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: October 31, 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) | The Report to Shareholders is attached herewith. |
| IQ MacKay Municipal Insured ETF (MMIN) | | | | |
| IQ MacKay Municipal Intermediate ETF (MMIT) | | | | |
| IQ MacKay ESG Core Plus Bond ETF (ESGB) | | | | |
| IQ Ultra Short Duration ETF (ULTR) | | | | |
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| Schedules of Investments | | | | | | | |
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| | | | | 68 | | |
| | | Beginning Account Value 05/01/21 | | | Ending Account Value 10/31/21 | | | Annualized Expense Ratios for the Period 05/01/21 to 10/31/21 | | | Expenses Paid for Period 05/01/21 to 10/31/211 | | ||||||||||||
IQ MacKay Municipal Insured ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,002.00 | | | | | | 0.30% | | | | | $ | 1.51 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.69 | | | | | | 0.30% | | | | | $ | 1.53 | | |
IQ MacKay Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 998.80 | | | | | | 0.30% | | | | | $ | 1.51 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.69 | | | | | | 0.30% | | | | | $ | 1.53 | | |
IQ MacKay ESG Core Plus Bond ETF* | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,002.00 | | | | | | 0.39% | | | | | $ | 1.34 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.24 | | | | | | 0.39% | | | | | $ | 1.99 | | |
IQ Ultra Short Duration ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,000.70 | | | | | | 0.24% | | | | | $ | 1.21 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.00 | | | | | | 0.24% | | | | | $ | 1.22 | | |
Net Assets ($ mil): $479.8
Industry | | | % of Net Assets | | |||
School District | | | | | 18.9% | | |
General Obligation | | | | | 18.9 | | |
General | | | | | 15.8 | | |
Water | | | | | 9.0 | | |
Medical | | | | | 6.4 | | |
Education | | | | | 5.4 | | |
Development | | | | | 4.4 | | |
Transportation | | | | | 4.1 | | |
Airport | | | | | 3.8 | | |
Higher Education | | | | | 3.5 | | |
Housing | | | | | 3.2 | | |
Money Market Fund | | | | | 1.5 | | |
Mello-Roos | | | | | 0.7 | | |
Utilities | | | | | 0.6 | | |
Power | | | | | 0.6 | | |
Facilities | | | | | 0.5 | | |
Pollution | | | | | 0.5 | | |
Bond Bank | | | | | 0.3 | | |
Tobacco Settlement | | | | | 0.2 | | |
Student Loan | | | | | 0.0(a) | | |
Total Investments | | | | | 98.3 | | |
Other Assets and Liabilites, Net | | | | | 1.7 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $236.8
Industry | | | % of Net Assets | | |||
General | | | | | 20.4% | | |
General Obligation | | | | | 17.2 | | |
School District | | | | | 10.8 | | |
Medical | | | | | 10.3 | | |
Education | | | | | 7.9 | | |
Water | | | | | 7.9 | | |
Transportation | | | | | 5.5 | | |
Higher Education | | | | | 4.8 | | |
Housing | | | | | 3.2 | | |
Money Market Fund | | | | | 2.9 | | |
Airport | | | | | 2.7 | | |
Development | | | | | 1.4 | | |
Power | | | | | 1.5 | | |
Nursing Homes | | | | | 0.8 | | |
Multifamily Hsg | | | | | 0.6 | | |
Facilities | | | | | 0.6 | | |
Mello-Roos | | | | | 0.5 | | |
Utilities | | | | | 0.5 | | |
Tobacco Settlement | | | | | 0.3 | | |
Student Loan | | | | | 0.1 | | |
Total Investments | | | | | 99.9 | | |
Other Assets and Liabilites, Net | | | | | 0.1 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $26.2
Country | | | % of Net Assets | | |||
United States | | | | | 92.3% | | |
United Kingdom | | | | | 2.0 | | |
Supranational | | | | | 1.5 | | |
Germany | | | | | 1.1 | | |
Mexico | | | | | 0.7 | | |
Switzerland | | | | | 0.6 | | |
France | | | | | 0.5 | | |
Israel | | | | | 0.4 | | |
Ireland | | | | | 0.3 | | |
China | | | | | 0.1 | | |
Total Investments | | | | | 99.5 | | |
Other Assets and Liabilites, Net | | | | | 0.5 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $232.2
Country | | | % of Net Assets | | |||
United States | | | | | 53.0% | | |
Cayman Islands | | | | | 21.6 | | |
United Kingdom | | | | | 8.3 | | |
Canada | | | | | 4.4 | | |
Australia | | | | | 4.3 | | |
Germany | | | | | 3.7 | | |
France | | | | | 2.0 | | |
Ireland | | | | | 1.1 | | |
Japan | | | | | 0.7 | | |
Supranational | | | | | 0.6 | | |
Singapore | | | | | 0.5 | | |
Total Investments | | | | | 100.2 | | |
Other Assets and Liabilites, Net | | | | | (0.2) | | |
Net Assets | | | | | 100.0% | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 96.8% | | ||||||||||||
Alabama — 1.5% | | ||||||||||||
Alabama Community College System, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 6/1/25 | | | | $ | 260,000 | | | | | $ | 280,483 | | |
4.000%, due 6/1/26 | | | | | 150,000 | | | | | | 171,176 | | |
4.000%, due 11/1/34 | | | | | 685,000 | | | | | | 813,209 | | |
Alabaster Board of Education, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/25 | | | | | 100,000 | | | | | | 112,073 | | |
Bibb County Board of Education, Special Tax Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/35 | | | | | 425,000 | | | | | | 500,225 | | |
4.000%, due 4/1/37 | | | | | 460,000 | | | | | | 538,293 | | |
City of Russellville AL, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/28 | | | | | 390,000 | | | | | | 467,413 | | |
City of Troy AL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | | 500,000 | | | | | | 557,086 | | |
County of Dallas AL, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
1.520%, due 5/1/26(a) | | | | | 305,000 | | | | | | 284,925 | | |
Phenix City Board of Education, Special Tax Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/37 | | | | | 1,500,000 | | | | | | 1,761,307 | | |
University of West Alabama, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/41 | | | | | 350,000 | | | | | | 394,037 | | |
Warrior River Water Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/43 | | | | | 1,000,000 | | | | | | 1,134,937 | | |
| | | | | | | | | | | 7,015,164 | | |
Arizona — 0.3% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/34 | | | | | 250,000 | | | | | | 286,019 | | |
4.000%, due 6/1/39 | | | | | 455,000 | | | | | | 514,936 | | |
5.000%, due 6/1/33 | | | | | 350,000 | | | | | | 431,196 | | |
Student & Academic Services LLC, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 195,000 | | | | | | 216,722 | | |
| | | | | | | | | | | 1,448,873 | | |
Arkansas — 0.4% | | ||||||||||||
Arkansas Development Finance Authority, Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
1.810%, due 7/1/30(a) | | | | | 1,000,000 | | | | | | 855,039 | | |
City of West Memphis AR Public Utility System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/22 | | | | | 600,000 | | | | | | 605,345 | | |
4.000%, due 12/1/23 | | | | | 100,000 | | | | | | 107,294 | | |
4.000%, due 12/1/24 | | | | | 125,000 | | | | | | 137,896 | | |
4.000%, due 12/1/27 | | | | | 175,000 | | | | | | 203,363 | | |
County of Sharp AR, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/1/34 | | | | | 195,000 | | | | | | 202,254 | | |
| | | | | | | | | | | 2,111,191 | | |
California — 12.5% | | ||||||||||||
Abag Finance Authority for Nonprofit Corps, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/2/30 | | | | | 750,000 | | | | | | 917,073 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
5.000%, due 9/2/34 | | | | $ | 175,000 | | | | | $ | 213,497 | | |
Anaheim Public Financing Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/29 | | | | | 975,000 | | | | | | 1,217,950 | | |
Antioch Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/22 | | | | | 150,000 | | | | | | 155,244 | | |
Baldwin Park Unified School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.720%, due 8/1/23(a) | | | | | 300,000 | | | | | | 296,224 | | |
Bassett Unified School District, General Obligation Bonds Series C Insured: NATL | | | | | | | | | | | | | |
2.190%, due 8/1/35(a) | | | | | 165,000 | | | | | | 122,367 | | |
Beaumont Public Improvement Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/25 | | | | | 575,000 | | | | | | 670,526 | | |
Calexico Unified School District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
1.520%, due 8/1/28(a) | | | | | 390,000 | | | | | | 352,081 | | |
California Municipal Finance Authority, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 350,000 | | | | | | 413,545 | | |
California Municipal Finance Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/15/37 | | | | | 1,175,000 | | | | | | 1,374,771 | | |
5.000%, due 5/15/43 | | | | | 250,000 | | | | | | 304,065 | | |
Series A-P3 Insured: AGM | | | | | | | | | | | | | |
3.500%, due 12/31/35 | | | | | 1,225,000 | | | | | | 1,335,328 | | |
Center Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
1.300%, due 8/1/29(a) | | | | | 1,000,000 | | | | | | 861,885 | | |
Ceres Unified School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
0.960%, due 8/1/25(a) | | | | | 200,000 | | | | | | 192,934 | | |
City of El Cerrito CA, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.000%, due 5/1/26 | | | | | 260,000 | | | | | | 301,648 | | |
5.000%, due 5/1/28 | | | | | 355,000 | | | | | | 424,610 | | |
5.000%, due 5/1/36 | | | | | 325,000 | | | | | | 383,978 | | |
City of Lincoln CA, Special Tax Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/34 | | | | | 525,000 | | | | | | 639,057 | | |
City of Susanville CA Natural Gas Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/45 | | | | | 875,000 | | | | | | 1,011,023 | | |
Clovis Unified School District, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
1.160%, due 8/1/27(a) | | | | | 335,000 | | | | | | 313,517 | | |
Coachella Valley Unified School District, General Obligation Bonds Series D Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/37 | | | | | 450,000 | | | | | | 466,356 | | |
Compton Unified School District, Certificates of Participation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/33 | | | | | 250,000 | | | | | | 283,735 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Davis Joint Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 8/1/43 | | | | $ | 1,250,000 | | | | | $ | 1,316,132 | | |
Dixon Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/37 | | | | | 570,000 | | | | | | 712,083 | | |
El Centro Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 11/1/26 | | | | | 485,000 | | | | | | 582,036 | | |
Garden Grove Agency Community Development Successor Agency, Tax Allocation Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/27 | | | | | 250,000 | | | | | | 280,310 | | |
Goleta Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/43 | | | | | 2,610,000 | | | | | | 3,009,654 | | |
Guadalupe Union School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/44 | | | | | 1,005,000 | | | | | | 1,123,279 | | |
Hayward Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/45 | | | | | 2,000,000 | | | | | | 2,311,089 | | |
4.000%, due 8/1/50 | | | | | 1,900,000 | | | | | | 2,182,992 | | |
Hemet Unified School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/40 | | | | | 600,000 | | | | | | 661,910 | | |
Independent Cities Finance Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/31 | | | | | 430,000 | | | | | | 509,623 | | |
4.000%, due 6/1/41 | | | | | 900,000 | | | | | | 1,036,684 | | |
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
1.690%, due 8/1/31(a) | | | | | 155,000 | | | | | | 120,348 | | |
La Mirada Redevelopment Agency Successor Agency, Tax Allocation Insured: NATL | | | | | | | | | | | | | |
0.950%, due 8/15/25(a) | | | | | 1,000,000 | | | | | | 964,801 | | |
Lancaster Financing Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/44 | | | | | 995,000 | | | | | | 1,150,012 | | |
Local Public Schools Funding Authority School Improvement District No 2016-1, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 8/1/36 | | | | | 645,000 | | | | | | 688,284 | | |
Los Angeles County Schools, Certificates of Participation Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 500,000 | | | | | | 555,906 | | |
Los Angeles Unified School District, Certificates of Participation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/33 | | | | | 500,000 | | | | | | 612,116 | | |
Los Nietos School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
2.850%, due 8/1/43(a) | | | | | 1,045,000 | | | | | | 580,322 | | |
3.020%, due 8/1/45(a) | | | | | 1,500,000 | | | | | | 770,236 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Lynwood Unified School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | $ | 285,000 | | | | | $ | 309,634 | | |
Madera County Public Financing Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/37 | | | | | 945,000 | | | | | | 1,120,636 | | |
Manteca Unified School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
1.020%, due 8/1/25(a) | | | | | 575,000 | | | | | | 553,447 | | |
Merced Irrigation District, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/24 | | | | | 250,000 | | | | | | 283,889 | | |
Napa Valley Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/44 | | | | | 1,000,000 | | | | | | 1,127,204 | | |
Natomas Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 8/1/39 | | | | | 1,040,000 | | | | | | 1,087,326 | | |
Ontario Montclair School District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
1.660%, due 8/1/29(a) | | | | | 390,000 | | | | | | 343,089 | | |
Oxnard School District, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.750%, due 8/1/30 | | | | | 300,000 | | | | | | 313,079 | | |
Palmdale Elementary School District, Special Tax Insured: AGM | | | | | | | | | | | | | |
2.340%, due 8/1/36(a) | | | | | 1,250,000 | | | | | | 886,453 | | |
Paramount Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
0.300%, due 8/1/48(a) | | | | | 1,480,000 | | | | | | 257,315 | | |
Ripon Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/36 | | | | | 835,000 | | | | | | 986,653 | | |
River Islands Public Financing Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/40 | | | | | 1,500,000 | | | | | | 1,740,816 | | |
4.000%, due 9/1/45 | | | | | 2,000,000 | | | | | | 2,293,233 | | |
Riverbank Unified School District, General Obligation Bonds Series B Insured: AGC | | | | | | | | | | | | | |
2.960%, due 8/1/48(a) | | | | | 50,000 | | | | | | 22,755 | | |
Riverside County Community Facilities Districts, Special Tax Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/29 | | | | | 770,000 | | | | | | 917,275 | | |
4.000%, due 9/1/45 | | | | | 1,000,000 | | | | | | 1,156,184 | | |
Riverside County Redevelopment Successor Agency, Tax Allocation Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/26 | | | | | 575,000 | | | | | | 670,396 | | |
Roseville Joint Union High School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
2.125%, due 6/1/35 | | | | | 160,000 | | | | | | 159,843 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Sacramento City Schools Joint Powers Financing Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 3/1/24 | | | | $ | 250,000 | | | | | $ | 275,808 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.760%, due 7/1/24(a) | | | | | 310,000 | | | | | | 303,812 | | |
Series C-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/25 | | | | | 200,000 | | | | | | 231,733 | | |
Salinas Union High School District, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
0.490%, due 10/1/23(a) | | | | | 225,000 | | | | | | 222,909 | | |
Salinas Valley Solid Waste Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.500%, due 8/1/26 | | | | | 520,000 | | | | | | 589,679 | | |
San Juan Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.330%, due 8/1/23(a) | | | | | 1,000,000 | | | | | | 994,320 | | |
San Ysidro School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/25 | | | | | 525,000 | | | | | | 605,136 | | |
Series F Insured: AGM | | | | | | | | | | | | | |
2.460%, due 8/1/41(a) | | | | | 2,070,000 | | | | | | 1,277,169 | | |
Sonoma County Community Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/31 | | | | | 155,000 | | | | | | 172,405 | | |
South Tahoe Joint Powers Financing Authority, Tax Allocation Series A Insured: NATL | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 1,000,000 | | | | | | 1,081,231 | | |
South Whittier School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/40 | | | | | 215,000 | | | | | | 246,956 | | |
Southwestern Community College District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.530%, due 8/1/24(a) | | | | | 560,000 | | | | | | 551,972 | | |
Tulare Local Health Care District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/35 | | | | | 350,000 | | | | | | 415,908 | | |
4.000%, due 8/1/39 | | | | | 835,000 | | | | | | 982,284 | | |
West Contra Costa Unified School District, General Obligation Bonds Series F Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/49 | | | | | 3,740,000 | | | | | | 4,363,370 | | |
West Kern Community College District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/44 | | | | | 600,000 | | | | | | 676,079 | | |
Winters Joint Unified School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/47 | | | | | 380,000 | | | | | | 438,478 | | |
Woodland Joint Unified School District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/33 | | | | | 300,000 | | | | | | 355,947 | | |
Yuba City Unified School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.780%, due 9/1/23(a) | | | | | 350,000 | | | | | | 345,033 | | |
| | | | | | | | | | | 59,778,687 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado — 4.2% | | ||||||||||||
BNC Metropolitan District No 1, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/37 | | | | $ | 395,000 | | | | | $ | 470,499 | | |
Castle Oaks Metropolitan District No 3, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/40 | | | | | 1,840,000 | | | | | | 2,158,050 | | |
Cherokee Metropolitan District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/35 | | | | | 675,000 | | | | | | 818,612 | | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/31 | | | | | 1,015,000 | | | | | | 1,206,523 | | |
Crystal Valley Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/39 | | | | | 500,000 | | | | | | 583,095 | | |
4.000%, due 12/1/44 | | | | | 4,000,000 | | | | | | 4,610,029 | | |
Grand Junction Regional Airport Authority, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 500,000 | | | | | | 595,813 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 513,893 | | |
Lewis Pointe Metropolitan District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/47 | | | | | 1,000,000 | | | | | | 1,156,277 | | |
Leyden Rock Metropolitan District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/32 | | | | | 320,000 | | | | | | 388,606 | | |
4.000%, due 12/1/33 | | | | | 400,000 | | | | | | 484,625 | | |
4.000%, due 12/1/34 | | | | | 260,000 | | | | | | 313,998 | | |
4.000%, due 12/1/35 | | | | | 450,000 | | | | | | 542,561 | | |
4.000%, due 12/1/36 | | | | | 300,000 | | | | | | 360,775 | | |
North Pine Vistas Metropolitan District No 3, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/41 | | | | | 1,480,000 | | | | | | 1,710,902 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/41 | | | | | 600,000 | | | | | | 688,944 | | |
Poudre Tech Metropolitan District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/32 | | | | | 1,310,000 | | | | | | 1,552,942 | | |
Rio Blanco County School District No Re-1 Meeker, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.500%, due 12/1/35 | | | | | 450,000 | | | | | | 571,739 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
5.250%, due 12/1/33 | | | | | 150,000 | | | | | | 188,148 | | |
5.250%, due 12/1/35 | | | | | 115,000 | | | | | | 143,745 | | |
Saddle Rock Metropolitan District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/26 | | | | | 225,000 | | | | | | 247,704 | | |
South Sloan’s Lake Metropolitan District No 2, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | | 250,000 | | | | �� | | 289,019 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado (continued) | | ||||||||||||
Vauxmont Metropolitan District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/15/31 | | | | $ | 135,000 | | | | | $ | 154,579 | | |
5.000%, due 12/15/32 | | | | | 155,000 | | | | | | 177,246 | | |
| | | | | | | | | | | 19,928,324 | | |
Connecticut — 2.5% | | ||||||||||||
City of Hartford CT, General Obligation Bonds Series A Insured: AGM 4.000%, due 7/1/34 | | | | | 25,000 | | | | | | 27,426 | | |
5.000%, due 4/1/23 | | | | | 220,000 | | | | | | 224,318 | | |
5.000%, due 7/1/24 | | | | | 20,000 | | | | | | 22,448 | | |
5.000%, due 7/1/27 | | | | | 60,000 | | | | | | 68,955 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 15,000 | | | | | | 16,348 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/15/32 | | | | | 20,000 | | | | | | 22,888 | | |
City of New Britain CT, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 9/1/44 | | | | | 2,625,000 | | | | | | 2,727,798 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/29 | | | | | 250,000 | | | | | | 313,945 | | |
5.250%, due 9/1/30 | | | | | 300,000 | | | | | | 374,496 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 3/1/26 | | | | | 435,000 | | | | | | 511,443 | | |
City of New Haven CT, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/39 | | | | | 1,150,000 | | | | | | 1,417,753 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/15/27 | | | | | 1,000,000 | | | | | | 1,152,722 | | |
City of West Haven CT, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/15/28 | | | | | 205,000 | | | | | | 240,111 | | |
4.000%, due 3/15/35 | | | | | 925,000 | | | | | | 1,070,801 | | |
State of Connecticut Special Tax Revenue, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/38 | | | | | 1,500,000 | | | | | | 1,788,480 | | |
Town of Stratford CT, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/33 | | | | | 150,000 | | | | | | 172,240 | | |
Town of Windham CT, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/15/32 | | | | | 445,000 | | | | | | 543,646 | | |
4.000%, due 8/15/35 | | | | | 1,025,000 | | | | | | 1,243,920 | | |
| | | | | | | | | | | 11,939,738 | | |
Delaware — 0.1% | | ||||||||||||
Delaware State Economic Development Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000% , due 10/1/26 | | | | | 280,000 | | | | | | 328,348 | | |
District of Columbia — 0.8% | | ||||||||||||
Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/1/34 | | | | | 2,000,000 | | | | | | 2,523,075 | | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds Insured: AGC | | | | | | | | | | | | | |
2.370%, due 10/1/36(a) | | | | | 1,585,000 | | | | | | 1,114,725 | | |
| | | | | | | | | | | 3,637,800 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Florida — 3.0% | | ||||||||||||
Central Florida Expressway Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | $ | 3,250,000 | | | | | $ | 3,952,375 | | |
City of Boynton beach FL Utility System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.500%, due 11/1/22 | | | | | 215,000 | | | | | | 215,000 | | |
City of Miami FL Parking System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,000,000 | | | | | | 1,148,933 | | |
City of Palm Bay FL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 1,035,000 | | | | | | 1,201,063 | | |
County of Lee FL Transportation Facilities Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/25 | | | | | 500,000 | | | | | | 565,593 | | |
County of Miami-Dade FL Transit System, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/42 | | | | | 630,000 | | | | | | 650,257 | | |
Florida Governmental Utility Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/22 | | | | | 215,000 | | | | | | 224,200 | | |
Herons Glen Recreation District, Special Assessment Insured: BAM | | | | | | | | | | | | | |
2.500%, due 5/1/25 | | | | | 175,000 | | | | | | 182,943 | | |
2.500%, due 5/1/26 | | | | | 200,000 | | | | | | 210,275 | | |
Hillsborough County School Board, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/22 | | | | | 245,000 | | | | | | 255,438 | | |
North Springs Improvement District, Special Assessment Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/41 | | | | | 1,820,000 | | | | | | 2,121,371 | | |
North Sumter County Utility Dependent District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/49 | | | | | 1,350,000 | | | | | | 1,652,734 | | |
Orange County Convention Center/Orlando, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 10/1/31 | | | | | 1,250,000 | | | | | | 1,478,835 | | |
St Lucie County School Board, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 615,000 | | | | | | 667,048 | | |
| | | | | | | | | | | 14,526,065 | | |
Georgia — 0.2% | | ||||||||||||
Carrollton Payroll Development Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/28 | | | | | 415,000 | | | | | | 474,697 | | |
Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.250%, due 7/1/24 | | | | | 205,000 | | | | | | 231,503 | | |
Municipal Electric Authority of Georgia, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/46 | | | | | 175,000 | | | | | | 197,110 | | |
| | | | | | | | | | | 903,310 | | |
Illinois — 12.7% | | ||||||||||||
Chicago Board of Education, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.600%, due 12/1/22(a) | | | | | 200,000 | | | | | | 198,715 | | |
0.750%, due 12/1/23(a) | | | | | 500,000 | | | | | | 492,245 | | |
1.170%, due 12/1/25(a) | | | | | 575,000 | | | | | | 548,186 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Series A Insured: AGC-ICC FGIC | | | | | | | | | | | | | |
5.500%, due 12/1/26 | | | | $ | 250,000 | | | | | $ | 293,708 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/27 | | | | | 500,000 | | | | | | 612,218 | | |
5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 613,594 | | |
Series A Insured: NATL | | | | ||||||||||
1.170%, due 12/1/25(a) | | | | | 1,295,000 | | | | | | 1,234,611 | | |
Chicago O’Hare International Airport, Revenue Bonds Series E Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/39 | | | | | 1,300,000 | | | | | | 1,495,944 | | |
Series F Insured: BAM | | | | | | | | | | | | | |
4.250%, due 1/1/47 | | | | | 365,000 | | | | | | 412,600 | | |
Chicago Park District, General Obligation Bonds Series D Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/1/39 | | | | | 500,000 | | | | | | 572,121 | | |
Series E Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/32 | | | | | 1,000,000 | | | | | | 1,166,516 | | |
Series F-2 | | | | | | | | | | | | | |
5.000%, due 1/1/40 | | | | | 1,065,000 | | | | | | 1,291,413 | | |
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
0.370%, due 1/1/22(a) | | | | | 345,000 | | | | | | 344,783 | | |
City of Chicago IL Waterworks Revenue, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/1/21 | | | | | 500,000 | | | | | | 500,000 | | |
City of Kankakee IL, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/1/34 | | | | | 450,000 | | | | | | 520,779 | | |
4.000%, due 1/1/35 | | | | | 715,000 | | | | | | 825,362 | | |
City of Sterling IL, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/36 | | | | | 600,000 | | | | | | 712,259 | | |
4.000%, due 11/1/37 | | | | | 570,000 | | | | | | 674,777 | | |
4.000%, due 11/1/38 | | | | | 500,000 | | | | | | 590,582 | | |
4.000%, due 11/1/40 | | | | | 635,000 | | | | | | 746,714 | | |
City of Waukegan IL, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/30/36 | | | | | 1,065,000 | | | | | | 1,264,613 | | |
4.000%, due 12/30/37 | | | | | 1,080,000 | | | | | | 1,278,829 | | |
City of Waukegan IL Water & Sewer System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/30/22 | | | | | 125,000 | | | | | | 130,009 | | |
4.000%, due 12/30/40 | | | | | 485,000 | | | | | | 561,780 | | |
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 | | | | | | 289,417 | | |
4.000%, due 2/1/36 | | | | | 400,000 | | | | | | 459,093 | | |
4.000%, due 2/1/37 | | | | | 535,000 | | | | | | 612,469 | | |
4.000%, due 2/1/38 | | | | | 525,000 | | | | | | 599,775 | | |
Cook & Will Counties School District No 194, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 325,000 | | | | | | 368,965 | | |
Cook County Community Unit School District No 401 Elmwood Park, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/42 | | | | | 520,000 | | | | | | 597,813 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Cook County School District No 88 Bellwood, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/21 | | | | $ | 365,000 | | | | | $ | 366,074 | | |
Cook County School District No 94, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/40 | | | | | 460,000 | | | | | | 515,073 | | |
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/40 | | | | | 1,005,000 | | | | | | 1,130,943 | | |
County of Union IL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/26 | | | | | 360,000 | | | | | | 409,263 | | |
Crawford Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/31 | | | | | 345,000 | | | | | | 389,685 | | |
4.000%, due 1/1/34 | | | | | 675,000 | | | | | | 791,748 | | |
Darien-Woodridge Fire Protection District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/30/26 | | | | | 100,000 | | | | | | 110,178 | | |
Governors State University, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/23 | | | | | 385,000 | | | | | | 410,872 | | |
Illinois Finance Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
0.010%, due 8/15/49(b)(c) | | | | | 1,200,000 | | | | | | 1,200,000 | | |
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 | | | | | | 1,151,761 | | |
Macon County School District No 61 Decatur, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/25 | | | | | 695,000 | | | | | | 786,090 | | |
4.000%, due 12/1/32 | | | | | 200,000 | | | | | | 230,143 | | |
4.000%, due 12/1/34 | | | | | 150,000 | | | | | | 171,906 | | |
4.000%, due 12/1/37 | | | | | 205,000 | | | | | | 233,685 | | |
5.000%, due 12/1/40 | | | | | 1,000,000 | | | | | | 1,215,775 | ��� | |
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 | | | | | | 1,006,622 | | |
3.000%, due 2/1/23 | | | | | 1,000,000 | | | | | | 1,031,553 | | |
Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/30 | | | | | 275,000 | | | | | | 321,594 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 160,000 | | | | | | 190,630 | | |
Metropolitan Pier & Exposition Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
2.800%, due 6/15/45(a) | | | | | 500,000 | | | | | | 259,474 | | |
2.840%, due 6/15/47(a) | | | | | 225,000 | | | | | | 109,311 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/50 | | | | | 1,850,000 | | | | | | 2,058,488 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
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 | | | | | $ | 365,385 | | |
4.000%, due 10/1/33 | | | | | 1,000,000 | | | | | | 1,180,332 | | |
Northern Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,000,000 | | | | | | 1,169,045 | | |
4.000%, due 10/1/43 | | | | | 1,300,000 | | | | | | 1,501,196 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/35 | | | | | 1,200,000 | | | | | | 1,396,067 | | |
Regional Transportation Authority, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.500%, due 7/1/23 | | | | | 155,000 | | | | | | 168,421 | | |
Sales Tax Securitization Corp., Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/37 | | | | | 2,030,000 | | | | | | 2,547,395 | | |
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 | | | | | | 1,250,380 | | |
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 | | | | | | 1,168,106 | | |
4.000%, due 12/1/40 | | | | | 2,010,000 | | | | | | 2,328,390 | | |
State of Illinois, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/1/30 | | | | | 690,000 | | | | | | 782,845 | | |
Insured: NATL | | | | | | | | | | | | | |
6.000%, due 11/1/26 | | | | | 500,000 | | | | | | 594,659 | | |
Series D | | | | | | | | | | | | | |
5.000%, due 11/1/24 | | | | | 2,800,000 | | | | | | 3,151,980 | | |
State of Illinois, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
6.000%, due 6/15/23 | | | | | 180,000 | | | | | | 196,099 | | |
6.000%, due 6/15/24 | | | | | 350,000 | | | | | | 399,213 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/15/35 | | | | | 750,000 | | | | | | 854,828 | | |
Summerfield Lebanon Mascoutah Water Commission St Clair County, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/26 | | | | | 205,000 | | | | | | 240,140 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/1/26 | | | | | 590,000 | | | | | | 662,649 | | |
4.000%, due 1/1/27 | | | | | 1,215,000 | | | | | | 1,391,162 | | |
5.000%, due 1/1/30 | | | | | 475,000 | | | | | | 582,643 | | |
University of Illinois, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
0.350%, due 4/1/22(a) | | | | | 200,000 | | | | | | 199,706 | | |
Village of Park Forest IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 1/1/22 | | | | | 105,000 | | | | | | 105,456 | | |
4.000%, due 1/1/24 | | | | | 320,000 | | | | | | 343,565 | | |
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/22 | | | | | 125,000 | | | | | | 126,133 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Washington County Community Unit School Dist No 10 West Washington, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/15/25 | | | | $ | 750,000 | | | | | $ | 828,646 | | |
West Chicago Park District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/26 | | | | | 565,000 | | | | | | 619,360 | | |
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 | | | | | | 569,175 | | |
4.000%, due 1/1/35 | | | | | 480,000 | | | | | | 542,964 | | |
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 | | | | | | 577,727 | | |
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 575,714 | | |
4.000%, due 12/1/37 | | | | | 515,000 | | | | | | 591,497 | | |
| | | | | | | | | | | 61,111,636 | | |
Indiana — 1.2% | | ||||||||||||
City of Washington IN Electric Utility Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 1/1/22 | | | | | 205,000 | | | | | | 205,874 | | |
Indiana Bond Bank, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/22 | | | | | 545,000 | | | | | | 553,242 | | |
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds Series E Insured: AMBAC | | | | | | | | | | | | | |
0.490%, due 2/1/24(a) | | | | | 450,000 | | | | | | 445,092 | | |
0.690%, due 2/1/25(a) | | | | | 500,000 | | | | | | 488,924 | | |
Muncie Sanitary District, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 1/1/23 | | | | | 520,000 | | | | �� | | 535,968 | | |
4.000%, due 1/1/24 | | | | | 700,000 | | | | | | 751,863 | | |
Series A Insured: NATL | | | | | | | | | | | | | |
2.000%, due 1/1/22 | | | | | 140,000 | | | | | | 140,361 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
3.000%, due 7/1/22 | | | | | 750,000 | | | | | | 763,378 | | |
Terre Haute Sanitary District, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/29 | | | | | 890,000 | | | | | | 1,044,101 | | |
4.000%, due 1/1/30 | | | | | 205,000 | | | | | | 241,011 | | |
Town of Speedway IN Sewage Works Revenue, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 9/1/25 | | | | | 525,000 | | | | | | 566,918 | | |
| | | | | | | | | | | 5,736,732 | | |
Iowa — 0.9% | | ||||||||||||
Camanche Community School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/28 | | | | | 620,000 | | | | | | 770,738 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Iowa (continued) | | ||||||||||||
City of Altoona IA, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
3.000%, due 6/1/22 | | | | $ | 320,000 | | | | | $ | 325,111 | | |
3.000%, due 6/1/24 | | | | | 345,000 | | | | | | 367,358 | | |
Collins-Maxwell Community School District Sales Services & Use Tax Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/24 | | | | | 175,000 | | | | | | 190,966 | | |
4.000%, due 6/1/25 | | | | | 185,000 | | | | | | 207,072 | | |
Lewis Central Community School District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/22 | | | | | 525,000 | | | | | | 538,128 | | |
4.000%, due 7/1/29 | | | | | 995,000 | | | | | | 1,186,268 | | |
Red Oak Community School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 145,000 | | | | | | 167,426 | | |
Sioux Center Community School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 5/1/24 | | | | | 290,000 | | | | | | 322,558 | | |
| | | | | | | | | | | 4,075,625 | | |
Kentucky — 0.6% | | ||||||||||||
City of Somerset KY, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/23 | | | | | 310,000 | | | | | | 327,696 | | |
4.000%, due 6/1/24 | | | | | 650,000 | | | | | | 708,074 | | |
Kentucky Economic Development Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/37 | | | | | 500,000 | | | | | | 551,995 | | |
Kentucky Municipal Power Agency, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
4.000%, due 9/1/39 | | | | | 415,000 | | | | | | 452,985 | | |
Kentucky State University, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/51 | | | | | 500,000 | | | | | | 584,192 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 100,000 | | | | | | 110,726 | | |
| | | | | | | | | | | 2,735,668 | | |
Louisiana — 3.7% | | ||||||||||||
Calcasieu Parish School District No 23, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/27 | | | | | 600,000 | | | | | | 726,137 | | |
5.000%, due 9/1/28 | | | | | 910,000 | | | | | | 1,125,268 | | |
City of New Orleans LA Sewerage Service Revenue, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/35 | | | | | 400,000 | | | | | | 467,135 | | |
4.000%, due 6/1/36 | | | | | 400,000 | | | | | | 465,731 | | |
4.000%, due 6/1/37 | | | | | 325,000 | | | | | | 377,405 | | |
4.000%, due 6/1/38 | | | | | 350,000 | | | | | | 405,563 | | |
4.000%, due 6/1/39 | | | | | 850,000 | | | | | | 982,674 | | |
City of Plaquemine LA, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/24 | | | | | 750,000 | | | | | | 803,332 | | |
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 623,067 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana (continued) | | ||||||||||||
5.000%, due 12/1/32 | | | | $ | 125,000 | | | | | $ | 156,676 | | |
Greater Ouachita Water Co., Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/36 | | | | | 775,000 | | | | | | 908,627 | | |
Louisiana Energy & Power Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/23 | | | | | 445,000 | | | | | | 477,409 | | |
Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,000,000 | | | | | | 1,179,605 | | |
4.000%, due 10/1/39 | | | | | 600,000 | | | | | | 706,078 | | |
4.000%, due 10/1/40 | | | | | 1,170,000 | | | | | | 1,364,500 | | |
4.000%, due 10/1/41 | | | | | 660,000 | | | | | | 756,225 | | |
4.000%, due 10/1/42 | | | | | 845,000 | | | | | | 964,830 | | |
4.000%, due 10/1/43 | | | | | 1,060,000 | | | | | | 1,206,938 | | |
Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/40 | | | | | 850,000 | | | | | | 992,934 | | |
New Orleans Aviation Board, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/37 | | | | | 1,000,000 | | | | | | 1,231,994 | | |
Parish of St Mary LA, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 3/1/27 | | | | | 330,000 | | | | | | 396,637 | | |
Port New Orleans Board of Commissioners, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/36 | | | | | 610,000 | | | | | | 724,317 | | |
Ward Two Water District of Livingston Parish, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/27 | | | | | 500,000 | | | | | | 569,412 | | |
4.000%, due 4/1/28 | | | | | 300,000 | | | | | | 346,218 | | |
| | | | | | | | | | | 17,958,712 | | |
Maine — 0.0%(d) | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 150,000 | | | | | | 175,106 | | |
Maryland — 0.3% | | ||||||||||||
City of Cumberland MD, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/24 | | | | | 400,000 | | | | | | 446,856 | | |
5.000%, due 6/1/25 | | | | | 450,000 | | | | | | 519,424 | | |
Maryland State Transportation Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/23 | | | | | 245,000 | | | | | | 262,843 | | |
| | | | | | | | | | | 1,229,123 | | |
Massachusetts — 1.2% | | ||||||||||||
Bridgewater-Raynham Regional School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/29 | | | | | 1,405,000 | | | | | | 1,693,430 | | |
Commonwealth of Massachusetts, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
0.658% (3-Month LIBOR + 0.57%), due 5/1/37(b) | | | | | 85,000 | | | | | | 83,933 | | |
Commonwealth of Massachusetts, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.500%, due 1/1/22 | | | | | 2,415,000 | | | | | | 2,435,045 | | |
5.500%, due 1/1/25 | | | | | 600,000 | | | | | | 690,823 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Massachusetts (continued) | | ||||||||||||
Massachusetts Department of Transportation, Revenue Bonds Series C Insured: NATL | | | | | | | | | | | | | |
0.370%, due 1/1/22(a) | | | | $ | 325,000 | | | | | $ | 324,796 | | |
Massachusetts School Building Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/15/34 | | | | | 350,000 | | | | | | 412,506 | | |
| | | | | | | | | | | 5,640,533 | | |
Michigan — 4.7% | | ||||||||||||
Benzie County Central Schools, General Obligation Bonds Series I Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/35 | | | | | 340,000 | | | | | | 414,247 | | |
4.000%, due 5/1/36 | | | | | 300,000 | | | | | | 364,263 | | |
4.000%, due 5/1/37 | | | | | 330,000 | | | | | | 399,527 | | |
4.000%, due 5/1/38 | | | | | 300,000 | | | | | | 362,351 | | |
4.000%, due 5/1/39 | | | | | 300,000 | | | | | | 361,438 | | |
4.000%, due 5/1/40 | | | | | 300,000 | | | | | | 360,665 | | |
4.000%, due 5/1/45 | | | | | 1,250,000 | | | | | | 1,483,503 | | |
City of Detroit MI Sewage Disposal System Revenue, Revenue Bonds Series B Insured: NATL | | | | | | | | | | | | | |
5.500%, due 7/1/22 | | | | | 1,000,000 | | | | | | 1,033,377 | | |
City of Greenville MI, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/46 | | | | | 2,575,000 | | | | | | 2,958,076 | | |
City of Saginaw MI Water Supply System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/29 | | | | | 710,000 | | | | | | 847,623 | | |
4.000%, due 7/1/30 | | | | | 1,035,000 | | | | | | 1,249,531 | | |
City of Taylor MI, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/1/24 | | | | | 770,000 | | | | | | 832,801 | | |
4.000%, due 3/1/27 | | | | | 490,000 | | | | | | 567,218 | | |
4.000%, due 3/1/29 | | | | | 710,000 | | | | | | 845,221 | | |
4.000%, due 3/1/35 | | | | | 1,185,000 | | | | | | 1,414,850 | | |
Eastern Michigan University, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 3/1/27 | | | | | 750,000 | | | | | | 905,337 | | |
Fitzgerald Public School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/1/22 | | | | | 150,000 | | | | | | 152,763 | | |
Grandville Public Schools, General Obligation Bonds Series I Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/37 | | | | | 245,000 | | | | | | 286,035 | | |
4.000%, due 5/1/40 | | | | | 200,000 | | | | | | 232,698 | | |
Jackson College, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 5/1/22 | | | | | 520,000 | | | | | | 527,049 | | |
Lake Superior State University, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/28 | | | | | 620,000 | | | | | | 729,230 | | |
4.000%, due 11/15/30 | | | | | 810,000 | | | | | | 972,187 | | |
Leland Public School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/37 | | | | | 590,000 | | | | | | 674,871 | | |
Michigan Finance Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/40 | | | | | 1,000,000 | | | | | | 1,176,833 | | |
Saginaw City School District, General Obligation Bonds 4.000%, due 5/1/44 | | | | | 2,505,000 | | | | | | 2,942,859 | | |
| | | Principal Amount | | | Value | | | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Michigan (continued) | | | ||||||||||||||
Warren Consolidated Schools, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | | | ||
5.000%, due 5/1/22 | | | | $ | 280,000 | | | | | $ | 286,605 | | | | ||
Wayne County Airport Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | | | ||
5.000%, due 12/1/42 | | | | | 110,000 | | | | | | 115,343 | | | | ||
| | | | | | | | | | | 22,496,501 | | | | ||
Minnesota — 0.1% | | | ||||||||||||||
Centennial Independent School District No 12, General Obligation Bonds Series A Insured: SD CRED PROG | | | | | | | | | | | | | | | ||
0.170% , due 2/1/22(a) | | | | | 650,000 | | | | | | 649,716 | | | | ||
Mississippi — 0.5% | | | ||||||||||||||
Biloxi Public School District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | ||
5.000%, due 4/1/24 | | | | | 270,000 | | | | | | 298,809 | | | | ||
City of Jackson MS, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 5/1/25 | | | | | 150,000 | | | | | | 167,726 | | | | ||
Mississippi Development Bank, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 7/1/45 | | | | | 500,000 | | | | | | 580,187 | | | | ||
5.000%, due 7/1/33 | | | | | 490,000 | | | | | | 629,094 | | | | ||
5.250%, due 10/1/38 | | | | | 460,000 | | | | | | 572,571 | | | | ||
| | | | | | | | | | | 2,248,387 | | | | | |
Missouri — 1.3% | | | ||||||||||||||
City of St Louis MO Airport Revenue, Revenue Bonds Insured: NATL | | | | | | | | | | | | | | | ||
5.500%, due 7/1/28 | | | | | 1,000,000 | | | | | | 1,278,839 | | | | ||
Series A Insured: AGM | | | | | | | | | | | | | | | ||
5.000%, due 7/1/23 | | | | | 1,000,000 | | | | | | 1,078,117 | | | | ||
Kansas City Industrial Development Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 3/1/50 | | | | | 1,480,000 | | | | | | 1,652,903 | | | | ||
Series B | | | | | | | | | | | | | | | ||
5.000%, due 3/1/46 | | | | | 2,000,000 | | | | | | 2,385,539 | | | | ||
| | | | | | | | | | | 6,395,398 | | | | ||
Montana — 0.1% | | | ||||||||||||||
City of Bozeman MT, Tax Allocation Insured: AGM | | | | | | | | | | | | | | | ||
2.000%, due 7/1/22 | | | | | 50,000 | | | | | | 50,444 | | | | ||
3.000%, due 7/1/24 | | | | | 100,000 | | | | | | 105,601 | | | | ||
4.000%, due 7/1/26 | | | | | 75,000 | | | | | | 84,671 | | | | ||
4.000%, due 7/1/27 | | | | | 100,000 | | | | | | 114,676 | | | | ||
| | | | | | | | | | | 355,392 | | | | ||
Nevada — 0.4% | | | ||||||||||||||
City of Reno NV, Revenue Bonds Series A-1 Insured: AGM | | | | | | | | | | | | | | | ||
5.000%, due 6/1/28 | | | | | 730,000 | | | | | | 882,686 | | | | ||
5.000%, due 6/1/32 | | | | | 265,000 | | | | | | 315,066 | | | | ||
Clark County School District, General Obligation Bonds Series A Insured: AGM | | | | | ||||||||||||
4.000%, due 6/15/40 | | | | | 400,000 | | | | | | 467,640 | | | | ||
Series B Insured: BAM | | | | | | | | | | | | | | | ||
5.000%, due 6/15/28 | | | | | 250,000 | | | | | | 313,394 | | | | ||
| | | | | | | | | | | 1,978,786 | | | | ||
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Hampshire — 1.2% | | ||||||||||||
New Hampshire Business Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000% , due 7/1/51 | | | | $ | 5,000,000 | | | | | $ | 5,792,831 | | |
New Jersey — 7.1% | | ||||||||||||
Atlantic City Board of Education, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 4/1/26 | | | | | 400,000 | | | | | | 448,217 | | |
4.000%, due 4/1/28 | | | | | 425,000 | | | | | | 489,072 | | |
4.000%, due 4/1/30 | | | | | 335,000 | | | | | | 383,891 | | |
4.000%, due 4/1/33 | | | | | 325,000 | | | | | | 367,714 | | |
4.000%, due 4/1/35 | | | | | 330,000 | | | | | | 371,380 | | |
Borough of Paulsboro NJ, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
1.000%, due 8/15/24 | | | | | 160,000 | | | | | | 161,854 | | |
1.000%, due 8/15/25 | | | | | 165,000 | | | | | | 166,483 | | |
Casino Reinvestment Development Authority, Inc., Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/27 | | | | | 500,000 | | | | | | 552,557 | | |
City of Atlantic City NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/21 | | | | | 165,000 | | | | | | 165,000 | | |
City of Bayonne NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/15/24 | | | | | 100,000 | | | | | | 109,463 | | |
City of East Orange NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/15/23 | | | | | 665,000 | | | | | | 710,245 | | |
4.000%, due 9/15/24 | | | | | 125,000 | | | | | | 137,493 | | |
City of Newark NJ, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/27 | | | | | 500,000 | | | | | | 605,508 | | |
5.000%, due 10/1/28 | | | | | 750,000 | | | | | | 925,061 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/28 | | | | | 145,000 | | | | | | 178,845 | | |
5.000%, due 10/1/29 | | | | | 190,000 | | | | | | 237,977 | | |
City of Orange Township NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/27 | | | | | 1,295,000 | | | | | | 1,492,578 | | |
City of Perth Amboy NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 765,000 | | | | | | 883,519 | | |
City of Trenton NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 3/15/23 | | | | | 250,000 | | | | | | 258,802 | | |
City of Union City NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.050%, due 8/1/24 | | | | | 1,425,000 | | | | | | 1,392,726 | | |
2.250%, due 8/1/25 | | | | | 1,450,000 | | | | | | 1,512,554 | | |
Clifton Board Of Education, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
2.125%, due 8/15/44 | | | | | 2,955,000 | | | | | | 2,723,097 | | |
Essex County Improvement Authority, Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 12/15/22 | | | | | 500,000 | | | | | | 528,333 | | |
Garden State Preservation Trust, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
1.190%, due 11/1/25(a) | | | | | 110,000 | | | | | | 104,894 | | |
Gloucester County Improvement Authority (The), Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 265,000 | | | | | | 305,082 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
Long Branch Board of Education, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/15/29 | | | | $ | 265,000 | | | | | $ | 328,586 | | |
New Jersey Economic Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/22 | | | | | 2,725,000 | | | | | | 2,791,663 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | | 150,000 | | | | | | 168,485 | | |
5.000%, due 7/1/23 | | | | | 1,500,000 | | | | | | 1,613,256 | | |
Series K Insured: NATL | | | | | | | | | | | | | |
5.250%, due 12/15/21 | | | | | 110,000 | | | | | | 110,657 | | |
New Jersey Educational Facilities Authority, Revenue Bonds Series F Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 300,000 | | | | | | 348,277 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
0.660%, due 12/15/24(a) | | | | | 705,000 | | | | | | 690,645 | | |
Insured: BHAC-CR MBIA | | | | | | | | | | | | | |
1.290%, due 12/15/27(a) | | | | | 500,000 | | | | | | 462,157 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/15/37 | | | | | 275,000 | | | | | | 315,687 | | |
Series A Insured: NATL | | | | | | | | | | | | | |
5.250%, due 12/15/21 | | | | | 500,000 | | | | | | 502,987 | | |
Series AA Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/44 | | | | | 500,000 | | | | | | 549,764 | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 12/15/23 | | | | | 340,000 | | | | | | 374,907 | | |
Series B Insured: NATL | | | | | | | | | | | | | |
5.500%, due 12/15/21 | | | | | 500,000 | | | | | | 503,136 | | |
Series C Insured: AMBAC | | | | | | | | | | | | | |
0.900%, due 12/15/24(a) | | | | | 750,000 | | | | | | 729,269 | | |
1.140%, due 12/15/25(a) | | | | | 875,000 | | | | | | 834,999 | | |
1.330%, due 12/15/26(a) | | | | | 1,330,000 | | | | | | 1,242,948 | | |
Newark Board of Education, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 7/15/40 | | | | | 1,475,000 | | | | | | 1,567,374 | | |
4.000%, due 7/15/34 | | | | | 825,000 | | | | | | 992,314 | | |
Oceanport School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
2.500%, due 7/15/24 | | | | | 495,000 | | | | | | 520,008 | | |
Passaic Valley Sewerage Commission, Revenue Bonds Series H Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/24 | | | | | 450,000 | | | | | | 510,431 | | |
Series I Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 100,000 | | | | | | 117,031 | | |
Salem County Improvement Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/15/48 | | | | | 560,000 | | | | | | 637,328 | | |
South Jersey Transportation Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/40 | | | | | 880,000 | | | | | | 1,026,096 | | |
5.000%, due 11/1/30 | | | | | 700,000 | | | | | | 888,343 | | |
State of New Jersey, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 6/1/29 | | | | | 700,000 | | | | | | 881,157 | | |
Washington Borough Board of Education/Warren County, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/15/25 | | | | | 125,000 | | | | | | 140,710 | | |
4.000%, due 7/15/27 | | | | | 135,000 | | | | | | 158,543 | | |
| | | | | | | | | | | 34,219,103 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York — 10.9% | | ||||||||||||
Broome County Local Development Corp., Revenue Bonds Insured: AGM | | | | ||||||||||
3.000%, due 4/1/45 | | | | $ | 1,200,000 | | | | | $ | 1,248,357 | | |
City of New York NY, General Obligation Bonds Series B-1 Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/42 | | | | | 1,425,000 | | | | | | 1,769,872 | | |
5.000%, due 10/1/43 | | | | | 1,030,000 | | | | | | 1,276,970 | | |
City of Schenectady NY, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 5/1/23 | | | | | 250,000 | | | | | | 259,777 | | |
City of Syracuse NY, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/34 | | | | | 930,000 | | | | | | 1,065,835 | | |
City of Yonkers NY, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 2/15/23 | | | | | 265,000 | | | | | | 277,144 | | |
4.000%, due 2/15/24 | | | | | 250,000 | | | | | | 269,372 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/26 | | | | | 825,000 | | | | | | 971,002 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/1/28 | | | | | 1,215,000 | | | | | | 1,507,623 | | |
Series B | | | | | | | | | | | | | |
4.000%, due 2/15/23 | | | | | 280,000 | | | | | | 292,869 | | |
4.000%, due 2/15/24 | | | | | 290,000 | | | | | | 312,540 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/26 | | | | | 640,000 | | | | | | 753,558 | | |
5.000%, due 2/15/30 | | | | | 770,000 | | | | | | 990,325 | | |
County of Chautauqua NY, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
2.000%, due 12/15/22 | | | | | 130,000 | | | | | | 132,467 | | |
County of Monroe NY, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/22 | | | | | 1,070,000 | | | | | | 1,099,816 | | |
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 280,000 | | | | | | 324,602 | | |
County of Suffolk NY, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/15/28 | | | | | 500,000 | | | | | | 618,711 | | |
Series C Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/28 | | | | | 480,000 | | | | | | 563,030 | | |
5.000%, due 2/1/23 | | | | | 410,000 | | | | | | 433,758 | | |
5.000%, due 5/1/27 | | | | | 145,000 | | | | | | 160,628 | | |
Hudson Yards Infrastructure Corp, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/47 | | | | | 5,000,000 | | | | | | 5,590,283 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
4.000%, due 11/15/52 | | | | | 595,000 | | | | | | 654,446 | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 579,724 | | |
Series A-1 Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/44 | | | | | 1,000,000 | | | | | | 1,152,793 | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 11/15/24 | | | | | 1,145,000 | | | | | | 1,309,053 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/46 | | | | | 745,000 | | | | | | 856,887 | | |
Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 11/15/44 | | | | | 650,000 | | | | | | 797,913 | | |
Series E | | | | | | | | | | | | | |
4.000%, due 11/15/45 | | | | | 450,000 | | | | | | 500,809 | | |
Mount Vernon City School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/15/24 | | | | | 275,000 | | | | | | 291,170 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
New York City Industrial Development Agency, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
6.110%, due 3/1/24(b)(c) | | | | $ | 1,500,000 | | | | | $ | 1,596,409 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 1,750,000 | | | | | | 2,247,243 | | |
5.000%, due 1/1/31 | | | | | 1,250,000 | | | | | | 1,634,891 | | |
New York City Water & Sewer System, Revenue Bonds Series AA4 | | | | | | | | | | | | | |
0.010%, due 6/15/49(b)(c) | | | | | 3,700,000 | | | | | | 3,700,000 | | |
New York Convention Center Development Corp., Revenue Bonds Series B Insured: BAM | | | | | | | | | | | | | |
2.180%, due 11/15/33(a) | | | | | 1,500,000 | | | | | | 1,154,784 | | |
2.470%, due 11/15/38(a) | | | | | 375,000 | | | | | | 246,872 | | |
New York State Dormitory Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/1/36 | | | | | 500,000 | | | | | | 579,872 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/15/33 | | | | | 115,000 | | | | | | 129,932 | | |
4.000%, due 8/15/34 | | | | | 120,000 | | | | | | 135,038 | | |
4.000%, due 8/15/35 | | | | | 160,000 | | | | | | 179,592 | | |
4.000%, due 8/15/36 | | | | | 200,000 | | | | | | 223,590 | | |
4.000%, due 8/15/37 | | | | | 450,000 | | | | | | 501,093 | | |
Series D Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/30 | | | | | 1,000,000 | | | | | | 1,264,271 | | |
New York State Thruway Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/45 | | | | | 1,115,000 | | | | | | 1,279,775 | | |
Niagara Falls City School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/26 | | | | | 200,000 | | | | | | 216,575 | | |
5.000%, due 6/15/25 | | | | | 670,000 | | | | | | 744,933 | | |
Niagara Falls City School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/28 | | | | | 590,000 | | | | | | 736,187 | | |
North Syracuse Central School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
5.000%, due 6/15/22 | | | | | 90,000 | | | | | | 92,663 | | |
Oneida County Local Development Corp, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/38 | | | | | 1,320,000 | | | | | | 1,539,063 | | |
4.000%, due 12/1/39 | | | | | 1,370,000 | | | | | | 1,593,155 | | |
4.000%, due 12/1/40 | | | | | 1,425,000 | | | | | | 1,652,013 | | |
Oneida County Local Development Corp., Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/44 | | | | | 405,000 | | | | | | 421,154 | | |
4.000%, due 12/1/38 | | | | | 250,000 | | | | | | 285,748 | | |
Pulaski Central School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/23 | | | | | 250,000 | | | | | | 268,429 | | |
Town of Oyster Bay NY, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 3/1/28 | | | | | 835,000 | | | | | | 981,326 | | |
Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/15/26 | | | | | 65,000 | | | | | | 73,858 | | |
4.000%, due 11/1/26 | | | | | 800,000 | | | | | | 922,744 | | |
4.000%, due 2/15/27 | | | | | 55,000 | | | | | | 63,585 | | |
| | | Principal Amount | | | Value | | | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
New York (continued) | | | ||||||||||||||
Series B Insured: AGM | | | | | | | | | | | | | | | ||
3.000%, due 2/1/24 | | | | $ | 1,790,000 | | | | | $ | 1,894,065 | | | | ||
| | | | | | | | | | | 52,420,194 | | | | ||
North Carolina — 0.6% | | | ||||||||||||||
North Carolina Turnpike Authority, Revenue Bonds Insured: AGM | | | | | ||||||||||||
5.000%, due 1/1/32 | | | | | 525,000 | | | | | | 654,732 | | | | ||
Western Carolina University, Revenue Bonds Insured: AGM | | | | | | | | | | | | | | | ||
5.000%, due 6/1/26 | | | | | 945,000 | | | | | | 1,121,241 | | | | ||
5.000%, due 6/1/27 | | | | | 500,000 | | | | | | 589,569 | | | | ||
5.000%, due 6/1/28 | | | | | 550,000 | | | | | | 644,947 | | | | ||
| | | | | | | | | | | 3,010,489 | | | | ||
North Dakota — 0.6% | | | ||||||||||||||
City of Grand Forks ND, Revenue Bonds Insured: AGM | | | | | | | | | | | | | | | ||
3.000%, due 12/1/39 | | | | | 2,125,000 | | | | | | 2,209,455 | | | | ||
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 | | | | | | 766,729 | | | | ||
| | | | | | | | | | | 2,976,184 | | | | | |
Ohio — 0.8% | | | ||||||||||||||
Bethel Local School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 12/1/25 | | | | | 265,000 | | | | | | 296,440 | | | | ||
City of Lorain OH, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | | | ||
3.875%, due 12/1/27 | | | | | 605,000 | | | | | | 606,484 | | | | ||
Series A Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 12/1/24 | | | | | 250,000 | | | | | | 275,872 | | | | ||
4.000%, due 12/1/25 | | | | | 260,000 | | | | | | 293,517 | | | | ||
Cleveland Department of Public Utilities Division of Public Power, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 11/15/37 | | | | | 375,000 | | | | | | 437,080 | | | | ||
Conotton Valley Union Local School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 12/1/33 | | | | | 315,000 | | | | | | 348,113 | | | | ||
County of Cuyahoga OH, Revenue Bonds | | | | | | | | | | | | | | | ||
5.000%, due 2/15/28 | | | | | 500,000 | | | | | | 592,809 | | | | ||
Euclid City School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 12/1/39 | | | | | 400,000 | | | | | | 452,416 | | | | ||
Triway Local School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | | | ||
3.000%, due 12/1/21 | | | | | 625,000 | | | | | | 626,372 | | | | ||
| | | | | | | | | | | 3,929,103 | | | | ||
Oklahoma — 0.1% | | | ||||||||||||||
Tulsa Airports Improvement Trust, Revenue Bonds Series A Insured: BAM | | | | | ||||||||||||
5.000% , due 6/1/23 | | | | | 500,000 | | | | | | 535,754 | | | | ||
Oregon — 0.9% | | | ||||||||||||||
City of Seaside OR Transient Lodging Tax Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | | | ||
5.000%, due 12/15/37 | | | | | 400,000 | | | | | | 484,255 | | | |
| | | Principal Amount | | | Value | | | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Oregon (continued) | | | ||||||||||||||
Jackson County School District No 6 Central Point, General Obligation Bonds Series B Insured: SCH BD GTY | | | | | | | | | | | | | | | ||
2.330%, due 6/15/49(a) | | | | $ | 500,000 | | | | | $ | 206,918 | | | | ||
Medford Hospital Facilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 8/15/45 | | | | | 3,170,000 | | | | | | 3,676,634 | | | | ||
| | | | | | | | | | | 4,367,807 | | | | | |
Pennsylvania — 5.2% | | | ||||||||||||||
Allentown City School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 2/15/22 | | | | | 200,000 | | | | | | 202,085 | | | | ||
Ambridge Area School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 11/1/22 | | | | | 660,000 | | | | | | 684,086 | | | | ||
Bellwood-Antis School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | | | ||
3.000%, due 6/1/25 | | | | | 480,000 | | | | | | 520,833 | | | | ||
Series AA Insured: BAM | | | | | | | | | | | | | | | ||
3.000%, due 6/1/25 | | | | | 300,000 | | | | | | 325,521 | | | | ||
3.000%, due 6/1/26 | | | | | 305,000 | | | | | | 335,975 | | | | ||
Bristol Borough School District, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 3/1/25 | | | | | 250,000 | | | | | | 274,082 | | | | ||
Butler Area Sewer Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | ||
5.000%, due 7/1/26 | | | | | 390,000 | | | | | | 463,810 | | | | ||
Catasauqua Area School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 2/15/26 | | | | | 245,000 | | | | | | 275,188 | | | | ||
4.000%, due 2/15/27 | | | | | 70,000 | | | | | | 80,032 | | | | ||
4.000%, due 2/15/28 | | | | | 430,000 | | | | | | 498,739 | | | | ||
4.000%, due 2/15/29 | | | | | 695,000 | | | | | | 818,675 | | | | ||
City of Oil City PA, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 12/1/39 | | | | | 320,000 | | | | | | 367,781 | | | | ||
4.000%, due 12/1/40 | | | | | 275,000 | | | | | | 315,476 | | | | ||
4.000%, due 12/1/41 | | | | | 265,000 | | | | | | 303,288 | | | | ||
City of Philadelphia PA Airport Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 7/1/39 | | | | | 1,500,000 | | | | | | 1,745,178 | | | | ||
4.000%, due 7/1/40 | | | | | 1,155,000 | | | | | | 1,338,700 | | | | ||
4.000%, due 7/1/41 | | | | | 1,250,000 | | | | | | 1,442,483 | | | | ||
Coatesville Area School District Building Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | ||
5.000%, due 12/1/22 | | | | | 400,000 | | | | | | 419,785 | | | | ||
Coatesville School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | | | ||
5.000%, due 8/1/23 | | | | | 150,000 | | | | | | 161,846 | | | | ||
County of Cambria PA, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 8/1/32 | | | | | 250,000 | | | | | | 283,580 | | | | ||
Delaware County Regional Water Quality Control Authority, Revenue Bonds Insured: NATL | | | | | | | | | | | | | | | ||
5.250%, due 5/1/22 | | | | | 205,000 | | | | | | 210,132 | | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
Ephrata Borough Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
3.000%, due 11/1/43 | | | | $ | 1,150,000 | | | | | $ | 1,213,798 | | |
Erie Sewer Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 460,000 | | | | | | 572,177 | | |
Greater Johnstown School District, General Obligation Bonds Series C Insured: NATL | | | | | | | | | | | | | |
1.650%, due 8/1/28(a) | | | | | 200,000 | | | | | | 178,990 | | |
Hazle Township Municipal Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/23 | | | | | 245,000 | | | | | | 262,658 | | |
Lancaster Higher Education Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/31 | | | | | 500,000 | | | | | | 578,006 | | |
5.000%, due 10/1/23 | | | | | 300,000 | | | | | | 326,594 | | |
Lancaster School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 35,000 | | | | | | 40,872 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
0.688% (3-Month LIBOR + 0.60%), due 7/1/27(b) | | | | | 160,000 | | | | | | 159,171 | | |
Pennsylvania Turnpike Commission, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
6.250%, due 6/1/33 | | | | | 750,000 | | | | | | 923,497 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/35 | | | | | 700,000 | | | | | | 827,250 | | |
4.000%, due 9/1/50 | | | | | 1,000,000 | | | | | | 1,164,541 | | |
Reading School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/44 | | | | | 500,000 | | | | | | 580,685 | | |
Ridley School District, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/15/34 | | | | | 1,000,000 | | | | | | 1,179,189 | | |
School District of Philadelphia (The), General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/27 | | | | | 720,000 | | | | | | 860,191 | | |
Insured: BHAC-CR FGIC | | | | | | | | | | | | | |
5.000%, due 6/1/34 | | | | | 210,000 | | | | | | 288,868 | | |
Series F Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/27 | | | | | 5,000 | | | | | | 6,024 | | |
Somerset Area School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/23 | | | | | 425,000 | | | | | | 445,152 | | |
State Public School Building Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/40 | | | | | 835,000 | | | | | | 951,228 | | |
Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/1/39 | | | | | 750,000 | | | | | | 790,249 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/22 | | | | | 285,000 | | | | | | 293,343 | | |
Warrior Run School District/Montour Northumberland Union County PA, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/31 | | | | | 415,000 | | | | | | 458,525 | | |
4.000%, due 9/1/32 | | | | | 435,000 | | | | | | 480,792 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
Westmoreland County Municipal Authority, Revenue Bonds Series A Insured: FGIC | | | | | | | | | | | | | |
0.590%, due 8/15/23(a) | | | | $ | 815,000 | | | | | $ | 806,436 | | |
Williamsport Sanitary Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 500,000 | | | | | | 632,895 | | |
| | | | | | | | | | | 25,088,406 | | |
Puerto Rico — 0.2% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds Series A Insured: AGM | | | | | | | | �� | | | | | |
5.000%, due 7/1/35 | | | | | 480,000 | | | | | | 484,130 | | |
Series A-4 Insured: AGM | | | | | | | | | | | | | |
5.250%, due 7/1/30 | | | | | 100,000 | | | | | | 100,928 | | |
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 25,346 | | |
Series UU Insured: AGM | | | | | | | | | | | | | |
0.608% (3-Month LIBOR + 0.52%), due 7/1/29(b) | | | | | 510,000 | | | | | | 508,744 | | |
| | | | | | | | | | | 1,119,148 | | |
Rhode Island — 0.6% | | ||||||||||||
Providence Public Building Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/15/35 | | | | | 1,085,000 | | | | | | 1,241,534 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/26 | | | | | 275,000 | | | | | | 325,265 | | |
5.000%, due 6/15/36 | | | | | 660,000 | | | | | | 807,417 | | |
Rhode Island Health and Educational Building Corp., Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/36 | | | | | 390,000 | | | | | | 457,893 | | |
| | | | | | | | | | | 2,832,109 | | |
South Carolina — 0.1% | | ||||||||||||
City of Camden SC Combined Public Utility System Revenue, Revenue Bonds Insured: AGM | | | | ||||||||||
2.000%, due 3/1/23 | | | | | 600,000 | | | | | | 614,053 | | |
Texas — 6.9% | | ||||||||||||
Brazoria County Municipal Utility District No 28, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
2.000%, due 9/1/25 | | | | | 400,000 | | | | | | 416,903 | | |
2.000%, due 9/1/26 | | | | | 405,000 | | | | | | 423,378 | | |
Central Texas Turnpike System, Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: AGM | | | | | | | | | | | | | |
0.250%, due 8/15/22(a) | | | | | 665,000 | | | | | | 663,679 | | |
Series A Insured: AMBAC | | | | | | | | | | | | | |
1.630%, due 8/15/29(a) | | | | | 1,000,000 | | | | | | 880,856 | | |
Series A Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
1.030%, due 8/15/27(a) | | | | | 205,000 | | | | | | 193,136 | | |
City of Arlington TX Special Tax Revenue, Special Tax Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/32 | | | | | 725,000 | | | | | | 824,358 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/44 | | | | | 2,000,000 | | | | | | 2,247,367 | | |
5.000%, due 2/15/38 | | | | | 700,000 | | | | | | 845,077 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
City of Houston TX Combined Utility System Revenue, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
0.640%, due 12/1/25(a) | | | | $ | 460,000 | | | | | $ | 448,148 | | |
City of Mission TX, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/15/22 | | | | | 1,395,000 | | | | | | 1,413,570 | | |
City of Mount Pleasant TX, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/34 | | | | | 2,110,000 | | | | | | 2,561,481 | | |
City of Rio Grande City TX, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/26 | | | | | 630,000 | | | | | | 713,856 | | |
Clear Lake City Water Authority, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
3.000%, due 3/1/25 | | | | | 170,000 | | | | | | 183,699 | | |
County of Galveston TX, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.380%, due 2/1/24(a) | | | | | 1,500,000 | | | | | | 1,487,304 | | |
County of La Salle TX, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 3/1/27 | | | | | 500,000 | | | | | | 605,004 | | |
Fort Bend County Municipal Utility District No 169, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/25 | | | | | 420,000 | | | | | | 456,073 | | |
Fort Bend County Municipal Utility District No 58, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 4/1/33 | | | | | 400,000 | | | | | | 433,233 | | |
3.000%, due 4/1/34 | | | | | 445,000 | | | | | | 480,947 | | |
Galveston County Municipal Utility District No 56, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/24 | | | | | 400,000 | | | | | | 437,409 | | |
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/34 | | | | | 325,000 | | | | | | 369,209 | | |
Harris County-Houston Sports Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/15/25 | | | | | 220,000 | | | | | | 246,475 | | |
La Joya Independent School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/15/38 | | | | | 500,000 | | | | | | 549,676 | | |
Lazy Nine Municipal Utility District No 1B, General Obligation Bonds Series 1B Insured: AGM | | | | | | | | | | | | | |
3.000%, due 9/1/22 | | | | | 180,000 | | | | | | 183,929 | | |
Love Field Airport Modernization Corp, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/40 | | | | | 3,385,000 | | | | | | 3,923,609 | | |
Matagorda County Navigation District No 1, Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
5.125%, due 11/1/28 | | | | | 615,000 | | | | | | 759,331 | | |
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds Series A-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 500,000 | | | | | | 606,716 | | |
Series B-1 Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/30 | | | | | 155,000 | | | | | | 176,634 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Northlake Municipal Management District No 1, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.500%, due 3/1/24 | | | | $ | 185,000 | | | | | $ | 200,832 | | |
Southwest Houston Redevelopment Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 450,000 | | | | | | 515,027 | | |
5.000%, due 9/1/28 | | | | | 210,000 | | | | | | 253,286 | | |
5.000%, due 9/1/29 | | | | | 225,000 | | | | | | 275,133 | | |
5.000%, due 9/1/30 | | | | | 350,000 | | | | | | 433,259 | | |
Timber Lane Utility District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.500%, due 8/1/23 | | | | | 500,000 | | | | | | 526,722 | | |
3.500%, due 8/1/24 | | | | | 500,000 | | | | | | 540,069 | | |
3.500%, due 8/1/25 | | | | | 500,000 | | | | | | 550,862 | | |
3.500%, due 8/1/26 | | | | | 500,000 | | | | | | 559,949 | | |
Travis County Water Control & Improvement District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/15/26 | | | | | 505,000 | | | | | | 573,630 | | |
Upper Trinity Regional Water District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 8/1/46 | | | | | 1,500,000 | | | | | | 1,583,491 | | |
Viridian Municipal Management District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/26 | | | | | 390,000 | | | | | | 445,729 | | |
West Harris County Regional Water Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.500%, due 12/15/46 | | | | | 3,500,000 | | | | | | 3,879,260 | | |
| | | | | | | | | | | 32,868,306 | | |
Utah — 1.1% | | ||||||||||||
Utah Transit Authority, Revenue Bonds Series A Insured: BHAC-CR MBIA | | | | | | | | | | | | | |
5.000%, due 6/15/35 | | | | | 215,000 | | | | | | 290,967 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.250%, due 6/15/32 | | | | | 1,000,000 | | | | | | 1,339,778 | | |
Vineyard Redevelopment Agency, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/34 | | | | | 115,000 | | | | | | 136,410 | | |
4.000%, due 5/1/39 | | | | | 350,000 | | | | | | 410,597 | | |
4.000%, due 5/1/41 | | | | | 350,000 | | | | | | 408,613 | | |
5.000%, due 5/1/25 | | | | | 700,000 | | | | | | 804,291 | | |
5.000%, due 5/1/27 | | | | | 315,000 | | | | | | 381,169 | | |
5.000%, due 5/1/31 | | | | | 700,000 | | | | | | 906,464 | | |
Weber Basin Water Conservancy District, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 4/1/46 | | | | | 600,000 | | | | | | 691,502 | | |
| | | | | | | | | | | 5,369,791 | | |
Washington — 0.6% | | ||||||||||||
Bellevue Convention Center Authority, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
0.310%, due 2/1/22(a) | | | | | 530,000 | | | | | | 529,583 | | |
Chelan County Public Utility District No 1, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
0.550%, due 6/1/24(a) | | | | | 100,000 | | | | | | 98,592 | | |
Series A Insured: NATL | | | | | | | | | | | | | |
0.380%, due 6/1/23(a) | | | | | 100,000 | | | | | | 99,395 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Washington (continued) | | ||||||||||||
Klickitat County Public Utility District No 1, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | $ | 750,000 | | | | | $ | 868,678 | | |
State of Washington, General Obligation Bonds Series 03-C Insured: NATL | | | | | | | | | | | | | |
0.900%, due 6/1/26(a) | | | | | 250,000 | | | | | | 239,916 | | |
Series C Insured: AMBAC | | | | | | | | | | | | | |
0.370%, due 6/1/23(a) | | | | | 200,000 | | | | | | 198,822 | | |
0.540%, due 6/1/24(a) | | | | | 265,000 | | | | | | 261,335 | | |
0.900%, due 6/1/26(a) | | | | | 200,000 | | | | | | 191,933 | | |
Series C Insured: NATL | | | | | | | | | | | | | |
1.450%, due 6/1/29(a) | | | | | 125,000 | | | | | | 112,025 | | |
Series E Insured: XLCA | | | | | | | | | | | | | |
0.450%, due 12/1/23(a) | | | | | 100,000 | | | | | | 99,064 | | |
| | | | | | | | | | | 2,699,343 | | |
West Virginia — 1.5% | | ||||||||||||
City of Fairmont WV Water Revenue, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/29 | | | | | 150,000 | | | | | | 178,834 | | |
City of Wheeling WV Waterworks & Sewerage System Revenue, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/46 | | | | | 1,000,000 | | | | | | 1,184,695 | | |
Morgantown Utility Board, Inc., Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/23 | | | | | 290,000 | | | | | | 305,218 | | |
4.000%, due 12/1/24 | | | | | 300,000 | | | | | | 330,950 | | |
4.000%, due 12/1/25 | | | | | 325,000 | | | | | | 367,036 | | |
West Virginia Hospital Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/51 | | | | | 4,200,000 | | | | | | 4,665,680 | | |
| | | | | | | | | | | 7,032,413 | | |
Wisconsin — 4.0% | | ||||||||||||
City of Milwaukee WI, General Obligation Bonds Series B4 Insured: BAM | | | | | | | | | | | | | |
3.000%, due 4/1/35 | | | | | 5,050,000 | | | | | | 5,632,676 | | |
City of Racine WI Waterworks System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/30 | | | | | 500,000 | | | | | | 611,665 | | |
Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/26 | | | | | 300,000 | | | | | | 345,637 | | |
5.000%, due 9/1/28 | | | | | 250,000 | | | | | | 313,962 | | |
Fond Du Lac School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/35 | | | | | 400,000 | | | | | | 464,906 | | |
Omro School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/1/28 | | | | | 230,000 | | | | | | 256,737 | | |
Public Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/40 | | | | | 300,000 | | | | | | 337,118 | | |
4.000%, due 7/1/45 | | | | | 800,000 | | | | | | 890,542 | | |
Series C | | | | | | | | | | | | | |
0.010%, due 10/1/49(b)(c) | | | | | 8,600,000 | | | | | | 8,600,000 | | |
Village of Mount Pleasant WI, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/48 | | | | | 1,135,000 | | | | | | 1,343,683 | | |
| | | Principal Amount | | | Value | | | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Wisconsin (continued) | | | ||||||||||||||
Wisconsin Center District, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | | | ||
2.560%, due 12/15/36(a) | | | | $ | 320,000 | | | | | $ | 209,045 | | | | ||
| | | | | | | | | | | 19,005,971 | | | | | |
Wyoming — 1.2% | | | | | ||||||||||||
University of Wyoming, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | | | ||
4.000%, due 6/1/43 | | | | | 1,700,000 | | | | | | 1,992,966 | | | | ||
4.000%, due 6/1/45 | | | | | 2,410,000 | | | | | | 2,810,814 | | | | ||
4.000%, due 6/1/46 | | | | | 1,000,000 | | | | | | 1,164,681 | | | | ||
| | | | | | | | | | | 5,968,461 | | | | ||
Total Municipal Bonds (Cost $461,186,279) | | | | | | | | | | | 464,254,281 | | | | ||
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 1.5% | | ||||||||||||
Money Market Fund — 1.5% | | ||||||||||||
Fidelity Investments Money Market Treasury Only Class I, 0.01%(e) | | | | | | | | | | | | | |
(Cost $7,154,719) | | | | | 7,154,719 | | | | | $ | 7,154,719 | | |
Total Investments — 98.3% | | | | | | | | | | | | | |
(Cost $468,340,998) | | | | | | | | | | | 471,409,000 | | |
Other Assets and Liabilities, Net — 1.7% | | | | | | | | | | | 8,393,625 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 479,802,625 | | |
| 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 | | | | $ | — | | | | | $ | 464,254,281 | | | | | $ | — | | | | | $ | 464,254,281 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 7,154,719 | | | | | | — | | | | | | — | | | | | | 7,154,719 | | |
Total Investments in Securities | | | | $ | 7,154,719 | | | | | $ | 464,254,281 | | | | | $ | — | | | | | $ | 471,409,000 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 97.0% | | ||||||||||||
Alabama — 2.8% | | ||||||||||||
Alabama Community College System, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 11/1/32 | | | | $ | 410,000 | | | | | $ | 489,331 | | |
4.000%, due 11/1/33 | | | | | 660,000 | | | | | | 786,030 | | |
Alabama Community College System ACCS Enhancements Fee Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/34 | | | | | 850,000 | | | | | | 1,019,792 | | |
4.000%, due 9/1/36 | | | | | 270,000 | | | | | | 321,311 | | |
4.000%, due 9/1/37 | | | | | 415,000 | | | | | | 492,398 | | |
Birmingham Airport Authority, Revenue Bonds Insured: BAM | | | | ||||||||||
5.000%, due 7/1/32 | | | | | 600,000 | | | | | | 765,810 | | |
Black Belt Energy Gas District, Revenue Bonds | | | | ||||||||||
4.000%, due 6/1/28 | | | | | 1,500,000 | | | | | | 1,765,735 | | |
Homewood Educational Building Authority, Revenue Bonds Series A Insured: AGM | | | | ||||||||||
5.000%, due 12/1/41 | | | | | 1,000,000 | | | | | | 1,050,960 | | |
| | | | | | | | | | | 6,691,367 | | |
Alaska — 0.6% | | ||||||||||||
Alaska Industrial Development & Export Authority, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 6/1/28 | | | | | 100,000 | | | | | | 113,504 | | |
State of Alaska International Airports System, Revenue Bonds | | | | ||||||||||
4.000%, due 10/1/31 | | | | | 1,055,000 | | | | | | 1,281,234 | | |
| | | | | | | | | | | 1,394,738 | | |
Arizona — 1.1% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A 5.000%, due 11/1/31 | | | | | 550,000 | | | | | | 676,145 | | |
Series A Insured: BAM | | | | ||||||||||
5.000%, due 6/1/31 | | | | | 300,000 | | | | | | 371,360 | | |
5.000%, due 6/1/32 | | | | | 325,000 | | | | | | 401,183 | | |
Arizona State University, Revenue Bonds | | | | ||||||||||
5.000%, due 7/1/22 | | | | | 130,000 | | | | | | 134,157 | | |
City of Phoenix Civic Improvement Corp., Revenue Bonds Series A | | | | ||||||||||
5.000%, due 7/1/34 | | | | | 500,000 | | | | | | 601,310 | | |
Maricopa County Industrial Development Authority, Revenue Bonds Series C Insured: SD CRED PROG 5.000%, due 7/1/37 | | | | | 300,000 | | | | | | 349,184 | | |
| | | | | | | | | | | 2,533,339 | | |
Arkansas — 0.3% | | ||||||||||||
Bentonville School District No 6, General Obligation Bonds | | | | ||||||||||
5.000%, due 6/1/22 | | | | | 145,000 | | | | | | 149,006 | | |
University of Central Arkansas, Revenue Bonds Series A Insured: AGM | | | | ||||||||||
5.000%, due 11/1/34 | | | | | 400,000 | | | | | | 460,425 | | |
| | | | | | | | | | | 609,431 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California — 7.8% | | ||||||||||||
Apple Valley Public Financing Authority, Tax Allocation Series A Insured: BAM | | | | ||||||||||
4.000%, due 6/1/31 | | | | $ | 1,000,000 | | | | | $ | 1,200,669 | | |
Bay Area Toll Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 4/1/22 | | | | | 125,000 | | | | | | 127,515 | | |
Benicia Unified School District, General Obligation Bonds Series C Insured: AGM | | | | ||||||||||
0.390%, due 8/1/23(a) | | | | | 300,000 | | | | | | 297,984 | | |
California Health Facilities Financing Authority, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 10/1/32 | | | | | 1,000,000 | | | | | | 1,124,048 | | |
California Municipal Finance Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 5/15/31 | | | | | 400,000 | | | | | | 493,453 | | |
California State Public Works Board, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 9/1/22 | | | | | 120,000 | | | | | | 124,793 | | |
Series B | | | | ||||||||||
4.000%, due 5/1/36 | | | | | 200,000 | | | | | | 239,719 | | |
Series C | | | | ||||||||||
5.000%, due 3/1/22 | | | | | 300,000 | | | | | | 304,795 | | |
Series F | | | | ||||||||||
5.000%, due 4/1/22 | | | | | 100,000 | | | | | | 101,999 | | |
California State University, Revenue Bonds | | | | ||||||||||
5.000%, due 11/1/21 | | | | | 110,000 | | | | | | 110,000 | | |
Series A | | | | ||||||||||
5.000%, due 11/1/21 | | | | | 400,000 | | | | | | 400,000 | | |
California Statewide Communities Development Authority, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 5/15/35 | | | | | 2,000,000 | | | | | | 2,368,568 | | |
Chaffey Joint Union High School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
1.300%, due 8/1/34(a) | | | | | 320,000 | | | | | | 201,403 | | |
Duarte Unified School District, General Obligation Bonds Series E Insured: AGM | | | | | | | | | | | | | |
0.000%, due 11/1/21(a) | | | | | 595,000 | | | | | | 595,000 | | |
Eastern Municipal Water District, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 7/1/22 | | | | | 175,000 | | | | | | 180,608 | | |
El Camino Community College District Foundation (The), General Obligation Bonds | | | | ||||||||||
5.000%, due 8/1/22 | | | | | 100,000 | | | | | | 103,612 | | |
Hayward Redevelopment Agency Successor Agency, Tax Allocation | | | | ||||||||||
5.000%, due 9/1/22 | | | | | 100,000 | | | | | | 103,968 | | |
Hayward Unified School District, General Obligation Bonds Insured: AGM | | | | ||||||||||
4.000%, due 8/1/45 | | | | | 270,000 | | | | | | 311,997 | | |
Huntington Beach Public Financing Authority, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 9/1/22 | | | | | 100,000 | | | | | | 103,814 | | |
Independent Cities Finance Authority, Revenue Bonds Insured: AGM | | | | ||||||||||
4.000%, due 6/1/29 | | | | | 500,000 | | | | | | 581,428 | | |
4.000%, due 6/1/36 | | | | | 700,000 | | | | | | 816,584 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM | | | | ||||||||||
1.690%, due 8/1/31(a) | | | | $ | 150,000 | | | | | $ | 116,466 | | |
1.890%, due 8/1/33(a) | | | | | 35,000 | | | | | | 24,659 | | |
Lake Elsinore School Financing Authority, Special Tax Insured: BAM | | | | ||||||||||
5.000%, due 10/1/33 | | | | | 250,000 | | | | | | 316,105 | | |
Long Beach Unified School District, General Obligation Bonds Series B | | | | ||||||||||
5.000%, due 8/1/22 | | | | | 100,000 | | | | | | 103,604 | | |
Los Angeles Department of Water & Power Water System Revenue, Revenue Bonds Series C | | | | ||||||||||
5.000%, due 7/1/22 | | | | | 100,000 | | | | | | 103,211 | | |
Metropolitan Water District of Southern California, Revenue Bonds Series E 0.190% (Municipal Swap Index + 0.14%), due 7/1/37(b) | | | | | 1,200,000 | | | | | | 1,200,159 | | |
Series G | | | | ||||||||||
4.000%, due 7/1/22 | | | | | 145,000 | | | | | | 148,714 | | |
Mojave Water Agency Public Facilities Corp., Revenue Bonds Series A | | | | ||||||||||
5.000%, due 6/1/22 | | | | | 115,000 | | | | | | 118,239 | | |
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds Series O-1 | | | | | | | | | | | | | |
0.010%, due 5/15/45(b)(c) | | | | | 600,000 | | | | | | 600,000 | | |
Rio Hondo Community College District, General Obligation Bonds Series B | | | | ||||||||||
5.000%, due 8/1/22 | | | | | 150,000 | | | | | | 155,429 | | |
Ripon Redevelopment Agency Successor Agency, Tax Allocation Insured: BAM | | | | ||||||||||
4.000%, due 11/1/28 | | | | | 600,000 | | | | | | 710,649 | | |
Riverside County Community Facilities Districts, Special Tax Insured: AGM | | | | ||||||||||
4.000%, due 9/1/35 | | | | | 1,060,000 | | | | | | 1,257,405 | | |
Riverside County Redevelopment Successor Agency, Tax Allocation Series B Insured: BAM | | | | ||||||||||
5.000%, due 10/1/41 | | | | | 465,000 | | | | | | 546,142 | | |
Roseville Natural Gas Financing Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 2/15/24 | | | | | 560,000 | | | | | | 617,170 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.760%, due 7/1/24(a) | | | | | 305,000 | | | | | | 298,912 | | |
Santa Clara County Financing Authority, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 4/1/22 | | | | | 100,000 | | | | | | 102,004 | | |
Santa Clara Valley Transportation Authority, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 6/1/22 | | | | | 200,000 | | | | | | 205,573 | | |
Sonoma County Junior College District, General Obligation Bonds | | | | ||||||||||
5.000%, due 8/1/22 | | | | | 170,000 | | | | | | 176,153 | | |
State of California, General Obligation Bonds | | | | ||||||||||
4.000%, due 9/1/32 | | | | | 500,000 | | | | | | 573,079 | | |
5.000%, due 8/1/22 | | | | | 240,000 | | | | | | 248,649 | | |
5.000%, due 9/1/22 | | | | | 150,000 | | | | | | 156,004 | | |
University of California, Revenue Bonds Series AO | | | | ||||||||||
5.000%, due 5/15/22 | | | | | 100,000 | | | | | | 102,597 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Series AZ | | | | ||||||||||
5.000%, due 5/15/22 | | | | $ | 100,000 | | | | | $ | 102,597 | | |
Series G | | | | ||||||||||
4.000%, due 5/15/22 | | | | | 200,000 | | | | | | 204,122 | | |
West Sacramento Financing Authority, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 10/1/31 | | | | | 250,000 | | | | | | 285,749 | | |
Westminster School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
0.530%, due 8/1/48(a) | | | | | 100,000 | | | | | | 17,739 | | |
Westside Union School District, General Obligation Bonds Series A | | | | ||||||||||
4.000%, due 8/1/22 | | | | | 100,000 | | | | | | 102,857 | | |
| | | | | | | | | | | 18,485,944 | | |
Colorado — 3.8% | | ||||||||||||
Adams State University, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 5/15/35 | | | | | 1,125,000 | | | | | | 1,398,917 | | |
Cherokee Metropolitan District, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 8/1/34 | | | | | 200,000 | | | | | | 242,980 | | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds Insured: Moral Obligation Bond | | | | ||||||||||
4.000%, due 12/15/22 | | | | | 245,000 | | | | | | 254,783 | | |
4.000%, due 12/15/36 | | | | | 475,000 | | | | | | 547,631 | | |
4.000%, due 12/15/41 | | | | | 400,000 | | | | | | 455,800 | | |
Series A Insured: Moral Obligation Bond | | | | ||||||||||
4.000%, due 7/1/36 | | | | | 1,000,000 | | | | | | 1,170,713 | | |
Colorado Health Facilities Authority, Revenue Bonds Series A-1 | | | | ||||||||||
5.000%, due 8/1/34 | | | | | 75,000 | | | | | | 93,120 | | |
5.000%, due 8/1/35 | | | | | 105,000 | | | | | | 129,995 | | |
Series A-2 | | | | ||||||||||
5.000%, due 8/1/32 | | | | | 110,000 | | | | | | 137,528 | | |
5.000%, due 8/1/33 | | | | | 90,000 | | | | | | 112,161 | | |
Crystal Valley Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM | | | | ||||||||||
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 587,461 | | |
Dawson Ridge Metropolitan District No 1, General Obligation Bonds Series A | | | | | | | | | | | | | |
0.320%, due 10/1/22(a) | | | | | 175,000 | | | | | | 174,494 | | |
Series B | | | | | | | | | | | | | |
0.320%, due 10/1/22(a) | | | | | 115,000 | | | | | | 114,668 | | |
El Paso County School District No 3 Widefield, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/36 | | | | | 900,000 | | | | | | 1,074,087 | | |
4.000%, due 12/1/41 | | | | | 1,315,000 | | | | | | 1,546,076 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 513,893 | | |
Lewis Pointe Metropolitan District, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 12/1/21 | | | | | 310,000 | | | | | | 310,912 | | |
4.000%, due 12/1/24 | | | | | 225,000 | | | | | | 248,067 | | |
| | | | | | | | | | | 9,113,286 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Connecticut — 4.0% | | ||||||||||||
City of Bridgeport CT, General Obligation Bonds Series A | | | | ||||||||||
5.000%, due 11/1/33 | | | | $ | 600,000 | | | | | $ | 719,889 | | |
City of Hartford CT, General Obligation Bonds Series A Insured: BAM | | | | ||||||||||
5.000%, due 4/1/30 | | | | | 100,000 | | | | | | 105,193 | | |
City of New Britain CT, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/30 | | | | | 600,000 | | | | | | 748,993 | | |
City of New Haven CT, General Obligation Bonds Series A | | | | ||||||||||
4.000%, due 8/1/37 | | | | | 905,000 | | | | | | 1,029,044 | | |
City of West Haven CT, General Obligation Bonds | | | | ||||||||||
4.000%, due 9/15/27 | | | | | 240,000 | | | | | | 276,994 | | |
4.000%, due 9/15/28 | | | | | 290,000 | | | | | | 338,265 | | |
4.000%, due 9/15/31 | | | | | 325,000 | | | | | | 382,654 | | |
Insured: BAM | | | | ||||||||||
4.000%, due 3/15/29 | | | | | 200,000 | | | | | | 236,818 | | |
4.000%, due 3/15/30 | | | | | 125,000 | | | | | | 149,194 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series I-1 | | | | ||||||||||
5.000%, due 7/1/33 | | | | | 350,000 | | | | | | 415,970 | | |
Mattabassett District, Revenue Bonds Insured: BAM | | | | ||||||||||
5.000%, due 8/1/23 | | | | | 400,000 | | | | | | 431,517 | | |
State of Connecticut, General Obligation Bonds | | | | ||||||||||
Series A Insured: BAM | | | | ||||||||||
5.000%, due 4/15/34 | | | | | 1,875,000 | | | | | | 2,359,968 | | |
State of Connecticut Special Tax Revenue, Revenue Bonds | | | | ||||||||||
4.000%, due 5/1/36 | | | | | 500,000 | | | | | | 590,889 | | |
Series A Insured: AGM | | | | ||||||||||
4.000%, due 5/1/38 | | | | | 1,500,000 | | | | | | 1,788,480 | | |
| | | | | | | | | | | 9,573,868 | | |
Delaware — 0.2% | | ||||||||||||
State of Delaware, General Obligation Bonds | | | | | | | | | | | | | |
5.000% , due 3/1/22 | | | | | 370,000 | | | | | | 375,901 | | |
District of Columbia — 0.1% | | ||||||||||||
District of Columbia, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000% , due 12/1/21 | | | | | 300,000 | | | | | | 301,174 | | |
Florida — 3.9% | | ||||||||||||
Central Florida Expressway Authority, Revenue Bonds Insured: AGM | | | | ||||||||||
4.000%, due 7/1/34 | | | | | 1,000,000 | | | | | | 1,216,115 | | |
County of Miami-Dade FL Aviation Revenue, Revenue Bonds Series A | | | | ||||||||||
4.000%, due 10/1/34 | | | | | 500,000 | | | | | | 588,880 | | |
4.000%, due 10/1/39 | | | | | 400,000 | | | | | | 463,589 | | |
County of Miami-Dade FL Water & Sewer System Revenue, Revenue Bonds | | | | ||||||||||
4.000%, due 10/1/34 | | | | | 1,000,000 | | | | | | 1,205,123 | | |
County of Palm Beach FL, Revenue Bonds | | | | ||||||||||
5.000%, due 6/1/23 | | | | | 115,000 | | | | | | 118,233 | | |
Florida Development Finance Corp., Revenue Bonds Series A | | | | ||||||||||
4.000%, due 7/1/24 | | | | | 200,000 | | | | | | 214,154 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Florida (continued) | | ||||||||||||
Florida Municipal Power Agency, Revenue Bonds Series A 3.000%, due 10/1/33 | | | | $ | 500,000 | | | | | $ | 544,921 | | |
Miami Beach Health Facilities Authority, Revenue Bonds | | | | ||||||||||
4.000%, due 11/15/36 | | | | | 200,000 | | | | | | 235,928 | | |
4.000%, due 11/15/37 | | | | | 300,000 | | | | | | 353,120 | | |
4.000%, due 11/15/38 | | | | | 500,000 | | | | | | 587,089 | | |
North Springs Improvement District, Special Assessment Insured: AGM | | | | | | | | | | | | | |
2.000%, due 5/1/23 | | | | | 185,000 | | | | | | 188,275 | | |
4.000%, due 5/1/28 | | | | | 410,000 | | | | | | 475,067 | | |
4.000%, due 5/1/29 | | | | | 430,000 | | | | | | 504,268 | | |
4.000%, due 5/1/30 | | | | | 445,000 | | | | | | 527,221 | | |
4.000%, due 5/1/31 | | | | | 365,000 | | | | | | 437,121 | | |
Orange County Convention Center/Orlando, Revenue Bonds Series B | | | | ||||||||||
5.000%, due 10/1/31 | | | | | 500,000 | | | | | | 591,534 | | |
School Board of Miami-Dade County (The), Certificates of Participation Series A | | | | ||||||||||
5.000%, due 5/1/31 | | | | | 260,000 | | | | | | 278,128 | | |
State of Florida, General Obligation Bonds Series A | | | | ||||||||||
5.000%, due 6/1/22 | | | | | 150,000 | | | | | | 154,207 | | |
Series C | | | | ||||||||||
4.000%, due 6/1/30 | | | | | 500,000 | | | | | | 510,167 | | |
| | | | | | | | | | | 9,193,140 | | |
Georgia — 0.3% | | ||||||||||||
Municipal Electric Authority of Georgia, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000% , due 1/1/38 | | | | | 500,000 | | | | | | 607,487 | | |
Guam — 0.2% | | ||||||||||||
Guam Government Waterworks Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250% , due 7/1/33 | | | | | 500,000 | | | | | | 539,909 | | |
Hawaii — 0.1% | | ||||||||||||
City & County of Honolulu HI, General Obligation Bonds Series B | | | | ||||||||||
5.000%, due 11/1/21 | | | | ��� | 100,000 | | | | | | 100,000 | | |
Series D | | | | ||||||||||
5.000%, due 8/1/22 | | | | | 235,000 | | | | | | 243,505 | | |
| | | | | | | | | | | 343,505 | | |
Idaho — 1.1% | | ||||||||||||
Boise State University, Revenue Bonds | | | | ||||||||||
5.000%, due 4/1/47 | | | | | 1,000,000 | | | | | | 1,185,464 | | |
Idaho Housing & Finance Association, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 7/15/33 | | | | | 1,100,000 | | | | | | 1,441,143 | | |
| | | | | | | | | | | 2,626,607 | | |
Illinois — 11.8% | | ||||||||||||
Chicago Board of Education, General Obligation Bonds | | | | ||||||||||
Series A Insured: AGM | | | | ||||||||||
5.000%, due 12/1/27 | | | | | 500,000 | | | | | | 612,218 | | |
Series A Insured: NATL | | | | ||||||||||
0.450%, due 12/1/21(a) | | | | | 110,000 | | | | | | 109,958 | | |
Chicago O’Hare International Airport, Revenue Bonds Series C | | | | ||||||||||
5.000%, due 1/1/28 | | | | | 100,000 | | | | | | 117,187 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Chicago Park District, General Obligation Bonds | | | | ||||||||||
4.000%, due 1/1/34 | | | | $ | 1,000,000 | | | | | $ | 1,145,891 | | |
4.000%, due 1/1/35 | | | | | 645,000 | | | | | | 735,670 | | |
Series C Insured: BAM | | | | ||||||||||
5.000%, due 1/1/27 | | | | | 250,000 | | | | | | 268,426 | | |
Series E Insured: BAM | | | | ||||||||||
4.000%, due 11/15/31 | | | | | 500,000 | | | | | | 584,708 | | |
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM | | | | ||||||||||
5.000%, due 12/1/25 | | | | | 600,000 | | | | | | 698,241 | | |
Illinois Development Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
0.050%, due 9/1/28(b)(c) | | | | | 1,550,000 | | | | | | 1,550,000 | | |
Illinois Finance Authority, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 8/15/32 | | | | | 1,500,000 | | | | | | 1,976,245 | | |
Series B | | | | | | | | | | | | | |
0.010%, due 8/15/49(b)(c) | | | | | 600,000 | | | | | | 600,000 | | |
Kane & DeKalb Counties Community Unit School District No 301 Burlington, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
0.500%, due 12/1/22(a) | | | | | 400,000 | | | | | | 397,858 | | |
Kendall Kane & Will Counties Community Unit School District No 308, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.940%, due 2/1/26(a) | | | | | 450,000 | | | | | | 432,317 | | |
Madison County Community Unit School District No 8 Bethalto, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 12/1/22 | | | | | 200,000 | | | | | | 208,005 | | |
4.000%, due 12/1/31 | | | | | 700,000 | | | | | | 812,848 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds | | | | ||||||||||
Series A Insured: AGM | | | | ||||||||||
5.000%, due 11/1/32 | | | | | 320,000 | | | | | | 381,260 | | |
Northern Illinois University, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 10/1/43 | | | | | 625,000 | | | | | | 721,729 | | |
5.000%, due 10/1/26 | | | | | 250,000 | | | | | | 296,570 | | |
5.000%, due 10/1/28 | | | | | 650,000 | | | | | | 803,647 | | |
5.000%, due 10/1/30 | | | | | 690,000 | | | | | | 882,842 | | |
Sales Tax Securitization Corp., Revenue Bonds Series A | | | | ||||||||||
5.000%, due 1/1/30 | | | | | 500,000 | | | | | | 638,513 | | |
Sangamon County School District No 186 Springfield, General Obligation Bonds | | | | ||||||||||
Series C Insured: AGM | | | | ||||||||||
5.000%, due 6/1/29 | | | | | 500,000 | | | | | | 637,238 | | |
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 | | | | | | 630,139 | | |
Southwestern Illinois Development Authority, Revenue Bonds | | | | ||||||||||
4.000%, due 10/15/24 | | | | | 165,000 | | | | | | 180,143 | | |
4.000%, due 4/15/31 | | | | | 450,000 | | | | | | 533,806 | | |
4.000%, due 4/15/33 | | | | | 250,000 | | | | | | 294,469 | | |
| | | 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 | | | | | $ | 575,577 | | |
Series C | | | | ||||||||||
5.000%, due 11/1/29 | | | | | 500,000 | | | | | | 592,276 | | |
Series D | | | | ||||||||||
5.000%, due 11/1/24 | | | | | 2,250,000 | | | | | | 2,532,841 | | |
5.000%, due 11/1/28 | | | | | 250,000 | | | | | | 298,047 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | ||||||||||
5.000%, due 12/1/26 | | | | | 230,000 | | | | | | 241,850 | | |
5.000%, due 1/1/30 | | | | | 450,000 | | | | | | 551,978 | | |
Upper Illinois River Valley Development Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 12/1/38 | | | | | 425,000 | | | | | | 489,413 | | |
Veterans Park District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/15/22 | | | | | 150,000 | | | | | | 154,402 | | |
Village of Antioch IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/22 | | | | | 150,000 | | | | | | 154,287 | | |
Village of Bolingbrook IL, General Obligation Bonds Series A | | | | | | | | | | | | | |
0.330%, due 1/1/35(a) | | | | | 4,000,000 | | | | | | 2,192,063 | | |
Village of Franklin Park IL, General Obligation Bonds Series A Insured: BAM | | | | ||||||||||
4.000%, due 10/1/30 | | | | | 350,000 | | | | | | 409,085 | | |
4.000%, due 10/1/32 | | | | | 375,000 | | | | | | 434,876 | | |
Village of Matteson IL, Revenue Bonds Insured: BAM | | | | ||||||||||
5.000%, due 12/1/29 | | | | | 465,000 | | | | | | 565,012 | | |
Village of Mundelein IL, General Obligation Bonds Insured: AGM | | | | ||||||||||
4.000%, due 12/15/39 | | | | | 100,000 | | | | | | 114,564 | | |
Village of Park Forest IL, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 1/1/23 | | | | | 235,000 | | | | | | 244,718 | | |
4.000%, due 1/1/25 | | | | | 475,000 | | | | | | 524,314 | | |
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM | | | | ||||||||||
4.000%, due 2/1/23 | | | | | 135,000 | | | | | | 138,780 | | |
Will County School District No 114 Manhattan, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.500%, due 1/1/26 | | | | | 840,000 | | | | | | 887,902 | | |
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 | | | | | | 576,940 | | |
| | | | | | | | | | | 27,928,853 | | |
Indiana — 1.1% | | ||||||||||||
Indiana Finance Authority, Revenue Bonds Insured: BAM | | | | ||||||||||
5.000%, due 10/1/35 | | | | | 500,000 | | | | | | 661,223 | | |
Series 1 | | | | ||||||||||
4.000%, due 10/1/36 | | | | | 500,000 | | | | | | 602,279 | | |
Series A | | | | | | | | | | | | | |
1.400%, due 8/1/29 | | | | | 1,000,000 | | | | | | 983,957 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Indiana (continued) | | ||||||||||||
MSD of Wash Township School Building Corp., Revenue Bonds Insured: ST INTERCEPT | | | | ||||||||||
5.000%, due 7/15/35 | | | | $ | 225,000 | | | | | $ | 281,049 | | |
| | | | | | | | | | | 2,528,508 | | |
Iowa — 0.7% | | ||||||||||||
Benton Etc Counties College Community School District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
2.000%, due 6/1/23 | | | | | 265,000 | | | | | | 271,741 | | |
Iowa Finance Authority, Revenue Bonds Series E | | | | | | | | | | | | | |
0.010%, 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 | | | | | | 412,627 | | |
Western Dubuque County Community School District, General Obligation Bonds | | | | | | | | | | | | | |
2.000%, due 6/1/23 | | | | | 500,000 | | | | | | 512,879 | | |
| | | | | | | | | | | 1,697,247 | | |
Kentucky — 0.5% | | ||||||||||||
City of Berea KY, Revenue Bonds Series A | | | | | | | | | | | | | |
0.040%, due 6/1/32(b)(c) | | | | | 600,000 | | | | | | 600,000 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 6/1/36 | | | | | 75,000 | | | | | | 83,045 | | |
Louisville/Jefferson County Metropolitan Government, Revenue Bonds | | | | ||||||||||
5.000%, due 10/1/32 | | | | | 500,000 | | | | | | 592,613 | | |
| | | | | | | | | | | 1,275,658 | | |
Louisiana — 3.4% | | ||||||||||||
Cameron Parish School District No 15, General Obligation Bonds | | | | ||||||||||
4.000%, due 10/1/22 | | | | | 125,000 | | | | | | 128,464 | | |
5.000%, due 10/1/23 | | | | | 205,000 | | | | | | 220,511 | | |
5.000%, due 10/1/29 | | | | | 290,000 | | | | | | 354,301 | | |
City of Bunkie LA, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/1/27 | | | | | 225,000 | | | | | | 241,428 | | |
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds | | | | ||||||||||
Series C Insured: BAM | | | | ||||||||||
5.000%, due 12/1/31 | | | | | 100,000 | | | | | | 124,613 | | |
City of Youngsville LA, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 5/1/32 | | | | | 250,000 | | | | | | 298,082 | | |
4.000%, due 5/1/34 | | | | | 300,000 | | | | | | 354,993 | | |
Louisiana Local Government Environmental Facilities & Community Development Auth, | | | | ||||||||||
4.000%, due 10/1/27 | | | | | 125,000 | | | | | | 144,589 | | |
4.000%, due 10/1/28 | | | | | 160,000 | | | | | | 187,083 | | |
Louisiana Local Government Environmental Facilities & Community Development Auth, Revenue Bonds Insured: AGM | | | | ||||||||||
4.000%, due 10/1/27 | | | | | 130,000 | | | | | | 150,373 | | |
4.000%, due 10/1/28 | | | | | 170,000 | | | | | | 198,776 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana (continued) | | ||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 10/1/35 | | | | $ | 150,000 | | | | | $ | 187,084 | | |
Louisiana Stadium & Exposition District, Revenue Bonds | | | | ||||||||||
4.000%, due 7/3/23 | | | | | 1,500,000 | | | | | | 1,570,367 | | |
New Orleans Aviation Board, Revenue Bonds | | | | ||||||||||
Series A Insured: AGM | | | | ||||||||||
5.000%, due 10/1/37 | | | | | 600,000 | | | | | | 739,196 | | |
Port New Orleans Board of Commissioners, Revenue Bonds | | | | ||||||||||
Series B Insured: AGM | | | | ||||||||||
5.000%, due 4/1/36 | | | | | 620,000 | | | | | | 736,191 | | |
State of Louisiana, General Obligation Bonds Series D | | | | ||||||||||
5.000%, due 9/1/24 | | | | | 1,495,000 | | | | | | 1,688,619 | | |
Ward Two Water District of Livingston Parish, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 4/1/22 | | | | | 300,000 | | | | | | 303,089 | | |
3.000%, due 4/1/23 | | | | | 300,000 | | | | | | 309,940 | | |
| | | | | | | | | | | 7,937,699 | | |
Maine — 0.7% | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | ||||||||||
5.000%, due 12/1/26 | | | | | 155,000 | | | | | | 180,943 | | |
Maine Health & Higher Educational Facilities Authority, Revenue Bonds | | | | ||||||||||
Series A Insured: AGM | | | | ||||||||||
5.000%, due 7/1/22 | | | | | 500,000 | | | | | | 516,023 | | |
5.000%, due 7/1/31 | | | | | 225,000 | | | | | | 295,043 | | |
5.000%, due 7/1/32 | | | | | 500,000 | | | | | | 657,666 | | |
| | | | | | | | | | | 1,649,675 | | |
Maryland — 1.2% | | ||||||||||||
County of Baltimore MD, General Obligation Bonds | | | | ||||||||||
4.000%, due 3/1/33 | | | | | 1,000,000 | | | | | | 1,175,810 | | |
State of Maryland Department of Transportation, Revenue Bonds Series A | | | | | | | | | | | | | |
3.000%, due 10/1/31 | | | | | 1,440,000 | | | | | | 1,602,127 | | |
| | | | | | | | | | | 2,777,937 | | |
Massachusetts — 0.3% | | ||||||||||||
City of Worcester MA, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 2/15/31 | | | | | 150,000 | | | | | | 167,631 | | |
Commonwealth of Massachusetts, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.500%, due 1/1/25 | | | | | 250,000 | | | | | | 287,843 | | |
Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds | | | | ||||||||||
4.000%, due 12/1/21 | | | | | 250,000 | | | | | | 250,779 | | |
| | | | | | | | | | | 706,253 | | |
Michigan — 5.5% | | ||||||||||||
City of Greenville MI, Revenue Bonds Insured: AGM | | | | ||||||||||
4.000%, due 6/1/39 | | | | | 830,000 | | | | | | 972,466 | | |
4.000%, due 6/1/41 | | | | | 895,000 | | | | | | 1,041,830 | | |
City of Marquette MI, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 5/1/24 | | | | | 360,000 | | | | | | 391,583 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Michigan (continued) | | ||||||||||||
4.000%, due 5/1/26 | | | | $ | 785,000 | | | | | $ | 894,638 | | |
5.000%, due 5/1/27 | | | | | 590,000 | | | | | | 715,692 | | |
5.000%, due 5/1/28 | | | | | 325,000 | | | | | | 402,355 | | |
City of Owosso MI, General Obligation Bonds Insured: AGM | | | | ||||||||||
4.000%, due 5/1/23 | | | | | 160,000 | | | | | | 168,595 | | |
4.000%, due 5/1/24 | | | | | 115,000 | | | | | | 125,029 | | |
City of Saginaw MI Water Supply System Revenue, Revenue Bonds Insured: AGM | | | | ||||||||||
4.000%, due 7/1/22 | | | | | 700,000 | | | | | | 717,314 | | |
4.000%, due 7/1/23 | | | | | 700,000 | | | | | | 741,985 | | |
City of Taylor MI, General Obligation Bonds Series 2021 Insured: BAM | | | | ||||||||||
4.000%, due 3/1/31 | | | | | 250,000 | | | | | | 304,576 | | |
Jackson County Intermediate School District, General Obligation Bonds Insured: AGM | | | | ||||||||||
5.000%, due 5/1/24 | | | | | 115,000 | | | | | | 127,972 | | |
Michigan Finance Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 11/15/21 | | | | | 1,000,000 | | | | | | 1,001,717 | | |
5.000%, due 12/1/41 | | | | | 1,000,000 | | | | | | 1,243,851 | | |
Series A | | | | ||||||||||
5.000%, due 2/15/34 | | | | | 235,000 | | | | | | 296,704 | | |
Series A Class 1 | | | | ||||||||||
4.000%, due 6/1/34 | | | | | 500,000 | | | | | | 590,846 | | |
Van Buren Public Schools, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 11/1/35 | | | | | 1,700,000 | | | | | | 1,993,608 | | |
4.000%, due 11/1/36 | | | | | 1,040,000 | | | | | | 1,216,960 | | |
| | | | | | | | | | | 12,947,721 | | |
Missouri — 1.1% | | ||||||||||||
Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds | | | | ||||||||||
4.000%, due 8/1/25 | | | | | 150,000 | | | | | | 166,625 | | |
4.000%, due 2/15/35 | | | | | 500,000 | | | | | | 595,415 | | |
4.500%, due 1/1/39 | | | | | 1,000,000 | | | | | | 1,076,053 | | |
5.000%, due 2/15/32 | | | | | 500,000 | | | | | | 652,808 | | |
St Louis Municipal Finance Corp, Revenue Bonds Insured: AGM | | | | ||||||||||
4.000%, due 6/15/43 | | | | | 105,000 | | | | | | 111,848 | | |
| | | | | | | | | | | 2,602,749 | | |
Montana — 0.3% | | ||||||||||||
City of Bozeman MT, Tax Allocation Insured: AGM | | | | ||||||||||
4.000%, due 7/1/28 | | | | | 170,000 | | | | | | 197,647 | | |
Montana Facility Finance Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 6/1/24 | | | | | 375,000 | | | | | | 416,978 | | |
| | | | | | | | | | | 614,625 | | |
Nebraska — 1.7% | | ||||||||||||
Central Plains Energy Project, Revenue Bonds | | | | ||||||||||
5.000%, due 3/1/50(b)(c) | | | | | 600,000 | | | | | | 652,713 | | |
5.250%, due 9/1/37 | | | | | 3,340,000 | | | | | | 3,475,453 | | |
| | | | | | | | | | | 4,128,166 | | |
Nevada — 0.8% | | ||||||||||||
City of North Las Vegas NV, General Obligation Bonds Insured: BAM | | | | ||||||||||
5.000%, due 6/1/25 | | | | | 1,220,000 | | | | | | 1,410,096 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Nevada (continued) | | ||||||||||||
Clark County School District, General Obligation Bonds Series F | | | | ||||||||||
5.000%, due 6/15/22 | | | | $ | 250,000 | | | | | $ | 251,393 | | |
Las Vegas Convention & Visitors Authority, Revenue Bonds Series B | | | | ||||||||||
5.000%, due 7/1/43 | | | | | 250,000 | | | | | | 298,927 | | |
| | | | | | | | | | | 1,960,416 | | |
New Hampshire — 0.3% | | ||||||||||||
New Hampshire Business Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000% , due 4/1/30 | | | | | 675,000 | | | | | | 745,493 | | |
New Jersey — 5.6% | | ||||||||||||
Atlantic City Board of Education, General Obligation Bonds Insured: AGM | | | | ||||||||||
4.000%, due 4/1/22 | | | | | 300,000 | | | | | | 304,454 | | |
Atlantic County Improvement Authority (The), Revenue Bonds Insured: AGM | | | | ||||||||||
5.000%, due 7/1/32 | | | | | 325,000 | | | | | | 425,776 | | |
City of Newark NJ, General Obligation Bonds Series B Insured: AGM | | | | ||||||||||
5.000%, due 10/1/25 | | | | | 600,000 | | | | | | 692,159 | | |
Essex County Improvement Authority, Revenue Bonds | | | | ||||||||||
4.000%, due 7/15/28 | | | | | 415,000 | | | | | | 469,685 | | |
Series A Insured: BAM | | | | ||||||||||
5.000%, due 8/1/33 | | | | | 170,000 | | | | | | 221,138 | | |
5.000%, due 8/1/34 | | | | | 175,000 | | | | | | 227,161 | | |
5.000%, due 8/1/35 | | | | | 250,000 | | | | | | 323,907 | | |
New Jersey Economic Development Authority, Revenue Bonds | | | | ||||||||||
4.000%, due 11/1/38 | | | | | 1,000,000 | | | | | | 1,135,808 | | |
Series A | | | | ||||||||||
4.000%, due 7/1/22 | | | | | 1,220,000 | | | | | | 1,249,845 | | |
New Jersey Educational Facilities Authority, Revenue Bonds | | | | ||||||||||
Series C Insured: AGM | | | | ||||||||||
5.000%, due 7/1/25 | | | | | 470,000 | | | | | | 544,853 | | |
Series F Insured: BAM | | | | ||||||||||
5.000%, due 7/1/25 | | | | | 300,000 | | | | | | 348,277 | | |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds Series C | | | | | | | | | | | | | |
0.010%, due 7/1/43(b)(c) | | | | | 600,000 | | | | | | 600,000 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
0.660%, due 12/15/24(a) | | | | | 690,000 | | | | | | 675,950 | | |
Series A | | | | | | | | | | | | | |
1.430%, due 12/15/26(a) | | | | | 650,000 | | | | | | 604,375 | | |
New Jersey Turnpike Authority, Revenue Bonds Series D-1 | | | | | | | | | | | | | |
0.758% (1-Month LIBOR + 0.70%), | | | | | | | | | | | | | |
due 1/1/24(b) | | | | | 1,000,000 | | | | | | 1,009,039 | | |
Newark Board of Education, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 7/15/39 | | | | | 700,000 | | | | | | 746,134 | | |
5.000%, due 7/15/30 | | | | | 750,000 | | | | | | 970,506 | | |
Insured: School Bond Reserve Fund | | | | ||||||||||
5.000%, due 7/15/23 | | | | | 300,000 | | | | | | 323,591 | | |
Salem County Improvement Authority, Revenue Bonds Insured: AGM | | | | ||||||||||
4.000%, due 8/15/30 | | | | | 195,000 | | | | | | 228,715 | | |
4.000%, due 8/15/31 | | | | | 180,000 | | | | | | 213,256 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
South Jersey Port Corp., Revenue Bonds Series B | | | | ||||||||||
5.000%, due 1/1/31 | | | | $ | 500,000 | | | | | $ | 594,091 | | |
State of New Jersey, General Obligation Bonds Series A | | | | ||||||||||
4.000%, due 6/1/31 | | | | | 500,000 | | | | | | 607,236 | | |
5.000%, due 6/1/29 | | | | | 500,000 | | | | | | 629,398 | | |
| | | | | | | | | | | 13,145,354 | | |
New York — 8.5% | | ||||||||||||
Albany County Airport Authority, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 12/15/22 | | | | | 370,000 | | | | | | 389,632 | | |
Avon Central School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
2.000%, due 6/15/23 | | | | | 335,000 | | | | | | 343,659 | | |
2.000%, due 6/15/24 | | | | | 645,000 | | | | | | 669,556 | | |
City of Syracuse NY, General Obligation Bonds Series A Insured: AGM | | | | ||||||||||
4.000%, due 5/15/32 | | | | | 250,000 | | | | | | 288,093 | | |
County of Suffolk NY, General Obligation Bonds | | | | ||||||||||
Series C Insured: BAM | | | | ||||||||||
5.000%, due 2/1/23 | | | | | 410,000 | | | | | | 433,758 | | |
Highland Central School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
2.000%, due 6/15/22 | | | | | 300,000 | | | | | | 303,085 | | |
Hudson Yards Infrastructure Corp, Revenue Bonds Insured: AGM | | | | ||||||||||
4.000%, due 2/15/47 | | | | | 1,835,000 | | | | | | 2,051,634 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 | | | | ||||||||||
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 579,724 | | |
Series A-2S | | | | ||||||||||
4.000%, due 2/1/22 | | | | | 625,000 | | | | | | 630,692 | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 11/15/24 | | | | | 500,000 | | | | | | 571,639 | | |
Series B-1 | | | | ||||||||||
5.000%, due 5/15/22 | | | | | 200,000 | | | | | | 205,014 | | |
Series C | | | | ||||||||||
5.000%, due 11/15/38 | | | | | 250,000 | | | | | | 264,168 | | |
5.000%, due 11/15/42 | | | | | 500,000 | | | | | | 527,411 | | |
Minisink Valley Central School District, General Obligation Bonds | | | | ||||||||||
4.000%, due 4/15/22 | | | | | 100,000 | | | | | | 101,747 | | |
Monroe County Industrial Development Corp., Revenue Bonds | | | | ||||||||||
5.000%, due 5/1/24 | | | | | 500,000 | | | | | | 556,663 | | |
Series A | | | | ||||||||||
4.000%, due 12/1/36 | | | | | 375,000 | | | | | | 439,571 | | |
New York City Housing Development Corp., Revenue Bonds Series F-2 Insured: Federal Housing Administration | | | | | | | | | | | | | |
0.600%, due 5/1/61(b)(c) | | | | | 1,500,000 | | | | | | 1,489,799 | | |
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds Series S-3 | | | | ||||||||||
5.000%, due 7/15/33 | | | | | 150,000 | | | | | | 185,888 | | |
New York Convention Center Development Corp., Revenue Bonds | | | | | | | | | | | | | |
Series B Insured: BAM | | | | | | | | | | | | | |
2.180%, due 11/15/33(a) | | | | | 500,000 | | | | | | 384,928 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
New York Liberty Development Corp, Revenue Bonds Series A | | | | | | | | | | | | | |
2.750%, due 11/15/41 | | | | $ | 1,070,000 | | | | | $ | 1,063,387 | | |
New York Liberty Development Corp., Revenue Bonds Class 1 | | | | | | | | | | | | | |
2.450%, due 9/15/69 | | | | | 500,000 | | | | | | 517,342 | | |
New York State Dormitory Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
3.000%, due 3/15/38 | | | | | 500,000 | | | | | | 534,602 | | |
5.000%, due 10/1/23 | | | | | 850,000 | | | | | | 919,046 | | |
Series A Insured: AGM | | | | ||||||||||
5.000%, due 10/1/33 | | | | | 500,000 | | | | | | 623,404 | | |
New York State Thruway Authority, Revenue Bonds Series J | | | | | | | | | | | | | |
4.125%, due 1/1/31 | | | | | 200,000 | | | | | | 214,923 | | |
New York State Urban Development Corp, Revenue Bonds | | | | ||||||||||
5.000%, due 3/15/28 | | | | | 2,000,000 | | | | | | 2,498,866 | | |
New York State Urban Development Corp., Revenue Bonds Series A | | | | ||||||||||
5.000%, due 3/15/36 | | | | | 500,000 | | | | | | 638,424 | | |
Series C | | | | ||||||||||
4.000%, due 3/15/37 | | | | | 400,000 | | | | | | 472,197 | | |
New York Transportation Development Corp., Revenue Bonds Series C | | | | ||||||||||
5.000%, due 12/1/27 | | | | | 150,000 | | | | | | 180,732 | | |
Port Authority of New York & New Jersey, Revenue Bonds | | | | ||||||||||
4.000%, due 9/1/43 | | | | | 400,000 | | | | | | 461,511 | | |
Town of Oyster Bay NY, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 11/1/23 | | | | | 500,000 | | | | | | 536,137 | | |
Triborough Bridge & Tunnel Authority, Revenue Bonds Series A-2 | | | | | | | | | | | | | |
2.000%, due 5/15/45(b)(c) | | | | | 1,000,000 | | | | | | 1,057,709 | | |
| | | | | | | | | | | 20,134,941 | | |
North Carolina — 0.8% | | ||||||||||||
North Carolina Medical Care Commission, Revenue Bonds Series A | | | | ||||||||||
4.000%, due 9/1/41 | | | | | 1,095,000 | | | | | | 1,224,503 | | |
North Carolina Turnpike Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 2/1/24 | | | | | 500,000 | | | | | | 547,747 | | |
| | | | | | | | | | | 1,772,250 | | |
North Dakota — 0.7% | | ||||||||||||
City of Grand Forks ND, Revenue Bonds | | | | | | | | | | | | | |
4.000% , due 12/1/36 | | | | | 1,375,000 | | | | | | 1,593,066 | | |
Ohio — 2.2% | | ||||||||||||
Akron Bath Copley Joint Township Hospital District, Revenue Bonds | | | | ||||||||||
4.000%, due 11/15/33 | | | | | 1,260,000 | | | | | | 1,464,550 | | |
City of Dublin OH, General Obligation Bonds | | | | ||||||||||
4.000%, due 12/1/21 | | | | | 125,000 | | | | | | 125,390 | | |
City of Hamilton OH Wastewater System Revenue, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 10/1/41 | | | | | 1,235,000 | | | | | | 1,404,811 | | |
Columbus City School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
1.490%, due 12/1/28(a) | | | | | 100,000 | | | | | | 90,020 | | |
State of Ohio, Revenue Bonds | | | | ||||||||||
5.000%, due 1/15/35 | | | | | 500,000 | | | | | | 606,316 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Ohio (continued) | | ||||||||||||
Triway Local School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
3.000%, due 12/1/22 | | | | $ | 800,000 | | | | | $ | 823,130 | | |
3.000%, due 12/1/23 | | | | | 675,000 | | | | | | 710,997 | | |
| | | | | | | | | | | 5,225,214 | | |
Oregon — 0.0%(d) | | ||||||||||||
State of Oregon, General Obligation Bonds Series E | | | | | | | | | | | | | |
5.000% , due 6/1/22 | | | | | 100,000 | | | | | | 102,804 | | |
Pennsylvania — 4.8% | | ||||||||||||
Borough of Carnegie PA, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 8/15/22 | | | | | 75,000 | | | | | | 76,467 | | |
City of Erie PA, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
2.300%, due 11/15/37(a) | | | | | 750,000 | | | | | | 463,992 | | |
City of Oil City PA, General Obligation Bonds Series A Insured: AGM | | | | ||||||||||
4.000%, due 12/1/37 | | | | | 885,000 | | | | | | 1,021,453 | | |
City of Philadelphia PA Airport Revenue, Revenue Bonds Series A | | | | ||||||||||
4.000%, due 7/1/35 | | | | | 500,000 | | | | | | 585,036 | | |
Coatesville Area School District Building Authority, Revenue Bonds Insured: BAM | | | | ||||||||||
5.000%, due 12/1/21 | | | | | 310,000 | | | | | | 311,156 | | |
County of Cambria PA, General Obligation Bonds Series B Insured: AGM | | | | ||||||||||
4.000%, due 8/1/32 | | | | | 250,000 | | | | | | 283,580 | | |
Forest Hills School District, General Obligation Bonds Insured: BAM | | | | ||||||||||
5.000%, due 8/15/23 | | | | | 265,000 | | | | | | 286,874 | | |
Hazle Township Municipal Authority, Revenue Bonds Insured: BAM | | | | ||||||||||
4.000%, due 12/1/24 | | | | | 240,000 | | | | | | 264,760 | | |
Hazleton Area School District, General Obligation Bonds Series A | | | | | | | | | | | | | |
3.125%, due 3/1/26 | | | | | 115,000 | | | | | | 116,099 | | |
Lancaster County Hospital Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 11/1/38 | | | | | 1,100,000 | | | | | | 1,364,184 | | |
Lancaster Industrial Development Authority, Revenue Bonds | | | | ||||||||||
4.000%, due 7/1/31 | | | | | 100,000 | | | | | | 109,163 | | |
North East School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
2.000%, due 9/1/22 | | | | | 250,000 | | | | | | 253,554 | | |
4.000%, due 9/1/23 | | | | | 285,000 | | | | | | 303,842 | | |
North Pocono School District, General Obligation Bonds Series A Insured: AGM | | | | ||||||||||
4.000%, due 9/15/32 | | | | | 250,000 | | | | | | 293,456 | | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds | | | | ||||||||||
4.000%, due 1/1/29 | | | | | 450,000 | | | | | | 516,238 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 8/15/37 | | | | | 500,000 | | | | | | 605,893 | | |
Series A Insured: AGC | | | | | | | | | | | | | |
0.688% (3-Month LIBOR + 0.60%) , | | | | | | | | | | | | | |
due 7/1/27(b) | | | | | 165,000 | | | | | | 164,145 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
Pittsburgh Water & Sewer Authority, Revenue Bonds Series A Insured: AGM | | | | ||||||||||
5.000%, due 9/1/32 | | | | $ | 550,000 | | | | | $ | 698,176 | | |
Ridley School District, General Obligation Bonds Series A Insured: AGM | | | | ||||||||||
4.000%, due 11/15/33 | | | | | 850,000 | | | | | | 1,006,429 | | |
South Wayne County Water and Sewer Authority, Revenue Bonds Insured: BAM 4.000%, due 2/15/27 | | | | | 600,000 | | | | | | 691,607 | | |
Spring Cove School District, General Obligation Bonds Series A Insured: BAM | | | | ||||||||||
4.000%, due 11/15/22 | | | | | 500,000 | | | | | | 518,941 | | |
Upper Darby School District, General Obligation Bonds Series A Insured: BAM | | | | ||||||||||
4.000%, due 4/1/37 | | | | | 325,000 | | | | | | 383,027 | | |
4.000%, due 4/1/38 | | | | | 250,000 | | | | | | 294,044 | | |
4.000%, due 4/1/39 | | | | | 250,000 | | | | | | 293,411 | | |
Warrior Run School District/Montour Northumberland Union County PA, General Obligation Bonds Insured: AGM | | | | ||||||||||
4.000%, due 9/1/36 | | | | | 255,000 | | | | | | 281,639 | | |
Wilkinsburg-Penn Joint Water Authority (The), Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/15/23 | | | | | 250,000 | | | | | | 266,864 | | |
| | | | | | | | | | | 11,454,030 | | |
Puerto Rico — 0.2% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds | | | | ||||||||||
Series A Insured: AGM | | | | ||||||||||
5.000%, due 7/1/35 | | | | | 470,000 | | | | | | 474,044 | | |
Puerto Rico Convention Center District Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
4.500%, due 7/1/36 | | | | | 60,000 | | | | | | 60,138 | | |
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL | | | | ||||||||||
5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 25,346 | | |
| | | | | | | | | | | 559,528 | | |
Rhode Island — 0.9% | | ||||||||||||
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM | | | | ||||||||||
5.000%, due 6/15/32 | | | | | 250,000 | | | | | | 308,451 | | |
Rhode Island Health and Educational Building Corp., Revenue Bonds | | | | ||||||||||
5.000%, due 5/15/25 | | | | | 500,000 | | | | | | 573,673 | | |
State of Rhode Island, General Obligation Bonds Series A | | | | ||||||||||
4.000%, due 4/1/34 | | | | | 1,000,000 | | | | | | 1,169,670 | | |
| | | | | | | | | | | 2,051,794 | | |
South Carolina — 0.1% | | ||||||||||||
South Carolina Public Service Authority, Revenue Bonds Series B | | | | ||||||||||
5.000%, due 12/1/36 | | | | | 100,000 | | | | | | 118,815 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
South Carolina (continued) | | ||||||||||||
Series C | | | | ||||||||||
5.000%, due 12/1/36 | | | | $ | 185,000 | | | | | $ | 185,715 | | |
| | | | | | | | | | | 304,530 | | |
Texas — 11.6% | | ||||||||||||
Arlington Higher Education Finance Corp., Revenue Bonds Insured: PSF-GTD | | | | ||||||||||
4.000%, due 8/15/24 | | | | | 165,000 | | | | | | 181,198 | | |
4.000%, due 8/15/25 | | | | | 255,000 | | | | | | 287,010 | | |
4.000%, due 8/1/29 | | | | | 475,000 | | | | | | 566,476 | | |
4.000%, due 8/15/35 | | | | | 1,000,000 | | | | | | 1,222,966 | | |
Brazoria County Municipal Utility District No 28, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
2.000%, due 9/1/23 | | | | | 200,000 | | | | | | 205,487 | | |
2.000%, due 9/1/24 | | | | | 195,000 | | | | | | 202,235 | | |
Central Texas Turnpike System, Revenue Bonds Series A Insured: BHAC-CR AMBAC | | | | | | | | | | | | | |
0.830%, due 8/15/26(a) | | | | | 750,000 | | | | | | 720,897 | | |
City of Bryan TX Electric System Revenue, Revenue Bonds Series A Insured: AGM | | | | ||||||||||
5.000%, due 7/1/22 | | | | | 235,000 | | | | | | 242,418 | | |
5.000%, due 7/1/23 | | | | | 200,000 | | | | | | 215,379 | | |
City of Houston TX Combined Utility System Revenue, Revenue Bonds | | | | ||||||||||
Series A Insured: AGM | | | | | | | | | | | | | |
0.640%, due 12/1/25(a) | | | | | 465,000 | | | | | | 453,019 | | |
Series B | | | | ||||||||||
5.000%, due 11/15/29 | | | | | 395,000 | | | | | | 477,084 | | |
City of Houston TX Hotel Occupancy Tax & Special Revenue, Revenue Bonds | | | | ||||||||||
Series B Insured: AGM | | | | | | | | | | | | | |
0.650%, due 9/1/22(a) | | | | | 140,000 | | | | | | 139,242 | | |
City of Mission TX, General Obligation Bonds Insured: BAM | | | | ||||||||||
5.000%, due 2/15/23 | | | | | 305,000 | | | | | | 322,640 | | |
City of Mission TX-REF, General Obligation Bonds Insured: BAM | | | | ||||||||||
5.000%, due 2/15/23 | | | | | 615,000 | | | | | | 650,570 | | |
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds | | | | ||||||||||
4.000%, due 2/1/34 | | | | | 250,000 | | | | | | 282,288 | | |
Series A | | | | ||||||||||
5.000%, due 2/1/37 | | | | | 290,000 | | | | | | 374,436 | | |
City of Temple TX, Tax Allocation Series A Insured: BAM | | | | ||||||||||
5.000%, due 8/1/23 | | | | | 145,000 | | | | | | 156,372 | | |
5.000%, due 8/1/24 | | | | | 135,000 | | | | | | 151,017 | | |
5.000%, due 8/1/25 | | | | | 270,000 | | | | | | 311,321 | | |
5.000%, due 8/1/27 | | | | | 125,000 | | | | | | 150,710 | | |
5.000%, due 8/1/28 | | | | | 200,000 | | | | | | 246,753 | | |
5.000%, due 8/1/29 | | | | | 200,000 | | | | | | 249,174 | | |
5.000%, due 8/1/30 | | | | | 225,000 | | | | | | 283,775 | | |
Clifton Higher Education Finance Corp., Revenue Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
3.000%, due 8/15/34 | | | | | 250,000 | | | | | | 274,811 | | |
3.000%, due 8/15/35 | | | | | 250,000 | | | | | | 273,582 | | |
3.000%, due 8/15/37 | | | | | 250,000 | | | | | | 271,422 | | |
3.000%, due 8/15/39 | | | | | 250,000 | | | | | | 269,799 | | |
4.000%, due 8/15/23 | | | | | 170,000 | | | | | | 180,883 | | |
4.000%, due 8/15/24 | | | | | 235,000 | | | | | | 257,726 | | |
4.000%, due 8/15/25 | | | | | 310,000 | | | | | | 347,923 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
4.000%, due 8/15/33 | | | | $ | 1,000,000 | | | | | $ | 1,172,145 | | |
5.000%, due 8/15/26 | | | | | 275,000 | | | | | | 327,575 | | |
5.000%, due 8/15/27 | | | | | 570,000 | | | | | | 693,814 | | |
Conroe Local Government Corp, Revenue Bonds | | | | ||||||||||
5.000%, due 10/1/31 | | | | | 125,000 | | | | | | 161,475 | | |
Cotulla Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
3.000%, due 2/15/22 | | | | | 150,000 | | | | | | 151,218 | | |
County of Bexar TX, General Obligation Bonds | | | | ||||||||||
5.000%, due 6/15/26 | | | | | 1,500,000 | | | | | | 1,680,267 | | |
Dallas Fort Worth International Airport, Revenue Bonds Series B | | | | ||||||||||
5.000%, due 11/1/22 | | | | | 2,000,000 | | | | | | 2,093,837 | | |
Dallas Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | ||||||||||
5.000%, due 8/15/23 | | | | | 200,000 | | | | | | 207,615 | | |
Fort Bend County Municipal Utility District No 2, General Obligation Bonds Series A Insured: AGM | | | | ||||||||||
4.000%, due 10/1/23 | | | | | 105,000 | | | | | | 112,140 | | |
4.000%, due 10/1/24 | | | | | 110,000 | | | | | | 120,981 | | |
Fort Bend County Municipal Utility District No 215, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 9/1/24 | | | | | 125,000 | | | | | | 136,414 | | |
Fort Bend County Municipal Utility District No 23, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 9/1/23 | | | | | 395,000 | | | | | | 420,665 | | |
4.000%, due 9/1/24 | | | | | 205,000 | | | | | | 224,628 | | |
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM | | | | ||||||||||
4.000%, due 9/1/32 | | | | | 350,000 | | | | | | 399,653 | | |
4.000%, due 9/1/33 | | | | | 370,000 | | | | | | 421,690 | | |
Greater Texoma Utility Authority, Revenue Bonds Insured: AGM | | | | ||||||||||
5.000%, due 10/1/23 | | | | | 225,000 | | | | | | 244,810 | | |
5.000%, due 10/1/24 | | | | | 240,000 | | | | | | 270,589 | | |
Harris County Cultural Education Facilities Finance Corp, Revenue Bonds Series A | | | | | | | | | | | | | |
0.708% (1-Month LIBOR + 0.65%) , | | | | | | | | | | | | | |
due 11/15/46(b) | | | | | 1,000,000 | | | | | | 1,003,831 | | |
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
3.000%, due 10/1/40 | | | | | 250,000 | | | | | | 266,879 | | |
Houston Higher Education Finance Corp., Revenue Bonds | | | | | | | | | | | | | |
1.500%, due 10/1/23 | | | | | 230,000 | | | | | | 229,703 | | |
Lazy Nine Municipal Utility District No 1B, General Obligation Bonds Series A Insured: AGM | | | | ||||||||||
4.000%, due 3/1/23 | | | | | 285,000 | | | | | | 298,500 | | |
Martin County Hospital District, General Obligation Bonds | | | | ||||||||||
4.000%, due 4/1/22 | | | | | 100,000 | | | | | | 101,443 | | |
North Texas Tollway Authority, Revenue Bonds Series B | | | | ||||||||||
5.000%, due 1/1/25 | | | | | 1,400,000 | | | | | | 1,597,618 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Pecos Barstow Toyah Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | ||||||||||
4.000%, due 2/15/41 | | | | $ | 600,000 | | | | | $ | 659,097 | | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds | | | | ||||||||||
5.000%, due 12/15/22 | | | | | 250,000 | | | | | | 262,656 | | |
5.000%, due 12/15/23 | | | | | 250,000 | | | | | | 273,205 | | |
Texas Municipal Gas Acquisition and Supply Corp II, Revenue Bonds Series C | | | | | | | | | | | | | |
0.767% (3-Month LIBOR + 0.69%) , | | | | | | | | | | | | | |
due 9/15/27(b) | | | | | 2,500,000 | | | | | | 2,512,664 | | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds Series A | | | | ||||||||||
4.000%, due 6/30/32 | | | | | 500,000 | | | | | | 592,769 | | |
Uptown Development Authority, Tax Allocation Series A | | | | ||||||||||
5.000%, due 9/1/35 | | | | | 500,000 | | | | | | 567,301 | | |
Viridian Municipal Management District, General Obligation Bonds Insured: BAM | | | | ||||||||||
4.000%, due 12/1/24 | | | | | 360,000 | | | | | | 396,210 | | |
| | | | | | | | | | | 27,570,005 | | |
Utah — 2.1% | | ||||||||||||
Utah Associated Municipal Power Systems, Revenue Bonds Series A | | | | ||||||||||
5.000%, due 9/1/31 | | | | | 500,000 | | | | | | 602,546 | | |
Utah Charter School Finance Authority, Revenue Bonds Insured: UT CSCE | | | | ||||||||||
4.000%, due 4/15/40 | | | | | 250,000 | | | | | | 286,262 | | |
Utah Infrastructure Agency, Revenue Bonds | | | | | | | | | | | | | |
3.000%, due 10/15/24 | | | | | 520,000 | | | | | | 554,635 | | |
4.000%, due 10/15/31 | | | | | 250,000 | | | | | | 300,120 | | |
4.000%, due 10/15/32 | | | | | 540,000 | | | | | | 642,965 | | |
Vineyard Redevelopment Agency, Tax Allocation Insured: AGM | | | | ||||||||||
4.000%, due 5/1/33 | | | | | 150,000 | | | | | | 178,545 | | |
4.000%, due 5/1/35 | | | | | 215,000 | | | | | | 254,233 | | |
4.000%, due 5/1/37 | | | | | 300,000 | | | | | | 353,655 | | |
5.000%, due 5/1/22 | | | | | 800,000 | | | | | | 818,749 | | |
5.000%, due 5/1/24 | | | | | 350,000 | | | | | | 389,108 | | |
5.000%, due 5/1/29 | | | | | 400,000 | | | | | | 503,419 | | |
| | | | | | | | | | | 4,884,237 | | |
Virginia — 0.2% | | ||||||||||||
Norfolk Airport Authority, Revenue Bonds | | | | ||||||||||
5.000%, due 7/1/28 | | | | | 150,000 | | | | | | 187,027 | | |
Virginia Small Business Financing Authority, Revenue Bonds | | | | ||||||||||
4.000%, due 12/1/36 | | | | | 210,000 | | | | | | 236,433 | | |
| | | | | | | | | | | 423,460 | | |
Washington — 2.5% | | ||||||||||||
Auburn School District No 408 of King & Pierce Counties, General Obligation Bonds Insured: SCH BD GTY | | | | ||||||||||
4.000%, due 12/1/34 | | | | | 500,000 | | | | | | 582,359 | | |
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 581,090 | | |
City of Bellevue WA, General Obligation Bonds | | | | ||||||||||
5.000%, due 12/1/21 | | | | | 150,000 | | | | | | 150,588 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Washington (continued) | | ||||||||||||
City of Bellingham WA Water & Sewer Revenue, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 8/1/22 | | | | $ | 245,000 | | | | | $ | 253,792 | | |
City of Seattle WA Drainage & Wastewater Revenue, Revenue Bonds | | | | ||||||||||
5.000%, due 5/1/22 | | | | | 100,000 | | | | | | 102,405 | | |
King County School District No 210 Federal Way, General Obligation Bonds Insured: SCH BD GTY | | | | ||||||||||
4.000%, due 12/1/35 | | | | | 1,000,000 | | | | | | 1,164,114 | | |
King County School District No 412 Shoreline, General Obligation Bonds Insured: SCH BD GTY | | | | ||||||||||
4.000%, due 12/1/36 | | | | | 1,000,000 | | | | | | 1,176,588 | | |
Kitsap County School District No 401 Central Kitsap, General Obligation Bonds Insured: SCH BD GTY | | | | ||||||||||
5.000%, due 12/1/21 | | | | | 100,000 | | | | | | 100,392 | | |
Spokane Public Facilities District, Revenue Bonds | | | | ||||||||||
5.000%, due 12/1/35 | | | | | 535,000 | | | | | | 609,826 | | |
State of Washington, General Obligation Bonds Series B | | | | ||||||||||
5.000%, due 6/1/22 | | | | | 125,000 | | | | | | 128,520 | | |
Series D | | | | ||||||||||
5.000%, due 6/1/22 | | | | | 180,000 | | | | | | 185,069 | | |
State of Washington, Revenue Bonds | | | | ||||||||||
Series F | | | | ||||||||||
5.000%, due 9/1/22 | | | | | 325,000 | | | | | | 338,008 | | |
Washington State Convention Center Public Facilities District, Revenue Bonds Series B | | | | ||||||||||
4.000%, due 7/1/37 | | | | | 535,000 | | | | | | 611,904 | | |
| | | | | | | | | | | 5,984,655 | | |
West Virginia — 0.6% | | ||||||||||||
City of Wheeling WV Waterworks & Sewerage System Revenue, Revenue Bonds Series A Insured: BAM | | | | ||||||||||
4.000%, due 6/1/24 | | | | | 115,000 | | | | | | 125,212 | | |
4.000%, due 6/1/26 | | | | | 125,000 | | | | | | 142,465 | | |
4.000%, due 6/1/27 | | | | | 280,000 | | | | | | 324,821 | | |
4.000%, due 6/1/29 | | | | | 460,000 | | | | | | 549,713 | | |
Morgantown Utility Board, Inc., Revenue Bonds Series A Insured: BAM | | | | ||||||||||
4.000%, due 12/1/34 | | | | | 200,000 | | | | | | 238,660 | | |
| | | | | | | | | | | 1,380,871 | | |
Wisconsin — 0.5% | | ||||||||||||
University of Wisconsin Hospitals & Clinics, Revenue Bonds Series B | | | | | | | | | | | | | |
0.010%, due 4/1/48(b)(c) | | | | | 600,000 | | | | | | 600,000 | | |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds Series A Insured: AGM | | | | ||||||||||
5.000%, due 2/15/33 | | | | | 425,000 | | | | | | 538,419 | | |
| | | | | | | | | | | 1,138,419 | | |
Total Municipal Bonds | | | | | | | | | | | | | |
(Cost $228,344,970) | | | | | | | | | | | 229,615,854 | | |
|
| | | Shares | | | Value | | ||||||
Short-Term Investment — 2.9% | | ||||||||||||
Money Market Fund — 2.9% | | ||||||||||||
Fidelity Investments Money Market Treasury Only Class I, 0.01%(e) | | | | | | | | | | | | | |
(Cost $6,973,479) | | | | | 6,973,479 | | | | | $ | 6,973,479 | | |
Total Investments — 99.9% | | | | | | | | | | | | | |
(Cost $235,318,449) | | | | | | | | | | | 236,589,333 | | |
Other Assets and Liabilities, Net — 0.1% | | | | | | | | | | | 248,063 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 236,837,396 | | |
| 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 | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
| PSF-GTD | | | — | | | Permanent School Fund Guaranteed. | |
| SCH BD GTY | | | — | | | School Bond Guaranty Program | |
| ST INTERCEPT | | | — | | | State Tax Intercept | |
| UT CSCE | | | — | | | Utah Charter School Credit Enhancement | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 229,615,854 | | | | | $ | — | | | | | $ | 229,615,854 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 6,973,479 | | | | | | — | | | | | | — | | | | | | 6,973,479 | | |
Total Investments in Securities | | | | $ | 6,973,479 | | | | | $ | 229,615,854 | | | | | $ | — | | | | | $ | 236,589,333 | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 95.3% | | ||||||||||||
Collateralized Mortgage Obligations — 8.0% | | ||||||||||||
Mortgage Securities — 8.0% | | ||||||||||||
CHL Mortgage Pass-Through Trust 2005-9 Series 2005-9 1A1, 0.689%, (1-Month LIBOR + 0.60%) due 5/25/35(a) | | | | $ | 57,603 | | | | | $ | 48,264 | | |
Connecticut Avenue Securities Trust 2021-R01 Series 2021-R01 1M2, 1.600%, (SOFR30A + 1.55%) due 10/25/41(a) | | | | | 75,000 | | | | | | 75,358 | | |
Fannie Mae Connecticut Avenue Securities Series 2015-C04 2M2, 5.639%, (1-Month LIBOR + 5.55%) due 4/25/28(a) | | | | | 31,517 | | | | | | 33,052 | | |
Series 2016-C01 1M2, 6.839%, (1-Month LIBOR + 6.75%) due 8/25/28(a) | | | | | 95,906 | | | | | | 101,241 | | |
Series 2016-C07 2M2, 4.439%, (1-Month LIBOR + 4.35%) due 5/25/29(a) | | | | | 72,682 | | | | | | 75,787 | | |
Series 2017-C01 1M2, 3.639%, (1-Month LIBOR + 3.55%) due 7/25/29(a) | | | | | 101,231 | | | | | | 104,466 | | |
Series 2017-C05 1M2, 2.289%, (1-Month LIBOR + 2.20%) due 1/25/30(a) | | | | | 70,507 | | | | | | 71,763 | | |
Series 2018-C02 2M2, 2.289%, (1-Month LIBOR + 2.20%) due 8/25/30(a) | | | | | 101,823 | | | | | | 102,795 | | |
Series 2018-C04 2M2, 2.639%, (1-Month LIBOR + 2.55%) due 12/25/30(a) | | | | | 71,544 | | | | | | 72,710 | | |
Flagstar Mortgage Trust 2021-2 Series 2021-2 A2, 2.500%, due 4/25/51(a)(b) | | | | | 94,753 | | | | | | 95,518 | | |
Freddie Mac STACR Remic Trust 2020-DNA2 Series 2020-DNA2 M2, 1.939%, (1-Month LIBOR + 1.85%) due 2/25/50(a) | | | | | 81,364 | | | | | | 81,981 | | |
Freddie Mac STACR REMIC Trust 2021-DNA5 Series 2021-DNA5 B1, 3.099%, (SOFR30A + 3.05%) due 1/25/34(a) | | | | | 90,000 | | | | | | 91,012 | | |
Freddie Mac STACR REMIC Trust 2021-HQA2 Series 2021-HQA2 B1, 3.199%, (SOFR30A + 3.15%) due 12/25/33(a) | | | | | 50,000 | | | | | | 50,532 | | |
Freddie Mac STACR Trust 2018-DNA2 Series 2018-DNA2 M2, 2.239%, (1-Month LIBOR + 2.15%) due 12/25/30(a) | | | | | 70,000 | | | | | | 70,688 | | |
Series 2018-DNA2 B1, 3.789%, (1-Month LIBOR + 3.70%) due 12/25/30(a) | | | | | 115,000 | | | | | | 119,724 | | |
Freddie Mac Stacr Trust 2018-HQA2 Series 2018-HQA2 M2, 2.389%, (1-Month LIBOR + 2.30%) due 10/25/48(a) | | | | | 65,000 | | | | | | 65,849 | | |
Freddie Mac STACR Trust 2019-DNA2 Series 2019-DNA2 B1, 4.439%, (1-Month LIBOR + 4.35%) due 3/25/49(a) | | | | | 75,000 | | | | | | 77,855 | | |
GS Mortgage-Backed Securities Trust 2021-PJ7 Series 2021-PJ7 A2, 2.500%, due 1/25/52(a)(b) | | | | | 97,896 | | | | | | 98,657 | | |
HarborView Mortgage Loan Trust 2005-2 Series 2005-2 2A1A, 0.520%, (1-Month LIBOR + 0.44%) due 5/19/35(a) | | | | | 89,120 | | | | | | 86,022 | | |
Mello Mortgage Capital Acceptance Series 2021-MTG2 A1, 2.500%, due 6/25/51(a)(b) | | | | | 92,533 | | | | | | 93,060 | | |
Mello Warehouse Securitization Trust 2021-1 Series 2021-1 A, 0.789%, (1-Month LIBOR + 0.70%) due 2/25/55(a) | | | | | 100,000 | | | | | | 99,532 | | |
| | | Principal Amount | | | Value | | ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
STACR Trust 2018-DNA3 Series 2018-DNA3 M2, 2.189%, (1-Month LIBOR + 2.10%) due 9/25/48(a) | | | | $ | 125,000 | | | | | $ | 126,645 | | |
STACR Trust 2018-HRP2 Series 2018-HRP2 M3, 2.489%, (1-Month LIBOR + 2.40%) due 2/25/47(a) | | | | | 108,000 | | | | | | 110,244 | | |
WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust Series 2004-AR13 A2B, 0.969%, (1-Month LIBOR + 0.88%) due 11/25/34(a) | | | | | 73,507 | | | | | | 70,466 | | |
WaMu Mortgage Pass-Through Certificates Series 2006-AR9 Trust Series 2006-AR9 2A, 1.738%, (COF 11 + 1.50%) due 8/25/46(a) | | | | | 73,862 | | | | | | 72,927 | | |
| | | | | | | | | | | 2,096,148 | | |
Total Collateralized Mortgage Obligations | | | | | | | | | | | | | |
(Cost $2,099,409) | | | | | | | | | | | 2,096,148 | | |
Commercial Asset-Backed Securities — 7.4% | | ||||||||||||
Asset Backed Securities — 7.4% | | ||||||||||||
American Credit Acceptance Receivables Trust 2021-3 Series 2021-3 D, 1.340%, due 11/15/27 | | | | | 75,000 | | | | | | 74,339 | | |
Avis Budget Rental Car Funding AESOP LLC Series 2021-1A A, 1.380%, due 8/20/27 | | | | | 100,000 | | | | | | 98,845 | | |
CF Hippolyta LLC Series 2020-1 A2, 1.990%, due 7/15/60 | | | | | 92,028 | | | | | | 91,430 | | |
Series 2021-1A A1, 1.530%, due 3/15/61 | | | | | 97,646 | | | | | | 96,677 | | |
Series 2021-1A B1, 1.980%, due 3/15/61 | | | | | 97,646 | | | | | | 97,060 | | |
Drive Auto Receivables Trust 2021-1 Series 2021-1 D, 1.450%, due 1/16/29 | | | | | 75,000 | | | | | | 74,894 | | |
Drive Auto Receivables Trust 2021-2 Series 2021-2 D, 1.390%, due 3/15/29 | | | | | 85,000 | | | | | | 84,049 | | |
FirstKey Homes 2021-SFR1 Trust Series 2021-SFR1 B, 1.788%, due 8/17/38 | | | | | 100,000 | | | | | | 99,312 | | |
FirstKey Homes 2021-SFR2 Trust Series 2021-SFR2 B, 1.607%, due 9/17/38 | | | | | 100,000 | | | | | | 97,785 | | |
Flagship Credit Auto Trust 2020-4 Series 2020-4 C, 1.280%, due 2/16/27 | | | | | 100,000 | | | | | | 100,052 | | |
Flagship Credit Auto Trust 2021-2 Series 2021-2 C, 1.270%, due 6/15/27 | | | | | 95,000 | | | | | | 94,189 | | |
Ford Credit Auto Owner Trust 2020-REV2 Series 2020-2 A, 1.060%, due 4/15/33 | | | | | 100,000 | | | | | | 98,767 | | |
Ford Credit Floorplan Master Owner Trust A Series 2018-4 A, 4.060%, due 11/15/30 | | | | | 80,000 | | | | | | 90,024 | | |
Hertz Vehicle Financing III LP Series 2021-2A B, 2.120%, due 12/27/27 | | | | | 100,000 | | | | | | 99,603 | | |
Home Partners of America 2021-2 Trust Series 2021-2 B, 2.302%, due 12/17/26 | | | | | 100,000 | | | | | | 100,008 | | |
Navient Private Education Refi Loan Trust 2021-A Series 2021-A B, 2.240%, due 5/15/69 | | | | | 100,000 | | | | | | 99,477 | | |
Navient Private Education Refi Loan Trust 2021-E Series 2021-EA B, 2.030%, due 12/16/69 | | | | | 100,000 | | | | | | 97,689 | | |
PFS Financing Corp. Series 2020-E A, 1.000%, due 10/15/25 | | | | | 100,000 | | | | | | 100,050 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Santander Drive Auto Receivables Trust 2020-4 Series 2020-4 D, 1.480%, due 1/15/27 | | | | $ | 85,000 | | | | | $ | 85,677 | | |
Sierra Timeshare 2021-1 Receivables Funding LLC Series 2021-1A C, 1.790%, due 11/20/37 | | | | | 70,293 | | | | | | 69,797 | | |
Taco Bell Funding LLC Series 2021-1A A23, 2.542%, due 8/25/51 | | | | | 100,000 | | | | | | 100,334 | | |
| | | | | | | | | | | 1,950,058 | | |
Total Commercial Asset-Backed Securities | | | | | | | | | | | | | |
(Cost $1,973,562) | | | | | | | | | | | 1,950,058 | | |
Commercial Mortgage-Backed Securities — 6.7% | | ||||||||||||
Mortgage Securities — 6.7% | | ||||||||||||
Arbor Multifamily Mortgage Securities Trust 2021-MF2 Series 2021-MF2 A5, 2.513%, due 6/15/54 | | | | | 100,000 | | | | | | 102,406 | | |
Arbor Multifamily Mortgage Securities Trust 2021-MF3 Series 2021-MF3 A5, 2.575%, due 10/15/54 | | | | | 100,000 | | | | | | 102,739 | | |
BANK 2021-BNK35 Series 2021-BN35 A5, 2.285%, due 6/15/64 | | | | | 65,000 | | | | | | 65,486 | | |
Bayview Commercial Asset Trust 2006-4 Series 2006-4A A1, 0.434%, (1-Month LIBOR + 0.35%) due 12/25/36(a) | | | | | 77,783 | | | | | | 75,642 | | |
BX 2021-MFM1 Series 2021-MFM1 A, 0.790%, (1-Month LIBOR + 0.70%) due 1/15/34(a) | | | | | 100,000 | | | | | | 99,813 | | |
BX Commercial Mortgage Trust 2021-VOLT Series 2021-VOLT C, 1.190%, (1-Month LIBOR + 1.10%) due 9/15/36(a) | | | | | 100,000 | | | | | | 99,058 | | |
BXHPP Trust 2021-FILM Series 2021-FILM C, 1.190%, (1-Month LIBOR + 1.10%) due 8/15/36(a) | | | | | 100,000 | | | | | | 99,749 | | |
Citigroup Commercial Mortgage Trust 2020-GC46 Series 2020-GC46 A5, 2.717%, due 2/15/53 | | | | | 75,000 | | | | | | 78,163 | | |
CSAIL 2015-C3 Commercial Mortgage Trust Series 2015-C3 A4, 3.718%, due 8/15/48 | | | | | 100,000 | | | | | | 107,287 | | |
CSMC 2020-WEST Trust Series 2020-WEST A, 3.040%, due 2/15/35 | | | | | 100,000 | | | | | | 103,681 | | |
DROP Mortgage Trust 2021-FILE Series 2021-FILE A, 1.240%, (1-Month LIBOR + 1.15%) due 4/15/26(a) | | | | | 100,000 | | | | | | 100,173 | | |
Hudson Yards Mortgage Trust Series 2019-30HY A, 3.228%, due 7/10/39 | | | | | 100,000 | | | | | | 107,468 | | |
One Bryant Park Trust 2019-OBP Series 2019-OBP A, 2.516%, due 9/15/54 | | | | | 100,000 | | | | | | 102,527 | | |
SLG Office Trust 2021-OVA Series 2021-OVA A, 2.585%, due 7/15/41 | | | | | 100,000 | | | | | | 103,098 | | |
Wells Fargo Commercial Mortgage Trust 2015-NXS4 Series 2015-NXS4 A4, 3.718%, due 12/15/48 | | | | | 100,000 | | | | | | 107,980 | | |
Wells Fargo Commercial Mortgage Trust 2018-1745 Series 2018-1745 A, 3.749%, due 6/15/36(a)(b) | | | | | 100,000 | | | | | | 109,541 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Wells Fargo Commercial Mortgage Trust 2018-AUS Series 2018-AUS A, 4.058%, due 8/17/36(a)(b) | | | | $ | 100,000 | | | | | $ | 110,816 | | |
WFRBS Commercial Mortgage Trust 2012-C7 Series 2012-C7 AS, 4.090%, due 6/15/45(a)(b) | | | | | 65,000 | | | | | | 65,266 | | |
| | | | | | | | | | | 1,740,893 | | |
Total Commercial Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $1,762,588) | | | | | | | | | | | 1,740,893 | | |
Corporate Bonds — 38.1% | | ||||||||||||
Airlines — 1.2% | | ||||||||||||
American Airlines 2013-2 Class A Pass Through Trust Series 2013-2, 4.950%, due 1/15/23 | | | | | 71,991 | | | | | | 73,401 | | |
Delta Air Lines Inc / SkyMiles IP Ltd. | | | | | | | | | | | | | |
4.500%, due 10/20/25 | | | | | 100,000 | | | | | | 106,707 | | |
4.750%, due 10/20/28 | | | | | 55,000 | | | | | | 61,074 | | |
JetBlue 2019-1 Class AA Pass Through Trust Series 2019, 2.750%, due 5/15/32 | | | | | 84,513 | | | | | | 86,837 | | |
| | | | | | | | | | | 328,019 | | |
Apparel — 0.2% | | ||||||||||||
William Carter Co. (The) | | | | | | | | | | | | | |
5.500%, due 5/15/25 | | | | | 50,000 | | | | | | 52,313 | | |
Auto Manufacturers — 2.0% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
4.750%, due 1/15/43 | | | | | 45,000 | | | | | | 49,152 | | |
9.000%, due 4/22/25 | | | | | 125,000 | | | | | | 150,312 | | |
General Motors Co. | | | | | | | | | | | | | |
5.200%, due 4/1/45 | | | | | 90,000 | | | | | | 112,432 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
2.350%, due 1/8/31 | | | | | 80,000 | | | | | | 77,738 | | |
Nissan Motor Acceptance Co. LLC | | | | | | | | | | | | | |
1.125%, due 9/16/24 | | | | | 55,000 | | | | | | 54,565 | | |
1.850%, due 9/16/26 | | | | | 90,000 | | | | | | 87,836 | | |
| | | | | | | | | | | 532,035 | | |
Banks — 4.9% | | ||||||||||||
Bank of America Corp. | | | | | | | | | | | | | |
2.496%, (3-Month LIBOR + 0.99%) due 2/13/31(a) | | | | | 80,000 | | | | | | 80,333 | | |
2.572%, (SOFR + 1.21%) due 10/20/32(a) | | | | | 35,000 | | | | | | 35,071 | | |
4.250%, due 10/22/26 | | | | | 130,000 | | | | | | 143,901 | | |
Bank of New York Mellon Corp. (The) Series G, 4.700%, (US 5 Year CMT T-Note + 4.36%) due 9/20/70(a) | | | | | 50,000 | | | | | | 54,410 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
3.700%, due 1/12/26 | | | | | 110,000 | | | | | | 119,313 | | |
5.300%, due 5/6/44 | | | | | 60,000 | | | | | | 79,298 | | |
Series W, 4.000%, (US 5 Year CMT T-Note + 3.60%) due 3/10/70(a) | | | | | 70,000 | | | | | | 71,487 | | |
Series Y, 4.150%, (US 5 Year CMT T-Note + 3.00%) due 2/15/70(a) | | | | | 60,000 | | | | | | 60,210 | | |
First Horizon Bank | | | | | | | | | | | | | |
5.750%, due 5/1/30 | | | | | 90,000 | | | | | | 108,896 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Freedom Mortgage Corp. | | | | | | | | | | | | | |
7.625%, due 5/1/26 | | | | $ | 40,000 | | | | | $ | 39,000 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
2.182%, (SOFR + 1.89%) due 6/1/28(a) | | | | | 115,000 | | | | | | 115,700 | | |
Morgan Stanley | | | | | | | | | | | | | |
2.484%, (SOFR + 1.36%) due 9/16/36(a) | | | | | 50,000 | | | | | | 48,580 | | |
2.511%, (SOFR + 1.20%) due 10/20/32(a) | | | | | 25,000 | | | | | | 24,939 | | |
Series I, 0.864%, (SOFR + 0.75%) due 10/21/25(a) | | | | | 195,000 | | | | | | 192,974 | | |
PNC Financial Services Group, Inc. (The) | | | | | | | | | | | | | |
2.550%, due 1/22/30 | | | | | 80,000 | | | | | | 82,616 | | |
SVB Financial Group Series C, 4.000%, (US 5 Year CMT T-Note + 3.20%) due 8/15/70(a) | | | | | 50,000 | | | | | | 50,125 | | |
| | | | | | | | | | | 1,306,853 | | |
Beverages — 0.8% | | ||||||||||||
PepsiCo, Inc. | | | | | | | | | | | | | |
0.400%, due 10/7/23 | | | | | 200,000 | | | | | | 199,333 | | |
Biotechnology — 0.5% | | ||||||||||||
Biogen, Inc. | | | | | | | | | | | | | |
3.150%, due 5/1/50 | | | | | 60,000 | | | | | | 58,931 | | |
Gilead Sciences, Inc. | | | | | | | | | | | | | |
3.700%, due 4/1/24 | | | | | 70,000 | | | | | | 74,182 | | |
| | | | | | | | | | | 133,113 | | |
Building Materials — 0.7% | | ||||||||||||
Builders FirstSource, Inc. | | | | | | | | | | | | | |
5.000%, due 3/1/30 | | | | | 5,000 | | | | | | 5,281 | | |
Carrier Global Corp. | | | | | | | | | | | | | |
2.242%, due 2/15/25 | | | | | 85,000 | | | | | | 87,262 | | |
Owens Corning | | | | | | | | | | | | | |
4.400%, due 1/30/48 | | | | | 85,000 | | | | | | 101,058 | | |
| | | | | | | | | | | 193,601 | | |
Chemicals — 0.7% | | ||||||||||||
Huntsman International LLC | | | | | | | | | | | | | |
4.500%, due 5/1/29 | | | | | 105,000 | | | | | | 117,955 | | |
LYB International Finance III LLC | | | | | | | | | | | | | |
3.800%, due 10/1/60 | | | | | 50,000 | | | | | | 53,463 | | |
| | | | | | | | | | | 171,418 | | |
Commercial Services — 1.2% | | ||||||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | | | | | | | | | |
6.625%, due 7/15/26 | | | | | 45,000 | | | | | | 47,278 | | |
IHS Markit Ltd. | | | | | | | | | | | | | |
4.125%, due 8/1/23 | | | | | 85,000 | | | | | | 89,565 | | |
4.250%, due 5/1/29 | | | | | 75,000 | | | | | | 85,403 | | |
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 | | | | | 50,000 | | | | | | 49,250 | | |
United Rentals North America, Inc. | | | | | | | | | | | | | |
3.875%, due 2/15/31 | | | | | 50,000 | | | | | | 50,370 | | |
| | | | | | | | | | | 321,866 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Computers — 1.6% | | ||||||||||||
Apple, Inc. | | | | | | | | | | | | | |
2.700%, due 8/5/51 | | | | $ | 80,000 | | | | | $ | 79,709 | | |
Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
4.900%, due 10/1/26 | | | | | 130,000 | | | | | | 148,129 | | |
5.450%, due 6/15/23 | | | | | 100,000 | | | | | | 106,489 | | |
NCR Corp. | | | | | | | | | | | | | |
6.125%, due 9/1/29 | | | | | 65,000 | | | | | | 69,835 | | |
| | | | | | | | | | | 404,162 | | |
Cosmetics/Personal Care — 1.0% | | ||||||||||||
Edgewell Personal Care Co. | | | | | | | | | | | | | |
5.500%, due 6/1/28 | | | | | 80,000 | | | | | | 83,692 | | |
Procter & Gamble Co. (The) | | | | | | | | | | | | | |
2.150%, due 8/11/22 | | | | | 190,000 | | | | | | 192,749 | | |
| | | | | | | | | | | 276,441 | | |
Diversified Financial Services — 2.5% | | ||||||||||||
Aircastle Ltd. | | | | | | | | | | | | | |
5.250%, (US 5 Year CMT T-Note + 4.41%) due 9/15/70(a) | | | | | 70,000 | | | | | | 71,750 | | |
Ally Financial, Inc. | | | | | | | | | | | | | |
8.000%, due 11/1/31 | | | | | 140,000 | | | | | | 200,455 | | |
American Express Co. | | | | | | | | | | | | | |
3.000%, due 10/30/24 | | | | | 75,000 | | | | | | 79,306 | | |
Aviation Capital Group LLC | | | | | | | | | | | | | |
1.950%, due 1/30/26 | | | | | 150,000 | | | | | | 148,059 | | |
OneMain Finance Corp. | | | | | | | | | | | | | |
3.500%, due 1/15/27 | | | | | 85,000 | | | | | | 83,088 | | |
4.000%, due 9/15/30 | | | | | 50,000 | | | | | | 48,563 | | |
| | | | | | | | | | | 631,221 | | |
Electric — 0.7% | | ||||||||||||
Connecticut Light and Power Co. (The) | | | | | | | | | | | | | |
4.000%, due 4/1/48 | | | | | 50,000 | | | | | | 61,178 | | |
Pattern Energy Operations LP / Pattern Energy Operations, Inc. | | | | | | | | | | | | | |
4.500%, due 8/15/28 | | | | | 50,000 | | | | | | 51,750 | | |
PPL Electric Utilities Corp. | | | | | | | | | | | | | |
3.950%, due 6/1/47 | | | | | 55,000 | | | | | | 66,222 | | |
| | | | | | | | | | | 179,150 | | |
Engineering & Construction — 0.2% | | ||||||||||||
TopBuild Corp. | | | | | | | | | | | | | |
3.625%, due 3/15/29 | | | | | 50,000 | | | | | | 50,266 | | |
Environmental Control — 0.2% | | ||||||||||||
Clean Harbors, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/27 | | | | | 50,000 | | | | | | 52,062 | | |
Food — 0.6% | | ||||||||||||
Kraft Heinz Foods Co. | | | | | | | �� | | | | | | |
3.875%, due 5/15/27 | | | | | 30,000 | | | | | | 32,509 | | |
5.000%, due 7/15/35 | | | | | 25,000 | | | | | | 30,739 | | |
Sysco Corp. | | | | | | | | | | | | | |
3.300%, due 2/15/50 | | | | | 105,000 | | | | | | 109,532 | | |
| | | | | | | | | | | 172,780 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Healthcare-Products — 0.8% | | ||||||||||||
Abbott Laboratories | | | | | | | | | | | | | |
4.750%, due 11/30/36 | | | | $ | 70,000 | | | | | $ | 89,480 | | |
Hologic, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/29 | | | | | 90,000 | | | | | | 89,269 | | |
Teleflex, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/27 | | | | | 50,000 | | | | | | 51,813 | | |
| | | | | | | | | | | 230,562 | | |
Healthcare-Services — 0.2% | | ||||||||||||
Health Care Service Corp A Mutual Legal Reserve Co. | | | | | | | | | | | | | |
3.200%, due 6/1/50 | | | | | 35,000 | | | | | | 36,893 | | |
NYU Langone Hospitals Series 2020, 3.380%, due 7/1/55 | | | | | 30,000 | | | | | | 31,855 | | |
| | | | | | | | | | | 68,748 | | |
Home Builders — 0.3% | | ||||||||||||
Lennar Corp. | | | | | | | | | | | | | |
4.750%, due 11/29/27 | | | | | 80,000 | | | | | | 90,932 | | |
Housewares — 0.3% | | ||||||||||||
Newell Brands, Inc. | | | | | | | | | | | | | |
4.875%, due 6/1/25 | | | | | 75,000 | | | | | | 82,150 | | |
Insurance — 2.0% | | ||||||||||||
American International Group, Inc. | | | | | | | | | | | | | |
4.200%, due 4/1/28 | | | | | 75,000 | | | | | | 84,811 | | |
Equitable Holdings, Inc. | | | | | | | | | | | | | |
4.350%, due 4/20/28 | | | | | 120,000 | | | | | | 135,829 | | |
Hartford Financial Services Group, Inc. (The) Series ICON, 2.250%, (3-Month LIBOR + 2.13%) due 2/12/47(a) | | | | | 50,000 | | | | | | 48,500 | | |
Lincoln National Corp. | | | | | | | | | | | | | |
2.482%, (3-Month LIBOR + 2.36%) due 5/17/66(a) | | | | | 50,000 | | | | | | 45,000 | | |
Protective Life Corp. | | | | | | | | | | | | | |
8.450%, due 10/15/39 | | | | | 28,000 | | | | | | 44,451 | | |
Reliance Standard Life Global Funding II | | | | | | | | | | | | | |
2.500%, due 10/30/24 | | | | | 70,000 | | | | | | 72,451 | | |
Willis North America, Inc. | | | | | | | | | | | | | |
2.950%, due 9/15/29 | | | | | 80,000 | | | | | | 82,610 | | |
| | | | | | | | | | | 513,652 | | |
Internet — 0.2% | | ||||||||||||
VeriSign, Inc. | | | | | | | | | | | | | |
4.750%, due 7/15/27 | | | | | 50,000 | | | | | | 52,345 | | |
Lodging — 0.4% | | ||||||||||||
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
4.875%, due 1/15/30 | | | | | 95,000 | | | | | | 101,411 | | |
Media — 1.6% | | ||||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | | | | | | |
3.700%, due 4/1/51 | | | | | 50,000 | | | | | | 49,100 | | |
Comcast Corp. | | | | | | | | | | | | | |
3.750%, due 4/1/40 | | | | | 110,000 | | | | | | 123,241 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
Fox Corp. | | | | | | | | | | | | | |
5.576%, due 1/25/49 | | | | $ | 50,000 | | | | | $ | 68,596 | | |
Sirius XM Radio, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/30 | | | | | 65,000 | | | | | | 64,710 | | |
Time Warner Cable LLC | | | | | | | | | | | | | |
6.750%, due 6/15/39 | | | | | 85,000 | | | | | | 116,398 | | |
| | | | | | | | | | | 422,045 | | |
Mining — 0.2% | | ||||||||||||
Freeport-McMoRan, Inc. | | | | | | | | | | | | | |
5.450%, due 3/15/43 | | | | | 50,000 | | | | | | 62,900 | | |
Office/Business Equipment — 0.2% | | ||||||||||||
CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
3.250%, due 2/15/29 | | | | | 50,000 | | | | | | 50,700 | | |
Packaging & Containers — 0.5% | | ||||||||||||
Berry Global, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/26 | | | | | 65,000 | | | | | | 68,087 | | |
Sealed Air Corp. | | | | | | | | | | | | | |
5.125%, due 12/1/24 | | | | | 50,000 | | | | | | 53,875 | | |
| | | | | | | | | | | 121,962 | | |
Pharmaceuticals — 1.5% | | ||||||||||||
AbbVie, Inc. | | | | | | | | | | | | | |
4.050%, due 11/21/39 | | | | | 85,000 | | | | | | 97,659 | | |
Becton Dickinson and Co. | | | | | | | | | | | | | |
4.669%, due 6/6/47 | | | | | 75,000 | | | | | | 95,338 | | |
CVS Health Corp. | | | | | | | | | | | | | |
4.780%, due 3/25/38 | | | | | 65,000 | | | | | | 79,528 | | |
Viatris, Inc. | | | | | | | | | | | | | |
3.850%, due 6/22/40 | | | | | 50,000 | | | | | | 53,549 | | |
4.000%, due 6/22/50 | | | | | 50,000 | | | | | | 53,673 | | |
| | | | | | | | | | | 379,747 | | |
REITS — 1.8% | | ||||||||||||
Alexandria Real Estate Equities, Inc. | | | | | | | | | | | | | |
3.375%, due 8/15/31 | | | | | 45,000 | | | | | | 48,639 | | |
American Assets Trust LP | | | | | | | | | | | | | |
3.375%, due 2/1/31 | | | | | 50,000 | | | | | | 51,599 | | |
CyrusOne LP / CyrusOne Finance Corp. | | | | | | | | | | | | | |
2.900%, due 11/15/24 | | | | | 70,000 | | | | | | 73,100 | | |
Digital Realty Trust LP | | | | | | | | | | | | | |
3.600%, due 7/1/29 | | | | | 135,000 | | | | | | 146,965 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
4.875%, due 9/15/29 | | | | | 75,000 | | | | | | 77,482 | | |
Office Properties Income Trust | | | | | | | | | | | | | |
4.500%, due 2/1/25 | | | | | 50,000 | | | | | | 53,176 | | |
| | | | | | | | | | | 450,961 | | |
Retail — 2.2% | | ||||||||||||
AutoNation, Inc. | | | | | | | | | | | | | |
4.750%, due 6/1/30 | | | | | 110,000 | | | | | | 127,781 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
9.375%, due 7/1/25 | | | | | 26,000 | | | | | | 32,240 | | |
Group 1 Automotive, Inc. | | | | | | | | | | | | | |
4.000%, due 8/15/28 | | | | | 50,000 | | | | | | 50,010 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Retail (continued) | | ||||||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | | | | | | | | | | | | | |
4.750%, due 6/1/27 | | | | $ | 75,000 | | | | | $ | 77,625 | | |
Lowe’s Cos., Inc. | | | | | | | | | | | | | |
1.700%, due 9/15/28 | | | | | 65,000 | | | | | | 63,768 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.250%, due 8/1/31 | | | | | 75,000 | | | | | | 74,974 | | |
QVC, Inc. | | | | | | | | | | | | | |
4.375%, due 9/1/28 | | | | | 75,000 | | | | | | 76,688 | | |
Target Corp. | | | | | | | | | | | | | |
3.500%, due 7/1/24 | | | | | 70,000 | | | | | | 74,986 | | |
| | | | | | | | | | | 578,072 | | |
Semiconductors — 1.4% | | ||||||||||||
Broadcom, Inc. | | | | | | | | | | | | | |
3.500%, due 2/15/41 | | | | | 70,000 | | | | | | 69,440 | | |
5.000%, due 4/15/30 | | | | | 85,000 | | | | | | 98,631 | | |
NVIDIA Corp. | | | | | | | | | | | | | |
2.850%, due 4/1/30 | | | | | 95,000 | | | | | | 100,926 | | |
Texas Instruments, Inc. | | | | | | | | | | | | | |
1.375%, due 3/12/25 | | | | | 75,000 | | | | | | 75,639 | | |
| | | | | | | | | | | 344,636 | | |
Software — 1.2% | | ||||||||||||
Adobe, Inc. | | | | | | | | | | | | | |
1.900%, due 2/1/25 | | | | | 75,000 | | | | | | 76,777 | | |
Fair Isaac Corp. | | | | | | | | | | | | | |
4.000%, due 6/15/28 | | | | | 50,000 | | | | | | 50,500 | | |
Microsoft Corp. | | | | | | | | | | | | | |
3.625%, due 12/15/23 | | | | | 180,000 | | | | | | 190,169 | | |
| | | | | | | | | | | 317,446 | | |
Telecommunications — 4.0% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
2.550%, due 12/1/33 | | | | | 100,000 | | | | | | 97,117 | | |
3.500%, due 9/15/53 | | | | | 95,000 | | | | | | 96,509 | | |
Cisco Systems, Inc. | | | | | | | | | | | | | |
3.625%, due 3/4/24 | | | | | 70,000 | | | | | | 74,650 | | |
CommScope Technologies LLC | | | | | | | | | | | | | |
5.000%, due 3/15/27 | | | | | 85,000 | | | | | | 78,866 | | |
Crown Castle Towers LLC | | | | | | | | | | | | | |
3.720%, due 7/15/23 | | | | | 70,000 | | | | | | 71,541 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.400%, due 3/1/27 | | | | | 80,000 | | | | | | 83,399 | | |
3.750%, due 7/15/29 | | | | | 50,000 | | | | | | 47,250 | | |
Lumen Technologies, Inc. | | | | | | | | | | | | | |
4.000%, due 2/15/27 | | | | | 50,000 | | | | | | 50,250 | | |
Sprint Spectrum Co., LLC / Sprint Spectrum Co., II LLC / Sprint Spectrum Co., III LLC | | | | | | | | | | | | | |
4.738%, due 3/20/25 | | | | | 183,750 | | | | | | 193,856 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
2.625%, due 2/15/29 | | | | | 130,000 | | | | | | 128,863 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
4.000%, due 3/22/50 | | | | | 30,000 | | | | | | 34,400 | | |
4.016%, due 12/3/29 | | | | | 80,000 | | | | | | 89,655 | | |
| | | | | | | | | | | 1,046,356 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Transportation — 0.3% | | ||||||||||||
FedEx Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/50(c) | | | | $ | 50,000 | | | | | $ | 67,653 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $10,061,104) | | | | | | | | | | | 9,986,911 | | |
Foreign Bonds — 6.9% | | ||||||||||||
Banks — 3.6% | | ||||||||||||
BNP Paribas SA, (France) | | | | | | | | | | | | | |
4.625%, (US 5 Year CMT T-Note + 3.34%) due 8/25/70(a) | | | | | 70,000 | | | | | | 70,350 | | |
Credit Suisse Group AG, (Switzerland) | | | | | | | | | | | | | |
3.091%, (SOFR + 1.73%) due 5/14/32(a) | | | | | 75,000 | | | | | | 76,362 | | |
Deutsche Bank AG, (Germany) | | | | | | | | | | | | | |
3.729%, (SOFR + 2.76%) due 1/14/32(a) | | | | | 80,000 | | | | | | 82,003 | | |
Kreditanstalt fuer Wiederaufbau, (Germany) | | | | | | | | | | | | | |
2.500%, due 11/20/24 | | | | | 190,000 | | | | | | 199,453 | | |
Lloyds Banking Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.450%, due 5/8/25 | | | | | 95,000 | | | | | | 104,532 | | |
Natwest Group PLC, (United Kingdom) | | | | | | | | | | | | | |
5.125%, due 5/28/24 | | | | | 150,000 | | | | | | 163,839 | | |
Societe Generale SA, (France) | | | | | | | | | | | | | |
5.375%, (US 5 Year CMT T-Note + 4.51%) due 5/18/70(a) | | | | | 65,000 | | | | | | 69,062 | | |
Standard Chartered PLC, (United Kingdom) | | | | | | | | | | | | | |
4.750%, (US 5 Year CMT T-Note + 3.81%) due 7/14/70(a) | | | | | 70,000 | | | | | | 68,775 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
4.375%, (US 5 Year CMT T-Note + 3.31%) due 8/10/70(a) | | | | | 70,000 | | | | | | 69,528 | | |
| | | | | | | | | | | 903,904 | | |
Building Materials — 0.2% | | ||||||||||||
Cemex SAB de CV, (Mexico) | | | | | | | | | | | | | |
7.375%, due 6/5/27 | | | | | 60,000 | | | | | | 66,338 | | |
Diversified Financial Services — 0.3% | | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | | | | | | | | | | | | | |
3.300%, due 1/23/23 | | | | | 85,000 | | | | | | 87,459 | | |
Media — 0.2% | | ||||||||||||
Grupo Televisa S.A.B.,, (Mexico) | | | | | | | | | | | | | |
5.250%, due 5/24/49 | | | | | 40,000 | | | | | | 51,995 | | |
Multi-National — 1.5% | | ||||||||||||
Inter-American Development Bank, (Supranational) | | | | | | | | | | | | | |
0.875%, due 4/3/25 | | | | | 200,000 | | | | | | 199,611 | | |
International Bank for Reconstruction & Development, (Supranational) | | | | | | | | | | | | | |
0.625%, due 4/22/25 | | | | | 200,000 | | | | | | 197,748 | | |
| | | | | | | | | | | 397,359 | | |
Pharmaceuticals — 0.6% | | ||||||||||||
AstraZeneca PLC, (United Kingdom) | | | | | | | | | | | | | |
0.700%, due 4/8/26 | | | | | 80,000 | | | | | | 77,704 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Pharmaceuticals (continued) | | ||||||||||||
Teva Pharmaceutical Finance Netherlands III BV, (Israel) | | | | | | | | | | | | | |
3.150%, due 10/1/26 | | | | $ | 100,000 | | | | | $ | 94,250 | | |
| | | | | | | | | | | 171,954 | | |
Semiconductors — 0.1% | | ||||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc., (China) | | | | | | | | | | | | | |
3.400%, due 5/1/30 | | | | | 35,000 | | | | | | 37,614 | | |
Telecommunications — 0.4% | | ||||||||||||
Vodafone Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.250%, due 9/17/50 | | | | | 85,000 | | | | | | 99,636 | | |
Total Foreign Bonds | | | | | | | | | | | | | |
(Cost $1,824,700) | | | | | | | | | | | 1,816,259 | | |
Foreign Government Obligation — 0.2% | | ||||||||||||
Mexico Government International Bond, (Mexico) | | | | | | | | | | | | | |
2.659%, due 5/24/31 | | | | | | | | | | | | | |
(Cost $58,730) | | | | | 60,000 | | | | | | 57,906 | | |
U.S. Treasury Bonds — 8.4% | | ||||||||||||
U.S. Treasury Bond, 1.750%, due 8/15/41 | | | | | 1,060,000 | | | | | | 1,020,416 | | |
U.S. Treasury Bond, 2.000%, due 8/15/51 | | | | | 1,140,000 | | | | | | 1,156,209 | | |
U.S. Treasury Bond, 4.500%, due 5/15/38 | | | | | 20,000 | | | | | | 27,902 | | |
| | | | | | | | | | | 2,204,527 | | |
Total U.S. Treasury Bonds | | | | | | | | | | | | | |
(Cost $2,227,143) | | | | | | | | | | | 2,204,527 | | |
U.S. Treasury Inflation Indexed Note — 1.2% | | ||||||||||||
U.S. Treasury Inflation Indexed Bonds, 0.125%, due 7/15/30 | | | | | | | | | | | | | |
(Cost $298,310) | | | | | 255,000 | | | | | | 302,727 | | |
U.S. Treasury Notes — 10.7% | | ||||||||||||
U.S. Treasury Note, 0.375%, due 10/31/23 | | | | | 2,360,000 | | | | | | 2,354,377 | | |
U.S. Treasury Note, 1.125%, due 10/31/26 | | | | | 285,000 | | | | | | 284,065 | | |
U.S. Treasury Note, 1.250%, due 8/15/31 | | | | | 45,000 | | | | | | 43,727 | | |
U.S. Treasury Note, 1.375%, due 10/31/28 | | | | | 120,000 | | | | | | 119,306 | | |
| | | | | | | | | | | 2,801,475 | | |
Total U.S. Treasury Notes | | | | | | | | | | | | | |
(Cost $2,800,340) | | | | | | | | | | | 2,801,475 | | |
United States Government Agency Mortgage-Backed Securities — 7.7% | | ||||||||||||
Mortgage Securities — 7.7% | | ||||||||||||
Fannie Mae Pool | | | | | | | | | | | | | |
2.000%, due 7/1/36 | | | | | 370,864 | | | | | | 380,863 | | |
2.000%, due 7/1/51 | | | | | 98,151 | | | | | | 98,207 | | |
2.500%, due 8/1/51 | | | | | 79,265 | | | | | | 81,710 | | |
3.000%, due 6/1/51 | | | | | 133,461 | | | | | | 140,016 | | |
Federal National Mortgage Association | | | | | | | | | | | | | |
2.000%, due 7/1/51 | | | | | 161,940 | | | | | | 162,032 | | |
Freddie Mac Pool | | | | | | | | | | | | | |
2.500%, due 5/1/51 | | | | | 374,186 | | | | | | 384,704 | | |
2.500%, due 10/1/51 | | | | | 40,000 | | | | | | 41,111 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
3.000%, due 12/1/49 | | | | $ | 310,026 | | | | | $ | 324,016 | | |
FREMF 2018-K86 Mortgage Trust Series 2018-K86, 4.293%, due 11/25/51(a)(b) | | | | | 75,000 | | | | | | 82,068 | | |
FREMF 2019-K102 Mortgage Trust Series 2019-K102, 3.530%, due 12/25/51(a)(b) | | | | | 85,000 | | | | | | 87,914 | | |
FREMF 2019-K87 Mortgage Trust Series 2019-K87, 4.322%, due 1/25/51(a)(b) | | | | | 35,000 | | | | | | 38,340 | | |
FREMF 2019-K95 Mortgage Trust Series 2019-K95, 3.919%, due 8/25/52(a)(b) | | | | | 50,000 | | | | | | 53,584 | | |
FREMF 2019-K98 Mortgage Trust Series 2019-K98, 3.737%, due 10/25/52(a)(b) | | | | | 85,000 | | | | | | 90,041 | | |
FREMF 2020-K104 Mortgage Trust Series 2020-K104, 3.539%, due 2/25/52(a)(b) | | | | | 50,000 | | | | | | 51,577 | | |
| | | | | | | | | | | 2,016,183 | | |
Total United States Government Agency Mortgage-Backed Securities (Cost $2,034,727) | | | | | | | | | | | 2,016,183 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 4.1% | | ||||||||||||
Money Market Fund — 4.1% | | ||||||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%(d) | | | | | | | | | | | | | |
(Cost $1,083,129) | | | | | 1,083,129 | | | | | $ | 1,083,129 | | |
Total Investments — 99.4% | | | | | | | | | | | | | |
(Cost $26,223,742) | | | | | | | | | | | 26,056,216 | | |
Other Assets and Liabilities, Net — 0.6% | | | | | | | | | | | 140,002 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 26,196,218 | | |
| CMT | | | — | | | 1 year Constant Maturity Treasury Index | |
| FREMF | | | — | | | Freddie Mac Multifamily Securities | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| SOFR | | | — | | | Secured Financing Overnight Rate | |
Type | | | Broker | | | Expiration Date | | | Number of Contracts Purchased (Sold) | | | Notional Value at Trade Date | | | Notional Value at October 31, 2021 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 2 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | December 2021 | | | | | 3 | | | | | $ | 660,122 | | | | | $ | 657,750 | | | | | $ | (2,372) | | |
U.S. 5 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | December 2021 | | | | | 6 | | | | | | 739,076 | | | | | | 730,500 | | | | | | (8,576) | | |
U.S. Long Bond (CBT) | | | Citigroup Global Markets Inc. | | | December 2021 | | | | | 3 | | | | | | 484,265 | | | | | | 482,531 | | | | | | (1,734) | | |
U.S. Ultra Bond (CBT) | | | Citigroup Global Markets Inc. | | | December 2021 | | | | | 1 | | | | | | 191,596 | | | | | | 196,407 | | | | | | 4,811 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (7,871) | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations | | | | $ | — | | | | | $ | 2,096,148 | | | | | $ | — | | | | | $ | 2,096,148 | | |
Commercial Asset-Backed Securities | | | | | — | | | | | | 1,950,058 | | | | | | — | | | | | | 1,950,058 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 1,740,893 | | | | | | — | | | | | | 1,740,893 | | |
Corporate Bonds | | | | | — | | | | | | 9,986,911 | | | | | | — | | | | | | 9,986,911 | | |
Foreign Bonds | | | | | — | | | | | | 1,816,259 | | | | | | — | | | | | | 1,816,259 | | |
Foreign Government Obligation | | | | | — | | | | | | 57,906 | | | | | | — | | | | | | 57,906 | | |
U.S. Treasury Bonds | | | | | — | | | | | | 2,204,527 | | | | | | — | | | | | | 2,204,527 | | |
U.S. Treasury Inflation Indexed Note | | | | | — | | | | | | 302,727 | | | | | | — | | | | | | 302,727 | | |
U.S. Treasury Notes | | | | | — | | | | | | 2,801,475 | | | | | | — | | | | | | 2,801,475 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 2,016,183 | | | | | | — | | | | | | 2,016,183 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 1,083,129 | | | | | | — | | | | | | — | | | | | | 1,083,129 | | |
Total Investments in Securities | | | | | 1,083,129 | | | | | | 24,973,087 | | | | | | — | | | | | | 26,056,216 | | |
Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | 4,811 | | | | | | — | | | | | | — | | | | | | 4,811 | | |
Total Investments in Securities and Other Financial Instruments | | | | $ | 1,087,940 | | | | | $ | 24,973,087 | | | | | $ | — | | | | | $ | 26,061,027 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | $ | (12,682) | | | | | $ | — | | | | | $ | — | | | | | $ | (12,682) | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 83.3% | | ||||||||||||
Collateralized Mortgage Obligation — 0.4% | | ||||||||||||
Mortgage Securities — 0.4% | | ||||||||||||
Fannie Mae Interest Strip(a) 0.000%, due 6/25/39 (Cost $828,149) | | | | $ | 882,830 | | | | | $ | 807,628 | | |
Commercial Asset-Backed Securities — 24.3% | | ||||||||||||
Asset Backed Securities — 24.3% | | ||||||||||||
522 Funding CLO 2019-4 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-4A BR, 1.732%, (3-Month LIBOR + 1.60%) due 4/20/30(b) | | | | | 1,000,000 | | | | | | 1,000,046 | | |
522 Funding CLO 2020-6 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-6A B, 1.924%, (3-Month LIBOR + 1.80%) due 10/23/33(b) | | | | | 1,000,000 | | | | | | 1,000,432 | | |
Apidos CLO, (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-20A A1RA, 1.222%, (3-Month LIBOR + 1.10%) due 7/16/31(b) | | | | | 300,000 | | | | | | 300,006 | | |
Series XXXA A2, 1.722%, (3-Month LIBOR + 1.60%) due 10/18/31(b) | | | | | 1,250,000 | | | | | | 1,251,362 | | |
Aqua Finance Trust 2020-A | | | | | | | | | | | | | |
Series 2020-AA A, 1.900%, due 7/17/46 | | | | | 626,483 | | | | | | 629,131 | | |
Aqua Finance Trust 2021-A | | | | | | | | | | | | | |
Series 2021-A A, 1.540%, due 7/17/46 | | | | | 1,350,000 | | | | | | 1,339,832 | | |
Ares XXXVIII CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-38A BR, 1.532%, (3-Month LIBOR + 1.40%) due 4/20/30(b) | | | | | 1,000,000 | | | | | | 991,407 | | |
Battalion Clo 17 Ltd. | | | | | | | | | | | | | |
Series 2021-17A A1, 1.392%, (3-Month LIBOR + 1.26%) due 3/9/34(b) | | | | | 1,000,000 | | | | | | 1,002,803 | | |
Bean Creek CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-1A AR, 1.152%, (3-Month LIBOR + 1.02%) due 4/20/31(b) | | | | | 650,000 | | | | | | 650,104 | | |
Canyon CLO 2020-1 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-1A BR, 1.824%, (3-Month LIBOR + 1.70%) due 7/15/34(b) | | | | | 410,000 | | | | | | 410,348 | | |
Carlyle Global Market Strategies CLO 2013-3 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2013-3A A1AR, 1.224%, (3-Month LIBOR + 1.10%) due 10/15/30(b) | | | | | 993,863 | | | | | | 993,906 | | |
Series 2013-3A A2R, 1.524%, (3-Month LIBOR + 1.40%) due 10/15/30(b) | | | | | 1,575,000 | | | | | | 1,574,254 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
CARLYLE US CLO 2021-1 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-1A A1, 1.264%, (3-Month LIBOR + 1.14%) due 4/15/34(b) | | | | $ | 1,000,000 | | | | | $ | 999,998 | | |
Cedar Funding VII Clo Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-7A B, 1.532%, (3-Month LIBOR + 1.40%) due 1/20/31(b) | | | | | 1,500,000 | | | | | | 1,500,135 | | |
Cedar Funding XI Clo Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-11A A1R, 1.171%, (3-Month LIBOR + 1.05%) due 5/29/32(b) | | | | | 590,000 | | | | | | 590,034 | | |
Cedar Funding XII CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-12A A1R, %, (3-Month LIBOR + 1.13%) due 10/25/34(b) | | | | | 900,000 | | | | | | 900,000 | | |
Series 2020-12A A, 1.394%, (3-Month LIBOR + 1.27%) due 10/25/32(b) | | | | | 700,000 | | | | | | 700,221 | | |
Cook Park CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-1A B, 1.522%, (3-Month LIBOR + 1.40%) due 4/17/30(b) | | | | | 1,000,000 | | | | | | 1,000,092 | | |
Dewolf Park CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-1A BR, 1.570%, (3-Month LIBOR + 1.45%) due 10/15/30(b) | | | | | 1,000,000 | | | | | | 1,000,044 | | |
EDvestinU Private Education Loan Issue No 3 LLC | | | | | | | | | | | | | |
Series 2021-A A, 1.800%, due 11/25/45 | | | | | 1,054,167 | | | | | | 1,043,701 | | |
Elmwood CLO VI Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-3A AR, 1.284%, (3-Month LIBOR + 1.16%) due 10/20/34(b) | | | | | 1,000,000 | | | | | �� | 1,000,391 | | |
FirstKey Homes 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.266%, due 10/19/37 | | | | | 997,155 | | | | | | 983,527 | | |
Galaxy XIX CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-19A A2RR, 1.524%, (3-Month LIBOR + 1.40%) due 7/24/30(b) | | | | | 1,000,000 | | | | | | 1,000,143 | | |
Galaxy XXI CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-21A BR, 1.482%, (3-Month LIBOR + 1.35%) due 4/20/31(b) | | | | | 1,000,000 | | | | | | 998,996 | | |
Greenwood Park CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-1A A2, 1.134%, (3-Month LIBOR + 1.01%) due 4/15/31(b) | | | | | 1,100,000 | | | | | | 1,100,743 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
HPS Loan Management 15-2019 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 15A-19 A1, 1.448%, (3-Month LIBOR + 1.32%) due 7/22/32(b) | | | | $ | 500,000 | | | | | $ | 501,243 | | |
Kayne CLO 10 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-10A A, 1.340%, (3-Month LIBOR + 1.17%) due 4/23/34(b) | | | | | 1,000,000 | | | | | | 1,002,082 | | |
Magnetite XVIII Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2016-18A AR, 1.205%, (3-Month LIBOR + 1.08%) due 11/15/28(b) | | | | | 250,000 | | | | | | 250,005 | | |
Magnetite XXVIII Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-28A A, 1.394%, (3-Month LIBOR + 1.27%) due 10/25/31(b) | | | | | 1,000,000 | | | | | | 1,000,730 | | |
Magnetite XXXI Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-31A A1, 1.209%, (3-Month LIBOR + 1.10%) due 7/15/34(b) | | | | | 1,200,000 | | | | | | 1,200,402 | | |
Neuberger Berman Loan Advisers CLO 32 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-32A BR, 1.524%, (3-Month LIBOR + 1.40%) due 1/20/32(b) | | | | | 1,500,000 | | | | | | 1,495,176 | | |
Neuberger Berman Loan Advisers CLO 37 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-37A BR, 1.582%, (3-Month LIBOR + 1.45%) due 7/20/31(b) | | | | | 1,000,000 | | | | | | 1,000,182 | | |
Oak Hill Credit Partners, (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-8A A, 1.312%, (3-Month LIBOR + 1.19%) due 1/18/34(b) | | | | | 1,250,000 | | | | | | 1,251,838 | | |
Oaktree CLO 2015-1 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-1A A2BR, 1.482%, (3-Month LIBOR + 1.35%) due 10/20/27(b) | | | | | 500,000 | | | | | | 500,137 | | |
Oaktree CLO 2020-1 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-1A BR, 1.774%, (3-Month LIBOR + 1.65%) due 7/15/34(b) | | | | | 1,000,000 | | | | | | 1,000,508 | | |
Octagon Investment Partners 30 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-1A A1R, 1.132%, (3-Month LIBOR + 1.00%) due 3/17/30(b) | | | | | 1,250,000 | | | | | | 1,251,409 | | |
Octagon Investment Partners 31 LLC, (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-1A B1R, 1.632%, (3-Month LIBOR + 1.50%) due 7/20/30(b) | | | | | 1,500,000 | | | | | | 1,500,141 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Octagon Investment Partners 51 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-1A A, 1.282%, (3-Month LIBOR + 1.15%) due 7/20/34(b) | | | | $ | 1,000,000 | | | | | $ | 1,001,721 | | |
Palmer Square CLO 2014-1 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2014-1A A2R2, 1.572%, (3-Month LIBOR + 1.45%) due 1/17/31(b) | | | | | 1,150,000 | | | | | | 1,148,439 | | |
Palmer Square CLO 2021-2 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-2A A, 1.274%, (3-Month LIBOR + 1.15%) due 7/15/34(b) | | | | | 1,000,000 | | | | | | 1,001,198 | | |
Palmer Square Loan Funding 2019-2 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-2A A1, 1.102%, (3-Month LIBOR + 0.97%) due 4/20/27(b) | | | | | 115,859 | | | | | | 115,898 | | |
Palmer Square Loan Funding 2019-4 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-4A A2, 1.724%, (3-Month LIBOR + 1.60%) due 10/24/27(b) | | | | | 1,000,000 | | | | | | 1,000,673 | | |
Palmer Square Loan Funding 2021-3 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-3A A2, 1.571%, (3-Month LIBOR + 1.40%) due 7/20/29(b) | | | | | 1,000,000 | | | | | | 1,000,476 | | |
Palmer Square Loan Funding Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-3A A2, 1.731%, (3-Month LIBOR + 1.60%) due 8/20/27(b) | | | | | 300,000 | | | | | | 300,093 | | |
Park Avenue Institutional Advisers CLO Ltd. 2018-1, (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-1A A2R, 1.732%, (3-Month LIBOR + 1.60%) due 10/20/31(b) | | | | | 700,000 | | | | | | 700,079 | | |
Park Avenue Institutional Advisers CLO Ltd. 2021-1, (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-1A A1A, 1.522%, (3-Month LIBOR + 1.39%) due 1/20/34(b) | | | | | 1,000,000 | | | | | | 1,002,460 | | |
Regatta XIV Funding Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-3A A, 1.314%, (3-Month LIBOR + 1.19%) due 10/25/31(b) | | | | | 1,000,000 | | | | | | 1,000,170 | | |
Romark CLO IV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-4A A1, 1.320%, (3-Month LIBOR + 1.17%) due 7/10/34(b) | | | | | 1,000,000 | | | | | | 1,000,632 | | |
Shackleton 2019-XIV Clo Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-14A A1R, 1.332%, (3-Month LIBOR + 1.20%) due 7/20/34(b) | | | | | 1,000,000 | | | | | | 1,000,515 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Silver Creek CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2014-1A AR, 1.372%, (3-Month LIBOR + 1.24%) due 7/20/30(b) | | | | $ | 1,231,736 | | | | | $ | 1,232,909 | | |
Sixth Street CLO XVII Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-17A A, 1.372%, (3-Month LIBOR + 1.24%) due 1/20/34(b) | | | | | 1,500,000 | | | | | | 1,503,320 | | |
TICP CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-10A A, 1.132%, (3-Month LIBOR + 1.00%) due 4/20/31(b) | | | | | 300,000 | | | | | | 299,912 | | |
TICP CLO XV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-15A A, 1.412%, (3-Month LIBOR + 1.28%) due 4/20/33(b) | | | | | 1,000,000 | | | | | | 1,001,339 | | |
Treman Park CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-1A ARR, 1.202%, (3-Month LIBOR + 1.07%) due 10/20/28(b) | | | | | 330,436 | | | | | | 330,489 | | |
TRESTLES CLO II Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-2A A2, 1.794%, (3-Month LIBOR + 1.67%) due 7/25/31(b) | | | | | 275,000 | | | | | | 275,093 | | |
Trestles Clo IV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-4A A, 1.290%, (3-Month LIBOR + 1.17%) due 7/21/34(b) | | | | | 1,400,000 | | | | | | 1,399,182 | | |
Vantage Data Centers LLC | | | | | | | | | | | | | |
Series 2020-1A A2, 1.645%, due 9/15/45 | | | ��� | | 1,260,000 | | | | | | 1,245,537 | | |
Voya CLO 2021-2 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-2A A, 1.270%, (3-Month LIBOR + 1.15%) due 10/20/34(b) | | | | | 1,100,000 | | | | | | 1,100,273 | | |
Wellfleet CLO 2017-3 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-3A A2, 1.622%, (3-Month LIBOR + 1.50%) due 1/17/31(b) | | | | | 1,000,000 | | | | | | 997,374 | | |
Wellfleet CLO 2021-2 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-2A A1, 1.324%, (3-Month LIBOR + 1.20%) due 7/15/34(b) | | | | | 933,333 | | | | | | 933,804 | | |
| | | | | | | | | | | 56,507,095 | | |
Total Commercial Asset-Backed Securities (Cost $56,483,478) | | | | | | | | | | | 56,507,095 | | |
Commercial Mortgage-Backed Securities — 3.7% | | ||||||||||||
Mortgage Securities — 3.7% | | ||||||||||||
BFLD Trust | | | | | | | | | | | | | |
Series 2021-FPM A, 1.691%, (1-Month LIBOR + 1.60%) due 6/15/38(b) | | | | | 1,000,000 | | | | | | 999,698 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
BWAY 2013-1515 Mortgage Trust | | | | | | | | | | | | | |
Series 2013-1515 A2, 3.454%, due 3/10/33 | | | | $ | 1,400,000 | | | | | $ | 1,479,880 | | |
CAMB Commercial Mortgage Trust | | | | | | | | | | | | | |
Series 2019-LIFE A, 1.160%, (1-Month LIBOR + 1.07%) due 12/15/37(b) | | | | | 500,000 | | | | | | 500,001 | | |
COMM 2013-SFS Mortgage Trust | | | | | | | | | | | | | |
Series 2013-SFS A2, 2.987%, due 4/12/35(b)(c) | | | | | 1,250,000 | | | | | | 1,272,322 | | |
GS Mortgage Securities Corp. II | | | | | | | | | | | | | |
Series 2012-BWTR A, 2.954%, due 11/5/34 | | | | | 1,250,000 | | | | | | 1,264,733 | | |
GS Mortgage Securities Corp. Trust 2012-ALOHA | | | | | | | | | | | | | |
Series 2012-ALOH A, 3.551%, due 4/10/34 | | | | | 1,000,000 | | | | | | 1,005,757 | | |
Houston Galleria Mall Trust 2015-HGLR | | | | | | | | | | | | | |
Series 2015-HGLR A1A1, 3.087%, due 3/5/37 | | | | | 1,000,000 | | | | | | 1,035,249 | | |
Queens Center Mortgage Trust 2013-QC | | | | | | | | | | | | | |
Series 2013-QCA A, 3.275%, due 1/11/37 | | | | | 1,000,000 | | | | | | 1,035,660 | | |
| | | | | | | | | | | 8,593,300 | | |
Total Commercial Mortgage-Backed Securities (Cost $8,663,845) | | | | | | | | | | | 8,593,300 | | |
Corporate Bonds — 29.7% | | ||||||||||||
Basic Materials — 0.9% | | ||||||||||||
International Flavors & Fragrances, Inc. | | | | | | | | | | | | | |
1.230%, due 10/1/25 | | | | | 425,000 | | | | | | 419,715 | | |
Steel Dynamics, Inc. | | | | | | | | | | | | | |
2.400%, due 6/15/25 | | | | | 1,575,000 | | | | | | 1,622,835 | | |
| | | | | | | | | | | 2,042,550 | | |
Communications — 3.3% | | ||||||||||||
Discovery Communications LLC | | | | | | | | | | | | | |
3.800%, due 3/13/24 | | | | | 1,525,000 | | | | | | 1,617,355 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
1.500%, due 2/15/26 | | | | | 1,950,000 | | | | | | 1,937,052 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
0.839%, (SOFR + 0.79%) due 3/20/26(b) | | | | | 3,925,000 | | | | | | 3,994,119 | | |
| | | | | | | | | | | 7,548,526 | | |
Consumer, Cyclical — 2.9% | | ||||||||||||
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.087%, due 1/9/23 | | | | | 200,000 | | | | | | 203,440 | | |
3.664%, due 9/8/24 | | | | | 325,000 | | | | | | 336,375 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
1.050%, due 3/8/24 | | | | | 1,922,000 | | | | | | 1,917,873 | | |
Hyundai Capital America | | | | | | | | | | | | | |
1.300%, due 1/8/26 | | | | | 2,425,000 | | | | | | 2,364,807 | | |
Nissan Motor Acceptance Co. LLC | | | | | | | | | | | | | |
1.125%, due 9/16/24 | | | | | 1,750,000 | | | | | | 1,736,161 | | |
| | | Principal Amount | | | Value | | | | ||||||||||
Corporate Bonds (continued) | | | | ||||||||||||||||
Consumer, Cyclical (continued) | | | | ||||||||||||||||
Ralph Lauren Corp. | | | | | | | | | | | | | | | | ||||
1.700%, due 6/15/22 | | | | $ | 225,000 | | | | | $ | 226,858 | | | | | ||||
| | | | | | | | | | | 6,785,514 | | | | | ||||
Consumer, Non-cyclical — 1.0% | | | | | | | | ||||||||||||
Avery Dennison Corp. | | | | | | | | | | | | | | | | ||||
0.850%, due 8/15/24 | | | | | 2,250,000 | | | | | | 2,234,826 | | | | | ||||
Energy — 1.6% | | | | | | | | ||||||||||||
Pioneer Natural Resources Co. | | | | | | | | | | | | | | | | ||||
0.550%, due 5/15/23 | | | | | 2,400,000 | | | | | | 2,392,394 | | | | | ||||
Valero Energy Corp. | | | | | | | | | | | | | | | | ||||
2.850%, due 4/15/25 | | | | | 1,325,000 | | | | | | 1,384,965 | | | | | ||||
| | | | | | | | | | | 3,777,359 | | | | | ||||
Financial — 9.9% | | | | | | | | ||||||||||||
Air Lease Corp. | | | | | | | | | | | | | | | | ||||
0.800%, due 8/18/24 | | | | | 2,200,000 | | | | | | 2,164,004 | | | | | ||||
Aircastle Ltd. | | | | | | | | | | | | | | | | ||||
2.850%, due 1/26/28 | | | | | 1,100,000 | | | | | | 1,107,588 | | | | | ||||
Ares Finance Co. LLC | | | | | | | | | | | | | | | | ||||
4.000%, due 10/8/24 | | | | | 1,640,000 | | | | | | 1,728,811 | | | | | ||||
Bank of America Corp. | | | | | | | | | | | | | | | | ||||
4.200%, due 8/26/24 | | | | | 2,400,000 | | | | | | 2,596,581 | | | | | ||||
Citigroup, Inc. | | | | | | | | | | | | | | | | ||||
1.550%, (3-Month LIBOR + 1.43%) due 9/1/23(b) | | | | | 4,000,000 | | | | | | 4,040,733 | | | | | ||||
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | | | | ||||
1.124%, (3-Month LIBOR + 1.00%) due 7/24/23(b) | | | | | 4,250,000 | | | | | | 4,270,855 | | | | | ||||
J.P. Morgan Chase & Co. | | | | | | | | | | | | | | | | ||||
3.875%, due 9/10/24 | | | | | 2,250,000 | | | | | | 2,418,932 | | | | | ||||
Morgan Stanley | | | | | | | | | | | | | | | | ||||
4.100%, due 5/22/23 | | | | | 2,500,000 | | | | | | 2,627,194 | | | | | ||||
National Retail Properties, Inc. | | | | | | | | | | | | | | | | ||||
3.900%, due 6/15/24 | | | | | 900,000 | | | | | | 958,708 | | | | | ||||
Principal Life Global Funding II | | | | | | | | | | | | | | | | ||||
0.429%, (SOFR + 0.38%) due 8/23/24(b) | | | | | 1,025,000 | | | | | | 1,026,745 | | | | | ||||
| | | | | | | | | | | 22,940,151 | | | | | ||||
Industrial — 2.4% | | | | | | | | ||||||||||||
Boeing Co. (The) | | | | | | | | | | | | | | | | ||||
1.167%, due 2/4/23 | | | | | 750,000 | | | | | | 750,842 | | | | | ||||
1.950%, due 2/1/24 | | | | | 1,375,000 | | | | | | 1,400,220 | | | | | ||||
2.700%, due 5/1/22 | | | | | 450,000 | | | | | | 454,511 | | | | | ||||
Flex Ltd. | | | | | | | | | | | | | | | | ||||
3.750%, due 2/1/26 | | | | | 875,000 | | | | | | 940,408 | | | | | ||||
Ryder System, Inc. | | | | | | | | | | | | | | | | ||||
2.500%, due 9/1/24 | | | | | 2,075,000 | | | | | | 2,154,680 | | | | | ||||
| | | | | | | | | | | 5,700,661 | | | | | ||||
Technology — 2.0% | | | | | | | | ||||||||||||
Skyworks Solutions, Inc. | | | | | | | | | | | | | | | | ||||
0.900%, due 6/1/23 | | | | | 2,225,000 | | | | | | 2,225,314 | | | | | ||||
VMware, Inc. | | | | | | | | | | | | | | | | ||||
1.000%, due 8/15/24 | | | | | 2,300,000 | | | | | | 2,302,910 | | | | | ||||
| | | | | | | | | | | 4,528,224 | | | | | ||||
|
| | | Principal Amount | | | Value | | | | ||||||||||
Corporate Bonds (continued) | | | | ||||||||||||||||
Utilities — 5.7% | | | | | | | | ||||||||||||
CenterPoint Energy Resources Corp. | | | | | | | | | | | | | | | | ||||
0.700%, due 3/2/23 | | | | $ | 1,000,000 | | | | | $ | 997,209 | | | | | ||||
CenterPoint Energy, Inc. | | | | | | | | | | | | | | | | ||||
0.699%, (SOFR + 0.65%) due 5/13/24(b) | | | | | 1,725,000 | | | | | | 1,726,631 | | | | | ||||
Entergy Louisiana LLC | | | | | | | | | | | | | | | | ||||
0.620%, due 11/17/23 | | | | | 850,000 | | | | | | 848,488 | | | | | ||||
Eversource Energy | | | | | | | | | | | | | | | | ||||
Series T, 0.299%, (SOFR + 0.25%) due 8/15/23(b) | | | | | 2,250,000 | | | | | | 2,246,355 | | | | | ||||
NextEra Energy Capital Holdings, Inc. | | | | | | | | | | | | | | | | ||||
0.450%, (SOFR + 0.40%) due 11/3/23(b) | | | | | 2,000,000 | | | | | | 2,001,140 | | | | | ||||
OGE Energy Corp. | | | | | | | | | | | | | | | | ||||
0.703%, due 5/26/23 | | | | | 2,000,000 | | | | | | 1,996,265 | | | | | ||||
Pacific Gas and Electric Co. | | | | | | | | | | | | | | | | ||||
1.750%, due 6/16/22 | | | | | 1,700,000 | | | | | | 1,695,923 | | | | | ||||
Southern California Edison Co. | | | | | | | | | | | | | | | | ||||
1.100%, due 4/1/24 | | | | | 1,875,000 | | | | | | 1,879,163 | | | | | ||||
| | | | | | | | | | | 13,391,174 | | | | | ||||
Total Corporate Bonds | | | | | | | | | | | | | | | | ||||
(Cost $69,148,187) | | | | | | | | | | | 68,948,985 | | | | | ||||
Foreign Bonds — 16.6% | | | | ||||||||||||||||
Basic Materials — 1.1% | | | | ||||||||||||||||
Nutrien Ltd., (Canada) | | | | | | | | | | | | | | | | ||||
1.900%, due 5/13/23 | | | | | 1,375,000 | | | | | | 1,397,646 | | | | | ||||
3.625%, due 3/15/24 | | | | | 1,125,000 | | | | | | 1,188,243 | | | | | ||||
| | | | | | | | | | | 2,585,889 | | | | | ||||
Communications — 0.2% | | | | | | | | ||||||||||||
Thomson Reuters Corp., (Canada) | | | | | | | | | | | | | | | | ||||
3.850%, due 9/29/24 | | | | | 475,000 | | | | | | 508,049 | | | | | ||||
Consumer, Cyclical — 1.1% | | | | ||||||||||||||||
Volkswagen Group of America Finance LLC, (Germany) | | | | | | | | | | | | | | | | ||||
1.250%, due 11/24/25 | | | | | 2,500,000 | | | | | | 2,460,877 | | | | | ||||
Consumer, Non-cyclical — 0.9% | | | | ||||||||||||||||
Bayer US Finance II LLC, (Germany) | | | | | | | | | | | | | | | | ||||
3.875%, due 12/15/23 | | | | | 2,025,000 | | | | | | 2,137,850 | | | | | ||||
Financial — 12.7% | | | | | | | | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | | | | | | | | | | | | | | | | ||||
1.650%, due 10/29/24 | | | | | 2,450,000 | | | | | | 2,455,522 | | | | | ||||
Antares Holdings LP, (Canada) | | | | | | | | | | | | | | | | ||||
3.950%, due 7/15/26 | | | | | 550,000 | | | | | | 573,291 | | | | | ||||
BNP Paribas SA, (France) | | | | | | | | | | | | | | | | ||||
4.250%, due 10/15/24 | | | | | 2,125,000 | | | | | | 2,317,376 | | | | | ||||
BOC Aviation USA Corp., (Singapore) | | | | | | | | | | | | | | | | ||||
1.625%, due 4/29/24 | | | | | 1,125,000 | | | | | | 1,126,973 | | | | | ||||
Credit Agricole SA/London, (France) | | | | | | | | | | | | | | | | ||||
1.907%, (SOFR + 1.68%) due 6/16/26(b) | | | | | 2,300,000 | | | | | | 2,322,575 | | | | | ||||
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | | | | ||||
4.250%, due 8/18/25 | | | | | 2,150,000 | | | | | | 2,331,199 | | | | |
| | | Principal Amount | | | Value | ��� | | | ||||||||||
Corporate Bonds (continued) | | | | ||||||||||||||||
Financial (continued) | | | | ||||||||||||||||
Lloyds Banking Group PLC, (United Kingdom) | | | | | | | | | | | | | | | | ||||
0.695%, (CMT + 0.55%) due 5/11/24(b) | | | | $ | 2,375,000 | | | | | $ | 2,371,782 | | | | | ||||
NatWest Markets PLC, (United Kingdom) | | | | | | | | | | | | | | | | ||||
0.579%, (SOFR + 0.53%) due 8/12/24(b) | | | | | 3,000,000 | | | | | | 3,010,903 | | | | | ||||
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | | | | ||||
0.410%, (SOFR + 0.36%) due 7/29/24(b) | | | | | 5,000,000 | | | | | | 5,011,100 | | | | | ||||
Standard Chartered PLC, (United Kingdom) | | | | | | | | | | | | | | | | ||||
0.991%, (CMT + 0.78%) due 1/12/25(b) | | | | | 2,600,000 | | | | | | 2,577,677 | | | | | ||||
1.319%, (CMT + 1.17%) due 10/14/23(b) | | | | | 2,100,000 | | | | | | 2,109,026 | | | | | ||||
Sumitomo Mitsui Trust Bank Ltd., (Japan) | | | | | | | | | | | | | | | | ||||
0.800%, due 9/16/24 | | | | | 1,750,000 | | | | | | 1,735,392 | | | | | ||||
Toronto-Dominion Bank (The), (Canada) | | | | | | | | | | | | | | | | ||||
0.700%, due 9/10/24 | | | | | 1,500,000 | | | | | | 1,488,515 | | | | | ||||
| | | | | | | | | | | 29,431,331 | | | | | ||||
Government — 0.6% | | | | | | | | ||||||||||||
International Bank for Reconstruction & Development, (Supranational) | | | | | | | | | | | | | | | | ||||
Series GDIF, 0.850%, due 2/10/27 | | | | | 1,500,000 | | | | | | 1,446,686 | | | | | ||||
Total Foreign Bonds | | | | | | | | | | | | | | | | ||||
(Cost $38,647,128) | | | | | | | | | | | 38,570,682 | | | | | ||||
United States Government Agency & Obligations — 3.8% | | | | ||||||||||||||||
Government — 3.8% | | | | ||||||||||||||||
Federal Farm Credit Banks Funding Corporation | | | | | | | | | | | | | | | | ||||
1.240%, due 12/23/30 | | | | | 1,200,000 | | | | | | 1,145,294 | | | | | ||||
1.730%, due 9/22/31 | | | | | 2,500,000 | | | | | | 2,471,378 | | | | | ||||
1.840%, due 10/27/31 | | | | | 2,700,000 | | | | | | 2,676,967 | | | | | ||||
Federal Home Loan Banks | | | | | | | | | | | | | | | | ||||
1.070%, due 1/25/30 | | | | | 2,500,000 | | | | | | 2,391,978 | | | | | ||||
| | | | | | | | | | | 8,685,617 | | | | | ||||
Total United States Government Agency & Obligations | | | | | | | | | | | | | | | | ||||
(Cost $8,893,750) | | | | | | | | | | | 8,685,617 | | | | | ||||
United States Government Agency Mortgage-Backed Securities — 4.8% | | | | ||||||||||||||||
Mortgage Securities — 4.8% | | | | ||||||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | | | | | | | | | | | | | | | | ||||
Series 2020-K107, 1.591%, due 1/25/30(b)(c) | | | | | 14,980,804 | | | | | | 1,717,431 | | | | | ||||
Series 2020-K108, 1.690%, due 3/25/30(b)(c) | | | | | 15,656,459 | | | | | | 1,939,389 | | | | | ||||
Series 2020-K119, 0.932%, due 9/25/30(b)(c) | | | | | 14,968,277 | | | | | | 1,062,056 | | | | | ||||
Series 2020-K120, 1.039%, due 10/25/30(b)(c) | | | | | 14,724,213 | | | | | | 1,163,020 | | | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2020-K122, 0.883%, due 11/25/30(b)(c) | | | | $ | 17,668,276 | | | | | $ | 1,212,029 | | |
Series 2021-K123, 0.775%, due 12/25/30(b)(c) | | | | | 28,723,283 | | | | | | 1,747,131 | | |
Series 2021-K124, 0.721%, due 12/25/30(b)(c) | | | | | 19,483,334 | | | | | | 1,132,393 | | |
Series K130, 1.037%, due 6/25/31(b)(c) | | | | | 14,333,699 | | | | | | 1,248,931 | | |
| | | | | | | | | | | 11,222,380 | | |
Total United States Government Agency Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $11,188,862) | | | | | | | | | | | 11,222,380 | | |
|
| Short-Term Investment — 17.0% | | ||||||||||||
| Commercial Papers — 15.5% | | | | | | | | | | | | | |
| Communications — 4.7% | | | | | | | | | | | | | |
| AT&T, Inc. | | | | | | | | | | | | | |
| 0.000%, due 2/14/22(a) | | | | | 4,000,000 | | | | | | 3,997,800 | | |
| Walt Disney Co. (The) | | | | | | | | | | | | | |
| 0.000%, due 9/15/22(a) | | | | | 7,000,000 | | | | | | 6,985,020 | | |
| | | | | | | | | | | | 10,982,820 | | |
| Consumer, Cyclical — 1.8% | | | | | | | | | | | | | |
| VW Credit, Inc., (Germany) | | | | | | | | | | | | | |
| 0.000%, due 1/25/22(a) | | | | | 4,000,000 | | | | | | 3,998,040 | | |
| Consumer, Non-cyclical — 1.7% | | | | | | | | | | | | | |
| Equifax, Inc. | | | | | | | | | | | | | |
| 0.000%, due 2/23/22(a) | | | | | 4,000,000 | | | | | | 3,997,280 | | |
| Financial — 7.3% | | | | | | | | | | | | | |
| Australia & New Zealand Banking Group Ltd., (Australia) | | | | | | | | | | | | | |
| 0.000%, due 10/11/22(a) | | | | | 7,000,000 | | | | | | 6,981,310 | | |
| NatWest Markets PLC, (United Kingdom) | | | | | | | | | | | | | |
| 0.000%, due 7/18/22(a) | | | | | 7,000,000 | | | | | | 6,989,430 | | |
| Westpac Banking Corp., (Australia) | | | | | | | | | | | | | |
| 0.000%, due 9/29/22(a) | | | | | 3,000,000 | | | | | | 2,991,750 | | |
| | | | | | | | | | | | 16,962,490 | | |
| Total Commercial Papers | | | | | | | | | | | | | |
| (Cost $35,890,864) | | | | | | | | | | | 35,940,630 | | |
| | | Shares | | | | | | | | |||
Money Market Fund — 1.5% | | | | | | | | | | | | | |
BlackRock Liquidity T-Fund, 0.01%(d) | | | | | | | | | | | | | |
(Cost $3,512,951) | | | | | 3,512,951 | | | | | | 3,512,951 | | |
Total Investments — 100.3% (Cost $233,257,214) | | | | | | | | | | | 232,789,268 | | |
Other Assets and Liabilities, Net — (0.3)% | | | | | | | | | | | (570,261) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 232,219,007 | | |
| CMT | | | — | | | 1 year Constant Maturity Treasury Index | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| SOFR | | | — | | | Secured Financing Overnight Rate | |
Type | | | Broker | | | Expiration Date | | | Number of Contracts Purchased (Sold) | | | Notional Value at Trade Date | | | Notional Value at October 31, 2021 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 10 Year Note (CBT) | | | RBC Capital Markets | | | December 2021 | | | | | (49) | | | | | $ | (6,500,923) | | | | | $ | (6,404,453) | | | | | $ | 96,470 | | |
U.S. 10 Year Ultra Note | | | RBC Capital Markets | | | December 2021 | | | | | (32) | | | | | | (4,693,771) | | | | | | (4,641,000) | | | | | | 52,771 | | |
U.S. 2 Year Note (CBT) | | | RBC Capital Markets | | | December 2021 | | | | | (58) | | | | | | (12,731,234) | | | | | | (12,716,500) | | | | | | 14,734 | | |
U.S. 5 Year Note (CBT) | | | RBC Capital Markets | | | December 2021 | | | | | (189) | | | | | | (23,295,278) | | | | | | (23,010,750) | | | | | | 284,528 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 448,503 | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligation | | | | $ | — | | | | | $ | 807,628 | | | | | $ | — | | | | | $ | 807,628 | | |
Commercial Asset-Backed Securities | | | | | — | | | | | | 56,507,095 | | | | | | — | | | | | | 56,507,095 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 8,593,300 | | | | | | — | | | | | | 8,593,300 | | |
Corporate Bonds | | | | | — | | | | | | 68,948,985 | | | | | | — | | | | | | 68,948,985 | | |
Foreign Bonds | | | | | — | | | | | | 38,570,682 | | | | | | — | | | | | | 38,570,682 | | |
United States Government Agency & Obligations | | | | | — | | | | | | 8,685,617 | | | | | | — | | | | | | 8,685,617 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 11,222,380 | | | | | | — | | | | | | 11,222,380 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Papers | | | | | — | | | | | | 35,940,630 | | | | | | — | | | | | | 35,940,630 | | |
Money Market Fund | | | | | 3,512,951 | | | | | | — | | | | | | — | | | | | | 3,512,951 | | |
Total Investments in Securities | | | | | 3,512,951 | | | | | | 229,276,317 | | | | | | — | | | | | | 232,789,268 | | |
Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | 448,503 | | | | | | — | | | | | | — | | | | | | 448,503 | | |
Total Investments in Securities and Other Financial Instruments | | | | $ | 3,961,454 | | | | | $ | 229,276,317 | | | | | $ | — | | | | | $ | 233,237,771 | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ MacKay ESG Core Plus Bond ETF | | | IQ Ultra Short Duration ETF | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value(a) | | | | $ | 471,409,000 | | | | | $ | 236,589,333 | | | | | $ | 26,056,216 | | | | | $ | 232,789,268 | | |
Deposits at broker for futures contracts | | | | | — | | | | | | – | | | | | | 15,370 | | | | | | 295,745 | | |
Receivable for investments sold | | | | | 12,629,712 | | | | | | – | | | | | | 2,949,280 | | | | | | 5,219,307 | | |
Interest receivable | | | | | 4,543,733 | | | | | | 2,112,628 | | | | | | 132,127 | | | | | | 616,763 | | |
Prepaid expenses | | | | | 237 | | | | | | 77 | | | | | | 239 | | | | | | 139 | | |
Dividend receivable | | | | | 53 | | | | | | 61 | | | | | | 4 | | | | | | 41 | | |
Receivable for capital shares transactions | | | | | — | | | | | | 3,992,817 | | | | | | – | | | | | | 247 | | |
Due from broker | | | | | — | | | | | | – | | | | | | 335 | | | | | | – | | |
Securities lending income receivable | | | | | — | | | | | | – | | | | | | 188 | | | | | | – | | |
Due from advisor | | | | | 78,638 | | | | | | 32,962 | | | | | | 9,887 | | | | | | 19,718 | | |
Variation margin receivable | | | | | — | | | | | | – | | | | | | 1,503 | | | | | | 2,297 | | |
Total assets | | | | | 488,661,373 | | | | | | 242,727,878 | | | | | | 29,165,149 | | | | | | 238,943,525 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for investments purchased | | | | | 8,619,198 | | | | | | 5,774,948 | | | | | | 2,926,842 | | | | | | 4,133,154 | | |
Advisory fees payable | | | | | 166,303 | | | | | | 76,868 | | | | | | 8,661 | | | | | | 48,968 | | |
Trustee fees payable | | | | | 1,701 | | | | | | – | | | | | | 152 | | | | | | 2,154 | | |
Compliance fees payable | | | | | 448 | | | | | | 149 | | | | | | 23 | | | | | | 211 | | |
Variation margin payable | | | | | — | | | | | | – | | | | | | – | | | | | | 9,883 | | |
Payable for capital shares repurchased | | | | | — | | | | | | – | | | | | | – | | | | | | 2,470,544 | | |
Accrued expenses and other liabilities | | | | | 71,098 | | | | | | 38,517 | | | | | | 33,253 | | | | | | 59,604 | | |
Total liabilities | | | | | 8,858,748 | | | | | | 5,890,482 | | | | | | 2,968,931 | | | | | | 6,724,518 | | |
Net Assets | | | | $ | 479,802,625 | | | | | $ | 236,837,396 | | | | | $ | 26,196,218 | | | | | $ | 232,219,007 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 478,138,644 | | | | | $ | 235,185,494 | | | | | $ | 26,306,386 | | | | | $ | 231,831,264 | | |
Total distributable earnings/(accumulated loss) | | | | | 1,663,981 | | | | | | 1,651,902 | | | | | | (110,168) | | | | | | 387,743 | | |
Net Assets | | | | $ | 479,802,625 | | | | | $ | 236,837,396 | | | | | $ | 26,196,218 | | | | | $ | 232,219,007 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 17,550,000 | | | | | | 8,900,000 | | | | | | 1,050,000 | | | | | | 4,700,000 | | |
Net Asset Value Per Share | | | | $ | 27.34 | | | | | $ | 26.61 | | | | | $ | 24.95 | | | | | $ | 49.41 | | |
Investments, at cost | | | | $ | 468,340,998 | | | | | $ | 235,318,449 | | | | | $ | 26,223,742 | | | | | $ | 233,257,214 | | |
(a) Market value of securities on loan | | | | $ | — | | | | | $ | — | | | | | $ | 67,653 | | | | | $ | — | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ MacKay ESG Core Plus Bond ETF* | | | IQ Ultra Short Duration ETF | | ||||||||||||
Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 3,624,726 | | | | | $ | 1,187,726 | | | | | $ | 157,517 | | | | | $ | 1,486,310 | | |
Dividend income | | | | | 490 | | | | | | 431 | | | | | | 19 | | | | | | 417 | | |
Securities lending income, net of borrower rebates | | | | | — | | | | | | — | | | | | | 188 | | | | | | — | | |
Total investment income | | | | | 3,625,216 | | | | | | 1,188,157 | | | | | | 157,724 | | | | | | 1,486,727 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) | | | | | 944,304 | | | | | | 377,495 | | | | | | 33,122 | | | | | | 304,488 | | |
Administrative and accounting fees | | | | | 70,383 | | | | | | 22,757 | | | | | | 13,480 | | | | | | 50,503 | | |
Custodian fees | | | | | 43,437 | | | | | | 14,889 | | | | | | 8,987 | | | | | | 15,544 | | |
Legal fees | | | | | 19,337 | | | | | | 6,145 | | | | | | 388 | | | | | | 10,792 | | |
Audit and tax fees | | | | | 13,158 | | | | | | 13,158 | | | | | | 7,149 | | | | | | 13,792 | | |
Trustee fees | | | | | 10,796 | | | | | | 1,962 | | | | | | 519 | | | | | | 6,186 | | |
Shareholder reporting fees | | | | | 5,376 | | | | | | 2,688 | | | | | | 3,472 | | | | | | 2,242 | | |
Listing fees | | | | | 4,772 | | | | | | 4,781 | | | | | | 3,676 | | | | | | 4,610 | | |
Registration fees | | | | | 1,621 | | | | | | 4,117 | | | | | | 1,114 | | | | | | 1,894 | | |
Intraday pricing fees | | | | | 1,260 | | | | | | 1,260 | | | | | | 1,021 | | | | | | 1,260 | | |
Compliance fees | | | | | 532 | | | | | | 171 | | | | | | 24 | | | | | | 328 | | |
Miscellaneous | | | | | 279 | | | | | | 199 | | | | | | 35 | | | | | | 171 | | |
Total expenses | | | | | 1,115,255 | | | | | | 449,622 | | | | | | 72,987 | | | | | | 411,810 | | |
Waivers (see Note 3) | | | | | (407,027) | | | | | | (166,501) | | | | | | (39,865) | | | | | | (107,320) | | |
Net expenses | | | | | 708,228 | | | | | | 283,121 | | | | | | 33,122 | | | | | | 304,490 | | |
Net investment income | | | | | 2,916,988 | | | | | | 905,036 | | | | | | 124,602 | | | | | | 1,182,237 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | (131,815) | | | | | | 284,969 | | | | | | 50,085 | | | | | | (420,159) | | |
Futures contracts | | | | | — | | | | | | — | | | | | | (4,710) | | | | | | (477,422) | | |
Net realized gain (loss) | | | | | (131,815) | | | | | | 284,969 | | | | | | 45,375 | | | | | | (897,581) | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | (2,427,588) | | | | | | (1,908,166) | | | | | | (167,526) | | | | | | 79,705 | | |
Futures contracts | | | | | — | | | | | | — | | | | | | (7,871) | | | | | | (154,439) | | |
Net change in net unrealized appreciation (depreciation) | | | | | (2,427,588) | | | | | | (1,908,166) | | | | | | (175,397) | | | | | | (74,734) | | |
Net realized and unrealized loss | | | | | (2,559,403) | | | | | | (1,623,197) | | | | | | (130,022) | | | | | | (972,315) | | |
Net Increase (Decrease) in Net Assets Resulting From Operations | | | | $ | 357,585 | | | | | $ | (718,161) | | | | | $ | (5,420) | | | | | $ | 209,922 | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | ||||||||||||||||||
| | | For the Six Months Ended October 31, 2021 (unaudited) | | | For the Year Ended April 30, 2021 | | | For the Six Months Ended October 31, 2021 (unaudited) | | | For the Year Ended April 30, 2021 | | ||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 2,916,988 | | | | | $ | 3,231,383 | | | | | $ | 905,036 | | | | | $ | 1,272,092 | | |
Net realized gain (loss) | | | | | (131,815) | | | | | | 1,326,301 | | | | | | 284,969 | | | | | | 771,203 | | |
Net change in net unrealized appreciation (depreciation) | | | | | (2,427,588) | | | | | | 6,386,307 | | | | | | (1,908,166) | | | | | | 3,232,459 | | |
Net increase (decrease) in net assets resulting from operations | | | | | 357,585 | | | | | | 10,943,991 | | | | | | (718,161) | | | | | | 5,275,754 | | |
Distributions to Shareholders | | | | | (3,941,323) | | | | | | (3,808,446) | | | | | | (1,185,702) | | | | | | (1,545,079) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 67,863,060 | | | | | | 349,155,789 | | | | | | 116,721,000 | | | | | | 69,260,748 | | |
Cost of shares redeemed | | | | | (28,803,385) | | | | | | — | | | | | | (2,679,392) | | | | | | — | | |
Increase from capital share transactions | | | | | 39,059,675 | | | | | | 349,155,789 | | | | | | 114,041,608 | | | | | | 69,260,748 | | |
Total increase in net assets | | | | | 35,475,937 | | | | | | 356,291,334 | | | | | | 112,137,745 | | | | | | 72,991,423 | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 444,326,688 | | | | | | 88,035,354 | | | | | | 124,699,651 | | | | | | 51,708,228 | | |
End of period | | | | $ | 479,802,625 | | | | | $ | 444,326,688 | | | | | $ | 236,837,396 | | | | | $ | 124,699,651 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | 16,150,000 | | | | | | 3,400,000 | | | | | | 4,650,000 | | | | | | 2,050,000 | | |
Shares created | | | | | 2,450,000 | | | | | | 12,750,000 | | | | | | 4,350,000 | | | | | | 2,600,000 | | |
Shares redeemed | | | | | (1,050,000) | | | | | | — | | | | | | (100,000) | | | | | | — | | |
Shares outstanding, end of period | | | | | 17,550,000 | | | | | | 16,150,000 | | | | | | 8,900,000 | | | | | | 4,650,000 | | |
| | | IQ MacKay ESG Core Plus Bond ETF | | | IQ Ultra Short Duration ETF | | ||||||||||||
| | | For the Period June 29, 2021* to October 31, 2021 | | | For the Six Months Ended October 31, 2021 (unaudited) | | | For the Year Ended April 30, 2021 | | |||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 124,602 | | | | | $ | 1,182,237 | | | | | $ | 2,228,528 | | |
Net realized gain (loss) | | | | | 45,375 | | | | | | (897,581) | | | | | | 2,944,104 | | |
Net change in net unrealized appreciation (depreciation) | | | | | (175,397) | | | | | | (74,734) | | | | | | 365,211 | | |
Net increase (decrease) in net assets resulting from operations | | | | | (5,420) | | | | | | 209,922 | | | | | | 5,537,843 | | |
Distributions to Shareholders | | | | | (104,748) | | | | | | (1,201,843) | | | | | | (3,352,469) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 26,306,386 | | | | | | 42,122,348 | | | | | | 213,233,109 | | |
Cost of shares redeemed | | | | | — | | | | | | (61,889,457) | | | | | | (111,622,801) | | |
Increase (Decrease) from capital share transactions | | | | | 26,306,386 | | | | | | (19,767,109) | | | | | | 101,610,308 | | |
Total increase (decrease) in net assets | | | | | 26,196,218 | | | | | | (20,759,030) | | | | | | 103,795,682 | | |
Net Assets | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | — | | | | | | 252,978,037 | | | | | | 149,182,355 | | |
End of period | | | | $ | 26,196,218 | | | | | $ | 232,219,007 | | | | | $ | 252,978,037 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | — | | | | | | 5,100,000 | | | | | | 3,050,000 | | |
Shares created | | | | | 1,050,000 | | | | | | 850,000 | | | | | | 4,300,000 | | |
Shares redeemed | | | | | — | | | | | | (1,250,000) | | | | | | (2,250,000) | | |
Shares outstanding, end of period | | | | | 1,050,000 | | | | | | 4,700,000 | | | | | | 5,100,000 | | |
| | | IQ MacKay Municipal Insured ETF | | |||||||||||||||||||||||||||
| | | For the Six Months Ended October 31, 2021 (unaudited) | | | 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 | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.17 | | | | | | 0.38 | | | | | | 0.53 | | | | | | 0.72 | | | | | | 0.36 | | |
Net realized and unrealized gain (loss) | | | | | (0.11) | | | | | | 1.76 | | | | | | 0.50(c) | | | | | | 0.90 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.06 | | | | | | 2.14 | | | | | | 1.03 | | | | | | 1.62 | | | | | | (0.03) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.23) | | | | | | (0.52) | | | | | | (0.64) | | | | | | (0.68) | | | | | | (0.30) | | |
Net realized gain | | | | | — | | | | | | — | | | | | | (0.11) | | | | | | — | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.23) | | | | | | (0.52) | | | | | | (0.75) | | | | | | (0.68) | | | | | | (0.30) | | |
Net asset value, end of period | | | | $ | 27.34 | | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period | | | | $ | 27.35 | | | | | $ | 27.54 | | | | | $ | 26.00 | | | | | $ | 25.64 | | | | | $ | 24.86 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | 0.20% | | | | | | 8.32% | | | | | | 4.05% | | | | | | 6.72% | | | | | | (0.13)% | | |
Total investment return based on market price(e) | | | | | 0.16% | | | | | | 7.97% | | | | | | 4.36% | | | | | | 6.02% | | | | | | 0.64%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 479,803 | | | | | $ | 444,327 | | | | | $ | 88,035 | | | | | $ | 43,539 | | | | | $ | 14,801 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.30%(g) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers | | | | | 0.47%(g) | | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.77% | | | | | | 0.99%(g) | | |
Net investment income | | | | | 1.24%(g) | | | | | | 1.40% | | | | | | 2.01% | | | | | | 2.89% | | | | | | 2.74%(g) | | |
Portfolio turnover rate(h) | | | | | 32% | | | | | | 36% | | | | | | 71% | | | | | | 56% | | | | | | 77% | | |
| | | IQ MacKay Municipal Intermediate ETF | | |||||||||||||||||||||||||||
| | | For the Six Months Ended October 31, 2021 (unaudited) | | | 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 | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.13 | | | | | | 0.47 | | | | | | 0.53 | | | | | | 0.69 | | | | | | 0.30 | | |
Net realized and unrealized gain (loss) | | | | | (0.16) | | | | | | 1.73 | | | | | | 0.16(c) | | | | | | 0.91 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (0.03) | | | | | | 2.20 | | | | | | 0.69 | | | | | | 1.60 | | | | | | (0.09) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | ��� | | | | (0.18) | | | | | | (0.58) | | | | | | (0.67) | | | | | | (0.66) | | | | | | (0.24) | | |
Net realized gain | | | | | — | | | | | | (0.02) | | | | | | (0.41) | | | | | | — | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.18) | | | | | | (0.60) | | | | | | (1.08) | | | | | | (0.66) | | | | | | (0.24) | | |
Net asset value, end of period | | | | $ | 26.61 | | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period | | | | $ | 26.63 | | | | | $ | 26.84 | | | | | $ | 25.22 | | | | | $ | 25.66 | | | | | $ | 24.71 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (0.12)% | | | | | | 8.80% | | | | | | 2.65% | | | | | | 6.59% | | | | | | (0.34)% | | |
Total investment return based on market price(e) | | | | | (0.12)% | | | | | | 8.90% | | | | | | 2.44% | | | | | | 6.62% | | | | | | (0.18)%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 236,837 | | | | | $ | 124,700 | | | | | $ | 51,708 | | | | | $ | 43,541 | | | | | $ | 29,606 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.30%(g) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers | | | | | 0.48%(g) | | | | | | 0.57% | | | | | | 0.62% | | | | | | 0.71% | | | | | | 0.77%(g) | | |
Net investment income | | | | | 0.96%(g) | | | | | | 1.78% | | | | | | 2.02% | | | | | | 2.76% | | | | | | 2.28%(g) | | |
Portfolio turnover rate(h) | | | | | 35% | | | | | | 43% | | | | | | 77% | | | | | | 72% | | | | | | 80% | | |
| | | IQ MacKay ESG Core Plus Bond ETF | | |||
| | | For the Period June 29, 2021(a) to October 31, 2021 | | |||
Net asset value, beginning of period | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.13 | | |
Net realized and unrealized gain (loss) | | | | | (0.08) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.05 | | |
Distributions from: | | | | | | | |
Net investment income | | | | | (0.10) | | |
Net asset value, end of period | | | | $ | 24.95 | | |
Market price, end of period | | | | $ | 24.98 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c) | | | | | 0.20% | | |
Total investment return based on market price(d) | | | | | 0.33%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 26,196 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.39%(f) | | |
Expenses excluding waivers | | | | | 0.86%(f) | | |
Net investment income | | | | | 1.47%(f) | | |
Portfolio turnover rate(g) | | | | | 85% | | |
| | | IQ Ultra Short Duration ETF | | |||||||||||||||
| | | For the Six Months Ended October 31, 2021 (unaudited) | | | For the Year Ended April 30, 2021 | | | For the Period July 31, 2019(a) to April 30, 2020 | | |||||||||
Net asset value, beginning of period | | | | $ | 49.60 | | | | | $ | 48.91 | | | | | $ | 50.01 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.23 | | | | | | 0.51 | | | | | | 0.74 | | |
Net realized and unrealized gain (loss) | | | | | (0.19) | | | | | | 0.97 | | | | | | (1.07) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.04 | | | | | | 1.48 | | | | | | (0.33) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.23) | | | | | | (0.56) | | | | | | (0.75) | | |
Net realized gain | | | | | — | | | | | | (0.23) | | | | | | (0.02) | | |
Total distributions from net investment income and realized gains | | | | | (0.23) | | | | | | (0.79) | | | | | | (0.77) | | |
Net asset value, end of period | | | | $ | 49.41 | | | | | $ | 49.60 | | | | | $ | 48.91 | | |
Market price, end of period | | | | $ | 49.40 | | | | | $ | 49.60 | | | | | $ | 48.99 | | |
Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | 0.07% | | | | | | 3.08% | | | | | | (0.68)% | | |
Total investment return based on market price(d) | | | | | 0.06% | | | | | | 2.88% | | | | | | (0.52)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 232,219 | | | | | $ | 252,978 | | | | | $ | 149,182 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.24%(f) | | | | | | 0.24% | | | | | | 0.24%(f) | | |
Expenses excluding waivers | | | | | 0.32%(f) | | | | | | 0.33% | | | | | | 0.49%(f) | | |
Net investment income | | | | | 0.93%(f) | | | | | | 1.03% | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g) | | | | | 75% | | | | | | 185% | | | | | | 292% | | |
| | | Money Market Mutual Fund | | | U.S. Government Securities | | ||||||||||||||||||||||||
Fund | | | Overnight and Continuous | | | <30 Days | | | Between 30 & 90 Days | | | >90 Days | | | Total | | |||||||||||||||
IQ MacKay ESG Core Plus Bond ETF | | | | $ | — | | | | | $ | — | | | | | $ | 2,969 | | | | | $ | 67,366 | | | | | $ | 70,335 | | |
Fund | | | Rate | | |||
IQ MacKay Municipal Insured ETF | | | | | 0.40% | | |
IQ MacKay Municipal Intermediate ETF | | | | | 0.40% | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 0.39% | | |
IQ Ultra Short Duration ETF | | | | | 0.24% | | |
Fund | | | Cost | | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | ||||||||||||
IQ MacKay Municipal Insured ETF | | | | $ | 469,381,085 | | | | | $ | 6,544,520 | | | | | $ | (4,516,605) | | | | | $ | 2,027,915 | | |
IQ MacKay Municipal Intermediate ETF | | | | | 235,706,179 | | | | | | 2,997,528 | | | | | | (2,114,374) | | | | | | 883,154 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 26,223,742 | | | | | | 44,846 | | | | | | (212,372) | | | | | | (167,526) | | |
IQ Ultra Short Duration ETF | | | | | 233,251,040 | | | | | | 425,626 | | | | | | (887,398) | | | | | | (461,772) | | |
Fund | | | Ordinary Income (Loss)1 | | | Tax-Exempt Income (Loss) | | | Net Capital Gain (Losses)2 | | | Net Unrealized Appreciation/ Depreciation | | | Total Earnings/ (Losses) | | |||||||||||||||
IQ MacKay Municipal Insured ETF | | | | $ | 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 | | | % Ownership | | |||
IQ MacKay ESG Core Plus Bond ETF | | | | | 95.0% | | |
Fund | | | Purchases | | | Sales | | ||||||
IQ MacKay Municipal Insured ETF | | | | $ | 197,337,980 | | | | | $ | 147,418,394 | | |
IQ MacKay Municipal Intermediate ETF | | | | | 182,490,928 | | | | | | 59,769,906 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 41,848,400 | | | | | | 16,705,777 | | |
IQ Ultra Short Duration ETF | | | | | 173,546,675 | | | | | | 215,051,481 | | |
| | | Interest Risk | | |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | 4,811 | | |
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | 448,503 | | |
| | | Interest Risk | | |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | 12,682 | | |
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | — | | |
| | | Interest Risk | | | |||||
IQ MacKay ESG Core Plus Bond ETF Realized gain (loss) | | | | | | | | | ||
Realized gain (loss) | | | | | | | | | | |
Futures contracts | | | | $ | (4,710) | | | | ||
Change in Unrealized appreciation (depreciation) | | | | | | | | | ||
Futures contracts | | | | $ | (7,871) | | | | ||
IQ Ultra Short Duration ETF Realized gain (loss) | | | | | | | | | ||
Realized gain (loss) | | | | | | | | | | |
Futures contracts | | | | $ | (477,422) | | | | ||
Change in Unrealized appreciation (depreciation) | | | | | | | | | ||
Futures contracts | | | | $ | (154,439) | | | |
| | | Average Notional Value | | |||||||||
| | | IQ MacKay ESG Core Plus Bond ETF | | | IQ Ultra Short Duration ETF | | ||||||
Asset Derivatives | | | | | | | | | | | | | |
Futures contracts | | | | $ | 907,419 | | | | | $ | — | | |
Liability Derivatives | | | | | | | | | | | | | |
Futures contracts | | | | $ | — | | | | | $ | (48,749,379) | | |
IQ MacKay Municipal Intermediate ETF (MMIT)
IQ MacKay ESG Core Plus Bond ETF (ESGB)
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
(b) | Not applicable |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
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(b) 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 directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(2)(1) Not applicable.
(a)(2)(2) Not applicable.
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | IndexIQ Active ETF Trust |
By (Signature and Title) | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis (Principal Executive Officer) |
Date | December 30, 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 | December 30, 2021 |
By (Signature and Title) | /s/ Adefolahan O. Oyefeso | |
Adefolahan O. Oyefeso (Principal Financial Officer) |
Date | December 30, 2021 |