upmc Rev
|
5.00% | 02/15/30 | 250,956 | ||||
100,000 |
Montgomery Cnty PA Indl Dev Auth Acts Retmnt Life
Cmntys Ref
|
5.00% | 11/15/23 | 101,330 | ||||
345,000 |
Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr
Living Proj, Ser A
|
4.00% | 12/01/22 | 352,839 | ||||
400,000 |
Northampton Cnty PA Gen Purp Auth Clg Rev Ref
Moravian Clg
|
5.00% | 10/01/25 | 447,865 | ||||
210,000 |
Northampton Cnty PA Gen Purp Auth Clg Rev Ref
Moravian Clg
|
5.00% | 10/01/27 | 240,554 | ||||
150,000 |
Northampton Cnty PA Gen Purp Auth Clg Rev Ref
Moravian Clg
|
5.00% | 10/01/30 | 170,310 | ||||
180,000 |
PA St Econ Dev Fing Auth Rev Ref Upmc
|
4.00% | 03/15/35 | 196,683 | ||||
545,000 |
PA St Econ Dev Fing Auth Upmc Rev Ref, Ser
A
|
5.00% | 11/15/29 | 644,675 | ||||
465,000 |
PA St Hsg Fin Agy SF Mtge Rev Non Ace, Ser
123B
|
3.45% | 10/01/32 | 485,589 | ||||
540,000 |
PA St Turnpike Commn Turnpike Rev Ref Sub
|
5.00% | 06/01/27 | 613,346 | ||||
720,000 |
PA St Turnpike Commn Turnpike Rev Ref Sub, Ser
B
|
5.00% | 06/01/28 | 824,218 | ||||
80,000 |
PA St Turnpike Commn Turnpike Rev Ref Sub, Ser
B
|
5.00% | 06/01/39 | 90,645 | ||||
200,000 |
PA St Turnpike Commn Turnpike Rev Subord, Ser
A-1
|
5.00% | 12/01/30 | 226,284 | ||||
570,000 |
Philadelphia PA Auth for Indl Dev Chrt Sch Rev
Ref String Theory Chrt Sch Proj (a)
|
5.00% | 06/15/24 | 616,676 | ||||
300,000 |
Philadelphia PA Auth for Indl Dev Chrt Sch Rev
Ref String Theory Chrt Sch Proj (a)
|
5.00% | 06/15/25 | 332,906 | ||||
135,000 |
Philadelphia PA Gas Wks Rev Ref
|
5.00% | 08/01/29 | 151,310 | ||||
155,000 |
Philadelphia PA Gas Wks Rev Ref 1998 Gen
Ordinance, 15th Ser
|
5.00% | 08/01/22 | 158,437 | ||||
35,000 |
Philadelphia PA Ref, Ser A
|
5.00% | 08/01/27 | 41,518 | ||||
25,000 |
Philadelphia PA Ref, Ser A
|
5.25% | 07/15/28 | 27,049 | ||||
315,000 |
Philadelphia PA, Ser B
|
4.00% | 08/01/35 | 339,220 | ||||
400,000 |
S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr
Rev Ref, BAM
|
4.00% | 02/15/25 | 431,699 | ||||
350,000 |
S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr
Rev Ref, BAM
|
4.00% | 02/15/26 | 385,011 | ||||
475,000 |
Scranton PA Sch Dist Ref, Ser D
|
5.00% | 06/01/27 | 532,132 | ||||
1,240,000 |
Wilkes-Barre PA Area Sch Dist, Ser B, BAM
|
5.00% | 08/01/27 | 1,444,061 | ||||
375,000 |
Wyoming PA Area Sch Dist Ref, Ser A, AGM
|
4.00% | 11/01/24 | 403,967 | ||||
13,715,701 | ||||||||
Puerto Rico – 0.4% | ||||||||
388,000 |
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
Restructured, Ser A-1, CABS
|
(b) | 07/01/24 | 369,404 | ||||
328,000 |
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
Restructured, Ser A-1, CABS
|
(b) | 07/01/27 | 293,148 | ||||
168,000 |
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
Restructured, Ser A-1, CABS
|
(b) | 07/01/29 | 140,862 | ||||
803,414 | ||||||||
Rhode Island – 0.6% | ||||||||
625,000 |
Cranston RI, Ser 1, BANS
|
1.00% | 08/23/22 | 626,102 | ||||
225,000 |
RI Commerce Corp Rev Ref RI Dept of Transp, Ser
A
|
5.00% | 06/15/22 | 228,764 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Rhode Island (Continued) | ||||||||
$445,000 |
RI St Hlth & Eductnl Bldg Corp Pub Schs Rev
Ref Providence Pub Bldg Auth, AGM
|
5.00% | 05/15/28 | $496,216 | ||||
1,351,082 | ||||||||
South Carolina – 0.4% | ||||||||
140,000 |
N Charleston SC Ltd Oblig
|
5.00% | 10/01/22 | 143,988 | ||||
625,000 |
SC St Pub Svc Auth Rev Ref, Ser A
|
5.00% | 12/01/30 | 716,992 | ||||
860,980 | ||||||||
South Dakota – 0.4% | ||||||||
220,000 |
SD St Hlth & Eductnl Facs Auth Ref Sanford
Oblig Grp
|
5.00% | 11/01/27 | 248,031 | ||||
295,000 |
SD St Hlth & Eductnl Facs Auth Ref Sanford
Oblig Grp
|
5.00% | 11/01/35 | 330,067 | ||||
100,000 |
SD St Hlth & Eductnl Facs Auth Ref Westhills
Vlg Retmnt Cmnty Issue
|
3.00% | 09/01/25 | 103,777 | ||||
100,000 |
SD St Hlth & Eductnl Facs Auth Ref Westhills
Vlg Retmnt Cmnty Issue
|
3.00% | 09/01/26 | 104,304 | ||||
786,179 | ||||||||
Tennessee – 2.3% | ||||||||
410,000 |
Clarksville Tn Wtr Swr & Gas Rev Ref
|
5.00% | 02/01/41 | 468,965 | ||||
145,000 |
Met Govt Nashville & Davidson Cnty TN Hlth
& Eductnl Fac Brd Trevecca Nazarene Univ Proj, Ser B
|
4.00% | 10/01/26 | 155,720 | ||||
350,000 |
Met Govt Nashville & Davidson Cnty TN Hlth
& Eductnl Fac Brd Vanderbilt Univ Med Ctr, Ser A
|
5.00% | 07/01/40 | 400,859 | ||||
150,000 |
Tennergy Corp TN Gas Rev, Ser A
|
4.00% | 03/01/24 | 158,419 | ||||
300,000 |
Tennergy Corp TN Gas Rev, Ser A
|
4.00% | 09/01/25 | 326,009 | ||||
500,000 |
Tennergy Corp TN Gas Rev, Ser A
|
4.00% | 03/01/26 | 547,364 | ||||
310,000 |
TN Energy Acq Corp Cmdy Proj Rev The TN Energy
Acq Corp Cmdy Proj, Ser A
|
5.00% | 11/01/24 | 339,398 | ||||
605,000 |
TN St Energy Acq Corp Gas Rev (Mandatory put
11/01/25)
|
4.00% | 11/01/49 | 653,832 | ||||
950,000 |
TN St Energy Acq Corp Gas Rev Proj, Ser A
(Mandatory put 05/01/23)
|
4.00% | 05/01/48 | 979,214 | ||||
565,000 |
TN St Energy Acq Corp Gas Rev, Ser A
|
5.25% | 09/01/26 | 644,146 | ||||
125,000 |
TN St Energy Acq Corp Gas Rev, Ser C
|
5.00% | 02/01/22 | 125,000 | ||||
4,798,926 | ||||||||
Texas – 13.0% | ||||||||
500,000 |
Austin TX Arpt Sys Rev, AMT
|
5.00% | 11/15/33 | 544,994 | ||||
125,000 |
Bexar Cnty TX Hlth Facs Dev Corp Ref Army Retmnt
Residence Fndtn Proj
|
5.00% | 07/15/23 | 131,078 | ||||
505,000 |
Bexar Cnty TX Rev Ref Tax Exempt Venue Proj
|
4.00% | 08/15/35 | 566,989 | ||||
315,000 |
Brazoria Cnty TX Muni Util Dist #55, BAM
|
4.00% | 09/01/24 | 335,556 | ||||
320,000 |
Brazoria Cnty TX Muni Util Dist #55, BAM
|
4.00% | 09/01/25 | 347,277 | ||||
240,000 |
Brazoria Cnty TX Ref
|
5.00% | 03/01/27 | 275,251 | ||||
295,000 |
Celina TX Spl Assmt Rev Ref The Lakes at Mustang
Ranch Pub Impt Dt Phase #1 Proj, BAM
|
4.00% | 09/01/24 | 310,255 | ||||
85,000 |
Centrl TX Regl Mobility Auth Rev Ref
|
5.00% | 01/01/27 | 96,172 | ||||
150,000 |
Centrl TX Regl Mobility Auth Rev Sr Lien, Ser
A
|
5.00% | 01/01/25 | 165,618 | ||||
25,000 |
Centrl TX Regl Mobility Auth Rev Sr Lien, Ser
A
|
5.00% | 01/01/29 | 28,153 | ||||
360,000 |
Cibolo TX Util Sys Rev Ref
|
4.00% | 08/01/23 | 376,905 | ||||
35,000 |
Clifton TX Hgr Edu Fin Corp Edu Rev Idea Pub
Schs, Ser B
|
5.00% | 08/15/24 | 38,275 | ||||
200,000 |
Club Muni Mgmt Dist #1 TX Spl Assmnt Rev Impt
Area #2 Proj (a)
|
2.50% | 09/01/26 | 197,012 | ||||
207,000 |
Crandall TX Spl Assmnt Rev Cartwright Ranch Pub
Impt Dt Impt Area #1 Proj (a)
|
3.38% | 09/15/26 | 206,162 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Texas (Continued) | ||||||||
$1,000,000 |
Dallas TX Hotel Occupancy Tax Rev Ref
|
4.00% | 08/15/30 | $1,096,413 | ||||
600,000 |
Dallas TX Ref
|
5.00% | 02/15/27 | 646,818 | ||||
325,000 |
Denton Cnty TX Fresh Wtr Sply Dist #10 Ref,
AGM
|
2.00% | 09/01/22 | 327,458 | ||||
330,000 |
El Paso TX Ctfs Oblig
|
5.00% | 08/15/28 | 362,183 | ||||
200,000 |
Fort Bend Cnty TX Muni Util Dist #128, AGM
|
3.00% | 09/01/23 | 205,923 | ||||
265,000 |
Fort Bend Cnty TX Muni Util Dist #58, AGM
|
4.00% | 04/01/25 | 284,791 | ||||
585,000 |
Fort Bend TX Muni Util Dist #169 Contract Rev
Road Facs, Ser B, BAM
|
4.00% | 12/01/25 | 639,938 | ||||
585,000 |
Fort Bend TX Muni Util Dist #169 Contract Rev
Road Facs, Ser B, BAM
|
4.00% | 12/01/26 | 650,561 | ||||
465,000 |
Galveston Cnty TX Muni Util Dist #54 Ref
|
2.00% | 12/01/25 | 451,910 | ||||
560,000 |
Galveston Cnty TX Muni Util Dist #54 Ref
|
2.00% | 12/01/27 | 531,138 | ||||
505,000 |
Goliad Cnty TX Indep Sch Dist Ref
|
4.00% | 08/15/26 | 551,091 | ||||
105,000 |
Guadalupe-Blanco River Auth TX Ref Westn Canyon
Regl Wtr Sply Proj, Ser A
|
5.00% | 04/15/33 | 110,333 | ||||
380,000 |
Harris Cnty TX Cultural Edu Facs Fin Corp Med
Facs Rev Ref Baylor Clg of Med
|
5.00% | 11/15/23 | 406,334 | ||||
100,000 |
Harris Cnty TX Cultural Edu Facs Fin Corp Rev Var
Memorial Hermann Hlth Sys, Ser B-1 (Mandatory put 12/01/22)
|
5.00% | 07/01/49 | 103,461 | ||||
1,275,000 |
Houston TX Arpt Sys Rev Ref United Airls Inc
Terminal Impt Proj, Ser B-2, AMT
|
5.00% | 07/15/27 | 1,448,899 | ||||
200,000 |
Houston TX Hgr Edu Fin Corp Edu Rev Ref Harmony
Pub Schs, Ser A
|
5.00% | 02/15/22 | 200,336 | ||||
225,000 |
Imperial Redev Dist TX, BAM
|
4.50% | 05/01/23 | 234,830 | ||||
225,000 |
Imperial Redev Dist TX, BAM
|
4.50% | 05/01/25 | 245,493 | ||||
405,000 |
Lazy Nine TX Muni Util Dist #1B, Ser A, AGM
|
4.00% | 03/01/25 | 436,229 | ||||
305,000 |
Liberty Hill TX Indep Sch Dist Ref
|
5.00% | 08/01/28 | 353,634 | ||||
405,000 |
Love Field TX Arpt Modernization Corp Gen Arpt
Rev, AMT
|
5.00% | 11/01/31 | 463,393 | ||||
250,000 |
Love Field TX Arpt Modernization Corp Spl Facs
Rev Southwest Airls Co Proj
|
5.00% | 11/01/22 | 257,575 | ||||
435,000 |
Lower CO River TX Auth Trans Contract Rev
Ref
|
5.00% | 05/15/23 | 458,674 | ||||
460,000 |
Lower CO River TX Auth Trans Contract Rev Ref
Lcra Trans Srvcs Corp Proj
|
5.00% | 05/15/29 | 499,711 | ||||
500,000 |
Matagorda Cnty TX Nav Dist #1 Var Rev Cent Pwr
& Lt Ref Remk, AMT (Mandatory put 09/01/23)
|
0.90% | 05/01/30 | 497,397 | ||||
275,000 |
Mclendon Chisholm TX Spl Assmnt Rev Ref Sonoma
Pub Impt Dt Phase 1 Proj, BAM
|
4.00% | 09/15/24 | 289,322 | ||||
200,000 |
Mesquite TX Indep Sch Dist Ref, Ser A
|
5.00% | 08/15/27 | 232,607 | ||||
440,000 |
Montgomery Cnty TX Muni Util Dist #105, BAM
|
4.63% | 09/01/25 | 488,185 | ||||
450,000 |
Montgomery Cnty TX Muni Util Dist #105, BAM
|
4.63% | 09/01/26 | 509,643 | ||||
400,000 |
N Parkway Muni Mgmt Dist #1 TX Contract Rev
Legacy Hills Pub Impt Dt Phase #1A-1B Impts (a)
|
3.00% | 09/15/26 | 404,200 | ||||
500,000 |
N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev
Major Impts Proj (a)
|
3.63% | 09/15/26 | 515,411 | ||||
410,000 |
N TX Tollway Auth Rev Cap Apprec Ref Sys 1st
Tier, Ser I, AGC
|
6.20% | 01/01/42 | 469,442 | ||||
140,000 |
N TX Tollway Auth Rev Ref 1st Tier, Ser A
|
5.00% | 01/01/36 | 162,427 | ||||
45,000 |
N TX Tollway Auth Rev Ref 2nd Tier, Ser B
|
5.00% | 01/01/31 | 50,804 | ||||
635,000 |
New Hope Cultural Edu Facs Fin Corp TX Edu Rev
Ref Jubilee Acad Ctr (a)
|
4.00% | 08/15/25 | 671,899 | ||||
80,000 |
New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac
Rev Ref Wesleyan Homes Inc Proj Fin Corp
|
3.00% | 01/01/24 | 79,454 | ||||
700,000 |
NW Harris Cnty TX Muni Util Dist #5 Ref,
BAM
|
4.00% | 05/01/24 | 742,942 | ||||
1,350,000 |
NW Harris Cnty TX Muni Util Dist #5 Ref,
BAM
|
4.00% | 05/01/25 | 1,461,206 | ||||
105,000 |
Oak Point TX Spl Assmnt Rev Wildridge Pub Impt
Dist #1 Impt Area #2 Proj Accd Inv (a)
|
3.50% | 09/01/23 | 106,625 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Texas (Continued) | ||||||||
$330,000 |
Richardson TX Ref
|
5.00% | 02/15/25 | $368,135 | ||||
1,180,000 |
SA Energy Acq Pub Fac Corp TX Gas Sply Rev Gas
Sply Rev
|
5.50% | 08/01/25 | 1,338,720 | ||||
700,000 |
TX St Muni Gas Acq & Sply Corp III Gas Sply
Rev Ref
|
5.00% | 12/15/24 | 761,557 | ||||
345,000 |
TX St Transprtn Commn Central TX Turnpike Sys Rev
Ref, Ser B
|
5.00% | 08/15/37 | 373,943 | ||||
1,195,000 |
TX St Wtr Dev Brd Rev Master Trust
|
5.00% | 10/15/25 | 1,359,600 | ||||
200,000 |
TX St Wtr Dev Brd St Wtr Implementation Fund, Ser
A
|
5.00% | 04/15/27 | 228,017 | ||||
80,000 |
Univ of Houston TX Univ Revs Ref, Ser A
|
5.00% | 02/15/22 | 80,138 | ||||
275,000 |
Univ of TX TX Permanent Univ Fnd Ref, Ser B
|
5.00% | 07/01/24 | 300,986 | ||||
385,000 |
Wilbarger Creek TX Muni Util Dist #2, AGM
|
4.00% | 09/01/26 | 427,785 | ||||
300,000 |
Williamson Cnty TX Muni Util Dist #12, BAM
|
4.50% | 08/15/25 | 331,000 | ||||
26,838,268 | ||||||||
Utah – 0.1% | ||||||||
135,000 |
UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Spectrum
Acdmy Proj
|
4.00% | 04/15/24 | 142,247 | ||||
Virginia – 0.2% | ||||||||
125,000 |
Prince George Cnty VA Ref
|
5.00% | 08/01/22 | 127,854 | ||||
125,000 |
VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ
Proj
|
5.00% | 06/01/25 | 138,052 | ||||
125,000 |
VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ
Proj
|
5.00% | 06/01/26 | 140,910 | ||||
406,816 | ||||||||
Washington – 0.6% | ||||||||
315,000 |
Adams Cnty WA Jt Consol Sch Dist #147 & 163
& 55 Ref Othello
|
5.00% | 12/01/27 | 349,287 | ||||
150,000 |
Seattle WA Wtr Sys Rev Ref & Impt
|
5.00% | 05/01/28 | 167,338 | ||||
105,000 |
Tobacco Stlmt Auth WA Tobacco Stlmt Rev Ref
|
5.00% | 06/01/23 | 110,723 | ||||
195,000 |
WA St Hlthcare Facs Auth Seattle Cancer Care
Alliance (a)
|
5.00% | 12/01/24 | 215,246 | ||||
300,000 |
WA St Hlthcare Facs Auth Seattle Cancer Care
Alliance (a)
|
5.00% | 12/01/26 | 348,886 | ||||
1,191,480 | ||||||||
West Virginia – 0.3% | ||||||||
500,000 |
WV St Econ Dev Auth Sol Wst Disp Facs Var Sr Arch
Res Proj, AMT (Mandatory put 07/01/25)
|
5.00% | 07/01/45 | 533,745 | ||||
Wisconsin – 1.8% | ||||||||
100,000 |
Pub Fin Auth WI Edu Rev Coral Acdmy of Science
Las Vegas, Ser A
|
4.00% | 07/01/26 | 106,971 | ||||
185,000 |
Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt
Sch
|
5.00% | 06/15/25 | 203,234 | ||||
165,000 |
Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr
Proj Ref, Ser A
|
5.00% | 06/01/23 | 174,099 | ||||
285,000 |
Pub Fin Auth WI Retmnt Fac Rev Ref United
Methodist Retmnt Homes, Ser A
|
4.00% | 10/01/25 | 312,549 | ||||
300,000 |
Pub Fin Auth WI Retmnt Fac Rev Ref United
Methodist Retmnt Homes, Ser A
|
4.00% | 10/01/26 | 333,943 | ||||
425,000 |
Pub Fin Auth WI Rev Roseman Univ of Hlth Sciences
Proj (a)
|
3.00% | 04/01/25 | 431,715 | ||||
810,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref
Ascension Hlth Credit Grp, Ser A
|
5.00% | 11/15/36 | 924,029 | ||||
85,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref
Froedtert Hlth Inc Oblg, Ser A
|
4.00% | 04/01/39 | 92,994 | ||||
500,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref
Marshfield Clinic Hlth Sys Inc, Ser B1 (Mandatory put 02/15/25)
|
5.00% | 02/15/52 | 546,128 | ||||
130,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref
Oakwood Lutheran Sr Ministries
|
4.00% | 01/01/23 | 132,722 | ||||
160,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref
Oakwood Lutheran Sr Ministries
|
4.00% | 01/01/24 | 166,345 | ||||
155,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref
Prohealth Care Oblig Grp
|
5.00% | 08/15/30 | 169,626 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Wisconsin (Continued) | ||||||||
$155,000 |
WI St Hlth & Eductnl Facs Auth Rev Three
Pillars Sr Living Cmntys, Ser A
|
4.00% | 08/15/24 | $165,487 | ||||
3,759,842 | ||||||||
Wyoming – 0.1% | ||||||||
200,000 |
Laramie Cnty WY Hosp Rev Ref Cheyenne Regl Med
Ctr Proj
|
4.00% | 05/01/26 | 220,794 |
Total Investments – 96.0%
|
198,738,936 | ||
(Cost $200,460,561) | |||
Net Other Assets and Liabilities – 4.0%
|
8,205,845 | ||
Net Assets – 100.0%
|
$206,944,781 |
Futures Contracts | Position | Number
of Contracts |
Expiration Date |
Notional Value |
Unrealized Appreciation (Depreciation)/ Value | |||||
U.S. Treasury Long Bonds | Short | 5 | Mar 2022 | $ (778,125) | $(2,661) | |||||
Ultra 10-Year U.S. Treasury Notes | Short | 46 | Mar 2022 | (6,570,094) | 35,485 | |||||
$(7,348,219) | $32,824 |
(a) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At January 31, 2022, securities noted as such amounted to $9,456,313 or 4.6% of net assets. |
(b) | Zero coupon bond. |
(c) | Variable Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions. |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAM | Build America Mutual |
BANS | Bond Anticipation Notes |
CABS | Capital Appreciation Bonds |
COPS | Certificates of Participation |
GARVEE | Grant Anticipation Revenue Vehicle |
NATL-RE | National Public Finance Guarantee Corp. |
ASSETS TABLE | ||||
Total Value at 1/31/2022 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Municipal Bonds*
|
$ 198,738,936 | $ — | $ 198,738,936 | $ — |
Futures Contracts**
|
35,485 | 35,485 | — | — |
Total
|
$ 198,774,421 | $ 35,485 | $ 198,738,936 | $— |
LIABILITIES TABLE | ||||
Total Value at 1/31/2022 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Futures Contracts**
|
$ (2,661) | $ (2,661) | $ — | $ — |
* | See Portfolio of Investments for state and territory breakout. |
** | Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day’s variation margin is presented on the Statements of Assets and Liabilities. |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS – 100.4% | ||||||||
Alabama – 3.9% | ||||||||
$50,000 |
Albertville AL Warrants, Ser A, BAM
|
3.50% | 06/01/35 | $50,513 | ||||
35,000 |
Albertville AL Warrants, Ser A, BAM
|
3.75% | 06/01/41 | 35,388 | ||||
300,000 |
Black Belt Energy Gas Dist AL Gas Prepay Rev, Ser
A
|
5.00% | 12/01/23 | 320,264 | ||||
750,000 |
Black Belt Energy Gas Dist AL Gas Proj Rev Gas
Proj Rev Bonds Proj No.7, Ser C-1
|
4.00% | 12/01/22 | 768,843 | ||||
585,000 |
Black Belt Energy Gas Dist AL Gas Sply Rev, Ser A
(Mandatory put 07/01/22)
|
4.00% | 08/01/47 | 591,014 | ||||
2,750,000 |
Hlthcare Auth for Baptist Hlth AL Var Ref, Ser B
(a)
|
0.22% | 11/01/42 | 2,750,000 | ||||
1,155,000 |
Lower AL Gas Dist Gas Proj Rev Gas Proj Rev Bonds
Proj 2 (Mandatory put 12/01/25)
|
4.00% | 12/01/50 | 1,251,962 | ||||
290,000 |
SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser
A
|
4.00% | 06/01/22 | 293,178 | ||||
350,000 |
SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser
A
|
4.00% | 06/01/23 | 363,539 | ||||
270,000 |
SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser
A (Mandatory put 06/01/24)
|
4.00% | 06/01/49 | 285,283 | ||||
6,709,984 | ||||||||
Alaska – 0.2% | ||||||||
350,000 |
Anchorage AK Ref, Ser B
|
5.00% | 09/01/22 | 359,114 | ||||
Arizona – 2.5% | ||||||||
600,000 |
AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan
Fd Social Bonds Equitable Sch Revolving Fund, Ser A
|
4.00% | 11/01/22 | 614,943 | ||||
1,000,000 |
AZ St Indl Dev Auth Rev Lincoln S Beltway
Proj
|
5.00% | 05/01/23 | 1,050,837 | ||||
180,000 |
Glendale AZ Transprtn Excise Tax Rev Ref,
AGM
|
5.00% | 07/01/23 | 190,605 | ||||
280,000 |
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy
Trad Sch Proj
|
5.00% | 07/01/22 | 284,871 | ||||
300,000 |
Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy
Trad Sch Proj
|
5.00% | 07/01/23 | 316,278 | ||||
565,000 |
Maricopa Cnty AZ Poll Controlcorp Poll Control
Rev Var Ref Pub Svc Co of NM Palo Verde Proj, Ser A (Mandatory put
06/01/22)
|
1.05% | 01/01/38 | 565,210 | ||||
100,000 |
Nthrn AZ Univ Ref Sys, BAM
|
5.00% | 06/01/23 | 105,514 | ||||
500,000 |
Pima Cnty AZ Indl Dev Auth Edu Rev Fac Amern
Leadership Acdmy Proj (b)
|
5.00% | 06/15/47 | 508,249 | ||||
245,000 |
Salt Verde AZ Finl Corp Sr Gas Rev Sr
|
5.25% | 12/01/23 | 262,238 | ||||
255,000 |
Univ Med Ctr Corp AZ Hosp Rev
|
5.50% | 07/01/26 | 271,701 | ||||
165,000 |
Yavapai Cnty AZ Indl Dev Auth Hosp Fac Ref
Yavapai Regl Med Ctr
|
5.00% | 08/01/22 | 168,675 | ||||
4,339,121 | ||||||||
Arkansas – 0.1% | ||||||||
260,000 |
Sheridan AR Sch Dist #37 Constr Bonds (c)
|
3.38% | 02/01/43 | 260,000 | ||||
California – 4.9% | ||||||||
90,000 |
Bay Area CA Toll Auth Toll Bridge Rev San
Francisco Bay Area, Ser F-1
|
5.00% | 04/01/24 | 90,691 | ||||
100,000 |
Bay Area CA Toll Auth Toll Bridge Rev San
Francisco Bay Area, Ser F-1
|
5.00% | 04/01/31 | 100,768 | ||||
1,800,000 |
CA St Infra & Econ Dev Bank Rev Var
Brightline W Psngrr Rail Proj Remk, Ser A, AMT (Mandatory put 02/01/22)
(b)
|
0.20% | 01/01/50 | 1,800,000 | ||||
625,000 |
CA St Muni Fin Auth Sol Wst Disp Rev Var Rep Svcs
Inc Proj Remk, Ser B, AMT (Mandatory put 07/15/22)
|
0.38% | 07/01/51 | 624,610 | ||||
1,040,000 |
CA St Pub Wks Brd Lease Rev Ref Various Capital
Proj, Ser G
|
5.00% | 11/01/37 | 1,074,595 | ||||
150,000 |
CA St Pub Wks Brd Lease Rev Various Capital Proj,
Ser A
|
5.00% | 04/01/25 | 151,140 | ||||
200,000 |
CA St Pub Wks Brd Lease Rev Various Capital Proj,
Ser A
|
5.00% | 04/01/37 | 201,520 | ||||
180,000 |
Cathedral City CA Redev Agy Successor Agy Tax
Allocation Rev Ref Sub Hsg Merged Redev Proj Area, Ser C
|
4.00% | 08/01/22 | 182,655 | ||||
85,000 |
Chaffey CA Jt Union High Sch Dist, Ser F,
CIBS
|
4.00% | 02/01/22 | 85,000 | ||||
50,000 |
Coalinga CA Pub Fing Auth Ref Wtr & Wstwtr
Refinancing Projs
|
5.00% | 04/01/35 | 50,376 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
$100,000 |
Desert Hot Springs CA Pub Fing Auth Lease Rev,
Ser A
|
3.00% | 03/01/22 | $100,204 | ||||
195,000 |
Golden St Tobacco Securitization Corp CA Tobacco
Stlmt Ref Enhanced Asset Bkd, Ser A
|
5.00% | 06/01/22 | 197,944 | ||||
300,000 |
Golden St Tobacco Securitization Corp CA Tobacco
Stlmt Ref, Ser A-1
|
5.00% | 06/01/22 | 304,529 | ||||
75,000 |
Irvine Ranch CA Wtr Dist
|
5.00% | 02/01/22 | 75,000 | ||||
335,000 |
Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser
A
|
5.25% | 11/15/23 | 359,631 | ||||
160,000 |
Los Angeles CA Muni Impt Corp Lease Rev Ref Real
Ppty, Ser C
|
5.00% | 03/01/24 | 160,611 | ||||
525,000 |
Los Angeles Cnty CA Pub Wks Fing Auth Lease Rev
Multiple Capital Projs II
|
5.00% | 08/01/26 | 536,881 | ||||
535,000 |
Los Angeles Cnty CA Pub Wks Fing Auth Lease Rev
Multiple Capital Projs II
|
5.00% | 08/01/27 | 547,107 | ||||
250,000 |
Los Angeles Cnty CA Pub Wks Fing Auth Lease Rev
Multiple Capital Projs II
|
5.00% | 08/01/42 | 255,658 | ||||
100,000 |
Montebello CA Pub Fing Auth Rev Ref Lease, Ser B,
AGM
|
5.00% | 11/01/22 | 103,089 | ||||
250,000 |
Peralta CA Cmnty Clg Dist, Ser A
|
5.00% | 08/01/22 | 255,442 | ||||
420,000 |
Port of Oakland CA Ref Sr Lien, Ser P, AMT
|
5.00% | 05/01/26 | 424,721 | ||||
205,000 |
San Diego CA Pub Facs Fing Auth Lease Rev Capital
Impt Projs, Ser A
|
4.50% | 04/15/42 | 206,741 | ||||
100,000 |
San Francisco CA City & Cnty Arpts Commn Intl
Arpt Rev Ref Spl Facs Lease SFO Fuel Co LLC, Ser A, AMT
|
5.00% | 01/01/23 | 103,897 | ||||
250,000 |
Sthrn CA Pub Pwr Auth Nat Gas Proj Rev Proj No 1,
Ser A
|
5.25% | 11/01/22 | 258,551 | ||||
70,000 |
Tahoe Truckee CA Unif Sch Dist Ref Sch Facs Impt
Dist #2, Ser B
|
4.00% | 08/01/22 | 71,255 | ||||
65,000 |
Univ of CA CA Revs Prerefunded Ltd Proj, Ser
G
|
5.00% | 05/15/27 | 65,855 | ||||
8,388,471 | ||||||||
Colorado – 2.2% | ||||||||
50,000 |
CO St Brd of Governors Univ Enterprise Sys Rev,
Ser F
|
2.00% | 03/01/22 | 50,070 | ||||
105,000 |
CO St Hgr Edu Capital Const Lease Pur Prog Ref,
Ser A, COPS
|
5.00% | 11/01/22 | 108,517 | ||||
185,000 |
CO St Hlth Facs Auth Hosp Rev Ref Commonspirit
Hlth, Ser B-1 (Mandatory put 08/01/25)
|
5.00% | 08/01/49 | 204,922 | ||||
125,000 |
CO St Hlth Facs Auth Rev Catholic Hlth
Initiatives, Ser A
|
5.25% | 01/01/45 | 130,167 | ||||
155,000 |
Denver City & Cnty CO Arpt Rev Sys, Ser A,
AMT
|
5.00% | 11/15/22 | 160,429 | ||||
275,000 |
Denver City & Cnty CO Arpt Rev Sys, Ser
B
|
5.00% | 11/15/32 | 284,512 | ||||
2,000,000 |
Denver CO Convention Ctr Hotel Auth Rev Ref
Sr
|
5.00% | 12/01/23 | 2,130,578 | ||||
275,000 |
Rendezvous CO Rsdl Met Dist Ref, AGM
|
4.00% | 12/01/22 | 282,141 | ||||
70,000 |
Univ of CO CO Enterprise Rev Ref, Ser A-1
|
5.00% | 06/01/25 | 71,069 | ||||
125,000 |
Univ of CO CO Enterprise Rev Unrefunded Ref, Ser
B
|
5.00% | 06/01/22 | 126,912 | ||||
170,000 |
Woodmen Road CO Met Dist Ref, BAM
|
4.00% | 12/01/22 | 174,099 | ||||
3,723,416 | ||||||||
Connecticut – 1.5% | ||||||||
700,000 |
CT St Hgr Edu Supplement Loan Auth Rev Ref St
Supported Chesla Loan, Ser A, AMT
|
5.00% | 11/15/22 | 722,937 | ||||
100,000 |
CT St Hlth & Eductnl Facs Auth Rev Ref
Fairfield Univ, Ser S
|
5.00% | 07/01/23 | 105,673 | ||||
100,000 |
CT St Hlth & Eductnl Facs Auth Rev Stamford
Hosp, Ser J
|
4.25% | 07/01/31 | 101,523 | ||||
225,000 |
CT St Ref, Ser B
|
5.00% | 04/15/23 | 236,501 | ||||
250,000 |
CT St, Ser B
|
5.00% | 04/15/25 | 252,346 | ||||
30,000 |
Hamden CT, BAM
|
5.00% | 08/15/23 | 31,848 | ||||
500,000 |
Stratford CT Ref
|
5.00% | 08/01/22 | 510,884 | ||||
265,000 |
Univ of CT CT Ref, Ser A
|
5.00% | 11/01/22 | 273,795 | ||||
100,000 |
Univ of CT CT, Ser A
|
5.00% | 01/15/23 | 104,141 | ||||
280,000 |
Univ of CT CT, Ser A
|
5.00% | 02/15/29 | 300,789 | ||||
2,640,437 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Delaware – 2.0% | ||||||||
$2,015,000 |
DE St Econ Dev Auth Rev Newark Chtr Sch
|
4.63% | 09/01/32 | $2,021,834 | ||||
1,350,000 |
DE St Econ Dev Auth Rev Newark Chtr Sch
|
5.00% | 09/01/42 | 1,354,986 | ||||
3,376,820 | ||||||||
Florida – 4.6% | ||||||||
85,000 |
Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak
Hammock at the Univ of FL Inc Proj
|
4.00% | 10/01/22 | 86,574 | ||||
85,000 |
Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak
Hammock at the Univ of FL Inc Proj
|
4.00% | 10/01/23 | 88,779 | ||||
205,000 |
Broward Cnty FL Sch Dist, TANS
|
2.00% | 06/30/22 | 206,291 | ||||
1,000,000 |
FL St Hsg Fin Corp Mf Mtge Rev Adj Parrish Oaks,
Ser A (Mandatory put 02/01/22)
|
1.25% | 02/01/23 | 1,000,000 | ||||
125,000 |
Fort Pierce FL Redev Agy Redev Rev Ref, BAM
|
4.00% | 05/01/22 | 126,050 | ||||
100,000 |
Gtr Orlando FL Aviation Auth Arpt Facs Rev Ref
Priority Sub Arpt Facs, AMT
|
5.00% | 10/01/23 | 106,650 | ||||
445,000 |
Hollywood Beach FL Cmnty Dev Dist Rev CDD Ref Pub
Pkg Fac Proj, Ser I
|
5.00% | 10/01/23 | 473,368 | ||||
175,000 |
Hollywood FL Cmnty Redev Agy Redev Rev Ref
|
5.00% | 03/01/23 | 182,459 | ||||
100,000 |
Jacksonville FL Spl Rev Ref, Ser C
|
5.00% | 10/01/24 | 102,943 | ||||
220,000 |
Jea FL Elec Sys Rev Ser Three, Ser A
|
5.00% | 10/01/22 | 226,506 | ||||
215,000 |
Jea FL Elec Sys Rev Sub, Ser A
|
5.00% | 10/01/22 | 221,358 | ||||
425,000 |
Jea FL Elec Sys Rev Sub, Ser B
|
5.00% | 10/01/22 | 437,568 | ||||
60,000 |
Jea FL Elec Sys Rev Sub, Ser D
|
5.00% | 10/01/22 | 61,766 | ||||
60,000 |
Jea FL Elec Sys Rev Unrefunded Sub, Ser B
|
5.00% | 10/01/23 | 61,766 | ||||
295,000 |
Jea FL Elec Sys Rev Unrefunded, Ser 3-A
|
5.00% | 10/01/23 | 303,683 | ||||
175,000 |
Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev
Ref Country Club E Proj, AGM
|
5.00% | 05/01/25 | 193,404 | ||||
500,000 |
Miami-Dade Cnty FL Aviation Rev Ref, Ser A,
AMT
|
5.00% | 10/01/28 | 514,547 | ||||
100,000 |
Miami-Dade Cnty FL Eductnl Facs Auth Rev Univ of
Miami, Ser A
|
4.00% | 04/01/23 | 103,557 | ||||
95,000 |
Miami-Dade Cnty FL Sch Brd, Ser B, COPS
|
5.00% | 02/01/30 | 98,959 | ||||
975,000 |
Miami-Dade Cnty FL Seaport Rev, Ser B, AMT
|
5.00% | 10/01/22 | 1,003,367 | ||||
105,000 |
Miami-Dade Cnty FL Seaport Rev, Ser B, AMT
|
4.00% | 10/01/37 | 107,325 | ||||
410,000 |
Miami-Dade Cnty FL Spl Oblig Ref Sub, Ser A
|
5.00% | 10/01/27 | 422,208 | ||||
105,000 |
Miami-Dade Cnty FL Spl Oblig Ref Sub, Ser B,
AGM
|
4.00% | 10/01/37 | 107,431 | ||||
695,000 |
Orlando & Orange Cnty FL Expressway Auth Ref,
Ser B, AGM
|
5.00% | 07/01/22 | 708,265 | ||||
145,000 |
Sarasota Cnty FL Util Sys Rev
|
5.00% | 10/01/38 | 154,891 | ||||
700,000 |
Tolomato FL CDD Ref, Ser A, AGM
|
3.00% | 05/01/23 | 715,127 | ||||
7,814,842 | ||||||||
Georgia – 0.2% | ||||||||
105,000 |
Main Street Nat Gas Inc GA Gas Sply Rev, Subser C
(Mandatory put 12/01/23)
|
4.00% | 08/01/48 | 110,137 | ||||
160,000 |
Muni Elec Auth of GA Ref Proj 1, Subser A
|
5.00% | 01/01/23 | 166,221 | ||||
276,358 | ||||||||
Illinois – 8.6% | ||||||||
130,000 |
Chicago Heights IL Green Bond, BAM
|
4.00% | 12/01/22 | 133,387 | ||||
145,000 |
Chicago IL Brd of Edu Cap Apprec Sch Reform, Ser
B-1, NATL-RE
|
(d) | 12/01/22 | 143,739 | ||||
150,000 |
Chicago IL Brd of Edu Cap Apprec Sch, Ser A,
BHAC-CR FGIC
|
(d) | 12/01/22 | 148,941 | ||||
80,000 |
Chicago IL O’Hare Intl Arpt Rev Ref Gen Sr Lien,
Ser C
|
5.00% | 01/01/23 | 83,035 | ||||
165,000 |
Chicago IL Wtr Rev Second Lien
|
5.00% | 11/01/23 | 169,901 | ||||
150,000 |
Cook Cnty IL Ref, Ser C
|
5.00% | 11/15/23 | 154,598 | ||||
200,000 |
IL St
|
5.00% | 03/01/22 | 200,716 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Illinois (Continued) | ||||||||
$400,000 |
IL St
|
5.13% | 05/01/22 | $404,440 | ||||
220,000 |
IL St
|
5.00% | 06/01/22 | 223,155 | ||||
745,000 |
IL St
|
5.00% | 07/01/22 | 758,261 | ||||
460,000 |
IL St
|
5.00% | 05/01/23 | 482,699 | ||||
210,000 |
IL St
|
4.00% | 03/01/26 | 210,554 | ||||
180,000 |
IL St Fin Auth Hlth Svcs Facs Lease Rev Univ of
IL Hlth Svcs Fac Proj
|
5.00% | 10/01/23 | 191,136 | ||||
150,000 |
IL St Fin Auth Rev Ref Osf Hlthcare Sys, Ser
A
|
5.00% | 11/15/22 | 155,096 | ||||
100,000 |
IL St Fin Auth Rev Ref, Ser A
|
5.00% | 05/15/22 | 101,294 | ||||
2,000,000 |
IL St Fin Auth Rev Var Univ Chicago Med Ctr, Ser
A (a)
|
0.11% | 08/01/44 | 2,000,000 | ||||
870,000 |
IL St Ref
|
5.00% | 02/01/22 | 870,000 | ||||
50,000 |
IL St Ref
|
4.00% | 08/01/25 | 50,730 | ||||
440,000 |
IL St, BAM
|
5.50% | 07/01/24 | 469,336 | ||||
500,000 |
IL St, Ser A
|
5.00% | 03/01/22 | 501,791 | ||||
200,000 |
IL St, Ser A
|
5.00% | 04/01/22 | 201,443 | ||||
200,000 |
IL St, Ser A
|
5.00% | 12/01/22 | 206,873 | ||||
100,000 |
IL St, Ser A
|
5.00% | 04/01/23 | 104,639 | ||||
155,000 |
IL St, Ser D
|
5.00% | 11/01/22 | 159,831 | ||||
1,265,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place Proj, Ser B
|
4.25% | 06/15/42 | 1,282,135 | ||||
500,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place Proj, Ser B
|
5.00% | 06/15/52 | 508,154 | ||||
1,030,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place Proj, Ser B, AGM
|
4.25% | 06/15/42 | 1,043,952 | ||||
100,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place Proj, Ser B, BAM
|
5.00% | 06/15/52 | 101,631 | ||||
850,000 |
Met Pier & Exposition Auth IL Rev Ref
McCormick Place, Ser B, BAM
|
4.25% | 06/15/42 | 861,514 | ||||
1,805,000 |
Mount Vernon IL Ref, BAM
|
4.00% | 12/15/23 | 1,899,921 | ||||
115,000 |
Peoria IL Ref, Ser C, AGM
|
5.00% | 01/01/23 | 119,342 | ||||
115,000 |
Springfield IL Elec Rev Ref Sr Lien
|
5.00% | 03/01/22 | 115,413 | ||||
515,000 |
Springfield IL Elec Rev Ref Sr Lien
|
5.00% | 03/01/23 | 537,407 | ||||
10,000 |
Univ of IL IL Revs Ref Auxiliary Facs Sys, Ser
A
|
5.00% | 04/01/22 | 10,076 | ||||
14,605,140 | ||||||||
Indiana – 4.1% | ||||||||
85,000 |
Carmel IN Redev Auth Lease Rental Rev
Multipurpose, Ser A
|
4.00% | 08/01/30 | 86,502 | ||||
305,000 |
Carmel IN Redev Auth Lease Rental Rev
Multipurpose, Ser A
|
4.00% | 08/01/35 | 310,389 | ||||
1,000,000 |
Hamilton IN S Estrn Schs
|
3.00% | 12/31/22 | 1,019,958 | ||||
3,500,000 |
IN St Fin Auth Envrnmntl Rev Var Fulcrum
Centerpoint LLC Proj, AMT (Mandatory put 11/15/22)
|
0.28% | 12/15/45 | 3,490,174 | ||||
135,000 |
IN St Muni Pwr Agy Ref, Ser A
|
5.00% | 01/01/24 | 145,018 | ||||
510,000 |
IN St Univ Hsg & Dining Sys
|
5.00% | 04/01/23 | 513,876 | ||||
120,000 |
IN Univ Revs Ref IN Univ Stdt Fee, Ser Z-1
|
3.00% | 08/01/22 | 121,549 | ||||
45,000 |
La Porte IN Wtrwks Rev, AGM
|
4.00% | 07/01/22 | 45,599 | ||||
100,000 |
La Porte IN Wtrwks Rev, AGM
|
4.00% | 07/01/23 | 103,626 | ||||
710,000 |
Noblesville IN Multi Sch Bldg Corp Ref 1st
Mtge
|
5.00% | 07/15/22 | 724,516 | ||||
470,000 |
Saint Joseph Cnty IN Arpt Auth Ref, AMT,
BAM
|
4.00% | 01/01/23 | 483,301 | ||||
7,044,508 | ||||||||
Iowa – 1.4% | ||||||||
1,000,000 |
IA St Fin Auth Sol Wst Facs Rev Var Green Bond
Gevo Nw Rng Llc Renewable Natrl Gas Proj, AMT (Mandatory put 04/01/24)
|
1.50% | 01/01/42 | 1,002,924 | ||||
1,250,000 |
IA St Hgr Edu Loan Auth Priv Edu Working Capital
Loan Prog, Ser A, RANS
|
2.00% | 05/19/22 | 1,254,235 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Iowa (Continued) | ||||||||
$110,000 |
Webster Cnty IA
|
5.00% | 06/01/22 | $111,653 | ||||
2,368,812 | ||||||||
Kansas – 0.2% | ||||||||
320,000 |
Wichita KS Hlthcare Facs Rev Ref & Impt
Larksfield Place, Ser III
|
5.50% | 12/15/25 | 346,195 | ||||
Kentucky – 0.3% | ||||||||
370,000 |
Hazard KY Hlthcare Rev Ref Appalachian Regl
Hlthcare Proj
|
4.00% | 07/01/22 | 375,409 | ||||
90,000 |
KY St Pub Energy Auth Gas Sply Rev Gas Sply, Ser
C-1 (Mandatory put 06/01/25)
|
4.00% | 12/01/49 | 96,805 | ||||
35,000 |
Lewis Cnty KY Sch Dist Fin Corp, Ser B
|
2.25% | 06/01/22 | 35,198 | ||||
507,412 | ||||||||
Louisiana – 2.6% | ||||||||
80,000 |
LA St Gas & Fuels Tax Rev Ref, Ser A-1
|
4.00% | 05/01/33 | 80,680 | ||||
210,000 |
LA St Loc Govt Envrnmntl Facs & Cmnty Dev
Auth Rev Ref Athletic Facs Proj, AGM
|
3.00% | 10/01/22 | 213,163 | ||||
100,000 |
LA St Loc Govt Envrnmntl Facs & Cmnty Dev
Auth Rev Ref Lewis Street Parking Garage Proj, AGM
|
3.00% | 10/01/22 | 101,506 | ||||
100,000 |
LA St Univ & Agric & Mech Clg Ref
Auxiliary
|
5.00% | 07/01/22 | 101,811 | ||||
125,000 |
LA Stadium & Exposition Dist LA Ref Sr, Ser
A
|
5.00% | 07/01/28 | 132,019 | ||||
2,400,000 |
LA Stadium & Exposition Dist LA, BANS
|
4.00% | 07/03/23 | 2,477,889 | ||||
15,000 |
New Orleans LA Wtr Rev Ref
|
5.00% | 12/01/29 | 16,593 | ||||
35,000 |
New Orleans LA Wtr Rev Ref
|
5.00% | 12/01/34 | 38,717 | ||||
280,000 |
New Orleans LA Wtr Rev Ref
|
5.00% | 12/01/44 | 309,732 | ||||
550,000 |
Saint John the Baptist Parish LA Rev Ref Marathon
Oil Corp Proj Remk, Ser A-1 (Mandatory put 04/01/23)
|
2.00% | 06/01/37 | 555,834 | ||||
185,000 |
Shreveport LA Wtr & Swr Rev Junior Lien, Ser
C, BAM
|
5.00% | 12/01/23 | 198,089 | ||||
255,000 |
Shreveport LA Wtr & Swr Rev Ref, Ser A,
BAM
|
5.00% | 12/01/22 | 263,987 | ||||
4,490,020 | ||||||||
Maine – 0.2% | ||||||||
120,000 |
Maine Hlth & Hgr Eductnl Facs Auth Rev Ref St
Intercept St Res Fd Gty, Ser A
|
5.00% | 07/01/22 | 122,270 | ||||
150,000 |
ME St Muni Bond Bank, Ser A, GARVEE
|
5.00% | 09/01/22 | 154,040 | ||||
276,310 | ||||||||
Maryland – 0.1% | ||||||||
100,000 |
Harford Cnty MD Spl Oblg Ref Beechtree Estates
Proj
|
3.00% | 07/01/22 | 100,869 | ||||
100,000 |
MD St Cmnty Dev Admin Dept Hsg & Cmnty Dev
Ref, Ser A
|
0.15% | 03/01/22 | 99,986 | ||||
200,855 | ||||||||
Massachusetts – 2.1% | ||||||||
85,000 |
MA St Dev Fin Agy Rev Ref Boston Med Ctr, Ser
E
|
5.00% | 07/01/22 | 86,576 | ||||
100,000 |
MA St Eductnl Fing Auth Ref Issue L Sr, Ser B,
AMT
|
5.00% | 07/01/22 | 101,845 | ||||
150,000 |
MA St Eductnl Fing Auth Sr, Ser B, AMT
|
5.00% | 07/01/23 | 158,401 | ||||
1,000,000 |
MA St Eductnl Fing Auth, Ser K, AMT
|
5.00% | 07/01/22 | 1,018,452 | ||||
1,500,000 |
MA St Hsg Fin Agy Hsg Rev Nts Ref
|
0.25% | 12/01/22 | 1,495,599 | ||||
125,000 |
MA St Port Auth, Ser A, AMT
|
5.00% | 07/01/30 | 127,317 | ||||
550,000 |
MA St Port Auth, Ser A, AMT
|
5.00% | 07/01/42 | 560,195 | ||||
30,000 |
Montague MA, Ser A
|
5.00% | 11/15/22 | 31,041 | ||||
3,579,426 | ||||||||
Michigan – 1.0% | ||||||||
100,000 |
Grand Blanc MI Cmnty Schs Ref
|
4.00% | 05/01/26 | 100,877 | ||||
75,000 |
Grand Rapids MI Ref Impt
|
5.00% | 05/01/22 | 75,858 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Michigan (Continued) | ||||||||
$200,000 |
MI St Bldg Auth Rev Ref Facs Pro, Ser I
|
5.00% | 04/15/22 | $201,906 | ||||
425,000 |
MI St Fin Auth Rev Ref Beaumont Hlth Credit
Grp
|
5.00% | 08/01/22 | 434,683 | ||||
100,000 |
MI St Fin Auth Rev Ref Loc Govt Loan Prog Great
Lakes Wtr Auth, Ser D-1
|
5.00% | 07/01/22 | 101,845 | ||||
150,000 |
MI St Fin Auth Rev Ref Sub St Revolving Fund
Clean
|
5.00% | 10/01/23 | 154,466 | ||||
100,000 |
MI St Fin Auth Rev Second Lien Distrib St Aid Rev
Chrt Cnty Wayne
|
5.00% | 11/01/22 | 103,135 | ||||
500,000 |
MI St Hsg Dev Auth Sf Mtge Rev, Ser B
|
1.50% | 06/01/22 | 501,279 | ||||
1,674,049 | ||||||||
Minnesota – 0.6% | ||||||||
600,000 |
Forest Lake MN Indep Sch Dist #831 Ref, Ser A,
COPS
|
4.00% | 04/01/23 | 620,986 | ||||
125,000 |
Itasca Cnty MN Ref Capital Impt, Ser B
|
4.00% | 02/01/22 | 125,000 | ||||
250,000 |
MN St Hsg Fin Agy Rental Hsg Bonds, Ser B
|
0.35% | 02/01/23 | 248,846 | ||||
994,832 | ||||||||
Mississippi – 0.4% | ||||||||
400,000 |
MS St Dev Bank Spl Oblg Jackson Wtr & Swr Sys
Proj, AGM
|
6.75% | 12/01/26 | 437,730 | ||||
100,000 |
MS St Dev Bank Spl Oblg Jackson Wtr & Swr Sys
Proj, AGM
|
6.75% | 12/01/32 | 109,089 | ||||
150,000 |
MS St Ref, Ser F
|
4.00% | 11/01/22 | 153,918 | ||||
700,737 | ||||||||
Missouri – 0.6% | ||||||||
500,000 |
Bridgeton MO Spl Oblig Rev Ref, Ser A
|
4.00% | 12/01/22 | 513,490 | ||||
245,000 |
MO St Hlth & Eductnl Facs Auth Med Rsrch
Lutheran Svcs, Ser A
|
5.00% | 02/01/22 | 245,000 | ||||
250,000 |
Randolph Cnty MO Sch Dist #81 Moberly MO Direct
Deposit Prog
|
5.75% | 03/01/26 | 251,076 | ||||
1,009,566 | ||||||||
Nebraska – 2.5% | ||||||||
300,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
#3
|
5.00% | 09/01/22 | 307,314 | ||||
335,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
#3
|
5.00% | 09/01/27 | 343,365 | ||||
405,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
#3
|
5.00% | 09/01/32 | 415,089 | ||||
420,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
#3
|
5.25% | 09/01/37 | 431,070 | ||||
410,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
#3
|
5.00% | 09/01/42 | 420,214 | ||||
150,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
No. 4
|
5.00% | 01/01/24 | 160,509 | ||||
1,975,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
No. 4 (Mandatory put 01/01/24)
|
5.00% | 03/01/50 | 2,101,363 | ||||
80,000 |
Univ of NE NE Facs Corp Ref, Ser B
|
4.00% | 10/01/22 | 81,869 | ||||
4,260,793 | ||||||||
Nevada – 3.9% | ||||||||
195,000 |
Clark Cnty NV Arpt Rev Ref Sys Sub Lien, Ser A-1,
AMT
|
5.00% | 07/01/22 | 198,582 | ||||
510,000 |
Clark Cnty NV Detention Ctr
|
5.00% | 06/01/22 | 517,838 | ||||
200,000 |
Clark Cnty NV Passenger Fac Charge Rev Ref Las
Vegas Mccarran Intl Arpt, Ser E
|
5.00% | 07/01/23 | 211,405 | ||||
835,000 |
Clark Cnty NV Sch Dist Ref Bldg, Ser A
|
5.00% | 06/15/23 | 883,406 | ||||
675,000 |
Clark Cnty NV Sch Dist Ref, Ser A
|
5.00% | 06/15/23 | 714,131 | ||||
800,000 |
Clark Cnty NV Sch Dist Various Purp Medium Term,
Ser F
|
5.00% | 06/15/22 | 803,204 | ||||
750,000 |
Director of the St of NV Dept of Busn & Ind
Var Brightline W Psngr Rail Proj Remk, Ser A, AMT (Mandatory put 02/01/22)
(b)
|
0.25% | 01/01/50 | 750,000 | ||||
1,000,000 |
Director of the St of NV Dept of Busn & Ind
Var RePub Svcs Proj, AMT (Mandatory put 06/01/22) (b)
|
0.28% | 12/01/26 | 999,468 | ||||
1,600,000 |
Yerington NV USDA Interim Debs
|
1.63% | 11/01/23 | 1,605,056 | ||||
6,683,090 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
New Hampshire – 0.7% | ||||||||
$1,205,000 |
NH St Hlth & Ed Facs Auth Hlthcare Sys Rev
Covenant Hlth Sys Oblig Grp
|
5.00% | 07/01/42 | $1,227,082 | ||||
New Jersey – 6.0% | ||||||||
100,000 |
Atlantic City NJ Brd of Edu Ref Sch Bd Res Fd,
AGM
|
4.00% | 04/01/23 | 103,676 | ||||
125,000 |
Hamilton Twp NJ Sch Dist, AGM
|
3.00% | 07/15/22 | 126,386 | ||||
60,000 |
Hopewell Twp NJ
|
2.00% | 06/01/22 | 60,318 | ||||
1,795,000 |
Jersey City NJ Muni Utilities Auth Wtr Proj
Notes
|
3.00% | 07/01/22 | 1,812,627 | ||||
403,800 |
Jersey City NJ, Ser B & C, BANS
|
2.00% | 06/16/22 | 406,104 | ||||
700,000 |
NJ St Covid-19 Go Emergency Bonds, Ser A
|
4.00% | 06/01/23 | 727,647 | ||||
25,000 |
NJ St Econ Dev Auth Ref, Ser A, BAM
|
5.00% | 06/15/23 | 26,435 | ||||
50,000 |
NJ St Econ Dev Auth Rev Sch Facs Constr, Ser
KK
|
5.00% | 03/01/23 | 51,171 | ||||
500,000 |
NJ St Hgr Edu Asst Auth Stdt Loan Rev Sr Bonds,
Ser B, AMT
|
5.00% | 12/01/22 | 517,409 | ||||
100,000 |
NJ St Hgr Edu Asst Auth Stdt Loan Rev Sr, Ser
2015-1A, AMT
|
5.00% | 12/01/24 | 110,177 | ||||
255,000 |
NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser B,
AMT
|
5.00% | 12/01/23 | 272,561 | ||||
115,000 |
NJ St Hlthcare Facs Fing Auth Rev Ref Barnabas
Hlth, Ser A
|
4.00% | 07/01/26 | 116,681 | ||||
200,000 |
NJ St Transprtn Trust Fund Auth Ref Fed Hwy Reimb
Nts, Ser A, GARVEE
|
5.00% | 06/15/22 | 203,346 | ||||
500,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
5.00% | 06/15/23 | 508,249 | ||||
280,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
4.00% | 06/15/27 | 283,587 | ||||
800,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
5.00% | 06/15/28 | 813,198 | ||||
300,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
4.00% | 06/15/31 | 303,844 | ||||
850,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
5.00% | 06/15/32 | 864,023 | ||||
1,255,000 |
NJ St Transprtn Trust Fund Auth Transprtn Prog,
Ser AA
|
5.00% | 06/15/38 | 1,275,704 | ||||
830,000 |
NJ St Transprtn Trust Fund Auth Transprtn Sys,
Ser A
|
5.00% | 06/15/42 | 843,849 | ||||
600,000 |
Ringwood NJ Brd of Edu Ref, BAM
|
4.00% | 09/01/22 | 612,008 | ||||
225,000 |
Ringwood NJ Brd of Edu Ref, BAM
|
4.00% | 09/01/23 | 235,905 | ||||
10,274,905 | ||||||||
New Mexico – 0.9% | ||||||||
550,000 |
Farmington NM Poll Control Rev Ref Pub Svc
Company Proj Remk, Ser B (Mandatory put 06/01/22)
|
2.13% | 06/01/40 | 552,484 | ||||
750,000 |
Farmington NM Poll Control Rev Var Ref Pub Svc Co
of NM Remk, Ser F, AMT (Mandatory put 06/01/22)
|
1.20% | 06/01/40 | 750,665 | ||||
200,000 |
NM St Fin Auth St Transprtn Rev Ref Sr Lien,
GARVEE
|
5.00% | 06/15/22 | 203,429 | ||||
1,506,578 | ||||||||
New York – 12.3% | ||||||||
100,000 |
Build NYC Res Corp NY Rev Acad Leadership Chrt
Sch Proj
|
4.00% | 06/15/23 | 103,809 | ||||
665,000 |
E Hampton NY Union Free Sch Dist, TANS
|
1.50% | 06/24/22 | 666,987 | ||||
2,000,000 |
Harpursville NY Centrl Sch Dist, BANS
|
1.25% | 06/28/22 | 2,004,436 | ||||
600,000 |
Long Beach NY, BAM
|
2.00% | 09/15/22 | 605,198 | ||||
245,000 |
Met Transprtn Auth NY Rev Ref, Ser F
|
5.00% | 11/15/23 | 253,046 | ||||
370,000 |
Met Transprtn Auth NY Rev Transprtn, Ser
A-1
|
5.00% | 11/15/23 | 395,261 | ||||
125,000 |
Met Transprtn Auth NY Rev Transprtn, Ser B
|
5.00% | 11/15/22 | 129,057 | ||||
215,000 |
Met Transprtn Auth NY Rev Transprtn, Ser E
|
5.00% | 11/15/22 | 221,978 | ||||
410,000 |
Met Transprtn Auth NY Rev, Ser A-2S, BANS
|
4.00% | 02/01/22 | 410,000 | ||||
1,305,000 |
Met Transprtn Auth NY Rev, Ser B-1, BANS
|
5.00% | 05/15/22 | 1,320,450 | ||||
75,000 |
New York City NY Transitional Fin Auth Rev Future
Tax Subord Bonds, Ser C-1
|
5.00% | 05/01/22 | 75,868 | ||||
180,000 |
Niagara Cnty NY Tobacco Asset Securitization Corp
Tobacco As Ref Asset Bkd Bds
|
5.00% | 05/15/22 | 182,132 | ||||
2,000,000 |
NY City NY Hsg Dev Corp Mf Hsg Rev Sustainable
Dev Bonds Var, Ser F-2 (Mandatory put 07/01/25)
|
0.60% | 05/01/61 | 1,934,693 | ||||
1,630,000 |
NY City NY Hsg Dev Corp Rev, Ser A
|
5.00% | 07/01/25 | 1,721,998 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
$1,695,000 |
NY City NY Muni Wtr Fin Auth Wtr & Swr Sys
Rev Var Second Gen Resolution Sub FF-1 (a)
|
0.11% | 06/15/44 | $1,695,000 | ||||
2,150,000 |
NY NY Adj Fiscal 2020, Subser B-3 (a)
|
0.12% | 10/01/46 | 2,150,000 | ||||
1,000,000 |
NY NY Var Fiscal 2021 Remk, Ser 3 (a)
|
0.13% | 04/01/42 | 1,000,000 | ||||
100,000 |
NY NY, Ser C
|
5.00% | 08/01/23 | 102,117 | ||||
250,000 |
NY St Dorm Auth Revs Non St Supported Debt Ref,
Ser 1
|
5.00% | 01/15/23 | 260,107 | ||||
285,000 |
NY St Dorm Auth Revs Non St Supported Debt Sch
Dists Fing Prog, Ser A
|
5.00% | 10/01/22 | 292,499 | ||||
125,000 |
NY St Hsg Fin Agy Affordable Hsg, Ser E
|
2.13% | 11/01/23 | 125,929 | ||||
235,000 |
NY St Hsg Fin Agy Sustainability Bonds, Ser
N
|
1.45% | 05/01/23 | 235,087 | ||||
180,000 |
NY St Hsg Fin Agy Sustainability Bonds, Ser
Q
|
1.35% | 11/01/23 | 180,439 | ||||
895,000 |
NY St Mtge Agy Homeowner Mtge Rev, Ser 180,
AMT
|
3.90% | 04/01/22 | 899,355 | ||||
1,000,000 |
NY St Mtge Agy Homeowner Mtge Rev, Ser 183,
AMT
|
3.75% | 04/01/23 | 1,029,613 | ||||
175,000 |
NY St Mtge Agy Rev Mtge, 55th Ser, AMT
|
2.65% | 10/01/23 | 178,493 | ||||
265,000 |
NY St Mtge Agy Rev, Ser 51
|
2.25% | 10/01/23 | 269,211 | ||||
410,000 |
NY St Transprtn Dev Corp Spl Fac Rev Ref Terminal
4 JFK Intl Arpt Proj, Ser A, AMT
|
5.00% | 12/01/22 | 423,162 | ||||
245,000 |
Onondaga NY Civic Dev Corp Le Moyne Clg
Proj
|
5.00% | 07/01/23 | 258,010 | ||||
255,000 |
Onondaga NY Civic Dev Corp Le Moyne Clg
Proj
|
5.00% | 07/01/24 | 276,165 | ||||
155,000 |
Port Auth of NY & NJ NY Ref Consol Ser 186,
AMT
|
5.00% | 10/15/22 | 159,567 | ||||
250,000 |
Port Auth of NY & NJ NY Ref Consol, Ser 188,
AMT
|
5.00% | 05/01/22 | 252,703 | ||||
225,000 |
Port Auth of NY & NJ NY Ref Consolidated
Bonds Two Hundred Second, AMT
|
5.00% | 10/15/22 | 231,629 | ||||
500,000 |
Port Auth of NY & NJ NY Ref, Ser 207,
AMT
|
5.00% | 09/15/23 | 531,061 | ||||
175,000 |
Rochester NY, Ser II, BANS
|
2.00% | 08/03/22 | 176,027 | ||||
80,000 |
Rye City NY Sch Dist Ref
|
5.00% | 05/15/22 | 81,068 | ||||
85,000 |
York NY Green Bond, BAM
|
2.50% | 08/15/22 | 85,875 | ||||
20,918,030 | ||||||||
North Carolina – 0.3% | ||||||||
100,000 |
Monroe NC Comb Enterprise Sys Rev Ref
|
5.00% | 03/01/22 | 100,377 | ||||
220,000 |
NC St Capital Facs Fin Agy Eductnl Facs Rev Ref
High Point Univ
|
3.00% | 05/01/22 | 221,355 | ||||
105,000 |
NC St Estrn Muni Pwr Agy Pwr Sys Rev, Ser A
|
5.00% | 01/01/23 | 106,991 | ||||
40,000 |
NC St Estrn Muni Pwr Agy Pwr Sys Rev, Ser A
|
5.00% | 01/01/24 | 40,758 | ||||
75,000 |
Univ of NC NC at Charlotte, Ser A
|
5.00% | 04/01/37 | 75,576 | ||||
545,057 | ||||||||
North Dakota – 1.5% | ||||||||
210,000 |
Bismarck ND Pub Sch Dist #1, Ser B
|
4.00% | 05/01/22 | 211,864 | ||||
1,500,000 |
Cass Cnty ND Jt Wtr Res Dist, Ser A
|
0.48% | 05/01/24 | 1,470,416 | ||||
50,000 |
Grand Forks ND Hlthcare Sys Rev Altru Hlth System
Ref
|
5.00% | 12/01/23 | 53,557 | ||||
350,000 |
W Fargo ND Ref, Ser A
|
2.00% | 05/01/22 | 351,353 | ||||
440,000 |
Williston ND Cnty Wide Pub Safety Sales Tax Rev
Ref, Ser A
|
5.00% | 07/15/22 | 447,415 | ||||
2,534,605 | ||||||||
Ohio – 2.9% | ||||||||
135,000 |
American Muni Pwr OH Inc OH Rev Ref Combined
Hydroelec Proj, Ser A
|
5.00% | 02/15/23 | 140,996 | ||||
175,000 |
American Muni Pwr OH Inc OH Rev Ref Prairie St
Energy Cmps Proj, Ser A
|
5.00% | 02/15/23 | 182,773 | ||||
150,000 |
Butler Cnty OH Hosp Facs Ref UC Hlth
|
4.00% | 11/15/23 | 157,639 | ||||
100,000 |
Hamilton Cnty OH Hosp Facs Rev Trihealth Inc, Ser
A
|
5.00% | 08/15/22 | 102,393 | ||||
200,000 |
Hicksville OH Exempted Vlg Sch Dist Ref Sch
Impt
|
3.00% | 12/01/24 | 201,720 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Ohio (Continued) | ||||||||
$280,000 |
Montgomery Cnty OH Hosp Rev Ref Kettering Hlth
Network Oblig Grp Proj
|
5.00% | 08/01/23 | $297,176 | ||||
100,000 |
NE OH Med Univ Gen Recpts Ref, Ser A
|
3.00% | 12/01/22 | 101,922 | ||||
500,000 |
OH St Air Quality Dev Auth Ref American Elec Pwr
Company Proj Remk, Ser B, AMT (Mandatory put 10/01/24)
|
2.10% | 07/01/28 | 508,882 | ||||
240,000 |
OH St Voting System Acq Proj, COPS
|
5.00% | 09/01/22 | 246,264 | ||||
3,000,000 |
Olmsted Falls OH, BANS
|
1.25% | 06/09/22 | 3,003,764 | ||||
4,943,529 | ||||||||
Oklahoma – 2.0% | ||||||||
2,700,000 |
OK St Dev Fin Auth Gilcrease Expressway W Proj P3
Proj, AMT
|
1.63% | 07/06/23 | 2,705,057 | ||||
75,000 |
OK St Wtr Res Brd Revolving Fund Rev Master
Trust, Ser A
|
5.00% | 04/01/25 | 75,576 | ||||
90,000 |
OK St Wtr Res Brd Revolving Fund Rev Master
Trust, Ser A
|
5.00% | 04/01/28 | 90,691 | ||||
25,000 |
OK St Wtr Res Brd Revolving Fund Rev Master
Trust, Ser B
|
5.00% | 04/01/23 | 25,192 | ||||
465,000 |
Tulsa OK Arpts Impt Trust Ref, Ser A, AMT,
BAM
|
5.00% | 06/01/22 | 471,895 | ||||
3,368,411 | ||||||||
Pennsylvania – 3.9% | ||||||||
150,000 |
Allegheny Vly PA Jt Sewage Auth Green Bond,
BAM
|
4.00% | 08/01/22 | 152,544 | ||||
200,000 |
Berks Cnty PA Indl Dev Auth Hlth Sys Rev Ref
Tower Hlth Proj
|
5.00% | 11/01/22 | 204,494 | ||||
900,000 |
Berks Cnty PA Muni Auth Ref Tower Hlth Proj, Ser
A
|
5.00% | 02/01/22 | 900,000 | ||||
520,000 |
Coatesville PA Area Sch Dist Unrefunded Ref,
AGM
|
5.00% | 08/01/22 | 531,267 | ||||
50,000 |
Erie PA Hgr Edu Bldg Auth Aicup Fing Prog Gannon
Uni Proj Ref, Ser TT1
|
5.00% | 05/01/22 | 50,522 | ||||
55,000 |
Erie PA Hgr Edu Bldg Auth Aicup Fing Prog Gannon
Uni Proj Ref, Ser TT1
|
5.00% | 05/01/23 | 57,616 | ||||
165,000 |
Hermitage PA Muni Auth Ref, Ser C
|
3.00% | 02/01/22 | 165,000 | ||||
180,000 |
Monroeville PA Fin Auth Upmc Rev Ref, Ser B
|
3.50% | 07/01/23 | 186,843 | ||||
35,000 |
PA St 1st Ser
|
5.00% | 04/01/22 | 35,268 | ||||
125,000 |
PA St Econ Dev Fing Auth Pkg Sys Rev Capitol
Region Pkg Sys Sr, Ser A, AGM
|
5.00% | 01/01/23 | 129,591 | ||||
750,000 |
PA St Econ Dev Fing Auth Solid Waste Disposal Rev
Var Draw Down Rep Svcs Inc, Ser B-2 , AMT (Mandatory put 07/15/22)
|
0.30% | 04/01/49 | 749,347 | ||||
925,000 |
PA St Hgr Eductnl Facs Auth Rev Univ PA Hlth Sys,
Ser A
|
5.00% | 08/15/26 | 947,313 | ||||
175,000 |
PA St Hgr Eductnl Facs Auth Rev Univ PA Hlth Sys,
Ser A
|
5.00% | 08/15/31 | 179,221 | ||||
270,000 |
PA St Intergovtl Cooperation Auth Ref
Philadelphia Fdg Prog
|
5.00% | 06/15/22 | 274,609 | ||||
165,000 |
Philadelphia PA Ref, Ser A
|
5.00% | 07/15/22 | 168,412 | ||||
215,000 |
Philadelphia PA Ref, Ser A
|
5.00% | 08/01/23 | 228,322 | ||||
200,000 |
Riverside PA Sch Dist Ref, BAM
|
2.00% | 10/15/22 | 201,782 | ||||
225,000 |
Riverside PA Sch Dist Ref, BAM
|
3.00% | 10/15/23 | 232,212 | ||||
300,000 |
Riverside PA Sch Dist Ref, BAM
|
4.00% | 10/15/24 | 321,690 | ||||
275,000 |
Riverside PA Sch Dist Ref, BAM
|
4.00% | 10/15/25 | 300,226 | ||||
300,000 |
S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr
Rev Ref, BAM
|
1.00% | 02/15/22 | 300,067 | ||||
200,000 |
S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr
Rev Ref, BAM
|
2.00% | 02/15/23 | 202,325 | ||||
70,000 |
W Cornwall Twp PA Muni Auth Ref Lebanon Vly
Brethren Home Proj, Ser A
|
4.00% | 11/15/22 | 71,539 | ||||
6,590,210 | ||||||||
Rhode Island – 0.4% | ||||||||
625,000 |
Cranston RI, Ser 1, BANS
|
1.00% | 08/23/22 | 626,102 | ||||
South Carolina – 1.1% | ||||||||
150,000 |
Anderson SC Wtr & Swr Sys Rev Ref, AGM
|
3.00% | 07/01/27 | 151,561 | ||||
500,000 |
Berkeley Cnty SC Sch Dist Installment Pur Rev Ref
Securing Assets for Edu, Ser A
|
5.00% | 12/01/27 | 535,377 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
South Carolina (Continued) | ||||||||
$115,000 |
N Charleston SC Pub Facs Corp Installment Pur
Rev, Ser B
|
5.00% | 06/01/22 | $116,721 | ||||
370,000 |
SC St Pub Svc Auth Rev Ref Obligs, Ser C
|
5.00% | 12/01/22 | 383,450 | ||||
100,000 |
SC St Pub Svc Auth Rev Ref, Ser B
|
5.00% | 12/01/22 | 103,618 | ||||
560,000 |
SC St Pub Svc Auth Rev Santee Cooper, Ser D
|
5.00% | 12/01/43 | 568,549 | ||||
90,000 |
Spartanburg Cnty SC Sch Dist #6
|
5.00% | 04/01/22 | 90,696 | ||||
1,949,972 | ||||||||
South Dakota – 0.2% | ||||||||
355,000 |
SD St Hlth & Eductnl Facs Auth Ref Sanford
Oblig Grp
|
5.00% | 11/01/22 | 366,645 | ||||
Tennessee – 2.2% | ||||||||
75,000 |
Hamilton Cnty TN, Ser A
|
5.00% | 04/01/22 | 75,585 | ||||
225,000 |
Jackson TN Hosp Rev Ref Jackson Madison Cnty
Hosp
|
5.00% | 04/01/23 | 235,870 | ||||
135,000 |
Met Govt Nashville & Davidson Cnty TN Hlth
& Eductnl Fac Brd Trevecca Nazarene Univ Proj, Ser B
|
4.00% | 10/01/23 | 139,887 | ||||
130,000 |
Mount Pleasant TN Elec Sys Rev Ref
|
4.00% | 06/01/22 | 131,442 | ||||
500,000 |
TN St Energy Acq Corp Gas Rev
|
5.00% | 11/01/22 | 515,064 | ||||
1,085,000 |
TN St Energy Acq Corp Gas Rev, Ser A
|
5.25% | 09/01/22 | 1,112,890 | ||||
610,000 |
TN St Energy Acq Corp Gas Rev, Ser A
|
5.25% | 09/01/23 | 648,616 | ||||
860,000 |
TN St Energy Acq Corp Gas Rev, Ser C
|
5.00% | 02/01/23 | 894,086 | ||||
3,753,440 | ||||||||
Texas – 8.5% | ||||||||
40,000 |
Arlington TX Hgr Edu Fin Corp Edu Rev Kipp TX
Inc
|
5.00% | 08/15/23 | 42,490 | ||||
230,000 |
Austin TX Cmnty Clg Dist
|
5.00% | 08/01/22 | 235,205 | ||||
200,000 |
Bexar Cnty TX Hlth Facs Dev Corp Ref Army Retmnt
Residence Fndtn Proj
|
5.00% | 07/15/23 | 209,725 | ||||
305,000 |
Brazoria Cnty TX Muni Util Dist #55, BAM
|
4.00% | 09/01/23 | 318,848 | ||||
205,000 |
Bridgeport TX Ctfs Oblig, BAM
|
4.00% | 08/15/22 | 208,753 | ||||
210,000 |
Centrl TX Regl Mobility Auth Rev Ref Sr Lien, Ser
A, AGM
|
5.00% | 01/01/43 | 218,243 | ||||
100,000 |
Dallas Fort Worth TX Intl Arpt Rev Jt Impt, Ser
B, AMT
|
5.00% | 11/01/34 | 103,211 | ||||
100,000 |
Dallas TX Wtrwks & Swr Sys Rev Ref, Ser
A
|
5.00% | 10/01/37 | 102,977 | ||||
90,000 |
Dallas TX Wtrwks & Swr Sys Rev Unrefunded
Ref, Ser A
|
5.00% | 10/01/29 | 92,680 | ||||
300,000 |
Denton Cnty TX Fresh Wtr Sply dist #10, AGM
|
2.00% | 09/01/22 | 302,269 | ||||
75,000 |
Fort Worth TX Ref & Impt
|
5.00% | 03/01/32 | 75,286 | ||||
200,000 |
Gulfgate Redev Auth TX Tax Incr Contract Rev Ref,
AGM
|
4.00% | 09/01/22 | 203,779 | ||||
145,000 |
Harris Cnty TX Muni Util Dist #397 Ref Green
Bond, BAM
|
4.00% | 05/01/22 | 146,250 | ||||
150,000 |
Houston TX Ref Pub Impt, Ser A
|
5.00% | 03/01/24 | 162,232 | ||||
425,000 |
Kaufman Cnty TX Muni Util Dist #5, BAM
|
4.00% | 03/01/23 | 438,887 | ||||
150,000 |
Lower CO River TX Auth Trans Contract Rev Ref
Lcra Trans Svcs
|
5.00% | 05/15/25 | 151,923 | ||||
115,000 |
Lower CO River TX Auth Trans Contract Rev Ref
Lcra Trans Svcs Corp Proj
|
5.00% | 05/15/23 | 121,259 | ||||
1,235,000 |
Lower Colorado River TX Auth Rev Unrefunded Ref,
Ser A
|
5.00% | 05/15/28 | 1,251,067 | ||||
125,000 |
Lower Colorado River TX Auth Rev Unrefunded Ref,
Ser A
|
5.00% | 05/15/32 | 126,626 | ||||
140,000 |
Lower Colorado River TX Auth Rev Unrefunded Ref,
Ser A
|
5.00% | 05/15/36 | 141,821 | ||||
430,000 |
Lower Colorado River TX Auth Rev Unrefunded Ref,
Ser B
|
5.00% | 05/15/23 | 435,594 | ||||
85,000 |
Lower Colorado River TX Auth Trans Contract Rev
Ref LCRA Trans Svcs
|
5.00% | 05/15/22 | 86,134 | ||||
265,000 |
Mclendon Chisholm TX Spl Assmnt Rev Ref Sonoma
Pub Impt Dt Phase 1 Proj, BAM
|
4.00% | 09/15/23 | 274,831 | ||||
420,000 |
Montgomery Cnty TX Muni Util Dist #105, BAM
|
4.63% | 09/01/23 | 442,966 | ||||
430,000 |
Montgomery Cnty TX Muni Util Dist #105, BAM
|
4.63% | 09/01/24 | 465,873 | ||||
150,000 |
Montgomery Cnty TX Muni Util Dist #119 Green
Bond, Ser A, BAM
|
2.00% | 04/01/22 | 150,391 | ||||
500,000 |
Montgomery Cnty TX Muni Util Dist #119, Ser
B
|
1.00% | 04/01/22 | 500,404 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Texas (Continued) | ||||||||
$125,000 |
Mueller TX Loc Govt Corp Contract Rev Tax
Incr
|
5.00% | 09/01/22 | $128,106 | ||||
165,000 |
New Hope Cultural Edu Facs Fincorp Tx Edu Rev Ref
Jubilee Acad Ctr (b)
|
4.00% | 08/15/22 | 166,865 | ||||
130,000 |
Newark Hgr Edu Fin Corp TX Edu Rev The Hughen Ctr
Inc, Ser A
|
4.00% | 08/15/23 | 136,031 | ||||
300,000 |
NW Harris Cnty TX Muni Util Dist #5 Ref,
BAM
|
4.00% | 05/01/23 | 311,352 | ||||
90,000 |
SA Energy Acq Pub Fac Corp TX Gas Sply Rev Gas
Sply Rev
|
5.50% | 08/01/22 | 92,132 | ||||
185,000 |
Sienna Plantation TX Muni Util Dist #5 Contract
Rev, BAM
|
4.50% | 11/01/22 | 190,225 | ||||
120,000 |
Sienna Plantation TX Muni Util Dist #5 Contract
Rev, BAM
|
4.50% | 11/01/22 | 123,389 | ||||
180,000 |
Sienna Plantation TX Muni Util Dist #5 Contract
Rev, BAM
|
4.50% | 11/01/22 | 185,084 | ||||
125,000 |
Splendora TX Indep Sch Dist Ref Sch Bldg, Ser
B
|
5.00% | 02/15/23 | 130,579 | ||||
395,000 |
Stafford TX Econ Dev Corp Sales Tax Rev Ref,
BAM
|
5.00% | 09/01/23 | 419,556 | ||||
2,000,000 |
Tender Option Bond Trust Recpts / Ctfs Various
States Floaters, Ser 2021-XF1226 (a) (b)
|
0.09% | 08/15/27 | 2,000,000 | ||||
145,000 |
Titus Cnty TX Pass Thru Toll Ltd Tax, Ser B
|
4.00% | 03/01/34 | 145,431 | ||||
120,000 |
Trinity River TX Auth Red Oak Creek Sys Rev Red
Oak Creek System
|
5.00% | 02/01/23 | 125,063 | ||||
360,000 |
TX St Muni Gas Acq & Sply Corp Gas Sply Rev
Ref
|
5.00% | 12/15/22 | 371,685 | ||||
1,545,000 |
TX St Muni Gas Acq & Sply Corp I Gas Sply Rev
Sr Lien, Ser A
|
5.25% | 12/15/22 | 1,605,079 | ||||
290,000 |
TX St Muni Gas Acq & Sply Corp I Gas Sply Rev
Sr Lien, Ser A
|
5.25% | 12/15/23 | 311,935 | ||||
315,000 |
TX St Transprtn Commn Central TX Turnpike Sys Rev
Ref 1st Tier, Ser A
|
5.00% | 08/15/41 | 322,599 | ||||
150,000 |
TX St Univ Sys Fing Rev Ref Sys
|
4.10% | 03/15/39 | 150,688 | ||||
170,000 |
TX St Univ Sys Fing Rev Ref, Ser A
|
5.00% | 03/15/22 | 170,961 | ||||
150,000 |
Viridian TX Muni Mgmt Dist Unlimited Tax Road
Impt Bonds, BAM
|
4.00% | 12/01/22 | 153,984 | ||||
250,000 |
Viridian TX Muni Mgmt Dist Unlimited Tax Road
Impt Bonds, BAM
|
4.00% | 12/01/23 | 262,937 | ||||
14,513,405 | ||||||||
Utah – 0.2% | ||||||||
75,000 |
Murray City UT Sch Dist Ref & Bldg UT Sch Brd
Guaranty
|
5.00% | 02/01/22 | 75,000 | ||||
105,000 |
UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest
Acdmy
|
4.00% | 04/15/23 | 108,649 | ||||
100,000 |
UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Spectrum
Acdmy Proj
|
4.00% | 04/15/22 | 100,672 | ||||
284,321 | ||||||||
Virginia – 0.7% | ||||||||
100,000 |
Albemarle Cnty VA Econ Dev Auth Pub Fac Rev, Ser
B
|
5.00% | 06/01/22 | 101,527 | ||||
100,000 |
Norfolk VA Wtr Rev Prerefunded Ref
|
5.00% | 11/01/22 | 101,149 | ||||
100,000 |
VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ
Proj
|
5.00% | 06/01/22 | 101,368 | ||||
100,000 |
VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ
Proj
|
5.00% | 06/01/23 | 104,967 | ||||
175,000 |
VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ
Proj
|
5.00% | 06/01/24 | 188,568 | ||||
100,000 |
VA St Pub Sch Auth Sch Technology & Sec Nts,
Ser V
|
5.00% | 04/15/22 | 100,955 | ||||
195,000 |
VA St Res Auth Infra Rev Prerefunded VA Pooled
Fing Auth, Ser A
|
5.00% | 11/01/31 | 201,487 | ||||
240,000 |
VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref
Lifespire of VA
|
3.00% | 12/01/22 | 243,698 | ||||
1,143,719 | ||||||||
Washington – 0.6% | ||||||||
150,000 |
Centrl Puget Sound WA Regl Transit Auth Sales Tax
& Mtr Ve Ref, Ser P-1 (c)
|
5.00% | 02/01/28 | 150,000 | ||||
200,000 |
Centrl WA Univ Sys Rev, AGM
|
5.00% | 05/01/23 | 210,102 | ||||
120,000 |
Energy NW WA Elec Rev Ref, Ser A
|
5.00% | 07/01/22 | 122,306 | ||||
100,000 |
Port of Seattle WA Rev Intermediate Lien,
AMT
|
5.00% | 04/01/23 | 104,819 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Washington (Continued) | ||||||||
$100,000 |
WA St Hlthcare Facs Auth Ref Seattle Childrens
Hosp, Ser B
|
5.00% | 10/01/25 | $102,943 | ||||
150,000 |
WA St Mtr Vehcl Fuel Tax, Ser E (c)
|
5.00% | 02/01/29 | 150,000 | ||||
200,000 |
Yakima WA, Ser A
|
5.00% | 06/01/22 | 203,013 | ||||
1,043,183 | ||||||||
Wisconsin – 5.3% | ||||||||
200,000 |
Brown Cnty WI Ref, AMT
|
4.00% | 11/01/22 | 204,753 | ||||
75,000 |
Kaukauna WI Elec Sys Rev Ref, BAM
|
4.00% | 12/15/22 | 77,139 | ||||
725,000 |
Milwaukee WI Promissory & Corporate Notes,
Ser N2
|
5.00% | 05/01/22 | 733,205 | ||||
795,000 |
Milwaukee WI Promissory Nts, Ser N1
|
5.00% | 02/01/23 | 828,784 | ||||
100,000 |
Milwaukee WI Promissory Nts, Ser N2
|
5.00% | 05/15/22 | 101,305 | ||||
150,000 |
Milwaukee WI Ref Prom Nts, Ser N2
|
4.00% | 03/15/22 | 150,653 | ||||
410,000 |
Milwaukee WI Ref Prom Nts, Ser N2
|
4.00% | 03/15/25 | 443,911 | ||||
600,000 |
Milwaukee WI Ref Promissory Nts, Ser N4
|
5.00% | 04/01/22 | 604,539 | ||||
380,000 |
Milwaukee WI Ref Promissory Nts, Ser N4
|
5.00% | 04/01/23 | 398,587 | ||||
490,000 |
Milwaukee WI Ref Promissory Nts, Ser N4
|
5.00% | 04/01/24 | 530,444 | ||||
65,000 |
Pub Fin Auth WI Edu Rev Coral Acdmy of Science
Las Vegas, Ser A
|
4.00% | 07/01/23 | 67,431 | ||||
1,937,000 |
Tender Option Bond Trust Recpts / Ctfs Various
States Floaters, Ser 2020-XF2869 (a) (b)
|
0.26% | 11/01/25 | 1,937,000 | ||||
1,435,000 |
Tender Option Bond Trust Recpts / Ctfs Various
States Floaters, Ser 2020-XF2887 (a) (b)
|
0.26% | 06/15/38 | 1,435,000 | ||||
55,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref Saint
John’s Cmntys Inc, Ser B
|
3.00% | 09/15/22 | 55,612 | ||||
165,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref Saint
John’s Cmntys Inc, Ser B
|
3.00% | 09/15/23 | 169,318 | ||||
650,000 |
WI St Hlth & Eductnl Facs Auth Rev Ref St
Johns Cmntys Inc, Ser B
|
5.00% | 09/15/37 | 667,356 | ||||
150,000 |
WI St Hlth & Eductnl Facs Auth Rev Three
Pillars Sr Living Cmntys, Ser A
|
4.00% | 08/15/23 | 156,326 | ||||
100,000 |
WI St Transprtn Rev Prerefunded, Ser 1
|
5.00% | 07/01/25 | 105,848 | ||||
50,000 |
WI St Unrefunded Ref, Ser 2
|
5.00% | 05/01/27 | 50,575 | ||||
50,000 |
WI St, Ser A
|
5.00% | 05/01/24 | 50,575 | ||||
190,000 |
WI St, Ser A
|
4.00% | 05/01/29 | 191,715 | ||||
110,000 |
WI St, Ser A
|
5.00% | 05/01/30 | 111,264 | ||||
9,071,340 |
Total Investments – 100.4%
|
171,290,842 | ||
(Cost $171,752,693) | |||
Net Other Assets and Liabilities – (0.4)%
|
(711,115) | ||
Net Assets – 100.0%
|
$170,579,727 |
(a) | Variable Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions. |
(b) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At January 31, 2022, securities noted as such amounted to $9,596,582 or 5.6% of net assets. |
(c) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(d) | Zero coupon bond. |
AGM | Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Build America Mutual |
BANS | Bond Anticipation Notes |
BHAC-CR | Berkshire Hathaway Assurance Corp. Custodial Receipts |
CIBS | Current Interest Bonds |
COPS | Certificates of Participation |
FGIC | Financial Guaranty Insurance Co. |
GARVEE | Grant Anticipation Revenue Vehicle |
NATL-RE | National Public Finance Guarantee Corp. |
RANS | Revenue Anticipation Notes |
TANS | Tax Anticipation Notes |
Total Value at 1/31/2022 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Municipal Bonds*
|
$ 171,290,842 | $ — | $ 171,290,842 | $ — |
* | See Portfolio of Investments for state breakout. |
First
Trust Short Duration Managed Municipal ETF (FSMB) |
First
Trust Ultra Short Duration Municipal ETF (FUMB) | ||
ASSETS: | |||
Investments, at value
|
$ 198,738,936 | $ 171,290,842 | |
Cash
|
10,541,229 | 4,860,019 | |
Cash segregated as collateral for open futures
contracts
|
128,741 | — | |
Receivables: | |||
Interest
|
1,958,227 | 1,522,420 | |
Investment securities sold
|
990,062 | 2,000,085 | |
Variation margin
|
880 | — | |
Total Assets
|
212,358,075 | 179,673,366 | |
LIABILITIES: | |||
Payables: | |||
Investment securities purchased
|
3,303,356 | 1,029,441 | |
Fund shares redeemed
|
2,049,306 | 8,026,207 | |
Investment advisory fees
|
60,632 | 37,991 | |
Total Liabilities
|
5,413,294 | 9,093,639 | |
NET ASSETS
|
$206,944,781 | $170,579,727 | |
NET ASSETS consist of: | |||
Paid-in capital
|
$ 208,753,409 | $ 170,950,896 | |
Par value
|
101,000 | 85,000 | |
Accumulated distributable earnings (loss)
|
(1,909,628) | (456,169) | |
NET ASSETS
|
$206,944,781 | $170,579,727 | |
NET ASSET VALUE, per share
|
$20.49 | $20.07 | |
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
|
10,100,002 | 8,500,002 | |
Investments, at cost
|
$200,460,561 | $171,752,693 |
First
Trust Short Duration Managed Municipal ETF (FSMB) |
First
Trust Ultra Short Duration Municipal ETF (FUMB) | |||
INVESTMENT INCOME: | ||||
Interest
|
$ 1,215,570 | $ 488,280 | ||
Total investment income
|
1,215,570 | 488,280 | ||
EXPENSES: | ||||
Investment advisory fees
|
474,730 | 400,504 | ||
Total expenses
|
474,730 | 400,504 | ||
Fees waived by the investment advisor
|
(172,629) | (178,002) | ||
Net expenses
|
302,101 | 222,502 | ||
NET INVESTMENT INCOME (LOSS)
|
913,469 | 265,778 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||||
Net realized gain (loss) on: | ||||
Investments
|
(80,019) | (19,134) | ||
Futures contracts
|
(56,004) | — | ||
Net realized gain (loss)
|
(136,023) | (19,134) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments
|
(4,383,791) | (976,346) | ||
Futures contracts
|
140,668 | — | ||
Net change in unrealized appreciation
(depreciation)
|
(4,243,123) | (976,346) | ||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
(4,379,146) | (995,480) | ||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
|
$(3,465,677) | $(729,702) |
First Trust Short Duration Managed Municipal ETF (FSMB) |
First Trust Ultra Short Duration Municipal ETF (FUMB) | ||||||
Six
Months Ended 1/31/2022 (Unaudited) |
Year Ended 7/31/2021 |
Six
Months Ended 1/31/2022 (Unaudited) |
Year Ended 7/31/2021 | ||||
OPERATIONS: | |||||||
Net investment income (loss)
|
$ 913,469 | $ 1,137,743 | $ 265,778 | $ 720,026 | |||
Net realized gain (loss)
|
(136,023) | 105,380 | (19,134) | (23,155) | |||
Net change in unrealized appreciation
(depreciation)
|
(4,243,123) | 1,227,479 | (976,346) | 110,241 | |||
Net increase (decrease) in net assets resulting
from operations
|
(3,465,677) | 2,470,602 | (729,702) | 807,112 | |||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||
Investment operations
|
(931,475) | (1,101,754) | (264,000) | (697,650) | |||
Return of capital
|
— | (105,072) | — | — | |||
Total distributions to shareholders
|
(931,475) | (1,206,826) | (264,000) | (697,650) | |||
SHAREHOLDER TRANSACTIONS: | |||||||
Proceeds from shares sold
|
83,461,084 | 76,025,129 | 16,142,375 | 81,703,675 | |||
Cost of shares redeemed
|
(2,050,332) | (9,324,497) | (10,043,143) | — | |||
Net increase (decrease) in net assets resulting
from shareholder transactions
|
81,410,752 | 66,700,632 | 6,099,232 | 81,703,675 | |||
Total increase (decrease) in net assets
|
77,013,600 | 67,964,408 | 5,105,530 | 81,813,137 | |||
NET ASSETS: | |||||||
Beginning of period
|
129,931,181 | 61,966,773 | 165,474,197 | 83,661,060 | |||
End of period
|
$206,944,781 | $129,931,181 | $170,579,727 | $165,474,197 | |||
CHANGES IN SHARES OUTSTANDING: | |||||||
Shares outstanding, beginning of period
|
6,200,002 | 3,000,002 | 8,200,002 | 4,150,002 | |||
Shares sold
|
4,000,000 | 3,650,000 | 800,000 | 4,050,000 | |||
Shares redeemed
|
(100,000) | (450,000) | (500,000) | — | |||
Shares outstanding, end of period
|
10,100,002 | 6,200,002 | 8,500,002 | 8,200,002 |
Six Months Ended 1/31/2022 (Unaudited) |
Year Ended July 31, | Period Ended 7/31/2019 (a) | ||||||
2021 | 2020 | |||||||
Net asset value, beginning of period
|
$ 20.96 | $ 20.66 | $ 20.48 | $ 20.00 | ||||
Income from investment operations: | ||||||||
Net investment income (loss)
|
0.10 | 0.27 | 0.38 | 0.34 | ||||
Net realized and unrealized gain (loss)
|
(0.46) | 0.33 | 0.22 | 0.45 | ||||
Total from investment operations
|
(0.36) | 0.60 | 0.60 | 0.79 | ||||
Distributions paid to shareholders from: | ||||||||
Net investment income
|
(0.11) | (0.27) | (0.41) | (0.31) | ||||
Return of capital
|
— | (0.03) | (0.01) | — | ||||
Total distributions
|
(0.11) | (0.30) | (0.42) | (0.31) | ||||
Net asset value, end of period
|
$20.49 | $20.96 | $20.66 | $20.48 | ||||
Total return
(b)
|
(1.72)% | 2.92% | 2.98% | 3.98% | ||||
Ratios to average net assets/supplemental data: | ||||||||
Net assets, end of period (in 000’s)
|
$ 206,945 | $ 129,931 | $ 61,967 | $ 19,454 | ||||
Ratio of total expenses to average net
assets
|
0.55% (c) | 0.55% | 0.55% | 0.55% (c) | ||||
Ratio of net expenses to average net assets
|
0.35% (c) | 0.43% | 0.45% | 0.45% (c) | ||||
Ratio of net investment income (loss) to average
net assets
|
1.06% (c) | 1.33% | 2.00% | 2.23% (c) | ||||
Portfolio turnover rate (d)
|
10% | 16% | 58% | 66% |
(a) | Inception date is November 1, 2018, which is consistent with the commencement of operations and is the date the initial creation units were established. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. The total return would have been lower if certain fees had not been waived by the investment advisor. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 1/31/2022 (Unaudited) |
Year Ended July 31, | Period Ended 7/31/2019 (a) | ||||||
2021 | 2020 | |||||||
Net asset value, beginning of period
|
$ 20.18 | $ 20.16 | $ 20.10 | $ 20.00 | ||||
Income from investment operations: | ||||||||
Net investment income (loss)
|
0.03 | 0.12 | 0.25 | 0.26 | ||||
Net realized and unrealized gain (loss)
|
(0.11) | 0.02 | 0.07 | 0.09 | ||||
Total from investment operations
|
(0.08) | 0.14 | 0.32 | 0.35 | ||||
Distributions paid to shareholders from: | ||||||||
Net investment income
|
(0.03) | (0.12) | (0.26) | (0.25) | ||||
Net realized gain
|
— | — | (0.00) (b) | — | ||||
Return of capital
|
— | — | (0.00) (b) | — | ||||
Total distributions
|
(0.03) | (0.12) | (0.26) | (0.25) | ||||
Net asset value, end of period
|
$20.07 | $20.18 | $20.16 | $20.10 | ||||
Total return
(c)
|
(0.40)% | 0.72% | 1.61% | 1.75% | ||||
Ratios to average net assets/supplemental data: | ||||||||
Net assets, end of period (in 000’s)
|
$ 170,580 | $ 165,474 | $ 83,661 | $ 20,098 | ||||
Ratio of total expenses to average net
assets
|
0.45% (d) | 0.45% | 0.45% | 0.45% (d) | ||||
Ratio of net expenses to average net assets
|
0.25% (d) | 0.26% | 0.35% | 0.35% (d) | ||||
Ratio of net investment income (loss) to average
net assets
|
0.30% (d) | 0.61% | 1.20% | 1.73% (d) | ||||
Portfolio turnover rate (e)
|
25% | 44% | 149% | 145% |
(a) | Inception date is November 1, 2018, which is consistent with the commencement of operations and is the date the initial creation units were established. |
(b) | Amount is less than $0.01. |
(c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. The total return would have been lower if certain fees had not been waived by the investment advisor. |
(d) | Annualized. |
(e) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
1) | benchmark yields; |
2) | reported trades; |
3) | broker/dealer quotes; |
4) | issuer spreads; |
5) | benchmark securities; |
6) | bids and offers; and |
7) | reference data including market research publications. |
1) | the credit conditions in the relevant market and changes thereto; |
2) | the liquidity conditions in the relevant market and changes thereto; |
3) | the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates); |
4) | issuer-specific conditions (such as significant credit deterioration); and |
5) | any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost. |
1) | the fundamental business data relating to the issuer; |
2) | an evaluation of the forces which influence the market in which these securities are purchased and sold; |
3) | the type, size and cost of the security; |
4) | the financial statements of the issuer; |
5) | the credit quality and cash flow of the issuer, based on the Advisor’s or external analysis; |
6) | the information as to any transactions in or offers for the security; |
7) | the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies; |
8) | the coupon payments; |
9) | the quality, value and salability of collateral, if any, securing the security; and |
10) | other relevant factors. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following: |
o | Quoted prices for similar investments in active markets. |
o | Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. |
o | Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). |
o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
Distributions paid from Tax-Exempt Income |
Distributions paid from Ordinary Income |
Distributions paid from Capital Gains |
Distributions paid from Return of Capital | ||||
First Trust Short Duration Managed Municipal
ETF
|
$ 1,095,234 | $ 6,250 | $ — | $ 105,072 | |||
First Trust Ultra Short Duration Municipal
ETF
|
671,972 | 25,678 | — | — |
Undistributed Ordinary Income |
Accumulated Capital and Other Gain (Loss) |
Net Unrealized Appreciation (Depreciation) | |||
First Trust Short Duration Managed Municipal
ETF
|
$ — | $ (237,751) | $ 2,725,275 | ||
First Trust Ultra Short Duration Municipal
ETF
|
40,935 | (22,670) | 519,268 |
Non-Expiring Capital Loss Carryforward | |
First Trust Short Duration Managed Municipal
ETF
|
$ 237,751 |
First Trust Ultra Short Duration Municipal
ETF
|
22,670 |
Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net
Unrealized Appreciation (Depreciation) | ||||
First Trust Short Duration Managed Municipal
ETF
|
$ 200,460,561 | $ 885,604 | $ (2,574,405) | $ (1,688,801) | |||
First Trust Ultra Short Duration Municipal
ETF
|
171,752,693 | 109,573 | (571,424) | (461,851) |
Purchases | Sales | ||
First Trust Short Duration Managed Municipal ETF | $ 97,476,145 | $ 16,746,309 | |
First Trust Ultra Short Duration Municipal ETF | 60,035,768 | 35,731,549 | |
Asset Derivatives | Liability Derivatives | |||||||||
Derivative Instrument |
Risk Exposure |
Statements
of Assets and Liabilities Location |
Value | Statements
of Assets and Liabilities Location |
Value | |||||
Futures contracts | Interest Rate Risk | Unrealized
appreciation on futures contracts* |
$ 35,485 | Unrealized
depreciation on futures contracts* |
$ 2,661 |
Statements of Operations Location | |
Interest Rate Risk Exposure | |
Net realized gain (loss) on futures contracts | $(56,004) |
Net change in unrealized appreciation (depreciation) on futures contracts | 140,668 |
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE |