UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22739
IndexIQ Active ETF Trust
(Exact name of registrant as specified in charter)
51 Madison Avenue
New York, NY 10010
(Address of principal executive offices) (Zip code)
Kirk C. Lehneis
IndexIQ Advisors LLC
51 Madison Avenue
New York, NY 10010
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-888-474-7725
Date of fiscal year end: April 30
Date of reporting period: April 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
| IQ MacKay Municipal Insured ETF (MMIN) | | | | |
| IQ MacKay Municipal Intermediate ETF (MMIT) | | | | |
| IQ Ultra Short Duration ETF (ULTR) | | | | |
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Access prospectuses, annual reports and semi-annual reports online.
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President
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IQ MacKay Municipal Insured ETF (as of April 30, 2020) | | | 1 Year | | | Since Inception1 | | ||||||||||||
| | | Average Annual | | | Average Annual | | | Cumulative | | |||||||||
IQ MacKay Municipal Insured ETF Market Price2 | | | | | 4.36% | | | | | | 4.33% | | | | | | 11.34% | | |
IQ MacKay Municipal Insured ETF NAV | | | | | 4.05% | | | | | | 4.16% | | | | | | 10.89% | | |
Bloomberg Barclays Municipal Bond Insured Bond Index | | | | | 2.94% | | | | | | 3.56% | | | | | | 9.29% | | |
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IQ MacKay Municipal Intermediate ETF (as of April 30, 2020) | | | 1 Year | | | Since Inception1 | | ||||||||||||
| | | Average Annual | | | Average Annual | | | Cumulative | | |||||||||
IQ MacKay Municipal Intermediate ETF Market Price2 | | | | | 2.44% | | | | | | 3.47% | | | | | | 9.02% | | |
IQ MacKay Municipal Intermediate ETF NAV | | | | | 2.65% | | | | | | 3.48% | | | | | | 9,04% | | |
Bloomberg Barclays Municipal Bond Index 1-15 Yr Blend | | | | | 2.37% | | | | | | 2.51% | | | | | | 6.49% | | |
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IQ Ultra Short Duration ETF (as of April 30, 2020) | | | |||||
| | Since Inception1 | | ||||
| | | Cumulative | | |||
IQ Ultra Short Duration ETF Market Price2 | | | | | -0.52% | | |
IQ Ultra Short Duration ETF NAV | | | | | -0.68% | | |
Bloomberg Barclays Short Treasury 3-6 Month Index | | | | | 1.70% | | |
| | | Beginning Account Value 11/01/19 | | | Ending Account Value 04/30/20 | | | Annualized Expense Ratios for the Period 11/01/19 to 04/30/20 | | | Expenses Paid for Period 11/01/19 to 04/30/201 | | ||||||||||||
IQ MacKay Municipal Insured ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,000.10 | | | | | | 0.30% | | | | | $ | 1.49 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.37 | | | | | | 0.30% | | | | | $ | 1.51 | | |
IQ MacKay Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 988.00 | | | | | | 0.30% | | | | | $ | 1.48 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | �� | | | $ | 1,023.37 | | | | | | 0.30% | | | | | $ | 1.51 | | |
IQ Ultra Short Duration ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 986.20 | | | | | | 0.24% | | | | | $ | 1.19 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.67 | | | | | | 0.24% | | | | | $ | 1.21 | | |
Net Assets ($ mil): $88.0
Industry | | | % of Net Assets | | |||
School District | | | | | 24.2% | | |
General Obligation | | | | | 17.7 | | |
General | | | | | 13.4 | | |
Water | | | | | 9.1 | | |
Education | | | | | 8.7 | | |
Transportation | | | | | 5.2 | | |
Housing | | | | | 5.0 | | |
Higher Education | | | | | 4.4 | | |
Medical | | | | | 2.0 | | |
Power | | | | | 1.7 | | |
Mello-Roos | | | | | 1.7 | | |
Money Market Fund | | | | | 1.4 | | |
Development | | | | | 1.3 | | |
Facilities | | | | | 1.3 | | |
Utilities | | | | | 1.1 | | |
Pollution | | | | | 0.7 | | |
Airport | | | | | 0.7 | | |
Student Loan | | | | | 0.4 | | |
Total Investments | | | | | 100.0 | | |
Other Assets and Liabilites, Net | | | | | —(a) | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $51.7
Industry | | | % of Net Assets | | |||
General Obligation | | | | | 20.3% | | |
General | | | | | 16.3 | | |
School District | | | | | 12.3 | | |
Medical | | | | | 9.4 | | |
Water | | | | | 7.8 | | |
Single Family Housing | | | | | 6.0 | | |
Transportation | | | | | 5.2 | | |
Education | | | | | 4.9 | | |
Higher Education | | | | | 3.6 | | |
Money Market Fund | | | | | 2.6 | | |
Power | | | | | 2.5 | | |
Housing | | | | | 2.2 | | |
Development | | | | | 2.0 | | |
Utilities | | | | | 1.5 | | |
Multifamily Housing | | | | | 1.0 | | |
Facilities | | | | | 1.0 | | |
Nursing Homes | | | | | 0.8 | | |
Student Loan | | | | | 0.7 | | |
Mello-Roos | | | | | 0.6 | | |
Total Investments | | | | | 100.7 | | |
Other Assets and Liabilites, Net | | | | | (0.7) | | |
Net Assets | | | | | 100.0% | | |
|
Net Assets ($ mil): $149.2
Country | | | % of Net Assets | | |||
United States | | | | | 84.1% | | |
United Kingdom | | | | | 7.4 | | |
Cayman Islands | | | | | 6.0 | | |
Canada | | | | | 2.7 | | |
Japan | | | | | 2.3 | | |
Switzerland | | | | | 2.0 | | |
Germany | | | | | 1.6 | | |
Supranational | | | | | 0.8 | | |
Netherlands | | | | | 0.5 | | |
France | | | | | 0.4 | | |
Belgium | | | | | 0.4 | | |
Total Investments | | | | | 108.2 | | |
Other Assets and Liabilites, Net | | | | | (8.2) | | |
Net Assets | | | | | 100.0% | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 98.6% | | ||||||||||||
Alabama — 6.0% | | ||||||||||||
Bibb County Board of Education, Special Tax Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/35 | | | | $ | 425,000 | | | | | $ | 468,052 | | |
4.000%, due 4/1/37 | | | | | 460,000 | | | | | | 502,095 | | |
City of Russellville AL, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/28 | | | | | 390,000 | | | | | | 446,195 | | |
Phenix City Board of Education, Special Tax Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/37 | | | | | 1,500,000 | | | | | | 1,661,925 | | |
University of South Alabama, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 4/1/39 | | | | | 685,000 | | | | | | 743,862 | | |
University of West Alabama, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/41 | | | | | 350,000 | | | | | | 366,905 | | |
Warrior River Water Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/43 | | | | | 1,000,000 | | | | | | 1,090,310 | | |
| | | | | | | | | | | 5,279,344 | | |
Arizona — 0.8% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/34 | | | | | 250,000 | | | | | | 264,865 | | |
5.000%, due 6/1/33 | | | | | 350,000 | | | | | | 406,910 | | |
| | | | | | | | | | | 671,775 | | |
Arkansas — 0.7% | | ||||||||||||
University of Central Arkansas, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 200,000 | | | | | | 223,322 | | |
5.000%, due 11/1/35 | | | | | 350,000 | | | | | | 387,195 | | |
| | | | | | | | | | | 610,517 | | |
California — 17.0% | | ||||||||||||
Abag Finance Authority for Nonprofit Corps, Special Tax Series A Insured: AGM 5.000%, due 9/2/30 | | | | | 750,000 | | | | | | 916,417 | | |
Bellevue Union School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
2.840%, due 8/1/35(a) | | | | | 320,000 | | | | | | 208,166 | | |
Calexico Unified School District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
2.150%, due 8/1/28(a) | | | | | 390,000 | | | | | | 326,894 | | |
California Municipal Finance Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/15/43 | | | | | 250,000 | | | | | | 265,095 | | |
City of Lincoln CA, Special Tax Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/34 | | | | | 525,000 | | | | | | 619,873 | | |
City of Oxnard CA Water System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/35 | | | | | 600,000 | | | | | | 703,266 | | |
City of Susanville CA Natural Gas Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/45 | | | | | 875,000 | | | | | | 941,736 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Clovis Unified School District, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
1.980%, due 8/1/27(a) | | | | $ | 335,000 | | | | | $ | 290,428 | | |
Compton Unified School District, Certificates of Participation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/33 | | | | | 250,000 | | | | | | 279,248 | | |
Cupertino Union School District, General Obligation Bonds Series C Insured: NATL 2.230%, due 8/1/32(a) | | | | | 400,000 | | | | | | 304,676 | | |
Dixon Unified School District, General Obligation Bonds Insured: BAM 5.000%, due 8/1/37 | | | | | 570,000 | | | | | | 683,088 | | |
Golden West Schools Financing Authority, Revenue Bonds Insured: BHAC-CR FGIC 5.250%, due 9/1/20 | | | | | 250,000 | | | | | | 253,693 | | |
Grossmont Healthcare District, General Obligation Bonds Series A Insured: AMBAC 2.420%, due 7/15/32(a) | | | | | 1,000,000 | | | | | | 745,510 | | |
Guadalupe Union School District, General Obligation Bonds Series B Insured: AGM 4.000%, due 8/1/44 | | | | | 1,005,000 | | | | | | 1,082,646 | | |
Hayward Unified School District, General Obligation Bonds Series A Insured: BAM 5.000%, due 8/1/34 | | | | | 570,000 | | | | | | 691,176 | | |
Hayward Unified School District, General Obligation Bonds Series A Insured: AGM 2.490%, due 8/1/32(a) | | | | | 210,000 | | | | | | 155,001 | | |
Imperial Community College District, General Obligation Bonds Insured: AGC 3.240%, due 8/1/37(a) | | | | | 400,000 | | | | | | 229,684 | | |
Jurupa Public Financing Authority, Special Tax Series A Insured: AGM 4.000%, due 9/1/36 | | | | | 785,000 | | | | | | 865,761 | | |
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM 2.310%, due 8/1/31(a) | | | | | 155,000 | | | | | | 112,958 | | |
Napa Valley Unified School District, General Obligation Bonds Series C Insured: AGM 4.000%, due 8/1/44 | | | | | 1,000,000 | | | | | | 1,071,640 | | |
Oceanside Unified School District, General Obligation Bonds Series B Insured: AGM 2.710%, due 8/1/34(a) | | | | | 300,000 | | | | | | 204,504 | | |
Ontario Montclair School District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
1.980%, due 8/1/29(a) | | | | | 390,000 | | | | | | 325,088 | | |
Paramount Unified School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
2.490%, due 8/1/33(a) | | | | | 640,000 | | | | | | 442,963 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
1.760%, due 7/1/24(a) | | | | | 310,000 | | | | | | 288,148 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Sacramento City Unified School District, General Obligation Bonds Series C-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/25 | | | | $ | 200,000 | | | | | $ | 233,498 | | |
Salinas Union High School District, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
1.310%, due 10/1/23(a) | | | | | 225,000 | | | | | | 215,206 | | |
San Leandro Unified School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/34 | | | | | 525,000 | | | | | | 636,610 | | |
Santa Rita Union School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
2.970%, due 8/1/39(a) | | | | | 820,000 | | | | | | 464,924 | | |
South Whittier School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/40 | | | | | 215,000 | | | | | | 233,552 | | |
Southwestern Community College District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
1.360%, due 8/1/24(a) | | | | | 560,000 | | | | | | 528,702 | | |
West Kern Community College District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/44 | | | | | 600,000 | | | | | | 641,700 | | |
| | | | | | | | | | | 14,961,851 | | |
Colorado — 3.7% | | ||||||||||||
Beacon Point Metropolitan District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 100,000 | | | | | | 106,377 | | |
BNC Metropolitan District No 1, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/37 | | | | | 395,000 | | | | | | 460,155 | | |
Grand Junction Regional Airport Authority, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 500,000 | | | | | | 584,350 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 497,246 | | |
Rio Blanco County School District No Re-1 Meeker, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.500%, due 12/1/35 | | | | | 500,000 | | | | | | 635,405 | | |
Rio Blanco County School District No Re-1 Meeker, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.250%, due 12/1/33 | | | | | 150,000 | | | | | | 188,565 | | |
5.250%, due 12/1/35 | | | | | 115,000 | | | | | | 143,380 | | |
South Sloan’s Lake Metropolitan District No 2, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | | 250,000 | | | | | | 284,590 | | |
Vauxmont Metropolitan District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/15/31 | | | | | 135,000 | | | | | | 153,289 | | |
5.000%, due 12/15/32 | | | | | 155,000 | | | | | | 175,314 | | |
| | | | | | | | | | | 3,228,671 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Connecticut — 1.0% | | ||||||||||||
City of Hartford CT, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | $ | 25,000 | | | | | $ | 26,489 | | |
5.000%, due 7/1/24 | | | | | 20,000 | | | | | | 22,539 | | |
5.000%, due 7/1/27 | | | | | 60,000 | | | | | | 68,599 | | |
City of Hartford CT, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 15,000 | | | | | | 16,585 | | |
City of Hartford CT, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/15/32 | | | | | 20,000 | | | | | | 22,544 | | |
City of New Britain CT, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/29 | | | | | 250,000 | | | | | | 314,470 | | |
5.250%, due 9/1/30 | | | | | 300,000 | | | | | | 374,982 | | |
| | | | | | | | | | | 846,208 | | |
Florida — 2.4% | | ||||||||||||
City of Cape Coral FL Water & Sewer Revenue, Special Assessment Insured: AGM | | | | | | | | | | | | | |
1.900%, due 9/1/20 | | | | | 740,000 | | | | | | 741,694 | | |
City of Miami FL Parking System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,000,000 | | | | | | 1,106,330 | | |
Halifax Hospital Medical Center, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/20 | | | | | 235,000 | | | | | | 235,684 | | |
| | | | | | | | | | | 2,083,708 | | |
Illinois — 18.4% | | ||||||||||||
Chicago Board of Education, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 592,920 | | |
City of Chicago IL Waterworks Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 11/1/34 | | | | | 225,000 | | | | | | 265,945 | | |
Cook County Community College District No 527 Morton, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/15/32 | | | | | 495,000 | | | | | | 548,331 | | |
Cook County Community Unit School District No 401 Elmwood Park, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/20 | | | | | 250,000 | | | | | | 255,717 | | |
Cook County School District No 111 Burbank, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/34 | | | | | 1,165,000 | | | | | | 1,401,367 | | |
County of Union IL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/26 | | | | | 360,000 | | | | | | 409,334 | | |
Crawford Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/31 | | | | | 345,000 | | | | | | 380,128 | | |
4.000%, due 1/1/32 | | | | | 450,000 | | | | | | 494,622 | | |
4.000%, due 1/1/34 | | | | | 675,000 | | | | | | 730,674 | | |
Governors State University, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/23 | | | | | 385,000 | | | | | | 420,605 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Kane Cook & DuPage Counties School District No U-46 Elgin, General Obligation Bonds Series B Insured: AMBAC | | | | | | | | | | | | | |
1.150%, due 1/1/21(a) | | | | $ | 250,000 | | | | | $ | 248,087 | | |
La Salle & Bureau Counties Township High School District No 120 LaSalle-Peru, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 1,000,000 | | | | | | 1,109,220 | | |
Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/30 | | | | | 275,000 | | | | | | 320,015 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 160,000 | | | | | | 188,946 | | |
North Barrington Special Service Area No 19, Special Tax Insured: BAM | | | | | | | | | | | | �� | |
4.000%, due 2/1/36 | | | | | 435,000 | | | | | | 471,684 | | |
Northern Illinois University, Revenue Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/35 | | | | | 1,200,000 | | | | | | 1,224,528 | | |
Sales Tax Securitization Corp., Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/37 | | | | | 1,000,000 | | | | | | 1,110,090 | | |
Sangamon County School District No 186 Springfield, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/1/34 | | | | | 1,000,000 | | | | | | 1,216,560 | | |
State of Illinois, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
6.000%, due 11/1/26 | | | | | 500,000 | | | | | | 511,510 | | |
State of Illinois, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/15/35 | | | | | 750,000 | | | | | | 749,677 | | |
State of Illinois, Revenue Bonds Series C | | | | | | | | | | | | | |
4.000%, due 6/15/21 | | | | | 225,000 | | | | | | 225,891 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 475,000 | | | | | | 568,618 | | |
Village of Rosemont IL, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/27 | | | | | 325,000 | | | | | | 392,184 | | |
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/22 | | | | | 125,000 | | | | | | 130,969 | | |
Washington County Community Unit School Dist No 10 West Washington, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/15/25 | | | | | 750,000 | | | | | | 828,345 | | |
Western Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/32 | | | | | 1,000,000 | | | | | | 1,098,130 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Woodford Lasalle Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest, General Obligation Bonds Insured: MAC | | | | | | | | | | | | | |
4.000%, due 12/1/21 | | | | $ | 280,000 | | | | | $ | 290,363 | | |
| | | | | | | | | | | 16,184,460 | | |
Iowa — 0.4% | | ||||||||||||
Sioux Center Community School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 5/1/24 | | | | | 290,000 | | | | | | 332,146 | | |
Kansas — 0.3% | | ||||||||||||
Allen County Unified School District No 257, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 270,000 | | | | | | 304,079 | | |
Kentucky — 0.9% | | ||||||||||||
Kentucky Asset Liability Commission, Revenue Bonds Series B Insured: NATL | | | | | | | | | | | | | |
1.731%, due 11/1/25(b) | | | | | 130,000 | | | | | | 125,122 | | |
Kentucky Economic Development Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/37 | | | | | 500,000 | | | | | | 532,750 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 100,000 | | | | | | 105,969 | | |
| | | | | | | | | | | 763,841 | | |
Louisiana — 2.3% | | ||||||||||||
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 612,750 | | |
5.000%, due 12/1/32 | | | | | 125,000 | | | | | | 152,158 | | |
Greater Ouachita Water Co., Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/36 | | | | | 450,000 | | | | | | 502,969 | | |
Port New Orleans Board of Commissioners, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/36 | | | | | 610,000 | | | | | | 715,872 | | |
| | | | | | | | | | | 1,983,749 | | |
Maine — 0.4% | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 155,000 | | | | | | 177,545 | | |
5.000%, due 12/1/26 | | | | | 155,000 | | | | | | 180,119 | | |
| | | | | | | | | | | 357,664 | | |
Massachusetts — 0.7% | | ||||||||||||
Commonwealth of Massachusetts, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
1.751%, due 5/1/37(b) | | | | | 85,000 | | | | | | 81,761 | | |
Commonwealth of Massachusetts, General Obligation Bonds Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 8/1/28 | | | | | 415,000 | | | | | | 538,081 | | |
| | | | | | | | | | | 619,842 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Michigan — 3.3% | | ||||||||||||
City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds Series B Insured: NATL | | | | | | | | | | | | | |
5.500%, due 7/1/22 | | | | $ | 1,000,000 | | | | | $ | 1,086,360 | | |
Dearborn School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/1/31 | | | | | 555,000 | | | | | | 698,790 | | |
Grandville Public Schools, General Obligation Bonds Series I Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/37 | | | | | 245,000 | | | | | | 279,807 | | |
4.000%, due 5/1/40 | | | | | 200,000 | | | | | | 226,380 | | |
Leland Public School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/37 | | | | | 590,000 | | | | | | 658,711 | | |
| | | | | | | | | | | 2,950,048 | | |
Minnesota — 0.3% | | ||||||||||||
Southern Minnesota Municipal Power Agency, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
1.970%, due 1/1/27(a) | | | | | 345,000 | | | | | | 302,758 | | |
Mississippi — 0.6% | | ||||||||||||
Mississippi Development Bank, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.250%, due 10/1/38 | | | | | 460,000 | | | | | | 556,094 | | |
Missouri — 0.5% | | ||||||||||||
St Louis Municipal Library District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/15/32 | | | | | 410,000 | | | | | | 471,143 | | |
Nevada — 0.4% | | ||||||||||||
City of Reno NV, Revenue Bonds Series A-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/32 | | | | | 265,000 | | | | | | 312,006 | | |
New Jersey — 4.1% | | ||||||||||||
City of Atlantic City NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/26 | | | | | 85,000 | | | | | | 88,159 | | |
Gloucester County Improvement Authority (The), Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 265,000 | | | | | | 297,190 | | |
Long Branch Board of Education, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/15/29 | | | | | 265,000 | | | | | | 328,091 | | |
New Jersey Economic Development Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | | 150,000 | | | | | | 141,888 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
2.140%, due 12/15/24(a) | | | | | 190,000 | | | | | | 172,206 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR MBIA | | | | | | | | | | | | | |
2.450%, due 12/15/27(a) | | | | | 500,000 | | | | | | 415,325 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series B Insured: NATL | | | | | | | | | | | | | |
5.500%, due 12/15/20 | | | | | 335,000 | | | | | | 339,429 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 12/15/23 | | | | $ | 145,000 | | | | | $ | 151,022 | | |
Passaic Valley Sewerage Commission, Revenue Bonds Series F Insured: NATL | | | | | | | | | | | | | |
2.500%, due 12/1/32 | | | | | 915,000 | | | | | | 914,488 | | |
South Jersey Transportation Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/30 | | | | | 700,000 | | | | | | 788,907 | | |
| | | | | | | | | | | 3,636,705 | | |
New York — 7.2% | | ||||||||||||
City of Long Beach NY, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/15/21 | | | | | 425,000 | | | | | | 436,717 | | |
City of Plattsburgh NY, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/27 | | | | | 345,000 | | | | | | 392,510 | | |
County of Suffolk NY, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
2.000%, due 8/1/20 | | | | | 150,000 | | | | | | 150,396 | | |
5.000%, due 10/15/20 | | | | | 350,000 | | | | | | 356,388 | | |
5.000%, due 10/15/28 | | | | | 500,000 | | | | | | 613,375 | | |
County of Suffolk NY, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/1/23 | | | | | 460,000 | | | | | | 504,473 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 502,055 | | |
Metropolitan Transportation Authority, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/49 | | | | | 1,000,000 | | | | | | 987,970 | | |
Niagara Falls City School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/26 | | | | | 200,000 | | | | | | 217,994 | | |
Oneida County Local Development Corp., Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/44 | | | | | 250,000 | | | | | | 227,157 | | |
4.000%, due 12/1/38 | | | | | 250,000 | | | | | | 269,842 | | |
Town of Oyster Bay NY, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/15/26 | | | | | 65,000 | | | | | | 71,705 | | |
4.000%, due 2/15/27 | | | | | 55,000 | | | | | | 61,359 | | |
4.000%, due 2/15/28 | | | | | 55,000 | | | | | | 61,954 | | |
Town of Oyster Bay NY, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
3.000%, due 2/1/24 | | | | | 1,190,000 | | | | | | 1,228,735 | | |
Village of Freeport NY, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/1/20 | | | | | 260,000 | | | | | | 260,000 | | |
| | | | | | | | | | | 6,342,630 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
North Carolina — 1.1% | | ||||||||||||
County of Pasquotank NC, Certificates of Participation Insured: NATL | | | | | | | | | | | | | |
5.250%, due 6/1/20 | | | | $ | 375,000 | | | | | $ | 376,219 | | |
North Carolina Turnpike Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 1/1/32 | | | | | 525,000 | | | | | | 619,001 | | |
| | | | | | | | | | | 995,220 | | |
North Dakota — 1.2% | | ||||||||||||
State Board of Higher Education of the State of North Dakota, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 4/1/44 | | | | | 670,000 | | | | | | 737,228 | | |
5.000%, due 4/1/21 | | | | | 335,000 | | | | | | 346,896 | | |
| | | | | | | | | | | 1,084,124 | | |
Ohio — 2.2% | | ||||||||||||
Cleveland Department of Public Utilities Division of Public Power, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/37 | | | | | 375,000 | | | | | | 411,225 | | |
Conotton Valley Union Local School District, Certificates of Participation Insured: MAC | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | | 315,000 | | | | | | 340,880 | | |
County of Cuyahoga OH, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/15/28 | | | | | 500,000 | | | | | | 540,160 | | |
Euclid City School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/29 | | | | | 170,000 | | | | | | 188,862 | | |
4.000%, due 12/1/39 | | | | | 400,000 | | | | | | 427,708 | | |
| | | | | | | | | | | 1,908,835 | | |
Oregon — 0.5% | | ||||||||||||
City of Seaside OR Transient Lodging Tax Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/15/37 | | | | | 400,000 | | | | | | 479,856 | | |
Pennsylvania — 8.0% | | ||||||||||||
Brownsville Area School District, General Obligation Bonds Insured: MAC | | | | | | | | | | | | | |
4.000%, due 11/15/25 | | | | | 415,000 | | | | | | 460,633 | | |
City of Lebanon Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/15/30 | | | | | 370,000 | | | | | | 410,030 | | |
Coatesville Area School District Building Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/22 | | | | | 400,000 | | | | | | 435,140 | | |
County of Cambria PA, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/32 | | | | | 250,000 | | | | | | 274,932 | | |
Erie Sewer Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 460,000 | | | | | | 556,103 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
1.560%, due 7/1/27(b) | | | | | 210,000 | | | | | | 207,812 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
Pennsylvania Turnpike Commission, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
6.250%, due 6/1/33 | | | | $ | 750,000 | | | | | $ | 935,715 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/35 | | | | | 700,000 | | | | | | 785,841 | | |
School District of Philadelphia (The), General Obligation Bonds Insured: BHAC-CR FGIC | | | | | | | | | | | | | |
5.000%, due 6/1/34 | | | | | 100,000 | | | | | | 128,985 | | |
State Public School Building Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/21 | | | | | 375,000 | | | | | | 390,049 | | |
State Public School Building Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/15/21 | | | | | 875,000 | | | | | | 920,815 | | |
Vanport Township Municipal Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/21 | | | | | 145,000 | | | | | | 149,627 | | |
Warrior Run School District/Montour Northumberland Union County PA, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/30 | | | | | 395,000 | | | | | | 432,900 | | |
4.000%, due 9/1/31 | | | | | 415,000 | | | | | | 453,085 | | |
4.000%, due 9/1/32 | | | | | 435,000 | | | | | | 472,867 | | |
| | | | | | | | | | | 7,014,534 | | |
Puerto Rico — 1.3% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 7/1/20 | | | | | 500,000 | | | | | | 501,730 | | |
Commonwealth of Puerto Rico, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/35 | | | | | 480,000 | | | | | | 484,023 | | |
Commonwealth of Puerto Rico, General Obligation Bonds Series A-4 Insured: AGM | | | | | | | | | | | | | |
5.250%, due 7/1/30 | | | | | 100,000 | | | | | | 100,797 | | |
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 25,060 | | |
| | | | | | | | | | | 1,111,610 | | |
Rhode Island — 3.0% | | ||||||||||||
City of Cranston RI, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/29 | | | | | 110,000 | | | | | | 130,829 | | |
Providence Public Building Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/15/35 | | | | | 1,085,000 | | | | | | 1,188,889 | | |
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/36 | | | | | 660,000 | | | | | | 780,602 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Rhode Island (continued) | | ||||||||||||
Rhode Island Health & Educational Building Corp., Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/36 | | | | $ | 390,000 | | | | | $ | 438,091 | | |
5.000%, due 5/15/29 | | | | | 110,000 | | | | | | 132,188 | | |
| | | | | | | | | | | 2,670,599 | | |
Texas — 5.5% | | ||||||||||||
City of Arlington TX Special Tax Revenue, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/38 | | | | | 700,000 | | | | | | 790,937 | | |
City of Arlington TX Special Tax Revenue, Special Tax Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/15/33 | | | | | 490,000 | | | | | | 554,499 | | |
County of La Salle TX, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 3/1/27 | | | | | 500,000 | | | | | | 611,685 | | |
Galveston County Municipal Utility District No 56, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/24 | | | | | 400,000 | | | | | | 441,064 | | |
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/34 | | | | | 325,000 | | | | | | 361,485 | | |
La Joya Independent School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/38 | | | | | 500,000 | | | | | | 538,510 | | |
Lazy Nine Municipal Utility District No 1B, General Obligation Bonds Series 1B Insured: MAC | | | | | | | | | | | | | |
3.000%, due 9/1/21 | | | | | 180,000 | | | | | | 183,884 | | |
3.000%, due 9/1/22 | | | | | 180,000 | | | | | | 186,536 | | |
Matagorda County Navigation District No 1, Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
5.125%, due 11/1/28 | | | | | 525,000 | | | | | | 625,254 | | |
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds Series B-1 Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/30 | | | | | 155,000 | | | | | | 165,371 | | |
Weatherford Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
2.330%, due 2/15/34(a) | | | | | 500,000 | | | | | | 354,510 | | |
| | | | | | | | | | | 4,813,735 | | |
Utah — 0.9% | | ||||||||||||
Grand County School District Local Building Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/15/28 | | | | | 465,000 | | | | | | 548,058 | | |
Utah Transit Authority, Revenue Bonds Series A Insured: BHAC-CR MBIA | | | | | | | | | | | | | |
5.000%, due 6/15/35 | | | | | 215,000 | | | | | | 281,306 | | |
| | | | | | | | | | | 829,364 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Washington — 1.5% | | ||||||||||||
Bellevue Convention Center Authority, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
1.970%, due 2/1/22(a) | | | | $ | 530,000 | | | | | $ | 512,049 | | |
Klickitat County Public Utility District No 1, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 750,000 | | | | | | 832,582 | | |
| | | | | | | | | | | 1,344,631 | | |
Wisconsin — 2.0% | | ||||||||||||
City of Racine WI Waterworks System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/30 | | | | | 500,000 | | | | | | 615,945 | | |
Public Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/40 | | | | | 300,000 | | | | | | 312,999 | | |
4.000%, due 7/1/45 | | | | | 800,000 | | | | | | 825,664 | | |
| | | | | | | | | | | 1,754,608 | | |
Total Municipal Bonds | | | | | | | | | | | | | |
(Cost $87,697,072) | | | | | | | | | | | 86,806,355 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 1.4% | | ||||||||||||
Money Market Fund — 1.4% | | ||||||||||||
Fidelity Investments Money Market Treasury Only Class I, 0.20%(c) | | | | | | | | | | | | | |
(Cost $1,212,188) | | | | | 1,212,188 | | | | | | 1,212,188 | | |
Total Investments — 100.0% | | | | | | | | | | | | | |
(Cost $88,909,260) | | | | | | | | | | | 88,018,543 | | |
Other Assets and Liabilities, Net — 0.0%(d) | | | | | | | | | | | 16,811 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 88,035,354 | | |
| AGC | | | – | | | Assured Guaranty Corp. | |
| AGM | | | – | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | – | | | Ambac Assurance Corp. | |
| BAM | | | – | | | Build America Mutual Assurance Co. | |
| BHAC-CR | | | – | | | Berkshire Hathaway Assurance Corp. Custodial Receipts | |
| FGIC | | | – | | | Financial Guaranty Insurance Co. | |
| MAC | | | – | | | Municipal Assurance Corp. | |
| NATL | | | – | | | National Public Finance Guarantee Corp. | |
| PSF-GTD | | | – | | | Permanent School Fund Guaranteed | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 86,806,355 | | | | | $ | — | | | | | $ | 86,806,355 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 1,212,188 | | | | | | — | | | | | | — | | | | | | 1,212,188 | | |
Total Investments in Securities | | | | $ | 1,212,188 | | | | | $ | 86,806,355 | | | | | $ | — | | | | | $ | 88,018,543 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 98.1% | | ||||||||||||
Alaska — 1.0% | | ||||||||||||
Alaska Industrial Development & Export Authority, Revenue Bonds | | | | | | | | | | | | | |
3.500%, due 12/1/20 | | | | $ | 500,000 | | | | | $ | 500,715 | | |
Arizona — 4.9% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/1/31 | | | | | 550,000 | | | | | | 665,731 | | |
Arizona Industrial Development Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/31 | | | | | 300,000 | | | | | | 354,432 | | |
5.000%, due 6/1/32 | | | | | 325,000 | | | | | | 380,195 | | |
City of Phoenix Civic Improvement Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/34 | | | | | 500,000 | | | | | | 560,765 | | |
Maricopa County Industrial Development Authority, Revenue Bonds Series C | | | | | | | | | | | | | |
5.000%, due 7/1/37 | | | | | 300,000 | | | | | | 339,828 | | |
Maricopa County Unified School District No 60 Higley, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/20 | | | | | 250,000 | | | | | | 251,260 | | |
| | | | | | | | | | | 2,552,211 | | |
Arkansas — 0.9% | | ||||||||||||
University of Central Arkansas, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/34 | | | | | 400,000 | | | | | | 443,932 | | |
California — 10.3% | | ||||||||||||
Benicia Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
1.310%, due 8/1/23(a) | | | | | 300,000 | | | | | | 287,475 | | |
California Municipal Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/31 | | | | | 400,000 | | | | | | 437,292 | | |
City of Oxnard CA Water System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/35 | | | | | 600,000 | | | | | | 703,266 | | |
Hayward Unified School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/34 | | | | | 250,000 | | | | | | 303,147 | | |
Imperial Community College District, General Obligation Bonds Insured: AGC | | | | | | | | | | | | | |
3.240%, due 8/1/37(a) | | | | | 400,000 | | | | | | 229,684 | | |
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
2.310%, due 8/1/31(a) | | | | | 150,000 | | | | | | 109,314 | | |
2.520%, due 8/1/33(a) | | | | | 35,000 | | | | | | 23,063 | | |
Lake Elsinore School Financing Authority, Special Tax Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/33 | | | | | 250,000 | | | | | | 311,145 | | |
Paramount Unified School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
2.490%, due 8/1/33(a) | | | | | 640,000 | | | | | | 442,963 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/25 | | | | $ | 500,000 | | | | | $ | 590,465 | | |
Rocklin Unified School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
1.300%, due 8/1/23(a) | | | | | 135,000 | | | | | | 129,404 | | |
Roseville Natural Gas Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/15/24 | | | | | 560,000 | | | | | | 615,216 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
1.760%, due 7/1/24(a) | | | | | 305,000 | | | | | | 283,501 | | |
State of California, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 500,000 | | | | | | 553,065 | | |
West Sacramento Financing Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/31 | | | | | 250,000 | | | | | | 282,910 | | |
Westminster School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
1.620%, due 8/1/48(a) | | | | | 100,000 | | | | | | 16,987 | | |
| | | | | | | | | | | 5,318,897 | | |
Colorado — 1.8% | | ||||||||||||
Colorado Health Facilities Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
5.000%, due 8/1/34 | | | | | 75,000 | | | | | | 83,072 | | |
5.000%, due 8/1/35 | | | | | 105,000 | | | | | | 115,760 | | |
Colorado Health Facilities Authority, Revenue Bonds Series A-2 | | | | | | | | | | | | | |
5.000%, due 8/1/32 | | | | | 110,000 | | | | | | 122,962 | | |
5.000%, due 8/1/33 | | | | | 90,000 | | | | | | 100,037 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 497,246 | | |
| | | | | | | | | | | 919,077 | | |
Connecticut — 3.8% | | ||||||||||||
City of Bridgeport CT, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/1/33 | | | | | 600,000 | | | | | | 696,468 | | |
City of Hartford CT, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/30 | | | | | 100,000 | | | | | | 107,802 | | |
City of New Britain CT, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/30 | | | | | 600,000 | | | | | | 749,964 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series I-1 | | | | | | | | | | | | | |
5.000%, due 7/1/33 | | | | | 350,000 | | | | | | 387,685 | | |
| | | | | | | | | | | 1,941,919 | | |
Delaware — 0.5% | | ||||||||||||
Delaware State Health Facilities Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/20 | | | | | 265,000 | | | | | | 266,789 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Florida — 2.5% | | ||||||||||||
Halifax Hospital Medical Center, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/20 | | | | $ | 765,000 | | | | | $ | 767,226 | | |
State of Florida, General Obligation Bonds Series C | | | | | | | | | | | | | |
4.000%, due 6/1/30 | | | | | 500,000 | | | | | | 525,240 | | |
| | | | | | | | | | | 1,292,466 | | |
Georgia — 1.0% | | ||||||||||||
Municipal Electric Authority of Georgia, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 1/1/38 | | | | | 500,000 | | | | | | 538,865 | | |
Guam — 1.0% | | ||||||||||||
Guam Government Waterworks Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 7/1/33 | | | | | 500,000 | | | | | | 510,770 | | |
Idaho — 1.0% | | ||||||||||||
Idaho Health Facilities Authority, Revenue Bonds | | | | | | | | | | | | | |
1.050%, due 12/1/48(b) | | | | | 500,000 | | | | | | 500,000 | | |
Illinois — 15.6% | | ||||||||||||
City of Chicago IL Waterworks Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 11/1/34 | | | | | 230,000 | | | | | | 271,855 | | |
Cook County Community Unit School District No 401 Elmwood Park, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/20 | | | | | 250,000 | | | | | | 255,717 | | |
Governors State University, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/20 | | | | | 250,000 | | | | | | 251,433 | | |
Kane Cook & DuPage Counties School District No U-46 Elgin, General Obligation Bonds Series B Insured: AMBAC | | | | | | | | | | | | | |
1.150%, due 1/1/21(a) | | | | | 250,000 | | | | | | 248,088 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 320,000 | | | | | | 377,891 | | |
Metropolitan Pier & Exposition Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/50 | | | | | 500,000 | | | | | | 502,260 | | |
Sales Tax Securitization Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 1/1/29 | | | | | 500,000 | | | | | | 570,105 | | |
Sangamon County School District No 186 Springfield, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/29 | | | | | 500,000 | | | | | | 619,490 | | |
Southwestern Illinois Development Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 4/15/33 | | | | | 250,000 | | | | | | 285,020 | | |
State of Illinois, Revenue Bonds | | | | | | | | | | | | | |
4.500%, due 6/15/36 | | | | | 500,000 | | | | | | 462,610 | | |
State of Illinois, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.125%, due 4/1/33 | | | | | 550,000 | | | | | | 553,355 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
State of Illinois, General Obligation Bonds Series D | | | | | | | | | | | | | |
5.000%, due 11/1/28 | | | | $ | 750,000 | | | | | $ | 723,840 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 230,000 | | | | | | 251,243 | | |
5.000%, due 1/1/30 | | | | | 450,000 | | | | | | 538,690 | | |
Upper Illinois River Valley Development Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 12/1/38 | | | | | 425,000 | | | | | | 476,723 | | |
Village of Matteson IL, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/29 | | | | | 465,000 | | | | | | 552,434 | | |
Village of Mundelein IL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/15/39 | | | | | 100,000 | | | | | | 108,883 | | |
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/23 | | | | | 135,000 | | | | | | 140,355 | | |
Will County School District No 114 Manhattan, General Obligation Bonds Insured: MAC | | | | | | | | | | | | | |
3.500%, due 1/1/26 | | | | | 840,000 | | | | | | 887,040 | | |
| | | | | | | | | | | 8,077,032 | | |
Indiana — 0.5% | | ||||||||||||
MSD of Wash Township School Building Corp., Revenue Bonds Insured: ST INTERCEPT | | | | | | | | | | | | | |
5.000%, due 7/15/35 | | | | | 225,000 | | | | | | 275,753 | | |
Kentucky — 1.2% | | ||||||||||||
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 75,000 | | | | | | 79,477 | | |
Louisville/Jefferson County Metropolitan Government, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/32 | | | | | 500,000 | | | | | | 559,420 | | |
| | | | | | | | | | | 638,897 | | |
Louisiana — 2.7% | | ||||||||||||
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 100,000 | | | | | | 122,550 | | |
Port New Orleans Board of Commissioners, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/36 | | | | | 620,000 | | | | | | 727,607 | | |
State of Louisiana, General Obligation Bonds Series D-1 | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | | 500,000 | | | | | | 536,575 | | |
| | | | | | | | | | | 1,386,732 | | |
Maine — 0.7% | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 155,000 | | | | | | 177,545 | | |
5.000%, due 12/1/26 | | | | | 155,000 | | | | | | 180,119 | | |
| | | | | | | | | | | 357,664 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Maryland — 2.0% | | ||||||||||||
Maryland Community Development Administration, Revenue Bonds Series C | | | | | | | | | | | | | |
3.500%, due 3/1/50 | | | | $ | 500,000 | | | | | $ | 522,195 | | |
Montgomery County Housing Opportunities Commission, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/49 | | | | | 490,000 | | | | | | 524,854 | | |
| | | | | | | | | | | 1,047,049 | | |
Michigan — 1.5% | | ||||||||||||
Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 400,000 | | | | | | 489,020 | | |
Michigan Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 2/15/34 | | | | | 235,000 | | | | | | 277,312 | | |
| | | | | | | | | | | 766,332 | | |
Minnesota — 0.7% | | ||||||||||||
Duluth Independent School District No 709, Certificates of Participation Series B | | | | | | | | | | | | | |
5.000%, due 2/1/23 | | | | | 350,000 | | | | | | 383,838 | | |
Missouri — 1.0% | | ||||||||||||
Missouri Public Utilities Commission, Revenue Notes Series 2019 | | | | | | | | | | | | | |
1.500%, due 3/1/21 | | | | | 500,000 | | | | | | 500,580 | | |
Montana — 0.8% | | ||||||||||||
Montana Facility Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/24 | | | | | 375,000 | | | | | | 417,555 | | |
Nebraska — 1.3% | | ||||||||||||
Central Plains Energy Project, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 3/1/50(b) | | | | | 600,000 | | | | | | 647,190 | | |
Nevada — 1.0% | | ||||||||||||
Nevada Housing Division, Revenue Bonds Series B Insured: GNMA/FNMA/FHLMC | | | | | | | | | | | | | |
4.000%, due 10/1/49 | | | | | 495,000 | | | | | | 529,922 | | |
New Hampshire — 1.4% | | ||||||||||||
New Hampshire Business Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 4/1/30 | | | | | 675,000 | | | | | | 714,130 | | |
New Jersey — 8.3% | | ||||||||||||
Buena Regional School District, General Obligation Bonds Insured: MAC | | | | | | | | | | | | | |
4.000%, due 8/1/31 | | | | | 135,000 | | | | | | 149,708 | | |
City of Atlantic City NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/25 | | | | | 500,000 | | | | | | 519,030 | | |
4.000%, due 11/1/26 | | | | | 35,000 | | | | | | 36,301 | | |
New Jersey Educational Facilities Authority, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 470,000 | | | | | | 531,979 | | |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/20 | | | | | 500,000 | | | | | | 503,375 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds Series E Insured: HUD | | | | | | | | | | | | | |
1.500%, due 9/1/22(b) | | | | $ | 500,000 | | | | | $ | 501,135 | | |
New Jersey Turnpike Authority, Revenue Bonds Series D-1 | | | | | | | | | | | | | |
1.390%, due 1/1/24(b) | | | | | 1,000,000 | | | | | | 966,360 | | |
South Jersey Port Corp., Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 1/1/31 | | | | | 500,000 | | | | | | 509,705 | | |
State of New Jersey, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/39 | | | | | 500,000 | | | | | | 576,575 | | |
| | | | | | | | | | | 4,294,168 | | |
New Mexico — 1.0% | | ||||||||||||
New Mexico Mortgage Finance Authority, Revenue Bonds Series D Insured: GNMA/FNMA/FHLMC | | | | | | | | | | | | | |
3.750%, due 1/1/50 | | | | | 495,000 | | | | | | 524,754 | | |
New York — 5.4% | | ||||||||||||
City of Plattsburgh NY, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/26 | | | | | 495,000 | | | | | | 595,371 | | |
County of Suffolk NY, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/1/23 | | | | | 460,000 | | | | | | 504,473 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A1 | | | | | | | | | | | | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 502,055 | | |
Monroe County Industrial Development Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/1/24 | | | | | 500,000 | | | | | | 567,435 | | |
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds Series S-3 | | | | | | | | | | | | | |
5.000%, due 7/15/33 | | | | | 150,000 | | | | | | 178,245 | | |
New York Liberty Development Corp., Revenue Bonds Class 1 | | | | | | | | | | | | | |
2.450%, due 9/15/69 | | | | | 500,000 | | | | | | 467,495 | | |
| | | | | | | | | | | 2,815,074 | | |
North Carolina — 1.0% | | ||||||||||||
North Carolina Housing Finance Agency, Revenue Bonds Series 42 Insured: GNMA/FNMA | | | | | | | | | | | | | |
4.000%, due 1/1/50 | | | | | 500,000 | | | | | | 535,620 | | |
Oklahoma — 1.0% | | ||||||||||||
Oklahoma Housing Finance Agency, Revenue Bonds Series A Insured: GNMA/FNMA/FHLMC | | | | | | | | | | | | | |
4.000%, due 9/1/49 | | | | | 490,000 | | | | | | 524,868 | | |
Pennsylvania — 6.8% | | ||||||||||||
City of Erie PA, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
2.870%, due 11/15/37(a) | | | | | 750,000 | | | | | | 424,748 | | |
City of Lebanon Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/15/29 | | | | | 420,000 | | | | | | 472,454 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
Coatesville Area School District Building Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/21 | | | | $ | 310,000 | | | | | $ | 327,422 | | |
County of Beaver PA, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/15/25 | | | | | 300,000 | | | | | | 338,982 | | |
County of Cambria PA, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/32 | | | | | 250,000 | | | | | | 274,932 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
1.560%, due 7/1/27(b) | | | | | 205,000 | | | | | | 202,864 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/32 | | | | | 550,000 | | | | | | 686,356 | | |
Spring Cove School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/22 | | | | | 500,000 | | | | | | 533,825 | | |
Warrior Run School District/Montour Northumberland Union County PA, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/36 | | | | | 255,000 | | | | | | 274,298 | | |
| | | | | | | | | | | 3,535,881 | | |
Puerto Rico — 1.1% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/35 | | | | | 470,000 | | | | | | 473,938 | | |
Puerto Rico Convention Center District Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
4.500%, due 7/1/36 | | | | | 60,000 | | | | | | 58,762 | | |
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 25,060 | | |
| | | | | | | | | | | 557,760 | | |
Rhode Island — 1.7% | | ||||||||||||
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/32 | | | | | 250,000 | | | | | | 303,713 | | |
Rhode Island Health & Educational Building Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/25 | | | | | 500,000 | | | | | | 552,575 | | |
| | | | | | | | | | | 856,288 | | |
South Carolina — 1.3% | | ||||||||||||
Edgefield County School District, General Obligation Bonds Series A Insured: SCSDE | | | | | | | | | | | | | |
4.000%, due 3/1/31 | | | | | 500,000 | | | | | | 588,520 | | |
South Carolina Public Service Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 12/1/36 | | | | | 100,000 | | | | | | 107,865 | | |
| | | | | | | | | | | 696,385 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas — 6.4% | | ||||||||||||
Argyle Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 8/15/25 | | | | $ | 200,000 | | | | | $ | 230,684 | | |
City of Arlington TX Special Tax Revenue, Special Tax Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/15/31 | | | | | 415,000 | | | | | | 475,470 | | |
City of Houston TX Hotel Occupancy Tax & Special Revenue, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
1.760%, due 9/1/22(a) | | | | | 140,000 | | | | | | 134,390 | | |
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 2/1/34 | | | | | 250,000 | | | | | | 273,343 | | |
Fort Bend County Municipal Utility District No 215, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/24 | | | | | 125,000 | | | | | | 137,896 | | |
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 350,000 | | | | | | 393,312 | | |
4.000%, due 9/1/33 | | | | | 370,000 | | | | | | 413,442 | | |
Lancaster Independent School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/15/26 | | | | | 250,000 | | | | | | 290,055 | | |
Uptown Development Authority, Tax Allocation Series A | | | | | | | | | | | | | |
5.000%, due 9/1/35 | | | | | 500,000 | | | | | | 550,660 | | |
Weatherford Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
2.120%, due 2/15/32(a) | | | | | 540,000 | | | | | | 413,370 | | |
| | | | | | | | | | | 3,312,622 | | |
Utah — 2.3% | | ||||||||||||
Utah Associated Municipal Power Systems, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 9/1/31 | | | | | 500,000 | | | | | | 607,935 | | |
Utah Infrastructure Agency, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/15/20 | | | | | 580,000 | | | | | | 589,164 | | |
| | | | | | | | | | | 1,197,099 | | |
Washington — 2.1% | | ||||||||||||
Spokane Public Facilities District, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 535,000 | | | | | | 571,364 | | |
Washington State Convention Center Public Facilities District, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/37 | | | | | 500,000 | | | | | | 516,195 | | |
| | | | | | | | | | | 1,087,559 | | |
Wisconsin — 0.6% | | ||||||||||||
City of Racine WI Waterworks System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/30 | | | | | 230,000 | | | | | | 283,335 | | |
Total Municipal Bonds | | | | ||||||||||
(Cost $50,803,137) | | | | | | | | | | | 50,749,728 | | |
|
| | | Shares | | | Value | | ||||||
Short-Term Investment — 2.6% | | ||||||||||||
Money Market Fund — 2.6% | | ||||||||||||
Fidelity Investments Money Market Treasury Only Class I, 0.20%(c) | | | | | | | | | | | | | |
(Cost $1,359,128) | | | | | 1,359,128 | | | | | $ | 1,359,128 | | |
Total Investments — 100.7% | | | | | | | | | | | | | |
(Cost $52,162,265) | | | | | | | | | | | 52,108,856 | | |
Other Assets and Liabilities, Net — (0.7)% | | | | | | | | | | | (400,628) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 51,708,228 | | |
| AGC | | | – | | | Assured Guaranty Corp. | |
| AGM | | | – | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | – | | | Ambac Assurance Corp. | |
| BAM | | | – | | | Build America Mutual Assurance Co. | |
| FHLMC | | | – | | | Federal Home Loan Mortgage Corp. | |
| FNMA | | | – | | | Federal National Mortgage Association | |
| GNMA | | | – | | | Government National Mortgage Association | |
| HUD | | | – | | | Housing and Urban Development Section 8 | |
| MAC | | | – | | | Municipal Assurance Corp. | |
| NATL | | | – | | | National Public Finance Guarantee Corp. | |
| PSF-GTD | | | – | | | Permanent School Fund Guaranteed | |
| SCSDE | | | – | | | South Carolina Department of Education | |
| ST INTERCEPT | | | – | | | State Tax Intercept | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 50,749,728 | | | | | $ | — | | | | | $ | 50,749,728 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 1,359,128 | | | | | | — | | | | | | — | | | | | | 1,359,128 | | |
Total Investments in Securities | | | | $ | 1,359,128 | | | | | $ | 50,749,728 | | | | | $ | — | | | | | $ | 52,108,856 | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds 81.9% | | ||||||||||||
Collateralized Mortgage Obligations — 2.7% | | ||||||||||||
Mortgage Securities — 2.7% | | | | | | | | | | | | | |
COLT Mortgage Loan Trust | | | | ||||||||||
Series 2019-4 A1, 2.579%, due 11/25/49‡(a) | | | | $ | 191,080 | | | | | $ | 188,772 | | |
Federal Home Loan Mortgage Corporation | | | | | | | | | | | | | |
Series 4754 FM, 1.114%, due 2/15/48(a) | | | | | 445,329 | | | | | | 441,157 | | |
Federal National Mortgage Association | | | | | | | | | | | | | |
Series 2011-144 PF, 0.937%, due 10/25/39(a) | | | | | 935,011 | | | | | | 934,186 | | |
Series 2012-17 GF, 0.937%, due 7/25/40(a) | | | | | 1,023,464 | | | | | | 1,022,650 | | |
Series 2013-125 BF, 0.887%, due 10/25/41(a) | | | | | 1,467,617 | | | | | | 1,464,319 | | |
| | | | | | | | | | | 4,051,084 | | |
Total Collateralized Mortgage Obligations (Cost $4,056,707) | | | | | | | | | | | 4,051,084 | | |
Commercial Asset-Backed Securities — 9.0% | | ||||||||||||
Asset Backed Securities — 9.0% | | ||||||||||||
Apidos CLO, (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-20A A1RA, 2.276%, due 7/16/31‡(a) | | | | | 300,000 | | | | | | 287,581 | | |
Bain Capital Credit CLO, (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-1A A1, 2.385%, due 7/20/30‡(a) | | | | | 1,000,000 | | | | | | 964,991 | | |
Bain Capital Credit CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2016-2A BR, 3.019%, due 1/15/29‡(a) | | | | | 250,000 | | | | | | 237,600 | | |
Benefit Street Partners CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2014-IVA A1RR, 2.385%, due 1/20/29‡(a) | | | | | 250,000 | | | | | | 245,041 | | |
Series 2015-VIA A1R, 2.375%, due 10/18/29‡(a) | | | | | 1,000,000 | | | | | | 966,405 | | |
DB Master Finance LLC | | | | | | | | | | | | | |
Series 2017-1A A2I, 3.629%, due 11/20/47‡ | | | | | 391,000 | | | | | | 387,524 | | |
Dell Equipment Finance Trust | | | | | | | | | | | | | |
Series 2020-1 A2, 2.260%, due 6/22/22‡ | | | | | 400,000 | | | | | | 399,920 | | |
Discover Card Execution Note Trust | | | | | | | | | | | | | |
Series 2019-A1 A1, 3.040%, due 7/15/24 | | | | | 903,000 | | | | | | 938,481 | | |
ELFI Graduate Loan Program LLC | | | | | | | | | | | | | |
Series 2019-A A, 2.540%, due 3/25/44‡ | | | | | 205,619 | | | | | | 209,746 | | |
Ford Credit Auto Owner Trust | | | | | | | | | | | | | |
Series 2017-2 A, 2.360%, due 3/15/29‡ | | | | | 1,000,000 | | | | | | 1,001,985 | | |
Ford Credit Floorplan Master Owner Trust | | | | | | | | | | | | | |
Series 2017-2 A1, 2.160%, due 9/15/22 | | | | | 750,000 | | | | | | 744,601 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Series 2019-3 A2, 1.414%, due 9/15/24(a) | | | | $ | 446,000 | | | | | $ | 423,895 | | |
HPS Loan Management Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-16 A2R, 2.885%, due 1/20/28‡(a) | | | | | 250,000 | | | | | | 233,675 | | |
Magnetite Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2012-7A A1R2, 2.019%, due 1/15/28‡(a) | | | | | 1,400,000 | | | | | | 1,358,197 | | |
Neuberger Berman CLO, (Cayman Islands) | | | | | | | | | | | | | |
Series 2013-15A BR, 2.869%, due 10/15/29‡(a) | | | | | 400,000 | | | | | | 377,029 | | |
Nissan Master Owner Trust Receivables | | | | | | | | | | | | | |
Series 2019-B A, 1.244%, due 11/15/23(a) | | | | | 310,000 | | | | | | 301,636 | | |
Octagon Investment Partners 30 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-1A A2, 2.835%, due 3/17/30‡(a) | | | | | 250,000 | | | | | | 238,712 | | |
Palmer Square CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-2A A1R2, 2.235%, due 7/20/30‡(a) | | | | | 1,400,000 | | | | | | 1,351,691 | | |
Palmer Square Loan Funding Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-3A A2, 3.295%, due 8/20/27‡(a) | | | | | 300,000 | | | | | | 289,258 | | |
Regatta Funding Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2016-1A BR, 2.585%, due 7/20/28‡(a) | | | | | 500,000 | | | | | | 475,341 | | |
Shackleton CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-15A B, 3.903%, due 1/15/30‡(a) | | | | | 500,000 | | | | | | 476,693 | | |
TICP CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-10A A, 2.135%, due 4/20/31‡(a) | | | | | 300,000 | | | | | | 285,977 | | |
Series 2019-13A A, 2.519%, due 7/15/32‡(a) | | | | | 1,000,000 | | | | | | 970,908 | | |
TRESTLES CLO II Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-2A A2, 2.661%, due 7/25/31‡(a) | | | | | 275,000 | | | | | | 258,887 | | |
| | | | | | | | | | | 13,425,774 | | |
Total Commercial Asset-Backed Securities | | | | | | | | | | | | | |
(Cost $13,607,929) | | | | | | | | | | | 13,425,774 | | |
Commercial Mortgage-Backed Securities — 1.1% | | ||||||||||||
Mortgage Securities — 1.1% | | ||||||||||||
BX Commercial Mortgage Trust | | | | | | | | | | | | | |
Series 2019-IMC A, 1.814%, due 4/15/34‡(a) | | | | | 391,682 | | | | | | 356,001 | | |
Series 2019-XL A, 1.734%, due 10/15/36‡(a) | | | | | 812,090 | | | | | | 791,671 | | |
CAMB Commercial Mortgage Trust | | | | | | | | | | | | | |
Series 2019-LIFE A, 1.884%, due 12/15/37‡(a) | | | | | 500,000 | | | | | | 481,402 | | |
| | | | | | | | | | | 1,629,074 | | |
|
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Total Commercial Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $1,705,658) | | | | | | | | | | $ | 1,629,074 | | |
Corporate Bonds — 56.6% | | ||||||||||||
Basic Materials — 1.9% | | ||||||||||||
Air Products and Chemicals, Inc. | | | | | | | | | | | | | |
1.500%, due 10/15/25 | | | | $ | 200,000 | | | | | | 200,956 | | |
Albemarle Corp. | | | | | | | | | | | | | |
2.742%, due 11/15/22‡(a) | | | | | 450,000 | | | | | | 433,654 | | |
DuPont de Nemours, Inc. | | | | | | | | | | | | | |
2.169%, due 5/1/23 | | | | | 950,000 | | | | | | 956,537 | | |
Sherwin-Williams Co. (The) | | | | | | | | | | | | | |
4.200%, due 1/15/22 | | | | | 1,225,000 | | | | | | 1,274,204 | | |
| | | | | | | | | | | 2,865,351 | | |
Communications — 5.4% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
3.000%, due 6/30/22 | | | | | 1,225,000 | | | | | | 1,261,903 | | |
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | | | | | | |
3.579%, due 7/23/20 | | | | | 1,764,000 | | | | | | 1,766,043 | | |
Discovery Communications LLC | | | | | | | | | | | | | |
2.800%, due 6/15/20 | | | | | 1,516,000 | | | | | | 1,516,544 | | |
Fox Corp. | | | | | | | | | | | | | |
3.666%, due 1/25/22 | | | | | 1,350,000 | | | | | | 1,393,785 | | |
Interpublic Group of Cos., Inc. (The) | | | | | | | | | | | | | |
3.500%, due 10/1/20 | | | | | 466,000 | | | | | | 468,988 | | |
Sky Ltd., (United Kingdom) | | | | | | | | | | | | | |
3.125%, due 11/26/22‡ | | | | | 1,500,000 | | | | | | 1,576,666 | | |
| | | | | | | | | | | 7,983,929 | | |
Consumer, Cyclical — 3.3% | | ||||||||||||
American Honda Finance Corp. | | | | | | | | | | | | | |
1.118%, due 6/11/21(a) | | | | | 595,000 | | | | | | 586,909 | | |
BMW US Capital LLC, (Germany) | | | | | | | | | | | | | |
1.721%, due 4/12/21‡(a) | | | | | 570,000 | | | | | | 560,740 | | |
Daimler Finance North America LLC, (Germany) | | | | | | | | | | | | | |
2.592%, due 2/15/22‡(a) | | | | | 784,000 | | | | | | 740,932 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.087%, due 1/9/23 | | | | | 200,000 | | | | | | 180,993 | | |
3.664%, due 9/8/24 | | | | | 325,000 | | | | | | 280,123 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
2.685%, due 6/30/22(a) | | | | | 422,000 | | | | | | 381,400 | | |
3.700%, due 11/24/20 | | | | | 253,000 | | | | | | 251,014 | | |
Harley-Davidson Financial Services, Inc. | | | | | | | | | | | | | |
2.196%, due 5/21/20‡(a) | | | | | 433,000 | | | | | | 432,565 | | |
Newell Brands, Inc. | | | | | | | | | | | | | |
4.700%, due 8/15/20 | | | | | 144,000 | | | | | | 144,360 | | |
Nissan Motor Acceptance Corp. | | | | | | | | | | | | | |
3.650%, due 9/21/21‡ | | | | | 272,000 | | | | | | 262,345 | | |
VF Corp. | | | | | | | | | | | | | |
2.050%, due 4/23/22 | | | | | 775,000 | | | | | | 782,414 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Consumer, Cyclical (continued) | | ||||||||||||
Volkswagen Group of America Finance LLC, (Germany) | | | | | | | | | | | | | |
2.064%, due 9/24/21‡(a) | | | | $ | 430,000 | | | | | $ | 417,258 | | |
| | | | | | | | | | | 5,021,053 | | |
Consumer, Non-cyclical — 6.7% | | ||||||||||||
AbbVie, Inc. | | | | | | | | | | | | | |
2.300%, due 5/14/21 | | | | | 270,000 | | | | | | 272,567 | | |
2.346%, due 11/21/22‡(a) | | | | | 599,000 | | | | | | 587,719 | | |
Anheuser-Busch InBev Worldwide, Inc., (Belgium) | | | | | | | | | | | | | |
2.500%, due 7/15/22 | | | | | 561,000 | | | | | | 578,142 | | |
AstraZeneca PLC, (United Kingdom) | | | | | | | | | | | | | |
2.357%, due 8/17/23(a) | | | | | 750,000 | | | | | | 735,938 | | |
Bayer US Finance II LLC, (Germany) | | | | | | | | | | | | | |
3.875%, due 12/15/23‡ | | | | | 700,000 | | | | | | 742,641 | | |
Becton Dickinson and Co. | | | | | | | | | | | | | |
3.250%, due 11/12/20 | | | | | 589,000 | | | | | | 592,072 | | |
CVS Health Corp. | | | | | | | | | | | | | |
2.800%, due 7/20/20 | | | | | 830,000 | | | | | | 831,712 | | |
Diageo Capital PLC, (United Kingdom) | | | | | | | | | | | | | |
1.375%, due 9/29/25 | | | | | 400,000 | | | | | | 399,084 | | |
General Mills, Inc. | | | | | | | | | | | | | |
1.716%, due 4/16/21(a) | | | | | 710,000 | | | | | | 706,082 | | |
Global Payments, Inc. | | | | | | | | | | | | | |
3.800%, due 4/1/21 | | | | | 169,000 | | | | | | 171,009 | | |
Kellogg Co. | | | | | | | | | | | | | |
3.125%, due 5/17/22 | | | | | 1,075,000 | | | | | | 1,106,679 | | |
Keurig Dr Pepper, Inc. | | | | | | | | | | | | | |
4.057%, due 5/25/23 | | | | | 1,000,000 | | | | | | 1,071,211 | | |
Kraft Heinz Foods Co. | | | | | | | | | | | | | |
2.800%, due 7/2/20 | | | | | 15,000 | | | | | | 14,974 | | |
Mondelez International, Inc. | | | | | | | | | | | | | |
2.125%, due 4/13/23 | | | | | 325,000 | | | | | | 331,489 | | |
Pfizer, Inc. | | | | | | | | | | | | | |
1.071%, due 9/15/23(a) | | | | | 481,000 | | | | | | 466,945 | | |
Reckitt Benckiser Treasury Services PLC, (United Kingdom) | | | | | | | | | | | | | |
1.764%, due 6/24/22‡(a) | | | | | 275,000 | | | | | | 268,803 | | |
Tyson Foods, Inc. | | | | | | | | | | | | | |
4.500%, due 6/15/22 | | | | | 1,050,000 | | | | | | 1,110,196 | | |
| | | | | | | | | | | 9,987,263 | | |
Energy — 2.3% | | ||||||||||||
BP Capital Markets PLC, (United Kingdom) | | | | | | | | | | | | | |
3.561%, due 11/1/21 | | | | | 1,075,000 | | | | | | 1,102,312 | | |
Energy Transfer Operating LP | | | | | | | | | | | | | |
4.650%, due 6/1/21 | | | | | 354,000 | | | | | | 352,230 | | |
Enterprise Products Operating LLC | | | | | | | | | | | | | |
3.350%, due 3/15/23 | | | | | 332,000 | | | | | | 343,368 | | |
MPLX LP | | | | | | | | | | | | | |
1.899%, due 9/9/21(a) | | | | | 586,000 | | | | | | 564,758 | | |
Occidental Petroleum Corp. | | | | | | | | | | | | | |
3.142%, due 8/15/22(a) | | | | | 366,000 | | | | | | 280,905 | | |
4.850%, due 3/15/21 | | | | | 270,000 | | | | | | 259,200 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Energy (continued) | | ||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | | | | | | | | | | | | | |
5.000%, due 2/1/21 | | | | $ | 520,000 | | | | | $ | 513,500 | | |
| | | | | | | | | | | 3,416,273 | | |
Financial — 25.7% | | ||||||||||||
American Express Co. | | | | | | | | | | | | | |
2.315%, due 5/20/22(a) | | | | | 882,000 | | | | | | 868,451 | | |
3.400%, due 2/27/23 | | | | | 850,000 | | | | | | 888,889 | | |
American International Group, Inc. | | | | | | | | | | | | | |
4.875%, due 6/1/22 | | | | | 700,000 | | | | | | 746,910 | | |
Bank of America Corp. | | | | | | | | | | | | | |
2.503%, due 10/21/22 | | | | | 1,475,000 | | | | | | 1,504,115 | | |
Bank of Nova Scotia (The), (Canada) | | | | | | | | | | | | | |
2.450%, due 9/19/22 | | | | | 1,300,000 | | | | | | 1,344,977 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
2.132%, due 8/7/21‡(a) | | | | | 610,000 | | | | | | 599,341 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
2.750%, due 4/25/22 | | | | | 1,450,000 | | | | | | 1,482,606 | | |
Credit Suisse AG, (Switzerland) | | | | | | | | | | | | | |
2.800%, due 4/8/22 | | | | | 1,000,000 | | | | | | 1,023,703 | | |
Credit Suisse Group Funding Guernsey Ltd., (Switzerland) | | | | | | | | | | | | | |
3.450%, due 4/16/21 | | | | | 650,000 | | | | | | 659,543 | | |
Fifth Third Bancorp | | | | | | | | | | | | | |
1.625%, due 5/5/23 | | | | | 725,000 | | | | | | 724,536 | | |
Fifth Third Bank NA | | | | | | | | | | | | | |
2.250%, due 6/14/21 | | | | | 1,000,000 | | | | | | 1,010,814 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
3.000%, due 4/26/22 | | | | | 1,391,000 | | | | | | 1,408,721 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
2.650%, due 1/5/22 | | | | | 1,475,000 | | | | | | 1,501,364 | | |
Huntington National Bank (The) | | | | | | | | | | | | | |
3.125%, due 4/1/22 | | | | | 1,100,000 | | | | | | 1,114,507 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
3.200%, due 1/25/23 | | | | | 1,600,000 | | | | | | 1,675,990 | | |
KeyBank NA | | | | | | | | | | | | | |
1.250%, due 3/10/23 | | | | | 2,040,000 | | | | | | 2,039,463 | | |
Manufacturers & Traders Trust Co. | | | | | | | | | | | | | |
2.500%, due 5/18/22 | | | | | 1,450,000 | | | | | | 1,487,164 | | |
Metropolitan Life Global Funding I | | | | | | | | | | | | | |
2.400%, due 6/17/22‡ | | | | | 1,449,000 | | | | | | 1,476,370 | | |
Mitsubishi UFJ Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
3.460%, due 3/1/21(a) | | | | | 323,000 | | | | | | 324,618 | | |
Mizuho Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
1.623%, due 9/13/23(a) | | | | | 525,000 | | | | | | 506,977 | | |
2.309%, due 5/25/24(a) | | | | | 1,525,000 | | | | | | 1,427,703 | | |
Morgan Stanley | | | | | | | | | | | | | |
3.750%, due 2/25/23 | | | | | 1,554,000 | | | | | | 1,641,428 | | |
National Retail Properties, Inc. | | | | | | | | | | | | | |
3.900%, due 6/15/24 | | | | | 650,000 | | | | | | 669,985 | | |
National Securities Clearing Corp. | | | | | | | | | | | | | |
1.200%, due 4/23/23‡ | | | | | 1,500,000 | | | | | | 1,501,335 | | |
PNC Bank NA | | | | | | | | | | | | | |
2.004%, due 2/24/23(a) | | | | | 1,400,000 | | | | | | 1,368,403 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
Prudential Financial, Inc. | | | | | | | | | | | | | |
4.500%, due 11/16/21 | | | | $ | 1,425,000 | | | | | $ | 1,491,492 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
1.495%, due 1/17/23(a) | | | | | 700,000 | | | | | | 677,177 | | |
Sumitomo Mitsui Banking Corp., (Japan) | | | | | | | | | | | | | |
3.200%, due 7/18/22 | | | | | 550,000 | | | | | | 565,786 | | |
3.950%, due 1/12/22‡ | | | | | 545,000 | | | | | | 564,700 | | |
Truist Financial Corp. | | | | | | | | | | | | | |
2.700%, due 1/27/22 | | | | | 1,450,000 | | | | | | 1,481,671 | | |
U.S. Bank NA | | | | | | | | | | | | | |
1.800%, due 1/21/22 | | | | | 1,475,000 | | | | | | 1,494,876 | | |
UBS AG, (Switzerland) | | | | | | | | | | | | | |
1.750%, due 4/21/22‡ | | | | | 750,000 | | | | | | 753,359 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
2.642%, due 8/15/23‡(a) | | | | | 550,000 | | | | | | 536,306 | | |
Wells Fargo & Co. | | | | | | | | | | | | | |
2.625%, due 7/22/22 | | | | | 1,635,000 | | | | | | 1,675,537 | | |
| | | | | | | | | | | 38,238,817 | | |
Government — 0.8% | | ||||||||||||
International Bank for Reconstruction & Development, (Supranational) | | | | | | | | | | | | | |
2.160%, due 11/18/24 | | | | | 825,000 | | | | | | 832,367 | | |
2.250%, due 11/6/24 | | | | | 350,000 | | | | | | 350,000 | | |
| | | | | | | | | | | 1,182,367 | | |
Industrial — 5.5% | | ||||||||||||
BAE Systems Holdings, Inc., (United Kingdom) | | | | | | | | | | | | | |
2.850%, due 12/15/20‡ | | | | | 520,000 | | | | | | 520,639 | | |
Boeing Co. (The) | | | | | | | | | | | | | |
2.700%, due 5/1/22 | | | | | 375,000 | | | | | | 362,039 | | |
4.508%, due 5/1/23 | | | | | 975,000 | | | | | | 975,000 | | |
Caterpillar Financial Services Corp. | | | | | | | | | | | | | |
Series I, 2.650%, due 5/17/21 | | | | | 1,450,000 | | | | | | 1,473,568 | | |
Fortune Brands Home & Security, Inc. | | | | | | | | | | | | | |
3.000%, due 6/15/20 | | | | | 169,000 | | | | | | 169,062 | | |
General Dynamics Corp. | | | | | | | | | | | | | |
2.250%, due 11/15/22 | | | | | 1,425,000 | | | | | | 1,468,468 | | |
Honeywell International, Inc. | | | | | | | | | | | | | |
2.150%, due 8/8/22 | | | | | 1,450,000 | | | | | | 1,493,954 | | |
John Deere Capital Corp. | | | | | | | | | | | | | |
3.200%, due 1/10/22 | | | | | 1,022,000 | | | | | | 1,055,137 | | |
Northrop Grumman Corp. | | | | | | | | | | | | | |
2.550%, due 10/15/22 | | | | | 702,000 | | | | | | 725,834 | | |
| | | | | | | | | | | 8,243,701 | | |
Technology — 1.5% | | ||||||||||||
Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
4.420%, due 6/15/21‡ | | | | | 512,000 | | | | | | 521,364 | | |
DXC Technology Co. | | | | | | | | | | | | | |
4.000%, due 4/15/23 | | | | | 200,000 | | | | | | 200,335 | | |
Hewlett Packard Enterprise Co. | | | | | | | | | | | | | |
1.464%, due 3/12/21(a) | | | | | 586,000 | | | | | | 583,224 | | |
Intel Corp. | | | | | | | | | | | | | |
2.450%, due 7/29/20 | | | | | 250,000 | | | | | | 251,052 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Technology (continued) | | ||||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc., (Netherlands) | | | | | | | | | | | | | |
2.700%, due 5/1/25‡ | | | | $ | 675,000 | | | | | $ | 681,956 | | |
| | | | | | | | | | | 2,237,931 | | |
Utilities — 3.5% | | ||||||||||||
DTE Energy Co. | | | | | | | | | | | | | |
2.250%, due 11/1/22 | | | | | 1,100,000 | | | | | | 1,120,701 | | |
Eversource Energy | | | | | | | | | | | | | |
2.500%, due 3/15/21 | | | | | 1,252,000 | | | | | | 1,262,634 | | |
National Rural Utilities Cooperative Finance Corp. | | | | | | | | | | | | | |
1.750%, due 1/21/22 | | | | | 1,250,000 | | | | | | 1,262,994 | | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | | | | | | |
2.399%, due 2/25/22(a) | | | | | 481,000 | | | | | | 476,037 | | |
Southern Power Co. | | | | | | | | | | | | | |
Series E, 2.500%, due 12/15/21 | | | | | 1,129,000 | | | | | | 1,140,156 | | |
| | | | | | | | | | | 5,262,522 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $84,561,547) | | | | | | | | | | | 84,439,207 | | |
United States Government Agency & Obligations — 5.3% | | ||||||||||||
Government — 5.3% | | ||||||||||||
Federal Farm Credit Banks Funding Corporation | | | | | | | | | | | | | |
1.150%, due 10/21/24 | | | | | 2,000,000 | | | | | | 2,002,298 | | |
1.150%, due 4/9/25 | | | | | 1,500,000 | | | | | | 1,502,699 | | |
1.250%, due 10/30/26 | | | | | 1,500,000 | | | | | | 1,502,828 | | |
1.350%, due 4/21/26 | | | | | 2,000,000 | | | | | | 2,002,076 | | |
1.550%, due 1/28/22 | | | | | 325,000 | | | | | | 332,019 | | |
1.850%, due 2/4/25 | | | | | 250,000 | | | | | | 250,023 | | |
1.890%, due 3/4/26 | | | | | 325,000 | | | | | | 325,307 | | |
| | | | | | | | | | | 7,917,250 | | |
Total United States Government Agency & Obligations | | | | | | | | | | | | | |
(Cost $7,905,128) | | | | | | | | | | | 7,917,250 | | |
United States Government Agency Mortgage-Backed Securities — 7.2% | | ||||||||||||
Government — 7.2% | | ||||||||||||
Federal Home Loan Banks | | | | | | | | | | | | | |
2.000%, due 2/20/25 | | | | | 500,000 | | | | | | 500,327 | | |
2.050%, due 9/26/24 | | | | | 450,000 | | | | | | 450,450 | | |
Federal Home Loan Mortgage Corporation | | | | | | | | | | | | | |
1.100%, due 4/13/23 | | | | | 2,000,000 | | | | | | 2,001,990 | | |
1.100%, due 4/23/25 | | | | | 2,000,000 | | | | | | 2,003,344 | | |
1.200%, due 4/6/23 | | | | | 600,000 | | | | | | 600,865 | | |
1.200%, due 4/17/25 | | | | | 2,000,000 | | | | | | 2,002,016 | | |
1.500%, due 4/3/25 | | | | | 475,000 | | | | | | 475,620 | | |
Federal National Mortgage Association | | | | | | | | | | | | | |
1.100%, due 4/23/25 | | | | | 2,500,000 | | | | | | 2,504,180 | | |
2.000%, due 1/24/25 | | | | | 250,000 | | | | | | 250,723 | | |
| | | | | | | | | | | 10,789,515 | | |
|
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Total United States Government Agency Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $10,775,000) | | | | | | | | | | $ | 10,789,515 | | |
Short-Term Investment — 26.3% | | | | | | | | | | | | | |
Commercial Papers — 17.0% | | | | | | | | | | | | | |
Basic Materials — 1.3% | | | | | | | | | | | | | |
Nutrien Ltd., (Canada) | | | | | | | | | | | | | |
0.000%, due 6/9/20(b) | | | | $ | 2,000,000 | | | | | | 1,996,820 | | |
Communications — 5.0% | | | | | | | | | | | | | |
AT&T, Inc. | | | | | | | | | | | | | |
0.000%, due 12/17/20(b) | | | | | 2,500,000 | | | | | | 2,475,350 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
0.000%, due 6/19/20(b) | | | | | 2,500,000 | | | | | | 2,495,075 | | |
Walt Disney Co. (The) | | | | | | | | | | | | | |
0.000%, due 11/19/20(b) | | | | | 2,500,000 | | | | | | 2,484,150 | | |
| | | | | | | | | | | 7,454,575 | | |
Consumer, Cyclical — 1.6% | | | | | | | | | | | | | |
Toyota Motor Credit Corp. | | | | | | | | | | | | | |
0.000%, due 1/4/21(b) | | | | | 2,500,000 | | | | | | 2,470,600 | | |
Consumer, Non-cyclical — 5.7% | | | | | | | | | | | | | |
AstraZeneca PLC, (United Kingdom) | | | | | | | | | | | | | |
0.000%, due 10/16/20(b) | | | | | 2,500,000 | | | | | | 2,482,275 | | |
Brown-Forman Corp. | | | | | | | | | | | | | |
0.000%, due 7/24/20(b) | | | | | 2,500,000 | | | | | | 2,496,275 | | |
GlaxoSmithKline LLC, (United Kingdom) | | | | | | | | | | | | | |
0.000%, due 10/30/20(b) | | | | | 2,500,000 | | | | | | 2,488,650 | | |
Mondelez International, Inc. | | | | | | | | | | | | | |
0.000%, due 7/22/20(b) | | | | | 1,000,000 | | | | | | 995,980 | | |
| | | | | | | | | | | 8,463,180 | | |
Industrial — 3.4% | | | | | | | | | | | | | |
General Dynamics Corp. | | | | | | | | | | | | | |
0.000%, due 9/25/20(b) | | | | | 2,500,000 | | | | | | 2,485,600 | | |
Stanley Black & Decker, Inc. | | | | | | | | | | | | | |
0.000%, due 7/27/20(b) | | | | | 2,500,000 | | | | | | 2,496,075 | | |
| | | | | | | | | | | 4,981,675 | | |
Total Commercial Papers | | | | | | | | | | | | | |
(Cost $25,321,247) | | | | | | | | | | | 25,366,850 | | |
|
| | | Shares | | | Value | | ||||||
Money Market Fund — 9.3% | | | | | | | | | | | | | |
BlackRock Liquidity T-Fund, 0.10%(c) | | | | | | | | | | | | | |
(Cost $13,930,632) | | | | | 13,930,632 | | | | | $ | 13,930,632 | | |
Total Investments — 108.2% | | | | | | | | | | | | | |
(Cost $161,863,848) | | | | | | | | | | | 161,549,386 | | |
Other Assets and Liabilities, Net — (8.2)% | | | | | | | | | | | (12,367,031) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 149,182,355 | | |
Type | | | Broker | | | Expiration Date | | | Number of Contracts Purchased (Sold) | | | Notional Value at Trade Date | | | Notional Value at April 30, 2020 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 2 Year Note (CBT) | | | RBC Capital Markets | | | June 2020 | | | | | (36) | | | | | $ | (7,933,730) | | | | | $ | (7,935,469) | | | | | $ | (1,739) | | |
U.S. 5 Year Note (CBT) | | | RBC Capital Markets | | | June 2020 | | | | | (164) | | | | | | (20,585,718) | | | | | | (20,579,437) | | | | | | 6,281 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,542 | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | ||||||||||||||||||||
Investments in Securities:(d) | | | | | | ||||||||||||||||||||
Collateralized Mortgage Obligations | | | | $ | — | | | | | $ | 4,051,084 | | | | | $ | — | | | | | $ | 4,051,084 | | |
Commercial Asset-Backed Securities | | | | | — | | | | | | 13,425,774 | | | | | | — | | | | | | 13,425,774 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 1,629,074 | | | | | | — | | | | | | 1,629,074 | | |
Corporate Bonds | | | | | — | | | | | | 84,439,207 | | | | | | — | | | | | | 84,439,207 | | |
United States Government Agency & Obligations | | | | | — | | | | | | 7,917,250 | | | | | | — | | | | | | 7,917,250 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 10,789,515 | | | | | | — | | | | | | 10,789,515 | | |
Short-Term Investment: | | | | | | ||||||||||||||||||||
Commercial Papers | | | | | — | | | | | | 25,366,850 | | | | | | — | | | | | | 25,366,850 | | |
Money Market Fund | | | | | 13,930,632 | | | | | | — | | | | | | — | | | | | | 13,930,632 | | |
Total Investments in Securities | | | | | 13,930,632 | | | | | | 147,618,754 | | | | | | — | | | | | | 161,549,386 | | |
Other Financial Instruments:(e) | | | | | | ||||||||||||||||||||
Futures Contracts | | | | | 6,281 | | | | | | — | | | | | | — | | | | | | 6,281 | | |
Total Investments in Securities and Other Financial Instruments | | | | $ | 13,936,913 | | | | | $ | 147,618,754 | | | | | $ | — | | | | | $ | 161,555,667 | | |
Liability Valuation Inputs | | | | | | ||||||||||||||||||||
Other Financial Instruments:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | $ | (1,739) | | | | | | — | | | | | | — | | | | | $ | (1,739) | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ Ultra Short Duration ETF | | |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value | | | | $ | 88,018,543 | | | | | $ | 52,108,856 | | | | | $ | 161,549,386 | | |
Cash | | | | | — | | | | | | — | | | | | | 34 | | |
Deposits at broker for futures contracts | | | | | — | | | | | | — | | | | | | 161,900 | | |
Interest receivable | | | | | 959,183 | | | | | | 594,259 | | | | | | 533,830 | | |
Receivable for investments sold | | | | | 321,433 | | | | | | — | | | | | | 2,379,189 | | |
Dividend receivable | | | | | 316 | | | | | | 531 | | | | | | 887 | | |
Due from advisor | | | | | 23,331 | | | | | | 11,389 | | | | | | 31,045 | | |
Total assets | | | | | 89,322,806 | | | | | | 52,715,035 | | | | | | 164,656,271 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Payable for investments purchased | | | | | 1,212,890 | | | | | | 948,879 | | | | | | 15,333,705 | | |
Advisory fees payable | | | | | 28,794 | | | | | | 16,838 | | | | | | 24,710 | | |
Trustee fees payable | | | | | 655 | | | | | | 357 | | | | | | 961 | | |
Compliance fees payable | | | | | 23 | | | | | | 13 | | | | | | 37 | | |
Variation margin payable | | | | | — | | | | | | — | | | | | | 57,345 | | |
Accrued expenses and other liabilities | | | | | 45,090 | | | | | | 40,720 | | | | | | 57,158 | | |
Total liabilities | | | | | 1,287,452 | | | | | | 1,006,807 | | | | | | 15,473,916 | | |
Net Assets | | | | $ | 88,035,354 | | | | | $ | 51,708,228 | | | | | $ | 149,182,355 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 89,923,180 | | | | | $ | 51,883,138 | | | | | $ | 149,338,248 | | |
Total accumulated loss | | | | | (1,887,826) | | | | | | (174,910) | | | | | | (155,893) | | |
Net Assets | | | | $ | 88,035,354 | | | | | $ | 51,708,228 | | | | | $ | 149,182,355 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 3,400,000 | | | | | | 2,050,000 | | | | | | 3,050,000 | | |
Net Asset Value Per Share | | | | $ | 25.89 | | | | | $ | 25.22 | | | | | $ | 48.91 | | |
Investments, at cost | | | | $ | 88,909,260 | | | | | $ | 52,162,265 | | | | | $ | 161,863,848 | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ Ultra Short Duration ETF* | | |||||||||
Investment Income | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 1,549,758 | | | | | $ | 1,071,792 | | | | | $ | 908,508 | | |
Dividend income | | | | | 44,576 | | | | | | 14,724 | | | | | | 16,489 | | |
Total investment income | | | | | 1,594,334 | | | | | | 1,086,516 | | | | | | 924,997 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) | | | | | 276,133 | | | | | | 187,414 | | | | | | 99,245 | | |
Administrative and accounting fees | | | | | 41,034 | | | | | | 33,539 | | | | | | 24,630 | | |
Custodian fees | | | | | 18,729 | | | | | | 19,715 | | | | | | 15,515 | | |
Audit and Tax fees | | | | | 18,092 | | | | | | 18,092 | | | | | | 17,728 | | |
Listing fees | | | | | 8,686 | | | | | | 8,686 | | | | | | 5,916 | | |
Intraday pricing fees | | | | | 8,440 | | | | | | 8,440 | | | | | | 2,475 | | |
Registration fees | | | | | 6,133 | | | | | | 955 | | | | | | 17,727 | | |
Shareholder reporting fees | | | | | 5,818 | | | | | | 7,387 | | | | | | 9,747 | | |
Legal fees | | | | | 4,624 | | | | | | 803 | | | | | | 4,451 | | |
Trustee fees | | | | | 4,463 | | | | | | 2,994 | | | | | | 2,980 | | |
Compliance fees | | | | | 202 | | | | | | 139 | | | | | | 139 | | |
Miscellaneous | | | | | 165 | | | | | | 129 | | | | | | 113 | | |
Total expenses | | | | | 392,519 | | | | | | 288,293 | | | | | | 200,666 | | |
Waivers (see Note 3) | | | | | (185,416) | | | | | | (147,733) | | | | | | (101,421) | | |
Net expenses | | | | | 207,103 | | | | | | 140,560 | | | | | | 99,245 | | |
Net investment income | | | | | 1,387,231 | | | | | | 945,956 | | | | | | 825,752 | | |
Realized and Unrealized Gain (Loss) on Investments and Futures contracts | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | (525,989) | | | | | | 707,969 | | | | | | 55,688 | | |
Futures contracts | | | | | — | | | | | | — | | | | | | (33,902) | | |
Net realized gain (loss) | | | | | (525,989) | | | | | | 707,969 | | | | | | 21,786 | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | (1,706,824) | | | | | | (862,085) | | | | | | (314,462) | | |
Futures contracts | | | | | — | | | | | | — | | | | | | 4,542 | | |
Net change in net unrealized appreciation (depreciation) | | | | | (1,706,824) | | | | | | (862,085) | | | | | | (309,920) | | |
Net realized and unrealized loss | | | | | (2,232,813) | | | | | | (154,116) | | | | | | (288,134) | | |
Net Increase (Decrease) in Net Assets Resulting From Operations | | | | $ | (845,582) | | | | | $ | 791,840 | | | | | $ | 537,618 | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ Ultra Short Duration ETF | | |||||||||||||||||||||
| | | For the Year Ended April 30, | | | For the Year Ended April 30, | | | For the Period July 31, 2019* to April 30, 2020 | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 1,387,231 | | | | | $ | 643,561 | | | | | $ | 945,956 | | | | | $ | 917,680 | | | | | $ | 825,752 | | |
Net realized gain (loss) | | | | | (525,989) | | | | | | 16,810 | | | | | | 707,969 | | | | | | 106,208 | | | | | | 21,786 | | |
Net change in net unrealized appreciation (depreciation) | | | | | (1,706,824) | | | | | | 1,046,473 | | | | | | (862,085) | | | | | | 1,233,618 | | | | | | (309,920) | | |
Net increase (decrease) in net assets resulting from operations | | | | | (845,582) | | | | | | 1,706,844 | | | | | | 791,840 | | | | | | 2,257,506 | | | | | | 537,618 | | |
Distributions to Shareholders | | | | | (1,960,679) | | | | | | (580,120) | | | | | | (1,938,936) | | | | | | (874,540) | | | | | | (693,511) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 74,538,555 | | | | | | 27,610,800 | | | | | | 13,009,709 | | | | | | 12,552,062 | | | | | | 199,385,745 | | |
Cost of shares redeemed | | | | | (27,235,568) | | | | | | (25) | | | | | | (3,695,540) | | | | | | (25) | | | | | | (50,047,497) | | |
Increase from capital share transactions | | | | | 47,302,987 | | | | | | 27,610,775 | | | | | | 9,314,169 | | | | | | 12,552,037 | | | | | | 149,338,248 | | |
Total increase in net assets | | | | | 44,496,726 | | | | | | 28,737,499 | | | | | | 8,167,073 | | | | | | 13,935,003 | | | | | | 149,182,355 | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 43,538,628 | | | | | | 14,801,129 | | | | | | 43,541,155 | | | | | | 29,606,152 | | | | | | — | | |
End of period | | | | $ | 88,035,354 | | | | | $ | 43,538,628 | | | | | $ | 51,708,228 | | | | | $ | 43,541,155 | | | | | $ | 149,182,355 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | 1,700,000 | | | | | | 600,001 | | | | | | 1,700,000 | | | | | | 1,200,001 | | | | | | — | | |
Shares created | | | | | 2,800,000 | | | | | | 1,100,000 | | | | | | 500,000 | | | | | | 500,000 | | | | | | 4,050,000 | | |
Shares redeemed | | | | | (1,100,000) | | | | | | (1) | | | | | | (150,000) | | | | | | (1) | | | | | | (1,000,000) | | |
Shares outstanding, end of period | | | | | 3,400,000 | | | | | | 1,700,000 | | | | | | 2,050,000 | | | | | | 1,700,000 | | | | | | 3,050,000 | | |
| | | IQ MacKay Municipal Insured ETF | | |||||||||||||||
| | | For the Year Ended April 30, | | | For the Period October 18, 2017(a) to April 30, 2018 | | ||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||
Net asset value, beginning of period | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.53 | | | | | | 0.72 | | | | | | 0.36 | | |
Net realized and unrealized gain (loss) | | | | | 0.50(c) | | | | | | 0.90 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 1.03 | | | | | | 1.62 | | | | | | (0.03) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.64) | | | | | | (0.68) | | | | | | (0.30) | | |
Net realized gain | | | | | (0.11) | | | | | | — | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.75) | | | | | | (0.68) | | | | | | (0.30) | | |
Net asset value, end of period | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period | | | | $ | 26.00 | | | | | $ | 25.64 | | | | | $ | 24.86 | | |
Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 4.05% | | | | | | 6.72% | | | | | | (0.13)% | | |
Total investment return based on market price(e) | | | | | 4.36% | | | | | | 6.02% | | | | | | 0.64%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 88,035 | | | | | $ | 43,539 | | | | | $ | 14,801 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers | | | | | 0.57% | | | | | | 0.77% | | | | | | 0.99%(g) | | |
Net investment income | | | | | 2.01% | | | | | | 2.89% | | | | | | 2.74%(g) | | |
Portfolio turnover rate(h) | | | | | 71% | | | | | | 56% | | | | | | 77% | | |
| | | IQ MacKay Municipal Intermediate ETF | | |||||||||||||||
| | | For the Year Ended April 30, | | | For the Period October 18, 2017(a) to April 30, 2018 | | ||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||
Net asset value, beginning of period | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.53 | | | | | | 0.69 | | | | | | 0.30 | | |
Net realized and unrealized gain (loss) | | | | | 0.16(c) | | | | | | 0.91 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.69 | | | | | | 1.60 | | | | | | (0.09) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.67) | | | | | | (0.66) | | | | | | (0.24) | | |
Net realized gain | | | | | (0.41) | | | | | | — | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (1.08) | | | | | | (0.66) | | | | | | (0.24) | | |
Net asset value, end of period | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period | | | | $ | 25.22 | | | | | $ | 25.66 | | | | | $ | 24.71 | | |
Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 2.65% | | | | | | 6.59% | | | | | | (0.34)% | | |
Total investment return based on market price(e) | | | | | 2.44% | | | | | | 6.62% | | | | | | (0.18)%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 51,708 | | | | | $ | 43,541 | | | | | $ | 29,606 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers | | | | | 0.62% | | | | | | 0.71% | | | | | | 0.77%(g) | | |
Net investment income | | | | | 2.02% | | | | | | 2.76% | | | | | | 2.28%(g) | | |
Portfolio turnover rate(h) | | | | | 77% | | | | | | 72% | | | | | | 80% | | |
| | | IQ Ultra Short Duration ETF | | |||
| | | For the Period July 31, 2019(a) to April 30, 2020 | | |||
Net asset value, beginning of period | | | | $ | 50.01 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.74 | | |
Net realized and unrealized gain (loss) | | | | | (1.07) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (0.33) | | |
Distributions from: | | | | | | | |
Net investment income | | | | | (0.75) | | |
Net realized gain | | | | | (0.02) | | |
Total distributions from net investment income and realized gains | | | | | (0.77) | | |
Net asset value, end of period | | | | $ | 48.91 | | |
Market price, end of period | | | | $ | 48.99 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c) | | | | | (0.68)% | | |
Total investment return based on market price(d) | | | | | (0.52)%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 149,182 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.24%(f) | | |
Expenses excluding waivers | | | | | 0.49%(f) | | |
Net investment income | | | | | 2.00%(f) | | |
Portfolio turnover rate(g) | | | | | 292% | | |
Fund | | | Rate | | |||
IQ MacKay Municipal Insured ETF | | | | | 0.40% | | |
IQ MacKay Municipal Intermediate ETF | | | | | 0.40% | | |
IQ Ultra Short Duration ETF | | | | | 0.24% | | |
Fund | | | Cost | | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | ||||||||||||
IQ MacKay Municipal Insured ETF | | | | $ | 89,139,870 | | | | | $ | 972,414 | | | | | $ | (2,093,741) | | | | | $ | (1,121,327) | | |
IQ MacKay Municipal Intermediate ETF | | | | | 52,373,587 | | | | | | 657,935 | | | | | | (922,666) | | | | | | (264,731) | | |
IQ Ultra Short Duration ETF | | | | | 161,872,817 | | | | | | 610,798 | | | | | | (934,229) | | | | | | (323,431) | | |
Fund | | | Ordinary Income (Loss)(1) | | | Tax-Exempt Income (Loss) | | | Net Capital Gain (Losses)(2) | | | Net Unrealized Appreciation/ Depreciation | | | Total Earnings/ (Losses) | | |||||||||||||||
IQ MacKay Municipal Insured ETF | | | | $ | 12,107 | | | | | $ | 178,829 | | | | | $ | (957,435) | | | | | $ | (1,121,327) | | | | | $ | (1,887,826) | | |
IQ MacKay Municipal Intermediate ETF | | | | | 1,729 | | | | | | 109,641 | | | | | | (21,549) | | | | | | (264,731) | | | | | | (174,910) | | |
IQ Ultra Short Duration ETF | | | | | 167,538 | | | | | | — | | | | | | — | | | | | | (323,431) | | | | | | (155,893) | | |
Fund | | | Total distributable earnings/ (accumulated loss) | | | Paid-In Capital | | ||||||
IQ Mackay Municipal Insured ETF | | | | $ | 4 | | | | | $ | (4) | | |
IQ Mackay Municipal Intermediate ETF | | | | | (5,257) | | | | | | 5,257 | | |
IQ Ultra Short Duration ETF | | | | | — | | | | | | — | | |
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||
Fund | | | Ordinary Income | | | Tax-Exempt Income | | | Long-Term Capital Gains | | | Tax Return of Capital | | | Ordinary Income | | | Tax-Exempt Income | | | Long-Term Capital Gains | | | Tax Return of Capital | | ||||||||||||||||||||||||
IQ MacKay Municipal Insured ETF | | | | $ | 173,339 | | | | | $ | 1,565,133 | | | | | $ | 222,207 | | | | | $ | — | | | | | $ | 20,618 | | | | | $ | 559,502 | | | | | $ | — | | | | | $ | — | | |
IQ MacKay Municipal Intermediate ETF | | | | | 468,962 | | | | | | 1,187,490 | | | | | | 282,484 | | | | | | — | | | | | | 25,402 | | | | | | 849,138 | | | | | | — | | | | | | — | | |
IQ Ultra Short Duration ETF | | | | | 693,511 | | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Fund | | | Late Year Ordinary Gains/(Losses) | | | Short-Term Post October Gains/(Losses) | | | Long-Term Post October Gains/(Losses) | | |||||||||
IQ Mackay Municipal Insured ETF | | | | $ | — | | | | | $ | (1,117,496) | | | | | $ | 160,061 | | |
IQ Mackay Municipal Intermediate ETF | | | | | — | | | | | | (79,310) | | | | | | 57,761 | | |
IQ Ultra Short Duration ETF | | | | | — | | | | | | — | | | | | | — | | |
Fund | | | % Ownership | | |||
IQ MacKay Municipal Insured ETF | | | | | 38.0% | | |
IQ MacKay Municipal Intermediate ETF | | | | | 77.9% | | |
IQ Ultra Short Duration ETF | | | | | 16.4% | | |
Fund | | | Purchases | | | Sales | | ||||||
IQ MacKay Municipal Insured ETF | | | | $ | 94,950,716 | | | | | $ | 44,855,252 | | |
IQ MacKay Municipal Intermediate ETF | | | | | 48,008,718 | | | | | | 34,032,510 | | |
IQ Ultra Short Duration ETF | | | | | 248,552,957 | | | | | | 133,028,100 | | |
| | | Interest Risk | | |||
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized appreciation on futures contracts(1) | | | | $ | 6,281 | | |
| | | Interest Risk | | |||
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized depreciation on futures contracts(1) | | | | $ | 1,739 | | |
| | | Interest Risk | | |||
Realized gain (loss) | | | | | | | |
Futures contracts | | | | $ | (33,902) | | |
Change in unrealized appreciation (depreciation) | | | | | | | |
Futures contracts | | | | $ | 4,542 | | |
Individual Fund Comprising the IndexIQ Active ETF Trust | | | Statement of Operations | | | Statements of Changes in Net Assets | | | Financial Highlights | |
IQ MacKay Municipal Insured ETF IQ MacKay Municipal Intermediate ETF | | | For the year ended April 30, 2020 | | | For the years ended April 30, 2020 and 2019 | | | For the years ended April 30, 2020 and 2019, and the period from October 18, 2017 (commencement of operations) through April 30, 2018 | |
IQ Ultra Short Duration ETF | | | For the period July 31, 2019 (commencement of operations) through April 30, 2020 | |
New York, New York
June 24, 2020
| IQ MacKay Municipal Insured ETF | | | | | 90.47% | | |
| IQ MacKay Municipal Intermediate ETF | | | | | 74.77% | | |
Independent Trustees | | |||||||||||||||
Name and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios inFund Complex Overseen by Trustee(3) | | | Other Directorships Held by Trustee During Past 5 Years | |
Reena Aggarwal 1957 | | | Trustee Chair | | | Since August 2008 January 2018 | | | Vice Provost of Faculty (2016 to present), Georgetown University, Robert E. McDonough Professor (2003 to present) and Professor of Finance, McDonough School of Business, Georgetown University (2000 to present); Director, Georgetown Center for Financial Markets and Policy (2010 to present); Co-Chair of Board, Social Innovations and Public Service Fund, Georgetown University (2012 to 2014). | | | 25 | | | FBR & Co. (investment banking) (2011 to 2017); Cohen & Steers (asset management) (2017 to present); Director, Brightwood Capital Advisors, L.P. (private equity investment) (2013 to present); Nuveen Churchill BDC (2019-present). | |
Michael A. Pignataro, 1959 | | | Trustee | | | Since April 2015 | | | Director, Credit Suisse Asset Management (2001 to 2012); and Chief Financial Officer, Credit Suisse Funds (1996 to 2013). | | | 25 | | | The New Ireland Fund, Inc. (closed-end fund) (2015 to present) | |
Paul D. Schaeffer, 1951 | | | Trustee | | | Since April 2015 | | | President, ASP (dba Aspiring Solution Partners) (financial services consulting) (2013 to present); Executive Advisor, Aquiline Capital Partners LLC (private equity investment) (2014 to present). | | | 25 | | | Management Board Member, RIA in a Box (financial services consulting) (2018 to present); Context Capital Funds (mutual fund trust) (2 Portfolios) (2014 to 2018); Management board Member, Altegris Investments, LLC (registered broker-dealer) (2016 to 2018); Management Board Member, AssetMark Inc. (financial services consulting) (2016 to 2017); PopTech! (conference operator) (2012 to 2016); Board Member, Pathways Core Training (non-profit) (2019 to present). | |
Interested Trustee | | |||||||||||||||
Kirk C. Lehneis 1974(4) | | | Trustee, President and Principal Executive Officer | | | Since January 2018 | | | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC; Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since September 2017. | | | 25 | | | None | |
Other Officers | | |||||||||
Name and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | |
| | | | | | | | | | |
Jonathan Zimmerman 1982 | | | Executive Vice President | | | Since April 2018 | | | Chief Operating Officer, IndexIQ Advisors LLC (2018 to present); Managing Director, New York Life Investment Management LLC (2018-present); Director, New York Life Investment Management LLC (2015-2018); Vice President, Morgan Stanley (2007 to 2015). | |
Adefolahan Oyefeso, 1974 | | | Treasurer, Principal Financial Officer and Principal Accounting Officer | | | Since April 2018 | | | Vice President of Operations & Finance, IndexIQ Advisors LLC (2015 to present); Director of the Fund Administration Client Service Department at The Bank of New York Mellon (2007 to 2015). | |
Matthew V. Curtin 1982 | | | Secretary and Chief Legal Officer | | | Since June 2015 | | | Secretary and Chief Legal Officer, IndexIQ Advisors LLC (since June 2015), Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and IndexIQ Active ETF Trust (June 2015 to January 2017); Associate General Counsel, New York Life Insurance Company (since February 2015); Associate, Dechert LLP (2007 to 2015). | |
Other Officers | | |||||||||
Name and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | |
Y. Rachel Kuo 1981 | | | Chief Compliance Officer | | | Since 2020 | | | Chief Compliance Officer, MainStay Funds Trust, MainStay VP Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund, The MainStay Funds, IndexIQ ETF Trust, IndexIQ Active ETF Trust (since 2020); Associate General Counsel, New York Life Investment Management LLC; Assistant Secretary, MainStay Funds Trust, MainStay VP Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund and The MainStay Funds (2015 to 2019). | |
IQ MacKay Municipal Intermediate ETF (MMIT)
IQ Ultra Short Duration ETF (ULTR)
IndexIQ Advisors LLC
51 Madison Avenue
New York, NY 10010
1290 Broadway, Suite 1100
Denver, CO 80203
240 Greenwich Street
New York, NY 10286
Chapman and Cutler LLP
1717 Rhode Island Avenue
Washington, DC 20036
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
![[MISSING IMAGE: lg_iq.jpg]](https://capedge.com/proxy/N-CSR/0001104659-20-079581/lg_iq.jpg)
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. | |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. | |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has two audit committee financial experts serving on its Audit Committee, each an “independent” Trustee, Reena Aggarwal and Michael Pignataro. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $49,500 for 2020 and $30,000 for 2019. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2020 and $0 for 2019. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2020 and $0 for 2019. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2020 and $0 for 2019. |
(e)(1) | Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant. |
(e)(2) | With respect to the services described in each of Items 4(b) through (d), no amount was approved by the audit committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X. |
(f) | The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the principal accountant for services rendered to the registrant’s investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were (i) approximately $10,322,000 for the fiscal year ended April 30, 2020, and (ii) $8,100,000 for the fiscal year ended April 30, 2019. |
(h) | The registrant’s Audit Committee has determined that the non-audit services rendered by the principal accountant for the fiscal year ended April 30, 2020 to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of the principal accountant during the relevant time period. |
Item 5. Audit Committee of Listed Registrants.
(a) | The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the members of such committee are Reena Aggarwal, Michael Pignataro and Paul Schaeffer. |
(b) | Not applicable. |
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of ethics that is the subject of disclosure required by Item 2 is attached hereto. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | IndexIQ Active ETF Trust |
By (Signature and Title) | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
(Principal Executive Officer) |
Date | 7/1/2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
(Principal Executive Officer) |
Date | 7/1/2020 |
By (Signature and Title) | /s/ Adefolahan O. Oyefeso | |
Adefolahan O. Oyefeso | ||
(Principal Financial Officer) |
Date | 7/1/2020 |