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, 2021
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.
(a) | Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). |
| IQ MacKay Municipal Insured ETF (MMIN) | | | | |
| IQ MacKay Municipal Intermediate ETF (MMIT) | | | | |
| IQ Ultra Short Duration ETF (ULTR) | | | | |
![[MISSING IMAGE: lg_indexiq-bwlr.jpg]](https://capedge.com/proxy/N-CSR/0001104659-21-088772/lg_indexiq-bwlr.jpg)
![[MISSING IMAGE: lg_indexiq-bwlr.jpg]](https://capedge.com/proxy/N-CSR/0001104659-21-088772/lg_indexiq-bwlr.jpg)
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| Schedules of Investments | | | | | | | |
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![[MISSING IMAGE: sg_kirklhneis-bw.jpg]](https://capedge.com/proxy/N-CSR/0001104659-21-088772/sg_kirklhneis-bw.jpg)
President
(Since Inception through 4/30/21)
![[MISSING IMAGE: tm2117582d1-lc_insuredbw.jpg]](https://capedge.com/proxy/N-CSR/0001104659-21-088772/tm2117582d1-lc_insuredbw.jpg)
(as of April 30, 2021)
| | | 1 Year | | | 3 Year | | | Since Inception1 | | |||||||||||||||
| | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | | ||||||||||||
IQ MacKay Municipal Insured ETF Market Price2 | | | | | 7.97% | | | | | | 6.11% | | | | | | 5.35% | | | | | | 20.21% | | |
IQ MacKay Municipal Insured ETF NAV | | | | | 8.32% | | | | | | 6.35% | | | | | | 5.32% | | | | | | 20.12% | | |
Bloomberg Barclays Municipal All Insured Bond Index | | | | | 9.30% | | | | | | 6.45% | | | | | | 5.15% | | | | | | 19.45% | | |
(Since Inception through 4/30/21)
![[MISSING IMAGE: tm2117582d1-lc_interbw.jpg]](https://capedge.com/proxy/N-CSR/0001104659-21-088772/tm2117582d1-lc_interbw.jpg)
(as of April 30, 2021)
| | | 1 Year | | | 3 Year | | | Since Inception1 | | |||||||||||||||
| | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | | ||||||||||||
IQ MacKay Municipal Intermediate ETF Market Price2 | | | | | 8.90% | | | | | | 5.95% | | | | | | 4.98% | | | | | | 18.72% | | |
IQ MacKay Municipal Intermediate ETF NAV | | | | | 8.80% | | | | | | 5.98% | | | | | | 4.96% | | | | | | 18.64% | | |
Bloomberg Barclays Municipal Bond Index 1-15 Yr Blend | | | | | 6.33% | | | | | | 4.75% | | | | | | 3.58% | | | | | | 13.23% | | |
(Since Inception through 4/30/21)
![[MISSING IMAGE: tm2117582d1-lc_shortbw.jpg]](https://capedge.com/proxy/N-CSR/0001104659-21-088772/tm2117582d1-lc_shortbw.jpg)
(as of April 30, 2021)
| | | 1 Year | | | Since Inception1 | | ||||||||||||
| | | Avg Annual | | | Avg Annual | | | Cumulative | | |||||||||
IQ Ultra Short Duration ETF Market Price2 | | | | | 2.88% | | | | | | 1.33% | | | | | | 2.34% | | |
IQ Ultra Short Duration ETF NAV | | | | | 3.08% | | | | | | 1.34% | | | | | | 2.36% | | |
Bloomberg Barclays Short Treasury 3-6 Month Index | | | | | 0.13% | | | | | | 1.04% | | | | | | 1.84% | | |
| | | Beginning Account Value 11/01/20 | | | Ending Account Value 04/30/21 | | | Annualized Expense Ratios for the Period 11/01/20 to 04/30/21 | | | Expenses Paid for Period 11/01/20 to 04/30/211 | | ||||||||||||
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IQ MacKay Municipal Insured ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,025.40 | | | | | | 0.30% | | | | | $ | 1.51 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.31 | | | | | | 0.30% | | | | | $ | 1.51 | | |
IQ MacKay Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,033.10 | | | | | | 0.30% | | | | | $ | 1.51 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.31 | | | | | | 0.30% | | | | | $ | 1.51 | | |
IQ Ultra Short Duration ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,008.80 | | | | | | 0.24% | | | | | $ | 1.20 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.60 | | | | | | 0.24% | | | | | $ | 1.20 | | |
Net Assets ($ mil): $444.3
Industry | | | % of Net Assets | | |||
School District | | | | | 22.1% | | |
General Obligation | | | | | 18.8 | | |
General | | | | | 15.5 | | |
Transportation | | | | | 8.5 | | |
Money Market Fund | | | | | 8.4 | | |
Water | | | | | 7.5 | | |
Education | | | | | 4.7 | | |
Development | | | | | 3.6 | | |
Higher Education | | | | | 3.1 | | |
Housing | | | | | 2.8 | | |
Medical | | | | | 2.6 | | |
Airport | | | | | 2.0 | | |
Mello-Roos | | | | | 1.2 | | |
Power | | | | | 0.6 | | |
Facilities | | | | | 0.5 | | |
Pollution | | | | | 0.5 | | |
Utilities | | | | | 0.5 | | |
Bond Bank | | | | | 0.3 | | |
Tobacco Settlement | | | | | 0.2 | | |
Student Loan | | | | | 0.0(a) | | |
Total Investments | | | | | 103.4 | | |
Other Assets and Liabilites, Net | | | | | (3.4) | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $124.7
Industry | | | % of Net Assets | | |||
Money Market Fund | | | | | 19.8% | | |
General | | | | | 18.8 | | |
Transportation | | | | | 13.3 | | |
General Obligation | | | | | 11.7 | | |
School District | | | | | 8.6 | | |
Medical | | | | | 7.0 | | |
Education | | | | | 5.2 | | |
Water | | | | | 4.2 | | |
Housing | | | | | 3.3 | | |
Higher Education | | | | | 2.9 | | |
Airport | | | | | 2.2 | | |
Development | | | | | 1.8 | | |
Power | | | | | 1.6 | | |
Mello-Roos | | | | | 1.0 | | |
Utilities | | | | | 0.9 | | |
Facilities | | | | | 0.8 | | |
Tobacco Settlement | | | | | 0.5 | | |
Nursing Homes | | | | | 0.4 | | |
Multifamily Housing | | | | | 0.4 | | |
Student Loan | | | | | 0.1 | | |
Total Investments | | | | | 104.5 | | |
Other Assets and Liabilites, Net | | | | | (4.5) | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $253.0
Country | | | % of Net Assets | | |||
United States | | | | | 66.2% | | |
Cayman Islands | | | | | 16.9 | | |
United Kingdom | | | | | 5.8 | | |
Switzerland | | | | | 2.8 | | |
Japan | | | | | 2.7 | | |
Germany | | | | | 2.6 | | |
Canada | | | | | 2.4 | | |
France | | | | | 1.5 | | |
Spain | | | | | 0.7 | | |
Supranational | | | | | 0.6 | | |
China | | | | | 0.5 | | |
Singapore | | | | | 0.2 | | |
Total Investments | | | | | 102.9 | | |
Other Assets and Liabilites, Net | | | | | (2.9) | | |
Net Assets | | | | | 100.0% | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 95.0% | | ||||||||||||
Alabama — 1.4% | | ||||||||||||
Alabama Community College System, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 6/1/25 | | | | $ | 260,000 | | | | | $ | 284,415 | | |
4.000%, due 6/1/26 | | | | | 150,000 | | | | | | 174,613 | | |
Alabaster Board of Education, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/25 | | | | | 100,000 | | | | | | 114,575 | | |
Bibb County Board of Education, Special Tax Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/35 | | | | | 425,000 | | | | | | 509,212 | | |
4.000%, due 4/1/37 | | | | | 460,000 | | | | | | 547,642 | | |
City of Russellville AL, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/28 | | | | | 390,000 | | | | | | 477,761 | | |
City of Troy AL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | | 500,000 | | | | | | 568,405 | | |
County of Dallas AL, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
1.410%, due 5/1/26(a) | | | | | 305,000 | | | | | | 284,327 | | |
Phenix City Board of Education, Special Tax Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/37 | | | | | 1,500,000 | | | | | | 1,799,985 | | |
University of West Alabama, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/41 | | | | | 350,000 | | | | | | 400,586 | | |
Warrior River Water Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/43 | | | | | 1,000,000 | | | | | | 1,150,872 | | |
| | | | | | | | | | | 6,312,393 | | |
Arizona — 0.3% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/34 | | | | | 250,000 | | | | | | 289,082 | | |
4.000%, due 6/1/39 | | | | | 455,000 | | | | | | 519,491 | | |
5.000%, due 6/1/33 | | | | | 350,000 | | | | | | 438,044 | | |
Student & Academic Services LLC, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 195,000 | | | | | | 221,431 | | |
| | | | | | | | | | | 1,468,048 | | |
Arkansas — 0.3% | | ||||||||||||
Arkansas Development Finance Authority, Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
1.710%, due 7/1/30(a) | | | | | 1,000,000 | | | | | | 855,638 | | |
County of Sharp AR, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/1/34 | | | | | 245,000 | | | | | | 256,527 | | |
University of Arkansas — Pulaski Technical College, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/41 | | | | | 350,000 | | | | | | 356,941 | | |
| | | | | | | | | | | 1,469,106 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California — 14.8% | | ||||||||||||
Abag Finance Authority for Nonprofit Corps, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/2/30 | | | | $ | 750,000 | | | | | $ | 939,174 | | |
5.000%, due 9/2/34 | | | | | 175,000 | | | | | | 218,194 | | |
Alameda Corridor Transportation Authority, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
1.890%, due 10/1/33(a) | | | | | 3,545,000 | | | | | | 2,805,772 | | |
Baldwin Park Unified School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.680%, due 8/1/23(a) | | | | | 300,000 | | | | | | 295,424 | | |
1.690%, due 8/1/29(a) | | | | | 335,000 | | | | | | 291,615 | | |
Bass Lake Joint Elementary District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
1.690%, due 8/1/29(a) | | | | | 150,000 | | | | | | 130,574 | | |
Beaumont Public Improvement Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/25 | | | | | 575,000 | | | | | | 685,883 | | |
Bellevue Union School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
2.090%, due 8/1/35(a) | | | | | 320,000 | | | | | | 237,766 | | |
Calexico Unified School District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
1.340%, due 8/1/27(a) | | | | | 250,000 | | | | | | 230,015 | | |
1.510%, due 8/1/28(a) | | | | | 390,000 | | | | | | 349,597 | | |
California Municipal Finance Authority, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 350,000 | | | | | | 418,091 | | |
California Municipal Finance Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/15/43 | | | | | 250,000 | | | | | | 302,612 | | |
Series A-P3 Insured: AGM | | | | ||||||||||
3.500%, due 12/31/35 | | | | | 250,000 | | | | | | 274,639 | | |
Ceres Unified School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
0.900%, due 8/1/25(a) | | | | | 200,000 | | | | | | 192,532 | | |
City of Dana Point CA, Special Tax Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/35 | | | | | 150,000 | | | | | | 182,662 | | |
4.000%, due 9/1/37 | | | | | 200,000 | | | | | | 241,754 | | |
City of El Cerrito CA, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.000%, due 5/1/26 | | | | | 260,000 | | | | | | 307,972 | | |
5.000%, due 5/1/28 | | | | | 355,000 | | | | | | 429,466 | | |
5.000%, due 5/1/36 | | | | | 325,000 | | | | | | 387,121 | | |
City of Lincoln CA, Special Tax Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/34 | | | | | 525,000 | | | | | | 649,593 | | |
City of Susanville CA Natural Gas Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/45 | | | | | 875,000 | | | | | | 984,168 | | |
Cloverdale Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/50 | | | | | 300,000 | | | | | | 345,435 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Clovis Unified School District, General Obligation Bonds Series A Insured: NATL 1.020%, due 8/1/27(a) | | | | $ | 335,000 | | | | | $ | 314,401 | | |
Series B Insured: NATL 0.680%, due 8/1/25(a) | | | | | 750,000 | | | | | | 728,739 | | |
Coachella Valley Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
2.100%, due 8/1/34(a) | | | | | 1,145,000 | | | | | | 867,550 | | |
Series D Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/37 | | | | | 450,000 | | | | | | 477,413 | | |
Colton Joint Unified School District, General Obligation Bonds Series E Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/46 | | | | | 500,000 | | | | | | 580,443 | | |
Compton Unified School District, Certificates of Participation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/33 | | | | | 250,000 | | | | | | 288,696 | | |
Dixon Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/37 | | | | | 570,000 | | | | | | 723,610 | | |
Duarte Unified School District, General Obligation Bonds Series E Insured: AGM | | | | | | | | | | | | | |
1.460%, due 11/1/29(a) | | | | | 350,000 | | | | | | 309,343 | | |
El Centro Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 11/1/26 | | | | | 485,000 | | | | | | 595,545 | | |
Empire Union School District, Special Tax Series 1-A Insured: AMBAC | | | | | | | | | | | | | |
2.140%, due 10/1/32(a) | | | | | 450,000 | | | | | | 352,757 | | |
Garden Grove Agency Community Development Successor Agency, Tax Allocation Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/27 | | | | | 250,000 | | | | | | 284,775 | | |
Goleta Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/43 | | | | | 2,610,000 | | | | | | 3,038,501 | | |
Grossmont Healthcare District, General Obligation Bonds Series A Insured: AMBAC | | | | | | | | | | | | | |
1.780%, due 7/15/32(a) | | | | | 1,500,000 | | | | | | 1,229,332 | | |
Guadalupe Union School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/44 | | | | | 1,005,000 | | | | | | 1,139,059 | | |
Hayward Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/45 | | | | | 2,250,000 | | | | | | 2,632,515 | | |
4.000%, due 8/1/50 | | | | | 2,000,000 | | | | | | 2,326,786 | | |
Series A Insured: AGM | | | | ||||||||||
1.810%, due 8/1/32(a) | | | | | 210,000 | | | | | | 171,356 | | |
Hemet Unified School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/40 | | | | | 600,000 | | | | | | 670,697 | | |
Hueneme Elementary School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/35 | | | | | 150,000 | | | | | | 176,466 | | |
4.000%, due 8/1/36 | | | | | 185,000 | | | | | | 217,058 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Imperial Community College District, General Obligation Bonds Insured: AGC | | | | | | | | | | | | | |
2.170%, due 8/1/37(a) | | | | $ | 400,000 | | | | | $ | 281,728 | | |
Independent Cities Finance Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/31 | | | | | 430,000 | | | | | | 503,822 | | |
4.000%, due 6/1/41 | | | | | 900,000 | | | | | | 1,026,860 | | |
Jamul-Dulzura Union School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
1.290%, due 11/1/27(a) | | | | | 585,000 | | | | | | 538,115 | | |
Jurupa Public Financing Authority, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/36 | | | | | 785,000 | | | | | | 905,345 | | |
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
1.600%, due 8/1/31(a) | | | | | 155,000 | | | | | | 119,905 | | |
La Mirada Redevelopment Agency Successor Agency, Tax Allocation Insured: NATL | | | | | | | | | | | | | |
1.090%, due 8/15/25(a) | | | | | 1,000,000 | | | | | | 954,388 | | |
Lancaster Financing Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/44 | | | | | 995,000 | | | | | | 1,155,575 | | |
Las Virgenes Unified School District, General Obligation Bonds Series D Insured: NATL | | | | | | | | | | | | | |
0.680%, due 9/1/25(a) | | | | | 750,000 | | | | | | 728,350 | | |
Los Angeles County Schools, Certificates of Participation Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 500,000 | | | | | | 568,232 | | |
Los Angeles Unified School District, Certificates of Participation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/33 | | | | | 500,000 | | | | | | 612,286 | | |
Lynwood Unified School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 285,000 | | | | | | 316,313 | | |
Madera County Public Financing Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/37 | | | | | 945,000 | | | | | | 1,118,276 | | |
Manteca Unified School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.960%, due 8/1/25(a) | | | | | 575,000 | | | | | | 552,130 | | |
Menifee Union School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/36 | | | | | 450,000 | | | | | | 545,937 | | |
Merced Irrigation District, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/24 | | | | | 250,000 | | | | | | 290,373 | | |
Mountain House Public Financing Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
3.250%, due 12/1/41 | | | | | 300,000 | | | | | | 320,529 | | |
Napa Valley Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/44 | | | | | 1,000,000 | | | | | | 1,146,454 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Natomas Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 8/1/39 | | | | $ | 1,040,000 | | | | | $ | 1,096,382 | | |
Norwalk-La Mirada Unified School District, General Obligation Bonds Series D Insured: AGM | | | | | | | | | | | | | |
1.790%, due 8/1/32(a) | | | | | 365,000 | | | | | | 298,497 | | |
Oak Grove School District, General Obligation Bonds Series F-2 | | | | | | | | | | | | | |
2.570%, due 8/1/44(a) | | | | | 675,000 | | | | | | 339,047 | | |
Oceanside Unified School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
1.930%, due 8/1/34(a) | | | | | 300,000 | | | | | | 232,428 | | |
Ontario Montclair School District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
1.550%, due 8/1/29(a) | | | | | 390,000 | | | | | | 343,400 | | |
Oxnard School District, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.750%, due 8/1/30 | | | | | 300,000 | | | | | | 321,390 | | |
Paramount Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
0.210%, due 8/1/48(a) | | | | | 1,480,000 | | | | | | 257,462 | | |
Redwood City Redevelopment Agency Successor Agency, Tax Allocation Series 2-A Insured: AMBAC | | | | | | | | | | | | | |
1.720%, due 7/15/29(a) | | | | | 210,000 | | | | | | 182,422 | | |
Ripon Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/29 | | | | | 380,000 | | | | | | 460,215 | | |
4.000%, due 11/1/36 | | | | | 835,000 | | | | | | 992,270 | | |
River Islands Public Financing Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/40 | | | | | 1,500,000 | | | | | | 1,751,427 | | |
Riverbank Unified School District, General Obligation Bonds Series B Insured: AGC | | | | | | | | | | | | | |
2.910%, due 8/1/48(a) | | | | | 50,000 | | | | | | 22,764 | | |
Riverside County Community Facilities Districts, Special Tax Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/29 | | | | | 770,000 | | | | | | 939,650 | | |
4.000%, due 9/1/30 | | | | | 830,000 | | | | | | 1,025,292 | | |
4.000%, due 9/1/45 | | | | | 1,000,000 | | | | | | 1,173,567 | | |
Riverside County Redevelopment Successor Agency, Tax Allocation Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/26 | | | | | 575,000 | | | | | | 678,447 | | |
Roseville Joint Union High School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
2.125%, due 6/1/35 | | | | | 385,000 | | | | | | 387,912 | | |
Sacramento City Schools Joint Powers Financing Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 3/1/24 | | | | | 250,000 | | | | | | 281,934 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.720%, due 7/1/24(a) | | | | | 310,000 | | | | | | 303,053 | | |
Series C-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/25 | | | | | 200,000 | | | | | | 234,421 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Salinas Union High School District, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
0.450%, due 10/1/23(a) | | | | $ | 225,000 | | | | | $ | 222,575 | | |
Salinas Valley Solid Waste Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.500%, due 8/1/26 | | | | | 520,000 | | | | | | 603,330 | | |
San Juan Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.280%, due 8/1/23(a) | | | | | 1,000,000 | | | | | | 993,595 | | |
San Mateo County Community College District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
0.900%, due 9/1/27(a) | | | | | 150,000 | | | | | | 141,719 | | |
San Ysidro School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/25 | | | | | 525,000 | | | | | | 618,237 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 8/1/21 | | | | | 500,000 | | | | | | 503,355 | | |
Series F Insured: AGM | | | | | | | | | | | | | |
2.220%, due 8/1/41(a) | | | | | 2,000,000 | | | | | | 1,278,883 | | |
Sanger Unified School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
1.400%, due 8/1/28(a) | | | | | 305,000 | | | | | | 275,573 | | |
Santa Rita Union School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
2.310%, due 8/1/39(a) | | | | | 820,000 | | | | | | 539,542 | | |
Savanna School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
2.100%, due 8/1/35(a) | | | | | 250,000 | | | | | | 185,493 | | |
Sonoma County Community Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/31 | | | | | 155,000 | | | | | | 175,478 | | |
South Whittier School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/40 | | | | | 215,000 | | | | | | 245,452 | | |
Southwestern Community College District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.490%, due 8/1/24(a) | | | | | 560,000 | | | | | | 551,202 | | |
Tulare Local Health Care District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/35 | | | | | 350,000 | | | | | | 416,047 | | |
4.000%, due 8/1/39 | | | | | 835,000 | | | | | | 980,806 | | |
Turlock Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/25 | | | | | 310,000 | | | | | | 368,608 | | |
Ukiah Unified School District, General Obligation Bonds Insured: XLCA | | | | | | | | | | | | | |
1.950%, due 8/1/31(a) | | | | | 250,000 | | | | | | 204,973 | | |
West Contra Costa Unified School District, General Obligation Bonds Series F Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/49 | | | | | 3,740,000 | | | | | | 4,403,067 | | |
West Kern Community College District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/44 | | | | | 600,000 | | | | | | 685,526 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Winters Joint Unified School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/47 | | | | $ | 380,000 | | | | | $ | 445,350 | | |
Woodland Joint Unified School District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/33 | | | | | 300,000 | | | | | | 358,037 | | |
Yuba City Unified School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.740%, due 9/1/23(a) | | | | | 350,000 | | | | | | 344,012 | | |
| | | | | | | | | | | 65,572,559 | | |
Colorado — 3.8% | | ||||||||||||
BNC Metropolitan District No 1, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/37 | | | | | 395,000 | | | | | | 473,537 | | |
Castle Oaks Metropolitan District No 3, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/40 | | | | | 1,840,000 | | | | | | 2,198,568 | | |
4.000%, due 12/1/45 | | | | | 2,150,000 | | | | | | 2,537,733 | | |
Cherokee Metropolitan District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/35 | | | | | 675,000 | | | | | | 834,099 | | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/31 | | | | | 1,015,000 | | | | | | 1,212,103 | | |
Crystal Valley Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/39 | | | | | 500,000 | | | | | | 591,697 | | |
4.000%, due 12/1/40 | | | | | 800,000 | | | | | | 944,321 | | |
Grand Junction Regional Airport Authority, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 500,000 | | | | | | 606,201 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 496,195 | | |
Lewis Pointe Metropolitan District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/47 | | | | | 1,000,000 | | | | | | 1,162,481 | | |
Morgan County Quality Water District, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/45 | | | | | 1,090,000 | | | | | | 1,279,287 | | |
4.000%, due 12/1/50 | | | | | 1,150,000 | | | | | | 1,344,434 | | |
Poudre Tech Metropolitan District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/32 | | | | | 1,310,000 | | | | | | 1,545,527 | | |
Rio Blanco County School District No Re-1 Meeker, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.500%, due 12/1/35 | | | | | 450,000 | | | | | | 584,020 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
5.250%, due 12/1/33 | | | | | 150,000 | | | | | | 192,221 | | |
5.250%, due 12/1/35 | | | | | 115,000 | | | | | | 146,711 | | |
Saddle Rock Metropolitan District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/26 | | | | | 225,000 | | | | | | 251,604 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado (continued) | | ||||||||||||
South Sloan’s Lake Metropolitan District No 2, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | $ | 250,000 | | | | | $ | 293,928 | | |
Vauxmont Metropolitan District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/15/31 | | | | | 135,000 | | | | | | 157,244 | | |
5.000%, due 12/15/32 | | | | | 155,000 | | | | | | 180,238 | | |
| | | | | | | | | | | 17,032,149 | | |
Connecticut — 4.1% | | ||||||||||||
City of Hartford CT, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | | 25,000 | | | | | | 27,880 | | |
5.000%, due 4/1/23 | | | | | 220,000 | | | | | | 229,578 | | |
5.000%, due 7/1/24 | | | | | 20,000 | | | | | | 22,892 | | |
5.000%, due 7/1/27 | | | | | 60,000 | | | | | | 70,586 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 15,000 | | | | | | 16,698 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/15/32 | | | | | 20,000 | | | | | | 23,401 | | |
City of New Britain CT, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 9/1/44 | | | | | 2,625,000 | | | | | | 2,754,015 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/29 | | | | | 250,000 | | | | | | 317,184 | | |
5.250%, due 9/1/30 | | | | | 300,000 | | | | | | 378,685 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 3/1/26 | | | | | 435,000 | | | | | | 520,295 | | |
City of New Haven CT, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/39 | | | | | 1,150,000 | | | | | | 1,441,888 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/15/27 | | | | | 1,000,000 | | | | | | 1,176,676 | | |
City of West Haven CT, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/15/28 | | | | | 205,000 | | | | | | 240,079 | | |
4.000%, due 3/15/35 | | | | | 925,000 | | | | | | 1,060,579 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/41 | | | | | 110,000 | | | | | | 110,855 | | |
State of Connecticut Special Tax Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 5/1/38 | | | | | 6,500,000 | | | | | | 7,867,863 | | |
Town of Stratford CT, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/33 | | | | | 250,000 | | | | | | 293,195 | | |
Town of Windham CT, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/15/32 | | | | | 445,000 | | | | | | 548,873 | | |
4.000%, due 8/15/35 | | | | | 1,025,000 | | | | | | 1,252,343 | | |
| | | | | | | | | | | 18,353,565 | | |
Delaware — 0.1% | | ||||||||||||
Delaware State Economic Development Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/21 | | | | | 150,000 | | | | | | 152,818 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Delaware (continued) | | ||||||||||||
5.000%, due 10/1/26 | | | | $ | 280,000 | | | | | $ | 335,639 | | |
| | | | | | | | | | | 488,457 | | |
District of Columbia — 0.8% | | ||||||||||||
Metropolitan Washington Airports Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/1/34 | | | | | 2,000,000 | | | | | | 2,599,646 | | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds Insured: AGC | | | | | | | | | | | | | |
2.060%, due 10/1/36(a) | | | | | 1,585,000 | | | | | | 1,154,794 | | |
| | | | | | | | | | | 3,754,440 | | |
Florida — 3.5% | | ||||||||||||
Central Florida Expressway Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | | 3,250,000 | | | | | | 4,032,072 | | |
City of Boynton beach FL Utility System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.500%, due 11/1/22 | | | | | 215,000 | | | | | | 219,465 | | |
City of Melbourne FL Water & Sewer Revenue, Revenue Bonds Series B Insured: NATL | | | | | | | | | | | | | |
0.320%, due 10/1/21(a) | | | | | 100,000 | | | | | | 99,866 | | |
City of Miami FL Parking System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,000,000 | | | | | | 1,157,319 | | |
City of Palm Bay FL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 1,035,000 | | | | | | 1,228,319 | | |
County of Lee FL Transportation Facilities Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/25 | | | | | 500,000 | | | | | | 576,867 | | |
County of Miami-Dade FL Transit System, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/42 | | | | | 630,000 | | | | | | 665,651 | | |
Florida Governmental Utility Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/22 | | | | | 215,000 | | | | | | 229,380 | | |
Florida State Board of Governors Florida International University Dormitory Rev, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/32 | | | | | 2,195,000 | | | | | | 2,674,836 | | |
Herons Glen Recreation District, Special Assessment Insured: BAM | | | | | | | | | | | | | |
2.500%, due 5/1/25 | | | | | 175,000 | | | | | | 184,744 | | |
2.500%, due 5/1/26 | | | | | 200,000 | | | | | | 212,735 | | |
Hillsborough County School Board, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/22 | | | | | 245,000 | | | | | | 261,242 | | |
Miami Beach Redevelopment Agency, Tax Allocation Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/1/31 | | | | | 150,000 | | | | | | 167,972 | | |
North Sumter County Utility Dependent District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/49 | | | | | 1,350,000 | | | | | | 1,661,816 | | |
Orange County Convention Center/Orlando, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 10/1/31 | | | | | 1,250,000 | | | | | | 1,512,843 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Florida (continued) | | ||||||||||||
School Board of Miami-Dade County (The), Certificates of Participation Series C Insured: AMBAC | | | | | | | | | | | | | |
5.000%, due 10/1/21 | | | | $ | 150,000 | | | | | $ | 153,012 | | |
St Lucie County School Board, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 615,000 | | | | | | 681,785 | | |
| | | | | | | | | | | 15,719,924 | | |
Georgia — 0.2% | | ||||||||||||
Carrollton Payroll Development Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/28 | | | | | 415,000 | | | | | | 485,944 | | |
Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.250%, due 7/1/24 | | | | | 205,000 | | | | | | 237,022 | | |
| | | | | | | | | | | 722,966 | | |
Illinois — 14.1% | | ||||||||||||
Chicago Board of Education, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.800%, due 12/1/22(a) | | | | | 200,000 | | | | | | 197,467 | | |
0.970%, due 12/1/23(a) | | | | | 500,000 | | | | | | 487,644 | | |
Series A Insured: AGC-ICC FGIC | | | | ||||||||||
5.500%, due 12/1/26 | | | | | 250,000 | | | | | | 296,775 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/27 | | | | | 500,000 | | | | | | 620,074 | | |
5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 617,421 | | |
Series A Insured: NATL | | | | | | | | | | | | | |
1.390%, due 12/1/25(a) | | | | | 1,295,000 | | | | | | 1,215,137 | | |
Chicago O’Hare International Airport, Revenue Bonds Series E Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/39 | | | | | 1,300,000 | | | | | | 1,536,332 | | |
Series F Insured: BAM | | | | ||||||||||
4.250%, due 1/1/47 | | | | | 365,000 | | | | | | 410,953 | | |
Chicago Park District, General Obligation Bonds Series D Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/1/39 | | | | | 500,000 | | | | | | 578,272 | | |
Series E Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/32 | | | | | 1,000,000 | | | | | | 1,181,760 | | |
Series F-2 | | | | | | | | | | | | | |
5.000%, due 1/1/40 | | | | | 1,065,000 | | | | | | 1,315,109 | | |
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
0.410%, due 1/1/22(a) | | | | | 345,000 | | | | | | 344,050 | | |
City of Kankakee IL, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/1/34 | | | | | 450,000 | | | | | | 500,211 | | |
4.000%, due 1/1/35 | | | | | 715,000 | | | | | | 791,705 | | |
City of Sterling IL, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/36 | | | | | 600,000 | | | | | | 719,367 | | |
4.000%, due 11/1/37 | | | | | 570,000 | | | | | | 681,225 | | |
4.000%, due 11/1/38 | | | | | 500,000 | | | | | | 595,866 | | |
4.000%, due 11/1/39 | | | | | 610,000 | | | | | | 725,191 | | |
4.000%, due 11/1/40 | | | | | 635,000 | | | | | | 753,066 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
City of Waukegan IL, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/30/36 | | | | $ | 1,065,000 | | | | | $ | 1,241,351 | | |
4.000%, due 12/30/37 | | | | | 1,080,000 | | | | | | 1,254,919 | | |
City of Waukegan IL Water & Sewer System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/30/22 | | | | | 125,000 | | | | | | 132,268 | | |
4.000%, due 12/30/40 | | | | | 485,000 | | | | | | 548,537 | | |
Community Unit School District Number 427 DeKalb and Kane Counties Illinois, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/34 | | | | | 250,000 | | | | | | 293,663 | | |
4.000%, due 2/1/36 | | | | | 400,000 | | | | | | 466,045 | | |
4.000%, due 2/1/37 | | | | | 535,000 | | | | | | 621,336 | | |
4.000%, due 2/1/38 | | | | | 525,000 | | | | | | 608,008 | | |
4.000%, due 2/1/40 | | | | | 425,000 | | | | | | 488,784 | | |
Cook & Will Counties School District No 194, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 325,000 | | | | | | 376,126 | | |
Cook County School District No 88 Bellwood, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/21 | | | | | 365,000 | | | | | | 372,752 | | |
Cook County School District No 94, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/40 | | | | | 460,000 | | | | | | 521,682 | | |
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/40 | | | | | 1,005,000 | | | | | | 1,144,873 | | |
County of Union IL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/26 | | | | | 360,000 | | | | | | 416,995 | | |
Crawford Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/31 | | | | | 345,000 | | | | | | 393,666 | | |
4.000%, due 1/1/34 | | | | | 675,000 | | | | | | 783,864 | | |
Darien-Woodridge Fire Protection District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/30/26 | | | | | 100,000 | | | | | | 110,473 | | |
Governors State University, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/23 | | | | | 385,000 | | | | | | 417,969 | | |
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 | | | | | | 1,166,146 | | |
Lake County Community Consolidated School District No 3 Beach Park, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/1/29 | | | | | 1,130,000 | | | | | | 1,355,928 | | |
Macon County School District No 61 Decatur, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/25 | | | | | 695,000 | | | | | | 787,468 | | |
4.000%, due 12/1/30 | | | | | 250,000 | | | | | | 287,293 | | |
4.000%, due 12/1/32 | | | | | 200,000 | | | | | | 228,681 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
4.000%, due 12/1/34 | | | | $ | 150,000 | | | | | $ | 170,703 | | |
4.000%, due 12/1/37 | | | | | 205,000 | | | | | | 231,963 | | |
5.000%, due 12/1/40 | | | | | 1,000,000 | | | | | | 1,234,605 | | |
Madison Bond Etc Counties Community Unit School District No 5 Highland, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 2/1/22 | | | | | 1,000,000 | | | | | | 1,020,136 | | |
3.000%, due 2/1/23 | | | | | 1,000,000 | | | | | | 1,045,792 | | |
3.000%, due 2/1/24 | | | | | 300,000 | | | | | | 320,754 | | |
Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/30 | | | | | 275,000 | | | | | | 327,927 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 160,000 | | | | | | 194,258 | | |
Metropolitan Pier & Exposition Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
2.900%, due 6/15/45(a) | | | | | 500,000 | | | | | | 249,620 | | |
2.930%, due 6/15/47(a) | | | | | 225,000 | | | | | | 105,308 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/50 | | | | | 1,850,000 | | | | | | 2,085,238 | | |
Montgomery & Macoupin Counties Community Unit School District No 12 Litchfield, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/24 | | | | | 335,000 | | | | | | 371,214 | | |
4.000%, due 10/1/33 | | | | | 1,000,000 | | | | | | 1,198,835 | | |
Northern Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,000,000 | | | | | | 1,172,096 | | |
4.000%, due 10/1/40 | | | | | 855,000 | | | | | | 998,816 | | |
4.000%, due 10/1/43 | | | | | 1,300,000 | | | | | | 1,510,217 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/35 | | | | | 1,200,000 | | | | | | 1,401,968 | | |
Regional Transportation Authority, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.500%, due 7/1/23 | | | | | 155,000 | | | | | | 171,544 | | |
Sales Tax Securitization Corp., Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/37 | | | | | 2,030,000 | | | | | | 2,547,394 | | |
Sangamon County School District No 186 Springfield, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/1/34 | | | | | 500,000 | | | | | | 644,340 | | |
Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/36 | | | | | 1,000,000 | | | | | | 1,258,368 | | |
Stark Knox Marshall Henry & Peoria Counties Community Unit School Dist No 100, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/38 | | | | | 1,000,000 | | | | | | 1,182,035 | | |
4.000%, due 12/1/40 | | | | | 2,010,000 | | | | | | 2,354,721 | | |
State of Illinois, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/1/30 | | | | | 690,000 | | | | | | 778,579 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Insured: NATL | | | | | | | | | | | | | |
6.000%, due 11/1/26 | | | | $ | 500,000 | | | | | $ | 606,386 | | |
Series D | | | | | | | | | | | | | |
5.000%, due 11/1/24 | | | | | 2,800,000 | | | | | | 3,186,479 | | |
State of Illinois, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.250%, due 6/15/30 | | | | | 500,000 | | | | | | 501,580 | | |
Insured: NATL | | | | | | | | | | | | | |
6.000%, due 6/15/23 | | | | | 180,000 | | | | | | 199,256 | | |
6.000%, due 6/15/24 | | | | | 350,000 | | | | | | 405,272 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/15/35 | | | | | 750,000 | | | | | | 834,184 | | |
Series C | | | | | | | | | | | | | |
4.000%, due 6/15/21 | | | | | 225,000 | | | | | | 225,790 | | |
Summerfield Lebanon Mascoutah Water Commission St Clair County, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/26 | | | | | 205,000 | | | | | | 242,739 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 475,000 | | | | | | 595,380 | | |
University of Illinois, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
0.330%, due 4/1/22(a) | | | | | 200,000 | | | | | | 199,385 | | |
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/22 | | | | | 125,000 | | | | | | 128,433 | | |
Washington County Community Unit School Dist No 10 West Washington, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/15/25 | | | | | 750,000 | | | | | | 840,599 | | |
West Chicago Park District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/26 | | | | | 565,000 | | | | | | 626,916 | | |
Western Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/32 | | | | | 1,000,000 | | | | | | 1,189,309 | | |
Will County Community Unit School District No 201-U Crete-Monee, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/33 | | | | | 500,000 | | | | | | 566,439 | | |
4.000%, due 1/1/35 | | | | | 480,000 | | | | | | 541,235 | | |
Woodford Lasalle Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/34 | | | | | 500,000 | | | | | | 586,376 | | |
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 583,022 | | |
4.000%, due 12/1/37 | | | | | 515,000 | | | | | | 598,795 | | |
| | | | | | | | | | | 62,820,458 | | |
Indiana — 1.5% | | ||||||||||||
City of Columbus IN Sewage Works Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 2/15/24 | | | | | 500,000 | | | | | | 537,044 | | |
City of Washington IN Electric Utility Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 1/1/22 | | | | | 205,000 | | | | | | 208,555 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Indiana (continued) | | ||||||||||||
Indiana Bond Bank, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/22 | | | | $ | 545,000 | | | | | $ | 565,856 | | |
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds Series E Insured: AMBAC | | | | | | | | | | | | | |
0.450%, due 2/1/24(a) | | | | | 450,000 | | | | | | 444,515 | | |
0.640%, due 2/1/25(a) | | | | | 300,000 | | | | | | 292,906 | | |
Muncie Sanitary District, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 1/1/23 | | | | | 520,000 | | | | | | 543,472 | | |
4.000%, due 1/1/24 | | | | | 700,000 | | | | | | 765,376 | | |
Series A Insured: NATL | | | | ||||||||||
2.000%, due 1/1/22 | | | | | 140,000 | | | | | | 141,480 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
3.000%, due 7/1/22 | | | | | 750,000 | | | | | | 773,840 | | |
Terre Haute Sanitation District, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/29 | | | | | 890,000 | | | | | | 1,048,265 | | |
4.000%, due 1/1/30 | | | | | 205,000 | | | | | | 242,102 | | |
Town of Speedway IN Sewage Works Revenue, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 9/1/23 | | | | | 350,000 | | | | | | 370,839 | | |
3.000%, due 9/1/25 | | | | | 525,000 | | | | | | 574,976 | | |
| | | | | | | | | | | 6,509,226 | | |
Iowa — 1.0% | | ||||||||||||
Camanche Community School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/28 | | | | | 620,000 | | | | | | 787,918 | | |
City of Altoona IA, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
3.000%, due 6/1/22 | | | | | 320,000 | | | | | | 329,441 | | |
3.000%, due 6/1/24 | | | | | 345,000 | | | | | | 371,081 | | |
City of Newton IA, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
2.000%, due 6/1/21 | | | | | 500,000 | | | | | | 500,697 | | |
Lewis Central Community School District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/22 | | | | | 525,000 | | | | | | 548,257 | | |
4.000%, due 7/1/29 | | | | | 995,000 | | | | | | 1,211,743 | | |
Red Oak Community School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 145,000 | | | | | | 171,155 | | |
Sioux Center Community School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 5/1/24 | | | | | 290,000 | | | | | | 329,740 | | |
| | | | | | | | | | | 4,250,032 | | |
Kentucky — 0.3% | | ||||||||||||
Kentucky Asset Liability Commission, Revenue Bonds Series B Insured: NATL | | | | | | | | | | | | | |
0.657% (3-Month LIBOR + 0.52%), due 11/1/21(b) | | | | | 510,000 | | | | | | 510,000 | | |
0.687% (3-Month LIBOR + 0.55%), due 11/1/25(b) | | | | | 130,000 | | | | | | 130,000 | | |
Kentucky Economic Development Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/37 | | | | | 500,000 | | | | | | 559,241 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Kentucky (continued) | | ||||||||||||
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | $ | 100,000 | | | | | $ | 112,478 | | |
| | | | | | | | | | | 1,311,719 | | |
Louisiana — 3.6% | | ||||||||||||
Calcasieu Parish School District No 23, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/27 | | | | | 600,000 | | | | | | 743,418 | | |
5.000%, due 9/1/28 | | | | | 910,000 | | | | | | 1,152,035 | | |
City of New Orleans LA Sewerage Service Revenue, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/35 | | | | | 400,000 | | | | | | 475,224 | | |
4.000%, due 6/1/36 | | | | | 400,000 | | | | | | 473,690 | | |
4.000%, due 6/1/37 | | | | | 325,000 | | | | | | 383,603 | | |
4.000%, due 6/1/38 | | | | | 350,000 | | | | | | 411,970 | | |
4.000%, due 6/1/39 | | | | | 850,000 | | | | | | 997,857 | | |
City of Plaquemine LA, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/24 | | | | | 750,000 | | | | | | 814,121 | | |
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | | 270,000 | | | | | | 314,561 | | |
Series C Insured: BAM | | | | ||||||||||
5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 644,937 | | |
5.000%, due 12/1/32 | | | | | 125,000 | | | | | | 160,716 | | |
Greater Ouachita Water Co., Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/36 | | | | | 775,000 | | | | | | 904,161 | | |
Jefferson Davis Parish Water and Sewer Commission No 1, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/34 | | | | | 120,000 | | | | | | 130,242 | | |
3.000%, due 12/1/39 | | | | | 365,000 | | | | | | 387,283 | | |
3.000%, due 12/1/43 | | | | | 360,000 | | | | | | 376,344 | | |
Louisiana Energy & Power Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/23 | | | | | 445,000 | | | | | | 488,590 | | |
Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,000,000 | | | | | | 1,198,107 | | |
4.000%, due 10/1/39 | | | | | 600,000 | | | | | | 717,084 | | |
4.000%, due 10/1/40 | | | | | 755,000 | | | | | | 900,198 | | |
Insured: BAM 4.000%, due 10/1/40 | | | | | 850,000 | | | | | | 1,010,227 | | |
Louisiana State Citizens Property Insurance Corp., Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/21 | | | | | 100,000 | | | | | | 100,367 | | |
New Orleans Aviation Board, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/37 | | | | | 1,000,000 | | | | | | 1,247,239 | | |
Parish of St Mary LA, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 3/1/27 | | | | | 330,000 | | | | | | 405,836 | | |
Port New Orleans Board of Commissioners, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/36 | | | | | 610,000 | | | | | | 738,277 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana (continued) | | ||||||||||||
Ward Two Water District of Livingston Parish, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/27 | | | | $ | 500,000 | | | | | $ | 580,324 | | |
4.000%, due 4/1/28 | | | | | 300,000 | | | | | | 353,266 | | |
| | | | | | | | | | | 16,109,677 | | |
Maine — 0.0%(c) | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 150,000 | | | | | | 178,724 | | |
Maryland — 0.3% | | ||||||||||||
City of Cumberland MD, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/24 | | | | | 400,000 | | | | | | 456,988 | | |
5.000%, due 6/1/25 | | | | | 450,000 | | | | | | 530,970 | | |
Maryland State Transportation Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/23 | | | | | 245,000 | | | | | | 268,623 | | |
| | | | | | | | | | | 1,256,581 | | |
Massachusetts — 1.6% | | ||||||||||||
Bridgewater-Raynham Regional School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/29 | | | | | 1,405,000 | | | | | | 1,726,571 | | |
City of Worcester MA, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 2/15/31 | | | | | 500,000 | | | | | | 568,956 | | |
Commonwealth of Massachusetts, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
0.707% (3-Month LIBOR + 0.57%), due 5/1/37(b) | | | | | 85,000 | | | | | | 84,845 | | |
Series B Insured: AMBAC-TCRS-BNY | | | | | | | | | | | | | |
5.250%, due 8/1/28 | | | | | 415,000 | | | | | | 545,499 | | |
Commonwealth of Massachusetts, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.500%, due 1/1/22 | | | | | 2,415,000 | | | | | | 2,497,192 | | |
5.500%, due 1/1/25 | | | | | 600,000 | | | | | | 706,929 | | |
Massachusetts Department of Transportation, Revenue Bonds Series C Insured: NATL | | | | | | | | | | | | | |
0.370%, due 1/1/22(a) | | | | | 325,000 | | | | | | 324,190 | | |
Massachusetts School Building Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/15/34 | | | | | 350,000 | | | | | | 417,444 | | |
| | | | | | | | | | | 6,871,626 | | |
Michigan — 3.4% | | ||||||||||||
Benzie County Central Schools, General Obligation Bonds Series I Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/35 | | | | | 340,000 | | | | | | 422,295 | | |
4.000%, due 5/1/36 | | | | | 300,000 | | | | | | 371,304 | | |
4.000%, due 5/1/37 | | | | | 330,000 | | | | | | 406,942 | | |
4.000%, due 5/1/38 | | | | | 300,000 | | | | | | 368,832 | | |
4.000%, due 5/1/39 | | | | | 300,000 | | | | | | 367,744 | | |
4.000%, due 5/1/40 | | | | | 300,000 | | | | | | 366,954 | | |
4.000%, due 5/1/41 | | | | | 300,000 | | | | | | 365,862 | | |
4.000%, due 5/1/45 | | | | | 1,250,000 | | | | | | 1,508,082 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Michigan (continued) | | ||||||||||||
City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds Series B Insured: NATL | | | | | | | | | | | | | |
5.500%, due 7/1/21 | | | | $ | 500,000 | | | | | $ | 504,037 | | |
5.500%, due 7/1/22 | | | | | 1,000,000 | | | | | | 1,058,874 | | |
City of Taylor MI, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/1/24 | | | | | 770,000 | | | | | | 847,529 | | |
4.000%, due 3/1/27 | | | | | 490,000 | | | | | | 578,524 | | |
4.000%, due 3/1/29 | | | | | 710,000 | | | | | | 862,983 | | |
4.000%, due 3/1/35 | | | | | 1,185,000 | | | | | | 1,445,442 | | |
Eastern Michigan University, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 3/1/27 | | | | | 750,000 | | | | | | 924,268 | | |
Fitzgerald Public School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/1/22 | | | | | 150,000 | | | | | | 155,324 | | |
Grandville Public Schools, General Obligation Bonds Series I Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/37 | | | | | 245,000 | | | | | | 291,555 | | |
4.000%, due 5/1/40 | | | | | 200,000 | | | | | | 236,068 | | |
Leland Public School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/37 | | | | | 590,000 | | | | | | 684,264 | | |
Saginaw City School District, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 5/1/44 | | | | | 2,505,000 | | | | | | 2,997,471 | | |
Warren Consolidated Schools, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/1/22 | | | | | 280,000 | | | | | | 293,337 | | |
Wayne County Airport Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/42 | | | | | 110,000 | | | | | | 117,556 | | |
| | | | | | | | | | | 15,175,247 | | |
Minnesota — 0.2% | | ||||||||||||
Centennial Independent School District No 12, General Obligation Bonds Series A Insured: SD CRED PROG | | | | | | | | | | | | | |
0.170%, due 2/1/22(a) | | | | | 650,000 | | | | | | 649,185 | | |
Mississippi — 0.5% | | ||||||||||||
Biloxi Public School District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/24 | | | | | 270,000 | | | | | | 305,443 | | |
City of Jackson MS, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/1/25 | | | | | 150,000 | | | | | | 170,842 | | |
Mississippi Development Bank, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/45 | | | | $ | 500,000 | | | | | $ | 589,147 | | |
5.000%, due 7/1/33 | | | | | 490,000 | | | | | | 642,977 | | |
5.250%, due 10/1/38 | | | | | 460,000 | | | | | | 583,795 | | |
| | | | | | | | | | | 2,292,204 | | |
Missouri — 1.5% | | ||||||||||||
City of St Louis MO Airport Revenue, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.500%, due 7/1/28 | | | | | 1,000,000 | | | | | | 1,309,665 | | |
Series A Insured: AGM | | | | ||||||||||
5.000%, due 7/1/23 | | | | | 1,000,000 | | | | | | 1,102,406 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Missouri (continued) | | ||||||||||||
Kansas City Industrial Development Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 3/1/50 | | | | $ | 1,480,000 | | | | | $ | 1,707,005 | | |
Series B | | | | | | | | | | | | | |
5.000%, due 3/1/46 | | | | | 2,000,000 | | | | | | 2,432,277 | | |
| | | | | | | | | | | 6,551,353 | | |
Montana — 0.1% | | ||||||||||||
City of Bozeman MT, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
2.000%, due 7/1/21 | | | | | 90,000 | | | | | | 90,200 | | |
2.000%, due 7/1/22 | | | | | 50,000 | | | | | | 50,807 | | |
3.000%, due 7/1/24 | | | | | 100,000 | | | | | | 106,915 | | |
4.000%, due 7/1/26 | | | | | 75,000 | | | | | | 86,229 | | |
4.000%, due 7/1/27 | | | | | 100,000 | | | | | | 116,969 | | |
| | | | | | | | | | | 451,120 | | |
Nevada — 0.9% | | ||||||||||||
City of Reno NV, Revenue Bonds Series A-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/28 | | | | | 730,000 | | | | | | 896,615 | | |
5.000%, due 6/1/32 | | | | | 265,000 | | | | | | 319,361 | | |
Clark County School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/40 | | | | | 400,000 | | | | | | 475,087 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/28 | | | | | 250,000 | | | | | | 320,274 | | |
5.000%, due 6/15/31 | | | | | 1,500,000 | | | | | | 1,988,805 | | |
| | | | | | | | | | | 4,000,142 | | |
New Jersey — 6.9% | | ||||||||||||
Atlantic City Board of Education, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 4/1/26 | | | | | 400,000 | | | | | | 456,237 | | |
4.000%, due 4/1/28 | | | | | 425,000 | | | | | | 498,926 | | |
4.000%, due 4/1/30 | | | | | 335,000 | | | | | | 391,014 | | |
4.000%, due 4/1/33 | | | | | 325,000 | | | | | | 373,847 | | |
4.000%, due 4/1/35 | | | | | 330,000 | | | | | | 377,169 | | |
Borough of Paulsboro NJ, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
1.000%, due 8/15/23 | | | | | 160,000 | | | | | | 162,286 | | |
1.000%, due 8/15/24 | | | | | 160,000 | | | | | | 162,526 | | |
1.000%, due 8/15/25 | | | | | 165,000 | | | | | | 167,478 | | |
Camden County Improvement Authority (The), Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 875,000 | | | | | | 1,032,880 | | |
Casino Reinvestment Development Authority, Inc., Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/27 | | | | | 500,000 | | | | | | 564,212 | | |
City of Atlantic City NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/21 | | | | | 165,000 | | | | | | 168,659 | | |
City of Bayonne NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/15/24 | | | | | 100,000 | | | | | | 111,480 | | |
City of East Orange NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/15/23 | | | | | 665,000 | | | | | | 723,621 | | |
4.000%, due 9/15/24 | | | | | 125,000 | | | | | | 140,001 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
City of Newark NJ, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/27 | | | | $ | 500,000 | | | ��� | | $ | 616,836 | | |
5.000%, due 10/1/28 | | | | | 750,000 | | | | | | 940,745 | | |
Series C Insured: AGM | | | | ||||||||||
5.000%, due 10/1/28 | | | | | 145,000 | | | | | | 181,877 | | |
5.000%, due 10/1/29 | | | | | 190,000 | | | | | | 242,009 | | |
City of Orange Township NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/27 | | | | | 1,295,000 | | | | | | 1,523,436 | | |
City of Perth Amboy NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 765,000 | | | | | | 900,616 | | |
City of Trenton NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 3/15/23 | | | | | 250,000 | | | | | | 262,440 | | |
City of Union City NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.050%, due 8/1/24 | | | | | 1,425,000 | | | | | | 1,390,907 | | |
2.250%, due 8/1/25 | | | | | 1,450,000 | | | | | | 1,527,609 | | |
East Orange Board Of Education, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
1.190%, due 8/1/26(a) | | | | | 100,000 | | | | | | 93,952 | | |
Garden State Preservation Trust, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
1.110%, due 11/1/25(a) | | | | | 110,000 | | | | | | 104,632 | | |
Gloucester County Improvement Authority (The), Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 265,000 | | | | | | 311,196 | | |
Long Branch Board of Education, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/15/29 | | | | | 265,000 | | | | | | 335,591 | | |
New Jersey Economic Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/22 | | | | | 2,725,000 | | | | | | 2,839,867 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | | 150,000 | | | | | | 169,313 | | |
5.000%, due 7/1/23 | | | | | 1,500,000 | | | | | | 1,657,732 | | |
Series K Insured: NATL | | | | | | | | | | | | | |
5.250%, due 12/15/21 | | | | | 110,000 | | | | | | 113,371 | | |
New Jersey Educational Facilities Authority, Revenue Bonds Series F Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 300,000 | | | | | | 356,033 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | | | | | | | | | | | | |
1.690%, due 12/15/31(a) | | | | | 410,000 | | | | | | 342,698 | | |
Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
0.450%, due 12/15/24(a) | | | | | 670,000 | | | | | | 659,084 | | |
1.280%, due 12/15/28(a) | | | | | 235,000 | | | | | | 213,195 | | |
Insured: BHAC-CR MBIA | | | | | | | | | | | | | |
1.100%, due 12/15/27(a) | | | | | 500,000 | | | | | | 464,803 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/15/37 | | | | | 275,000 | | | | | | 317,728 | | |
Series A Insured: NATL | | | | | | | | | �� | | | | |
5.250%, due 12/15/21 | | | | | 500,000 | | | | | | 515,324 | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 12/15/23 | | | | | 340,000 | | | | | | 383,676 | | |
Series B Insured: NATL | | | | | | | | | | | | | |
5.500%, due 12/15/21 | | | | | 500,000 | | | | | | 516,091 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
Series C Insured: AGM | | | | | | | | | | | | | |
2.000%, due 12/15/33(a) | | | | $ | 250,000 | | | | | $ | 194,428 | | |
Series C Insured: AMBAC | | | | | | | | | | | | | |
0.660%, due 12/15/24(a) | | | | | 750,000 | | | | | | 732,218 | | |
0.900%, due 12/15/25(a) | | | | | 780,000 | | | | | | 748,320 | | |
1.140%, due 12/15/26(a) | | | | | 1,330,000 | | | | | | 1,247,737 | | |
Oceanport School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
2.500%, due 7/15/24 | | | | | 495,000 | | | | | | 525,973 | | |
Passaic Valley Sewerage Commission, Revenue Bonds Series H Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/24 | | | | | 450,000 | | | | | | 520,443 | | |
Series I Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 100,000 | | | | | | 119,296 | | |
South Jersey Transportation Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/40 | | | | | 880,000 | | | | | | 1,036,913 | | |
5.000%, due 11/1/30 | | | | | 700,000 | | | | | | 910,053 | | |
State of New Jersey, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 6/1/29 | | | | | 700,000 | | | | | | 911,620 | | |
Township of Hillside NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 5/15/30 | | | | | 565,000 | | | | | | 606,739 | | |
Union Township Board of Education/Union County, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/15/31 | | | | | 350,000 | | | | | | 434,938 | | |
Washington Borough Board of Education/Warren County, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/15/25 | | | | | 125,000 | | | | | | 142,063 | | |
4.000%, due 7/15/27 | | | | | 135,000 | | | | | | 158,444 | | |
| | | | | | | | | | | 30,600,282 | | |
New York — 10.5% | | ||||||||||||
Broome County Local Development Corp., Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 4/1/45 | | | | | 1,200,000 | | | | | | 1,237,240 | | |
Buffalo Municipal Water Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/49 | | | | | 925,000 | | | | | | 1,044,962 | | |
City of New York NY, General Obligation Bonds Series B-1 Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/42 | | | | | 1,425,000 | | | | | | 1,794,449 | | |
5.000%, due 10/1/43 | | | | | 1,030,000 | | | | | | 1,294,367 | | |
City of Schenectady NY, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 5/1/23 | | | | | 250,000 | | | | | | 263,496 | | |
City of Syracuse NY, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/34 | | | | | 930,000 | | | | | | 1,083,834 | | |
City of Yonkers NY, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 2/15/23 | | | | | 265,000 | | | | | | 282,300 | | |
4.000%, due 2/15/24 | | | | | 250,000 | | | | | | 274,193 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/26 | | | | | 825,000 | | | | | | 993,227 | | |
5.000%, due 2/15/28 | | | | | 650,000 | | | | | | 821,578 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/1/28 | | | | $ | 1,215,000 | | | | | $ | 1,542,920 | | |
Series B | | | | | | | | | | | | | |
4.000%, due 2/15/23 | | | | | 280,000 | | | | | | 298,331 | | |
4.000%, due 2/15/24 | | | | | 290,000 | | | | | | 318,149 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/26 | | | | | 640,000 | | | | | | 770,839 | | |
5.000%, due 2/15/28 | | | | | 560,000 | | | | | | 709,502 | | |
5.000%, due 2/15/30 | | | | | 770,000 | | | | | | 1,011,327 | | |
County of Chautauqua NY, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
2.000%, due 12/15/22 | | | | | 130,000 | | | | | | 133,726 | | |
County of Monroe NY, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/22 | | | | | 1,070,000 | | | | | | 1,125,004 | | |
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 280,000 | | | | | | 330,381 | | |
County of Suffolk NY, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/15/21 | | | | | 50,000 | | | | | | 50,815 | | |
5.000%, due 10/15/28 | | | | | 500,000 | | | | | | 633,424 | | |
Series C Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/28 | | | | | 280,000 | | | | | | 334,573 | | |
5.000%, due 2/1/23 | | | | | 410,000 | | | | | | 442,848 | | |
5.000%, due 5/1/27 | | | | | 145,000 | | | | | | 164,081 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
4.000%, due 11/15/48 | | | | | 3,620,000 | | | | | | 4,140,526 | | |
4.000%, due 11/15/52 | | | | | 595,000 | | | | | | 670,686 | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 594,173 | | |
Series A-1 Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/44 | | | | | 1,000,000 | | | | | | 1,149,657 | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 11/15/24 | | | | | 1,000,000 | | | | | | 1,170,170 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/46 | | | | | 745,000 | | | | | | 848,912 | | |
Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 11/15/44 | | | | | 650,000 | | | | | | 802,228 | | |
Series C-1 | | | | | | | | | | | | | |
4.750%, due 11/15/45 | | | | | 600,000 | | | | | | 722,552 | | |
Series E | | | | | | | | | | | | | |
4.000%, due 11/15/45 | | | | | 450,000 | | | | | | 513,377 | | |
Mount Vernon City School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/15/21 | | | | | 350,000 | | | | | | 354,978 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/15/24 | | | | | 275,000 | | | | | | 295,274 | | |
New York City Industrial Development Agency, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
2.260%, due 3/1/24(b)(d) | | | | | 1,500,000 | | | | | | 1,542,742 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 1,750,000 | | | | | | 2,288,741 | | |
5.000%, due 1/1/31 | | | | | 1,250,000 | | | | | | 1,661,334 | | |
New York Convention Center Development Corp., Revenue Bonds Series B Insured: BAM | | | | | | | | | | | | | |
2.120%, due 11/15/33(a) | | | | | 1,500,000 | | | | | | 1,151,775 | | |
2.370%, due 11/15/38(a) | | | | | 375,000 | | | | | | 247,877 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
New York State Dormitory Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/1/36 | | | | $ | 500,000 | | | | | $ | 579,886 | | |
Series A Insured: NATL | | | | | | | | | | | | | |
5.500%, due 5/15/21 | | | | | 375,000 | | | | | | 375,618 | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.500%, due 3/15/24 | | | | | 125,000 | | | | | | 143,465 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/15/33 | | | | | 115,000 | | | | | | 132,038 | | |
4.000%, due 8/15/34 | | | | | 120,000 | | | | | | 137,165 | | |
4.000%, due 8/15/35 | | | | | 160,000 | | | | | | 182,295 | | |
4.000%, due 8/15/36 | | | | | 200,000 | | | | | | 226,822 | | |
4.000%, due 8/15/37 | | | | | 450,000 | | | | | | 508,040 | | |
Series D Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/30 | | | | | 1,000,000 | | | | | | 1,277,818 | | |
New York State Thruway Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/45 | | | | | 1,115,000 | | | | | | 1,287,716 | | |
Niagara Falls City School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/26 | | | | | 200,000 | | | | | | 219,265 | | |
5.000%, due 6/15/25 | | | | | 670,000 | | | | | | 760,277 | | |
Niagara Falls City School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/28 | | | | | 590,000 | | | | | | 737,402 | | |
North Syracuse Central School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
5.000%, due 6/15/22 | | | | | 90,000 | | | | | | 94,804 | | |
Oneida County Local Development Corp., Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/44 | | | | | 250,000 | | | | | | 259,860 | | |
4.000%, due 12/1/38 | | | | | 250,000 | | | | | | 286,102 | | |
Pulaski Central School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/23 | | | | | 250,000 | | | | | | 273,922 | | |
Town of Oyster Bay NY, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 3/1/28 | | | | | 835,000 | | | | | | 1,006,992 | | |
Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/15/26 | | | | | 65,000 | | | | | | 75,300 | | |
4.000%, due 11/1/26 | | | | | 800,000 | | | | | | 941,272 | | |
4.000%, due 2/15/27 | | | | | 55,000 | | | | | | 65,121 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
3.000%, due 2/1/24 | | | | | 1,790,000 | | | | | | 1,918,915 | | |
| | | | | | | | | | | 46,600,663 | | |
North Carolina — 0.7% | | ||||||||||||
North Carolina Turnpike Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 1/1/32 | | | | | 525,000 | | | | | | 668,848 | | |
Western Carolina University, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 945,000 | | | | | | 1,141,844 | | |
5.000%, due 6/1/27 | | | | | 500,000 | | | | | | 600,695 | | |
5.000%, due 6/1/28 | | | | | 550,000 | | | | | | 656,942 | | |
Winston-Salem State University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/21 | | | | | 125,000 | | | | | | 125,421 | | |
| | | | | | | | | | | 3,193,750 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
North Dakota — 0.2% | | ||||||||||||
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 | | | | | $ | 771,008 | | |
Ohio — 0.8% | | ||||||||||||
Bethel Local School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/25 | | | | | 265,000 | | | | | | 301,786 | | |
City of Lorain OH, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.875%, due 12/1/27 | | | | | 605,000 | | | | | | 615,502 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/24 | | | | | 250,000 | | | | | | 279,264 | | |
4.000%, due 12/1/25 | | | | | 260,000 | | | | | | 297,349 | | |
Cleveland Department of Public Utilities Division of Public Power, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/37 | | | | | 375,000 | | | | | | 443,864 | | |
Conotton Valley Union Local School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | | 315,000 | | | | | | 347,763 | | |
County of Cuyahoga OH, Revenue Bonds | | | | ||||||||||
5.000%, due 2/15/28 | | | | | 500,000 | | | | | | 602,127 | | |
Euclid City School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/39 | | | | | 400,000 | | | | | | 459,198 | | |
| | | | ||||||||||
| | | | | | | | | | | 3,346,853 | | |
Oklahoma — 0.1% | | ||||||||||||
Tulsa Airports Improvement Trust, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/23 | | | | | 500,000 | | | | | | 547,662 | | |
Oregon — 1.0% | | ||||||||||||
City of Seaside OR Transient Lodging Tax Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/15/37 | | | | | 400,000 | | | | | | 493,116 | | |
Jackson County School District No 6 Central Point, General Obligation Bonds Series B Insured: SCH BD GTY | | | | | | | | | | | | | |
2.270%, due 6/15/49(a) | | | | | 500,000 | | | | | | 205,439 | | |
Medford Hospital Facilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/15/45 | | | | | 3,170,000 | | | | | | 3,726,813 | | |
| | | | | | | | | | | 4,425,368 | | |
Pennsylvania — 5.6% | | ||||||||||||
Allentown City School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/22 | | | | | 200,000 | | | | | | 205,334 | | |
Ambridge Area School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/22 | | | | | 660,000 | | | | | | 696,827 | | |
Bellwood-Antis School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 6/1/25 | | | | | 480,000 | | | | | | 527,515 | | |
Series AA Insured: BAM | | | | | | | | | | | | | |
3.000%, due 6/1/25 | | | | | 300,000 | | | | | | 329,697 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
3.000%, due 6/1/26 | | | | $ | 305,000 | | | | | $ | 339,867 | | |
Bristol Borough School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 3/1/25 | | | | | 250,000 | | | | | | 278,633 | | |
Butler Area Sewer Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/26 | | | | | 390,000 | | | | | | 474,516 | | |
Catasauqua Area School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/15/26 | | | | | 245,000 | | | | | | 278,859 | | |
4.000%, due 2/15/27 | | | | | 70,000 | | | | | | 80,820 | | |
4.000%, due 2/15/28 | | | | | 430,000 | | | | | | 503,949 | | |
4.000%, due 2/15/29 | | | | | 695,000 | | | | | | 819,935 | | |
4.000%, due 2/15/30 | | | | | 595,000 | | | | | | 695,245 | | |
Coatesville Area School District Building Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/22 | | | | | 400,000 | | | | | | 427,743 | | |
Coatesville School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/23 | | | | | 150,000 | | | | | | 165,500 | | |
County of Cambria PA, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/32 | | | | | 250,000 | | | | | | 285,226 | | |
Delaware County Regional Water Quality Control Authority, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.250%, due 5/1/22 | | | | | 205,000 | | | | | | 215,377 | | |
Ephrata Borough Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
3.000%, due 11/1/43 | | | | | 1,150,000 | | | | | | 1,229,678 | | |
Erie Sewer Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 460,000 | | | | | | 577,854 | | |
Gettysburg Municipal Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/31 | | | | | 1,135,000 | | | | | | 1,388,078 | | |
Greater Johnstown School District, General Obligation Bonds Series C Insured: NATL | | | | | | | | | | | | | |
1.610%, due 8/1/28(a) | | | | | 200,000 | | | | | | 177,997 | | |
Hazle Township Municipal Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/23 | | | | | 245,000 | | | | | | 267,082 | | |
Lancaster Higher Education Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/31 | | | | | 500,000 | | | | | | 589,769 | | |
5.000%, due 10/1/23 | | | | | 300,000 | | | | | | 334,113 | | |
Lancaster School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 35,000 | | | | | | 41,459 | | |
Latrobe Municipal Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/32 | | | | | 190,000 | | | | | | 213,420 | | |
Lehigh County Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
2.450%, due 12/1/37(a) | | | | | 405,000 | | | | | | 270,421 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
0.735% (3-Month LIBOR + 0.60%), due 7/1/27(b) | | | | | 185,000 | | | | | | 183,599 | | |
| | | 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 | | | | | $ | 947,399 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/35 | | | | | 700,000 | | | | | | 838,887 | | |
4.000%, due 9/1/50 | | | | | 1,000,000 | | | | | | 1,170,861 | | |
Reading School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 3/1/37 | | | | | 2,000,000 | | | | | | 2,422,083 | | |
School District of Philadelphia (The), General Obligation Bonds Insured: BHAC-CR FGIC | | | | | | | | | | | | | |
5.000%, due 6/1/34 | | | | | 210,000 | | | | | | 295,378 | | |
Series F Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/27 | | | | | 725,000 | | | | | | 884,089 | | |
Somerset Area School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/23 | | | | | 425,000 | | | | | | 451,411 | | |
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/1/31 | | | | | 250,000 | | | | | | 326,861 | | |
State Public School Building Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/21 | | | | | 375,000 | | | | | | 376,337 | | |
Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/1/39 | | | | | 750,000 | | | | | | 798,811 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/15/21 | | | | | 875,000 | | | | | | 889,812 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/22 | | | | | 285,000 | | | | | | 299,884 | | |
Warrior Run School District/Montour Northumberland Union County PA, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/31 | | | | | 415,000 | | | | | | 466,890 | | |
4.000%, due 9/1/32 | | | | | 435,000 | | | | | | 487,831 | | |
Waverly Township Municipal Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/15/27 | | | | | 950,000 | | | | | | 1,084,301 | | |
Westmoreland County Municipal Authority, Revenue Bonds Series A Insured: FGIC | | | | | | | | | | | | | |
0.490%, due 8/15/23(a) | | | | | 815,000 | | | | | | 805,954 | | |
Williamsport Sanitary Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 500,000 | | | | | | 645,847 | | |
| | | | | | | | | | | 24,791,149 | | |
Puerto Rico — 0.3% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/35 | | | | | 480,000 | | | | | | 499,200 | | |
Series A-4 Insured: AGM | | | | | | | | | | | | | |
5.250%, due 7/1/30 | | | | | 100,000 | | | | | | 102,902 | | |
Puerto Rico Electric Power Authority, Revenue Bonds | | | | | | | | | | | | | |
Series PP Insured: NATL | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 25,542 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Puerto Rico (continued) | | ||||||||||||
Series UU Insured: AGM | | | | | | | | | | | | | |
0.655% (3-Month LIBOR + 0.52%), due 7/1/29(b) | | | | $ | 510,000 | | | | | $ | 472,402 | | |
| | | | | | | | | | | 1,100,046 | | |
Rhode Island — 0.7% | | ||||||||||||
City of Cranston RI, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/29 | | | | | 110,000 | | | | | | 134,003 | | |
Providence Public Building Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/15/35 | | | | | 1,085,000 | | | | | | 1,238,618 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/26 | | | | | 275,000 | | | | | | 327,007 | | |
5.000%, due 6/15/36 | | | | | 660,000 | | | | | | 805,773 | | |
Rhode Island Health and Educational Building Corp., Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/36 | | | | | 390,000 | | | | | | 462,874 | | |
5.000%, due 5/15/29 | | | | | 110,000 | | | | | | 135,505 | | |
| | | | | | | | | | | 3,103,780 | | |
South Carolina — 0.3% | | ||||||||||||
City of Camden SC Combined Public Utility System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
2.000%, due 3/1/23 | | | | | 600,000 | | | | | | 619,552 | | |
Williamsburg County Public Facilities Corp., Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/30 | | | | | 625,000 | | | | | | 769,370 | | |
| | | | | | | | | | | 1,388,922 | | |
Tennessee — 0.1% | | ||||||||||||
County of Campbell TN, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/21 | | | | | 320,000 | | | | | | 321,166 | | |
Texas — 5.9% | | ||||||||||||
Central Texas Turnpike System, Revenue Bonds Series A Insured: AMBAC | | | | | | | | | | | | | |
1.690%, due 8/15/29(a) | | | | | 1,000,000 | | | | | | 869,584 | | |
Series A Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
0.720%, due 8/15/26(a) | | | | | 1,000,000 | | | | | | 962,816 | | |
0.890%, due 8/15/27(a) | | | | | 205,000 | | | | | | 193,826 | | |
City of Arlington TX Special Tax Revenue, Special Tax Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/32 | | | | | 725,000 | | | | | | 841,220 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/44 | | | | | 2,000,000 | | | | | | 2,280,865 | | |
5.000%, due 2/15/38 | | | | | 700,000 | | | | | | 861,981 | | |
City of Houston TX Combined Utility System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
0.610%, due 12/1/25(a) | | | | | 460,000 | | | | | | 447,359 | | |
City of Mission TX, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/15/22 | | | | | 1,395,000 | | | | | | 1,446,072 | | |
City of Mount Pleasant TX, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/34 | | | | | 2,110,000 | | | | | | 2,607,236 | | |
City of Rio Grande City TX, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/26 | | | | | 630,000 | | | | | | 727,579 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Clear Lake City Water Authority, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
3.000%, due 3/1/25 | | | | $ | 170,000 | | | | | $ | 185,062 | | |
County of La Salle TX, General Obligation Bonds Insured: AGM | �� | | | | | | | | | | | | |
5.000%, due 3/1/27 | | | | | 500,000 | | | | | | 617,779 | | |
Fort Bend County Municipal Utility District No 169, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/25 | | | | | 420,000 | | | | | | 459,518 | | |
Fort Bend County Municipal Utility District No 58, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 4/1/33 | | | | | 400,000 | | | | | | 439,550 | | |
3.000%, due 4/1/34 | | | | | 445,000 | | | | | | 487,416 | | |
3.000%, due 4/1/35 | | | | | 435,000 | | | | | | 475,530 | | |
3.000%, due 4/1/37 | | | | | 825,000 | | | | | | 896,561 | | |
Galveston County Municipal Utility District No 56, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/24 | | | | | 400,000 | | | | | | 444,570 | | |
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/34 | | | | | 325,000 | | | | | | 375,185 | | |
Harris County-Houston Sports Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/15/25 | | | | | 220,000 | | | | | | 251,758 | | |
Hidalgo County Regional Mobility Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/45 | | | | | 1,000,000 | | | | | | 1,070,672 | | |
La Joya Independent School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/38 | | | | | 500,000 | | | | | | 557,524 | | |
Lazy Nine Municipal Utility District No 1B, General Obligation Bonds Series 1B Insured: AGM | | | | | | | | | | | | | |
3.000%, due 9/1/21 | | | | | 180,000 | | | | | | 181,524 | | |
3.000%, due 9/1/22 | | | | | 180,000 | | | | | | 186,178 | | |
Matagorda County Navigation District No 1, Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
5.125%, due 11/1/28(d) | | | | | 615,000 | | | | | | 777,518 | | |
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds Series A-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 500,000 | | | | | | 611,943 | | |
Series B-1 Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/30 | | | | | 155,000 | | | | | | 177,714 | | |
North Texas Tollway Authority, Revenue Bonds Series D Insured: AGC | | | | | | | | | | | | | |
1.360%, due 1/1/29(a) | | | | | 1,460,000 | | | | | | 1,316,204 | | |
Northlake Municipal Management District No 1, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.500%, due 3/1/24 | | | | | 185,000 | | | | | | 204,275 | | |
Southwest Houston Redevelopment Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 450,000 | | | | | | 516,249 | | |
5.000%, due 9/1/28 | | | | | 210,000 | | | | | | 255,654 | | |
5.000%, due 9/1/29 | | | | | 225,000 | | | | | | 277,302 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
5.000%, due 9/1/30 | | | | $ | 350,000 | | | | | $ | 436,180 | | |
Texas State Technical College, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/15/25 | | | | | 525,000 | | | | | | 625,402 | | |
Timber Lane Utility District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.500%, due 8/1/23 | | | | | 500,000 | | | | | | 535,289 | | |
3.500%, due 8/1/24 | | | | | 500,000 | | | | | | 548,695 | | |
3.500%, due 8/1/25 | | | | | 500,000 | | | | | | 559,985 | | |
3.500%, due 8/1/26 | | | | | 500,000 | | | | | | 569,882 | | |
Travis County Water Control & Improvement District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/15/26 | | | | | 505,000 | | | | | | 584,452 | | |
Viridian Municipal Management District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/26 | | | | | 390,000 | | | | | | 458,716 | | |
| | | | | | | | | | | 26,322,825 | | |
Utah — 0.5% | | ||||||||||||
Utah Transit Authority, Revenue Bonds Series A Insured: BHAC-CR MBIA | | | | | | | | | | | | | |
5.000%, due 6/15/35 | | | | | 215,000 | | | | | | 298,842 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.250%, due 6/15/32 | | | | | 1,000,000 | | | | | | 1,373,093 | | |
Weber Basin Water Conservancy District, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 4/1/46 | | | | | 600,000 | | | | | | 702,534 | | |
| | | | | | | | | | | 2,374,469 | | |
Washington — 0.6% | | ||||||||||||
Bellevue Convention Center Authority, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
0.260%, due 2/1/22(a) | | | | | 530,000 | | | | | | 528,940 | | |
Chelan County Public Utility District No 1, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
0.590%, due 6/1/24(a) | | | | | 100,000 | | | | | | 98,209 | | |
Series A Insured: NATL | | | | | | | | | | | | | |
0.420%, due 6/1/23(a) | | | | | 100,000 | | | | | | 99,127 | | |
Klickitat County Public Utility District No 1, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 750,000 | | | | | | 888,293 | | |
State of Washington, General Obligation Bonds Series 03-C Insured: NATL | | | | | | | | | | | | | |
0.810%, due 6/1/26(a) | | | | | 250,000 | | | | | | 239,915 | | |
Series C Insured: AMBAC | | | | | | | | | | | | | |
0.330%, due 6/1/23(a) | | | | | 200,000 | | | | | | 198,623 | | |
0.500%, due 6/1/24(a) | | | | | 265,000 | | | | | | 260,973 | | |
0.810%, due 6/1/26(a) | | | | | 200,000 | | | | | | 191,932 | | |
Series C Insured: NATL | | | | | | | | | | | | | |
1.340%, due 6/1/29(a) | | | | | 125,000 | | | | | | 112,218 | | |
Series E Insured: XLCA | | | | | | | | | | | | | |
0.410%, due 12/1/23(a) | | | | | 100,000 | | | | | | 98,940 | | |
| | | | | | | | | | | 2,717,170 | | |
West Virginia — 1.3% | | ||||||||||||
City of Fairmont WV Water Revenue, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/29 | | | | | 150,000 | | | | | | 176,548 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
West Virginia (continued) | | ||||||||||||
Morgantown Utility Board, Inc., Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/23 | | | | $ | 290,000 | | | | | $ | 307,725 | | |
4.000%, due 12/1/24 | | | | | 300,000 | | | | | | 334,440 | | |
4.000%, due 12/1/25 | | | | | 325,000 | | | | | | 370,429 | | |
West Virginia Hospital Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/51 | | | | | 4,200,000 | | | | | | 4,666,058 | | |
| | | | | | | | | | | 5,855,200 | | |
Wisconsin — 1.2% | | ||||||||||||
City of Racine WI Waterworks System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/30 | | | | | 500,000 | | | | | | 626,075 | | |
Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/26 | | | | | 300,000 | | | | | | 352,442 | | |
5.000%, due 9/1/28 | | | | | 250,000 | | | | | | 321,753 | | |
City of Superior WI, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
6.900%, due 8/1/21 | | | | | 270,000 | | | | | | 274,448 | | |
Fond Du Lac School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/35 | | | | | 400,000 | | | | | | 472,467 | | |
Omro School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/1/28 | | | | | 230,000 | | | | | | 261,521 | | |
Public Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/40 | | | | | 300,000 | | | | | | 340,193 | | |
4.000%, due 7/1/45 | | | | | 800,000 | | | | | | 898,129 | | |
Village of Mount Pleasant WI, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/48 | | | | | 1,135,000 | | | | | | 1,365,256 | | |
Wisconsin Center District, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
2.310%, due 12/15/36(a) | | | | | 320,000 | | | | | | 211,375 | | |
| | | | ||||||||||
| | | | | | | | | | | 5,123,659 | | |
Total Municipal Bonds (Cost $416,409,283) | | | | | | | | | | | 421,904,873 | | |
| | | | | Shares | | | | | | | | |
Short-Term Investment — 8.4% | | | | | | | | | | | | | |
Money Market Fund — 8.4% | | | | | | | | | | | | | |
Fidelity Investments Money Market Treasury Only Class I, 0.01%(e) (Cost $37,105,168) | | | | | 37,105,168 | | | | | | 37,105,168 | | |
Total Investments — 103.4% (Cost $453,514,451) | | | | | | | | | | | 459,010,041 | | |
Other Assets and Liabilities, Net — (3.4)% | | | | | | | | | | | (14,683,353) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 444,326,688 | | |
|
| AGC | | | — | | | Assured Guaranty Corp. | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | — | | | Ambac Assurance Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| BHAC-CR | | | — | | | Berkshire Hathaway Assurance Corp. Custodial Receipts | |
| FGIC | | | — | | | Financial Guaranty Insurance Co. | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
| SCH BD GTY | | | — | | | School Bond Guaranty Program | |
| XLCA | | | — | | | XL Capital Assurance | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 421,904,873 | | | | | $ | — | | | | | $ | 421,904,873 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 37,105,168 | | | | | | — | | | | | | — | | | | | | 37,105,168 | | |
Total Investments in Securities | | | | $ | 37,105,168 | | | | | $ | 421,904,873 | | | | | $ | — | | | | | $ | 459,010,041 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 84.7% | | ||||||||||||
Alabama — 1.5% | | ||||||||||||
Birmingham Airport Authority, Revenue Bonds Insured: BAM | | | | ||||||||||
5.000%, due 7/1/32 | | | | $ | 600,000 | | | | | $ | 784,259 | | |
Homewood Educational Building Authority, Revenue Bonds Series A Insured: AGM | | | | ||||||||||
5.000%, due 12/1/41 | | | | | 1,000,000 | | | | | | 1,075,277 | | |
| | | | | | | | | | | 1,859,536 | | |
Alaska — 0.1% | | ||||||||||||
Alaska Industrial Development & Export Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 6/1/28 | | | | | 100,000 | | | | | | 115,662 | | |
Arizona — 1.9% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/1/31 | | | | | 550,000 | | | | | | 684,579 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/31 | | | | | 300,000 | | | | | | 378,002 | | |
5.000%, due 6/1/32 | | | | | 325,000 | | | | | | 408,139 | | |
City of Phoenix Civic Improvement Corp., Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 7/1/34 | | | | | 500,000 | | | | | | 603,403 | | |
Maricopa County Industrial Development Authority, Revenue Bonds Series C Insured: SD CRED PROG | | | | | | | | | | | | | |
5.000%, due 7/1/37 | | | | | 300,000 | | | | | | 357,126 | | |
| | | | | | | | | | | 2,431,249 | | |
Arkansas — 0.4% | | ||||||||||||
University of Central Arkansas, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/34 | | | | | 400,000 | | | | | | 469,971 | | |
California — 7.3% | | ||||||||||||
Apple Valley Public Financing Authority, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/31 | | | | | 1,000,000 | | | | | | 1,225,586 | | |
Benicia Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
0.480%, due 8/1/23(a) | | | | | 300,000 | | | | | | 296,748 | | |
California Municipal Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/31 | | | | | 400,000 | | | | | | 491,979 | | |
California State Public Works Board, Revenue Bonds Series B | | | | | | | | | | | | | |
4.000%, due 5/1/36 | | | | | 200,000 | | | | | | 246,490 | | |
Chaffey Joint Union High School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
1.090%, due 8/1/34(a) | | | | | 320,000 | | | | | | 201,688 | | |
Hayward Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/45 | | | | | 270,000 | | | | | | 315,902 | | |
Imperial Community College District, General Obligation Bonds Insured: AGC | | | | | | | | | | | | | |
2.170%, due 8/1/37(a) | | | | | 400,000 | | | | | | 281,728 | | |
Independent Cities Finance Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/29 | | | | | 500,000 | | | | | | 577,837 | | |
4.000%, due 6/1/36 | | | | | 700,000 | | | | | | 810,463 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
1.600%, due 8/1/31(a) | | | | $ | 150,000 | | | | | $ | 116,037 | | |
1.800%, due 8/1/33(a) | | | | | 35,000 | | | | | | 24,544 | | |
Lake Elsinore School Financing Authority, Special Tax Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/33 | | | | | 250,000 | | | | | | 319,476 | | |
Ripon Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/28 | | | | | 600,000 | | | | | | 721,097 | | |
Riverside County Community Facilities Districts, Special Tax Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/35 | | | | | 1,060,000 | | | | | | 1,284,652 | | |
Roseville Natural Gas Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/15/24 | | | | | 560,000 | | | | | | 630,801 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.720%, due 7/1/24(a) | | | | | 305,000 | | | | | | 298,165 | | |
State of California, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 500,000 | | | | | | 582,919 | | |
University of California, Revenue Bonds Series AO | | | | | | | | | | | | | |
5.000%, due 5/15/22 | | | | | 100,000 | | | | | | 105,078 | | |
Series G | | | | | | | | | | | | | |
4.000%, due 5/15/22 | | | | | 200,000 | | | | | | 208,011 | | |
West Sacramento Financing Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/31 | | | | | 250,000 | | | | | | 291,264 | | |
Westminster School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
0.480%, due 8/1/48(a) | | | | | 100,000 | | | | | | 17,714 | | |
| | | | | | | | | | | 9,048,179 | | |
Colorado — 2.0% | | ||||||||||||
Cherokee Metropolitan District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/34 | | | | | 200,000 | | | | | | 247,729 | | |
Colorado Health Facilities Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
5.000%, due 8/1/34 | | | | | 75,000 | | | | | | 94,703 | | |
5.000%, due 8/1/35 | | | | | 105,000 | | | | | | 132,307 | | |
Series A-2 | | | | | | | | | | | | | |
5.000%, due 8/1/32 | | | | | 110,000 | | | | | | 139,963 | | |
5.000%, due 8/1/33 | | | | | 90,000 | | | | | | 113,966 | | |
Crystal Valley Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 596,688 | | |
Dawson Ridge Metropolitan District No 1, General Obligation Bonds Series B | | | | | | | | | | | | | |
0.240%, due 10/1/22(a) | | | | | 115,000 | | | | | | 114,612 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 496,195 | | |
Lewis Pointe Metropolitan District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/21 | | | | | 310,000 | | | | | | 316,584 | | |
4.000%, due 12/1/24 | | | | | 225,000 | | | | | | 252,441 | | |
| | | | | | | | | | | 2,505,188 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Connecticut — 3.9% | | ||||||||||||
City of Bridgeport CT, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/1/33 | | | | $ | 600,000 | | | | | $ | 728,302 | | |
City of Hartford CT, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/30 | | | | | 100,000 | | | | | | 107,287 | | |
City of New Britain CT, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/30 | | | | | 600,000 | | | | | | 757,370 | | |
City of West Haven CT, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/15/29 | | | | | 200,000 | | | | | | 236,069 | | |
4.000%, due 3/15/30 | | | | | 125,000 | | | | | | 148,296 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series I-1 | | | | | | | | | | | | | |
5.000%, due 7/1/33 | | | | | 350,000 | | | | | | 422,889 | | |
State of Connecticut Special Tax Revenue, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 5/1/36 | | | | | 500,000 | | | | | | 597,458 | | |
Series A | | | | | | | | | | | | | |
4.000%, due 5/1/38 | | | | | 1,500,000 | | | | | | 1,815,661 | | |
| | | | | | | | | | | 4,813,332 | | |
Florida — 5.4% | | ||||||||||||
Bay County School Board, Certificates of Participation Series B | | | | | | | | | | | | | |
5.000%, due 7/1/21 | | | | | 100,000 | | | | | | 100,767 | | |
Central Florida Expressway Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | | 1,000,000 | | | | | | 1,240,637 | | |
City of Jacksonville FL, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/1/21 | | | | | 170,000 | | | | | | 173,350 | | |
County of Miami-Dade FL Aviation Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 10/1/34 | | | | | 500,000 | | | | | | 603,891 | | |
4.000%, due 10/1/39 | | | | | 400,000 | | | | | | 476,145 | | |
County of Miami-Dade FL Water & Sewer System Revenue, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/34 | | | | | 1,000,000 | | | | | | 1,236,533 | | |
Florida Department of Environmental Protection, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/21 | | | | | 350,000 | | | | | | 352,731 | | |
Florida Development Finance Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/24 | | | | | 200,000 | | | | | | 217,440 | | |
Florida Municipal Power Agency, Revenue Bonds Series A | | | | | | | | | | | | | |
3.000%, due 10/1/33 | | | | | 500,000 | | | | | | 548,950 | | |
Hillsborough County Industrial Development Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
0.040%, due 11/1/38(b)(c) | | | | | 500,000 | | | | | | 500,000 | | |
Orange County Convention Center/Orlando, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 10/1/31 | | | | | 500,000 | | | | | | 605,137 | | |
State of Florida, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/21 | | | | | 100,000 | | | | | | 100,780 | | |
Series C | | | | | | | | | | | | | |
4.000%, due 6/1/30 | | | | | 500,000 | | | | | | 519,873 | | |
| | | | | | | | | | | 6,676,234 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Georgia — 0.5% | | ||||||||||||
Municipal Electric Authority of Georgia, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 1/1/38 | | | | $ | 500,000 | | | | | $ | 612,981 | | |
Guam — 0.4% | | ||||||||||||
Guam Government Waterworks Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 7/1/33 | | | | | 500,000 | | | | | | 552,861 | | |
Idaho — 1.2% | | ||||||||||||
Idaho Housing & Finance Association, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/15/33 | | | | | 1,100,000 | | | | | | 1,468,210 | | |
Illinois — 12.8% | | ||||||||||||
Chicago Board of Education, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/27 | | | | | 500,000 | | | | | | 620,074 | | |
Chicago O’Hare International Airport, Revenue Bonds Series C | | | | | | | | | | | | | |
5.000%, due 1/1/28 | | | | | 100,000 | | | | | | 119,408 | | |
Chicago Park District, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/27 | | | | | 250,000 | | | | | | 273,566 | | |
Series E Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/31 | | | | | 500,000 | | | | | | 593,029 | | |
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 600,000 | | | | | | 710,125 | | |
Illinois Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 8/15/32 | | | | | 1,500,000 | | | | | | 2,017,046 | | |
Kendall Kane & Will Counties Community Unit School District No 308, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
1.070%, due 2/1/26(a) | | | | | 450,000 | | | | | | 427,701 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 320,000 | | | | | | 388,516 | | |
Northern Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/26 | | | | | 250,000 | | | | | | 301,644 | | |
5.000%, due 10/1/28 | | | | | 650,000 | | | | | | 814,134 | | |
5.000%, due 10/1/30 | | | | | 690,000 | | | | | | 887,425 | | |
Sales Tax Securitization Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 500,000 | | | | | | 646,326 | | |
Sangamon County School District No 186 Springfield, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/29 | | | | | 500,000 | | | | | | 647,128 | | |
Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/32 | | | | | 500,000 | | | | | | 636,445 | | |
Southwestern Illinois Development Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/15/24 | | | | | 165,000 | | | | | | 183,128 | | |
4.000%, due 4/15/31 | | | | | 450,000 | | | | | | 543,717 | | |
4.000%, due 4/15/33 | | | | | 250,000 | | | | | | 299,310 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
State of Illinois, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.125%, due 4/1/33 | | | | $ | 550,000 | | | | | $ | 577,606 | | |
Series D | | | | | | | | | | | | | |
5.000%, due 11/1/24 | | | | | 250,000 | | | | | | 284,507 | | |
5.000%, due 11/1/28 | | | | | 250,000 | | | | | | 300,333 | | |
State of Illinois, Revenue Bonds | | | | | | | | | | | | | |
4.500%, due 6/15/36 | | | | | 500,000 | | | | | | 501,267 | | |
Insured: BAM | | | | | | | | | | | | | |
4.250%, due 6/15/30 | | | | | 500,000 | | | | | | 501,580 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 230,000 | | | | | | 246,780 | | |
5.000%, due 1/1/30 | | | | | 450,000 | | | | | | 564,044 | | |
Upper Illinois River Valley Development Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 12/1/38 | | | | | 425,000 | | | | | | 517,732 | | |
Village of Matteson IL, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/29 | | | | | 465,000 | | | | | | 567,249 | | |
Village of Mundelein IL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/15/39 | | | | | 100,000 | | | | | | 115,993 | | |
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/23 | | | | | 135,000 | | | | | | 140,493 | | |
Will County School District No 114 Manhattan, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.500%, due 1/1/26 | | | | | 840,000 | | | | | | 896,422 | | |
Woodford Lasalle Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/35 | | | | | 500,000 | | | | | | 584,856 | | |
| | | | | | | | | | | 15,907,584 | | |
Indiana — 0.2% | | ||||||||||||
MSD of Wash Township School Building Corp., Revenue Bonds Insured: ST INTERCEPT | | | | | | | | | | | | | |
5.000%, due 7/15/35 | | | | | 225,000 | | | | | | 286,823 | | |
Iowa — 0.7% | | ||||||||||||
Iowa Finance Authority, Revenue Bonds Series E | | | | | | | | | | | | | |
0.020%, due 2/15/41(b)(c) | | | | | 500,000 | | | | | | 500,000 | | |
Iowa State University of Science & Technology, Revenue Bonds Series I.S.U. 2020 Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/22 | | | | | 400,000 | | | | | | 422,298 | | |
| | | | | | | | | | | 922,298 | | |
Kentucky — 0.9% | | ||||||||||||
Kentucky Economic Development Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 335,000 | | | | | | 385,014 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 75,000 | | | | | | 84,358 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Kentucky (continued) | | ||||||||||||
Louisville/Jefferson County Metropolitan Government, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/32 | | | | $ | 500,000 | | | | | $ | 600,201 | | |
| | | | | | | | | | | 1,069,573 | | |
Louisiana — 2.9% | | ||||||||||||
Cameron Parish School District No 15, General Obligation Bonds | | | | ||||||||||
4.000%, due 10/1/22 | | | | | 125,000 | | | | | | 130,446 | | |
5.000%, due 10/1/23 | | | | | 205,000 | | | | | | 224,151 | | |
5.000%, due 10/1/29 | | | | | 290,000 | | | | | | 353,020 | | |
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 100,000 | | | | | | 128,987 | | |
City of Youngsville LA, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/1/32 | | | | | 250,000 | | | | | | 304,080 | | |
4.000%, due 5/1/34 | | | | | 300,000 | | | | | | 361,072 | | |
New Orleans Aviation Board, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/37 | | | | | 600,000 | | | | | | 748,344 | | |
Port New Orleans Board of Commissioners, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/36 | | | | | 620,000 | | | | | | 750,380 | | |
Ward Two Water District of Livingston Parish, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 4/1/22 | | | | | 300,000 | | | | | | 306,898 | | |
3.000%, due 4/1/23 | | | | | 300,000 | | | | | | 313,992 | | |
| | | | | | | | | | | 3,621,370 | | |
Maine — 0.1% | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 155,000 | | | | | | 184,681 | | |
Massachusetts — 1.3% | | ||||||||||||
City of Worcester MA, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 2/15/31 | | | | | 500,000 | | | | | | 568,956 | | |
Commonwealth of Massachusetts, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.500%, due 1/1/25 | | | | | 250,000 | | | | | | 294,554 | | |
Massachusetts Bay Transportation Authority, Revenue Bonds 4.000%, due 12/1/21 | | | | | 250,000 | | | | | | 255,632 | | |
Massachusetts Development Finance Agency, Revenue Bonds Series U-6E | | | | | | | | | | | | | |
0.020%, due 10/1/42(b)(c) | | | | | 500,000 | | | | | | 500,000 | | |
| | | | | | | | | | | 1,619,142 | | |
Michigan — 1.8% | | ||||||||||||
City of Taylor MI, General Obligation Bonds Series 2021 Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/1/31 | | | | | 250,000 | | | | | | 311,024 | | |
Michigan Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/15/21 | | | | | 1,000,000 | | | | | | 1,025,222 | | |
Series A | | | | | | | | | | | | | |
5.000%, due 2/15/34 | | | | | 235,000 | | | | | | 298,173 | | |
Series A Class 1 | | | | | | | | | | | | | |
4.000%, due 6/1/34 | | | | | 500,000 | | | | | | 606,900 | | |
| | | | | | | | | | | 2,241,319 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Missouri — 1.0% | | ||||||||||||
Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 8/1/25 | | | | $ | 150,000 | | | | | $ | 167,819 | | |
4.500%, due 1/1/39 | | | | | 1,000,000 | | | | | | 1,094,872 | | |
| | | | | | | | | | | 1,262,691 | | |
Montana — 0.5% | | ||||||||||||
City of Bozeman MT, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/28 | | | | | 170,000 | | | | | | 201,717 | | |
Montana Facility Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/24 | | | | | 375,000 | | | | | | 424,230 | | |
| | | | | | | | | | | 625,947 | | |
Nebraska — 0.5% | | ||||||||||||
Central Plains Energy Project, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 3/1/50(b)(c) | | | | | 600,000 | | | | | | 667,770 | | |
Nevada — 2.5% | | ||||||||||||
City of North Las Vegas NV, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 1,220,000 | | | | | | 1,442,228 | | |
Clark County School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/31 | | | | | 1,000,000 | | | | | | 1,325,870 | | |
Las Vegas Convention & Visitors Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 7/1/43 | | | | | 250,000 | | | | | | 297,725 | | |
| | | | | | | | | | | 3,065,823 | | |
New Hampshire — 0.6% | | ||||||||||||
New Hampshire Business Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 4/1/30 | | | | | 675,000 | | | | | | 756,849 | | |
New Jersey — 7.3% | | ||||||||||||
Atlantic City Board of Education, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 4/1/22 | | | | | 300,000 | | | | | | 309,392 | | |
City of Newark NJ, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/25 | | | | | 600,000 | | | | | | 706,434 | | |
Essex County Improvement Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/15/28 | | | | | 415,000 | | | | | | 473,941 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/33 | | | | | 170,000 | | | | | | 226,174 | | |
5.000%, due 8/1/34 | | | | | 175,000 | | | | | | 232,230 | | |
5.000%, due 8/1/35 | | | | | 250,000 | | | | | | 330,922 | | |
New Jersey Economic Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/22 | | | | | 1,220,000 | | | | | | 1,271,427 | | |
New Jersey Educational Facilities Authority, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 470,000 | | | | | | 554,804 | | |
Series F Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 300,000 | | | | | | 356,033 | | |
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds Series E Insured: HUD | | | | | | | | | | | | | |
1.500%, due 9/1/22(b)(c) | | | | | 500,000 | | | | | | 502,095 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
0.450%, due 12/15/24(a) | | | | $ | 690,000 | | | | | $ | 678,758 | | |
Series A | | | | | | | | | | | | | |
1.340%, due 12/15/26(a) | | | | | 650,000 | | | | | | 603,029 | | |
New Jersey Turnpike Authority, Revenue Bonds Series D-1 0.781% (1-Month LIBOR + 0.70%), due 1/1/24(b) | | | | | 1,000,000 | | | | | | 1,009,032 | | |
South Jersey Port Corp., Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 1/1/31 | | | | | 500,000 | | | | | | 599,258 | | |
State of New Jersey, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 6/1/31 | | | | | 500,000 | | | | | | 620,679 | | |
5.000%, due 6/1/29 | | | | | 500,000 | | | | | | 651,157 | | |
| | | | | | | | | | | 9,125,365 | | |
New York — 13.2% | | ||||||||||||
City of Syracuse NY, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/32 | | | | | 250,000 | | | | | | 293,618 | | |
County of Suffolk NY, General Obligation Bonds | | | | | | | | | | | | | |
Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/1/23 | | | | | 410,000 | | | | | | 442,848 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 594,173 | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 11/15/24 | | | | | 500,000 | | | | | | 585,085 | | |
Series C | | | | | | | | | | | | | |
5.000%, due 11/15/38 | | | | | 250,000 | | | | | | 268,397 | | |
5.000%, due 11/15/42 | | | | | 500,000 | | | | | | 535,871 | | |
Series C-1 | | | | | | | | | | | | | |
4.750%, due 11/15/45 | | | | | 4,495,000 | | | | | | 5,413,116 | | |
Monroe County Industrial Development Corp., Revenue Bonds 5.000%, due 5/1/24 | | | | | 500,000 | | | | | | 567,875 | | |
Series A | | | | | | | | | | | | | |
4.000%, due 12/1/36 | | | | | 375,000 | | | | | | 440,308 | | |
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds Series S-3 | | | | | | | | | | | | | |
5.000%, due 7/15/33 | | | | | 150,000 | | | | | | 189,257 | | |
New York Convention Center Development Corp., Revenue Bonds Series B Insured: BAM | | | | | | | | | | | | | |
2.120%, due 11/15/33(a) | | | | | 500,000 | | | | | | 383,925 | | |
New York Liberty Development Corp., Revenue Bonds Class 1 | | | | | | | | | | | | | |
2.450%, due 9/15/69 | | | | | 500,000 | | | | | | 519,557 | | |
New York State Dormitory Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
3.000%, due 3/15/38 | | | | | 500,000 | | | | | | 537,972 | | |
5.000%, due 10/1/23 | | | | | 850,000 | | | | | | 938,628 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/33 | | | | | 500,000 | | | | | | 630,913 | | |
New York State Thruway Authority, Revenue Bonds Series J | | | | | | | | | | | | | |
4.125%, due 1/1/31 | | | | | 200,000 | | | | | | 216,059 | | |
New York State Urban Development Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 3/15/36 | | | | | 500,000 | | | | | | 650,692 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
Series C | | | | | | | | | | | | | |
4.000%, due 3/15/37 | | | | $ | 400,000 | | | | | $ | 477,586 | | |
New York Transportation Development Corp., Revenue Bonds Series C | | | | | | | | | | | | | |
5.000%, due 12/1/27 | | | | | 150,000 | | | | | | 187,745 | | |
Port Authority of New York & New Jersey, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 9/1/43 | | | | | 400,000 | | | | | | 461,701 | | |
Town of Oyster Bay NY, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/23 | | | | | 500,000 | | | | | | 545,794 | | |
Triborough Bridge & Tunnel Authority, Revenue Bonds Series A-2 | | | | | | | | | | | | | |
2.000%, due 5/15/45(b)(c) | | | | | 1,000,000 | | | | | | 1,069,871 | | |
Series C | | | | | | | | | | | | | |
0.020%, due 1/1/32(b)(c) | | | | | 500,000 | | | | | | 500,000 | | |
| | | | | | | | | | | 16,450,991 | | |
North Carolina — 0.7% | | ||||||||||||
City of Asheville NC, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/21 | | | | | 215,000 | | | | | | 218,413 | | |
North Carolina Turnpike Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/1/24 | | | | | 500,000 | | | | | | 563,121 | | |
Western Carolina University, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/21 | | | | | 125,000 | | | | | | 126,969 | | |
| | | | | | | | | | | 908,503 | | |
Pennsylvania — 4.1% | | ||||||||||||
City of Erie PA, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
2.270%, due 11/15/37(a) | | | | | 750,000 | | | | | | 459,924 | | |
City of Philadelphia PA Airport Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/35 | | | | | 500,000 | | | | | | 600,280 | | |
Coatesville Area School District Building Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/21 | | | | | 310,000 | | | | | | 317,780 | | |
County of Cambria PA, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/32 | | | | | 250,000 | | | | | | 285,226 | | |
Forest Hills School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/15/21 | | | | | 100,000 | | | | | | 101,155 | | |
5.000%, due 8/15/23 | | | | | 265,000 | | | | | | 292,648 | | |
Hazle Township Municipal Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/24 | | | | | 240,000 | | | | | | 268,998 | | |
North Pocono School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/15/32 | | | | | 250,000 | | | | | | 298,346 | | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 1/1/29 | | | | | 450,000 | | | | | | 524,423 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC 0.735% (3-Month LIBOR + 0.60%), due 7/1/27(b) | | | | | 185,000 | | | | | | 183,599 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/32 | | | | | 550,000 | | | | | | 708,493 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
Spring Cove School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/22 | | | | $ | 500,000 | | | | | $ | 527,833 | | |
Warrior Run School District/Montour Northumberland Union County PA, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/36 | | | | | 255,000 | | | | | | 283,005 | | |
Wilkinsburg-Penn Joint Water Authority (The), Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/15/23 | | | | | 250,000 | | | | | | 270,924 | | |
| | | | | | | | | | | 5,122,634 | | |
Puerto Rico — 0.5% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/35 | | | | | 470,000 | | | | | | 488,800 | | |
Puerto Rico Convention Center District Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
4.500%, due 7/1/36 | | | | | 60,000 | | | | | | 61,129 | | |
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 25,541 | | |
| | | | | | | | | | | 575,470 | | |
Rhode Island — 0.7% | | ||||||||||||
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/32 | | | | | 250,000 | | | | | | 308,629 | | |
Rhode Island Health and Educational Building Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/25 | | | | | 500,000 | | | | | | 579,763 | | |
| | | | | | | | | | | 888,392 | | |
South Carolina — 0.2% | | ||||||||||||
South Carolina Public Service Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 12/1/36 | | | | | 100,000 | | | | | | 121,195 | | |
Series C | | | | | | | | | | | | | |
5.000%, due 12/1/36 | | | | | 185,000 | | | | | | 189,694 | | |
| | | | | | | | | | | 310,889 | | |
Texas — 5.1% | | ||||||||||||
Central Texas Turnpike System, Revenue Bonds Series A Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
0.720%, due 8/15/26(a) | | | | | 750,000 | | | | | | 722,112 | | |
City of Houston TX Combined Utility System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
0.610%, due 12/1/25(a) | | | | | 465,000 | | | | | | 452,222 | | |
City of Houston TX Hotel Occupancy Tax & Special Revenue, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
0.630%, due 9/1/22(a) | | | | | 140,000 | | | | | | 138,835 | | |
City of Mission TX, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/15/23 | | | | | 920,000 | | | | | | 995,349 | | |
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds | | | | ||||||||||
4.000%, due 2/1/34 | | | | | 250,000 | | | | | | 287,323 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Series A | | | | | | | | | | | | | |
5.000%, due 2/1/37 | | | | $ | 290,000 | | | | | $ | 381,355 | | |
Fort Bend County Municipal Utility District No 215, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/24 | | | | | 125,000 | | | | | | 138,754 | | |
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 350,000 | | | | | | 406,885 | | |
4.000%, due 9/1/33 | | | | | 370,000 | | | | | | 428,640 | | |
Houston Higher Education Finance Corp., Revenue Bonds | | | | | | | | | | | | | |
1.500%, due 10/1/23 | | | | | 230,000 | | | | | | 229,725 | | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 12/15/22 | | | | | 250,000 | | | | | | 268,681 | | |
5.000%, due 12/15/23 | | | | | 250,000 | | | | | | 279,612 | | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 6/30/32 | | | | | 500,000 | | | | | | 595,007 | | |
Uptown Development Authority, Tax Allocation Series A | | | | | | | | | | | | | |
5.000%, due 9/1/35 | | | | | 500,000 | | | | | | 576,216 | | |
Viridian Municipal Management District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/24 | | | | | 360,000 | | | | | | 404,178 | | |
| | | | | | | | | | | 6,304,894 | | |
Utah — 0.7% | | ||||||||||||
Utah Associated Municipal Power Systems, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 9/1/31 | | | | | 500,000 | | | | | | 615,943 | | |
Utah Charter School Finance Authority, Revenue Bonds Insured: UT CSCE | | | | | | | | | | | | | |
4.000%, due 4/15/40 | | | | | 250,000 | | | | | | 287,331 | | |
| | | | | | | | | | | 903,274 | | |
Virginia — 0.2% | | ||||||||||||
Norfolk Airport Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 150,000 | | | | | | 191,282 | | |
Roanoke Economic Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/21 | | | | | 100,000 | | | | | | 100,761 | | |
| | | | | | | | | | | 292,043 | | |
Washington — 1.0% | | ||||||||||||
Spokane Public Facilities District, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 535,000 | | | | | | 619,726 | | |
Washington State Convention Center Public Facilities District, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/37 | | | | | 500,000 | | | | | | 591,628 | | |
| | | | | | | | | | | 1,211,354 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
West Virginia — 0.2% | | ||||||||||||
Morgantown Utility Board, Inc., Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/34 | | | | $ | 200,000 | | | | | $ | 239,602 | | |
Wisconsin — 0.4% | | ||||||||||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/33 | | | | | 425,000 | | | | | | 550,810 | | |
Total Municipal Bonds | | | | | | | | | | | | | |
(Cost $102,490,444) | | | | | | | | | | | 105,669,494 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 19.8% | | ||||||||||||
Money Market Fund — 19.8% | | ||||||||||||
Fidelity Investments Money Market Treasury Only Class I, 0.01%(d) | | | | | | | | | | | | | |
(Cost $24,733,422) | | | | | 24,733,422 | | | | | | 24,733,422 | | |
Total Investments — 104.5% | | | | | | | | | | | | | |
(Cost $127,223,866) | | | | | | | | | | | 130,402,916 | | |
Other Assets and Liabilities, Net — (4.5)% | | | | | | | | | | | (5,703,265) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 124,699,651 | | |
| 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 | |
| HUD | | | — | | | Housing and Urban Development Section 8. | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
| ST INTERCEPT | | | — | | | State Tax Intercept | |
| UT CSCE | | | — | | | Utah Charter School Credit Enhancement | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 105,669,494 | | | | | $ | — | | | | | $ | 105,669,494 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 24,733,422 | | | | | | — | | | | | | — | | | | | | 24,733,422 | | |
Total Investments in Securities | | | | $ | 24,733,422 | | | | | $ | 105,669,494 | | | | | $ | — | | | | | $ | 130,402,916 | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 93.4% | | ||||||||||||
Collateralized Mortgage Obligation — 0.4% | | ||||||||||||
Mortgage Securities — 0.4% | | ||||||||||||
Fannie Mae Interest Strip(a) | | | | | | | | | | | | | |
0.000%, due 6/25/39 (Cost $1,001,994) | | | | $ | 1,058,226 | | | | | $ | 968,514 | | |
Commercial Asset-Backed Securities — 20.1% | | ||||||||||||
Asset Backed Securities — 20.1% | | ||||||||||||
522 Funding CLO 2019-4 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-4A BR, 1.788%, (3-Month LIBOR + 1.60%) due 4/20/30(b) | | | | | 1,000,000 | | | | | | 996,840 | | |
522 Funding CLO 2020-6 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-6A B, 1.973%, (3-Month LIBOR + 1.80%) due 10/23/33(b) | | | | | 1,000,000 | | | | | | 1,000,492 | | |
522 Funding CLO 2021-7 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-7A A, 1.270%, (3-Month LIBOR + 1.07%) due 4/23/34(b) | | | | | 1,000,000 | | | | | | 998,766 | | |
AIG CLO, (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-1A A, 0.000%, (3-Month LIBOR + 1.10%) due 4/22/34(b) | | | | | 1,500,000 | | | | | | 1,500,141 | | |
AIMCO CLO 10 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-10A A, 1.504%, (3-Month LIBOR + 1.32%) due 7/22/32(b) | | | | | 1,000,000 | | | | | | 1,001,028 | | |
Apidos CLO, (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-20A A1RA, 1.284%, (3-Month LIBOR + 1.10%) due 7/16/31(b) | | | | | 300,000 | | | | | | 300,152 | | |
Series 2018-XXXA A2, 1.790%, (3-Month LIBOR + 1.60%) due 10/18/31(b) | | | | | 1,250,000 | | | | | | 1,249,998 | | |
Series 2021-35A A, 1.249%, (3-Month LIBOR + 1.05%) due 4/20/34(b) | | | | | 1,500,000 | | | | | | 1,498,879 | | |
Aqua Finance Trust 2020-A | | | | | | | | | | | | | |
Series 2020-AA A, 1.900%, due 7/17/46 | | | | | 795,773 | | | | | | 804,750 | | |
ARES L CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-50A B, 1.884%, (3-Month LIBOR + 1.70%) due 1/15/32(b) | | | | | 500,000 | | | | | | 500,051 | | |
Ares XLI Clo Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2016-41A AR2, 1.668%, (3-Month LIBOR + 1.07%) due 4/15/34(b) | | | | | 1,500,000 | | | | | | 1,503,515 | | |
Ares XXXVIII CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-38A BR, 1.588%, (3-Month LIBOR + 1.40%) due 4/20/30(b) | | | | | 1,000,000 | | | | | | 993,422 | | |
Bain Capital Credit CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-1A A1, 1.438%, (3-Month LIBOR + 1.25%) due 7/20/30(b) | | | | | 1,000,000 | | | | | | 1,000,768 | | |
Battalion Clo 17 Ltd. | | | | | | | | | | | | | |
Series 2021-17A A1, 1.450%, (3-Month LIBOR + 1.26%) due 3/9/34(b) | | | | | 1,000,000 | | | | | | 1,001,174 | | |
Bean Creek CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-1A AR, 1.208%, (3-Month LIBOR + 1.02%) due 4/20/31(b) | | | | | 650,000 | | | | | | 648,242 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Benefit Street Partners CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-VIA A1R, 1.430%, (3-Month LIBOR + 1.24%) due 10/18/29(b) | | | | $ | 1,000,000 | | | | | $ | 1,001,053 | | |
Carlyle Global Market Strategies CLO 2013-3 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2013-3A A1AR, 1.284%, (3-Month LIBOR + 1.10%) due 10/15/30(b) | | | | | 993,863 | | | | | | 993,267 | | |
Series 2013-3A A2R, 1.584%, (3-Month LIBOR + 1.40%) due 10/15/30(b) | | | | | 1,575,000 | | | | | | 1,563,281 | | |
CARLYLE US CLO 2021-1 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-1A A1, 1.331%, (3-Month LIBOR + 1.14%) due 4/15/34(b) | | | | | 1,000,000 | | | | | | 999,378 | | |
Cedar Funding XII CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-12A A, 0.000%, (3-Month LIBOR + 1.27%) due 10/25/32(b) | | | | | 700,000 | | | | | | 701,010 | | |
DB Master Finance LLC | | | | | | | | | | | | | |
Series 2017-1A A2I, 3.629%, due 11/20/47 | | | | | 388,000 | | | | | | 394,452 | | |
FirstKey Homes 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.266%, due 10/19/37 | | | | | 997,793 | | | | | | 993,733 | | |
Galaxy XIX CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-19A A2RR, 1.576%, (3-Month LIBOR + 1.40%) due 7/24/30(b) | | | | | 1,000,000 | | | | | | 998,571 | | |
Galaxy XXI CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-21A BR, 1.538%, (3-Month LIBOR + 1.35%) due 4/20/31(b) | | | | | 1,000,000 | | | | | | 987,511 | | |
Greenwood Park CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-1A A2, 1.194%, (3-Month LIBOR + 1.01%) due 4/15/31(b) | | | | | 500,000 | | | | | | 500,700 | | |
HPS Loan Management 15-2019 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 15A-19 A1, 1.504%, (3-Month LIBOR + 1.32%) due 7/22/32(b) | | | | | 500,000 | | | | | | 500,833 | | |
HPS Loan Management Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 10A-16 A2R, 1.938%, (3-Month LIBOR + 1.75%) due 1/20/28(b) | | | | | 250,000 | | | | | | 250,063 | | |
Kayne CLO 10 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-10A A, 0.000%, (3-Month LIBOR + 1.17%) due 4/23/34(b) | | | | | 1,000,000 | | | | | | 998,763 | | |
Magnetite XXVIII Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-28A A, 1.446%, (3-Month LIBOR + 1.27%) due 10/25/31(b) | | | | | 1,000,000 | | | | | | 1,000,817 | | |
Neuberger Berman CLO, (Cayman Islands) | | | | | | | | | | | | | |
Series 2013-15A BR, 1.834%, (3-Month LIBOR + 1.65%) due 10/15/29(b) | | | | | 400,000 | | | | | | 400,158 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Neuberger Berman Loan Advisers CLO 32 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-32A BR, 1.590%, (3-Month LIBOR + 1.40%) due 1/20/32(b) | | | | $ | 1,500,000 | | | | | $ | 1,488,844 | | |
Oak Hill Credit Partners, (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-8A A, 1.378%, (3-Month LIBOR + 1.19%) due 1/18/34(b) | | | | | 1,250,000 | | | | | | 1,250,625 | | |
Oaktree CLO 2015-1 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-1A A2BR, 1.538%, (3-Month LIBOR + 1.35%) due 10/20/27(b) | | | | | 500,000 | | | | | | 497,746 | | |
Oaktree CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-1A A, 2.184%, (3-Month LIBOR + 2.00%) due 7/15/29(b) | | | | | 1,000,000 | | | | | | 1,001,792 | | |
Octagon Investment Partners 31 LLC, (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-1A B1R, 1.688%, (3-Month LIBOR + 1.50%) due 7/20/30(b) | | | | | 1,500,000 | | | | | | 1,500,048 | | |
Octagon Investment Partners 51 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-1A A, 0.000%, (3-Month LIBOR + 1.15%) due 7/20/34(b) | | | | | 1,000,000 | | | | | | 1,000,106 | | |
Palmer Square CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-2A A, 0.000%, (3-Month LIBOR + 1.15%) due 7/15/34(b) | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Palmer Square Loan Funding 2019-2 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-2A A1, 1.158%, (3-Month LIBOR + 0.97%) due 4/20/27(b) | | | | | 174,885 | | | | | | 174,890 | | |
Palmer Square Loan Funding 2019-4 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-4A A2, 1.776%, (3-Month LIBOR + 1.60%) due 10/24/27(b) | | | | | 1,000,000 | | | | | | 1,000,199 | | |
Palmer Square Loan Funding Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-3A A2, 1.782%, (3-Month LIBOR + 1.60%) due 8/20/27(b) | | | | | 300,000 | | | | | | 300,052 | | |
Park Avenue Institutional Advisers CLO Ltd. 2021-1, (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-1A A1A, 1.595%, (3-Month LIBOR + 1.39%) due 1/20/34(b) | | | | | 1,000,000 | | | | | | 998,800 | | |
Progress Residential Trust | | | | | | | | | | | | | |
Series 2018-SFR3 A, 3.880%, due 10/17/35 | | | | | 1,158,014 | | | | | | 1,170,812 | | |
Regatta Funding Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2016-1A BR, 1.638%, (3-Month LIBOR + 1.45%) due 7/20/28(b) | | | | | 1,000,000 | | | | | | 999,891 | | |
Regatta XIV Funding Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-3A A, 1.366%, (3-Month LIBOR + 1.19%) due 10/25/31(b) | | | | | 1,000,000 | | | | | | 1,000,321 | | |
Romark CLO IV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-4A A1, 0.000%, (3-Month LIBOR + 1.17%) due 7/10/34(b) | | | | | 1,000,000 | | | | | | 1,000,106 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Silver Creek CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2014-1A AR, 1.428%, (3-Month LIBOR + 1.24%) due 7/20/30(b) | | | | $ | 1,250,000 | | | | | $ | 1,249,380 | | |
Sixth Street CLO XVII Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-17A A, 1.433%, (3-Month LIBOR + 1.24%) due 1/20/34(b) | | | | | 1,500,000 | | | | | | 1,506,174 | | |
Taco Bell Funding LLC | | | | | | | | | | | | | |
Series 2018-1A A2I, 4.318%, due 11/25/48 | | | | | 415,438 | | | | | | 416,439 | | |
Textainer Marine Containers VII Ltd., (China) | | | | | | | | | | | | | |
Series 2021-1A A, 1.680%, due 2/20/46 | | | | | 1,183,953 | | | | | | 1,161,500 | | |
TICP CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-10A A, 1.188%, (3-Month LIBOR + 1.00%) due 4/20/31(b) | | | | | 300,000 | | | | | | 298,991 | | |
TICP CLO XV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-15A A, 1.468%, (3-Month LIBOR + 1.28%) due 4/20/33(b) | | | | | 1,000,000 | | | | | | 1,003,000 | | |
Treman Park CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-1A ARR, 1.258%, (3-Month LIBOR + 1.07%) due 10/20/28(b) | | | | | 235,564 | | | | | | 235,718 | | |
TRESTLES CLO II Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-2A A2, 1.846%, (3-Month LIBOR + 1.67%) due 7/25/31(b) | | | | | 275,000 | | | | | | 275,044 | | |
Triton Container Finance VIII LLC | | | | | | | | | | | | | |
Series 2020-1A A, 2.110%, due 9/20/45 | | | | | 950,417 | | | | | | 957,157 | | |
Vantage Data Centers LLC | | | | | | | | | | | | | |
Series 2020-1A A2, 1.645%, due 9/15/45 | | | | | 1,260,000 | | | | | | 1,254,764 | | |
Westcott Park CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2016-1A AR, 1.398%, (3-Month LIBOR + 1.21%) due 7/20/28(b) | | | | | 1,000,000 | | | | | | 1,000,874 | | |
| | | | | | | | | | | 51,025,081 | | |
Total Commercial Asset-Backed Securities (Cost $50,972,531) | | | | | | | | | | | 51,025,081 | | |
Commercial Mortgage-Backed Securities — 1.6% | | ||||||||||||
Mortgage Securities — 1.6% | | ||||||||||||
BWAY 2013-1515 Mortgage Trust | | | | | | | | | | | | | |
Series 2013-1515 A2, 3.454%, due 3/10/33 | | | | | 1,400,000 | | | | | | 1,501,057 | | |
CAMB Commercial Mortgage Trust | | | | | | | | | | | | | |
Series 2019-LIFE A, 1.185%, (1-Month LIBOR + 1.07%) due 12/15/37(b) | | | | | 500,000 | | | | | | 500,620 | | |
GS Mortgage Securities Corp. Trust 2012-ALOHA | | | | | | | | | | | | | |
Series 2012-ALOH A, 3.551%, due 4/10/34 | | | | | 1,000,000 | | | | | | 1,014,937 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Houston Galleria Mall Trust 2015-HGLR | | | | | | | | | | | | | |
Series 2015-HGLR A1A1, 3.087%, due 3/5/37 | | | | $ | 1,000,000 | | | | | $ | 1,044,418 | | |
| | | | | | | | | | | 4,061,032 | | |
Total Commercial Mortgage-Backed Securities (Cost $4,058,935) | | | | | | | | | | | 4,061,032 | | |
Corporate Bonds — 54.4% | | ||||||||||||
Basic Materials — 3.1% | | ||||||||||||
DuPont de Nemours, Inc. | | | | | | | | | | | | | |
2.169%, due 5/1/23 | | | | | 1,825,000 | | | | | | 1,826,699 | | |
LYB International Finance III LLC | | | | | | | | | | | | | |
1.202%, (3-Month LIBOR + 1.00%) due 10/1/23(b) | | | | | 1,400,000 | | | | | | 1,403,479 | | |
Nutrien Ltd., (Canada) | | | | | | | | | | | | | |
1.900%, due 5/13/23 | | | | | 1,375,000 | | | | | | 1,411,138 | | |
3.625%, due 3/15/24 | | | | | 1,125,000 | | | | | | 1,207,925 | | |
Nutrition & Biosciences, Inc. | | | | | | | | | | | | | |
1.230%, due 10/1/25 | | | | | 425,000 | | | | | | 421,177 | | |
Steel Dynamics, Inc. | | | | | | | | | | | | | |
2.400%, due 6/15/25 | | | | | 1,575,000 | | | | | | 1,643,906 | | |
| | | | | | | | | | | 7,914,324 | | |
Communications — 5.6% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
1.700%, due 3/25/26 | | | | | 1,600,000 | | | | | | 1,604,778 | | |
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | | | | | | |
4.500%, due 2/1/24 | | | | | 1,575,000 | | | | | | 1,721,735 | | |
Discovery Communications LLC | | | | | | | | | | | | | |
3.800%, due 3/13/24 | | | | | 1,525,000 | | | | | | 1,642,451 | | |
NTT Finance Corp., (Japan) | | | | | | | | | | | | | |
0.373%, due 3/3/23 | | | | | 2,950,000 | | | | | | 2,946,705 | | |
Thomson Reuters Corp., (Canada) | | | | | | | | | | | | | |
3.850%, due 9/29/24 | | | | | 475,000 | | | | | | 515,473 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
1.500%, due 2/15/26 | | | | | 1,950,000 | | | | | | 1,954,750 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
0.750%, due 3/22/24 | | | | | 3,750,000 | | | | | | 3,755,602 | | |
| | | | | | | | | | | 14,141,494 | | |
Consumer, Cyclical — 5.6% | | ||||||||||||
7-Eleven, Inc. | | | | | | | | | | | | | |
0.800%, due 2/10/24 | | | | | 2,750,000 | | | | | | 2,745,493 | | |
American Honda Finance Corp. | | | | | | | | | | | | | |
0.550%, due 7/12/24 | | | | | 2,400,000 | | | | | | 2,384,726 | | |
2.400%, due 6/27/24 | | | | | 1,800,000 | | | | | | 1,888,070 | | |
Daimler Finance North America LLC, (Germany) | | | | | | | | | | | | | |
2.700%, due 6/14/24 | | | | | 1,575,000 | | | | | | 1,654,194 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.087%, due 1/9/23 | | | | | 200,000 | | | | | | 203,740 | | |
3.664%, due 9/8/24 | | | | | 325,000 | | | | | | 338,415 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
1.050%, due 3/8/24 | | | | | 1,922,000 | | | | | | 1,924,491 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Consumer, Cyclical (continued) | | ||||||||||||
Hyundai Capital America | | | | | | | | | | | | | |
1.300%, due 1/8/26 | | | | $ | 2,425,000 | | | | | $ | 2,376,493 | | |
Ralph Lauren Corp. | | | | | | | | | | | | | |
1.700%, due 6/15/22 | | | | | 225,000 | | | | | | 228,500 | | |
Volkswagen Group of America Finance LLC, (Germany) | | | | | | | | | | | | | |
1.250%, due 11/24/25 | | | | | 400,000 | | | | | | 399,183 | | |
| | | | | | | | | | | 14,143,305 | | |
Consumer, Non-cyclical — 5.4% | | ||||||||||||
AbbVie, Inc. | | | | | | | | | | | | | |
2.600%, due 11/21/24 | | | | | 600,000 | | | | | | 633,965 | | |
AmerisourceBergen Corp. | | | | | | | | | | | | | |
0.737%, due 3/15/23 | | | | | 2,100,000 | | | | | | 2,102,822 | | |
Bayer US Finance II LLC, (Germany) | | | | | | | | | | | | | |
3.875%, due 12/15/23 | | | | | 2,025,000 | | | | | | 2,174,974 | | |
Coca-Cola European Partners PLC, (United Kingdom) | | | | | | | | | | | | | |
0.800%, due 5/3/24 | | | | | 2,150,000 | | | | | | 2,147,185 | | |
CVS Health Corp. | | | | | | | | | | | | | |
2.625%, due 8/15/24 | | | | | 2,800,000 | | | | | | 2,959,001 | | |
Keurig Dr Pepper, Inc. | | | | | | | | | | | | | |
4.057%, due 5/25/23 | | | | | 702,000 | | | | | | 751,157 | | |
Tyson Foods, Inc. | | | | | | | | | | | | | |
4.500%, due 6/15/22 | | | | | 1,500,000 | | | | | | 1,555,935 | | |
Viatris, Inc. | | | | | | | | | | | | | |
1.125%, due 6/22/22 | | | | | 1,550,000 | | | | | | 1,559,666 | | |
| | | | | | | | | | | 13,884,705 | | |
Energy — 1.8% | | ||||||||||||
Enterprise Products Operating LLC | | | | | | | | | | | | | |
3.350%, due 3/15/23 | | | | | 1,557,000 | | | | | | 1,628,823 | | |
Kinder Morgan Energy Partners LP | | | | | | | | | | | | | |
4.150%, due 2/1/24 | | | | | 1,275,000 | | | | | | 1,380,241 | | |
Valero Energy Corp. | | | | | | | | | | | | | |
2.850%, due 4/15/25 | | | | | 1,325,000 | | | | | | 1,396,635 | | |
| | | | | | | | | | | 4,405,699 | | |
Financial — 24.4% | | ||||||||||||
AIG Global Funding | | | | | | | | | | | | | |
0.800%, due 7/7/23 | | | | | 1,300,000 | | | | | | 1,308,706 | | |
Air Lease Corp. | | | | | | | | | | | | | |
3.875%, due 7/3/23 | | | | | 2,400,000 | | | | | | 2,551,361 | | |
Aircastle Ltd. | | | | | | | | | | | | | |
2.850%, due 1/26/28 | | | | | 1,100,000 | | | | | | 1,078,386 | | |
American Express Co. | | | | | | | | | | | | | |
2.500%, due 7/30/24 | | | | | 2,432,000 | | | | | | 2,573,229 | | |
Antares Holdings LP, (Canada) | | | | | | | | | | | | | |
3.950%, due 7/15/26 | | | | | 550,000 | | | | | | 565,125 | | |
Ares Finance Co. LLC | | | | | | | | | | | | | |
4.000%, due 10/8/24 | | | | | 1,640,000 | | | | | | 1,765,156 | | |
Banco Santander SA, (Spain) | | | | | | | | | | | | | |
2.746%, due 5/28/25 | | | | | 1,800,000 | | | | | | 1,891,346 | | |
Bank of America Corp. | | | | | | | | | | | | | |
4.200%, due 8/26/24 | | | | | 2,400,000 | | | | | | 2,645,928 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
4.250%, due 10/15/24 | | | | | 2,125,000 | | | | | | 2,359,326 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
BOC Aviation USA Corp., (Singapore) | | | | | | | | | | | | | |
1.625%, due 4/29/24 | | | | $ | 625,000 | | | | | $ | 627,229 | | |
Brighthouse Financial Global Funding | | | | | | | | | | | | | |
1.000%, due 4/12/24 | | | | | 725,000 | | | | | | 725,768 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
0.981%, (SOFR + 0.67%) due 5/1/25(b) | | | | | 3,025,000 | | | | | | 3,032,880 | | |
Credit Agricole SA/London, (France) | | | | | | | | | | | | | |
1.907%, (SOFR + 1.68%) due 6/16/26(b) | | | | | 1,300,000 | | | | | | 1,324,207 | | |
Credit Suisse AG, (Switzerland) | | | | | | | | | | | | | |
0.495%, due 2/2/24 | | | | | 4,900,000 | | | | | | 4,858,698 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
0.481%, due 1/27/23 | | | | | 2,000,000 | | | | | | 1,999,684 | | |
3.625%, due 2/20/24 | | | | | 950,000 | | | | | | 1,023,600 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
4.250%, due 8/18/25 | | | | | 2,150,000 | | | | | | 2,380,674 | | |
J.P. Morgan Chase & Co. | | | | | | | | | | | | | |
3.875%, due 9/10/24 | | | | | 2,250,000 | | | | | | 2,463,905 | | |
Lloyds Banking Group PLC, (United Kingdom) | | | | | | | | | | | | | |
0.695%, (CMT + 0.55%) due 5/11/24(b) | | | | | 2,375,000 | | | | | | 2,371,592 | | |
LSEGA Financing PLC, (United Kingdom) | | | | | | | | | | | | | |
0.650%, due 4/6/24 | | | | | 3,000,000 | | | | | | 2,992,350 | | |
Mitsubishi UFJ Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
3.407%, due 3/7/24 | | | | | 1,850,000 | | | | | | 1,984,889 | | |
Morgan Stanley | | | | | | | | | | | | | |
4.100%, due 5/22/23 | | | | | 2,904,000 | | | | | | 3,114,226 | | |
National Retail Properties, Inc. | | | | | | | | | | | | | |
3.900%, due 6/15/24 | | | | | 900,000 | | | | | | 975,632 | | |
Protective Life Global Funding | | | | | | | | | | | | | |
1.082%, due 6/9/23 | | | | | 1,500,000 | | | | | | 1,517,391 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
0.425%, due 1/19/24 | | | | | 2,300,000 | | | | | | 2,290,285 | | |
Standard Chartered PLC, (United Kingdom) | | | | | | | | | | | | | |
0.991%, (CMT + 0.78%) due 1/12/25(b) | | | | | 2,600,000 | | | | | | 2,593,529 | | |
1.319%, (CMT + 1.17%) due 10/14/23(b) | | | | | 2,100,000 | | | | | | 2,115,244 | | |
Sumitomo Mitsui Trust Bank Ltd., (Japan) | | | | | | | | | | | | | |
0.850%, due 3/25/24 | | | | | 1,850,000 | | | | | | 1,848,816 | | |
UBS AG/London, (Switzerland) | | | | | | | | | | | | | |
0.450%, due 2/9/24 | | | | | 2,250,000 | | | | | | 2,242,458 | | |
Wells Fargo & Co. | | | | | | | | | | | | | |
3.750%, due 1/24/24 | | | | | 2,285,000 | | | | | | 2,469,985 | | |
| | | | | | | | | | | 61,691,605 | | |
Government — 0.6% | | ||||||||||||
International Bank for Reconstruction & Development, (Supranational) | | | | | | | | | | | | | |
Series GDIF, 0.850%, due 2/10/27 | | | | | 1,500,000 | | | | | | 1,465,899 | | |
Industrial — 4.9% | | ||||||||||||
Berry Global, Inc. | | | | | | | | | | | | | |
0.950%, due 2/15/24 | | | | | 2,350,000 | | | | | | 2,345,335 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Industrial (continued) | | ||||||||||||
Boeing Co. (The) | | | | | | | | | | | | | |
1.167%, due 2/4/23 | | | | $ | 750,000 | | | | | $ | 753,169 | | |
1.950%, due 2/1/24 | | | | | 1,375,000 | | | | | | 1,411,300 | | |
2.700%, due 5/1/22 | | | | | 450,000 | | | | | | 459,173 | | |
Flex Ltd. | | | | | | | | | | | | | |
3.750%, due 2/1/26 | | | | | 875,000 | | | | | | 947,384 | | |
Flowserve Corp. | | | | | | | | | | | | | |
3.500%, due 9/15/22 | | | | | 1,825,000 | | | | | | 1,878,316 | | |
Ryder System, Inc. | | | | | | | | | | | | | |
2.500%, due 9/1/24 | | | | | 2,075,000 | | | | | | 2,181,896 | | |
Siemens Financieringsmaatschappij NV, (Germany) | | | | | | | | | | | | | |
0.650%, due 3/11/24 | | | | | 2,400,000 | | | | | | 2,403,902 | | |
| | | | | | | | | | | 12,380,475 | | |
Utilities — 3.0% | | ||||||||||||
CenterPoint Energy Resources Corp. | | | | | | | | | | | | | |
0.700%, due 3/2/23 | | | | | 1,000,000 | | | | | | 1,000,465 | | |
DTE Energy Co. | | | | | | | | | | | | | |
2.250%, due 11/1/22 | | | | | 1,550,000 | | | | | | 1,590,759 | | |
Series F, 1.050%, due 6/1/25 | | | | | 525,000 | | | | | | 522,996 | | |
Entergy Louisiana LLC | | | | | | | | | | | | | |
0.620%, due 11/17/23 | | | | | 850,000 | | | | | | 851,072 | | |
Pacific Gas and Electric Co. | | | | | | | | | | | | | |
1.750%, due 6/16/22 | | | | | 1,700,000 | | | | | | 1,701,426 | | |
Southern California Edison Co. | | | | | | | | | | | | | |
1.100%, due 4/1/24 | | | | | 1,875,000 | | | | | | 1,890,870 | | |
| | | | | | | | | | | 7,557,588 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $137,434,812) | | | | | | | | | | | 137,585,094 | | |
U.S. Treasury Note — 1.1% | | ||||||||||||
U.S. Treasury Note, 0.375%, due 4/15/24 | | | | | | | | | | | | | |
(Cost $2,801,747) | | | | | 2,800,000 | | | | | | 2,803,500 | | |
United States Government Agency & Obligations — 10.3% | | ||||||||||||
Government — 10.3% | | ||||||||||||
Federal Farm Credit Banks Funding Corporation | | | | | | | | | | | | | |
0.680%, due 1/13/27 | | | | | 3,000,000 | | | | | | 2,925,027 | | |
0.840%, due 2/2/28 | | | | | 2,000,000 | | | | | | 1,930,270 | | |
0.950%, due 7/21/28 | | | | | 2,000,000 | | | | | | 1,929,670 | | |
1.030%, due 12/1/28 | | | | | 3,000,000 | | | | | | 2,888,730 | | |
1.050%, due 6/22/28 | | | | | 1,250,000 | | | | | | 1,213,702 | | |
1.240%, due 12/23/30 | | | | | 1,200,000 | | | | | | 1,139,393 | | |
1.990%, due 3/17/31 | | | | | 2,722,000 | | | | | | 2,716,855 | | |
2.020%, due 4/1/31 | | | | | 1,800,000 | | | | | | 1,799,748 | | |
2.040%, due 4/14/31 | | | | | 3,000,000 | | | | | | 2,995,545 | | |
2.125%, due 3/25/30 | | | | | 1,050,000 | | | | | | 1,051,319 | | |
Federal Home Loan Banks | | | | | | | | | | | | | |
1.000%, due 7/28/28 | | | | | 2,000,000 | | | | | | 1,932,024 | | |
1.070%, due 1/25/30 | | | | | 2,500,000 | | | | | | 2,375,535 | | |
Federal National Mortgage Association | | | | | | | | | | | | | |
0.900%, due 12/30/27 | | | | | 1,125,000 | | | | | | 1,090,617 | | |
| | | | | | | | | | | 25,988,435 | | |
|
| | | Principal Amount | | | Value | | ||||||
Total United States Government Agency & Obligations | | | | | | | | | | | | | |
(Cost $26,633,605) | | | | | | | | | | $ | 25,988,435 | | |
United States Government Agency Mortgage-Backed Securities — 5.5% | | ||||||||||||
Government — 0.8% | | ||||||||||||
Federal Home Loan Mortgage Corporation | | | | | | | | | | | | | |
0.625%, due 12/17/25 | | | | | 2,000,000 | | | | | | 1,980,374 | | |
Mortgage Securities — 4.7% | | ||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | | | | | | | | | | | | | |
Series 2020-K107, 1.708%, due 1/25/30(b)(c) | | | | | 14,987,298 | | | | | | 1,813,829 | | |
Series 2020-K108, 1.810%, due 3/25/30(b)(c) | | | | | 15,659,122 | | | | | | 2,045,902 | | |
Series 2020-K118, 1.055%, due 9/25/30(b)(c) | | | | | 19,071,264 | | | | | | 1,483,241 | | |
Series 2020-K119, 1.027%, due 9/25/30(b)(c) | | | | | 14,985,580 | | | | | | 1,124,981 | | |
Series 2020-K120, 1.134%, due 10/25/30(b)(c) | | | | | 14,738,277 | | | | | | 1,224,718 | | |
Series 2020-K122, 0.974%, due 11/25/30(b)(c) | | | | | 17,681,645 | | | | | | 1,268,980 | | |
Series 2021-K123, 0.866%, due 12/25/30(b)(c) | | | | | 28,741,022 | | | | | | 1,828,297 | | |
Series 2021-K124, 0.812%, due 12/25/30(b)(c) | | | | | 19,495,745 | | | | | | 1,182,645 | | |
| | | | | | | | | | | 11,972,593 | | |
Total United States Government Agency Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $14,031,220) | | | | | | | | | | | 13,952,967 | | |
|
| Short-Term Investment — 9.5% | | ||||||||||||
| Commercial Paper — 1.2% | | | | | | | | | | | | | |
| Financial — 1.2% | | | | | | | | | | | | | |
| Banco del Estado de Chile | | | | | | | | | | | | | |
| 0.000%, due 8/3/21(a) | | | | ||||||||||
| (Cost $2,995,990) | | | | | 3,000,000 | | | | | | 2,998,560 | | |
| | | Shares | | | Value | | ||||||
Money Market Fund — 8.3% | | | | | | | | | | | | | |
BlackRock Liquidity T-Fund, 0.02%(d) | | | | | | | | | | | | | |
(Cost $20,929,937) | | | | | 20,929,937 | | | | | $ | 20,929,937 | | |
Total Investments — 102.9% | | | | | | | | | | | | | |
(Cost $260,860,771) | | | | | | | | | | | 260,313,120 | | |
Other Assets and Liabilities, Net — (2.9)% | | | | | | | | | | | (7,335,083) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 252,978,037 | | |
Type | | | Broker | | | Expiration Date | | | Number of Contracts Purchased (Sold) | | | Notional Value at Trade Date | | | Notional Value at April 30, 2021 | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
U.S. 10 Year Note (CBT) | | | RBC Capital Markets | | | | | June 2021 | | | | | | (97) | | | | | $ | (12,837,172) | | | | | $ | (12,807,031) | | | | | $ | 30,141 | | |
U.S. 10 Year Ultra Note | | | RBC Capital Markets | | | | | June 2021 | | | | | | (188) | | | | | | (27,924,010) | | | | | | (27,362,813) | | | | | | 561,197 | | |
U.S. 5 Year Note (CBT) | | | RBC Capital Markets | | | | | June 2021 | | | | | | (13) | | | | | | (1,611,166) | | | | | | (1,611,188) | | | | | | (22) | | |
U.S. Ultra Bond (CBT) | | | RBC Capital Markets | | | | | June 2021 | | | | | | (33) | | | | | | (6,146,532) | | | | | | (6,134,906) | | | | | | 11,626 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 602,942 | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligation | | | | $ | — | | | | | $ | 968,514 | | | | | $ | — | | | | | $ | 968,514 | | |
Commercial Asset-Backed Securities | | | | | — | | | | | | 51,025,081 | | | | | | — | | | | | | 51,025,081 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 4,061,032 | | | | | | — | | | | | | 4,061,032 | | |
Corporate Bonds | | | | | — | | | | | | 137,585,094 | | | | | | — | | | | | | 137,585,094 | | |
U.S. Treasury Note | | | | | — | | | | | | 2,803,500 | | | | | | — | | | | | | 2,803,500 | | |
United States Government Agency & Obligations | | | | | — | | | | | | 25,988,435 | | | | | | — | | | | | | 25,988,435 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 13,952,967 | | | | | | — | | | | | | 13,952,967 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Paper | | | | | — | | | | | | 2,998,560 | | | | | | — | | | | | | 2,998,560 | | |
Money Market Fund | | | | | 20,929,937 | | | | | | — | | | | | | — | | | | | | 20,929,937 | | |
Total Investments in Securities | | | | | 20,929,937 | | | | | | 239,383,183 | | | | | | — | | | | | | 260,313,120 | | |
Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | 602,964 | | | | | | — | | | | | | — | | | | | | 602,964 | | |
Total Investments in Securities and Other Financial Instruments | | | | $ | 21,532,901 | | | | | $ | 239,383,183 | | | | | $ | — | | | | | $ | 260,916,084 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | $ | (22) | | | | | $ | — | | | | | $ | — | | | | | $ | (22) | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ Ultra Short Duration ETF | | |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value | | | | $ | 459,010,041 | | | | | $ | 130,402,916 | | | | | $ | 260,313,120 | | |
Deposits at broker for futures contracts | | | | | — | | | | | | — | | | | | | 856,525 | | |
Receivable for investments sold | | | | | 3,941,361 | | | | | | 600,223 | | | | | | — | | |
Interest receivable | | | | | 3,768,796 | | | | | | 1,010,796 | | | | | | 912,665 | | |
Dividend receivable | | | | | 197 | | | | | | 181 | | | | | | 328 | | |
Receivable for capital shares transactions | | | | | — | | | | | | 2,682,072 | | | | | | — | | |
Due from advisor | | | | | 98,874 | | | | | | 26,855 | | | | | | 27,141 | | |
Total assets | | | | | 466,819,269 | | | | | | 134,723,043 | | | | | | 262,109,779 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Payable for investments purchased | | | | | 22,245,239 | | | | | | 9,937,037 | | | | | | 8,974,412 | | |
Advisory fees payable | | | | | 144,460 | | | | | | 37,158 | | | | | | 51,143 | | |
Trustee fees payable | | | | | 1,837 | | | | | | 462 | | | | | | 1,069 | | |
Compliance fees payable | | | | | 94 | | | | | | 27 | | | | | | — | | |
Variation margin payable | | | | | — | | | | | | — | | | | | | 38,867 | | |
Cash due to custodian | | | | | — | | | | | | — | | | | | | 40 | | |
Accrued expenses and other liabilities | | | | | 100,951 | | | | | | 48,708 | | | | | | 66,211 | | |
Total liabilities | | | | | 22,492,581 | | | | | | 10,023,392 | | | | | | 9,131,742 | | |
Net Assets | | | | $ | 444,326,688 | | | | | $ | 124,699,651 | | | | | $ | 252,978,037 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 439,078,969 | | | | | $ | 121,143,886 | | | | | $ | 251,598,373 | | |
Total distributable earnings | | | | | 5,247,719 | | | | | | 3,555,765 | | | | | | 1,379,664 | | |
Net Assets | | | | $ | 444,326,688 | | | | | $ | 124,699,651 | | | | | $ | 252,978,037 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 16,150,000 | | | | | | 4,650,000 | | | | | | 5,100,000 | | |
Net Asset Value Per Share | | | | $ | 27.51 | | | | | $ | 26.82 | | | | | $ | 49.60 | | |
Investments, at cost | | | | $ | 453,514,451 | | | | | $ | 127,223,866 | | | | | $ | 260,860,771 | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ Ultra Short Duration ETF | | |||||||||
Investment Income | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 3,921,517 | | | | | $ | 1,485,868 | | | | | $ | 2,740,300 | | |
Dividend income | | | | | 2,199 | | | | | | 940 | | | | | | 5,177 | | |
Total investment income | | | | | 3,923,716 | | | | | | 1,486,808 | | | | | | 2,745,477 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) | | | | | 923,022 | | | | | | 286,264 | | | | | | 516,913 | | |
Administrative and accounting fees | | | | | 77,836 | | | | | | 38,650 | | | | | | 80,034 | | |
Custodian fees | | | | | 47,893 | | | | | | 24,700 | | | | | | 27,231 | | |
Registration fees | | | | | 37,716 | | | | | | 6,259 | | | | | | 10,520 | | |
Legal fees | | | | | 26,985 | | | | | | 10,367 | | | | | | 29,930 | | |
Audit and tax fees | | | | | 24,486 | | | | | | 24,486 | | | | | | 22,017 | | |
Trustee fees | | | | | 12,580 | | | | | | 3,964 | | | | | | 11,880 | | |
Shareholder reporting fees | | | | | 11,842 | | | | | | 3,628 | | | | | | 9,043 | | |
Listing fees | | | | | 8,708 | | | | | | 8,694 | | | | | | 6,112 | | |
Intraday pricing fees | | | | | 1,666 | | | | | | 1,667 | | | | | | 1,166 | | |
Compliance fees | | | | | 619 | | | | | | 198 | | | | | | 514 | | |
Miscellaneous | | | | | 50 | | | | | | 31 | | | | | ��� | 142 | | |
Total expenses | | | | | 1,173,403 | | | | | | 408,908 | | | | | | 715,502 | | |
Waivers (see Note 3) | | | | | (481,070) | | | | | | (194,192) | | | | | | (198,553) | | |
Net expenses | | | | | 692,333 | | | | | | 214,716 | | | | | | 516,949 | | |
Net investment income | | | | | 3,231,383 | | | | | | 1,272,092 | | | | | | 2,228,528 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | 1,326,301 | | | | | | 771,203 | | | | | | 263,259 | | |
Futures contracts | | | | | — | | | | | | — | | | | | | 2,680,845 | | |
Net realized gain | | | | | 1,326,301 | | | | | | 771,203 | | | | | | 2,944,104 | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | 6,386,307 | | | | | | 3,232,459 | | | | | | (233,189) | | |
Futures contracts | | | | | — | | | | | | — | | | | | | 598,400 | | |
Net change in net unrealized appreciation (depreciation) | | | | | 6,386,307 | | | | | | 3,232,459 | | | | | | 365,211 | | |
Net realized and unrealized gain | | | | | 7,712,608 | | | | | | 4,003,662 | | | | | | 3,309,315 | | |
Net Increase in Net Assets Resulting From Operations | | | | $ | 10,943,991 | | | | | $ | 5,275,754 | | | | | $ | 5,537,843 | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | ||||||||||||||||||
| | | For the Year Ended April 30, | | | For the Year Ended April 30, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 3,231,383 | | | | | $ | 1,387,231 | | | | | $ | 1,272,092 | | | | | $ | 945,956 | | |
Net realized gain (loss) | | | | | 1,326,301 | | | | | | (525,989) | | | | | | 771,203 | | | | | | 707,969 | | |
Net change in net unrealized appreciation (depreciation) | | | | | 6,386,307 | | | | | | (1,706,824) | | | | | | 3,232,459 | | | | | | (862,085) | | |
Net increase (decrease) in net assets resulting from operations | | | | | 10,943,991 | | | | | | (845,582) | | | | | | 5,275,754 | | | | | | 791,840 | | |
Distributions to Shareholders | | | | | (3,808,446) | | | | | | (1,960,679) | | | | | | (1,545,079) | | | | | | (1,938,936) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 349,155,789 | | | | | | 74,538,555 | | | | | | 69,260,748 | | | | | | 13,009,709 | | |
Cost of shares redeemed | | | | | — | | | | | | (27,235,568) | | | | | | — | | | | | | (3,695,540) | | |
Increase from capital share transactions | | | | | 349,155,789 | | | | | | 47,302,987 | | | | | | 69,260,748 | | | | | | 9,314,169 | | |
Total increase in net assets | | | | | 356,291,334 | | | | | | 44,496,726 | | | | | | 72,991,423 | | | | | | 8,167,073 | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 88,035,354 | | | | | | 43,538,628 | | | | | | 51,708,228 | | | | | | 43,541,155 | | |
End of year | | | | $ | 444,326,688 | | | | | $ | 88,035,354 | | | | | $ | 124,699,651 | | | | | $ | 51,708,228 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of year | | | | | 3,400,000 | | | | | | 1,700,000 | | | | | | 2,050,000 | | | | | | 1,700,000 | | |
Shares created | | | | | 12,750,000 | | | | | | 2,800,000 | | | | | | 2,600,000 | | | | | | 500,000 | | |
Shares redeemed | | | | | — | | | | | | (1,100,000) | | | | | | — | | | | | | (150,000) | | |
Shares outstanding, end of year | | | | | 16,150,000 | | | | | | 3,400,000 | | | | | | 4,650,000 | | | | | | 2,050,000 | | |
| | | IQ Ultra Short Duration ETF | | |||||||||
| | | For the Year Ended April 30, 2021 | | | For the Period July 31, 2019* to April 30, 2020 | | ||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 2,228,528 | | | | | $ | 825,752 | | |
Net realized gain | | | | | 2,944,104 | | | | | | 21,786 | | |
Net change in net unrealized appreciation (depreciation) | | | | | 365,211 | | | | | | (309,920) | | |
Net increase in net assets resulting from operations | | | | | 5,537,843 | | | | | | 537,618 | | |
Distributions to Shareholders | | | | | (3,352,469) | | | | | | (693,511) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 213,233,109 | | | | | | 199,385,745 | | |
Cost of shares redeemed | | | | | (111,622,801) | | | | | | (50,047,497) | | |
Increase from capital share transactions | | | | | 101,610,308 | | | | | | 149,338,248 | | |
Total increase in net assets | | | | | 103,795,682 | | | | | | 149,182,355 | | |
Net Assets | | | | | | | | | | | | | |
Beginning of period | | | | | 149,182,355 | | | | | | — | | |
End of period | | | | $ | 252,978,037 | | | | | $ | 149,182,355 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | 3,050,000 | | | | | | — | | |
Shares created | | | | | 4,300,000 | | | | | | 4,050,000 | | |
Shares redeemed | | | | | (2,250,000) | | | | | | (1,000,000) | | |
Shares outstanding, end of period | | | | | 5,100,000 | | | | | | 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 | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | |||||||||||||||
Net asset value, beginning of period | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.38 | | | | | | 0.53 | | | | | | 0.72 | | | | | | 0.36 | | |
Net realized and unrealized gain (loss) | | | | | 1.76 | | | | | | 0.50(c) | | | | | | 0.90 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 2.14 | | | | | | 1.03 | | | | | | 1.62 | | | | | | (0.03) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.52) | | | | | | (0.64) | | | | | | (0.68) | | | | | | (0.30) | | |
Net realized gain | | | | | — | | | | | | (0.11) | | | | | | — | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.52) | | | | | | (0.75) | | | | | | (0.68) | | | | | | (0.30) | | |
Net asset value, end of period | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period | | | | $ | 27.54 | | | | | $ | 26.00 | | | | | $ | 25.64 | | | | | $ | 24.86 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 8.32% | | | | | | 4.05% | | | | | | 6.72% | | | | | | (0.13)% | | |
Total investment return based on market price(e) | | | | | 7.97% | | | | | | 4.36% | | | | | | 6.02% | | | | | | 0.64%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 444,327 | | | | | $ | 88,035 | | | | | $ | 43,539 | | | | | $ | 14,801 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.77% | | | | | | 0.99%(g) | | |
Net investment income | | | | | 1.40% | | | | | | 2.01% | | | | | | 2.89% | | | | | | 2.74%(g) | | |
Portfolio turnover rate(h) | | | | | 36% | | | | | | 71% | | | | | | 56% | | | | | | 77% | | |
| | | IQ MacKay Municipal Intermediate ETF | | |||||||||||||||||||||
| | | For the Year Ended April 30, | | | For the Period October 18, 2017(a) to April 30, 2018 | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | |||||||||||||||
Net asset value, beginning of period | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.47 | | | | | | 0.53 | | | | | | 0.69 | | | | | | 0.30 | | |
Net realized and unrealized gain (loss) | | | | | 1.73 | | | | | | 0.16(c) | | | | | | 0.91 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 2.20 | | | | | | 0.69 | | | | | | 1.60 | | | | | | (0.09) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.58) | | | | | | (0.67) | | | | | | (0.66) | | | | | | (0.24) | | |
Net realized gain | | | | | (0.02) | | | | | | (0.41) | | | | | | — | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.60) | | | | | | (1.08) | | | | | | (0.66) | | | | | | (0.24) | | |
Net asset value, end of period | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period | | | | $ | 26.84 | | | | | $ | 25.22 | | | | | $ | 25.66 | | | | | $ | 24.71 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 8.80% | | | | | | 2.65% | | | | | | 6.59% | | | | | | (0.34)% | | |
Total investment return based on market price(e) | | | | | 8.90% | | | | | | 2.44% | | | | | | 6.62% | | | | | | (0.18)%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 124,700 | | | | | $ | 51,708 | | | | | $ | 43,541 | | | | | $ | 29,606 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers | | | | | 0.57% | | | | | | 0.62% | | | | | | 0.71% | | | | | | 0.77%(g) | | |
Net investment income | | | | | 1.78% | | | | | | 2.02% | | | | | | 2.76% | | | | | | 2.28%(g) | | |
Portfolio turnover rate(h) | | | | | 43% | | | | | | 77% | | | | | | 72% | | | | | | 80% | | |
| | | IQ Ultra Short Duration ETF | | |||||||||
| | | For the Year Ended April 30, 2021 | | | For the Period July 31, 2019(a) to April 30, 2020 | | ||||||
Net asset value, beginning of period | | | | $ | 48.91 | | | | | $ | 50.01 | | |
Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.51 | | | | | | 0.74 | | |
Net realized and unrealized gain (loss) | | | | | 0.97 | | | | | | (1.07) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 1.48 | | | | | | (0.33) | | |
Distributions from: | | | | | | | | | | | | | |
Net investment income | | | | | (0.56) | | | | | | (0.75) | | |
Net realized gain | | | | | (0.23) | | | | | | (0.02) | | |
Total distributions from net investment income and realized gains | | | | | (0.79) | | | | | | (0.77) | | |
Net asset value, end of period | | | | $ | 49.60 | | | | | $ | 48.91 | | |
Market price, end of period | | | | $ | 49.60 | | | | | $ | 48.99 | | |
Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | 3.08% | | | | | | (0.68)% | | |
Total investment return based on market price(d) | | | | | 2.88% | | | | | | (0.52)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 252,978 | | | | | $ | 149,182 | | |
Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.24% | | | | | | 0.24%(f) | | |
Expenses excluding waivers | | | | | 0.33% | | | | | | 0.49%(f) | | |
Net investment income | | | | | 1.03% | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g) | | | | | 185% | | | | | | 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 | | | | $ | 454,554,538 | | | | | $ | 6,084,110 | | | | | $ | (1,628,607) | | | | | $ | 4,455,503 | | |
IQ MacKay Municipal Intermediate ETF | | | | | 127,611,596 | | | | | | 2,898,479 | | | | | | (107,159) | | | | | | 2,791,320 | | |
IQ Ultra Short Duration ETF | | | | | 260,854,597 | | | | | | 697,601 | | | | | | (1,239,078) | | | | | | (541,477) | | |
Fund | | | Ordinary Income (Loss)1 | | | Tax-Exempt Income (Loss) | | | Net Capital Gain (Losses)2 | | | Net Unrealized Appreciation/ Depreciation | | | Total Distributable Earnings/ (Losses) | | |||||||||||||||
IQ MacKay Municipal Insured ETF | | | | $ | 2,608 | | | | | $ | 617,603 | | | | | $ | 172,005 | | | | | $ | 4,455,503 | | | | | $ | 5,247,719 | | |
IQ MacKay Municipal Intermediate ETF | | | | | 226,341 | | | | | | 151,137 | | | | | | 386,967 | | | | | | 2,791,320 | | | | | | 3,555,765 | | |
IQ Ultra Short Duration ETF | | | | | 643,175 | | | | | | — | | | | | | 1,277,966 | | | | | | (541,477) | | | | | | 1,379,664 | | |
Fund | | | Total distributable earnings/ (accumulated loss) | | | Paid-In Capital | | ||||||
IQ Mackay Municipal Insured ETF | | | | $ | — | | | | | $ | — | | |
IQ Mackay Municipal Intermediate ETF | | | | | — | | | | | | — | | |
IQ Ultra Short Duration ETF | | | | | (649,817) | | | | | | 649,817 | | |
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||||||||||||||
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 | | | | $ | 20,321 | | | | | $ | 3,788,125 | | | | | $ | — | | | | | $ | — | | | | | $ | 173,339 | | | | | $ | 1,565,133 | | | | | $ | 222,207 | | | | | $ | — | | |
IQ MacKay Municipal Intermediate ETF | | | | | 2,692 | | | | | | 1,486,578 | | | | | | 55,809 | | | | | | — | | | | | | 468,962 | | | | | | 1,187,490 | | | | | | 282,484 | | | | | | — | | |
IQ Ultra Short Duration ETF | | | | | 3,256,994 | | | | | | — | | | | | | 95,475 | | | | | | — | | | | | | 693,511 | | | | | | — | | | | | | — | | | | | | — | | |
Fund | | | Purchases | | | Sales | | ||||||
IQ MacKay Municipal Insured ETF | | | | $ | 404,330,701 | | | | | $ | 79,412,831 | | |
IQ MacKay Municipal Intermediate ETF | | | | | 79,572,345 | | | | | | 28,865,677 | | |
IQ Ultra Short Duration ETF | | | | | 486,960,579 | | | | | | 364,322,604 | | |
| | | Interest Risk | | |||
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | 602,964 | | |
| | | Interest Risk | | |||
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | 22 | | |
| | | Interest Risk | | |||
Realized gain (loss) | | | | | | | |
Futures contracts | | | | $ | 2,680,845 | | |
Change in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts | | | | $ | 598,400 | | |
| Asset Derivatives | | | | | | | |
| Futures contracts | | | | $ | 12,239 | | |
| Liability Derivatives | | | | | | | |
| Futures contracts | | | | $ | (39,820,844) | | |
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, 2021 | | | For the years ended April 30, 2021 and 2020 | | | For the years ended April 30, 2021, 2020 and 2019, and the period from October 18, 2017 (commencement of operations) through April 30, 2018 | |
IQ Ultra Short Duration ETF | | | For the year ended April 30, 2021 | | | For the year ended April 30, 2021 and the period from July 31, 2019 (commencement of operations) through April 30, 2020 | |
June 28, 2021
| IQ MacKay Municipal Insured ETF | | | | | 99.74% | | |
| IQ MacKay Municipal Intermediate ETF | | | | | 87.05% | | |
| Name and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Trustee(3) | | | Other Directorships Held by Trustee During Past 5 Years | |
| Reena Aggarwal, 1957 | | | Trustee Chair | | | Since August 2008 Since 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). | | | 20 | | | 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 to present).). | |
| Michael A. Pignataro, 1959 | | | Trustee | | | Since April 2015 | | | Retired; formerly, Director, Credit Suisse Asset Management (2001 to 2012); and Chief Financial Officer, Credit Suisse Funds (1996 to 2013). | | | 20 | | | 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). | | | 20 | | | Management Board Member, RIA in a Box LLC (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). | |
| Name and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Trustee(3) | | | Other Directorships Held by Trustee During past 5 Years | |
| Kirk C. Lehneis, 1974(4) | | | Trustee, President and Principal | | | Since January 2018 | | | Chief Operating Officer and Senior Managing Director, New York Life Investment Management LLC (since 2016); Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since 2017). | | | 20 | | | None. | |
| Names and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | |
| Jonathan Zimmerman, 1982 | | | Executive Vice President | | | Since April 2018 | | | Chief Operating Officer, IndexIQ Advisors (2018 to present); Managing Director, New York Life Investments LLC (2018 to present); Director, New York Life Investment Management LLC (2015 to 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 (2015 to present); Director of the Fund Administration Client Service Department at The Bank of New York Mellon (2007 to 2015) | |
| Matthew V. Curtin, 1982 | | | Secretary and Chief Legal Officer | | | Since June 2015 | | | Secretary and Chief Legal Officer, IndexIQ Advisors, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (June 2015 to January 2017); Associate General Counsel, New York Life Insurance Company (since February 2015); Associate, Dechert LLP (2007 to 2015). | |
| Kevin M. Bopp, 1969 | | | Chief Compliance Officer | | | Since June 2021 | | | Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2021); Head of Investments Compliance, New York Life Investments (since 2019); Chief Compliance Officer, IndexIQ Advisors (since 2017); Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (2017 to 2019) Vice President and Chief Compliance Officer, The MainStay Funds, MainStay Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust (2014 to 2019). | |
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_indexiq-bwlr.jpg]](https://capedge.com/proxy/N-CSR/0001104659-21-088772/lg_indexiq-bwlr.jpg)
The Report to Shareholders is attached herewith.
(b) | Not applicable |
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 $60,000 for 2021 and $49,500 for 2020. |
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 2021 and $0 for 2020. |
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 2021 and $0 for 2020. |
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 2021 and $0 for 2020. |
(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 $10,306,000 for the fiscal year ended April 30, 2021, and (ii) $10,322,000 for the fiscal year ended April 30, 2020. |
(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, 2021 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(a) 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.
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 | July 2, 2021 |
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 | July 2, 2021 |
By (Signature and Title) | /s/ Adefolahan O. Oyefeso |
Adefolahan O. Oyefeso | |
(Principal Financial Officer) |
Date | July 2, 2021 |