ActivePassive Intermediate Municipal Bond ETF |
Schedule of Investments |
as of May 31, 2024 (Unaudited) |
MUNICIPAL BONDS - 74.1% | Par | Value | ||||||
Alabama - 1.3% | ||||||||
Alabama Federal Aid Highway Finance Authority, 5.00%, 09/01/2036 | $ | 50,000 | $ | 51,644 | ||||
Black Belt Energy Gas District | ||||||||
4.00%, 12/01/2049(a) | 245,000 | 244,804 | ||||||
4.00%, 07/01/2052(a) | 20,000 | 20,025 | ||||||
4.00%, 10/01/2052(a) | 80,000 | 79,838 | ||||||
5.50%, 11/01/2053(a) | 30,000 | 31,589 | ||||||
County of Jefferson AL Sewer Revenue, 5.00%, 10/01/2030 | 65,000 | 70,336 | ||||||
Houston County Health Care Authority, 5.00%, 10/01/2030 | 135,000 | 135,904 | ||||||
Industrial Development Board of the City of Mobile Alabama, 1.00%, 06/01/2034 (a) | 1,075,000 | 1,038,568 | ||||||
1,672,708 | ||||||||
Arizona - 1.7% | ||||||||
Arizona Board of Regents, 5.00%, 07/01/2032 | 840,000 | 944,647 | ||||||
City of Phoenix AZ, 5.00%, 07/01/2025 | 275,000 | 279,315 | ||||||
Industrial Development Authority of the County of Pima/The, 5.00%, 04/01/2031 | 270,000 | 286,243 | ||||||
Maricopa County Industrial Development Authority, 5.00%, 01/01/2033 | 190,000 | 194,607 | ||||||
Salt River Project Agricultural Improvement & Power District | ||||||||
5.00%, 01/01/2025 | 245,000 | 246,997 | ||||||
5.00%, 01/01/2032 | 195,000 | 218,398 | ||||||
Salt Verde Financial Corp., 5.00%, 12/01/2032 | 10,000 | 10,403 | ||||||
2,180,610 | ||||||||
Arkansas - 0.2% | ||||||||
City of Fayetteville AR Sales & Use Tax Revenue, 2.88%, 11/01/2032 | 265,000 | 263,542 | ||||||
California - 6.2% | ||||||||
Anaheim Public Financing Authority | ||||||||
0.00%, 09/01/2031(b) | 170,000 | 131,458 | ||||||
0.00%, 09/01/2032(b) | 120,000 | 89,208 | ||||||
0.00%, 09/01/2033(b) | 20,000 | 14,281 | ||||||
Bay Area Toll Authority | ||||||||
4.00%, 04/01/2029 | 35,000 | 35,376 | ||||||
4.00%, 04/01/2032 | 185,000 | 186,515 | ||||||
2.13%, 04/01/2053(a) | 35,000 | 34,404 | ||||||
Beverly Hills Unified School District CA, 0.00%, 08/01/2033 (b) | 130,000 | 94,908 | ||||||
California Community Choice Financing Authority, 5.00%, 12/01/2053 (a) | 55,000 | 57,553 | ||||||
California Health Facilities Financing Authority, 3.00%, 08/15/2054 (a) | 830,000 | 821,368 | ||||||
California Infrastructure & Economic Development Bank | ||||||||
5.00%, 06/01/2028 | 55,000 | 59,000 | ||||||
5.00%, 10/01/2028 | 220,000 | 231,535 | ||||||
5.00%, 04/01/2033 | 80,000 | 92,621 | ||||||
4.00%, 10/01/2045 | 35,000 | 35,618 | ||||||
3.00%, 10/01/2047(a) | 40,000 | 39,162 | ||||||
California State Public Works Board | ||||||||
5.00%, 12/01/2024 | 320,000 | 322,227 | ||||||
5.00%, 10/01/2029 | 20,000 | 20,958 | ||||||
5.00%, 02/01/2030 | 25,000 | 27,240 | ||||||
California State University, 5.00%, 11/01/2027 | 20,000 | 21,005 | ||||||
California Statewide Communities Development Authority | ||||||||
5.00%, 04/01/2036(a) | 40,000 | 42,811 | ||||||
5.00%, 04/01/2038(a) | 25,000 | 26,757 | ||||||
5.00%, 04/01/2038(a) | 15,000 | 16,054 | ||||||
5.00%, 04/01/2045(a) | 45,000 | 48,162 | ||||||
City of Los Angeles Department of Airports, 5.00%, 05/15/2031 | 25,000 | 27,702 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue, 5.00%, 11/01/2032 | 95,000 | 98,810 | ||||||
Coast Community College District, 4.50%, 08/01/2039 | 100,000 | 104,244 | ||||||
County of San Bernardino CA, 5.00%, 10/01/2027 | 35,000 | 36,993 | ||||||
Golden State Tobacco Securitization Corp. | ||||||||
0.00%, 06/01/2028(b) | 80,000 | 69,449 | ||||||
5.00%, 06/01/2034 | 20,000 | 20,340 | ||||||
5.00%, 06/01/2040 | 60,000 | 61,021 | ||||||
5.00%, 06/01/2040 | 40,000 | 40,681 | ||||||
5.00%, 06/01/2045 | 55,000 | 55,936 | ||||||
Grossmont Union High School District, 0.00%, 08/01/2032 (b) | 35,000 | 25,670 | ||||||
Long Beach Bond Finance Authority, 5.00%, 11/15/2029 | 70,000 | 71,949 | ||||||
Los Angeles County Development Authority, 3.38%, 01/01/2046 (a) | 25,000 | 24,462 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, 5.00%, 06/01/2026 | 180,000 | 186,196 | ||||||
Los Angeles Department of Water & Power | ||||||||
5.00%, 07/01/2026 | 200,000 | 207,064 | ||||||
5.00%, 07/01/2032 | 150,000 | 163,182 | ||||||
Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/01/2028 | 65,000 | 69,701 | ||||||
Los Angeles Unified School District/CA | ||||||||
3.00%, 07/01/2031 | 155,000 | 146,238 | ||||||
5.00%, 07/01/2031 | 1,250,000 | 1,397,150 | ||||||
Marin Community College District, 4.00%, 08/01/2041 | 35,000 | 35,831 | ||||||
Metropolitan Water District of Southern California, 5.00%, 07/01/2029 | 70,000 | 76,583 | ||||||
Municipal Improvement Corp. of Los Angeles | ||||||||
5.00%, 05/01/2027 | 40,000 | 42,037 | ||||||
5.00%, 11/01/2028 | 190,000 | 196,977 | ||||||
4.00%, 11/01/2033 | 35,000 | 35,295 | ||||||
Poway Unified School District, 0.00%, 08/01/2032 (b) | 25,000 | 18,602 | ||||||
Rancho Santiago Community College District, 0.00%, 09/01/2030 (b) | 50,000 | 39,926 | ||||||
Sacramento County Sanitation Districts Financing Authority, 5.00%, 12/01/2029 | 85,000 | 93,653 | ||||||
San Diego Community College District, 5.00%, 08/01/2031 | 20,000 | 20,779 | ||||||
San Diego County Water Authority | ||||||||
5.00%, 05/01/2030 | 210,000 | 232,518 | ||||||
5.00%, 05/01/2030 | 20,000 | 22,145 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue | ||||||||
5.00%, 10/01/2029 | 65,000 | 71,245 | ||||||
5.00%, 10/01/2031 | 20,000 | 22,525 | ||||||
San Mateo County Community College District, 0.00%, 09/01/2033 (b) | 25,000 | 17,802 | ||||||
Southern California Public Power Authority | ||||||||
5.00%, 07/01/2027 | 15,000 | 15,788 | ||||||
0.65%, 07/01/2040(a) | 25,000 | 24,147 | ||||||
State of California | ||||||||
5.00%, 11/01/2028 | 155,000 | 166,210 | ||||||
3.00%, 09/01/2029 | 70,000 | 67,400 | ||||||
5.00%, 11/01/2031 | 130,000 | 136,543 | ||||||
5.00%, 05/01/2032 | 55,000 | 55,046 | ||||||
3.00%, 09/01/2032 | 355,000 | 334,595 | ||||||
3.50%, 09/01/2032 | 130,000 | 127,663 | ||||||
5.00%, 04/01/2033 | 50,000 | 50,041 | ||||||
State of California Department of Water Resources | ||||||||
5.00%, 12/01/2028 | 175,000 | 189,444 | ||||||
5.00%, 12/01/2030 | 210,000 | 235,171 | ||||||
5.00%, 12/01/2031 | 305,000 | 341,737 | ||||||
5.00%, 12/01/2032 | 35,000 | 39,178 | ||||||
University of California | ||||||||
5.00%, 05/15/2029 | 35,000 | 36,654 | ||||||
4.00%, 05/15/2033 | 20,000 | 20,314 | ||||||
Yosemite Community College District, 0.00%, 08/01/2031 (b) | 20,000 | 15,570 | ||||||
8,036,428 | ||||||||
Colorado - 1.1% | ||||||||
City & County of Denver CO Airport System Revenue | ||||||||
5.00%, 11/15/2032 | 335,000 | 345,459 | ||||||
5.00%, 11/15/2032 | 250,000 | 280,030 | ||||||
City of Aurora CO Water Revenue, 5.00%, 08/01/2035 | 70,000 | 72,475 | ||||||
Colorado Health Facilities Authority | ||||||||
5.00%, 01/01/2027 | 35,000 | 36,332 | ||||||
5.00%, 08/01/2028 | 55,000 | 57,835 | ||||||
5.00%, 11/15/2049(a) | 65,000 | 66,733 | ||||||
Denver City & County School District No 1, 4.00%, 12/01/2027 | 130,000 | 132,960 | ||||||
Douglas County School District No Re-1 Douglas & Elbert Counties, 5.00%, 12/15/2026 | 40,000 | 41,602 | ||||||
Regional Transportation District Sales Tax Revenue, 5.00%, 11/01/2026 | 45,000 | 46,707 | ||||||
State of Colorado | ||||||||
5.00%, 12/15/2026 | 150,000 | 156,009 | ||||||
5.00%, 12/15/2026 | 55,000 | 57,203 | ||||||
5.00%, 03/15/2032 | 95,000 | 98,622 | ||||||
1,391,967 | ||||||||
Connecticut - 1.1% | ||||||||
Connecticut State Health & Educational Facilities Authority, 5.00%, 07/01/2029 | 160,000 | 174,024 | ||||||
State of Connecticut | ||||||||
5.00%, 09/15/2026 | 420,000 | 434,070 | ||||||
5.00%, 01/15/2031 | 500,000 | 551,190 | ||||||
State of Connecticut Special Tax Revenue | ||||||||
5.00%, 05/01/2027 | 20,000 | 20,877 | ||||||
5.00%, 07/01/2027 | 125,000 | 130,820 | ||||||
5.00%, 05/01/2031 | 65,000 | 71,023 | ||||||
1,382,004 | ||||||||
Delaware - 0.3% | ||||||||
State of Delaware | ||||||||
5.00%, 01/01/2027 | 81,000 | 84,428 | ||||||
5.00%, 02/01/2027 | 105,000 | 109,600 | ||||||
5.00%, 01/01/2028 | 55,000 | 58,299 | ||||||
5.00%, 01/01/2029 | 90,000 | 97,016 | ||||||
5.00%, 02/01/2031 | 30,000 | 33,433 | ||||||
5.00%, 05/01/2033 | 40,000 | 45,924 | ||||||
428,700 | ||||||||
District of Columbia - 1.9% | ||||||||
District of Columbia | ||||||||
5.00%, 10/15/2025 | 290,000 | 296,212 | ||||||
5.00%, 06/01/2026 | 150,000 | 152,435 | ||||||
5.00%, 01/01/2027 | 35,000 | 36,446 | ||||||
5.00%, 10/15/2028 | 250,000 | 267,880 | ||||||
5.00%, 10/15/2029 | 90,000 | 97,275 | ||||||
5.00%, 01/01/2030 | 35,000 | 38,203 | ||||||
5.00%, 10/15/2033 | 285,000 | 307,176 | ||||||
District of Columbia Income Tax Revenue | ||||||||
5.00%, 10/01/2026 | 105,000 | 108,998 | ||||||
5.00%, 10/01/2028 | 195,000 | 208,810 | ||||||
5.00%, 05/01/2029 | 250,000 | 270,095 | ||||||
5.00%, 03/01/2030 | 80,000 | 87,539 | ||||||
5.00%, 03/01/2031 | 60,000 | 65,240 | ||||||
5.00%, 10/01/2031 | 300,000 | 335,574 | ||||||
5.00%, 10/01/2031 | 50,000 | 55,929 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue | ||||||||
5.00%, 07/15/2028 | 85,000 | 90,466 | ||||||
5.00%, 07/15/2028 | 20,000 | 21,286 | ||||||
5.00%, 07/15/2031 | 50,000 | 55,342 | ||||||
5.00%, 07/15/2032 | 20,000 | 22,396 | ||||||
2,517,302 | ||||||||
Florida - 3.3% | ||||||||
Central Florida Expressway Authority | ||||||||
5.00%, 07/01/2027 | 725,000 | 758,966 | ||||||
5.00%, 07/01/2028 | 170,000 | 180,688 | ||||||
City of Jacksonville FL, 5.00%, 10/01/2026 | 90,000 | 92,916 | ||||||
County of Manatee FL Public Utilities Revenue, 5.00%, 10/01/2032 | 200,000 | 225,112 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue, 5.00%, 10/01/2028 | 110,000 | 114,833 | ||||||
Florida Department of Management Services, 5.00%, 11/01/2028 | 295,000 | 314,087 | ||||||
Florida Municipal Power Agency, 5.00%, 10/01/2027 | 85,000 | 87,408 | ||||||
Hillsborough County School Board, 5.00%, 07/01/2029 | 355,000 | 376,857 | ||||||
JEA Water & Sewer System Revenue | ||||||||
5.00%, 10/01/2028 | 220,000 | 231,077 | ||||||
5.00%, 10/01/2030 | 250,000 | 274,685 | ||||||
Orlando Utilities Commission, 5.00%, 10/01/2026 | 30,000 | 31,088 | ||||||
Sarasota County School Board | ||||||||
5.00%, 07/01/2028 | 35,000 | 37,173 | ||||||
5.00%, 07/01/2033 | 15,000 | 16,903 | ||||||
School Board of Miami-Dade County, 3.25%, 02/01/2033 | 235,000 | 220,794 | ||||||
School Board of Miami-Dade County/The, 4.00%, 08/01/2029 | 50,000 | 50,019 | ||||||
State of Florida | ||||||||
5.00%, 06/01/2027 | 545,000 | 571,100 | ||||||
5.00%, 06/01/2029 | 20,000 | 21,638 | ||||||
5.00%, 06/01/2030 | 105,000 | 115,273 | ||||||
5.00%, 07/01/2030 | 105,000 | 115,407 | ||||||
5.00%, 06/01/2031 | 30,000 | 33,455 | ||||||
5.00%, 06/01/2033 | 225,000 | 257,263 | ||||||
Tampa Bay Water, 6.00%, 10/01/2029 | 145,000 | 164,656 | ||||||
4,291,398 | ||||||||
Georgia - 1.3% | ||||||||
Bartow County Development Authority, 2.88%, 08/01/2043 (a) | 135,000 | 132,606 | ||||||
Columbus Medical Center Hospital Authority | ||||||||
5.00%, 07/01/2054(a) | 60,000 | 60,875 | ||||||
5.00%, 07/01/2054(a) | 45,000 | 47,157 | ||||||
Development Authority of Burke County/The, 3.80%, 10/01/2032 (a) | 125,000 | 125,124 | ||||||
Georgia State Road & Tollway Authority, 5.00%, 06/01/2030 | 165,000 | 180,672 | ||||||
Gwinnett County Water & Sewerage Authority, 5.00%, 08/01/2029 | 60,000 | 65,285 | ||||||
Main Street Natural Gas, Inc., 4.00%, 03/01/2050 (a) | 60,000 | 60,023 | ||||||
Metropolitan Atlanta Rapid Transit Authority, 5.00%, 07/01/2026 | 200,000 | 206,738 | ||||||
State of Georgia | ||||||||
5.00%, 07/01/2028 | 415,000 | 432,837 | ||||||
3.00%, 02/01/2030 | 35,000 | 33,629 | ||||||
5.00%, 02/01/2031 | 40,000 | 41,669 | ||||||
5.00%, 07/01/2031 | 225,000 | 240,165 | ||||||
5.00%, 07/01/2031 | 50,000 | 55,953 | ||||||
2.50%, 02/01/2033 | 10,000 | 8,691 | ||||||
1,691,424 | ||||||||
Hawaii - 0.2% | ||||||||
City & County of Honolulu HI, 5.00%, 03/01/2031 | 95,000 | 103,537 | ||||||
State of Hawaii | ||||||||
5.00%, 01/01/2031 | 150,000 | 158,124 | ||||||
4.00%, 10/01/2031 | 55,000 | 54,538 | ||||||
316,199 | ||||||||
Idaho - 0.2% | ||||||||
Idaho Housing & Finance Association, 5.00%, 08/15/2030 | 200,000 | 219,370 | ||||||
Illinois - 6.1% | ||||||||
Chicago Board of Education | ||||||||
0.00%, 12/01/2028(b) | 130,000 | 105,864 | ||||||
0.00%, 12/01/2028(b) | 95,000 | 77,498 | ||||||
0.00%, 12/01/2029(b) | 95,000 | 73,687 | ||||||
0.00%, 12/01/2029(b) | 75,000 | 58,174 | ||||||
0.00%, 12/01/2030(b) | 220,000 | 163,035 | ||||||
0.00%, 12/01/2030(b) | 70,000 | 51,875 | ||||||
Chicago Midway International Airport, 5.00%, 01/01/2028 | 20,000 | 21,082 | ||||||
Chicago O'Hare International Airport, 5.00%, 01/01/2032 | 20,000 | 20,106 | ||||||
City of Chicago IL, 5.00%, 01/01/2029 | 270,000 | 285,285 | ||||||
City of Chicago IL Wastewater Transmission Revenue | ||||||||
5.00%, 01/01/2030 | 140,000 | 151,029 | ||||||
5.00%, 01/01/2031 | 515,000 | 564,244 | ||||||
5.00%, 01/01/2032 | 50,000 | 55,255 | ||||||
City of Chicago IL Waterworks Revenue | ||||||||
5.00%, 11/01/2031 | 455,000 | 497,861 | ||||||
5.00%, 11/01/2032 | 175,000 | 191,485 | ||||||
Cook Kane Lake & McHenry Counties Community College District No 512, 4.00%, 12/15/2029 | 20,000 | 20,294 | ||||||
Illinois Finance Authority | ||||||||
5.00%, 07/01/2027 | 285,000 | 294,701 | ||||||
5.00%, 02/15/2029 | 30,000 | 30,827 | ||||||
5.00%, 04/01/2030 | 1,000,000 | 1,087,250 | ||||||
5.00%, 07/01/2031 | 110,000 | 113,802 | ||||||
4.00%, 01/01/2040 | 25,000 | 25,315 | ||||||
Illinois Sports Facilities Authority/The, 5.00%, 06/15/2029 | 20,000 | 21,005 | ||||||
Illinois State Toll Highway Authority, 5.00%, 01/01/2030 | 265,000 | 285,877 | ||||||
Kendall Kane & Will Counties Community Unit School District No 308, 5.00%, 02/01/2029 | 125,000 | 131,117 | ||||||
Metropolitan Pier & Exposition Authority, 0.00%, 06/15/2032 (b) | 80,000 | 57,539 | ||||||
Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/01/2030 | 110,000 | 113,242 | ||||||
Regional Transportation Authority, 5.75%, 06/01/2029 | 90,000 | 98,292 | ||||||
Sales Tax Securitization Corp. | ||||||||
5.00%, 01/01/2027 | 80,000 | 82,785 | ||||||
5.00%, 01/01/2027 | 35,000 | 36,262 | ||||||
5.00%, 01/01/2028 | 60,000 | 62,875 | ||||||
5.00%, 01/01/2029 | 15,000 | 15,939 | ||||||
5.00%, 01/01/2030 | 175,000 | 188,510 | ||||||
5.00%, 01/01/2030 | 170,000 | 183,124 | ||||||
5.00%, 01/01/2033 | 55,000 | 60,956 | ||||||
5.00%, 01/01/2033 | 20,000 | 22,197 | ||||||
5.00%, 01/01/2034 | 25,000 | 27,703 | ||||||
State of Illinois | ||||||||
5.00%, 11/01/2025 | 50,000 | 50,815 | ||||||
5.50%, 05/01/2026 | 490,000 | 505,112 | ||||||
5.00%, 05/01/2027 | 750,000 | 774,975 | ||||||
5.00%, 10/01/2027 | 55,000 | 57,092 | ||||||
5.00%, 11/01/2027 | 75,000 | 77,924 | ||||||
5.00%, 11/01/2028 | 360,000 | 373,129 | ||||||
5.00%, 03/01/2030 | 35,000 | 37,318 | ||||||
5.50%, 05/01/2030 | 105,000 | 110,880 | ||||||
5.00%, 07/01/2030 | 10,000 | 10,702 | ||||||
5.00%, 03/01/2031 | 75,000 | 80,780 | ||||||
5.00%, 12/01/2031 | 20,000 | 21,697 | ||||||
5.00%, 03/01/2032 | 265,000 | 288,145 | ||||||
5.00%, 05/01/2032 | 60,000 | 65,344 | ||||||
5.00%, 12/01/2032 | 25,000 | 25,897 | ||||||
5.00%, 03/01/2033 | 95,000 | 102,350 | ||||||
7,858,252 | ||||||||
Indiana - 0.9% | ||||||||
City of Indianapolis Department of Public Utilities Gas Utility Revenue, 5.00%, 08/15/2026 | 135,000 | 139,458 | ||||||
Indiana Finance Authority | ||||||||
5.00%, 02/01/2027 | 165,000 | 172,057 | ||||||
5.00%, 06/01/2027 | 325,000 | 335,910 | ||||||
5.00%, 06/01/2028 | 125,000 | 129,165 | ||||||
5.00%, 02/01/2029 | 270,000 | 290,612 | ||||||
2.25%, 12/01/2058(a) | 90,000 | 88,445 | ||||||
1,155,647 | ||||||||
Iowa - 0.8% | ||||||||
Iowa Finance Authority | ||||||||
5.00%, 08/01/2026 | 45,000 | 46,514 | ||||||
5.00%, 08/01/2027 | 280,000 | 294,342 | ||||||
5.00%, 08/01/2031 | 30,000 | 33,364 | ||||||
5.00%, 08/01/2032 | 250,000 | 279,860 | ||||||
State of Iowa, 5.00%, 06/01/2029 | 295,000 | 318,031 | ||||||
972,111 | ||||||||
Kansas - 0.7% | ||||||||
Johnson County Unified School District No 233 Olathe, 2.25%, 09/01/2026 | 405,000 | 385,734 | ||||||
State of Kansas Department of Transportation | ||||||||
5.00%, 09/01/2025 | 120,000 | 122,154 | ||||||
5.00%, 09/01/2026 | 355,000 | 361,404 | ||||||
5.00%, 09/01/2029 | 25,000 | 25,421 | ||||||
894,713 | ||||||||
Kentucky - 1.3% | ||||||||
Kentucky Asset Liability Commission, 5.00%, 09/01/2026 | 410,000 | 411,099 | ||||||
Kentucky Public Energy Authority, 4.00%, 12/01/2049 (a) | 20,000 | 19,989 | ||||||
Kentucky State Property & Building Commission | ||||||||
5.00%, 11/01/2026 | 1,000,000 | 1,031,840 | ||||||
5.00%, 11/01/2027 | 40,000 | 41,264 | ||||||
Louisville/Jefferson County Metropolitan Government, 5.00%, 10/01/2047 (a) | 110,000 | 116,130 | ||||||
1,620,322 | ||||||||
Louisiana - 1.0% | ||||||||
Ernest N Morial New Orleans Exhibition Hall Authority, 5.00%, 07/15/2029 | 200,000 | 214,242 | ||||||
Parish of St John the Baptist LA, 2.38%, 06/01/2037 (a) | 25,000 | 23,828 | ||||||
State of Louisiana | ||||||||
5.00%, 05/01/2028 | 850,000 | 904,315 | ||||||
5.00%, 09/01/2029 | 40,000 | 43,500 | ||||||
5.00%, 09/01/2030 | 55,000 | 60,526 | ||||||
1,246,411 | ||||||||
Maine - 1.0% | ||||||||
Maine Municipal Bond Bank, 5.00%, 11/01/2028 | 1,250,000 | 1,339,862 | ||||||
Maryland - 2.4% | ||||||||
County of Montgomery MD, 5.00%, 11/01/2028 | 105,000 | 105,603 | ||||||
County of Prince George's MD, 5.00%, 09/15/2029 | 105,000 | 114,202 | ||||||
Maryland Stadium Authority, 5.00%, 03/01/2031 | 115,000 | 126,183 | ||||||
Maryland Stadium Authority Built to Learn Revenue | ||||||||
5.00%, 06/01/2025 | 175,000 | 177,343 | ||||||
5.00%, 06/01/2027 | 265,000 | 276,997 | ||||||
Maryland State Transportation Authority, 5.00%, 07/01/2027 | 300,000 | 314,592 | ||||||
State of Maryland | ||||||||
5.00%, 08/01/2025 | 175,000 | 178,204 | ||||||
5.00%, 08/01/2029 | 210,000 | 227,976 | ||||||
5.00%, 03/15/2031 | 115,000 | 127,939 | ||||||
5.00%, 08/01/2031 | 245,000 | 273,969 | ||||||
State of Maryland Department of Transportation | ||||||||
4.00%, 10/01/2030 | 735,000 | 759,571 | ||||||
3.00%, 11/01/2030 | 85,000 | 80,606 | ||||||
3.00%, 09/01/2031 | 20,000 | 18,871 | ||||||
2.50%, 10/01/2033 | 55,000 | 46,214 | ||||||
University System of Maryland, 5.00%, 04/01/2026 | 225,000 | 231,129 | ||||||
3,059,399 | ||||||||
Massachusetts - 1.3% | ||||||||
Commonwealth of Massachusetts | ||||||||
5.25%, 09/01/2024 | 280,000 | 281,092 | ||||||
5.00%, 03/01/2032 | 350,000 | 393,302 | ||||||
5.00%, 01/01/2033 | 100,000 | 105,291 | ||||||
Massachusetts Clean Water Trust/The, 5.00%, 08/01/2025 | 30,000 | 30,553 | ||||||
Massachusetts Development Finance Agency, 5.00%, 07/01/2050 (a) | 70,000 | 75,224 | ||||||
Massachusetts Housing Finance Agency | ||||||||
3.35%, 06/01/2027 | 265,000 | 257,098 | ||||||
3.05%, 12/01/2027 | 590,000 | 570,813 | ||||||
1,713,373 | ||||||||
Michigan - 1.2% | ||||||||
Michigan Finance Authority | ||||||||
5.00%, 07/01/2031 | 50,000 | 50,037 | ||||||
5.00%, 04/15/2033 | 20,000 | 21,924 | ||||||
3.00%, 11/15/2033 | 330,000 | 300,135 | ||||||
Michigan State Building Authority | ||||||||
5.00%, 10/15/2030 | 200,000 | 205,704 | ||||||
5.00%, 04/15/2031 | 235,000 | 237,768 | ||||||
Michigan State Housing Development Authority, 3.10%, 12/01/2031 | 345,000 | 311,704 | ||||||
State of Michigan, 5.00%, 03/15/2026 | 190,000 | 194,777 | ||||||
State of Michigan Trunk Line Revenue | ||||||||
5.00%, 11/15/2031 | 140,000 | 155,963 | ||||||
5.00%, 11/15/2032 | 90,000 | 100,409 | ||||||
5.00%, 11/15/2032 | 10,000 | 11,287 | ||||||
1,589,708 | ||||||||
Minnesota - 1.3% | ||||||||
State of Minnesota | ||||||||
5.00%, 08/01/2026 | 65,000 | 67,270 | ||||||
5.00%, 08/01/2027 | 300,000 | 315,273 | ||||||
5.00%, 08/01/2028 | 925,000 | 986,290 | ||||||
5.00%, 11/01/2031 | 35,000 | 39,070 | ||||||
University of Minnesota, 5.00%, 01/01/2028 | 300,000 | 317,682 | ||||||
1,725,585 | ||||||||
Mississippi - 0.2% | ||||||||
State of Mississippi | ||||||||
5.00%, 11/01/2032 | 75,000 | 76,609 | ||||||
5.00%, 11/01/2035 | 20,000 | 20,787 | ||||||
West Rankin Utility Authority, 5.00%, 01/01/2048 | 150,000 | 158,685 | ||||||
256,081 | ||||||||
Missouri - 0.4% | ||||||||
Curators of the University of Missouri, 5.00%, 11/01/2030 | 455,000 | 500,213 | ||||||
Montana - 0.0%(c) | ||||||||
City of Forsyth MT, 3.90%, 03/01/2031 (a) | 15,000 | 14,126 | ||||||
Nebraska - 0.2% | ||||||||
Central Plains Energy Project, 4.00%, 12/01/2049 (a) | 270,000 | 270,335 | ||||||
Nevada - 1.1% | ||||||||
County of Clark Department of Aviation, 5.00%, 07/01/2032 | 100,000 | 107,137 | ||||||
County of Clark NV | ||||||||
5.00%, 07/01/2026 | 175,000 | 180,292 | ||||||
2.10%, 06/01/2031 | 105,000 | 88,480 | ||||||
State of Nevada Highway Improvement Revenue | ||||||||
5.00%, 12/01/2028 | 250,000 | 267,917 | ||||||
3.00%, 12/01/2029 | 780,000 | 743,902 | ||||||
1,387,728 | ||||||||
New Jersey - 3.5% | ||||||||
New Jersey Economic Development Authority | ||||||||
5.50%, 06/15/2029 | 55,000 | 57,725 | ||||||
5.00%, 11/01/2029 | 90,000 | 96,479 | ||||||
5.50%, 06/15/2030 | 65,000 | 68,220 | ||||||
5.25%, 06/15/2031 | 35,000 | 35,631 | ||||||
5.50%, 06/15/2031 | 140,000 | 146,936 | ||||||
3.13%, 07/01/2031 | 255,000 | 240,169 | ||||||
5.00%, 06/15/2036 | 155,000 | 160,814 | ||||||
New Jersey Educational Facilities Authority, 4.00%, 07/01/2028 | 790,000 | 790,063 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
0.00%, 12/15/2026(b) | 130,000 | 117,978 | ||||||
0.00%, 12/15/2026(b) | 65,000 | 58,989 | ||||||
5.00%, 06/15/2028 | 110,000 | 116,114 | ||||||
0.00%, 12/15/2028(b) | 180,000 | 150,754 | ||||||
0.00%, 12/15/2029(b) | 165,000 | 132,841 | ||||||
0.00%, 12/15/2030(b) | 25,000 | 19,353 | ||||||
5.00%, 12/15/2031 | 100,000 | 107,078 | ||||||
5.00%, 06/15/2032 | 240,000 | 264,413 | ||||||
5.00%, 06/15/2032 | 75,000 | 81,792 | ||||||
5.00%, 06/15/2032 | 65,000 | 71,252 | ||||||
0.00%, 12/15/2032(b) | 110,000 | 78,879 | ||||||
0.00%, 12/15/2033(b) | 105,000 | 71,392 | ||||||
5.00%, 12/15/2033 | 230,000 | 241,999 | ||||||
New Jersey Turnpike Authority | ||||||||
5.00%, 01/01/2027 | 445,000 | 462,270 | ||||||
5.00%, 01/01/2031 | 475,000 | 497,947 | ||||||
5.00%, 01/01/2031 | 80,000 | 82,693 | ||||||
5.00%, 01/01/2033 | 90,000 | 94,279 | ||||||
5.00%, 01/01/2034 | 105,000 | 105,041 | ||||||
Tobacco Settlement Financing Corp. | ||||||||
5.00%, 06/01/2026 | 30,000 | 30,679 | ||||||
5.00%, 06/01/2030 | 110,000 | 115,850 | ||||||
4,497,630 | ||||||||
New Mexico - 0.3% | ||||||||
City of Farmington NM, 3.90%, 06/01/2040 (a) | 20,000 | 19,874 | ||||||
State of New Mexico, 5.00%, 03/01/2025 | 35,000 | 35,370 | ||||||
State of New Mexico Severance Tax Permanent Fund | ||||||||
4.00%, 07/01/2024 | 260,000 | 260,021 | ||||||
5.00%, 07/01/2029 | 45,000 | 48,571 | ||||||
5.00%, 07/01/2030 | 50,000 | 54,753 | ||||||
418,589 | ||||||||
New York - 5.2% | ||||||||
City of New York NY | ||||||||
5.00%, 08/01/2029 | 265,000 | 271,670 | ||||||
5.00%, 08/01/2030 | 150,000 | 163,131 | ||||||
5.00%, 09/01/2030 | 200,000 | 217,732 | ||||||
4.00%, 08/01/2032 | 120,000 | 120,254 | ||||||
5.00%, 12/01/2032 | 90,000 | 92,113 | ||||||
Hudson Yards Infrastructure Corp. | ||||||||
5.00%, 02/15/2027 | 20,000 | 20,917 | ||||||
5.00%, 02/15/2032 | 95,000 | 98,601 | ||||||
5.00%, 02/15/2033 | 60,000 | 62,272 | ||||||
Long Island Power Authority | ||||||||
0.85%, 09/01/2050(a) | 20,000 | 19,124 | ||||||
1.50%, 09/01/2051(a) | 25,000 | 23,379 | ||||||
Metropolitan Transportation Authority | ||||||||
0.00%, 11/15/2032(b) | 70,000 | 50,443 | ||||||
0.00%, 11/15/2032(b) | 40,000 | 28,374 | ||||||
4.00%, 11/15/2032 | 35,000 | 35,015 | ||||||
New York City Housing Development Corp., 0.60%, 05/01/2061 (a) | 80,000 | 76,773 | ||||||
New York City Municipal Water Finance Authority, 5.00%, 06/15/2029 | 35,000 | 37,974 | ||||||
New York City Transitional Finance Authority | ||||||||
5.00%, 08/01/2024 | 225,000 | 225,452 | ||||||
5.00%, 08/01/2024 | 160,000 | 160,259 | ||||||
New York City Transitional Finance Authority Building Aid Revenue | ||||||||
5.00%, 07/15/2027 | 230,000 | 241,682 | ||||||
5.00%, 07/15/2029 | 20,000 | 21,658 | ||||||
5.00%, 07/15/2030 | 30,000 | 32,799 | ||||||
5.00%, 07/15/2031 | 25,000 | 27,671 | ||||||
5.00%, 07/15/2033 | 20,000 | 22,560 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | ||||||||
5.00%, 08/01/2024 | 390,000 | 390,784 | ||||||
5.00%, 11/01/2027 | 255,000 | 268,377 | ||||||
5.00%, 11/01/2028 | 155,000 | 165,814 | ||||||
5.00%, 11/01/2029 | 60,000 | 62,149 | ||||||
3.00%, 02/01/2033 | 45,000 | 42,078 | ||||||
New York Liberty Development Corp., 2.10%, 11/15/2032 | 30,000 | 24,482 | ||||||
New York State Dormitory Authority | ||||||||
5.00%, 03/15/2026 | 255,000 | 262,211 | ||||||
5.00%, 03/15/2027 | 85,000 | 89,134 | ||||||
5.00%, 02/15/2028 | 130,000 | 135,877 | ||||||
5.00%, 02/15/2031 | 40,000 | 43,407 | ||||||
5.00%, 02/15/2032 | 310,000 | 321,814 | ||||||
5.00%, 03/15/2032 | 165,000 | 180,360 | ||||||
2.00%, 07/01/2033 | 100,000 | 82,219 | ||||||
5.00%, 03/15/2034 | 175,000 | 175,054 | ||||||
New York State Housing Finance Agency | ||||||||
3.10%, 05/01/2062(a) | 130,000 | 124,972 | ||||||
3.10%, 05/01/2062(a) | 85,000 | 82,850 | ||||||
3.60%, 11/01/2062(a) | 330,000 | 325,281 | ||||||
3.60%, 11/01/2062(a) | 95,000 | 93,642 | ||||||
3.80%, 11/01/2062(a) | 30,000 | 29,335 | ||||||
3.88%, 11/01/2063(a) | 20,000 | 19,777 | ||||||
New York State Thruway Authority, 5.00%, 01/01/2028 | 425,000 | 427,758 | ||||||
New York State Urban Development Corp. | ||||||||
5.00%, 03/15/2029 | 155,000 | 167,030 | ||||||
5.00%, 03/15/2033 | 90,000 | 98,258 | ||||||
Port Authority of New York & New Jersey | ||||||||
5.00%, 10/15/2027(d) | 55,000 | 56,959 | ||||||
4.00%, 07/15/2032 | 70,000 | 70,009 | ||||||
4.00%, 07/15/2033 | 385,000 | 385,050 | ||||||
Triborough Bridge & Tunnel Authority | ||||||||
0.00%, 11/15/2030(b) | 135,000 | 103,394 | ||||||
0.00%, 11/15/2032(b) | 25,000 | 17,631 | ||||||
5.00%, 05/15/2050(a) | 175,000 | 178,453 | ||||||
Trust for Cultural Resources of The City of New York, 5.00%, 07/01/2031 | 50,000 | 55,384 | ||||||
Trust for Cultural Resources of The City of New York/The, 4.00%, 12/01/2033 | 30,000 | 30,772 | ||||||
Utility Debt Securitization Authority, 5.00%, 06/15/2027 | 145,000 | 147,339 | ||||||
6,707,507 | ||||||||
North Carolina - 1.1% | ||||||||
Charlotte-Mecklenburg Hospital Authority/The | ||||||||
1.95%, 01/15/2048(a) | 20,000 | 17,583 | ||||||
3.45%, 01/15/2048(a) | 20,000 | 19,900 | ||||||
City of Charlotte NC Water & Sewer System Revenue, 5.00%, 07/01/2027 | 30,000 | 31,531 | ||||||
City of Raleigh NC Combined Enterprise System Revenue, 5.00%, 09/01/2027 | 90,000 | 94,820 | ||||||
County of Wake NC, 5.00%, 05/01/2030 | 95,000 | 104,646 | ||||||
State of North Carolina | ||||||||
5.00%, 05/01/2027 | 230,000 | 240,930 | ||||||
5.00%, 03/01/2028 | 620,000 | 625,543 | ||||||
5.00%, 05/01/2029 | 110,000 | 118,945 | ||||||
5.00%, 05/01/2031 | 125,000 | 138,988 | ||||||
1,392,886 | ||||||||
Ohio - 1.7% | ||||||||
Buckeye Tobacco Settlement Financing Authority | ||||||||
5.00%, 06/01/2029 | 235,000 | 247,392 | ||||||
5.00%, 06/01/2030 | 20,000 | 21,264 | ||||||
5.00%, 06/01/2033 | 115,000 | 121,956 | ||||||
City of Columbus OH, 5.00%, 04/01/2027 | 20,000 | 20,931 | ||||||
County of Cuyahoga OH, 5.00%, 12/01/2026 | 60,000 | 62,145 | ||||||
County of Hamilton OH Sales Tax Revenue, 4.00%, 12/01/2032 | 135,000 | 135,522 | ||||||
Ohio Water Development Authority | ||||||||
5.00%, 12/01/2026 | 110,000 | 114,467 | ||||||
5.00%, 06/01/2027 | 175,000 | 183,432 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund | ||||||||
5.00%, 06/01/2027 | 25,000 | 26,205 | ||||||
5.00%, 12/01/2027 | 140,000 | 146,784 | ||||||
5.00%, 12/01/2027 | 55,000 | 58,109 | ||||||
5.00%, 12/01/2030 | 70,000 | 73,067 | ||||||
5.00%, 06/01/2033 | 85,000 | 93,206 | ||||||
State of Ohio | ||||||||
5.00%, 08/01/2025 | 120,000 | 122,170 | ||||||
5.00%, 12/15/2025 | 165,000 | 168,864 | ||||||
5.00%, 12/15/2026 | 100,000 | 103,883 | ||||||
5.00%, 01/01/2027 | 110,000 | 114,379 | ||||||
5.00%, 01/01/2027 | 40,000 | 41,592 | ||||||
5.00%, 02/01/2027 | 35,000 | 36,388 | ||||||
5.00%, 05/01/2027 | 95,000 | 99,434 | ||||||
5.00%, 09/15/2027 | 60,000 | 63,177 | ||||||
5.00%, 09/01/2030 | 60,000 | 66,028 | ||||||
5.00%, 05/01/2039 | 25,000 | 26,224 | ||||||
2,146,619 | ||||||||
Oklahoma - 1.4% | ||||||||
Canadian County Educational Facilities Authority, 3.00%, 09/01/2029 | 175,000 | 164,358 | ||||||
Cleveland County Independent School District No 2 Moore | ||||||||
3.00%, 03/01/2025 | 115,000 | 113,991 | ||||||
4.00%, 03/01/2027 | 135,000 | 137,033 | ||||||
Cleveland County Independent School District No 29 Norman, 4.00%, 03/01/2027 | 30,000 | 30,358 | ||||||
Oklahoma Capitol Improvement Authority, 5.00%, 07/01/2029 | 1,000,000 | 1,075,970 | ||||||
Oklahoma Water Resources Board, 5.00%, 04/01/2026 | 165,000 | 169,524 | ||||||
Tulsa County Industrial Authority, 5.00%, 09/01/2027 | 60,000 | 62,818 | ||||||
1,754,052 | ||||||||
Oregon - 1.2% | ||||||||
State of Oregon | ||||||||
5.00%, 05/01/2027 | 60,000 | 62,800 | ||||||
5.00%, 05/01/2028 | 355,000 | 377,550 | ||||||
5.00%, 05/01/2030 | 1,000,000 | 1,095,320 | ||||||
1,535,670 | ||||||||
Pennsylvania - 1.8% | ||||||||
Allegheny County Hospital Development Authority | ||||||||
5.00%, 07/15/2028 | 345,000 | 363,651 | ||||||
5.00%, 07/15/2031 | 200,000 | 212,538 | ||||||
5.00%, 07/15/2033 | 10,000 | 10,606 | ||||||
Commonwealth of Pennsylvania | ||||||||
5.00%, 10/01/2024 | 370,000 | 371,576 | ||||||
5.00%, 05/01/2027 | 20,000 | 20,905 | ||||||
5.00%, 01/01/2028 | 470,000 | 487,052 | ||||||
3.00%, 03/15/2030 | 70,000 | 66,373 | ||||||
5.00%, 08/15/2032 | 420,000 | 425,872 | ||||||
3.00%, 09/15/2033 | 45,000 | 41,701 | ||||||
Erie City Water Authority, 5.00%, 12/01/2043 | 25,000 | 25,955 | ||||||
Montgomery County Higher Education and Health Authority, 5.00%, 09/01/2033 | 65,000 | 68,194 | ||||||
Pennsylvania Housing Finance Agency | ||||||||
2.80%, 10/01/2031 | 120,000 | 106,932 | ||||||
2.80%, 10/01/2031 | 35,000 | 31,188 | ||||||
3.20%, 10/01/2031 | 30,000 | 27,424 | ||||||
School District of Philadelphia/The, 5.00%, 09/01/2026 | 60,000 | 61,828 | ||||||
2,321,795 | ||||||||
South Carolina - 1.2% | ||||||||
Greenville County School District, 5.00%, 12/01/2027 | 15,000 | 15,817 | ||||||
Patriots Energy Group Financing Agency, 5.25%, 02/01/2054 (a) | 650,000 | 695,676 | ||||||
South Carolina Jobs-Economic Development Authority, 5.00%, 11/01/2031 | 750,000 | 825,780 | ||||||
1,537,273 | ||||||||
South Dakota - 0.9% | ||||||||
South Dakota Conservancy District, 5.00%, 08/01/2026 | 355,000 | 366,946 | ||||||
South Dakota Health & Educational Facilities Authority, 5.00%, 07/01/2031 | 750,000 | 820,995 | ||||||
1,187,941 | ||||||||
Tennessee - 0.4% | ||||||||
Metropolitan Government of Nashville & Davidson County TN | ||||||||
5.00%, 07/01/2029 | 25,000 | 26,648 | ||||||
5.00%, 07/01/2032 | 90,000 | 95,774 | ||||||
State of Tennessee | ||||||||
5.00%, 05/01/2028 | 70,000 | 74,473 | ||||||
5.00%, 05/01/2029 | 15,000 | 16,227 | ||||||
5.00%, 05/01/2032 | 20,000 | 22,566 | ||||||
Tennessee Energy Acquisition Corp. | ||||||||
4.00%, 11/01/2049(a) | 70,000 | 69,954 | ||||||
5.00%, 05/01/2052(a) | 160,000 | 167,805 | ||||||
473,447 | ||||||||
Texas - 8.0% | ||||||||
Board of Regents of the University of Texas System | ||||||||
5.00%, 08/15/2025 | 1,130,000 | 1,151,131 | ||||||
5.00%, 08/15/2025 | 85,000 | 86,590 | ||||||
5.00%, 08/15/2026 | 10,000 | 10,341 | ||||||
5.00%, 08/15/2027 | 50,000 | 52,532 | ||||||
City of Austin TX Water & Wastewater System Revenue, 5.00%, 11/15/2026 | 160,000 | 166,141 | ||||||
City of Dallas TX, 5.00%, 02/15/2031 | 200,000 | 219,832 | ||||||
City of Dallas TX Hotel Occupancy Tax Revenue, 5.00%, 08/15/2026 | 25,000 | 25,686 | ||||||
City of Houston TX Airport System Revenue, 5.00%, 07/01/2029 | 255,000 | 270,512 | ||||||
City of Houston TX Combined Utility System Revenue | ||||||||
5.00%, 11/15/2026 | 1,000,000 | 1,034,560 | ||||||
0.00%, 12/01/2028(b) | 35,000 | 29,693 | ||||||
City of San Antonio TX, 5.00%, 08/01/2027 | 600,000 | 631,470 | ||||||
City of San Antonio TX Electric & Gas Systems Revenue | ||||||||
5.00%, 02/01/2025 | 225,000 | 226,953 | ||||||
5.00%, 02/01/2028 | 415,000 | 438,871 | ||||||
5.00%, 02/01/2032 | 220,000 | 224,198 | ||||||
2.00%, 02/01/2049(a) | 20,000 | 18,348 | ||||||
3.65%, 02/01/2053(a) | 200,000 | 198,676 | ||||||
Conroe Independent School District, 5.00%, 02/15/2027 | 90,000 | 93,770 | ||||||
County of Bexar TX | ||||||||
5.00%, 06/15/2030 | 60,000 | 61,769 | ||||||
4.00%, 06/15/2031 | 20,000 | 20,099 | ||||||
County of Harris TX | ||||||||
5.00%, 08/15/2025 | 260,000 | 264,618 | ||||||
5.00%, 08/15/2030 | 415,000 | 425,869 | ||||||
County of Harris TX Toll Road Revenue, 5.00%, 08/15/2027 | 220,000 | 230,659 | ||||||
Dallas Area Rapid Transit | ||||||||
5.00%, 12/01/2028 | 75,000 | 80,278 | ||||||
5.25%, 12/01/2030 | 30,000 | 33,436 | ||||||
Dallas College, 5.00%, 02/15/2030 | 35,000 | 37,969 | ||||||
Dallas Fort Worth International Airport, 5.00%, 11/01/2031 | 55,000 | 60,784 | ||||||
Dallas Independent School District, 5.00%, 02/15/2027 | 45,000 | 46,932 | ||||||
Denton Independent School District, 5.00%, 08/15/2032 | 25,000 | 28,059 | ||||||
Fort Bend Independent School District | ||||||||
0.88%, 08/01/2050(a) | 40,000 | 38,558 | ||||||
0.72%, 08/01/2051(a) | 255,000 | 233,781 | ||||||
Houston Independent School District, 4.00%, 06/01/2039 (a) | 70,000 | 69,826 | ||||||
Lewisville Independent School District | ||||||||
5.00%, 08/15/2030 | 400,000 | 438,504 | ||||||
5.00%, 08/15/2032 | 40,000 | 44,833 | ||||||
Lower Colorado River Authority | ||||||||
5.00%, 05/15/2028 | 200,000 | 210,640 | ||||||
5.00%, 05/15/2029 | 225,000 | 240,377 | ||||||
Matagorda County Navigation District No 1, 2.60%, 11/01/2029 | 35,000 | 31,915 | ||||||
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, 5.00%, 11/01/2026 | 430,000 | 445,803 | ||||||
North East Independent School District/TX, 2.20%, 08/01/2049 (a) | 255,000 | 254,031 | ||||||
North Texas Tollway Authority, 5.00%, 01/01/2033 | 85,000 | 87,734 | ||||||
Northside Independent School District | ||||||||
0.70%, 06/01/2050(a) | 160,000 | 155,208 | ||||||
2.00%, 06/01/2052(a) | 30,000 | 28,212 | ||||||
Northwest Independent School District, 5.00%, 02/15/2042 | 50,000 | 51,293 | ||||||
Plano Independent School District | ||||||||
5.00%, 02/15/2027 | 55,000 | 57,390 | ||||||
5.00%, 02/15/2030 | 110,000 | 119,987 | ||||||
Prosper Independent School District, 3.00%, 02/15/2053 (a) | 105,000 | 104,041 | ||||||
San Antonio Water System, 5.00%, 05/15/2027 | 55,000 | 57,606 | ||||||
Texas A&M University, 5.00%, 05/15/2032 | 525,000 | 588,725 | ||||||
Texas State University System, 5.00%, 03/15/2029 | 80,000 | 83,194 | ||||||
Texas Tech University System, 5.00%, 02/15/2033 | 20,000 | 22,607 | ||||||
Texas Transportation Commission | ||||||||
5.00%, 04/01/2026 | 20,000 | 20,530 | ||||||
5.00%, 04/01/2031 | 20,000 | 22,173 | ||||||
Texas Water Development Board | ||||||||
5.00%, 10/15/2026 | 25,000 | 25,883 | ||||||
5.00%, 08/01/2028 | 40,000 | 42,586 | ||||||
5.00%, 08/01/2029 | 100,000 | 108,016 | ||||||
5.00%, 10/15/2031 | 20,000 | 22,258 | ||||||
4.00%, 10/15/2032 | 80,000 | 80,106 | ||||||
5.00%, 10/15/2032 | 10,000 | 11,261 | ||||||
4.00%, 10/15/2033 | 65,000 | 65,021 | ||||||
Trinity River Authority Central Regional Wastewater System Revenue | ||||||||
5.00%, 08/01/2026 | 65,000 | 67,036 | ||||||
5.00%, 08/01/2029 | 325,000 | 348,660 | ||||||
10,347,571 | ||||||||
Utah - 0.7% | ||||||||
County of Utah UT, 5.00%, 05/15/2060 (a) | 80,000 | 81,686 | ||||||
Intermountain Power Agency | ||||||||
5.00%, 07/01/2026 | 200,000 | 206,250 | ||||||
5.00%, 07/01/2031 | 320,000 | 355,098 | ||||||
Nebo School District, 5.00%, 07/01/2026 | 35,000 | 36,130 | ||||||
Utah Transit Authority | ||||||||
5.00%, 06/15/2028 | 175,000 | 177,786 | ||||||
5.00%, 06/15/2031 | 95,000 | 96,512 | ||||||
953,462 | ||||||||
Virginia - 1.3% | ||||||||
Fairfax County Industrial Development Authority, 5.00%, 05/15/2031 | 35,000 | 35,867 | ||||||
Virginia College Building Authority | ||||||||
5.00%, 02/01/2025 | 210,000 | 211,947 | ||||||
5.00%, 02/01/2027 | 70,000 | 72,812 | ||||||
5.00%, 02/01/2027 | 50,000 | 52,009 | ||||||
5.00%, 02/01/2031 | 275,000 | 303,157 | ||||||
5.00%, 02/01/2031 | 90,000 | 93,398 | ||||||
3.00%, 02/01/2032 | 30,000 | 27,326 | ||||||
Virginia Commonwealth Transportation Board | ||||||||
5.00%, 05/15/2027 | 125,000 | 130,994 | ||||||
5.00%, 05/15/2029 | 265,000 | 286,489 | ||||||
Virginia Public Building Authority | ||||||||
5.00%, 08/01/2030 | 100,000 | 110,038 | ||||||
5.00%, 08/01/2031 | 35,000 | 38,996 | ||||||
Virginia Public School Authority | ||||||||
5.00%, 04/15/2027 | 55,000 | 57,570 | ||||||
5.00%, 08/01/2028 | 280,000 | 284,617 | ||||||
1,705,220 | ||||||||
Washington - 5.5% | ||||||||
Central Puget Sound Regional Transit Authority | ||||||||
5.00%, 11/01/2030 | 245,000 | 270,240 | ||||||
5.00%, 11/01/2032 | 45,000 | 46,003 | ||||||
City of Seattle WA Municipal Light & Power Revenue, 5.00%, 09/01/2031 | 165,000 | 173,110 | ||||||
County of King WA Sewer Revenue | ||||||||
4.00%, 07/01/2030 | 290,000 | 291,952 | ||||||
5.00%, 01/01/2032 | 35,000 | 39,075 | ||||||
Energy Northwest | ||||||||
5.00%, 07/01/2026 | 150,000 | 150,315 | ||||||
5.00%, 07/01/2027 | 30,000 | 31,441 | ||||||
5.00%, 07/01/2030 | 365,000 | 387,254 | ||||||
5.00%, 07/01/2031 | 90,000 | 95,530 | ||||||
Grant County Public Utility District No 2 Electric Revenue, 4.00%, 01/01/2026 | 1,540,000 | 1,550,164 | ||||||
King County School District No 401 Highline, 5.00%, 12/01/2026 | 55,000 | 56,146 | ||||||
Seattle Housing Authority, 1.00%, 06/01/2026 | 225,000 | 207,760 | ||||||
Snohomish County Housing Authority, 4.00%, 04/01/2033 | 1,810,000 | 1,781,112 | ||||||
Snohomish County School District No 201 Snohomish, 5.00%, 12/01/2028 | 170,000 | 182,184 | ||||||
State of Washington | ||||||||
5.00%, 02/01/2026 | 20,000 | 20,525 | ||||||
5.00%, 02/01/2027 | 60,000 | 62,473 | ||||||
5.00%, 02/01/2027 | 30,000 | 31,236 | ||||||
5.00%, 08/01/2027 | 45,000 | 47,236 | ||||||
5.00%, 06/01/2029 | 260,000 | 281,169 | ||||||
5.00%, 07/01/2029 | 220,000 | 224,928 | ||||||
5.00%, 08/01/2029 | 50,000 | 54,206 | ||||||
5.00%, 02/01/2030 | 80,000 | 87,213 | ||||||
5.00%, 02/01/2030 | 60,000 | 65,410 | ||||||
5.00%, 02/01/2031 | 25,000 | 27,638 | ||||||
5.00%, 08/01/2031 | 300,000 | 324,711 | ||||||
University of Washington, 5.00%, 07/01/2029 | 350,000 | 377,608 | ||||||
Washington Health Care Facilities Authority | ||||||||
5.00%, 01/01/2047 | 120,000 | 124,296 | ||||||
5.00%, 08/01/2049(a) | 120,000 | 122,060 | ||||||
7,112,995 | ||||||||
West Virginia - 0.2% | ||||||||
West Virginia Commissioner of Highways, 5.00%, 09/01/2025 | 235,000 | 239,188 | ||||||
Wisconsin - 1.0% | ||||||||
State of Wisconsin | ||||||||
5.00%, 11/01/2026 | 105,000 | 109,057 | ||||||
5.00%, 11/01/2026 | 85,000 | 88,284 | ||||||
5.00%, 05/01/2029 | 300,000 | 323,688 | ||||||
5.00%, 05/01/2029 | 35,000 | 36,634 | ||||||
5.00%, 11/01/2030 | 275,000 | 286,096 | ||||||
5.00%, 11/01/2030 | 185,000 | 192,465 | ||||||
5.00%, 05/01/2031 | 105,000 | 115,996 | ||||||
5.00%, 05/01/2032 | 75,000 | 84,009 | ||||||
5.00%, 05/01/2033 | 80,000 | 90,581 | ||||||
Wisconsin Department of Transportation, 5.00%, 07/01/2032 | 25,000 | 28,133 | ||||||
1,354,943 | ||||||||
TOTAL MUNICIPAL BONDS (Cost $97,861,529) | 95,682,306 | |||||||
EXCHANGE TRADED FUNDS - 24.0% | Shares | Value | ||||||
iShares National Muni Bond ETF | 292,301 | 30,907,908 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $31,091,365) | 30,907,908 | |||||||
SHORT-TERM INVESTMENTS - 1.5% | ||||||||
Money Market Funds - 1.5% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.24%(e) | 1,883,839 | 1,883,839 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,883,839) | 1,883,839 | |||||||
TOTAL INVESTMENTS - 99.6% (Cost $130,836,733) | $ | 128,474,053 | ||||||
Other Assets in Excess of Liabilities - 0.4% | 567,966 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 129,042,019 |
Percentages are stated as a percent of net assets. |
(a) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of May 31, 2024. |
(b) | Zero coupon bonds make no periodic interest payments. |
(c) | Represents less than 0.05% of net assets. |
(d) | Security subject to the Alternative Minimum Tax ("AMT"). As of May 31, 2024, the total value of securities subject to the AMT was $56,959 or 0.1% of net assets. |
(e) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
Summary of Fair Value Disclosure as of May 31, 2024 (Unaudited)
ActivePassive Core Bond ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2024:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Municipal Bonds | – | 95,682,306 | – | 95,682,306 | ||||||||||||
Exchange Traded Funds | 30,907,908 | – | – | 30,907,908 | ||||||||||||
Money Market Funds | 1,883,839 | – | – | 1,883,839 | ||||||||||||
Total Investments | 32,791,747 | 95,682,306 | – | 128,474,053 | ||||||||||||
Refer to the Schedule of Investments for additional information. |