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, 2022
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 California Municipal Intermediate ETF (MMCA) | | | | |
| IQ MacKay Municipal Insured ETF (MMIN) | | | | |
| IQ MacKay Municipal Intermediate ETF (MMIT) | | | | |
| IQ MacKay ESG Core Plus Bond ETF (ESGB) | | | | |
| IQ MacKay ESG High Income ETF (IQHI) | | | | |
| IQ MacKay Multi-Sector Income ETF (MMSB) | | | | |
| IQ Ultra Short Duration ETF (ULTR) | | | | |
| IQ Winslow Focused Large Cap Growth ETF (IWFG) | | | | |
| IQ Winslow Large Cap Growth ETF (IWLG) | | | | |
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| Schedules of Investments | | | | | | | |
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President
| | | Beginning Account Value 05/01/22 | | | Ending Account Value 10/31/22 | | | Annualized Expense Ratios for the Period 05/01/22 to 10/31/22 | | | Expenses Paid During the Period 05/01/22 to 10/31/221 | | ||||||||||||
IQ MacKay California Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 959.50 | | | | | | 0.35% | | | | | $ | 1.73 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.44 | | | | | | 0.35% | | | | | $ | 1.79 | | |
IQ MacKay Municipal Insured ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 930.20 | | | | | | 0.31% | | | | | $ | 1.51 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.64 | | | | | | 0.31% | | | | | $ | 1.58 | | |
IQ MacKay Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 959.00 | | | | | | 0.31% | | | | | $ | 1.53 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.64 | | | | | | 0.31% | | | | | $ | 1.58 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 917.80 | | | | | | 0.39% | | | | | $ | 1.89 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.24 | | | | | | 0.39% | | | | | $ | 1.99 | | |
IQ MacKay ESG High Income ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,004.90 | | | | | | 0.40% | | | | | $ | 0.08* | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,000.88 | | | | | | 0.40% | | | | | $ | 0.08 | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 929.00 | | | | | | 0.40% | | | | | $ | 1.04** | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,012.35 | | | | | | 0.40% | | | | | $ | 1.08 | | |
| | | Beginning Account Value 05/01/22 | | | Ending Account Value 10/31/22 | | | Annualized Expense Ratios for the Period 05/01/22 to 10/31/22 | | | Expenses Paid During the Period 05/01/22 to 10/31/221 | | ||||||||||||
IQ Ultra Short Duration ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 996.80 | | | | | | 0.24% | | | | | $ | 1.21 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,024.00 | | | | | | 0.24% | | | | | $ | 1.22 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,035.00 | | | | | | 0.65% | | | | | $ | 2.37*** | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,015.61 | | | | | | 0.65% | | | | | $ | 2.35 | | |
IQ Winslow Large Cap Growth ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,018.60 | | | | | | 0.60% | | | | | $ | 2.17*** | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,015.79 | | | | | | 0.60% | | | | | $ | 2.17 | | |
Net Assets ($ mil): $43.3
Industry | | | % of Net Assets | | |||
General | | | | | 18.3% | | |
School District | | | | | 15.8 | | |
Development | | | | | 11.4 | | |
General Obligation | | | | | 11.0 | | |
Airport | | | | | 8.0 | | |
Medical | | | | | 7.5 | | |
Water | | | | | 6.7 | | |
Utilities | | | | | 5.1 | | |
Power | | | | | 4.7 | | |
Mello-Roos | | | | | 3.6 | | |
Facilities | | | | | 2.3 | | |
Higher Education | | | | | 2.0 | | |
Money Market Fund | | | | | 1.6 | | |
Multifamily Hsg | | | | | 0.9 | | |
Total Investments | | | | | 98.9 | | |
Other Assets and Liabilites, Net | | | | | 1.1 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $322.4
Industry | | | % of Net Assets | | |||
School District | | | | | 23.7% | | |
General Obligation | | | | | 22.1 | | |
General | | | | | 12.7 | | |
Money Market Fund | | | | | 11.4 | | |
Water | | | | | 6.8 | | |
Transportation | | | | | 6.6 | | |
Development | | | | | 4.1 | | |
Higher Education | | | | | 4.0 | | |
Airport | | | | | 3.8 | | |
Education | | | | | 3.7 | | |
Power | | | | | 2.6 | | |
Medical | | | | | 2.2 | | |
Mello-Roos | | | | | 1.4 | | |
Housing | | | | | 1.2 | | |
Utilities | | | | | 0.6 | | |
Facilities | | | | | 0.3 | | |
Pollution | | | | | 0.3 | | |
Student Loan | | | | | 0.0(a) | | |
Total Investments | | | | | 107.5 | | |
Other Assets and Liabilites, Net | | | | | (7.5) | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $306.4
Industry | | | % of Net Assets | | |||
General | | | | | 20.2% | | |
General Obligation | | | | | 17.7 | | |
School District | | | | | 13.6 | | |
Water | | | | | 10.4 | | |
Medical | | | | | 7.5 | | |
Multifamily Hsg | | | | | 7.4 | | |
Higher Education | | | | | 6.1 | | |
Transportation | | | | | 4.7 | | |
Education | | | | | 4.1 | | |
Money Market Fund | | | | | 2.4 | | |
Airport | | | | | 1.9 | | |
Power | | | | | 1.8 | | |
Housing | | | | | 1.5 | | |
Utilities | | | | | 1.4 | | |
Nursing Homes | | | | | 1.0 | | |
Development | | | | | 0.8 | | |
Facilities | | | | | 0.7 | | |
Mello-Roos | | | | | 0.6 | | |
Single Family Hsg | | | | | 0.4 | | |
Bond Bank | | | | | 0.2 | | |
Tobacco Settlement | | | | | 0.2 | | |
Student Loan | | | | | 0.0(a) | | |
Total Investments | | | | | 104.6 | | |
Other Assets and Liabilites, Net | | | | | (4.6) | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $229.3
Country | | | % of Net Assets | | |||
United States | | | | | 89.3% | | |
United Kingdom | | | | | 2.2 | | |
France | | | | | 1.6 | | |
Japan | | | | | 1.3 | | |
Germany | | | | | 1.1 | | |
Switzerland | | | | | 0.6 | | |
Canada | | | | | 0.6 | | |
Australia | | | | | 0.6 | | |
Spain | | | | | 0.4 | | |
Brazil | | | | | 0.4 | | |
Netherlands | | | | | 0.3 | | |
Israel | | | | | 0.3 | | |
Ireland | | | | | 0.3 | | |
Sweden | | | | | 0.2 | | |
Supranational | | | | | 0.2 | | |
Chile | | | | | 0.1 | | |
Total Investments | | | | | 99.5 | | |
Other Assets and Liabilites, Net | | | | | 0.5 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $25.1
Country | | | % of Net Assets | | |||
United States | | | | | 82.7% | | |
Canada | | | | | 6.4 | | |
United Kingdom | | | | | 2.6 | | |
Italy | | | | | 2.4 | | |
France | | | | | 1.7 | | |
Netherlands | | | | | 1.3 | | |
Finland | | | | | 0.4 | | |
Total Investments | | | | | 97.5 | | |
Other Assets and Liabilites, Net | | | | | 2.5 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $23.0
Country | | | % of Net Assets | | |||
United States | | | | | 85.9% | | |
France | | | | | 2.2 | | |
United Kingdom | | | | | 1.6 | | |
United Arab Emirates | | | | | 1.5 | | |
Canada | | | | | 0.9 | | |
Chile | | | | | 0.8 | | |
China | | | | | 0.7 | | |
Germany | | | | | 0.7 | | |
Malaysia | | | | | 0.7 | | |
Indonesia | | | | | 0.6 | | |
Qatar | | | | | 0.6 | | |
Israel | | | | | 0.6 | | |
Switzerland | | | | | 0.6 | | |
Mexico | | | | | 0.3 | | |
Australia | | | | | 0.3 | | |
Japan | | | | | 0.3 | | |
Ireland | | | | | 0.3 | | |
Netherlands | | | | | 0.2 | | |
Finland | | | | | 0.0(a) | | |
Total Investments | | | | | 98.8 | | |
Other Assets and Liabilites, Net | | | | | 1.2 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $70.9
Country | | | % of Net Assets | | |||
United States | | | | | 76.0% | | |
Cayman Islands | | | | | 12.6 | | |
United Kingdom | | | | | 4.3 | | |
Canada | | | | | 2.0 | | |
Ireland | | | | | 1.4 | | |
Germany | | | | | 1.3 | | |
France | | | | | 1.3 | | |
Netherlands | | | | | 0.6 | | |
Spain | | | | | 0.5 | | |
Sweden | | | | | 0.5 | | |
Italy | | | | | 0.3 | | |
Total Investments | | | | | 100.8 | | |
Other Assets and Liabilites, Net | | | | | (0.8) | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $5.7
Industry | | | % of Net Assets | | |||
Information Technology | | | | | 37.7% | | |
Health Care | | | | | 19.5 | | |
Consumer Discretionary | | | | | 18.4 | | |
Industrials | | | | | 9.7 | | |
Energy | | | | | 4.0 | | |
Materials | | | | | 3.8 | | |
Consumer Staples | | | | | 3.2 | | |
Communication Services | | | | | 3.0 | | |
Money Market Fund | | | | | 1.0 | | |
Total Investments | | | | | 100.3 | | |
Other Assets and Liabilites, Net | | | | | (0.3) | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $13.0
Industry | | | % of Net Assets | | |||
Information Technology | | | | | 36.4% | | |
Health Care | | | | | 21.3 | | |
Consumer Discretionary | | | | | 17.5 | | |
Industrials | | | | | 7.9 | | |
Consumer Staples | | | | | 4.0 | | |
Communication Services | | | | | 3.6 | | |
Energy | | | | | 3.3 | | |
Financials | | | | | 2.7 | | |
Money Market Fund | | | | | 2.2 | | |
Materials | | | | | 2.0 | | |
Total Investments | | | | | 100.9 | | |
Other Assets and Liabilites, Net | | | | | (0.9) | | |
Net Assets | | | | | 100.0% | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 97.3% | | ||||||||||||
California — 85.9% | | ||||||||||||
California Community Choice Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/52(a)(b) | | | | $ | 1,000,000 | | | | | $ | 975,531 | | |
Series A1 | | | | | | | | | | | | | |
4.000%, due 5/1/53(a)(b) | | | | | 1,000,000 | | | | | | 960,459 | | |
Series B | | | | | | | | | | | | | |
4.000%, due 2/1/52(a)(b) | | | | | 1,000,000 | | | | | | 932,874 | | |
California Community Housing Agency, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 4/1/49 | | | | | 500,000 | | | | | | 403,215 | | |
California Health Facilities Financing Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
3.000%, due 8/15/51 | | | | | 1,000,000 | | | | | | 678,420 | | |
Series C | | | | | | | | | | | | | |
5.000%, due 6/1/41(a)(b) | | | | | 1,250,000 | | | | | | 1,365,908 | | |
California Infrastructure & Economic Development Bank, Revenue Bonds Series B | | | | | | | | | | | | | |
3.000%, due 10/1/47(a)(b) | | | | | 1,140,000 | | | | | | 1,122,232 | | |
5.000%, due 11/1/29 | | | | | 800,000 | | | | | | 882,912 | | |
California Municipal Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/15/29 | | | | | 1,000,000 | | | | | | 927,113 | | |
Series A | | | | | | | | | | | | | |
2.400%, due 10/1/44(a)(b) | | | | | 1,140,000 | | | | | | 961,921 | | |
4.125%, due 10/1/41(a)(b) | | | | | 1,000,000 | | | | | | 989,033 | | |
California Pollution Control Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/37 | | | | | 1,000,000 | | | | | | 935,699 | | |
California Public Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/15/36 | | | | | 500,000 | | | | | | 469,851 | | |
California State Public Works Board, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 3/1/29 | | | | | 1,000,000 | | | | | | 1,005,221 | | |
City of Long Beach CA Airport System Revenue, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/32 | | | | | 200,000 | | | | | | 219,557 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/32 | | | | | 200,000 | | | | | | 219,557 | | |
City of Los Angeles Department of Airports, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 5/15/30 | | | | | 500,000 | | | | | | 518,127 | | |
5.000%, due 5/15/40 | | | | | 1,000,000 | | | | | | 999,861 | | |
City of Roseville CA, Special Tax | | | | | | | | | | | | | |
4.000%, due 9/1/41 | | | | | 765,000 | | | | | | 643,134 | | |
City of Victorville CA Electric Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 5/1/38 | | | | | 1,000,000 | | | | | | 1,002,319 | | |
Compton Unified School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/29 | | | | | 750,000 | | | | | | 802,221 | | |
East Bay Municipal Utility District Water System Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 6/1/33 | | | | | 1,000,000 | | | | | | 1,005,637 | | |
East Side Union High School District, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 8/1/27 | | | | | 800,000 | | | | | | 810,090 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Hayward Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/43 | | | | $ | 750,000 | | | | | $ | 673,586 | | |
Kern County Water Agency Improvement District No 4, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 5/1/28 | | | | | 500,000 | | | | | | 526,561 | | |
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 6/1/32 | | | | | 500,000 | | | | | | 528,231 | | |
Modesto Irrigation District, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/1/40 | | | | | 1,000,000 | | | | | | 1,020,020 | | |
Mount Diablo Unified School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
4.000%, due 8/1/29 | | | | | 1,265,000 | | | | | | 1,311,670 | | |
Municipal Improvement Corp. of Los Angeles, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/1/29 | | | | | 1,000,000 | | | | | | 1,098,585 | | |
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 3/1/29 | | | | | 1,500,000 | | | | | | 1,533,147 | | |
Orange County Sanitation District, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 2/1/30 | | | | | 500,000 | | | | | | 513,135 | | |
Peralta Community College District, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 8/1/39 | | | | | 500,000 | | | | | | 446,028 | | |
Series D | | | | | | | | | | | | | |
4.000%, due 8/1/39 | | | | | 850,000 | | | | | | 758,247 | | |
Ravenswood City School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 8/1/45 | | | | | 1,000,000 | | | | | | 1,054,041 | | |
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds Series P | | | | | | | | | | | | | |
4.000%, due 5/15/43 | | | | | 750,000 | | | | | | 681,221 | | |
River Islands Public Financing Authority, Special Tax Series A1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/30 | | | | | 350,000 | | | | | | 378,651 | | |
5.000%, due 9/1/42 | | | | | 500,000 | | | | | | 516,651 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/30 | | | | | 655,000 | | | | | | 717,092 | | |
San Diego County Water Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
4.000%, due 5/1/37 | | | | | 890,000 | | | | | | 875,917 | | |
San Juan Unified School District, General Obligation Bonds Series N | | | | | | | | | | | | | |
4.000%, due 8/1/31 | | | | | 1,000,000 | | | | | | 1,013,453 | | |
San Mateo Union High School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
4.000%, due 9/1/34 | | | | | 455,000 | | | | | | 453,464 | | |
South San Francisco Public Facilities Financing Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 6/1/36 | | | | | 620,000 | | | | | | 659,830 | | |
Southern California Public Power Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/30 | | | | | 1,210,000 | | | | | | 1,232,850 | | |
State of California, General Obligation Bonds | | | | | | | | | | | | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
5.000%, due 4/1/29 | | | | $ | 1,000,000 | | | | | $ | 1,094,247 | | |
5.000%, due 10/1/31 | | | | | 500,000 | | | | | | 557,180 | | |
University of California, Revenue Bonds Series AI | | | | | | | | | | | | | |
5.000%, due 5/15/33 | | | | | 750,000 | | | | | | 756,091 | | |
| | | | | | | | | | | 37,230,790 | | |
Guam — 6.6% | | ||||||||||||
Guam Power Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/1/33 | | | | | 1,000,000 | | | | | | 1,014,702 | | |
Territory of Guam, Revenue Bonds Series D | | | | | | | | | | | | | |
5.000%, due 11/15/27 | | | | | 585,000 | | | | | | 585,188 | | |
Series F | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 1,250,000 | | | | | | 1,245,300 | | |
| | | | | | | | | | | 2,845,190 | | |
Puerto Rico — 4.8% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.760%, due 7/1/24(c) | | | | | 699 | | | | | | 635 | | |
6.700%, due 7/1/33(c) | | | | | 2,688 | | | | | | 1,366 | | |
Series A1 | | | | | | | | | | | | | |
4.000%, due 7/1/35 | | | | | 251,878 | | | | | | 205,857 | | |
4.000%, due 7/1/46 | | | | | 2,279 | | | | | | 1,653 | | |
5.375%, due 7/1/25 | | | | | 752,326 | | | | | | 751,895 | | |
5.750%, due 7/1/31 | | | | | 971,203 | | | | | | 977,038 | | |
Commonwealth of Puerto Rico, Notes | | | | | | | | | | | | | |
3.900%, due 11/1/51(a)(b) | | | | | 110,351 | | | | | | 34,898 | | |
University of Puerto Rico, Revenue Bonds Series P Insured: NATL-IBC | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 120,000 | | | | | | 119,565 | | |
| | | | | | | | | | | 2,092,907 | | |
Total Municipal Bonds (Cost $44,445,368) | | | | | | | | | | | 42,168,887 | | |
|
| | | Shares | | | Value | | ||||||
Short-Term Investment — 1.6% | | ||||||||||||
Money Market Fund — 1.6% | | ||||||||||||
Dreyfus Tax Exempt Cash Management - Institutional, 2.01%(d) | | | | | | | | | | | | | |
(Cost $673,693) | | | | | 673,790 | | | | | $ | 673,693 | | |
Total Investments — 98.9% | | | | | | | | | | | | | |
(Cost $45,119,061) | | | | | | | | | | | 42,842,580 | | |
Other Assets and Liabilities, Net — 1.1% | | | | | | | | | | | 499,186 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 43,341,766 | | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 42,168,887 | | | | | $ | — | | | | | $ | 42,168,887 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 673,693 | | | | | | — | | | | | | — | | | | | | 673,693 | | |
Total Investments in Securities | | | | $ | 673,693 | | | | | $ | 42,168,887 | | | | | $ | — | | | | | $ | 42,842,580 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 96.1% | | ||||||||||||
Alabama — 1.6% | | ||||||||||||
Alabaster Board of Education, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/25 | | | | $ | 100,000 | | | | | $ | 102,329 | | |
Black Belt Energy Gas District, Revenue Bonds Series C-2 | | | | | | | | | | | | | |
2.590%, (Municipal Swap Index + 0.35%), due 10/1/52(a) | | | | | 2,500,000 | | | | | | 2,336,331 | | |
County of Dallas AL, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.500%, due 5/1/26 | | | | | 105,000 | | | | | | 86,666 | | |
Mobile County Board of School Commissioners, Special Tax Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 3/1/40 | | | | | 2,645,000 | | | | | | 2,710,091 | | |
| | | | | | | | | | | 5,235,417 | | |
Arizona — 0.8% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/34 | | | | | 250,000 | | | | | | 237,567 | | |
4.000%, due 6/1/39 | | | | | 455,000 | | | | | | 407,951 | | |
Festival Ranch Community Facilities District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/15/36 | | | | | 415,000 | | | | | | 408,449 | | |
Northern Arizona University, Revenue Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/39 | | | | | 1,355,000 | | | | | | 1,421,608 | | |
| | | | | | | | | | | 2,475,575 | | |
Arkansas — 0.2% | | ||||||||||||
City of West Memphis AR Public Utility System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/22 | | | | | 600,000 | | | | | | 600,407 | | |
| | | | | | | | | | | 600,407 | | |
California — 12.3% | | ||||||||||||
Anaheim City School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/48 | | | | | 1,000,000 | | | | | | 865,728 | | |
Baldwin Park Unified School District, General Obligation Bonds Insured: NATL | | | | | | | | | | | | | |
3.420%, due 8/1/23(b) | | | | | 300,000 | | | | | | 292,449 | | |
Calexico Unified School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/41 | | | | | 1,745,000 | | | | | | 1,618,397 | | |
California Health Facilities Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/15/49 | | | | | 1,850,000 | | | | | | 1,766,296 | | |
California Municipal Finance Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/15/43 | | | | | 250,000 | | | | | | 247,733 | | |
City of Long Beach CA Airport System Revenue, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/42 | | | | | 1,000,000 | | | | | | 979,809 | | |
City of San Mateo CA, Special Tax Insured: BAM | | | | | | | | | | | | | |
5.250%, due 9/1/37 | | | | | 4,460,000 | | | | | | 4,655,932 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Folsom Cordova Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/1/44 | | | | $ | 3,040,000 | | | | | $ | 2,662,784 | | |
Fontana Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
2.375%, due 8/1/44 | | | | | 2,500,000 | | | | | | 1,603,703 | | |
Grossmont Union High School District, General Obligation Bonds Series F Insured: AGM | | | | | | | | | | | | | |
4.660%, due 8/1/34(b) | | | | | 2,445,000 | | | | | | 1,386,388 | | |
Hercules Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/42 | | | | | 3,000,000 | | | | | | 3,089,688 | | |
Indian Wells Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: NATL | | | | | | | | | | | | | |
5.000%, due 9/1/33 | | | | | 2,400,000 | | | | | | 2,495,996 | | |
Indio Finance Authority, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.250%, due 11/1/42 | | | | | 1,500,000 | | | | | | 1,585,470 | | |
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
5.050%, due 8/1/31(b) | | | | | 155,000 | | | | | | 108,118 | | |
Ontario Montclair School District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
4.180%, due 8/1/29(b) | | | | | 390,000 | | | | | | 295,011 | | |
Poway Unified School District, Special Tax Insured: BAM | | | | | | | | | | | | | |
4.125%, due 9/1/47 | | | | | 1,250,000 | | | | | | 1,094,227 | | |
Riverbank Unified School District, General Obligation Bonds Series B Insured: AGC | | | | | | | | | | | | | |
5.360%, due 8/1/48(b) | | | | | 50,000 | | | | | | 12,795 | | |
Sacramento City Financing Authority, Tax Allocation Series A Insured: NATL | | | | | | | | | | | | | |
3.520%, due 12/1/23(b) | | | | | 5,000,000 | | | | | | 4,814,243 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.590%, due 7/1/24(b) | | | | | 310,000 | | | | | | 292,126 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/41 | | | | | 1,865,000 | | | | | | 1,966,133 | | |
Series C-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/25 | | | | | 200,000 | | | | | | 208,377 | | |
San Mateo County Community College District, General Obligation Bonds Series B Insured: NATL | | | | | | | | | | | | | |
3.440%, due 9/1/25(b) | | | | | 645,000 | | | | | | 585,643 | | |
San Mateo Union High School District, General Obligation Bonds Series C Insured: NATL | | | | | | | | | | | | | |
3.960%, due 9/1/28(b) | | | | | 200,000 | | | | | | 159,094 | | |
Sweetwater Union High School District, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 8/1/42 | | | | | 965,000 | | | | | | 849,224 | | |
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/26 | | | | | 1,275,000 | | | | | | 1,308,711 | | |
Vista Unified School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.250%, due 8/1/41 | | | | | 3,000,000 | | | | | | 3,219,184 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
West Contra Costa Unified School District, General Obligation Bonds Series F Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/1/49 | | | | $ | 1,720,000 | | | | | $ | 1,483,079 | | |
| | | | | | | | | | | 39,646,338 | | |
Colorado — 4.7% | | ||||||||||||
BNC Metropolitan District No 1, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/37 | | | | | 395,000 | | | | | | 412,643 | | |
Castle Oaks Metropolitan District No 3, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/45 | | | | | 4,625,000 | | | | | | 3,942,850 | | |
Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.500%, due 12/1/47 | | | | | 600,000 | | | | | | 618,121 | | |
Grand Junction Regional Airport Authority, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 500,000 | | | | | | 523,212 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 430,575 | | |
Jefferson County School District R-1, General Obligation Bonds Insured: | | | | | | | | | | | | | |
BAM-TCRS ST AID WITHHLDG | | | | | | | | | | | | | |
4.000%, due 12/15/36 | | | | | 5,000,000 | | | | | | 4,834,944 | | |
Northern Colorado Water Conservancy District, Certificates of Participation | | | | | | | | | | | | | |
5.000%, due 7/1/42 | | | | | 625,000 | | | | | | 648,780 | | |
Park 70 Metropolitan District, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/46 | | | | | 450,000 | | | | | | 418,944 | | |
Park Creek Metropolitan District, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/46 | | | | | 3,255,000 | | | | | | 2,682,760 | | |
Rio Blanco County School District No Re-1 Meeker, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.250%, due 12/1/35 | | | | | 115,000 | | | | | | 124,072 | | |
South Sloan’s Lake Metropolitan District No 2, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | | 250,000 | | | | | | 248,991 | | |
Vauxmont Metropolitan District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/15/31 | | | | | 135,000 | | | | | | 142,741 | | |
5.000%, due 12/15/32 | | | | | 155,000 | | | | | | 163,699 | | |
| | | | | | | | | | | 15,192,332 | | |
Connecticut — 2.6% | | ||||||||||||
City of Hartford CT, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/34 | | | | | 25,000 | | | | | | 24,901 | | |
5.000%, due 4/1/23 | | | | | 220,000 | | | | | | 220,285 | | |
5.000%, due 7/1/24 | | | | | 20,000 | | | | | | 20,506 | | |
5.000%, due 7/1/27 | | | | | 60,000 | | | | | | 62,064 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 15,000 | | | | | | 15,216 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/15/32 | | | | | 20,000 | | | | | | 20,604 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Connecticut (continued) | | ||||||||||||
City of New Britain CT, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/29 | | | | $ | 250,000 | | | | | $ | 268,493 | | |
5.250%, due 9/1/30 | | | | | 100,000 | | | | | | 107,019 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/1/47 | | | | | 3,000,000 | | | | | | 2,551,640 | | |
City of New Haven CT, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/39 | | | | | 4,150,000 | | | | | | 4,329,525 | | |
City of West Haven CT, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/15/35 | | | | | 925,000 | | | | | | 901,113 | | |
| | | | | | | | | | | 8,521,366 | | |
Delaware — 0.1% | | ||||||||||||
Delaware State Economic Development Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/26 | | | | | 280,000 | | | | | | 292,223 | | |
District of Columbia — 0.7% | | ||||||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds Insured: BAM-TCRS | | | | | | | | | | | | | |
5.390%, due 10/1/37(b) | | | | | 1,500,000 | | | | | | 678,850 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/1/53 | | | | | 2,000,000 | | | | | | 1,587,662 | | |
| | | | | | | | | | | 2,266,512 | | |
Florida — 3.5% | | ||||||||||||
City of Miami FL Parking System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,000,000 | | | | | | 915,873 | | |
Florida Governmental Utility Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/30 | | | | | 520,000 | | | | | | 565,796 | | |
Fort Pierce Utilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/40 | | | | | 500,000 | | | | | | 521,802 | | |
5.000%, due 10/1/41 | | | | | 500,000 | | | | | | 520,910 | | |
5.000%, due 10/1/42 | | | | | 400,000 | | | | | | 415,684 | | |
Miami-Dade County Expressway Authority, Revenue Bonds Insured: BAM-TCRS | | | | | | | | | | | | | |
5.000%, due 7/1/26 | | | | | 3,180,000 | | | | | | 3,248,482 | | |
School Board of Miami-Dade County (The), General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 3/15/38 | | | | | 3,250,000 | | | | | | 3,444,597 | | |
Series A | | | | | | | | | | | | | |
5.000%, due 3/15/39 | | | | | 1,645,000 | | | | | | 1,684,876 | | |
| | | | | | | | | | | 11,318,020 | | |
Georgia — 1.1% | | ||||||||||||
Auburn Urban Redevelopment Agency, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/45 | | | | | 1,035,000 | | | | | | 905,859 | | |
Municipal Electric Authority of Georgia, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/38 | | | | | 300,000 | | | | | | 276,062 | | |
4.000%, due 1/1/39 | | | | | 345,000 | | | | | | 314,082 | | |
4.000%, due 1/1/46 | | | | | 2,230,000 | | | | | | 1,908,959 | | |
| | | | | | | | | | | 3,404,962 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Idaho — 0.5% | | ||||||||||||
Idaho Housing & Finance Association, Revenue Bonds Insured: SCH BD GTY | | | | | | | | | | | | | |
5.000%, due 5/1/52 | | | | $ | 1,000,000 | | | | | $ | 928,246 | | |
5.250%, due 5/1/42 | | | | | 800,000 | | | | | | 811,140 | | |
| | | | | | | | | | | 1,739,386 | | |
Illinois — 22.5% | | ||||||||||||
Boone Mchenry & Dekalb Counties Community Unit School District 100, General Obligation Bonds Insured: | | | | | | | | | | | | | |
BHAC-CR NATL-RE | | | | | | | | | | | | | |
3.550%, due 12/1/23(b) | | | | | 465,000 | | | | | | 447,582 | | |
Chicago Board of Education, General Obligation Bonds Series A Insured: AGC-ICC FGIC | | | | | | | | | | | | | |
5.500%, due 12/1/26 | | | | | 1,575,000 | | | | | | 1,631,298 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 507,149 | | |
Series A Insured: NATL | | | | | | | | | | | | | |
4.620%, due 12/1/25(b) | | | | | 1,295,000 | | | | | | 1,124,892 | | |
4.740%, due 12/1/26(b) | | | | | 90,000 | | | | | | 74,336 | | |
Series B-1 Insured: NATL | | | | | | | | | | | | | |
4.330%, due 12/1/23(b) | | | | | 500,000 | | | | | | 477,310 | | |
4.620%, due 12/1/25(b) | | | | | 575,000 | | | | | | 499,469 | | |
Chicago O’Hare International Airport, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.250%, due 1/1/45 | | | | | 3,585,000 | | | | | | 3,521,356 | | |
Chicago Park District, General Obligation Bonds Series E Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/32 | | | | | 1,000,000 | | | | | | 931,002 | | |
Series F-2 | | | | | | | | | | | | | |
5.000%, due 1/1/40 | | | | | 1,065,000 | | | | | | 1,073,812 | | |
Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds Insured: BAM-TCRS | | | | | | | | | | | | | |
4.000%, due 12/1/50 | | | | | 2,000,000 | | | | | | 1,606,548 | | |
City of Chicago IL, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 1/1/35 | | | | | 775,000 | | | | | | 658,684 | | |
4.000%, due 1/1/36 | | | | | 2,500,000 | | | | | | 2,100,170 | | |
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
4.330%, due 1/1/27(b) | | | | | 1,300,000 | | | | | | 1,087,499 | | |
City of Chicago IL Waterworks Revenue, Revenue Bonds Insured: BAM-TCRS | | | | | | | | | | | | | |
5.000%, due 11/1/44 | | | | | 3,220,000 | | | | | | 3,094,591 | | |
City of Decatur IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/1/40 | | | | | 2,805,000 | | | | | | 2,520,302 | | |
4.000%, due 3/1/42 | | | | | 3,000,000 | | | | | | 2,680,007 | | |
City of Joliet IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.500%, due 12/15/44 | | | | | 3,805,000 | | | | | | 4,053,373 | | |
City of Kankakee IL, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 1/1/34 | | | | | 450,000 | | | | | | 443,502 | | |
4.000%, due 1/1/35 | | | | | 715,000 | | | | | | 700,423 | | |
City of Rock Island IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/36 | | | | | 1,435,000 | | | | | | 1,325,032 | | |
4.000%, due 12/1/40 | | | | | 1,000,000 | | | | | | 889,496 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
City of Waukegan IL, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/30/36 | | | | $ | 1,065,000 | | | | | $ | 1,015,281 | | |
4.000%, due 12/30/37 | | | | | 1,080,000 | | | | | | 1,011,282 | | |
City of Waukegan IL Water & Sewer System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/30/22 | | | | | 125,000 | | | | | | 125,108 | | |
Community Unit School District Number 427 DeKalb and Kane Counties Illinois, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/37 | | | | | 535,000 | | | | | | 505,529 | | |
Cook County School District No 94, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/40 | | | | | 460,000 | | | | | | 425,909 | | |
County of Cook IL Sales Tax Revenue, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/40 | | | | | 780,000 | | | | | | 689,330 | | |
Crawford Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 1/1/34 | | | | | 675,000 | | | | | | 667,630 | | |
Illinois Sports Facilities Authority (The), Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
4.020%, due 6/15/23(b) | | | | | 500,000 | | | | | | 487,749 | | |
Illinois State Toll Highway Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 1/1/45 | | | | | 2,050,000 | | | | | | 2,065,226 | | |
La Salle County Community Unit School District No 2 Serena, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.500%, due 12/1/38 | | | | | 1,825,000 | | | | | | 1,964,004 | | |
5.500%, due 10/1/42 | | | | | 1,260,000 | | | | | | 1,337,568 | | |
Macon County School District No 61 Decatur, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/32 | | | | | 25,000 | | | | | | 24,604 | | |
5.000%, due 12/1/40 | | | | | 1,505,000 | | | | | | 1,528,522 | | |
Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/30 | | | | | 275,000 | | | | | | 286,254 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 225,000 | | | | | | 235,606 | | |
Metropolitan Pier & Exposition Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.510%, due 6/15/45(b) | | | | | 720,000 | | | | | | 210,674 | | |
5.550%, due 6/15/47(b) | | | | | 225,000 | | | | | | 58,502 | | |
Northern Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | ��� | | | | |
4.000%, due 10/1/32 | | | | | 500,000 | | | | | | 468,540 | | |
4.000%, due 10/1/37 | | | | | 550,000 | | | | | | 485,199 | | |
4.000%, due 10/1/39 | | | | | 425,000 | | | | | | 367,572 | | |
4.000%, due 10/1/40 | | | | | 400,000 | | | | | | 342,670 | | |
4.000%, due 10/1/41 | | | | | 400,000 | | | | | | 340,130 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/37 | | | | | 1,425,000 | | | | | | 1,256,949 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Sangamon & Morgan Counties Community Unit School District No 16 New Berlin, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/43 | | | | $ | 1,440,000 | | | | | $ | 1,452,347 | | |
5.000%, due 12/1/46 | | | | | 1,800,000 | | | | | | 1,799,605 | | |
Sangamon County School District No 186 Springfield, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 2/1/29 | | | | | 3,000,000 | | | | | | 3,005,800 | | |
Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/36 | | | | | 1,100,000 | | | | | | 1,167,714 | | |
Southern Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/40 | | | | | 1,000,000 | | | | | | 846,014 | | |
State of Illinois, General Obligation Bonds | | | | | | | | | | | | | |
5.750%, due 5/1/45 | | | | | 1,000,000 | | | | | | 1,002,517 | | |
Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/41 | | | | | 3,765,000 | | | | | | 3,135,879 | | |
Insured: NATL | | | | | | | | | | | | | |
6.000%, due 11/1/26 | | | | | 500,000 | | | | | | 519,484 | | |
State of Illinois, Revenue Bonds | | | | | | | | | | | | | |
Insured: NATL | | | | | | | | | | | | | |
6.000%, due 6/15/23 | | | | | 180,000 | | | | | | 182,120 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 475,000 | | | | | | 490,844 | | |
Village of Bourbonnais IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.250%, due 12/1/46 | | | | | 1,000,000 | | | | | | 1,039,395 | | |
Village of McCook IL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 1,575,000 | | | | | | 1,637,120 | | |
Village of Rosemont IL, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/49 | | | | | 250,000 | | | | | | 218,669 | | |
Will County Community Unit School District No 201-U Crete-Monee, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/42 | | | | | 3,735,000 | | | | | | 3,836,979 | | |
Will County School District No 114 Manhattan, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.500%, due 1/1/45 | | | | | 3,765,000 | | | | | | 3,963,120 | | |
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 | | | | | | 489,793 | | |
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 483,242 | | |
| | | | | | | | | | | 72,618,313 | | |
Indiana — 1.3% | | ||||||||||||
Evansville Waterworks District, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.250%, due 1/1/49 | | | | | 1,000,000 | | | | | | 895,515 | | |
5.000%, due 7/1/47 | | | | | 2,000,000 | | | | | | 2,044,579 | | |
| | | Principal Amount | | | Value | | | | ||||||||||
Municipal Bonds (continued) | | | | ||||||||||||||||
Indiana (continued) | | | | ||||||||||||||||
Greater Clark Building Corp., Revenue Bonds Insured: ST INTERCEPT | | | | | | | | | | | | | | | | ||||
6.000%, due 7/15/34 | | | | $ | 1,000,000 | | | | | $ | 1,154,044 | | | | | ||||
| | | | | | | | | | | 4,094,138 | | | | | ||||
Iowa — 3.5% | | | | ||||||||||||||||
Burlington Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | | ||||
4.000%, due 6/1/41 | | | | | 1,940,000 | | | | | | 1,684,184 | | | | | ||||
City of Orange City IA Water Revenue, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | | | | ||||
4.000%, due 6/1/37 | | | | | 650,000 | | | | | | 595,159 | | | | | ||||
4.000%, due 6/1/39 | | | | | 700,000 | | | | | | 628,682 | | | | | ||||
4.250%, due 6/1/42 | | | | | 1,165,000 | | | | | | 1,064,028 | | | | | ||||
Clinton Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds Insured: AGM | | | | | | | | | | | | | | | | ||||
4.000%, due 7/1/41 | | | | | 2,100,000 | | | | | | 1,848,220 | | | | | ||||
Jesup Community School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | | | | ||||
3.000%, due 6/1/31 | | | | | 580,000 | | | | | | 526,947 | | | | | ||||
3.250%, due 6/1/32 | | | | | 600,000 | | | | | | 550,856 | | | | | ||||
3.375%, due 6/1/33 | | | | | 620,000 | | | | | | 569,406 | | | | | ||||
4.000%, due 6/1/40 | | | | | 805,000 | | | | | | 721,903 | | | | | ||||
4.000%, due 6/1/41 | | | | | 835,000 | | | | | | 741,249 | | | | | ||||
4.000%, due 6/1/42 | | | | | 870,000 | | | | | | 765,168 | | | | | ||||
West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | | ||||
4.000%, due 6/1/29 | | | | | 450,000 | | | | | | 453,630 | | | | | ||||
4.000%, due 6/1/30 | | | | | 350,000 | | | | | | 351,988 | | | | | ||||
4.125%, due 6/1/41 | | | | | 325,000 | | | | | | 295,136 | | | | | ||||
5.000%, due 6/1/26 | | | | | 170,000 | | | | | | 177,792 | | | | | ||||
5.000%, due 6/1/27 | | | | | 350,000 | | | | | | 369,153 | | | | | ||||
| | | | | | | | | | | 11,343,501 | | | | | ||||
Kentucky — 1.6% | | | | | | | | ||||||||||||
City of Somerset KY, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | | | | ||||
4.000%, due 6/1/23 | | | | | 310,000 | | | | | | 311,019 | | | | | ||||
Kentucky Bond Development Corp., Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | | ||||
5.000%, due 9/1/38 | | | | | 1,045,000 | | | | | | 1,094,596 | | | | | ||||
5.000%, due 9/1/49 | | | | | 1,000,000 | | | | | | 1,023,512 | | | | | ||||
Kentucky Economic Development Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | | | | ||||
4.000%, due 6/1/37 | | | | | 500,000 | | | | | | 450,076 | | | | | ||||
Louisville & Jefferson County Metropolitan Government, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | | | | ||||
5.000%, due 5/15/47 | | | | | 1,015,000 | | | | | | 1,006,896 | | | | | ||||
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | | ||||
4.000%, due 6/1/36 | | | | | 100,000 | | | | | | 97,776 | | | | | ||||
Woodford County School District Finance Corp., Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | | | | ||||
6.000%, due 8/1/28 | | | | | 1,040,000 | | | | | | 1,164,942 | | | | | ||||
| | | | | | | | | | | 5,148,817 | | | | | ||||
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana — 0.2% | | ||||||||||||
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | $ | 500,000 | | | | | $ | 524,920 | | |
5.000%, due 12/1/32 | | | | | 125,000 | | | | | | 130,839 | | |
| | | | | | | | | | | 655,759 | | |
Maine — 0.0%(c) | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 150,000 | | | | | | 154,728 | | |
Massachusetts — 0.9% | | ||||||||||||
City of Brockton MA, General Obligation Bonds Insured: BAM-TCRS | | | | | | | | | | | | | |
4.000%, due 8/1/47 | | | | | 3,180,000 | | | | | | 2,713,010 | | |
Commonwealth of Massachusetts, General Obligation Bonds Series A Insured: NATL | | | | | | | | | | | | | |
3.545%, (3-Month LIBOR + 0.57%), due 5/1/37(a) | | | | | 85,000 | | | | | | 80,104 | | |
| | | | | | | | | | | 2,793,114 | | |
Michigan — 0.5% | | ||||||||||||
Wayne County Airport Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 12/1/46 | | | | | 1,790,000 | | | | | | 1,698,421 | | |
Minnesota — 0.6% | | ||||||||||||
Southern Minnesota Municipal Power Agency, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
3.790%, due 1/1/25(b) | | | | | 2,255,000 | | | | | | 2,078,644 | | |
Mississippi — 0.2% | | ||||||||||||
Mississippi Development Bank, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.250%, due 10/1/38 | | | | | 460,000 | | | | | | 486,548 | | |
Missouri — 1.7% | | ||||||||||||
City of St Louis MO Airport Revenue, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.500%, due 7/1/28 | | | | | 400,000 | | | | | | 430,746 | | |
Hickman Mills C-1 School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.750%, due 3/1/41 | | | | | 1,960,000 | | | | | | 2,096,909 | | |
Kansas City Industrial Development Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 3/1/46 | | | | | 2,000,000 | | | | | | 1,909,445 | | |
Wright City R-II School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
6.000%, due 3/1/42 | | | | | 1,000,000 | | | | | | 1,137,225 | | |
| | | | | | | | | | | 5,574,325 | | |
Montana — 0.0%(c) | | ||||||||||||
City of Bozeman MT, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/26 | | | | | 75,000 | | | | | | 75,630 | | |
Nebraska — 0.3% | | ||||||||||||
Ashland-Greenwood Public Schools, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/15/34 | | | | | 490,000 | | | | | | 480,279 | | |
Hershey Public Schools, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/15/42 | | | | | 620,000 | | | | | | 541,484 | | |
| | | | | | | | | | | 1,021,763 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Nevada — 0.7% | | ||||||||||||
City of North Las Vegas NV, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | $ | 1,055,000 | | | | | $ | 1,008,996 | | |
City of Reno NV, Revenue Bonds Series A-1 Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/46 | | | | | 1,150,000 | | | | | | 961,021 | | |
5.000%, due 6/1/32 | | | | | 265,000 | | | | | | 274,414 | | |
| | | | | | | | | | | 2,244,431 | | |
New Jersey — 2.6% | | ||||||||||||
Atlantic City Board of Education, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 4/1/33 | | | | | 325,000 | | | | | | 325,819 | | |
4.000%, due 4/1/35 | | | | | 105,000 | | | | | | 102,841 | | |
City of East Orange NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/15/39 | | | | | 1,040,000 | | | | | | 927,246 | | |
City of Union City NJ, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
0.050%, due 8/1/24 | | | | | 1,205,000 | | | | | | 1,101,841 | | |
Essex County Improvement Authority, Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 12/15/22 | | | | | 500,000 | | | | | | 501,245 | | |
New Jersey Educational Facilities Authority, Revenue Bonds Series F Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 300,000 | | | | | | 312,446 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series C Insured: AMBAC | | | | | | | | | | | | | |
4.220%, due 12/15/26(b) | | | | | 2,130,000 | | | | | | 1,793,214 | | |
Passaic Valley Sewerage Commission, Revenue Bonds Series I Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 50,000 | | | | | | 52,344 | | |
South Jersey Transportation Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 11/1/36 | | | | | 500,000 | | | | | | 512,669 | | |
5.000%, due 11/1/37 | | | | | 500,000 | | | | | | 510,802 | | |
5.250%, due 11/1/52 | | | | | 2,250,000 | | | | | | 2,282,494 | | |
| | | | | | | | | | | 8,422,961 | | |
New York — 5.5% | | ||||||||||||
Canton Central School District, General Obligation Bonds Insured: AGM ST AID WITHHLDG | | | | | | | | | | | | | |
4.000%, due 6/15/28 | | | | | 955,000 | | | | | | 977,615 | | |
City of Long Beach NY, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.250%, due 7/15/35 | | | | | 400,000 | | | | | | 413,426 | | |
5.250%, due 7/15/36 | | | | | 300,000 | | | | | | 308,941 | | |
5.250%, due 7/15/37 | | | | | 325,000 | | | | | | 333,326 | | |
5.250%, due 7/15/42 | | | | | 1,800,000 | | | | | | 1,825,491 | | |
County of Nassau NY, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.125%, due 4/1/47 | | | | | 3,525,000 | | | | | | 3,139,266 | | |
County of Suffolk NY, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/15/28 | | | | | 500,000 | | | | | | 538,401 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
4.000%, due 11/15/46 | | | | | 600,000 | | | | | | 467,966 | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 503,369 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 11/15/24 | | | | $ | 1,145,000 | | | | | $ | 1,176,210 | | |
Series C Insured: AGM-CR | | | | | | | | | | | | | |
5.000%, due 11/15/41 | | | | | 2,000,000 | | | | | | 2,024,621 | | |
Series E | | | | | | | | | | | | | |
4.000%, due 11/15/45 | | | | | 450,000 | | | | | | 354,233 | | |
New York City Industrial Development Agency, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
9.062%, due 3/1/24(a)(d) | | | | | 1,500,000 | | | | | | 1,503,774 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 3/1/49 | | | | | 1,265,000 | | | | | | 829,072 | | |
New York Convention Center Development Corp., Revenue Bonds Series B Insured: BAM | | | | | | | | | | | | | |
5.320%, due 11/15/38(b) | | | | | 375,000 | | | | | | 161,597 | | |
New York Liberty Development Corp., Revenue Bonds Series 1WTC Insured: BAM | | | | | | | | | | | | | |
3.000%, due 2/15/42 | | | | | 2,300,000 | | | | | | 1,680,810 | | |
New York State Dormitory Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/1/36 | | | | | 5,000 | | | | | | 5,147 | | |
Niagara Falls City School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/15/26 | | | | | 200,000 | | | | | | 200,962 | | |
Oneida County Local Development Corp., Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 12/1/44 | | | | | 405,000 | | | | | | 274,795 | | |
Port Authority of New York & New Jersey, Revenue Bonds Series 231 | | | | | | | | | | | | | |
5.500%, due 8/1/52 | | | | | 765,000 | | | | | | 797,516 | | |
Town of Oyster Bay NY, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/15/26 | | | | | 65,000 | | | | | | 66,099 | | |
4.000%, due 2/15/27 | | | | | 55,000 | | | | | | 56,080 | | |
| | | | | | | | | | | 17,638,717 | | |
North Carolina — 2.0% | | ||||||||||||
Greater Asheville Regional Airport Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.250%, due 7/1/41 | | | | | 3,250,000 | | | | | | 3,241,087 | | |
North Carolina Turnpike Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 1/1/49 | | | | | 3,325,000 | | | | | | 3,353,213 | | |
| | | | | | | | | | | 6,594,300 | | |
Ohio — 3.4% | | ||||||||||||
City of Toledo OH, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.500%, due 12/1/42 | | | | | 3,000,000 | | | | | | 3,194,099 | | |
Cloverleaf Local School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
5.375%, due 12/1/39 | | | | | 1,780,000 | | | | | | 1,854,026 | | |
5.500%, due 12/1/42 | | | | | 955,000 | | | | | | 993,795 | | |
Conotton Valley Union Local School District, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/33 | | | | | 315,000 | | | | | | 315,858 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Ohio (continued) | | ||||||||||||
County of Cuyahoga OH, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/15/28 | | | | $ | 500,000 | | | | | $ | 511,321 | | |
Green Local School District/Summit County, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
5.500%, due 11/1/47 | | | | | 3,000,000 | | | | | | 3,148,534 | | |
Youngstown State University, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/15/29 | | | | | 775,000 | | | | | | 795,662 | | |
| | | | | | | | | | | 10,813,295 | | |
Oregon — 0.7% | | ||||||||||||
City of Seaside OR Transient Lodging Tax Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/15/37 | | | | | 400,000 | | | | | | 421,040 | | |
Lebanon Rural Fire Protection District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/15/45 | | | | | 2,305,000 | | | | | | 1,917,772 | | |
| | | | | | | | | | | 2,338,812 | | |
Pennsylvania — 3.9% | | ||||||||||||
Ambridge Area School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 11/1/22 | | | | | 660,000 | | | | | | 660,000 | | |
Bucks County Industrial Development Authority, Revenue Bonds Insured: AGM-CR | | | | | | | | | | | | | |
3.000%, due 8/15/53 | | | | | 3,555,000 | | | | | | 2,211,057 | | |
4.000%, due 8/15/44 | | | | | 1,030,000 | | | | | | 883,869 | | |
Catasauqua Area School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/15/27 | | | | | 70,000 | | | | | | 71,096 | | |
City of Philadelphia PA Airport Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/39 | | | | | 1,335,000 | | | | | | 1,154,504 | | |
Erie Sewer Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 460,000 | | | | | | 493,194 | | |
Indiana County Industrial Development Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/1/31 | | | | | 870,000 | | | | | | 903,846 | | |
5.000%, due 5/1/33 | | | | | 575,000 | | | | | | 588,729 | | |
New Brighton Area School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.250%, due 8/15/47 | | | | | 510,000 | | | | | | 462,094 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
3.108%, (3-Month LIBOR + 0.60%), due 7/1/27(a) | | | | | 135,000 | | | | | | 132,315 | | |
Pennsylvania Turnpike Commission, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/44 | | | | | 1,595,000 | | | | | | 1,610,842 | | |
Series C Insured: AGM | | | | | | | | | | | | | |
6.250%, due 6/1/33 | | | | | 450,000 | | | | | | 490,694 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/37 | | | | | 1,350,000 | | | | | | 1,403,279 | | |
5.000%, due 9/1/38 | | | | | 1,420,000 | | | | | | 1,471,175 | | |
| | | Principal Amount | | | Value | | | ||||||||
Municipal Bonds (continued) | | | ||||||||||||||
Pennsylvania (continued) | | | ||||||||||||||
School District of Philadelphia (The), General Obligation Bonds Series F Insured: BAM | | | | | | | | | | | | | | | ||
5.000%, due 9/1/27 | | | | $ | 5,000 | | | | | $ | 5,298 | | | | ||
South Wayne County Water and Sewer Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 2/15/29 | | | | | 40,000 | | | | | | 40,786 | | | | ||
| | | | | | | | | | | 12,582,778 | | | | | |
Puerto Rico — 0.2% | | | ||||||||||||||
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL | | | | | | | | | | | | | | | ||
5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 24,939 | | | | ||
Series UU Insured: AGM | | | | | | | | | | | | | | | ||
2.046%, (3-Month LIBOR + 0.52%), due 7/1/29(a) | | | | | 510,000 | | | | | | 477,811 | | | | ||
| | | | | | | | | | | 502,750 | | | | ||
South Carolina — 0.7% | | | ||||||||||||||
Spartanburg County School District No 4, General Obligation Bonds Insured: SCSDE | | | | | | | | | | | | | | | ||
5.000%, due 3/1/42 | | | | | 2,205,000 | | | | | | 2,312,789 | | | | ||
South Dakota — 3.3% | | | ||||||||||||||
Baltic School District No 49-1, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | | | ||
5.250%, due 12/1/47 | | | | | 1,780,000 | | | | | | 1,848,014 | | | | ||
5.500%, due 12/1/51 | | | | | 3,080,000 | | | | | | 3,245,242 | | | | ||
City of Brandon SD Water Utility Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 8/1/35 | | | | | 1,845,000 | | | | | | 1,670,790 | | | | ||
4.250%, due 8/1/42 | | | | | 1,470,000 | | | | | | 1,349,430 | | | | ||
5.500%, due 8/1/47 | | | | | 1,000,000 | | | | | | 1,058,135 | | | | ||
De Smet School District No 38-2, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | | | ||
5.000%, due 8/1/47 | | | | | 1,300,000 | | | | | | 1,327,368 | | | | ||
| | | | | | | | | | | 10,498,979 | | | | ||
Tennessee — 0.2% | | | ||||||||||||||
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds | | | | | | | | | | | | | | | ||
5.000%, due 10/1/27 | | | | | 550,000 | | | | | | 546,669 | | | | ||
Texas — 9.9% | | | ||||||||||||||
Belmont Fresh Water Supply District No 1, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | | | ||
4.000%, due 3/1/39 | | | | | 450,000 | | | | | | 392,964 | | | | ||
4.000%, due 3/1/40 | | | | | 695,000 | | | | | | 604,370 | | | | ||
4.000%, due 3/1/43 | | | | | 2,280,000 | | | | | | 1,941,298 | | | | ||
Central Texas Turnpike System, Revenue Bonds Series A Insured: BHAC-CR AMBAC | | | | | | | | | | | | | | | ||
3.930%, due 8/15/27(b) | | | | | 105,000 | | | | | | 87,142 | | | | ||
City of Alton TX, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | | | ||
3.000%, due 8/15/29 | | | | | 260,000 | | | | | | 243,807 | | | | ||
City of Arlington TX Special Tax Revenue, Special Tax Series A Insured: AGM | | | | | | | | | | | | | | | ||
5.000%, due 2/15/37 | | | | | 1,500,000 | | | | | | 1,540,777 | | | | ||
5.000%, due 2/15/48 | | | | | 2,000,000 | | | | | | 2,017,555 | | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Fort Bend County Municipal Utility District No 134, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
6.500%, due 3/1/28 | | | | $ | 390,000 | | | | | $ | 436,930 | | |
6.500%, due 3/1/29 | | | | | 390,000 | | | | | | 443,397 | | |
Galveston County Municipal Utility District No 56, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
6.875%, due 6/1/29 | | | | | 625,000 | | | | | | 721,760 | | |
Grand Parkway Transportation Corp., Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 10/1/49 | | | | | 140,000 | | | | | | 118,583 | | |
Green Valley Special Utility District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
7.000%, due 9/15/26 | | | | | 515,000 | | | | | | 572,035 | | |
Guadalupe-Blanco River Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
6.000%, due 8/15/42 | | | | | 1,975,000 | | | | | | 2,193,515 | | |
Harris County Water Control & Improvement District No 158, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/48 | | | | | 1,865,000 | | | | | | 1,807,471 | | |
7.000%, due 9/1/27 | | | | | 340,000 | | | | | | 382,858 | | |
7.000%, due 9/1/28 | | | | | 360,000 | | | | | | 411,625 | | |
7.000%, due 9/1/29 | | | | | 380,000 | | | | | | 440,753 | | |
Horizon Regional Municipal Utility District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/47 | | | | | 2,980,000 | | | | | | 2,426,472 | | |
Kaufman County Municipal Utility District No 3, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 3/1/48 | | | | | 1,560,000 | | | | | ��� | 1,503,859 | | |
5.125%, due 3/1/46 | | | | | 1,415,000 | | | | | | 1,394,795 | | |
Lazy Nine Municipal Utility District No 1B, General Obligation Bonds Series 1B Insured: BAM | | | | | | | | | | | | | |
4.125%, due 3/1/39 | | | | | 605,000 | | | | | | 546,185 | | |
Matagorda County Navigation District No 1, Revenue Bonds Insured: AMBAC | | | | | | | | | | | | | |
5.125%, due 11/1/28 | | | | | 805,000 | | | | | | 844,698 | | |
Series A Insured: AMBAC | | | | | | | | | | | | | |
4.400%, due 5/1/30 | | | | | 500,000 | | | | | | 489,783 | | |
Montgomery County Municipal Utility District No 95, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/41 | | | | | 2,000,000 | | | | | | 2,015,979 | | |
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds Series A-1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 500,000 | | | | | | 521,703 | | |
Series B-1 Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/30 | | | | | 155,000 | | | | | | 154,747 | | |
North Texas Municipal Water District, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 775,000 | | | | | | 722,411 | | |
Southwest Houston Redevelopment Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 390,000 | | | | | | 388,045 | | |
Texas Municipal Power Agency, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
3.000%, due 9/1/35 | | | | | 2,345,000 | | | | | | 1,893,879 | | |
3.000%, due 9/1/39 | | | | | 700,000 | | | | | | 525,787 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Texas State Technical College, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.500%, due 8/1/42 | | | | $ | 4,000,000 | | | | | $ | 4,185,028 | | |
| | | | | | | | | | | 31,970,211 | | |
Washington — 0.3% | | ||||||||||||
Chelan County Public Utility District No 1, Revenue Bonds Series A Insured: NATL | | | | | | | | | | | | | |
3.510%, due 6/1/23(b) | | | | | 100,000 | | | | | | 97,984 | | |
Klickitat County Public Utility District No 1, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 750,000 | | | | | | 735,020 | | |
State of Washington, General Obligation Bonds Series C Insured: AMBAC | | | | | | | | | | | | | |
3.380%, due 6/1/23(b) | | | | | 200,000 | | | | | | 196,124 | | |
| | | | | | | | | | | 1,029,128 | | |
Wisconsin — 1.0% | | ||||||||||||
City of Racine WI Waterworks System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/30 | | | | | 500,000 | | | | | | 534,152 | | |
Omro School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.000%, due 3/1/28 | | | | | 30,000 | | | | | | 28,740 | | |
Public Finance Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/1/40 | | | | | 300,000 | | | | | | 256,919 | | |
4.000%, due 7/1/45 | | | | | 800,000 | | | | | | 651,697 | | |
Wisconsin Center District, Revenue Bonds Series D Insured: AGM | | | | | | | | | | | | | |
8.390%, due 12/15/45(b) | | | | | 5,635,000 | | | | | | 1,641,152 | | |
| | | | | | | | | | | 3,112,660 | | |
Wyoming — 0.3% | | ||||||||||||
University of Wyoming, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/42 | | | | | 1,000,000 | | | | | | 891,612 | | |
Total Municipal Bonds | | | | | | | | | | | | | |
(Cost $334,422,823) | | | | | | | | | | | 309,936,331 | | |
|
| | | Shares | | | Value | | ||||||
Short-Term Investment — 11.4% | | ||||||||||||
Money Market Fund — 11.4% | | ||||||||||||
Dreyfus Tax Exempt Cash Management - Institutional, 2.01%(e) | | | | | | | | | | | | | |
(Cost $36,591,610) | | | | | 36,596,500 | | | | | $ | 36,591,610 | | |
Total Investments — 107.5% | | | | | | | | | | | | | |
(Cost $371,014,433) | | | | | | | | | | | 346,527,941 | | |
Other Assets and Liabilities, Net — (7.5)% | | | | | | | | | | | (24,111,466) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 322,416,475 | | |
| 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 | |
| SCSDE | | | — | | | South Carolina Department of Education | |
| ST INTERCEPT | | | — | | | State Tax Intercept | |
| TCRS | | | — | | | Transferable Custodial Receipts | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 309,936,331 | | | | | $ | — | | | | | $ | 309,936,331 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 36,591,610 | | | | | | — | | | | | | — | | | | | | 36,591,610 | | |
Total Investments in Securities | | | | $ | 36,591,610 | | | | | $ | 309,936,331 | | | | | $ | — | | | | | $ | 346,527,941 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 102.2% | | ||||||||||||
Alabama — 4.2% | | ||||||||||||
Alabama Community College System, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/32 | | | | $ | 410,000 | | | | | $ | 406,531 | | |
4.000%, due 11/1/33 | | | | | 660,000 | | | | | | 646,422 | | |
Birmingham Airport Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/32 | | | | | 600,000 | | | | | | 630,802 | | |
Black Belt Energy Gas District, Revenue Bonds | | | | | | | | | | | | | |
2.590%, (Municipal Swap Index + 0.35%), due 10/1/52(a) | | | | | 900,000 | | | | | | 841,079 | | |
4.000%, due 12/1/49(a)(b) | | | | | 600,000 | | | | | | 581,760 | | |
4.000%, due 10/1/52(a)(b) | | | | | 1,760,000 | | | | | | 1,694,183 | | |
5.500%, due 11/1/53(a)(b) | | | | | 1,000,000 | | | | | | 1,010,021 | | |
Montgomery County Public Facilities Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 3/1/33 | | | | | 660,000 | | | | | | 646,273 | | |
4.000%, due 3/1/35 | | | | | 1,220,000 | | | | | | 1,160,482 | | |
Southeast Energy Authority A Cooperative District, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
5.500%, due 1/1/53(a)(b) | | | | | 3,000,000 | | | | | | 3,032,409 | | |
Series B | | | | | | | | | | | | | |
4.000%, due 12/1/51(a)(b) | | | | | 2,325,000 | | | | | | 2,092,969 | | |
| | | | | | | | | | | 12,742,931 | | |
Alaska — 0.0%(c) | | ||||||||||||
Alaska Industrial Development & Export Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 6/1/28 | | | | | 100,000 | | | | | | 98,476 | | |
Arizona — 0.8% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 11/1/39 | | | | | 600,000 | | | | | | 524,046 | | |
5.000%, due 11/1/31 | | | | | 550,000 | | | | | | 569,242 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/31 | | | | | 300,000 | | | | | | 315,756 | | |
5.000%, due 6/1/32 | | | | | 325,000 | | | | | | 340,872 | | |
City of Phoenix Civic Improvement Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/34 | | | | | 500,000 | | | | | | 502,693 | | |
Maricopa County Industrial Development Authority, Revenue Bonds Series C Insured: SD CRED PROG | | | | | | | | | | | | | |
5.000%, due 7/1/37 | | | | | 300,000 | | | | | | 303,132 | | |
| | | | | | | | | | | 2,555,741 | | |
Arkansas — 0.1% | | ||||||||||||
University of Central Arkansas, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/34 | | | | | 400,000 | | | | | | 413,815 | | |
California — 6.3% | | ||||||||||||
Apple Valley Public Financing Authority, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/31 | | | | | 1,000,000 | | | | | | 1,019,411 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Benicia Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
3.510%, due 8/1/23(d) | | | | $ | 300,000 | | | | | $ | 292,235 | | |
California Health Facilities Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/15/49 | | | | | 835,000 | | | | | | 797,220 | | |
California Municipal Finance Authority, Certificate for Participation Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/28 | | | | | 250,000 | | | | | | 257,963 | | |
5.000%, due 11/1/29 | | | | | 125,000 | | | | | | 129,039 | | |
5.000%, due 11/1/30 | | | | | 410,000 | | | | | | 423,606 | | |
5.000%, due 11/1/32 | | | | | 225,000 | | | | | | 231,631 | | |
5.000%, due 11/1/33 | | | | | 1,175,000 | | | | | | 1,203,066 | | |
California Municipal Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/31 | | | | | 400,000 | | | | | | 401,456 | | |
California State Public Works Board, Revenue Bonds Series B | | | | | | | | | | | | | |
4.000%, due 5/1/36 | | | | | 200,000 | | | | | | 194,037 | | |
California Statewide Communities Development Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/15/35 | | | | | 2,000,000 | | | | | | 1,897,760 | | |
City of Long Beach CA Airport System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 250,000 | | | | | | 263,607 | | |
5.000%, due 6/1/27 | | | | | 200,000 | | | | | | 213,551 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/27 | | | | | 200,000 | | | | | | 213,551 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/29 | | | | | 150,000 | | | | | | 164,068 | | |
City of San Mateo CA, Special Tax Insured: BAM | | | | | | | | | | | | | |
5.250%, due 9/1/35 | | | | | 1,000,000 | | | | | | 1,051,066 | | |
Fresno Unified School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
5.000%, due 8/1/37 | | | | | 650,000 | | | | | | 691,724 | | |
5.000%, due 8/1/38 | | | | | 500,000 | | | | | | 527,574 | | |
Grossmont Union High School District, General Obligation Bonds Series F Insured: AGM | | | | | | | | | | | | | |
4.650%, due 8/1/33(d) | | | | | 1,465,000 | | | | | | 873,157 | | |
Hercules Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/37 | | | | | 500,000 | | | | | | 523,283 | | |
Independent Cities Finance Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 700,000 | | | | | | 648,295 | | |
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.730%, due 8/1/33(d) | | | | | 35,000 | | | | | | 22,629 | | |
5.050%, due 8/1/31(d) | | | | | 150,000 | | | | | | 104,630 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Metropolitan Water District of Southern California, Revenue Bonds Series E | | | | | | | | | | | | | |
2.380%, (Municipal Swap Index + 0.14%), due 7/1/37(a) | | | | $ | 1,200,000 | | | | | $ | 1,194,118 | | |
Monterey Peninsula Community College District, General Obligation Bonds | | | | | | | | | | | | | |
6.840%, due 8/1/32(d) | | | | | 975,000 | | | | | | 636,512 | | |
Riverside County Community Facilities Districts, Special Tax Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/35 | | | | | 1,060,000 | | | | | | 1,001,695 | | |
Roseville Natural Gas Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/15/24 | | | | | 560,000 | | | | | | 565,628 | | |
Sacramento City Financing Authority, Tax Allocation Series A Insured: NATL | | | | | | | | | | | | | |
3.520%, due 12/1/23(d) | | | | | 3,000,000 | | | | | | 2,888,546 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.590%, due 7/1/24(d) | | | | | 305,000 | | | | | | 287,415 | | |
State of California, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 500,000 | | | | | | 504,252 | | |
Westminster School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
3.580%, due 8/1/48(d) | | | | | 100,000 | | | | | | 17,433 | | |
| | | | | | | | | | | 19,240,158 | | |
Colorado — 2.6% | | ||||||||||||
Adams State University, Revenue Bonds Series A Insured: ST HGR ED INTERCEPT PROG | | | | | | | | | | | | | |
5.000%, due 5/15/35 | | | | | 1,125,000 | | | | | | 1,191,178 | | |
Cherokee Metropolitan District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/34 | | | | | 200,000 | | | | | | 201,053 | | |
Colorado Educational & Cultural Facilities Authority, Moral Obligation Bond | | | | | | | | | | | | | |
4.000%, due 12/15/36 | | | | | 475,000 | | | | | | 426,646 | | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/36 | | | | | 1,000,000 | | | | | | 921,337 | | |
Colorado Health Facilities Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
4.000%, due 8/1/44 | | | | | 250,000 | | | | | | 201,609 | | |
5.000%, due 8/1/35 | | | | | 105,000 | | | | | | 105,738 | | |
Series A-2 | | | | | | | | | | | | | |
5.000%, due 8/1/33 | | | | | 90,000 | | | | | | 91,387 | | |
Crystal Valley Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 485,340 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado (continued) | | ||||||||||||
Eagle County School District No Re50J, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/41 | | | | $ | 515,000 | | | | | $ | 461,671 | | |
Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/28 | | | | | 145,000 | | | | | | 148,906 | | |
5.000%, due 12/1/29 | | | | | 145,000 | | | | | | 148,833 | | |
5.250%, due 12/1/37 | | | | | 200,000 | | | | | | 204,582 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 430,575 | | |
Jefferson County School District R-1, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/15/34 | | | | | 3,000,000 | | | | | | 2,969,514 | | |
| | | | | | | | | | | 7,988,369 | | |
Connecticut — 4.4% | | ||||||||||||
City of Bridgeport CT, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/1/33 | | | | | 600,000 | | | | | | 625,643 | | |
5.000%, due 9/1/38 | | | | | 1,250,000 | | | | | | 1,298,224 | | |
City of Hartford CT, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/30 | | | | | 100,000 | | | | | | 100,679 | | |
City of New Britain CT, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 3/1/30 | | | | | 155,000 | | | | | | 165,065 | | |
5.000%, due 3/1/36 | | | | | 400,000 | | | | | | 418,443 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/30 | | | | | 600,000 | | | | | | 642,116 | | |
City of West Haven CT, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 9/15/27 | | | | | 240,000 | | | | | | 241,473 | | |
4.000%, due 9/15/28 | | | | | 290,000 | | | | | | 291,876 | | |
4.000%, due 9/15/31 | | | | | 325,000 | | | | | | 323,974 | | |
Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/15/29 | | | | | 200,000 | | | | | | 204,770 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds | | | | | | | | | | | | | |
1.250%, due 7/1/42(a)(b) | | | | | 2,000,000 | | | | | | 2,000,000 | | |
Series I-1 | | | | | | | | | | | | | |
5.000%, due 7/1/33 | | | | | 350,000 | | | | | | 361,377 | | |
Series L | | | | | | | | | | | | | |
5.000%, due 7/1/32 | | | | | 1,590,000 | | | | | | 1,624,933 | | |
State of Connecticut, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/15/34 | | | | | 1,875,000 | | | | | | 1,992,103 | | |
State of Connecticut Special Tax Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 5/1/36 | | | | | 500,000 | | | | | | 476,053 | | |
4.000%, due 5/1/39 | | | | | 1,500,000 | | | | | | 1,398,681 | | |
5.250%, due 7/1/40 | | | | | 1,000,000 | | | | | | 1,073,947 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Connecticut (continued) | | ||||||||||||
Town of Hamden CT, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/15/32 | | | | $ | 350,000 | | | | | $ | 369,513 | | |
| | | | | | | | | | | 13,608,870 | | |
District of Columbia — 1.0% | | ||||||||||||
District of Columbia Housing Finance Agency, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 9/1/40(a)(b) | | | | | 3,035,000 | | | | | | 3,028,445 | | |
Florida — 5.5% | | ||||||||||||
City of Miami Beach FL Water & Sewer Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 12/1/34 | | | | | 1,000,000 | | | | | | 972,357 | | |
City of Pompano Beach FL, Revenue Bonds Series B-2 | | | | | | | | | | | | | |
1.450%, due 1/1/27 | | | | | 250,000 | | | | | | 213,691 | | |
County of Miami-Dade FL, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/43 | | | | | 1,430,000 | | | | | | 1,476,388 | | |
County of Miami-Dade FL Aviation Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 400,000 | | | | | | 354,865 | | |
County of Miami-Dade FL Transit System, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/43 | | | | | 4,500,000 | | | | | | 4,688,312 | | |
Florida Development Finance Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/1/34 | | | | | 1,405,000 | | | | | | 1,345,157 | | |
Series A | | | | | | | | | | | | | |
4.000%, due 7/1/24 | | | | | 200,000 | | | | | | 197,300 | | |
Florida Housing Finance Corp., Revenue Bonds Series G | | | | | | | | | | | | | |
4.500%, due 5/1/26(a)(b) | | | | | 3,000,000 | | | | | | 3,016,572 | | |
Fort Pierce Utilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/27 | | | | | 700,000 | | | | | | 741,960 | | |
5.000%, due 10/1/31 | | | | | 400,000 | | | | | | 431,744 | | |
5.000%, due 10/1/33 | | | | | 200,000 | | | | | | 214,185 | | |
5.000%, due 10/1/37 | | | | | 425,000 | | | | | | 448,220 | | |
5.000%, due 10/1/39 | | | | | 475,000 | | | | | | 497,115 | | |
Miami Beach Health Facilities Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 11/15/38 | | | | | 500,000 | | | | | | 425,907 | | |
North Springs Improvement District, Special Assessment Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/28 | | | | | 60,000 | | | | | | 61,013 | | |
4.000%, due 5/1/30 | | | | | 45,000 | | | | | | 45,538 | | |
Tampa Bay Water, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/39 | | | | | 1,600,000 | | | | | | 1,708,949 | | |
| | | | | | | | | | | 16,839,273 | | |
Georgia — 2.7% | | ||||||||||||
City of Atlanta GA Airport Passenger Facility Charge, Revenue Bonds Series C | | | | | | | | | | | | | |
5.000%, due 7/1/40 | | | | | 2,700,000 | | | | | | 2,759,545 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Georgia (continued) | | ||||||||||||
Main Street Natural Gas, Inc., Revenue Bonds Series G | | | | | | | | | | | | | |
4.000%, due 4/1/48(a)(b) | | | | $ | 1,250,000 | | | | | $ | 1,247,332 | | |
Municipal Electric Authority of Georgia, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 1/1/36 | | | | | 1,000,000 | | | | | | 1,003,771 | | |
5.000%, due 1/1/38 | | | | | 500,000 | | | | | | 493,222 | | |
Private Colleges & Universities Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 4/1/39 | | | | | 450,000 | | | | | | 397,630 | | |
Walton County Water & Sewer Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 2/1/38 | | | | | 250,000 | | | | | | 270,615 | | |
5.250%, due 2/1/39 | | | | | 425,000 | | | | | | 457,736 | | |
5.250%, due 2/1/40 | | | | | 450,000 | | | | | | 482,207 | | |
5.250%, due 2/1/41 | | | | | 400,000 | | | | | | 425,948 | | |
5.250%, due 2/1/42 | | | | | 350,000 | | | | | | 370,936 | | |
5.250%, due 2/1/43 | | | | | 425,000 | | | | | | 449,161 | | |
| | | | | | | | | | | 8,358,103 | | |
Guam — 0.2% | | ||||||||||||
Guam Government Waterworks Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 7/1/33 | | | | | 500,000 | | | | | | 506,654 | | |
Illinois — 13.0% | | ||||||||||||
Carol Stream Park District, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/26 | | | | | 485,000 | | | | | | 492,898 | | |
Chicago O’Hare International Airport, Revenue Bonds Series D | | | | | | | | | | | | | |
5.000%, due 1/1/28 | | | | | 370,000 | | | | | | 392,043 | | |
Chicago Park District, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/27 | | | | | 250,000 | | | | | | 252,510 | | |
Series D | | | | | | | | | | | | | |
4.000%, due 1/1/34 | | | | | 1,000,000 | | | | | | 907,355 | | |
4.000%, due 1/1/35 | | | | | 645,000 | | | | | | 569,171 | | |
Series E Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/31 | | | | | 500,000 | | | | | | 466,777 | | |
City of Chicago IL, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 1/1/36 | | | | | 750,000 | | | | | | 630,051 | | |
5.000%, due 1/1/33 | | | | | 1,050,000 | | | | | | 1,005,070 | | |
5.250%, due 1/1/28 | | | | | 1,000,000 | | | | | | 1,001,227 | | |
City of Joliet IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/15/38 | | | | | 1,000,000 | | | | | | 1,044,452 | | |
5.250%, due 12/15/39 | | | | | 1,000,000 | | | | | | 1,061,667 | | |
5.250%, due 12/15/40 | | | | | 1,000,000 | | | | | | 1,058,647 | | |
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 600,000 | | | | | | 621,893 | | |
County of Sangamon IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/15/26 | | | | | 240,000 | | | | | | 253,294 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Illinois Development Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
3.750%, due 7/15/25(d) | | | | $ | 500,000 | | | | | $ | 452,145 | | |
Illinois Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 2,000,000 | | | | | | 1,856,079 | | |
5.000%, due 8/15/32 | | | | | 1,500,000 | | | | | | 1,581,070 | | |
Illinois State Toll Highway Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 1/1/43 | | | | | 1,095,000 | | | | | | 1,110,086 | | |
Macon & De Witt Counties Community Unit School District No 2 Maroa-Forsyth, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/31 | | | | | 500,000 | | | | | | 503,678 | | |
4.000%, due 12/1/32 | | | | | 550,000 | | | | | | 550,362 | | |
4.000%, due 12/1/40 | | | | | 1,000,000 | | | | | | 924,057 | | |
Madison County Community Unit School District No 8 Bethalto, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/31 | | | | | 700,000 | | | | | | 706,413 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 320,000 | | | | | | 335,085 | | |
Northern Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/26 | | | | | 250,000 | | | | | | 258,797 | | |
5.000%, due 10/1/28 | | | | | 650,000 | | | | | | 680,946 | | |
5.000%, due 10/1/30 | | | | | 690,000 | | | | | | 729,417 | | |
Sales Tax Securitization Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 1/1/38 | | | | | 1,800,000 | | | | | | 1,589,244 | | |
5.000%, due 1/1/30 | | | | | 500,000 | | | | | | 518,480 | | |
Sangamon & Morgan Counties Community Unit School District No 16 New Berlin, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/38 | | | | | 1,720,000 | | | | | | 1,773,235 | | |
5.500%, due 12/1/36 | | | | | 350,000 | | | | | | 379,021 | | |
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 | | | | | | 536,513 | | |
Southwestern Illinois Development Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/15/24 | | | | | 165,000 | | | | | | 166,157 | | |
4.000%, due 4/15/31 | | | | | 450,000 | | | | | | 450,679 | | |
4.000%, due 4/15/33 | | | | | 500,000 | | | | | | 490,273 | | |
State of Illinois, Series C | | | | | | | | | | | | | |
4.000%, due 10/1/40 | | | | | 475,000 | | | | | | 386,014 | | |
State of Illinois, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 4/1/23 | | | | | 1,450,000 | | | | | | 1,456,107 | | |
5.000%, due 12/1/26 | | | | | 780,000 | | | | | | 785,257 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
5.000%, due 3/1/27 | | | | $ | 500,000 | | | | | $ | 503,059 | | |
5.000%, due 3/1/29 | | | | | 1,470,000 | | | | | | 1,471,637 | | |
5.000%, due 3/1/30 | | | | | 1,000,000 | | | | | | 1,000,052 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
4.125%, due 4/1/33 | | | | | 550,000 | | | | | | 516,105 | | |
Series D | | | | | | | | | | | | | |
5.000%, due 11/1/28 | | | | | 1,000,000 | | | | | | 1,001,311 | | |
State of Illinois Sales Tax Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/15/27 | | | | | 600,000 | | | | | | 605,610 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 230,000 | | | | | | 230,335 | | |
5.000%, due 1/1/30 | | | | | 450,000 | | | | | | 465,010 | | |
Village of Bolingbrook IL, General Obligation Bonds Series A | | | | | | | | | | | | | |
3.310%, due 1/1/35(d) | | | | | 4,000,000 | | | | | | 2,156,316 | | |
Village of Franklin Park IL, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/30 | | | | | 350,000 | | | | | | 355,133 | | |
4.000%, due 10/1/32 | | | | | 375,000 | | | | | | 377,559 | | |
Village of Matteson IL, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/29 | | | | | 465,000 | | | | | | 495,012 | | |
Village of Mundelein IL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/15/39 | | | | | 100,000 | | | | | | 92,043 | | |
Village of Stone Park IL, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/1/23 | | | | | 135,000 | | | | | | 135,158 | | |
Will County School District No 114 Manhattan, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
3.500%, due 1/1/26 | | | | | 840,000 | | | | | | 839,409 | | |
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/36 | | | | | 445,000 | | | | | | 462,703 | | |
5.250%, due 1/1/39 | | | | | 555,000 | | | | | | 582,401 | | |
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 | | | | | | 487,582 | | |
| | | | | | | | | | | 39,752,605 | | |
Indiana — 2.5% | | ||||||||||||
City of Bloomington IN Waterworks Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/39 | | | | | 2,690,000 | | | | | | 2,825,204 | | |
5.000%, due 1/1/42 | | | | | 1,525,000 | | | | | | 1,592,488 | | |
Evansville Waterworks District, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/36 | | | | | 500,000 | | | | | | 528,694 | | |
5.000%, due 7/1/38 | | | | | 575,000 | | | | | | 600,797 | | |
Greater Clark Building Corp., Revenue Bonds Insured: ST INTERCEPT | | | | | | | | | | | | | |
6.000%, due 7/15/34 | | | | | 1,000,000 | | | | | | 1,154,044 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Indiana (continued) | | ||||||||||||
Indiana Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
1.400%, due 8/1/29 | | | | $ | 1,000,000 | | | | | $ | 800,239 | | |
MSD of Wash Township School Building Corp., Revenue Bonds Insured: ST INTERCEPT | | | | | | | | | | | | | |
5.000%, due 7/15/35 | | | | | 225,000 | | | | | | 238,048 | | |
| | | | | | | | | | | 7,739,514 | | |
Iowa — 1.6% | | ||||||||||||
City of Coralville IA, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 5/1/23 | | | | | 520,000 | | | | | | 520,910 | | |
4.000%, due 5/1/24 | | | | | 1,305,000 | | | | | | 1,311,151 | | |
Iowa Higher Education Loan Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/34 | | | | | 300,000 | | | | | | 302,237 | | |
5.000%, due 10/1/35 | | | | | 360,000 | | | | | | 360,682 | | |
5.000%, due 10/1/36 | | | | | 365,000 | | | | | | 363,268 | | |
Jesup Community School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/24 | | | | | 420,000 | | | | | | 429,936 | | |
5.000%, due 6/1/25 | | | | | 440,000 | | | | | | 455,634 | | |
5.000%, due 6/1/26 | | | | | 465,000 | | | | | | 487,108 | | |
5.000%, due 6/1/27 | | | | | 490,000 | | | | | | 518,721 | | |
| | | | | | | | | | | 4,749,647 | | |
Kansas — 1.0% | | ||||||||||||
City of Dodge City KS, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/28 | | | | | 365,000 | | | | | | 390,783 | | |
5.000%, due 9/1/31 | | | | | 420,000 | | | | | | 453,563 | | |
Johnson County Unified School District No 233 Olathe, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 9/1/36 | | | | | 1,700,000 | | | | | | 1,644,026 | | |
Wyandotte County Unified School District No 500 Kansas City, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.125%, due 9/1/37 | | | | | 500,000 | | | | | | 514,583 | | |
| | | | | | | | | | | 3,002,955 | | |
Kentucky — 0.4% | | ||||||||||||
City of Berea KY, Revenue Bonds Series A | | | | | | | | | | | | | |
1.540%, due 6/1/32(a)(b) | | | | | 600,000 | | | | | | 600,000 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 75,000 | | | | | | 73,332 | | |
Louisville/Jefferson County Metropolitan Government, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/1/32 | | | | | 500,000 | | | | | | 509,356 | | |
| | | | | | | | | | | 1,182,688 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana — 1.5% | | ||||||||||||
Cameron Parish School District No 15, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | $ | 205,000 | | | | | $ | 206,972 | | |
5.000%, due 10/1/29 | | | | | 290,000 | | | | | | 305,510 | | |
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 100,000 | | | | | | 104,984 | | |
City of Youngsville LA Sales Tax Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/1/32 | | | | | 250,000 | | | | | | 250,577 | | |
4.000%, due 5/1/34 | | | | | 300,000 | | | | | | 297,117 | | |
Louisiana Stadium & Exposition District, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/3/23 | | | | | 1,750,000 | | | | | | 1,748,984 | | |
State of Louisiana, General Obligation Bonds Series D | | | | | | | | | | | | | |
5.000%, due 9/1/24 | | | | | 1,495,000 | | | | | | 1,540,561 | | |
| | | | | | | | | | | 4,454,705 | | |
Maine — 0.3% | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 155,000 | | | | | | 159,886 | | |
Maine Health & Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/31 | | | | | 225,000 | | | | | | 240,522 | | |
5.000%, due 7/1/32 | | | | | 500,000 | | | | | | 525,490 | | |
| | | | | | | | | | | 925,898 | | |
Maryland — 1.6% | | ||||||||||||
City of Baltimore MD, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/38 | | | | | 900,000 | | | | | | 846,429 | | |
Maryland Community Development Administration, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 9/1/42 | | | | | 1,000,000 | | | | | | 1,003,666 | | |
State of Maryland, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 3/15/32 | | | | | 585,000 | | | | | | 642,653 | | |
5.000%, due 6/1/37 | | | | | 2,100,000 | | | | | | 2,310,231 | | |
| | | | | | | | | | | 4,802,979 | | |
Massachusetts — 0.8% | | ||||||||||||
Commonwealth of Massachusetts, General Obligation Bonds Series C | | | | | | | | | | | | | |
5.000%, due 5/1/46 | | | | | 1,250,000 | | | | | | 1,286,205 | | |
Massachusetts School Building Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 11/15/34 | | | | | 1,000,000 | | | | | | 1,038,635 | | |
| | | | | | | | | | | 2,324,840 | | |
Michigan — 3.2% | | ||||||||||||
County of Genesee MI, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 190,000 | | | | | | 198,124 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Michigan (continued) | | ||||||||||||
5.000%, due 6/1/28 | | | | $ | 90,000 | | | | | $ | 95,622 | | |
5.000%, due 6/1/30 | | | | | 210,000 | | | | | | 226,019 | | |
Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds Series C | | | | | | | | | | | | | |
5.000%, due 7/1/36 | | | | | 1,000,000 | | | | | | 1,025,462 | | |
Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/46 | | | | | 1,000,000 | | | | | | 1,024,760 | | |
Michigan Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 4/15/29 | | | | | 1,000,000 | | | | | | 1,079,667 | | |
5.000%, due 2/15/34 | | | | | 235,000 | | | | | | 243,065 | | |
Series A Class 1 | | | | | | | | | | | | | |
4.000%, due 6/1/34 | | | | | 500,000 | | | | | | 451,977 | | |
Richmond Community Schools, General Obligation Bonds Series I Insured: Q-SBLF | | | | | | | | | | | | | |
4.000%, due 5/1/36 | | | | | 1,450,000 | | | | | | 1,404,923 | | |
4.000%, due 5/1/37 | | | | | 2,655,000 | | | | | | 2,531,463 | | |
Van Buren Public Schools, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/36 | | | | | 1,040,000 | | | | | | 977,961 | | |
Wyoming Public Schools, General Obligation Bonds Series III Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/41 | | | | | 500,000 | | | | | | 444,090 | | |
| | | | | | | | | | | 9,703,133 | | |
Minnesota — 2.1% | | ||||||||||||
City of Minneapolis MN/St Paul Housing & Redevelopment Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
1.500%, due 11/15/35(a)(b) | | | | | 4,000,000 | | | | | | 4,000,000 | | |
Minneapolis Special School District No 1, General Obligation Bonds Series B Insured: SD CRED PROG | | | | | | | | | | | | | |
5.000%, due 2/1/28 | | | | | 1,000,000 | | | | | | 1,073,175 | | |
5.000%, due 2/1/31 | | | | | 1,250,000 | | | | | | 1,337,422 | | |
| | | | | | | | | | | 6,410,597 | | |
Missouri — 2.7% | | ||||||||||||
City of Kansas City MO, Revenue Bonds Series C | | | | | | | | | | | | | |
5.000%, due 9/1/26 | | | | | 1,300,000 | | | | | | 1,365,135 | | |
5.000%, due 9/1/28 | | | | | 1,000,000 | | | | | | 1,070,638 | | |
Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 8/1/25 | | | | | 150,000 | | | | | | 146,260 | | |
5.000%, due 2/15/32 | | | | | 500,000 | | | | | | 508,224 | | |
Hickman Mills C-1 School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.750%, due 3/1/42 | | | | | 3,390,000 | | | | | | 3,611,897 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Missouri (continued) | | ||||||||||||
Wright City R-II School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
6.000%, due 3/1/27 | | | | $ | 150,000 | | | | | $ | 164,525 | | |
6.000%, due 3/1/29 | | | | | 150,000 | | | | | | 169,551 | | |
6.000%, due 3/1/31 | | | | | 35,000 | | | | | | 40,498 | | |
6.000%, due 3/1/33 | | | | | 500,000 | | | | | | 584,568 | | |
6.000%, due 3/1/35 | | | | | 530,000 | | | | | | 614,350 | | |
| | | | | | | | | | | 8,275,646 | | |
Montana — 0.1% | | ||||||||||||
Montana Facility Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/24 | | | | | 375,000 | | | | | | 382,133 | | |
Nebraska — 1.7% | | ||||||||||||
Central Plains Energy Project, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 12/1/49(a)(b) | | | | | 1,500,000 | | | | | | 1,481,604 | | |
5.000%, due 3/1/50(a)(b) | | | | | 3,500,000 | | | | | | 3,501,877 | | |
City of Kearney NE, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 5/15/32 | | | | | 340,000 | | | | | | 334,602 | | |
| | | | | | | | | | | 5,318,083 | | |
Nevada — 0.9% | | ||||||||||||
City of North Las Vegas NV, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 1,000,000 | | | | | | 956,395 | | |
Clark County School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/37 | | | | | 845,000 | | | | | | 891,410 | | |
County of Clark NV, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/39 | | | | | 1,000,000 | | | | | | 923,163 | | |
| | | | | | | | | | | 2,770,968 | | |
New Hampshire — 0.2% | | ||||||||||||
New Hampshire Business Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 4/1/30 | | | | | 675,000 | | | | | | 666,981 | | |
New Jersey — 4.0% | | ||||||||||||
Atlantic County Improvement Authority (The), Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/32 | | | | | 325,000 | | | | | | 346,657 | | |
Essex County Improvement Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/15/28 | | | | | 415,000 | | | | | | 398,367 | | |
New Jersey Economic Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 11/1/39 | | | | | 1,000,000 | | | | | | 865,788 | | |
New Jersey Educational Facilities Authority, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 470,000 | | | | | | 486,826 | | |
Series F Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 300,000 | | | | | | 312,446 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.125%, due 7/1/38 | | | | $ | 290,000 | | | | | $ | 264,942 | | |
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds Series A | | | | | | | | | | | | | |
3.500%, due 7/1/25(a)(b) | | | | | 4,000,000 | | | | | | 3,948,906 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.270%, due 12/15/26(d) | | | | | 650,000 | | | | | | 546,123 | | |
Series AA | | | | | | | | | | | | | |
5.000%, due 6/15/37 | | | | | 1,300,000 | | | | | | 1,293,754 | | |
New Jersey Turnpike Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 1/1/42 | | | | | 1,000,000 | | | | | | 1,037,483 | | |
Series D-1 | | | | | | | | | | | | | |
3.337%, (1-Month LIBOR + 0.70%), due 1/1/24(a) | | | | | 1,000,000 | | | | | | 998,634 | | |
Newark Board of Education, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/15/30 | | | | | 750,000 | | | | | | 813,427 | | |
Salem County Improvement Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 8/15/30 | | | | | 195,000 | | | | | | 193,493 | | |
4.000%, due 8/15/31 | | | | | 180,000 | | | | | | 177,304 | | |
South Jersey Port Corp., Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 1/1/31 | | | | | 500,000 | | | | | | 504,467 | | |
| | | | | | | | | | | 12,188,617 | | |
New Mexico — 0.2% | | ||||||||||||
Albuquerque Metropolitan Arroyo Flood Control Authority, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 8/1/27 | | | | | 650,000 | | | | | | 696,895 | | |
New York — 7.0% | | ||||||||||||
Camden Central School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/15/27 | | | | | 1,180,000 | | | | | | 1,202,610 | | |
City of New York NY, General Obligation Bonds | | | | | | | | | | | | | |
5.250%, due 10/1/47 | | | | | 3,000,000 | | | | | | 3,135,000 | | |
City of Syracuse NY, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/15/32 | | | | | 250,000 | | | | | | 252,207 | | |
County of Nassau NY, General Obligation Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/38 | | | | | 1,500,000 | | | | | | 1,571,914 | | |
County of Suffolk NY, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 2/1/23 | | | | | 410,000 | | | | | | 411,712 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 503,369 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 11/15/24 | | | | $ | 500,000 | | | | | $ | 513,629 | | |
Series C | | | | | | | | | | | | | |
5.000%, due 11/15/38 | | | | | 250,000 | | | | | | 240,999 | | |
5.000%, due 11/15/42 | | | | | 500,000 | | | | | | 471,672 | | |
Monroe County Industrial Development Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 12/1/36 | | | | | 375,000 | | | | | | 318,916 | | |
New York City Housing Development Corp., Revenue Bonds Series F-2 | | | | | | | | | | | | | |
0.600%, due 5/1/61(a)(b) | | | | | 1,500,000 | | | | | | 1,351,962 | | |
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds Series S-3 | | | | | | | | | | | | | |
5.000%, due 7/15/33 | | | | | 150,000 | | | | | | 157,524 | | |
New York Liberty Development Corp., Revenue Bonds Class 1 | | | | | | | | | | | | | |
2.450%, due 9/15/69 | | | | | 500,000 | | | | | | 418,772 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
2.750%, due 11/15/41 | | | | | 1,070,000 | | | | | | 744,923 | | |
New York State Dormitory Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 3/15/41 | | | | | 1,500,000 | | | | | | 1,338,880 | | |
Series A | | | | | | | | | | | | | |
4.000%, due 3/15/39 | | | | | 500,000 | | | | | | 456,331 | | |
Series E | | | | | | | | | | | | | |
3.000%, due 3/15/41 | | | | | 500,000 | | | | | | 366,524 | | |
4.000%, due 3/15/39 | | | | | 215,000 | | | | | | 196,222 | | |
5.000%, due 3/15/41 | | | | | 2,000,000 | | | | | | 2,057,977 | | |
New York State Thruway Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
4.000%, due 3/15/43 | | | | | 1,165,000 | | | | | | 1,015,610 | | |
New York State Urban Development Corp., Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 3/15/38 | | | | | 650,000 | | | | | | 599,289 | | |
Schenectady County Capital Resource Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/32 | | | | | 500,000 | | | | | | 533,586 | | |
Triborough Bridge & Tunnel Authority, Revenue Bonds Series A-2 | | | | | | | | | | | | | |
2.000%, due 5/15/45(a)(b) | | | | | 1,345,000 | | | | | | 1,142,482 | | |
Series B-3 | | | | | | | | | | | | | |
5.000%, due 11/15/38 | | | | | 1,000,000 | | | | | | 1,020,755 | | |
Series D-2 | | | | | | | | | | | | | |
5.250%, due 5/15/47 | | | | | 1,250,000 | | | | | | 1,310,909 | | |
| | | | | | | | | | | 21,333,774 | | |
North Carolina — 0.3% | | ||||||||||||
North Carolina Medical Care Commission, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 9/1/41 | | | | | 1,095,000 | | | | | | 876,269 | | |
North Dakota — 0.4% | | ||||||||||||
City of Grand Forks ND, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 1,250,000 | | | | | | 1,068,049 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Ohio — 2.1% | | ||||||||||||
Akron Bath Copley Joint Township Hospital District, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 11/15/33 | | | | $ | 1,260,000 | | | | | $ | 1,101,958 | | |
City of Toledo OH, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/36 | | | | | 1,000,000 | | | | | | 1,067,319 | | |
5.500%, due 12/1/39 | | | | | 1,330,000 | | | | | | 1,431,536 | | |
City of Upper Arlington OH, General Obligation Bonds | | | | | | | | | | | | | |
5.250%, due 12/1/35 | | | | | 750,000 | | | | | | 776,677 | | |
Cloverleaf Local School District, Certificate for Participation Insured: BAM | | | | | | | | | | | | | |
5.375%, due 12/1/37 | | | | | 1,000,000 | | | | | | 1,045,762 | | |
Crestview Local School District/Columbiana County, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/35 | | | | | 250,000 | | | | | | 243,899 | | |
4.000%, due 12/1/37 | | | | | 320,000 | | | | | | 297,431 | | |
State of Ohio, Revenue Bonds Series E | | | | | | | | | | | | | |
5.000%, due 1/15/35 | | | | | 500,000 | | | | | | 509,590 | | |
| | | | | | | | | | | 6,474,172 | | |
Pennsylvania — 1.6% | | ||||||||||||
City of Erie PA, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
6.640%, due 11/15/37(d) | | | | | 750,000 | | | | | | 352,038 | | |
Indiana County Industrial Development Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/1/27 | | | | | 250,000 | | | | | | 258,653 | | |
Lancaster County Hospital Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/1/38 | | | | | 1,100,000 | | | | | | 1,118,235 | | |
Lancaster Industrial Development Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/1/31 | | | | | 100,000 | | | | | | 89,574 | | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 1/1/29 | | | | | 450,000 | | | | | | 435,403 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC | | | | | | | | | | | | | |
3.108%, (3-Month LIBOR + 0.60%), due 7/1/27(a) | | | | | 140,000 | | | | | | 137,215 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/36 | | | | | 1,285,000 | | | | | | 1,339,970 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/32 | | | | | 550,000 | | | | | | 590,110 | | |
Spring Cove School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/22 | | | | | 500,000 | | | | | | 500,132 | | |
| | | | | | | | | | | 4,821,330 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Puerto Rico — 0.3% | | ||||||||||||
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | $ | 25,000 | | | | | $ | 24,939 | | |
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 400,000 | | | | | | 415,754 | | |
5.000%, due 7/1/29 | | | | | 425,000 | | | | | | 442,840 | | |
| | | | | | | | | | | 883,533 | | |
Rhode Island — 1.2% | | ||||||||||||
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/32 | | | | | 250,000 | | | | | | 266,405 | | |
Rhode Island Health and Educational Building Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/25 | | | | | 500,000 | | | | | | 505,262 | | |
Series F | | | | | | | | | | | | | |
5.500%, due 5/15/39 | | | | | 1,320,000 | | | | | | 1,424,115 | | |
5.500%, due 5/15/41 | | | | | 180,000 | | | | | | 192,351 | | |
Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds Series 77-A | | | | | | | | | | | | | |
5.000%, due 10/1/28 | | | | | 350,000 | | | | | | 368,542 | | |
Rhode Island Infrastructure Bank, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/34 | | | | | 650,000 | | | | | | 660,807 | | |
State of Rhode Island, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 4/1/34 | | | | | 350,000 | | | | | | 348,032 | | |
| | | | | | | | | | | 3,765,514 | | |
South Carolina — 0.8% | | ||||||||||||
South Carolina Public Service Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 12/1/36 | | | | | 100,000 | | | | | | 99,868 | | |
Spartanburg County School District No 4, General Obligation Bonds Insured: SCSDE | | | | | | | | | | | | | |
5.000%, due 3/1/42 | | | | | 2,210,000 | | | | | | 2,318,033 | | |
| | | | | | | | | | | 2,417,901 | | |
South Dakota — 0.9% | | ||||||||||||
Baltic School District No 49-1, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.500%, due 12/1/38 | | | | | 300,000 | | | | | | 292,408 | | |
4.500%, due 12/1/42 | | | | | 325,000 | | | | | | 310,295 | | |
County of Lawrence SD, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/32 | | | | | 455,000 | | | | | | 456,871 | | |
4.000%, due 12/1/33 | | | | | 660,000 | | | | | | 659,323 | | |
4.000%, due 12/1/34 | | | | | 500,000 | | | | | | 496,076 | | |
Tri-Valley School District No 49-6, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 7/15/32 | | | | | 200,000 | | | | | | 203,238 | | |
4.000%, due 7/15/33 | | | | | 380,000 | | | | | | 385,163 | | |
| | | | | | | | | | | 2,803,374 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Tennessee — 1.1% | | ||||||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 4/1/26(a)(b) | | | | $ | 3,000,000 | | | | | $ | 2,986,746 | | |
Tennessee Energy Acquisition Corp., Revenue Bonds Series B | | | | | | | | | | | | | |
5.625%, due 9/1/26 | | | | | 500,000 | | | | | | 518,719 | | |
| | | | | | | | | | | 3,505,465 | | |
Texas — 14.6% | | ||||||||||||
Alamito Public Facility Corp., | | | | | | | | | | | | | |
3.500%, due 9/1/25(a)(b) | | | | | 4,000,000 | | | | | | 3,925,970 | | |
Alamito Public Facility Corp., Revenue Bonds | | | | | | | | | | | | | |
3.500%, due 9/1/25(a)(b) | | | | | 4,000,000 | | | | | | 3,925,970 | | |
Arlington Higher Education Finance Corp., Revenue Bonds Series A Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 8/15/32 | | | | | 2,200,000 | | | | | | 2,379,290 | | |
Barbers Hill Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
4.000%, due 2/15/41 | | | | | 1,000,000 | | | | | | 948,256 | | |
Central Texas Turnpike System, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 8/15/39 | | | | | 1,455,000 | | | | | | 1,498,912 | | |
City of Alvin TX Water & Sewer System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/1/27 | | | | | 1,225,000 | | | | | | 1,299,148 | | |
City of Amarillo TX Waterworks & Sewer System Revenue, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 4/1/41 | | | | | 1,360,000 | | | | | | 1,230,179 | | |
City of Arlington TX, Tax Allocation | | | | | | | | | | | | | |
5.000%, due 8/15/30 | | | | | 150,000 | | | | | | 154,476 | | |
City of Arlington TX Special Tax Revenue, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/43 | | | | | 250,000 | | | | | | 253,207 | | |
City of Austin TX, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 9/1/23 | | | | | 260,000 | | | | | | 263,896 | | |
City of Austin TX Water & Wastewater System Revenue, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/23 | | | | | 1,100,000 | | | | | | 1,111,099 | | |
5.000%, due 11/15/23 | | | | | 1,000,000 | | | | | | 1,018,264 | | |
City of Georgetown TX Utility System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/15/26 | | | | | 1,000,000 | | | | | | 1,048,498 | | |
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 2/1/34 | | | | | 250,000 | | | | | | 249,909 | | |
City of Temple TX, Tax Allocation Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/27 | | | | | 125,000 | | | | | | 131,604 | | |
Clifton Higher Education Finance Corp., Revenue Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
3.000%, due 8/15/34 | | | | | 180,000 | | | | | | 151,837 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
3.000%, due 8/15/35 | | | | $ | 250,000 | | | | | $ | 206,672 | | |
5.000%, due 8/15/27 | | | | | 570,000 | | | | | | 601,090 | | |
Series A | | | | | | | | | | | | | |
5.000%, due 8/15/31 | | | | | 435,000 | | | | | | 453,621 | | |
Conroe Local Government Corp, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/31 | | | | | 125,000 | | | | | | 134,239 | | |
Fort Bend County Municipal Utility District No 215, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/24 | | | | | 125,000 | | | | | | 126,363 | | |
Grand Parkway Transportation Corp., Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/37 | | | | | 750,000 | | | | | | 697,562 | | |
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 350,000 | | | | | | 353,356 | | |
4.000%, due 9/1/33 | | | | | 370,000 | | | | | | 370,522 | | |
Greater Texoma Utility Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/36 | | | | | 2,485,000 | | | | | | 2,631,946 | | |
Guadalupe-Blanco River Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
6.000%, due 8/15/42 | | | | | 1,980,000 | | | | | | 2,199,068 | | |
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
3.287%, (1-Month LIBOR + 0.65%), due 11/15/46(a) | | | | | 1,000,000 | | | | | | 999,732 | | |
Harris County Flood Control District, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,265,000 | | | | | | 1,197,403 | | |
Houston Higher Education Finance Corp., Revenue Bonds | | | | | | | | | | | | | |
1.500%, due 10/1/23 | | | | | 230,000 | | | | | | 219,269 | | |
Series A Insured: PSF-GTD | | | | | | | | | | | | | |
4.000%, due 2/15/39 | | | | | 1,915,000 | | | | | | 1,771,767 | | |
Hutto Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 8/1/27 | | | | | 355,000 | | | | | | 380,290 | | |
Laredo Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 8/1/29 | | | | | 650,000 | | | | | | 709,738 | | |
Montgomery County Municipal Utility District No 95, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/41 | | | | | 560,000 | | | | | | 564,474 | | |
North Texas Tollway Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 1/1/38 | | | | | 1,000,000 | | | | | | 1,069,778 | | |
Sabine-Neches Navigation District, General Obligation Bonds | | | | | | | | | | | | | |
5.250%, due 2/15/37 | | | | | 1,000,000 | | | | | | 1,068,709 | | |
5.250%, due 2/15/41 | | | | | 2,000,000 | | | | | | 2,100,873 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
San Antonio Public Facilities Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 9/15/27 | | | | $ | 575,000 | | | | | $ | 611,569 | | |
Southwest Higher Education Authority, Inc., Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 10/1/42 | | | | | 3,000,000 | | | | | | 2,648,181 | | |
Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds Series C | | | | | | | | | | | | | |
2.863%, (3-Month LIBOR + 0.69%), due 9/15/27(a) | | | | | 2,190,000 | | | | | | 2,102,423 | | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 6/30/33 | | | | | 500,000 | | | | | | 456,193 | | |
Texas Water Development Board, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 8/1/41 | | | | | 1,000,000 | | | | | | 1,056,611 | | |
Uptown Development Authority, Tax Allocation Series A | | | | | | | | | | | | | |
5.000%, due 9/1/35 | | | | | 500,000 | | | | | | 489,878 | | |
| | | | | | | | | | | 44,811,842 | | |
Utah — 1.9% | | ||||||||||||
Intermountain Power Agency, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/41 | | | | | 1,000,000 | | | | | | 1,055,118 | | |
Series A | | | | | | | | | | | | | |
5.000%, due 7/1/29 | | | | | 750,000 | | | | | | 818,712 | | |
5.000%, due 7/1/30 | | | | | 500,000 | | | | | | 550,567 | | |
University of Utah (The), Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 8/1/38 | | | | | 970,000 | | | | | | 1,041,196 | | |
Utah Associated Municipal Power Systems, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 9/1/31 | | | | | 500,000 | | | | | | 525,986 | | |
Utah Charter School Finance Authority, Revenue Bonds Insured: UT CSCE | | | | | | | | | | | | | |
4.000%, due 4/15/40 | | | | | 250,000 | | | | | | 215,319 | | |
Utah Infrastructure Agency, Revenue Bonds | | | | | | | | | | | | | |
3.000%, due 10/15/24 | | | | | 520,000 | | | | | | 501,296 | | |
4.000%, due 10/15/31 | | | | | 250,000 | | | | | | 253,475 | | |
4.000%, due 10/15/32 | | | | | 540,000 | | | | | | 543,660 | | |
Vineyard Redevelopment Agency, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/33 | | | | | 150,000 | | | | | | 148,857 | | |
4.000%, due 5/1/35 | | | | | 215,000 | | | | | | 210,121 | | |
| | | | | | | | | | | 5,864,307 | | |
Vermont — 0.2% | | ||||||||||||
City of Burlington VT Airport Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/26 | | | | | 605,000 | | | | | | 626,563 | | |
Virginia — 0.1% | | ||||||||||||
Norfolk Airport Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 150,000 | | | | | | 159,638 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Virginia (continued) | | ||||||||||||
Virginia Small Business Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 12/1/36 | | | | $ | 210,000 | | | | | $ | 179,953 | | |
| | | | | | | | | | | 339,591 | | |
Washington — 1.6% | | ||||||||||||
Auburn School District No 408 of King & Pierce Counties, General Obligation Bonds Insured: SCH BD GTY | | | | | | | | | | | | | |
4.000%, due 12/1/34 | | | | | 500,000 | | | | | | 497,281 | | |
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 494,154 | | |
County of King WA Sewer Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
2.470%, (Municipal Swap Index + 0.23%), due 1/1/40(a) | | | | | 3,000,000 | | | | | | 2,917,455 | | |
Spokane Public Facilities District, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 535,000 | | | | | | 541,309 | | |
Washington State Convention Center Public Facilities District, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/1/43 | | | | | 535,000 | | | | | | 421,433 | | |
| | | | | | | | | | | 4,871,632 | | |
West Virginia — 1.0% | | ||||||||||||
City of Wheeling WV Waterworks & Sewerage System Revenue, Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/29 | | | | | 460,000 | | | | | | 470,593 | | |
Morgantown Utility Board, Inc., Revenue Bonds Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/34 | | | | | 200,000 | | | | | | 196,879 | | |
West Virginia Hospital Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 9/1/39 | | | | | 1,500,000 | | | | | | 1,475,672 | | |
West Virginia Parkways Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/43 | | | | | 860,000 | | | | | | 888,634 | | |
| | | | | | | | | | | 3,031,778 | | |
Wisconsin — 1.5% | | ||||||||||||
PMA Levy & Aid Anticipation Notes Program, Revenue Notes Series A | | | | | | | | | | | | | |
4.000%, due 3/1/23 | | | | | 1,000,000 | | | | | | 1,001,973 | | |
4.000%, due 4/19/23 | | | | | 1,000,000 | | | | | | 1,002,468 | | |
4.000%, due 8/24/23 | | | | | 490,000 | | | | | | 491,608 | | |
Public Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/23 | | | | | 40,000 | | | | | | 39,832 | | |
4.000%, due 10/1/24 | | | | | 35,000 | | | | | | 34,637 | | |
4.000%, due 10/1/30 | | | | | 265,000 | | | | | | 246,203 | | |
4.000%, due 10/1/31 | | | | | 390,000 | | | | | | 356,938 | | |
4.000%, due 10/1/32 | | | | | 390,000 | | | | | | 352,679 | | |
4.000%, due 10/1/33 | | | | | 420,000 | | | | | | 373,566 | | |
4.000%, due 10/1/34 | | | | | 390,000 | | | | | | 341,527 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Wisconsin (continued) | | ||||||||||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/33 | | | | $ | 425,000 | | | | | $ | 447,008 | | |
| | | | | | | | | | | 4,688,439 | | |
Wyoming — 0.0%(c) | | ||||||||||||
University of Wyoming, Revenue Bonds Series C Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/42 | | | | | 150,000 | | | | | | 133,742 | | |
Total Municipal Bonds | | | | | | | | | | | | | |
(Cost $335,407,092) | | | | | | | | | | | 313,046,994 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 2.4% | | | | | | | | | | | | | |
Money Market Fund — 2.4% | | | | | | | | | | | | | |
Dreyfus Tax Exempt Cash Management - Institutional, 2.01%(e) | | | | | | | | | | | | | |
(Cost $7,478,117) | | | | | 7,478,979 | | | | | | 7,478,117 | | |
Total Investments — 104.6% | | | | | | | | | | | | | |
(Cost $342,885,209) | | | | | | | | | | | 320,525,111 | | |
Other Assets and Liabilities, Net — (4.6)% | | | | | | | | | | | (14,084,263) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 306,440,848 | | |
| AGC | | | — | | | Assured Guaranty Corp. | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | — | | | Ambac Assurance Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| LIBOR | | | — | | | London InterBank Offered Rate | |
| MSD | | | — | | | Metropolitan School District | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
| PSF-GTD | | | — | | | Permanent School Fund Guaranteed. | |
| Q-SBLF | | | — | | | Qualified School Bond Loan Fund | |
| SCH BD GTY | | | — | | | School Bond Guaranty Program | |
| SCSDE | | | — | | | South Carolina Department of Education | |
| SD CRED PROG | | | — | | | School District Credit Enhancement Program | |
| ST HGR ED INTERCEPT PROG | | | — | | | State Higher Education Intercept 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 | | | | $ | — | | | | | $ | 313,046,994 | | | | | $ | — | | | | | $ | 313,046,994 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 7,478,117 | | | | | | — | | | | | | — | | | | | | 7,478,117 | | |
Total Investments in Securities | | | | $ | 7,478,117 | | | | | $ | 313,046,994 | | | | | $ | — | | | | | $ | 320,525,111 | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 99.5% | | ||||||||||||
Collateralized Mortgage Obligations — 6.4% | | ||||||||||||
Mortgage Securities — 6.4% | | ||||||||||||
CHL Mortgage Pass-Through Trust 2005-9 | | | | | | | | | | | | | |
Series 2005-9 1A1, 4.186%, (1-Month LIBOR + 0.60%), due 5/25/35(a) | | | | $ | 48,754 | | | | | $ | 37,504 | | |
Connecticut Avenue Securities Trust 2019-HRP1 Series 2019-HRP1 M2, 5.736%, (1-Month LIBOR + 2.15%), due 11/25/39(a) | | | | | 659,197 | | | | | | 626,237 | | |
Connecticut Avenue Securities Trust 2020-R02 Series 2020-R02 2M2, 5.586%, (1-Month LIBOR + 2.00%), due 1/25/40(a) | | | | | 240,818 | | | | | | 236,486 | | |
Connecticut Avenue Securities Trust 2021-R01 Series 2021-R01 1M2, 4.547%, (SOFR30A + 1.55%), due 10/25/41(a) | | | | | 409,445 | | | | | | 383,044 | | |
Connecticut Avenue Securities Trust 2022-R04 Series 2022-R04 1M2, 6.097%, (SOFR30A + 3.10%), due 3/25/42(a) | | | | | 95,000 | | | | | | 88,960 | | |
Fannie Mae Connecticut Avenue Securities Series 2015-C04 2M2, 9.136%, (1-Month LIBOR + 5.55%), due 4/25/28(a) | | | | | 23,062 | | | | | | 23,643 | | |
Series 2016-C01 1M2, 10.336%, (1-Month LIBOR + 6.75%), due 8/25/28(a) | | | | | 53,680 | | | | | | 55,804 | | |
Series 2017-C02 2M2C, 7.236%, (1-Month LIBOR + 3.65%), due 9/25/29(a) | | | | | 245,000 | | | | | | 249,867 | | |
Series 2017-C04 2M2, 6.436%, (1-Month LIBOR + 2.85%), due 11/25/29(a) | | | | | 446,953 | | | | | | 451,559 | | |
Series 2017-C07 1B1, 7.586%, (1-Month LIBOR + 4.00%), due 5/25/30(a) | | | | | 560,000 | | | | | | 565,949 | | |
Series 2018-C01 1B1, 7.136%, (1-Month LIBOR + 3.55%), due 7/25/30(a) | | | | | 1,240,000 | | | | | | 1,236,170 | | |
Series 2018-C05 1B1, 7.836%, (1-Month LIBOR + 4.25%), due 1/25/31(a) | | | | | 380,000 | | | | | | 383,537 | | |
Series 2021-R02 2M2, 4.997%, (SOFR30A + 2.00%), due 11/25/41(a) | | | | | 203,045 | | | | | | 179,743 | | |
Freddie Mac STACR Remic Trust 2020-DNA2 | | | | | | | | | | | | | |
Series 2020-DNA2 M2, 5.436%, (1-Month LIBOR + 1.85%), due 2/25/50(a) | | | | | 56,050 | | | | | | 55,052 | | |
Freddie Mac STACR REMIC Trust 2020-DNA6 | | | | | | | | | | | | | |
Series 2020-DNA6 B1, 5.997%, (SOFR30A + 3.00%), due 12/25/50(a) | | | | | 425,000 | | | | | | 389,944 | | |
| | | Principal Amount | | | Value | | ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac STACR REMIC Trust 2021-DNA5 | | | | | | | | | | | | | |
Series 2021-DNA5 B1, 6.047%, (SOFR30A + 3.05%), due 1/25/34(a) | | | | $ | 295,000 | | | | | $ | 256,430 | | |
Series 2021-DNA5 M2, 4.647%, (SOFR30A + 1.65%), due 1/25/34(a) | | | | | 47,106 | | | | | | 45,825 | | |
Freddie Mac STACR REMIC Trust 2021-DNA6 | | | | | | | | | | | | | |
Series 2021-DNA6 B1, 6.397%, (SOFR30A + 3.40%), due 10/25/41(a) | | | | | 215,000 | | | | | | 189,200 | | |
Freddie Mac STACR REMIC Trust 2021-HQA1 | | | | | | | | | | | | | |
Series 2021-HQA1 B1, 5.997%, (SOFR30A + 3.00%), due 8/25/33(a) | | | | | 980,000 | | | | | | 786,775 | | |
Series 2021-HQA1 M2, 5.247%, (SOFR30A + 2.25%), due 8/25/33(a) | | | | | 795,000 | | | | | | 726,917 | | |
Freddie Mac STACR REMIC Trust 2021-HQA2 | | | | | | | | | | | | | |
Series 2021-HQA2 B1, 6.147%, (SOFR30A + 3.15%), due 12/25/33(a) | | | | | 630,000 | | | | | | 501,697 | | |
Series 2021-HQA2 M2, 5.047%, (SOFR30A + 2.05%), due 12/25/33(a) | | | | | 575,000 | | | | | | 506,449 | | |
Freddie Mac STACR REMIC Trust 2021-HQA3 | | | | | | | | | | | | | |
Series 2021-HQA3 B1, 6.347%, (SOFR30A + 3.35%), due 9/25/41(a) | | | | | 945,000 | | | | | | 807,727 | | |
Freddie Mac STACR REMIC Trust 2022-DNA1 | | | | | | | | | | | | | |
Series 2022-DNA1 B1, 6.397%, (SOFR30A + 3.40%), due 1/25/42(a) | | | | | 410,000 | | | | | | 354,497 | | |
Series 2022-DNA1 M1B, 4.847%, (SOFR30A + 1.85%), due 1/25/42(a) | | | | | 155,000 | | | | | | 139,112 | | |
Freddie Mac STACR REMIC Trust 2022-DNA2 | | | | | | | | | | | | | |
Series 2022-DNA2 M1B, 5.397%, (SOFR30A + 2.40%), due 2/25/42(a) | | | | | 425,000 | | | | | | 390,999 | | |
Freddie Mac STACR REMIC Trust 2022-DNA3 | | | | | | | | | | | | | |
Series 2022-DNA3 M1B, 5.897%, (SOFR30A + 2.90%), due 4/25/42(a) | | | | | 695,000 | | | | | | 644,613 | | |
Freddie Mac STACR Trust 2018-DNA2 | | | | | | | | | | | | | |
Series 2018-DNA2 B1, 7.286%, (1-Month LIBOR + 3.70%), due 12/25/30(a) | | | | | 585,000 | | | | | | 574,991 | | |
Freddie Mac STACR Trust 2019-DNA1 | | | | | | | | | | | | | |
Series 2019-DNA1 B1, 8.236%, (1-Month LIBOR + 4.65%), due 1/25/49(a) | | | | | 595,000 | | | | | | 608,089 | | |
Freddie Mac STACR Trust 2019-DNA2 | | | | | | | | | | | | | |
Series 2019-DNA2 B1, 7.936%, (1-Month LIBOR + 4.35%), due 3/25/49(a) | | | | | 755,000 | | | | | | 755,000 | | |
Freddie Mac Structured Agency Credit Risk Debt Notes | | | | | | | | | | | | | |
Series 2021-DNA2 B1, 6.397%, (SOFR30A + 3.40%), due 8/25/33(a) | | | | | 435,000 | | | | | | 375,087 | | |
Series 2021-DNA2 M2, 5.297%, (SOFR30A + 2.30%), due 8/25/33(a) | | | | | 455,000 | | | | | | 432,910 | | |
| | | Principal Amount | | | Value | | ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
HarborView Mortgage Loan Trust 2005-2 | | | | | | | | | | | | | |
Series 2005-2 2A1A, 3.920%, (1-Month LIBOR + 0.44%), due 5/19/35(a) | | | | $ | 68,690 | | | | | $ | 60,953 | | |
NewRez Warehouse Securitization Trust 2021-1 | | | | | | | | | | | | | |
Series 2021-1 A, 4.336%, (1-Month LIBOR + 0.75%), due 5/25/55(a) | | | | | 450,000 | | | | | | 440,491 | | |
OBX 2019-INV2 Trust | | | | | | | | | | | | | |
Series 2019-INV2 A5, 4.000%, due 5/27/49(a)(b) | | | | | 365,215 | | | | | | 338,140 | | |
OBX 2022-J1 Trust | | | | | | | | | | | | | |
Series 2022-J1 A14, 2.500%, due 2/25/52(a)(b) | | | | | 251,488 | | | | | | 185,090 | | |
STACR Trust 2018-HRP2 | | | | | | | | | | | | | |
Series 2018-HRP2 B1, 7.786%, (1-Month LIBOR + 4.20%), due 2/25/47(a) | | | | | 315,000 | | | | | | 305,701 | | |
Series 2018-HRP2 M3, 5.986%, (1-Month LIBOR + 2.40%), due 2/25/47(a) | | | | | 170,393 | | | | | | 164,622 | | |
WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust | | | | | | | | | | | | | |
Series 2004-AR13 A2B, 4.466%, (1-Month LIBOR + 0.88%), due 11/25/34(a) | | | | | 58,627 | | | | | | 52,824 | | |
WaMu Mortgage Pass-Through Certificates Series 2006-AR9 Trust | | | | | | | | | | | | | |
Series 2006-AR9 2A, 2.419%, (12MTA + 1.05%), due 8/25/46(a) | | | | | 65,310 | | | | | | 56,500 | | |
| | | | | | | | | | | 14,664,138 | | |
Total Collateralized Mortgage Obligations (Cost $15,244,733) | | | | | | | | | | | 14,664,138 | | |
Commercial Asset-Backed Securities — 8.0% | | ||||||||||||
Asset Backed Securities — 8.0% | | ||||||||||||
American Credit Acceptance Receivables Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 D, 1.340%, due 7/13/27 | | | | | 615,000 | | | | | | 576,525 | | |
American Credit Acceptance Receivables Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3 D, 1.340%, due 11/15/27 | | | | | 75,000 | | | | | | 70,197 | | |
American Credit Acceptance Receivables Trust 2022-1 | | | | | | | | | | | | | |
Series 2022-1 D, 2.460%, due 3/13/28 | | | | | 660,000 | | | | | | 585,264 | | |
AMSR 2020-SFR1 Trust | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.819%, due 4/17/37 | | | | | 579,444 | | | | | | 525,046 | | |
AMSR 2020-SFR3 Trust | | | | | | | | | | | | | |
Series 2020-SFR3 B, 1.806%, due 9/17/37 | | | | | 660,000 | | | | | | 584,420 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
AMSR 2020-SFR4 Trust | | | | | | | | | | | | | |
Series 2020-SFR4 A, 1.355%, due 11/17/37 | | | | $ | 690,000 | | | | | $ | 603,416 | | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | | | | | | |
Series 2020-2A A, 2.020%, due 2/20/27 | | | | | 500,000 | | | | | | 442,138 | | |
Series 2021-1A A, 1.380%, due 8/20/27 | | | | | 100,000 | | | | | | 85,194 | | |
Series 2021-1A B, 1.630%, due 8/20/27 | | | | | 315,000 | | | | | | 265,139 | | |
BMW Vehicle Lease Trust 2022-1 | | | | | | | | | | | | | |
Series 2022-1 A3, 1.100%, due 3/25/25 | | | | | 521,000 | | | | | | 499,644 | | |
CarMax Auto Owner Trust 2021-4 | | | | | | | | | | | | | |
Series 2021-4 A4, 0.820%, due 4/15/27 | | | | | 330,000 | | | | | | 297,983 | | |
Carmax Auto Owner Trust 2022-3 | | | | | | | | | | | | | |
Series 2022-3 A3, 3.970%, due 4/15/27 | | | | | 435,000 | | | | | | 424,658 | | |
CF Hippolyta Issuer LLC | | | | | | | | | | | | | |
Series 2020-1 A2, 1.990%, due 7/15/60 | | | | | 559,415 | | | | | | 456,577 | | |
Series 2020-1 B1, 2.280%, due 7/15/60 | | | | | 859,500 | | | | | | 737,478 | | |
Series 2020-1 B2, 2.600%, due 7/15/60 | | | | | 521,186 | | | | | | 406,247 | | |
Series 2021-1A A1, 1.530%, due 3/15/61 | | | | | 258,679 | | | | | | 221,755 | | |
Series 2021-1A B1, 1.980%, due 3/15/61 | | | | | 273,050 | | | | | | 229,322 | | |
CPS Auto Receivables Trust 2019-C | | | | | | | | | | | | | |
Series 2019-C E, 4.300%, due 7/15/25 | | | | | 500,000 | | | | | | 493,062 | | |
CPS Auto Receivables Trust 2020-B | | | | | | | | | | | | | |
Series 2020-B E, 7.380%, due 6/15/27 | | | | | 500,000 | | | | | | 504,434 | | |
CPS Auto Receivables Trust 2021-C | | | | | | | | | | | | | |
Series 2021-C E, 3.210%, due 9/15/28 | | | | | 410,000 | | | | | | 352,741 | | |
DB Master Finance LLC | | | | | | | | | | | | | |
Series 2019-1A A23, 4.352%, due 5/20/49 | | | | | 111,550 | | | | | | 98,197 | | |
Drive Auto Receivables Trust 2021-1 | | | | | | | | | | | | | |
Series 2021-1 D, 1.450%, due 1/16/29 | | | | | 475,000 | | | | | | 437,257 | | |
Drive Auto Receivables Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 D, 1.390%, due 3/15/29 | | | | | 85,000 | | | | | | 76,865 | | |
Enterprise Fleet Financing 2022-2 LLC | | | | | | | | | | | | | |
Series 2022-2 A3, 4.790%, due 5/21/29 | | | | | 520,000 | | | | | | 504,756 | | |
FirstKey Homes 2020-SFR1 Trust | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.339%, due 8/17/37 | | | | | 538,694 | | | | | | 475,033 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
FirstKey Homes 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.266%, due 10/19/37 | | | | $ | 247,702 | | | | | $ | 216,770 | | |
FirstKey Homes 2021-SFR1 Trust | | | | | | | | | | | | | |
Series 2021-SFR1 B, 1.788%, due 8/17/38 | | | | | 100,000 | | | | | | 83,550 | | |
FirstKey Homes 2021-SFR2 Trust | | | | | | | | | | | | | |
Series 2021-SFR2 B, 1.607%, due 9/17/38 | | | | | 100,000 | | | | | | 83,892 | | |
Flagship Credit Auto Trust 2020-4 | | | | | | | | | | | | | |
Series 2020-4 C, 1.280%, due 2/16/27 | | | | | 100,000 | | | | | | 95,213 | | |
Flagship Credit Auto Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 C, 1.270%, due 6/15/27 | | | | | 285,000 | | | | | | 261,185 | | |
Ford Credit Auto Owner Trust 2020-REV2 | | | | | | | | | | | | | |
Series 2020-2 A, 1.060%, due 4/15/33 | | | | | 100,000 | | | | | | 87,752 | | |
Ford Credit Floorplan Master Owner Trust A Series 2018-4 A, 4.060%, due 11/15/30 | | | | | 560,000 | | | | | | 509,182 | | |
GLS Auto Receivables Issuer Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2A D, 1.420%, due 4/15/27 | | | | | 430,000 | | | | | | 386,112 | | |
GLS Auto Receivables Issuer Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3A D, 1.480%, due 7/15/27 | | | | | 615,000 | | | | | | 543,593 | | |
GLS Auto Receivables Issuer Trust 2021-4 | | | | | | | | | | | | | |
Series 2021-4A C, 1.940%, due 10/15/27 | | | | | 550,000 | | | | | | 508,583 | | |
GM Financial Revolving Receivables Trust 2021-1 Series 2021-1 A, 1.170%, due 6/12/34 | | | | | 450,000 | | | | | | 385,390 | | |
Hertz Vehicle Financing III LP | | | | | | | | | | | | | |
Series 2021-2A A, 1.680%, due 12/27/27 | | | | | 500,000 | | | | | | 421,624 | | |
Series 2021-2A B, 2.120%, due 12/27/27 | | | | | 100,000 | | | | | | 84,013 | | |
Hertz Vehicle Financing LLC | | | | | | | | | | | | | |
Series 2021-1A C, 2.050%, due 12/26/25 | | | | | 650,000 | | | | | | 582,083 | | |
Home Partners of America 2019-1 Trust | | | | | | | | | | | | | |
Series 2019-1 A, 2.908%, due 9/17/39 | | | | | 405,154 | | | | | | 361,305 | | |
Home Partners of America 2021-2 Trust | | | | | | | | | | | | | |
Series 2021-2 B, 2.302%, due 12/17/26 | | | | | 97,367 | | | | | | 83,377 | | |
Navient Private Education Refi Loan Trust 2021-A | | | | | | | | | | | | | |
Series 2021-A B, 2.240%, due 5/15/69 | | | | | 100,000 | | | | | | 67,776 | | |
Navient Private Education Refi Loan Trust 2021-E | | | | | | | | | | | | | |
Series 2021-EA B, 2.030%, due 12/16/69 | | | | | 100,000 | | | | | | 61,994 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
New Economy Assets Phase 1 Sponsor LLC | | | | | | | | | | | | | |
Series 2021-1 A1, 1.910%, due 10/20/61 | | | | $ | 550,000 | | | | | $ | 460,825 | | |
PFS Financing Corp. | | | | | | | | | | | | | |
Series 2022-D A, 4.270%, due 8/15/27 | | | | | 335,000 | | | | | | 319,401 | | |
Progress Residential 2020-SFR3 Trust | | | | | | | | | | | | | |
Series 2020-SFR3 A, 1.294%, due 10/17/27 | | | | | 99,714 | | | | | | 88,628 | | |
Progress Residential 2022-SFR6 Trust | | | | | | | | | | | | | |
Series 2022-SFR6 A, 4.451%, due 7/20/39 | | | | | 335,000 | | | | | | 313,869 | | |
Santander Drive Auto Receivables Trust 2020-4 | | | | | | | | | | | | | |
Series 2020-4 D, 1.480%, due 1/15/27 | | | | | 85,000 | | | | | | 80,830 | | |
Santander Drive Auto Receivables Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3 D, 1.330%, due 9/15/27 | | | | | 555,000 | | | | | | 517,568 | | |
Santander Drive Auto Receivables Trust 2022-2 | | | | | | | | | | | | | |
Series 2022-2 B, 3.440%, due 9/15/27 | | | | | 440,000 | | | | | | 418,860 | | |
Santander Revolving Auto Loan Trust 2019-A | | | | | | | | | | | | | |
Series 2019-A A, 2.510%, due 1/26/32 | | | | | 550,000 | | | | | | 515,533 | | |
Synchrony Card Funding LLC | | | | | | | | | | | | | |
Series 2022-A1 A, 3.370%, due 4/15/28 | | | | | 330,000 | | | | | | 317,744 | | |
Taco Bell Funding LLC | | | | | | | | | | | | | |
Series 2021-1A A23, 2.542%, due 8/25/51 | | | | | 287,825 | | | | | | 210,094 | | |
Tricon American Homes 2020-SFR1 | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.499%, due 7/17/38 | | | | | 269,450 | | | | | | 230,453 | | |
| | | | | | | | | | | 18,250,547 | | |
Total Commercial Asset-Backed Securities (Cost $19,369,611) | | | | | | | | | | | 18,250,547 | | |
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 | | | | | | 77,311 | | |
Arbor Multifamily Mortgage Securities Trust 2021-MF3 | | | | | | | | | | | | | |
Series 2021-MF3 A5, 2.575%, due 10/15/54 | | | | | 100,000 | | | | | | 77,300 | | |
BAMLL Commercial Mortgage Securities Trust 2022-DKLX | | | | | | | | | | | | | |
Series 2022-DKLX D, 6.376%, (TSFR1M + 3.00%), due 1/15/39(a) | | | | | 100,000 | | | | | | 93,342 | | |
Series 2022-DKLX E, 7.503%, (TSFR1M + 4.13%), due 1/15/39(a) | | | | | 305,000 | | | | | | 284,404 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Bayview Commercial Asset Trust 2006-4 | | | | | | | | | | | | | |
Series 2006-4A A1, 3.931%, (1-Month LIBOR + 0.35%), due 12/25/36(a) | | | | $ | 62,036 | | | | | $ | 56,714 | | |
BOCA Commercial Mortgage Trust 2022-BOCA | | | | | | | | | | | | | |
Series 2022-BOCA A, 5.145%, (TSFR1M + 1.77%), due 5/15/39(a) | | | | | 370,000 | | | | | | 360,089 | | |
BX 2021-MFM1 | | | | | | | | | | | | | |
Series 2021-MFM1 A, 4.112%, (1-Month LIBOR + 0.70%), due 1/15/34(a) | | | | | 630,000 | | | | | | 603,323 | | |
BX Commercial Mortgage Trust 2021-ACNT | | | | | | | | | | | | | |
Series 2021-ACNT B, 4.663%, (1-Month LIBOR + 1.25%), due 11/15/38(a) | | | | | 360,000 | | | | | | 338,723 | | |
Series 2021-ACNT D, 5.263%, (1-Month LIBOR + 1.85%), due 11/15/38(a) | | | | | 740,000 | | | | | | 695,247 | | |
BX Commercial Mortgage Trust 2021-VOLT | | | | | | | | | | | | | |
Series 2021-VOLT C, 4.512%, (1-Month LIBOR + 1.10%), due 9/15/36(a) | | | | | 295,000 | | | | | | 272,114 | | |
Series 2021-VOLT D, 5.062%, (1-Month LIBOR + 1.65%), due 9/15/36(a) | | | | | 260,000 | | | | | | 240,479 | | |
Series 2021-VOLT E, 5.412%, (1-Month LIBOR + 2.00%), due 9/15/36(a) | | | | | 200,000 | | | | | | 183,860 | | |
BX Commercial Mortgage Trust 2021-XL2 | | | | | | | | | | | | | |
Series 2021-XL2 A, 4.101%, (1-Month LIBOR + 0.69%), due 10/15/38(a) | | | | | 426,289 | | | | | | 403,201 | | |
BX Trust 2018-BILT | | | | | | | | | | | | | |
Series 2018-BILT A, 4.212%, (1-Month LIBOR + 0.80%), due 5/15/30(a) | | | | | 630,000 | | | | | | 606,734 | | |
BX Trust 2021-ARIA | | | | | | | | | | | | | |
Series 2021-ARIA E, 5.657%, (1-Month LIBOR + 2.24%), due 10/15/36(a) | | | ��� | | 320,000 | | | | | | 288,475 | | |
BX Trust 2021-LBA | | | | | | | | | | | | | |
Series 2021-LBA AJV, 4.213%, (1-Month LIBOR + 0.80%), due 2/15/36(a) | | | | | 160,000 | | | | | | 150,300 | | |
BX Trust 2021-RISE | | | | | | | | | | | | | |
Series 2021-RISE C, 4.862%, (1-Month LIBOR + 1.45%), due 11/15/36(a) | | | | | 342,000 | | | | | | 319,018 | | |
BX Trust 2022-PSB | | | | | | | | | | | | | |
Series 2022-PSB C, 7.073%, (TSFR1M + 3.70%), due 8/15/39(a) | | | | | 195,000 | | | | | | 194,272 | | |
Series 2022-PSB D, 8.069%, (TSFR1M + 4.69%), due 8/15/39(a) | | | | | 160,000 | | | | | | 159,250 | | |
BXHPP Trust 2021-FILM | | | | | | | | | | | | | |
Series 2021-FILM B, 4.312%, (1-Month LIBOR + 0.90%), due 8/15/36(a) | | | | | 615,000 | | | | | | 569,664 | | |
Series 2021-FILM C, 4.512%, (1-Month LIBOR + 1.10%), due 8/15/36(a) | | | | | 100,000 | | | | | | 91,716 | | |
Citigroup Commercial Mortgage Trust 2015-GC35 | | | | | | | | | | | | | |
Series 2015-GC35 AS, 4.072%, due 11/10/48(a)(b) | | | | | 215,000 | | | | | | 196,988 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
COMM 2012-CCRE4 Mortgage Trust | | | | | | | | | | | | | |
Series 2012-CR4 AM, 3.251%, due 10/15/45 | | | | $ | 185,000 | | | | | $ | 177,697 | | |
COMM 2020-SBX Mortgage Trust | | | | | | | | | | | | | |
Series 2020-SBX A, 1.670%, due 1/10/38 | | | | | 545,000 | | | | | | 472,753 | | |
CSAIL 2015-C3 Commercial Mortgage Trust | | | | | | | | | | | | | |
Series 2015-C3 A4, 3.718%, due 8/15/48 | | | | | 100,000 | | | | | | 94,559 | | |
CSMC 2020-WEST Trust | | | | | | | | | | | | | |
Series 2020-WEST A, 3.040%, due 2/15/35 | | | | | 800,000 | | | | | | 622,964 | | |
DROP Mortgage Trust 2021-FILE | | | | | | | | | | | | | |
Series 2021-FILE A, 4.560%, (1-Month LIBOR + 1.15%), due 10/15/43(a) | | | | | 425,000 | | | | | | 406,375 | | |
Extended Stay America Trust 2021-ESH | | | | | | | | | | | | | |
Series 2021-ESH B, 4.793%, (1-Month LIBOR + 1.38%), due 7/15/38(a) | | | | | 302,620 | | | | | | 287,085 | | |
Series 2021-ESH D, 5.663%, (1-Month LIBOR + 2.25%), due 7/15/38(a) | | | | | 292,858 | | | | | | 276,726 | | |
FREMF 2017-K71 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K71 B, 3.752%, due 11/25/50(a)(b) | | | | | 505,000 | | | | | | 454,076 | | |
FREMF 2019-K99 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K99 B, 3.645%, due 10/25/52(a)(b) | | | | | 75,000 | | | | | | 64,733 | | |
Hawaii Hotel Trust 2019-MAUI | | | | | | | | | | | | | |
Series 2019-MAUI A, 4.562%, (1-Month LIBOR + 1.15%), due 5/15/38(a) | | | | | 240,000 | | | | | | 230,988 | | |
Hudson Yards 2019-30HY Mortgage Trust | | | | | | | | | | | | | |
Series 2019-30HY A, 3.228%, due 7/10/39 | | | | | 615,000 | | | | | | 516,348 | | |
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB | | | | | | | | | | | | | |
Series 2019-OSB A, 3.397%, due 6/5/39 | | | | | 400,000 | | | | | | 338,418 | | |
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-2NU | | | | | | | | | | | | | |
Series 2021-2NU A, 1.974%, due 1/5/40 | | | | | 400,000 | | | | | | 319,743 | | |
Manhattan West 2020-1MW Mortgage Trust | | | | | | | | | | | | | |
Series 2020-1MW A, 2.130%, due 9/10/39 | | | | | 400,000 | | | | | | 336,569 | | |
Series 2020-1MW D, 2.335%, due 9/10/39(a)(b) | | | | | 260,000 | | | | | | 202,149 | | |
Multifamily Connecticut Avenue Securities Trust 2019-01 | | | | | | | | | | | | | |
Series 2019-01 M10, 6.836%, (1-Month LIBOR + 3.25%), due 10/25/49(a) | | | | | 638,294 | | | | | | 588,009 | | |
Multifamily Connecticut Avenue Securities Trust 2020-01 | | | | | | | | | | | | | |
Series 2020-01 M10, 7.336%, (1-Month LIBOR + 3.75%), due 3/25/50(a) | | | | | 250,000 | | | | | | 231,763 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
One Bryant Park Trust 2019-OBP | | | | | | | | | | | | | |
Series 2019-OBP A, 2.516%, due 9/15/54 | | | | $ | 1,180,000 | | | | | $ | 939,902 | | |
SLG Office Trust 2021-OVA | | | | | | | | | | | | | |
Series 2021-OVA A, 2.585%, due 7/15/41 | | | | | 1,569,000 | | | | | | 1,220,197 | | |
UBS-Barclays Commercial Mortgage Trust 2013-C6 | | | | | | | | | | | | | |
Series 2013-C6 B, 3.875%, due 4/10/46(a)(b) | | | | | 695,000 | | | | | | 672,530 | | |
Wells Fargo Commercial Mortgage Trust 2015-NXS4 | | | | | | | | | | | | | |
Series 2015-NXS4 A4, 3.718%, due 12/15/48 | | | | | 100,000 | | | | | | 93,938 | | |
Wells Fargo Commercial Mortgage Trust 2018-AUS | | | | | | | | | | | | | |
Series 2018-AUS A, 4.058%, due 8/17/36(a)(b) | | | | | 100,000 | | | | | | 90,636 | | |
WFRBS Commercial Mortgage Trust 2014-C21 | | | | | | | | | | | | | |
Series 2014-C21 AS, 3.891%, due 8/15/47 | | | | | 500,000 | | | | | | 471,840 | | |
| | | | | | | | | | | 15,372,522 | | |
Total Commercial Mortgage-Backed Securities (Cost $16,266,124) | | | | | | | | | | | 15,372,522 | | |
Corporate Bonds — 22.0% | | ||||||||||||
Airlines — 1.4% | | ||||||||||||
American Airlines 2013-2 Class A Pass Through Trust | | | | | | | | | | | | | |
Series 2013-24.950%, due 1/15/23 | | | | | 63,637 | | | | | | 62,988 | | |
American Airlines 2019-1 Class B Pass Through Trust | | | | | | | | | | | | | |
Series 2019-1B3.850%, due 2/15/28 | | | | | 373,640 | | | | | | 303,152 | | |
American Airlines 2021-1 Class B Pass Through Trust | | | | | | | | | | | | | |
Series 2021-1B3.950%, due 7/11/30 | | | | | 295,000 | | | | | | 230,652 | | |
Delta Air Lines Inc / SkyMiles IP Ltd. 4.500%, due 10/20/25 | | | | | 355,000 | | | | | | 345,925 | | |
4.750%, due 10/20/28 | | | | | 610,000 | | | | | | 567,475 | | |
JetBlue 2019-1 Class AA Pass Through Trust | | | | | | | | | | | | | |
Series 2019-1 AA2.750%, due 5/15/32 | | | | | 863,556 | | | | | | 685,793 | | |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. 6.500%, due 6/20/27 | | | | | 460,750 | | | | | | 455,500 | | |
United Airlines 2020-1 Class A Pass-Through Trust | | | | | | | | | | | | | |
Series 2020-15.875%, due 10/15/27 | | | | | 422,855 | | | | | | 408,003 | | |
| | | | | | | | | | | 3,059,488 | | |
Auto Manufacturers — 1.4% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
4.750%, due 1/15/43 | | | | | 45,000 | | | | | | 31,341 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Auto Manufacturers (continued) | | ||||||||||||
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
4.125%, due 8/17/27 | | | | $ | 920,000 | | | | | $ | 817,006 | | |
General Motors Co. | | | | | | | | | | | | | |
5.200%, due 4/1/45 | | | | | 205,000 | | | | | | 158,173 | | |
5.600%, due 10/15/32 | | | | | 165,000 | | | | | | 149,750 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
2.350%, due 1/8/31 | | | | | 640,000 | | | | | | 468,525 | | |
4.300%, due 4/6/29 | | | | | 475,000 | | | | | | 417,194 | | |
Nissan Motor Acceptance Co. LLC | | | | ||||||||||
1.125%, due 9/16/24 | | | | | 340,000 | | | | | | 303,573 | | |
1.850%, due 9/16/26 | | | | | 995,000 | | | | | | 780,625 | | |
| | | | | | | | | | | 3,126,187 | | |
Banks — 6.4% | | ||||||||||||
Bank of America Corp. 2.496%, (3-Month LIBOR + 0.99%), due 2/13/31(a) | | | | | 80,000 | | | | | | 62,853 | | |
2.572%, (SOFR + 1.21%), due 10/20/32(a) | | | | | 630,000 | | | | | | 475,298 | | |
2.687%, (SOFR + 1.32%), due 4/22/32(a) | | | | | 440,000 | | | | | | 340,055 | | |
3.384%, (SOFR + 1.33%), due 4/2/26(a) | | | | | 155,000 | | | | | | 145,613 | | |
3.419%, (3-Month LIBOR + 1.04%), due 12/20/28(a) | | | | | 555,000 | | | | | | 489,931 | | |
3.974%, (3-Month LIBOR + 1.21%), due 2/7/30(a) | | | | | 245,000 | | | | | | 216,674 | | |
Bank of New York Mellon Corp. (The) 4.414%, (SOFR + 1.35%), due 7/24/26(a) | | | | | 925,000 | | | | | | 898,424 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
2.520%, (SOFR + 1.18%), due 11/3/32(a) | | | | | 510,000 | | | | | | 381,553 | | |
3.980%, (3-Month LIBOR + 1.34%), due 3/20/30(a) | | | | | 90,000 | | | | | | 79,298 | | |
4.125%, due 7/25/28 | | | | | 710,000 | | | | | | 639,218 | | |
4.267%, (SOFR + 1.28%), due 2/24/28(a) | | | | | 225,000 | | | | | | 215,012 | | |
5.300%, due 5/6/44 | | | | | 60,000 | | | | | | 50,562 | | |
Series W4.000%, (5 Year US CMT T-Note + 3.60%), due 3/10/71(a)(c) | | | | | 70,000 | | | | | | 59,045 | | |
Series Y4.150%, (5 Year US CMT T-Note + 3.00%), due 2/15/71(a) | | | | | 235,000 | | | | | | 183,557 | | |
Citizens Bank NA/Providence RI | | | | | | | | | | | | | |
6.064%, (SOFR + 1.45%), due 10/24/25(a) | | | | | 545,000 | | | | | | 548,882 | | |
Citizens Financial Group, Inc. | | | | | | | | | | | | | |
Series G4.000%, (5 Year US CMT T-Note + 3.22%), due 10/6/71(a)(c) | | | | | 250,000 | | | | | | 197,754 | | |
Fifth Third Bancorp | | | | | | | | | | | | | |
4.772%, (SOFR + 2.13%), due 7/28/30(a) | | | | | 860,000 | | | | | | 788,778 | | |
First Horizon Bank | | | | | | | | | | | | | |
5.750%, due 5/1/30 | | | | | 425,000 | | | | | | 405,427 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
1.948%, (SOFR + 0.91%), due 10/21/27(a) | | | | $ | 515,000 | | | | | $ | 437,560 | | |
3.102%, (SOFR + 1.41%), due 2/24/33(a) | | | | | 845,000 | | | | | | 661,796 | | |
3.500%, due 11/16/26 | | | | | 340,000 | | | | | | 311,792 | | |
Series V4.125%, (5 Year US CMT T-Note + 2.95%), due 5/10/71(a) | | | | | 185,000 | | | | | | 145,225 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
2.182%, (SOFR + 1.89%), due 6/1/28(a) | | | | | 705,000 | | | | | | 596,369 | | |
4.124%, (SOFR + 1.18%), due 2/24/28(a) | | | | | 220,000 | | | | | | 213,028 | | |
4.323%, (SOFR + 1.56%), due 4/26/28(a) | | | | | 640,000 | | | | | | 595,323 | | |
Keybank NA/Cleveland OH | | | | | | | | | | | | | |
4.150%, due 8/8/25 | | | | | 485,000 | | | | | | 468,364 | | |
Morgan Stanley | | | | | | | | | | | | | |
2.484%, (SOFR + 1.36%), due 9/16/36(a) | | | | | 695,000 | | | | | | 492,048 | | |
2.511%, (SOFR + 1.20%), due 10/20/32(a) | | | | | 795,000 | | | | | | 598,547 | | |
2.630%, (SOFR + 0.94%), due 2/18/26(a) | | | | | 225,000 | | | | | | 208,534 | | |
Santander Holdings USA, Inc. | | | | | | | | | | | | | |
4.400%, due 7/13/27 | | | | | 365,000 | | | | | | 329,850 | | |
SVB Financial Group | | | | | | | | | | | | | |
4.570%, (SOFR + 1.97%), due 4/29/33(a) | | | | | 365,000 | | | | | | 306,703 | | |
Series C4.000%, (5 Year US CMT T-Note + 3.20%), due 8/15/71(a) | | | | | 300,000 | | | | | | 209,939 | | |
Synchrony Bank | | | | | | | | | | | | | |
5.400%, due 8/22/25 | | | | | 715,000 | | | | | | 691,156 | | |
Texas Capital Bancshares, Inc. | | | | | | | | | | | | | |
4.000%, (5 Year US CMT T-Note + 3.15%), due 5/6/31(a) | | | | | 240,000 | | | | | | 207,820 | | |
US Bancorp | | | | | | | | | | | | | |
4.548%, (SOFR + 1.66%), due 7/22/28(a) | | | | | 720,000 | | | | | | 684,466 | | |
5.727%, (SOFR + 1.43%), due 10/21/26(a) | | | | | 440,000 | | | | | | 441,220 | | |
Wells Fargo & Co. | | | | | | | | | | | | | |
4.897%, (SOFR + 2.10%), due 7/25/33(a) | | | | | 930,000 | | | | | | 850,899 | | |
| | | | | | | | | | | 14,628,573 | | |
Building Materials — 0.2% | | ||||||||||||
Johnson Controls International PLC / Tyco Fire & Security Finance SCA | | | | | | | | | | | | | |
4.900%, due 12/1/32 | | | | | 430,000 | | | | | | 403,313 | | |
Owens Corning | | | | | | | | | | | | | |
4.400%, due 1/30/48 | | | | | 85,000 | | | | | | 60,510 | | |
| | | | | | | | | | | 463,823 | | |
|
| | | Principal Amount | | | Value | | | | ||||||||||
Corporate Bonds (continued) | | | | ||||||||||||||||
Chemicals — 0.2% | | | | ||||||||||||||||
Huntsman International LLC | | | | | | | | | | | | | | | | ||||
4.500%, due 5/1/29 | | | | $ | 370,000 | | | | | $ | 322,266 | | | | | ||||
LYB International Finance III LLC | | | | | | | | | | | | | | | | ||||
3.800%, due 10/1/60 | | | | | 440,000 | | | | | | 263,025 | | | | | ||||
| | | | | | | | | | | 585,291 | | | | | ||||
Commercial Services — 0.3% | | | | ||||||||||||||||
Carriage Services, Inc. | | | | | | | | | | | | | | | | ||||
4.250%, due 5/15/29 | | | | | 210,000 | | | | | | 161,612 | | | | | ||||
Service Corp. International | | | | | | | | | | | | | | | | ||||
3.375%, due 8/15/30 | | | | | 390,000 | | | | | | 314,817 | | | | | ||||
United Rentals North America, Inc. | | | | | | | | | | | | | | | | ||||
3.875%, due 2/15/31 | | | | | 265,000 | | | | | | 219,685 | | | | | ||||
| | | | | | | | | | | 696,114 | | | | | ||||
Computers — 0.8% | | | | | | | | ||||||||||||
Apple, Inc. | | | | | | | | | | | | | | | | ||||
2.700%, due 8/5/51 | | | | | 560,000 | | | | | | 351,888 | | | | | ||||
Dell International LLC / EMC Corp. | | | | | | | | | | | | | | | | ||||
3.375%, due 12/15/41 | | | | | 490,000 | | | | | | 304,103 | | | | | ||||
4.900%, due 10/1/26 | | | | | 480,000 | | | | | | 460,719 | | | | | ||||
5.300%, due 10/1/29 | | | | | 490,000 | | | | | | 458,731 | | | | | ||||
5.450%, due 6/15/23 | | | | | 28,000 | | | | | | 27,954 | | | | | ||||
NCR Corp. | | | | | | | | | | | | | | | | ||||
6.125%, due 9/1/29 | | | | | 165,000 | | | | | | 157,260 | | | | | ||||
| | | | | | | | | | | 1,760,655 | | | | | ||||
Consumer Discretionary — 0.1% | | | | ||||||||||||||||
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | | | | ||||
5.375%, due 5/1/25 | | | | | 230,000 | | | | | | 226,550 | | | | | ||||
Diversified Financial Services — 1.3% | | | | ||||||||||||||||
Air Lease Corp. | | | | | | | | | | | | | | | | ||||
3.250%, due 3/1/25 | | | | | 460,000 | | | | | | 428,603 | | | | | ||||
Aircastle Ltd. | | | | | | | | | | | | | | | | ||||
5.250%, (5 Year US CMT T-Note + 4.41%), due 9/15/71(a) | | | | | 420,000 | | | | | | 314,096 | | | | | ||||
Ally Financial, Inc. | | | | | | | | | | | | | | | | ||||
8.000%, due 11/1/31 | | | | | 415,000 | | | | | | 425,629 | | | | | ||||
Series C4.700%, (7 Year US CMT T-Note + 3.48%), due 8/15/71(a) | | | | | 520,000 | | | | | | 349,700 | | | | | ||||
Aviation Capital Group LLC | | | | | | | | | | | | | | | | ||||
1.950%, due 1/30/26 | | ��� | | | 660,000 | | | | | | 551,279 | | | | | ||||
Capital One Financial Corp. | | | | | | | | | | | | | | | | ||||
5.247%, (SOFR + 2.60%), due 7/26/30(a) | | | | | 310,000 | | | | | | 284,033 | | | | | ||||
OneMain Finance Corp. | | | | | | | | | | | | | | | | ||||
3.500%, due 1/15/27 | | | | | 400,000 | | | | | | 327,845 | | | | | ||||
4.000%, due 9/15/30 | | | | | 245,000 | | | | | | 184,975 | | | | | ||||
| | | | | | | | | | | 2,866,160 | | | | | ||||
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Electric — 1.7% | | ||||||||||||
AEP Texas, Inc. | | | | | | | | | | | | | |
3.450%, due 5/15/51 | | | | $ | 540,000 | | | | | $ | 349,949 | | |
4.700%, due 5/15/32 | | | | | 250,000 | | | | | | 227,568 | | |
5.250%, due 5/15/52 | | | | | 375,000 | | | | | | 326,916 | | |
Baltimore Gas and Electric Co. | | | | | | | | | | | | | |
4.550%, due 6/1/52 | | | | | 425,000 | | | | | | 347,851 | | |
Connecticut Light and Power Co. (The) | | | | | | | | | | | | | |
4.000%, due 4/1/48 | | | | | 85,000 | | | | | | 65,799 | | |
Edison International | | | | | | | | | | | | | |
Series B5.000%, (5 Year US CMT T-Note + 3.90%), due 3/15/71(a) | | | | | 510,000 | | | | | | 413,100 | | |
Entergy Louisiana LLC | | | | | | | | | | | | | |
4.750%, due 9/15/52 | | | | | 375,000 | | | | | | 312,112 | | |
National Rural Utilities Cooperative Finance Corp. | | | | | | | | | | | | | |
5.800%, due 1/15/33 | | | | | 460,000 | | | | | | 465,552 | | |
Nevada Power Co. | | | | | | | | | | | | | |
Series GG5.900%, due 5/1/53 | | | | | 230,000 | | | | | | 227,048 | | |
NSTAR Electric Co. | | | | | | | | | | | | | |
4.950%, due 9/15/52 | | | | | 210,000 | | | | | | 187,898 | | |
PPL Electric Utilities Corp. | | | | | | | | | | | | | |
3.950%, due 6/1/47 | | | | | 215,000 | | | | | | 163,516 | | |
Puget Energy, Inc. | | | | | | | | | | | | | |
4.224%, due 3/15/32 | | | | | 540,000 | | | | | | 460,664 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
Series C4.625%, due 5/15/52 | | | | | 500,000 | | | | | | 415,018 | | |
| | | | | | | | | | | 3,962,991 | | |
Environmental Control — 0.5% | | ||||||||||||
Clean Harbors, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/27 | | | | | 160,000 | | | | | | 150,566 | | |
Covanta Holding Corp. | | | | | | | | | | | | | |
4.875%, due 12/1/29 | | | | | 495,000 | | | | | | 421,468 | | |
Waste Connections, Inc. | | | | | | | | | | | | | |
2.200%, due 1/15/32 | | | | | 730,000 | | | | | | 561,645 | | |
| | | | | | | | | | | 1,133,679 | | |
Food — 0.7% | | ||||||||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | | | | | | | | | | | | | |
5.500%, due 1/15/30 | | | | | 515,000 | | | | | | 469,453 | | |
5.750%, due 4/1/33 | | | | | 460,000 | | | | | | 414,524 | | |
Kraft Heinz Foods Co. | | | | | | | | | | | | | |
3.875%, due 5/15/27 | | | | | 30,000 | | | | | | 28,109 | | |
5.000%, due 7/15/35 | | | | | 324,000 | | | | | | 297,467 | | |
Smithfield Foods, Inc. | | | | | | | | | | | | | |
3.000%, due 10/15/30 | | | | | 170,000 | | | | | | 129,185 | | |
4.250%, due 2/1/27 | | | | | 265,000 | | | | | | 239,588 | | |
| | | | | | | | | | | 1,578,326 | | |
Gas — 0.3% | | ||||||||||||
Brooklyn Union Gas Co. (The) | | | | | | | | | | | | | |
4.866%, due 8/5/32 | | | | | 760,000 | | | | | | 681,424 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Home Builders — 0.4% | | ||||||||||||
Lennar Corp. | | | | | | | | | | | | | |
4.750%, due 11/29/27 | | | | $ | 590,000 | | | | | $ | 545,614 | | |
Toll Brothers Finance Corp. | | | | | | | | | | | | | |
3.800%, due 11/1/29 | | | | | 570,000 | | | | | | 462,829 | | |
| | | | | | | | | | | 1,008,443 | | |
Insurance — 0.5% | | ||||||||||||
Athene Global Funding | | | | | | | | | | | | | |
2.500%, due 3/24/28 | | | | | 510,000 | | | | | | 419,417 | | |
Equitable Holdings, Inc. | | | | | | | | | | | | | |
4.350%, due 4/20/28 | | | | | 250,000 | | | | | | 232,014 | | |
Hartford Financial Services Group, Inc. (The) | | | | | | | | | | | | | |
Series ICON5.030%, (3-Month LIBOR + 2.13%), due 2/12/47(a) | | | | | 50,000 | | | | | | 41,332 | | |
Lincoln National Corp. | | | | | | | | | | | | | |
5.299%, (3-Month LIBOR + 2.36%), due 5/17/66(a) | | | | | 50,000 | | | | | | 38,627 | | |
Protective Life Corp. | | | | | | | | | | | | | |
8.450%, due 10/15/39 | | | | | 138,000 | | | | | | 155,339 | | |
Prudential Financial, Inc. | | | | | | | | | | | | | |
5.125%, (5 Year US CMT T-Note + 3.16%), due 3/1/52(a) | | | | | 320,000 | | | | | | 272,854 | | |
Willis North America, Inc. | | | | | | | | | | | | | |
2.950%, due 9/15/29 | | | | | 80,000 | | | | | | 64,728 | | |
| | | | | | | | | | | 1,224,311 | | |
Internet — 0.2% | | ||||||||||||
Expedia Group, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/30 | | | | | 520,000 | | | | | | 419,077 | | |
VeriSign, Inc. | | | | | | | | | | | | | |
4.750%, due 7/15/27 | | | | | 50,000 | | | | | | 47,938 | | |
| | | | | | | | | | | 467,015 | | |
Lodging — 0.2% | | ||||||||||||
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
4.875%, due 1/15/30 | | | | | 84,000 | | | | | | 75,285 | | |
Marriott International, Inc. | | | | | | | | | | | | | |
Series R3.125%, due 6/15/26 | | | | | 530,000 | | | | | | 483,768 | | |
| | | | | | | | | | | 559,053 | | |
Media — 0.8% | | ||||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | | | | | | |
3.700%, due 4/1/51 | | | | | 825,000 | | | | | | 494,551 | | |
DISH DBS Corp. | | | | | | | | | | | | | |
5.750%, due 12/1/28 | | | | | 415,000 | | | | | | 334,594 | | |
Fox Corp. | | | | | | | | | | | | | |
5.576%, due 1/25/49 | | | | | 375,000 | | | | | | 312,462 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
3.625%, due 10/1/31 | | | | | 290,000 | | | | | | 221,055 | | |
Time Warner Cable LLC | | | | | | | | | | | | | |
6.750%, due 6/15/39 | | | | | 485,000 | | | | | | 429,183 | | |
| | | | | | | | | | | 1,791,845 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Mining — 0.1% | | ||||||||||||
Freeport-McMoRan, Inc. | | | | ||||||||||
5.450%, due 3/15/43 | | | | $ | 225,000 | | | | | $ | 184,838 | | |
Office/Business Equipment — 0.0%(d) | | ||||||||||||
CDW LLC / CDW Finance Corp. | | | | ||||||||||
3.250%, due 2/15/29 | | | | | 50,000 | | | | | | 40,876 | | |
Packaging & Containers — 0.4% | | ||||||||||||
Berry Global, Inc. | | | | ||||||||||
4.875%, due 7/15/26 | | | | | 755,000 | | | | | | 709,323 | | |
Sealed Air Corp. | | | | ||||||||||
5.125%, due 12/1/24 | | | | | 205,000 | | | | | | 201,925 | | |
| | | | | | | | | | | 911,248 | | |
Pharmaceuticals — 0.1% | | ||||||||||||
Becton Dickinson and Co. | | | | ||||||||||
4.669%, due 6/6/47 | | | | | 75,000 | | | | | | 62,761 | | |
CVS Health Corp. | | | | | | | | | | | | | |
4.780%, due 3/25/38 | | | | | 65,000 | | | | | | 56,417 | | |
CVS Pass-Through Trust | | | | | | | | | | | | | |
5.926%, due 1/10/34 | | | | | 133,457 | | | | | | 127,314 | | |
Viatris, Inc. | | | | | | | | | | | | | |
3.850%, due 6/22/40 | | | | | 50,000 | | | | | | 31,159 | | |
4.000%, due 6/22/50 | | | | | 50,000 | | | | | | 28,985 | | |
| | | | | | | | | | | 306,636 | | |
REITS — 1.4% | | ||||||||||||
Alexandria Real Estate Equities, Inc. | | | | | | | | | | | | | |
3.375%, due 8/15/31 | | | | | 285,000 | | | | | | 234,824 | | |
American Homes 4 Rent LP | | | | | | | | | | | | | |
2.375%, due 7/15/31 | | | | | 425,000 | | | | | | 313,328 | | |
American Tower Corp. | | | | | | | | | | | | | |
3.375%, due 5/15/24 | | | | | 445,000 | | | | | | 431,219 | | |
Digital Realty Trust LP | | | | | | | | | | | | | |
3.600%, due 7/1/29 | | | | | 710,000 | | | | | | 611,907 | | |
Invitation Homes Operating Partnership LP | | | | | | | | | | | | | |
2.000%, due 8/15/31 | | | | | 415,000 | | | | | | 291,321 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
4.875%, due 9/15/29 | | | | | 205,000 | | | | | | 176,249 | | |
5.250%, due 7/15/30 | | | | | 280,000 | | | | | | 241,588 | | |
Office Properties Income Trust | | | | | | | | | | | | | |
2.400%, due 2/1/27 | | | | | 530,000 | | | | | | 364,201 | | |
4.500%, due 2/1/25 | | | | | 155,000 | | | | | | 128,879 | | |
Starwood Property Trust, Inc. | | | | | | | | | | | | | |
3.750%, due 12/31/24 | | | | | 50,000 | | | | | | 46,742 | | |
4.375%, due 1/15/27 | | | | | 540,000 | | | | | | 476,966 | | |
| | | | | | | | | | | 3,317,224 | | |
Retail — 0.9% | | ||||||||||||
AutoNation, Inc. | | | | | | | | | | | | | |
4.750%, due 6/1/30 | | | | | 515,000 | | | | | | 443,435 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
9.375%, due 7/1/25 | | | | | 121,000 | | | | | | 125,538 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Retail (continued) | | ||||||||||||
Lowe’s Cos., Inc. | | | | | | | | | | | | | |
1.700%, due 9/15/28 | | | | $ | 540,000 | | | | | $ | 441,574 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.250%, due 8/1/31 | | | | | 455,000 | | | | | | 330,330 | | |
QVC, Inc. | | | | | | | | | | | | | |
4.375%, due 9/1/28 | | | | | 390,000 | | | | | | 282,750 | | |
Starbucks Corp. | | | | | | | | | | | | | |
4.450%, due 8/15/49 | | | | | 300,000 | | | | | | 239,478 | | |
Victoria’s Secret & Co. | | | | | | | | | | | | | |
4.625%, due 7/15/29 | | | | | 215,000 | | | | | | 171,033 | | |
| | | | | | | | | | | 2,034,138 | | |
Semiconductors — 0.1% | | ||||||||||||
Broadcom, Inc. | | | | ||||||||||
5.000%, due 4/15/30 | | | | | 315,000 | | | | | | 289,959 | | |
Software — 0.4% | | ||||||||||||
Broadridge Financial Solutions, Inc. | | | | ||||||||||
2.900%, due 12/1/29 | | | | | 330,000 | | | | | | 271,084 | | |
Fidelity National Information Services, Inc. | | | | | | | | | | | | | |
5.100%, due 7/15/32 | | | | | 200,000 | | | | | | 188,253 | | |
MSCI, Inc. | | | | | | | | | | | | | |
3.250%, due 8/15/33 | | | | | 420,000 | | | | | | 324,680 | | |
Oracle Corp. | | | | | | | | | | | | | |
3.650%, due 3/25/41 | | | | | 335,000 | | | | | | 226,862 | | |
| | | | | | | | | | | 1,010,879 | | |
Telecommunications — 0.7% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
3.500%, due 9/15/53 | | | | | 800,000 | | | | | | 513,464 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.750%, due 7/15/29 | | | | | 50,000 | | | | | | 37,987 | | |
Sprint Spectrum Co., LLC / Sprint Spectrum Co., II LLC / Sprint Spectrum Co., III LLC | | | | | | | | | | | | | |
4.738%, due 3/20/25 | | | | | 384,376 | | | | | | 378,951 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
2.625%, due 2/15/29 | | | | | 145,000 | | | | | | 119,862 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
4.016%, due 12/3/29 | | | | | 435,000 | | | | | | 392,063 | | |
| | | | | | | | | | | 1,442,327 | | |
Transportation — 0.4% | | ||||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | | | | | | | | | | | | | |
5.750%, due 4/20/29 | | | | | 355,000 | | | | | | 323,050 | | |
Burlington Northern Santa Fe LLC | | | | | | | | | | | | | |
4.450%, due 1/15/53 | | | | | 400,000 | | | | | | 335,628 | | |
FedEx Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/50(c) | | | | | 205,000 | | | | | | 173,320 | | |
| | | | | | | | | | | 831,998 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Water — 0.1% | | ||||||||||||
American Water Capital Corp. | | | | ||||||||||
3.250%, due 6/1/51 | | | | $ | 285,000 | | | | | $ | 187,507 | | |
Total Corporate Bonds (Cost $56,767,719) | | | | | | | | | | | 50,377,558 | | |
Foreign Bonds — 10.1% | | ||||||||||||
Airlines — 0.1% | | ||||||||||||
British Airways 2021-1 Class A Pass-Through Trust, (United Kingdom) | | | | ||||||||||
Series 2021-1A A2.900%, due 3/15/35 | | | | | 407,014 | | | | | | 324,277 | | |
Auto Manufacturers — 0.5% | | ||||||||||||
BMW US Capital LLC, (Germany) | | | | ||||||||||
3.450%, due 4/1/27 | | | | | 655,000 | | | | | | 604,390 | | |
Volkswagen Group of America Finance LLC, (Germany) | | | | | | | | | | | | | |
4.600%, due 6/8/29 | | | | | 675,000 | | | | | | 612,585 | | |
| | | | | | | | | | | 1,216,975 | | |
Banks — 7.2% | | ||||||||||||
Banco Santander SA, (Spain) | | | | ||||||||||
4.175%, (1 Year US CMT T-Note + 2.00%), due 3/24/28(a) | | | | | 415,000 | | | | | | 365,818 | | |
5.294%, due 8/18/27 | | | | | 600,000 | | | | | | 553,320 | | |
Bank of Montreal, (Canada) | | | | ||||||||||
3.700%, due 6/7/25 | | | | | 380,000 | | | | | | 363,709 | | |
Barclays PLC, (United Kingdom) | | | | | | | | | | | | | |
4.375%, (5 Year US CMT T-Note + 3.41%), due 12/15/70(a) | | | | | 585,000 | | | | | | 388,270 | | |
5.200%, due 5/12/26 | | | | | 750,000 | | | | | | 686,123 | | |
8.000%, (5 Year US CMT T-Note + 5.43%), due 12/15/70(a) | | | | | 320,000 | | | | | | 286,673 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
3.052%, (SOFR + 1.51%), due 1/13/31(a) | | | | | 315,000 | | | | | | 244,976 | | |
4.625%, (5 Year US CMT T-Note + 3.20%), due 7/12/71(a) | | | | | 465,000 | | | | | | 355,956 | | |
4.625%, (5 Year US CMT T-Note + 3.34%), due 8/25/71(a) | | | | | 240,000 | | | | | | 165,900 | | |
7.750%, (5 Year US CMT T-Note + 4.90%), due 2/16/71(a) | | | | | 220,000 | | | | | | 207,424 | | |
BPCE SA, (France) | | | | | | | | | | | | | |
2.045%, (SOFR + 1.09%), due 10/19/27(a) | | | | | 1,075,000 | | | | | | 892,867 | | |
Canadian Imperial Bank of Commerce, (Canada) | | | | | | | | | | | | | |
3.300%, due 4/7/25 | | | | | 465,000 | | | | | | 441,886 | | |
Cooperatieve Rabobank UA, (Netherlands) | | | | | | | | | | | | | |
3.649%, (1 Year US CMT T-Note + 1.22%), due 4/6/28(a) | | | | | 870,000 | | | | | | 775,304 | | |
Credit Agricole SA, (France) | | | | | | | | | | | | | |
4.750%, (5 Year US CMT T-Note + 3.24%), due 3/23/71(a) | | | | | 560,000 | | | | | | 402,124 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Credit Suisse Group AG, (Switzerland) | | | | | | | | | | | | | |
3.091%, (SOFR + 1.73%), due 5/14/32(a) | | | | $ | 435,000 | | | | | $ | 298,362 | | |
6.442%, (SOFR + 3.70%), due 8/11/28(a) | | | | | 415,000 | | | | | | 374,571 | | |
Deutsche Bank AG, (Germany) | | | | | | | | | | | | | |
3.729%, (SOFR + 2.76%), due 1/14/32(a) | | | | | 540,000 | | | | | | 380,386 | | |
Deutsche Bank AG/New York NY, (Germany) | | | | | | | | | | | | | |
2.552%, (SOFR + 1.32%), due 1/7/28(a) | | | | | 890,000 | | | | | | 712,498 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
3.973%, (3-Month LIBOR + 1.61%), due 5/22/30(a) | | | | | 230,000 | | | | | | 189,589 | | |
7.336%, (SOFR + 3.03%), due 11/3/26(a) | | | | | 390,000 | | | | | | 391,080 | | |
Kreditanstalt fuer Wiederaufbau, (Germany) | | | | | | | | | | | | | |
2.500%, due 11/20/24 | | | | | 190,000 | | | | | | 182,175 | | |
Lloyds Banking Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.450%, due 5/8/25 | | | | | 95,000 | | | | | | 91,053 | | |
4.582%, due 12/10/25 | | | | | 775,000 | | | | | | 710,335 | | |
4.976%, (1 Year US CMT T-Note + 2.30%), due 8/11/33(a) | | | | | 305,000 | | | | | | 260,955 | | |
Macquarie Group Ltd., (Australia) | | | | | | | | | | | | | |
2.871%, (SOFR + 1.53%), due 1/14/33(a) | | | | | 660,000 | | | | | | 486,976 | | |
4.098%, (SOFR + 2.13%), due 6/21/28(a) | | | | | 420,000 | | | | | | 379,797 | | |
Mitsubishi UFJ Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
2.309%, (1 Year US CMT T-Note + 0.95%), due 7/20/32(a) | | | | | 765,000 | | | | | | 557,801 | | |
Mizuho Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
3.261%, (1 Year US CMT T-Note + 1.25%), due 5/22/30(a) | | | | | 850,000 | | | | | | 706,893 | | |
NatWest Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.892%, (3-Month LIBOR + 1.75%), due 5/18/29(a) | | | | | 770,000 | | | | | | 685,957 | | |
5.125%, due 5/28/24 | | | | | 150,000 | | | | | | 146,194 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
Series G4.402%, (SOFR + 0.71%), due 1/21/27(a) | | | | | 555,000 | | | | | | 535,028 | | |
Societe Generale SA, (France) | | | | | | | | | | | | | |
3.337%, (1 Year US CMT T-Note + 1.60%), due 1/21/33(a) | | | | | 535,000 | | | | | | 392,186 | | |
4.750%, (5 Year US CMT T-Note + 3.93%), due 11/26/70(a)(c) | | | | | 435,000 | | | | | | 334,297 | | |
5.375%, (5 Year US CMT T-Note + 4.51%), due 5/18/71(a) | | | | | 330,000 | | | | | | 239,036 | | |
Standard Chartered PLC, (United Kingdom) | | | | | | | | | | | | | |
4.750%, (5 Year US CMT T-Note + 3.81%), due 7/14/71(a) | | | | | 70,000 | | | | | | 46,707 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Sumitomo Mitsui Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
1.902%, due 9/17/28 | | | | $ | 865,000 | | | | | $ | 686,300 | | |
Swedbank AB, (Sweden) | | | | | | | | | | | | | |
3.356%, due 4/4/25 | | | | | 465,000 | | | | | | 441,996 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
1.364%, (1 Year US CMT T-Note + 1.08%), due 1/30/27(a) | | | | | 570,000 | | | | | | 476,648 | | |
4.375%, (5 Year US CMT T-Note + 3.31%), due 8/10/71(a) | | | | | 400,000 | | | | | | 277,860 | | |
Westpac Banking Corp., (Australia) | | | | | | | | | | | | | |
3.020%, (5 Year US CMT T-Note + 1.53%), due 11/18/36(a) | | | | | 635,000 | | | | | | 449,235 | | |
| | | | | | | | | | | 16,564,265 | | |
Diversified Financial Services — 1.1% | | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | | | | | | | | | | | | | |
3.000%, due 10/29/28 | | | | | 200,000 | | | | | | 161,574 | | |
3.300%, due 1/23/23 | | | | | 85,000 | | | | | | 84,567 | | |
Avolon Holdings Funding Ltd., (Ireland) | | | | | | | | | | | | | |
2.875%, due 2/15/25 | | | | | 525,000 | | | | | | 470,174 | | |
Banco BTG Pactual SA/Cayman Islands, (Brazil) | | | | | | | | | | | | | |
2.750%, due 1/11/26 | | | | | 660,000 | | | | | | 577,500 | | |
Nomura Holdings, Inc., (Japan) | | | | | | | | | | | | | |
2.172%, due 7/14/28 | | | | | 860,000 | | | | | | 680,598 | | |
5.099%, due 7/3/25 | | | | | 440,000 | | | | | | 430,736 | | |
| | | | | | | | | | | 2,405,149 | | |
Food — 0.1% | | ||||||||||||
MARB Bondco PLC, (Brazil) | | | | ||||||||||
3.950%, due 1/29/31 | | | | | 400,000 | | | | | | 296,276 | | |
Multi-National — 0.2% | | ||||||||||||
Inter-American Development Bank, (Supranational) | | | | ||||||||||
0.875%, due 4/3/25 | | | | | 200,000 | | | | | | 183,157 | | |
International Bank for Reconstruction & Development, (Supranational) | | | | ||||||||||
0.625%, due 4/22/25 | | | | | 200,000 | | | | | | 181,717 | | |
| | | | | | | | | | | 364,874 | | |
Pharmaceuticals — 0.3% | | ||||||||||||
Teva Pharmaceutical Finance Netherlands III BV, (Israel) | | | | ||||||||||
3.150%, due 10/1/26 | | | | | 250,000 | | | | | | 211,250 | | |
4.750%, due 5/9/27 | | | | | 575,000 | | | | | | 507,437 | | |
| | | | | | | | | | | 718,687 | | |
Savings & Loans — 0.4% | | ||||||||||||
Nationwide Building Society, (United Kingdom) | | | | ||||||||||
2.972%, (SOFR + 1.29%), due 2/16/28(a) | | | | | 370,000 | | | | | | 313,329 | | |
4.850%, due 7/27/27 | | | | | 600,000 | | | | | | 568,847 | | |
| | | | | | | | | | | 882,176 | | |
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Telecommunications — 0.2% | | ||||||||||||
Altice France SA, (France) | | | | ||||||||||
5.125%, due 7/15/29 | | | | $ | 565,000 | | | | | $ | 425,544 | | |
Total Foreign Bonds (Cost $26,285,251) | | | | | | | | | | | 23,198,223 | | |
Foreign Government Obligation — 0.1% | | ||||||||||||
Chile Government International Bond, (Chile) | | | | | | | | | | | | | |
2.550%,due 7/27/33 (Cost $374,650) | | | | | 425,000 | | | | | | 316,020 | | |
U.S. Treasury Bonds — 7.6% | | ||||||||||||
U.S. Treasury Bond, 3.000%, due 8/15/52 | | | | | 6,720,000 | | | | | | 5,381,250 | | |
U.S. Treasury Bond, 3.375%, due 8/15/42 | | | | | 13,955,000 | | | | | | 12,038,368 | | |
| | | | | | | | | | | 17,419,618 | | |
Total U.S. Treasury Bonds (Cost $19,436,986) | | | | | | | | | | | 17,419,618 | | |
U.S. Treasury Notes — 29.1% | | ||||||||||||
U.S. Treasury Note, 2.750%, due 8/15/32(c) | | | | | 20,125,000 | | | | | | 18,008,731 | | |
U.S. Treasury Note, 4.000%, due 10/31/29 | | | | | 31,085,000 | | | | | | 30,793,578 | | |
U.S. Treasury Note, 4.125%, due 10/31/27 | | | | | 18,115,000 | | | | | | 18,020,179 | | |
| | | | | | | | | | | 66,822,488 | | |
Total U.S. Treasury Notes (Cost $67,307,780) | | | | | | | | | | | 66,822,488 | | |
United States Government Agency Mortgage-Backed Securities — 9.5% | | ||||||||||||
Mortgage Securities — 9.5% | | ||||||||||||
Fannie Mae Pool | | | | ||||||||||
Series 2021-BT0472, 2.000%, due 7/1/51 | | | | | 90,771 | | | | | | 71,811 | | |
Series 2021-FM7685, 3.000%, due 6/1/51 | | | | | 117,387 | | | | | | 100,284 | | |
Series 2022-FS0898, 3.000%, due 2/1/52 | | | | | 337,916 | | | | | | 288,227 | | |
Series 2022-FS1429, 3.500%, due 4/1/52 | | | | | 795,868 | | | | | | 700,425 | | |
Series 2022-FS2058, 4.000%, due 6/1/52 | | | | | 739,968 | | | | | | 673,393 | | |
Series 2022-MA4626, 4.000%, due 6/1/52 | | | | | 1,826,739 | | | | | | 1,662,731 | | |
Series 2022-MA4644, 4.000%, due 5/1/52 | | | | | 940,369 | | | | | | 856,042 | | |
Series 2022-MA4655, 4.000%, due 7/1/52 | | | | | 1,217,661 | | | | | | 1,108,336 | | |
Series 2022-MA4709, 5.000%, due 7/1/52 | | | | | 333,075 | | | | | | 321,466 | | |
Fannie Mae REMICS | | | | | | | | | | | | | |
Series 2016-57, 2.464%, due 6/25/46(a)(h) | | | | | 605,352 | | | | | | 56,722 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2019-32, 2.464%, due 6/25/49(a)(h) | | | | $ | 1,347,601 | | | | | $ | 119,893 | | |
Series 2020-49, 1.750%, due 7/25/50 | | | | | 158,302 | | | | | | 123,145 | | |
Series 2021-10, 2.500%, due 3/25/51(h) | | | | | 304,468 | | | | | | 46,571 | | |
Series 2021-12, 2.500%, due 3/25/51(h) | | | | | 455,864 | | | | | | 69,408 | | |
Series 2021-34, 0.311%, due 11/25/42(a)(h) | | | | | 2,459,794 | | | | | | 70,431 | | |
Series 2021-34, 2.500%, due 3/25/51(h) | | | | | 785,831 | | | | | | 102,880 | | |
Series 2021-40, 2.364%, due 9/25/47(a)(h) | | | | | 856,077 | | | | | | 74,989 | | |
Series 2021-54, 2.500%, due 6/25/51(h) | | | | | 216,635 | | | | | | 27,021 | | |
Series 2021-8, 3.500%, due 3/25/51(h) | | | | | 811,209 | | | | | | 162,967 | | |
Series 2022-5, 0.000%(g), due 2/25/52(a)(h) | | | | | 379,845 | | | | | | 1,565 | | |
Freddie Mac Pool | | | | | | | | | | | | | |
3.500%, due 7/1/52 | | | | | 399,506 | | | | | | 351,523 | | |
4.000%, due 9/1/52 | | | | | 479,028 | | | | | | 436,314 | | |
4.500%, due 11/1/52 | | | | | 2,415,000 | | | | | | 2,267,397 | | |
Series 2019-SD8030, 3.000%, due 12/1/49 | | | | | 229,855 | | | | | | 196,858 | | |
Series 2022-SD8215, 4.000%, due 5/1/52 | | | | | 974,353 | | | | | | 886,585 | | |
Freddie Mac REMICS | | | | | | | | | | | | | |
Series 2020-4990, 2.500%, due 7/25/50(h) | | | | | 587,874 | | | | | | 81,448 | | |
Series 2020-5021, 0.553%, due 10/25/50(a)(h) | | | | | 895,232 | | | | | | 30,596 | | |
Series 2020-5031, 2.500%, due 10/25/50(h) | | | | | 565,584 | | | | | | 87,807 | | |
Series 2020-5036, 3.500%, due 11/25/50(h) | | | | | 671,749 | | | | | | 139,868 | | |
Series 2020-5038, 2.500%, due 10/25/50(h) | | | | | 559,059 | | | | | | 92,633 | | |
Series 2020-5038, 1.500%, due 11/25/50 | | | | | 369,548 | | | | | | 278,994 | | |
Series 2020-5040, 3.500%, due 11/25/50(h) | | | | | 536,957 | | | | | | 91,820 | | |
Series 2021-5070, 3.000%, due 8/25/50(h) | | | | | 947,980 | | | | | | 156,777 | | |
Series 2021-5149, 2.500%, due 10/25/51(h) | | | | | 1,838,346 | | | | | | 246,929 | | |
Series 2021-5187, 0.000%(g), due 1/25/52(a) | | | | | 684,784 | | | | | | 3,463 | | |
Series 2022-5191, 3.500%, due 9/25/50(h) | | | | | 1,047,098 | | | | | | 181,223 | | |
Series 2022-5200, 0.503%, due 2/25/52(a)(h) | | | | | 756,434 | | | | | | 21,753 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac Strips | | | | | | | | | | | | | |
Series 2013-311, 0.000%, due 8/15/43(e)(i) | | | | $ | 186,150 | | | | | $ | 134,894 | | |
Series 2013-311, 2.538%, due 8/15/43(a)(h) | | | | | 564,776 | | | | | | 49,543 | | |
Series 2017-358, 3.500%, due 10/15/47(h) | | | | | 340,356 | | | | | | 56,805 | | |
FREMF 2017-K056 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K65, 4.077%, due 7/25/50(a)(b) | | | | | 280,000 | | | | | | 254,113 | | |
FREMF 2018-K733 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K73, 3.855%, due 2/25/51(a)(b) | | | | | 100,000 | | | | | | 90,107 | | |
FREMF 2018-K77 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K77, 4.161%, due 5/25/51(a)(b) | | | | | 245,000 | | | | | | 220,036 | | |
FREMF 2018-K78 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K78, 4.128%, due 6/25/51(a)(b) | | | | | 20,000 | | | | | | 18,263 | | |
Series 2018-K78, 4.128%, due 6/25/51(a)(b) | | | | | 182,000 | | | | | | 163,938 | | |
FREMF 2018-K79 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K79, 4.211%, due 7/25/51(a)(b) | | | | | 20,000 | | | | | | 18,223 | | |
FREMF 2018-K80 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K80, 4.231%, due 8/25/50(a)(b) | | | | | 323,000 | | | | | | 290,444 | | |
FREMF 2018-K86 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K86, 4.294%, due 11/25/51(a)(b) | | | | | 625,000 | | | | | | 557,214 | | |
FREMF 2019-K102 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K102, 3.531%, due 12/25/51(a)(b) | | | | | 85,000 | | | | | | 71,011 | | |
FREMF 2019-K103 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K103, 3.455%, due 12/25/51(a)(b) | | | | | 255,000 | | | | | | 216,775 | | |
FREMF 2019-K90 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K90, 4.316%, due 2/25/52(a)(b) | | | | | 420,000 | | | | | | 373,823 | | |
FREMF 2019-K94 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K94, 3.966%, due 7/25/52(a)(b) | | | | | 395,000 | | | | | | 348,016 | | |
Series 2019-K94, 3.966%, due 7/25/52(a)(b) | | | | | 470,000 | | | | | | 403,596 | | |
FREMF 2019-K95 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K95, 3.921%, due 8/25/52(a)(b) | | | | | 535,000 | | | | | | 461,204 | | |
FREMF 2019-K98 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K98, 3.738%, due 10/25/52(a)(b) | | | | | 85,000 | | | | | | 72,622 | | |
FREMF 2020-K104 Mortgage Trust | | | | | | | | | | | | | |
Series 2020-K104, 3.540%, due 2/25/52(a)(b) | | | | | 315,000 | | | | | | 263,658 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Government National Mortgage Association | | | | | | | | | | | | | |
Series 2019-136, 3.500%, due 11/20/49(a) | | | | $ | 428,913 | | | | | $ | 374,988 | | |
Series 2019-136, 0.000%(g), due 11/20/49(a)(h) | | | | | 887,751 | | | | | | 2,337 | | |
Series 2019-145, 3.500%, due 11/20/49(a) | | | | | 540,581 | | | | | | 470,335 | | |
Series 2020-176, 2.000%, due 11/20/50(h) | | | | | 675,382 | | | | | | 74,688 | | |
Series 2020-5, 3.500%, due 1/20/50(a) | | | | | 230,332 | | | | | | 199,661 | | |
Series 2020-5, 0.000%(g), due 1/20/50(a)(h) | | | | | 462,408 | | | | | | 2,216 | | |
Series 2021-116, 2.500%, due 7/20/51(h) | | | | | 1,229,765 | | | | | | 192,706 | | |
Series 2021-122, 3.000%, due 7/20/51(a) | | | | | 829,602 | | | | | | 698,170 | | |
Series 2021-122, 0.000%(g), due 7/20/51(a)(h) | | | | | 1,383,796 | | | | | | 11,863 | | |
Series 2021-125, 3.170%, due 7/20/51(a) | | | | | 569,825 | | | | | | 504,424 | | |
Series 2021-149, 2.500%, due 8/20/51(h) | | | | | 938,300 | | | | | | 133,211 | | |
Series 2021-156, 2.500%, due 9/20/51(h) | | | | | 1,053,414 | | | | | | 102,514 | | |
Series 2021-158, 0.780%, due 9/20/51(a)(h) | | | | | 1,066,943 | | | | | | 45,354 | | |
Series 2021-214, 0.000%(g), due 12/20/51(a)(h) | | | | | 16,683,212 | | | | | | 59,793 | | |
Series 2021-41, 2.000%, due 10/20/50(a)(h) | | | | | 1,240,331 | | | | | | 142,701 | | |
Series 2021-42, 2.500%, due 3/20/51(h) | | | | | 679,489 | | | | | | 72,921 | | |
Series 2021-83, 2.500%, due 5/20/51(a) | | | | | 940,335 | | | | | | 786,364 | | |
Series 2021-96, 3.220%, due 6/20/51(a) | | | | | 592,890 | | | | | | 522,971 | | |
Series 2021-97, 3.000%, due 6/20/51(a) | | | | | 249,614 | | | | | | 219,088 | | |
Series 2021-97, 2.500%, due 8/20/49(h) | | | | | 1,490,227 | | | | | | 162,228 | | |
Series 2022-1, 2.500%, due 6/20/50(h) | | | | | 208,884 | | | | | | 29,566 | | |
Series 2022-19, 0.166%, due 1/20/52(a)(h) | | | | | 1,830,882 | | | | | | 18,092 | | |
Series 2022-24, 0.086%, due 2/20/52(a)(h) | | | | | 9,134,358 | | | | | | 88,276 | | |
Series 2022-29, 3.420%, due 7/20/51(a) | | | | | 252,219 | | | | | | 224,687 | | |
Series 2022-34, 1.180%, due 2/20/52(a)(h) | | | | | 2,495,654 | | | | | | 88,760 | | |
Series 2022-6, 0.220%, due 1/20/52(a)(h) | | | | | 286,841 | | | | | | 4,152 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2022-6, 3.280%, due 1/20/52(a) | | | | $ | 286,841 | | | | | $ | 256,026 | | |
| | | | | | | | | | | 21,742,672 | | |
Total United States Government Agency Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $23,306,385) | | | | | | | | | | | 21,742,672 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 0.0%(d) | | ||||||||||||
Money Market Fund — 0.0%(d) | | | | | | | | | | | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 2.92%(f) (Cost $107,862) | | | | | 107,862 | | | | | | 107,862 | | |
Total Investments — 99.5% (Cost $244,467,101) | | | | | | | | | | | 228,271,648 | | |
Other Assets and Liabilities, Net — 0.5% | | | | | | | | | | | 1,060,574 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 229,332,222 | | |
| CMT | | | — | | | 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, 2022 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 10 Ultra (CBT) | | | Citigroup Global Markets Inc. | | | December 2022 | | | | | 79 | | | | | $ | 9,854,335 | | | | | $ | 9,162,766 | | | | | $ | (691,568) | | |
U.S. 10 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | December 2022 | | | | | 14 | | | | | | 1,636,938 | | | | | | 1,548,312 | | | | | | (88,626) | | |
U.S. 5 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | December 2022 | | | | | 31 | | | | | | 3,446,880 | | | | | | 3,304,406 | | | | | | (142,474) | | |
U.S. Ultra Bond (CBT) | | | Citigroup Global Markets Inc. | | | December 2022 | | | | | 47 | | | | | | 6,970,392 | | | | | | 5,999,844 | | | | | | (970,548) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (1,893,216) | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations | | | | $ | — | | | | | $ | 14,664,138 | | | | | $ | — | | | | | $ | 14,664,138 | | |
Commercial Asset-Backed Securities | | | | | — | | | | | | 18,250,547 | | | | | | — | | | | | | 18,250,547 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 15,372,522 | | | | | | — | | | | | | 15,372,522 | | |
Corporate Bonds | | | | | — | | | | | | 50,377,558 | | | | | | — | | | | | | 50,377,558 | | |
Foreign Bonds | | | | | — | | | | | | 23,198,223 | | | | | | — | | | | | | 23,198,223 | | |
Foreign Government Obligation | | | | | — | | | | | | 316,020 | | | | | | — | | | | | | 316,020 | | |
U.S. Treasury Bonds | | | | | — | | | | | | 17,419,618 | | | | | | — | | | | | | 17,419,618 | | |
U.S. Treasury Notes | | | | | — | | | | | | 66,822,488 | | | | | | — | | | | | | 66,822,488 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 21,742,672 | | | | | | — | | | | | | 21,742,672 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 107,862 | | | | | | — | | | | | | — | | | | | | 107,862 | | |
Total Investments in Securities | | | | $ | 107,862 | | | | | $ | 228,163,786 | | | | | $ | — | | | | | $ | 228,271,648 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(k) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | $ | (1,893,216) | | | | | $ | — | | | | | $ | — | | | | | $ | (1,893,216) | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 95.2% | | ||||||||||||
Corporate Bonds — 80.4% | | ||||||||||||
Advertising — 0.8% | | ||||||||||||
Lamar Media Corp. | | | | | | | | | | | | | |
4.000%, due 2/15/30 | | | | $ | 107,000 | | | | | $ | 90,855 | | |
Outfront Media Capital LLC / Outfront Media Capital Corp. | | | | | | | | | | | | | |
4.250%, due 1/15/29 | | | | | 122,000 | | | | | | 100,650 | | |
| | | | | | | | | | | 191,505 | | |
Aerospace & Defense — 1.8% | | ||||||||||||
Howmet Aerospace, Inc. | | | | | | | | | | | | | |
5.900%, due 2/1/27 | | | | | 209,000 | | | | | | 205,242 | | |
TransDigm, Inc. | | | | | | | | | | | | | |
4.625%, due 1/15/29 | | | | | 82,000 | | | | | | 69,825 | | |
4.875%, due 5/1/29 | | | | | 106,000 | | | | | | 90,127 | | |
6.250%, due 3/15/26 | | | | | 90,000 | | | | | | 88,777 | | |
| | | | | | | | | | | 453,971 | | |
Agriculture — 1.0% | | ||||||||||||
Darling Ingredients, Inc. | | | | | | | | | | | | | |
5.250%, due 4/15/27 | | | | | 267,000 | | | | | | 256,320 | | |
Airlines — 1.3% | | ||||||||||||
Delta Air Lines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/19/28 | | | | | 75,000 | | | | | | 66,899 | | |
7.375%, due 1/15/26 | | | | | 62,000 | | | | | | 63,301 | | |
United Airlines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/26 | | | | | 97,000 | | | | | | 88,528 | | |
4.625%, due 4/15/29 | | | | | 115,000 | | | | | | 98,358 | | |
| | | | | | | | | | | 317,086 | | |
Auto Manufacturers — 1.8% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
3.250%, due 2/12/32 | | | | | 145,000 | | | | | | 108,869 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.815%, due 11/2/27 | | | | | 128,000 | | | | | | 109,946 | | |
4.000%, due 11/13/30 | | | | | 136,000 | | | | | | 109,994 | | |
4.950%, due 5/28/27 | | | | | 132,000 | | | | | | 120,841 | | |
| | | | | | | | | | | 449,650 | | |
Auto Parts & Equipment — 1.0% | | ||||||||||||
Clarios Global LP / Clarios US Finance Co. | | | | | | | | | | | | | |
6.250%, due 5/15/26 | | | | | 250,000 | | | | | | 241,875 | | |
Building Materials — 0.8% | | ||||||||||||
CP Atlas Buyer, Inc. | | | | | | | | | | | | | |
7.000%, due 12/1/28 | | | | | 281,000 | | | | | | 202,320 | | |
Chemicals — 1.7% | | ||||||||||||
Avient Corp. | | | | | | | | | | | | | |
7.125%, due 8/1/30 | | | | | 112,000 | | | | | | 107,102 | | |
Olin Corp. | | | | | | | | | | | | | |
5.000%, due 2/1/30 | | | | | 104,000 | | | | | | 94,120 | | |
5.625%, due 8/1/29 | | | | | 95,000 | | | | | | 89,281 | | |
Olympus Water US Holding Corp. | | | | | | | | | | | | | |
4.250%, due 10/1/28 | | | | | 171,000 | | | | | | 138,820 | | |
| | | | | | | | | | | 429,323 | | |
Commercial Services — 6.3% | | ||||||||||||
ADT Security Corp. (The) | | | | | | | | | | | | | |
4.125%, due 8/1/29 | | | | | 99,000 | | | | | | 84,893 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Commercial Services (continued) | | ||||||||||||
AMN Healthcare, Inc. | | | | | | | | | | | | | |
4.000%, due 4/15/29 | | | | $ | 79,000 | | | | | $ | 67,978 | | |
APX Group, Inc. | | | | | | | | | | | | | |
6.750%, due 2/15/27 | | | | | 270,000 | | | | | | 263,386 | | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | | | | | | | | | | | | | |
5.375%, due 3/1/29 | | | | | 100,000 | | | | | | 86,627 | | |
Brink’s Co. (The) | | | | | | | | | | | | | |
4.625%, due 10/15/27 | | | | | 71,000 | | | | | | 65,649 | | |
Gartner, Inc. | | | | | | | | | | | | | |
4.500%, due 7/1/28 | | | | | 120,000 | | | | | | 111,208 | | |
HealthEquity, Inc. | | | | | | | | | | | | | |
4.500%, due 10/1/29 | | | | | 79,000 | | | | | | 69,026 | | |
Herc Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 7/15/27 | | | | | 76,000 | | | | | | 71,915 | | |
Hertz Corp. (The) | | | | | | | | | | | | | |
4.625%, due 12/1/26 | | | | | 116,000 | | | | | | 98,890 | | |
5.000%, due 12/1/29 | | | | | 134,000 | | | | | | 106,148 | | |
Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | | | | | | |
3.375%, due 8/31/27 | | | | | 160,000 | | | | | | 138,479 | | |
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 | | | | | 124,000 | | | | | | 100,096 | | |
United Rentals North America, Inc. | | | | | | | | | | | | | |
5.500%, due 5/15/27 | | | | | 251,000 | | | | | | 244,899 | | |
Williams Scotsman International, Inc. | | | | | | | | | | | | | |
4.625%, due 8/15/28 | | | | | 72,000 | | | | | | 65,027 | | |
| | | | | | | | | | | 1,574,221 | | |
Computers — 1.5% | | ||||||||||||
Seagate HDD Cayman | | | | | | | | | | | | | |
4.091%, due 6/1/29 | | | | | 177,000 | | | | | | 141,747 | | |
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. | | | | | | | | | | | | | |
5.750%, due 6/1/25 | | | | | 248,000 | | | | | | 243,715 | | |
| | | | | | | | | | | 385,462 | | |
Diversified Financial Services — 2.9% | | ||||||||||||
Nationstar Mortgage Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 8/15/28 | | | | | 262,000 | | | | | | 212,511 | | |
5.750%, due 11/15/31 | | | | | 128,000 | | | | | | 98,191 | | |
OneMain Finance Corp. | | | | | | | | | | | | | |
6.625%, due 1/15/28 | | | | | 221,000 | | | | | | 200,763 | | |
PennyMac Financial Services, Inc. | | | | | | | | | | | | | |
4.250%, due 2/15/29 | | | | | 140,000 | | | | | | 106,050 | | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | | | | | | | | | | | | | |
3.625%, due 3/1/29 | | | | | 137,000 | | | | | | 106,175 | | |
| | | | | | | | | | | 723,690 | | |
Electric — 0.5% | | ||||||||||||
Calpine Corp. | | | | | | | | | | | | | |
4.500%, due 2/15/28 | | | | | 141,000 | | | | | | 126,716 | | |
Electrical Component & Equipment — 0.4% | | ||||||||||||
Energizer Holdings, Inc. | | | | | | | | | | | | | |
4.750%, due 6/15/28 | | | | | 129,000 | | | | | | 107,111 | | |
|
| | | Principal Amount | | | Value | | | | ||||||||||
Corporate Bonds (continued) | | | | ||||||||||||||||
Entertainment — 4.4% | | | | ||||||||||||||||
Caesars Entertainment, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 10/15/29 | | | | $ | 171,000 | | | | | $ | 136,800 | | | | | ||||
CDI Escrow Issuer, Inc. | | | | | | | | | | | | | | | | ||||
5.750%, due 4/1/30 | | | | | 126,000 | | | | | | 113,716 | | | | | ||||
Churchill Downs, Inc. | | | | | | | | | | | | | | | | ||||
4.750%, due 1/15/28 | | | | | 138,000 | | | | | | 121,953 | | | | | ||||
Mohegan Gaming & Entertainment | | | | | | | | | | | | | | | | ||||
8.000%, due 2/1/26 | | | | | 264,000 | | | | | | 222,692 | | | | | ||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | | | | | | | | | | | | | | | | ||||
5.625%, due 9/1/29 | | | | | 309,000 | | | | | | 228,660 | | | | | ||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | | | | | | | | | | | | | | | | ||||
6.625%, due 3/1/30 | | | | | 120,000 | | | ��� | | | 103,126 | | | | | ||||
Six Flags Entertainment Corp. | | | | | | | | | | | | | | | | ||||
5.500%, due 4/15/27 | | | | | 100,000 | | | | | | 90,000 | | | | | ||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | | | | | | | | | | | | | | | | ||||
5.125%, due 10/1/29 | | | | | 102,000 | | | | | | 81,137 | | | | | ||||
| | | | | | | | | | | 1,098,084 | | | | | ||||
Food — 3.0% | | | | ||||||||||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | | | | | | | | | | | | | | | | ||||
4.625%, due 1/15/27 | | | | | 213,000 | | | | | | 197,389 | | | | | ||||
B&G Foods, Inc. | | | | | | | | | | | | | | | | ||||
5.250%, due 9/15/27 | | | | | 218,000 | | | | | | 182,874 | | | | | ||||
Performance Food Group, Inc. | | | | | | | | | | | | | | | | ||||
4.250%, due 8/1/29 | | | | | 120,000 | | | | | | 101,662 | | | | | ||||
Post Holdings, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 4/15/30 | | | | | 133,000 | | | | | | 112,227 | | | | | ||||
5.500%, due 12/15/29 | | | | | 81,000 | | | | | | 72,894 | | | | | ||||
US Foods, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 6/1/30 | | | | | 108,000 | | | | | | 93,692 | | | | | ||||
| | | | | | | | | | | 760,738 | | | | | ||||
Food Service — 0.5% | | | | ||||||||||||||||
Aramark Services, Inc. | | | | | | | | | | | | | | | | ||||
5.000%, due 2/1/28 | | | | | 151,000 | | | | | | 137,577 | | | | | ||||
Healthcare-Products — 1.1% | | | | ||||||||||||||||
Hologic, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 2/1/28 | | | | | 167,000 | | | | | | 156,145 | | | | | ||||
Teleflex, Inc. | | | | | | | | | | | | | | | | ||||
4.625%, due 11/15/27 | | | | | 135,000 | | | | | | 127,217 | | | | | ||||
| | | | | | | | | | | 283,362 | | | | | | | ||
Healthcare-Services — 5.0% | | | | | | | | ||||||||||||
Centene Corp. | | | | | | | | | | | | | | | | ||||
2.450%, due 7/15/28 | | | | | 125,000 | | | | | | 102,813 | | | | | ||||
2.500%, due 3/1/31 | | | | | 94,000 | | | | | | 72,145 | | | | | ||||
3.000%, due 10/15/30 | | | | | 27,000 | | | | | | 21,735 | | | | | ||||
4.250%, due 12/15/27 | | | | | 163,000 | | | | | | 150,368 | | | | | ||||
4.625%, due 12/15/29 | | | | | 124,000 | | | | | | 112,220 | | | | | ||||
Encompass Health Corp. | | | | | | | | | | | | | | | | ||||
4.750%, due 2/1/30 | | | | | 76,000 | | | | | | 64,790 | | | | | ||||
5.750%, due 9/15/25 | | | | | 219,000 | | | | | | 217,006 | | | | | ||||
IQVIA, Inc. | | | | | | | | | | | | | | | | ||||
5.000%, due 5/15/27 | | | | | 96,000 | | | | | | 91,476 | | | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Healthcare-Services (continued) | | ||||||||||||
Syneos Health, Inc. | | | | | | | | | | | | | |
3.625%, due 1/15/29 | | | | $ | 93,000 | | | | | $ | 77,021 | | |
Tenet Healthcare Corp. | | | | | | | | | | | | | |
4.250%, due 6/1/29 | | | | | 127,000 | | | | | | 106,998 | | |
4.625%, due 6/15/28 | | | | | 149,000 | | | | | | 130,747 | | |
6.125%, due 6/15/30 | | | | | 131,000 | | | | | | 120,931 | | |
| | | | | | | | | | | 1,268,250 | | |
Home Builders — 0.9% | | ||||||||||||
Beazer Homes USA, Inc. | | | | | | | | | | | | | |
7.250%, due 10/15/29 | | | | | 92,000 | | | | | | 76,130 | | |
Meritage Homes Corp. | | | | | | | | | | | | | |
3.875%, due 4/15/29 | | | | | 86,000 | | | | | | 69,118 | | |
Tri Pointe Homes, Inc. | | | | | | | | | | | | | |
5.700%, due 6/15/28 | | | | | 79,000 | | | | | | 68,444 | | |
| | | | | | | | | | | 213,692 | | |
Insurance — 0.3% | | ||||||||||||
Global Atlantic Fin Co. | | | | | | | | | | | | | |
4.700%, (5 Year US CMT T-Note + 3.80%), due 10/15/51(a) | | | | | 96,000 | | | | | | 70,713 | | |
Internet — 1.2% | | ||||||||||||
Cogent Communications Group, Inc. | | | | | | | | | | | | | |
3.500%, due 5/1/26 | | | | | 85,000 | | | | | | 76,713 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
4.125%, due 8/1/30 | | | | | 120,000 | | | | | | 98,041 | | |
Uber Technologies, Inc. | | | | | | | | | | | | | |
4.500%, due 8/15/29 | | | | | 158,000 | | | | | | 135,438 | | |
| | | | | | | | | | | 310,192 | | |
Leisure Time — 2.9% | | ||||||||||||
NCL Corp Ltd. | | | | | | | | | | | | | |
5.875%, due 3/15/26 | | | | | 107,000 | | | | | | 87,606 | | |
5.875%, due 2/15/27 | | | | | 107,000 | | | | | | 95,498 | | |
7.750%, due 2/15/29 | | | | | 210,000 | | | | | | 167,292 | | |
Royal Caribbean Cruises Ltd. | | | | | | | | | | | | | |
4.250%, due 7/1/26 | | | | | 346,000 | | | | | | 275,087 | | |
5.500%, due 8/31/26 | | | | | 140,000 | | | | | | 114,464 | | |
| | | | | | | | | | | 739,947 | | |
Media — 6.8% | | ||||||||||||
Cable One, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/30 | | | | | 96,000 | | | | | | 78,134 | | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | | | | | | |
4.250%, due 2/1/31 | | | | | 119,000 | | | | | | 94,010 | | |
4.250%, due 1/15/34 | | | | | 121,000 | | | | | | 88,935 | | |
4.500%, due 8/15/30 | | | | | 96,000 | | | | | | 77,910 | | |
4.500%, due 5/1/32 | | | | | 155,000 | | | | | | 122,450 | | |
4.750%, due 3/1/30 | | | | | 133,000 | | | | | | 111,773 | | |
Directv Financing LLC / Directv Financing Co-Obligor, Inc. | | | | | | | | | | | | | |
5.875%, due 8/15/27 | | | | | 197,000 | | | | | | 177,418 | | |
iHeartCommunications, Inc. | | | | | | | | | | | | | |
8.375%, due 5/1/27 | | | | | 261,000 | | | | | | 234,454 | | |
Nexstar Media, Inc. | | | | | | | | | | | | | |
4.750%, due 11/1/28 | | | | | 131,000 | | | | | | 114,966 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
Sirius XM Radio, Inc. | | | | | | | | | | | | | |
3.875%, due 9/1/31 | | | | $ | 84,000 | | | | | $ | 67,200 | | |
4.000%, due 7/15/28 | | | | | 107,000 | | | | | | 91,985 | | |
4.125%, due 7/1/30 | | | | | 90,000 | | | | | | 73,646 | | |
TEGNA, Inc. | | | | | | | | | | | | | |
4.750%, due 3/15/26 | | | | | 262,000 | | | | | | 254,511 | | |
Univision Communications, Inc. | | | | | | | | | | | | | |
4.500%, due 5/1/29 | | | | | 139,000 | | | | | | 117,021 | | |
| | | | | | | | | | | 1,704,413 | | |
Mining — 1.5% | | ||||||||||||
Arconic Corp. | | | | | | | | | | | | | |
6.125%, due 2/15/28 | | | | | 155,000 | | | | | | 145,294 | | |
Novelis Corp. | | | | | | | | | | | | | |
3.250%, due 11/15/26 | | | | | 102,000 | | | | | | 89,274 | | |
4.750%, due 1/30/30 | | | | | 163,000 | | | | | | 138,476 | | |
| | | | | | | | | | | 373,044 | | |
Office/Business Equipment — 1.1% | | ||||||||||||
Xerox Corp. | | | | | | | | | | | | | |
3.800%, due 5/15/24 | | | | | 139,000 | | | | | | 132,461 | | |
Xerox Holdings Corp. | | | | | | | | | | | | | |
5.500%, due 8/15/28 | | | | | 177,000 | | | | | | 139,830 | | |
| | | | | | | | | | | 272,291 | | |
Oil & Gas — 7.9% | | ||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | | | | | | | | | | | | | |
9.000%, due 11/1/27 | | | | | 201,000 | | | | | | 245,220 | | |
Callon Petroleum Co. | | | | | | | | | | | | | |
6.375%, due 7/1/26 | | | | | 87,000 | | | | | | 83,427 | | |
7.500%, due 6/15/30 | | | | | 103,000 | | | | | | 97,829 | | |
8.000%, due 8/1/28 | | | | | 81,000 | | | | | | 80,701 | | |
CNX Resources Corp. | | | | | | | | | | | | | |
6.000%, due 1/15/29 | | | | | 88,000 | | | | | | 82,147 | | |
Laredo Petroleum, Inc. | | | | | | | | | | | | | |
7.750%, due 7/31/29 | | | | | 126,000 | | | | | | 119,700 | | |
10.125%, due 1/15/28 | | | | | 67,000 | | ��� | | | | 65,828 | | |
Occidental Petroleum Corp. | | | | | | | | | | | | | |
2.900%, due 8/15/24 | | | | | 272,000 | | | | | | 261,717 | | |
5.550%, due 3/15/26 | | | | | 110,000 | | | | | | 111,650 | | |
7.500%, due 5/1/31 | | | | | 81,000 | | | | | | 87,075 | | |
8.875%, due 7/15/30 | | | | | 112,000 | | | | | | 127,120 | | |
Range Resources Corp. | | | | | | | | | | | | | |
4.750%, due 2/15/30 | | | | | 76,000 | | | | | | 67,185 | | |
Rockcliff Energy II LLC | | | | | | | | | | | | | |
5.500%, due 10/15/29 | | | | | 89,000 | | | | | | 79,266 | | |
Southwestern Energy Co. | | | | | | | | | | | | | |
5.375%, due 3/15/30 | | | | | 114,000 | | | | | | 105,450 | | |
7.750%, due 10/1/27 | | | | | 195,000 | | | | | | 200,591 | | |
Sunoco LP / Sunoco Finance Corp. | | | | | | | | | | | | | |
5.875%, due 3/15/28 | | | | | 117,000 | | | | | | 111,381 | | |
Tap Rock Resources LLC | | | | | | | | | | | | | |
7.000%, due 10/1/26 | | | | | 76,000 | | | | | | 70,958 | | |
| | | | | | | | | | | 1,997,245 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Oil & Gas Services — 2.0% | | ||||||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | | | | | | | | | | | | | |
6.250%, due 4/1/28 | | | | $ | 127,000 | | | | | $ | 118,097 | | |
6.875%, due 4/1/27 | | | | | 127,000 | | | | | | 120,967 | | |
USA Compression Partners LP / USA Compression Finance Corp. | | | | | | | | | | | | | |
6.875%, due 4/1/26 | | | | | 112,000 | | | | | | 107,505 | | |
6.875%, due 9/1/27 | | | | | 163,000 | | | | | | 155,665 | | |
| | | | | | | | | | | 502,234 | | |
Packaging & Containers — 0.7% | | ||||||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | | | | | | | | | | | | | |
4.125%, due 8/15/26 | | | | | 95,000 | | | | | | 81,700 | | |
Mauser Packaging Solutions Holding Co. | | | | | | | | | | | | | |
5.500%, due 4/15/24 | | | | | 91,000 | | | | | | 89,180 | | |
| | | | | | | | | | | 170,880 | | |
Pharmaceuticals — 1.5% | | ||||||||||||
Elanco Animal Health, Inc. | | | | | | | | | | | | | |
6.400%, due 8/28/28 | | | | | 133,000 | | | | | | 118,984 | | |
PRA Health Sciences, Inc. | | | | | | | | | | | | | |
2.875%, due 7/15/26 | | | | | 284,000 | | | | | | 255,953 | | |
| | | | | | | | | | | 374,937 | | |
Pipelines — 3.5% | | ||||||||||||
Cheniere Energy Partners LP | | | | | | | | | | | | | |
4.500%, due 10/1/29 | | | | | 140,000 | | | | | | 123,613 | | |
Cheniere Energy, Inc. | | | | | | | | | | | | | |
4.625%, due 10/15/28 | | | | | 87,000 | | | | | | 80,258 | | |
CNX Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 4/15/30 | | | | | 120,000 | | | | | | 98,700 | | |
EnLink Midstream LLC | | | | | | | | | | | | | |
5.625%, due 1/15/28 | | | | | 90,000 | | | | | | 86,261 | | |
Genesis Energy LP / Genesis Energy Finance Corp. | | | | | | | | | | | | | |
7.750%, due 2/1/28 | | | | | 291,000 | | | | | | 277,541 | | |
Venture Global Calcasieu Pass LLC | | | | | | | | | | | | | |
3.875%, due 8/15/29 | | | | | 137,000 | | | | | | 117,478 | | |
Western Midstream Operating LP | | | | | | | | | | | | | |
4.750%, due 8/15/28 | | | | | 90,000 | | | | | | 83,025 | | |
| | | | | | | | | | | 866,876 | | |
REITS — 2.0% | | ||||||||||||
Iron Mountain Information Management Services, Inc. | | | | | | | | | | | | | |
5.000%, due 7/15/32 | | | | | 79,000 | | | | | | 65,151 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/31 | | | | | 88,000 | | | | | | 71,280 | | |
5.250%, due 7/15/30 | | | | | 110,000 | | | | | | 94,909 | | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | | | | | | | | | | | | | |
4.875%, due 5/15/29 | | | | | 107,000 | | | | | | 91,238 | | |
SBA Communications Corp. | | | | | | | | | | | | | |
3.125%, due 2/1/29 | | | | | 124,000 | | | | | | 100,221 | | |
XHR LP | | | | | | | | | | | | | |
4.875%, due 6/1/29 | | | | | 84,000 | | | | | | 72,467 | | |
| | | | | | | | | | | 495,266 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Retail — 5.9% | | ||||||||||||
Arko Corp. | | | | | | | | | | | | | |
5.125%, due 11/15/29 | | | | $ | 108,000 | | | | | $ | 85,508 | | |
Asbury Automotive Group, Inc. | | | | | | | | | | | | | |
4.750%, due 3/1/30 | | | | | 126,000 | | | | | | 103,224 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
6.950%, due 3/1/33 | | | | | 300,000 | | | | | | 247,020 | | |
Foot Locker, Inc. | | | | | | | | | | | | | |
4.000%, due 10/1/29 | | | | | 112,000 | | | | | | 85,621 | | |
Group 1 Automotive, Inc. | | | | | | | | | | | | | |
4.000%, due 8/15/28 | | | | | 122,000 | | | | | | 100,332 | | |
Lithia Motors, Inc. | | | | | | | | | | | | | |
4.375%, due 1/15/31 | | | | | 124,000 | | | | | | 100,679 | | |
Macy’s Retail Holdings LLC | | | | | | | | | | | | | |
6.125%, due 3/15/32 | | | | | 99,000 | | | | | | 82,256 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.375%, due 4/1/30 | | | | | 103,000 | | | | | | 79,053 | | |
QVC, Inc. | | | | | | | | | | | | | |
4.850%, due 4/1/24 | | | | | 93,000 | | | | | | 89,066 | | |
Sonic Automotive, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/29 | | | | | 112,000 | | | | | | 87,687 | | |
4.875%, due 11/15/31 | | | | | 94,000 | | | | | | 70,916 | | |
White Cap Parent LLC | | | | | | | | | | | | | |
8.250%, due 3/15/26 | | | | | 243,000 | | | | | | 205,335 | | |
Yum! Brands, Inc. | | | | | | | | | | | | | |
4.625%, due 1/31/32 | | | | | 167,000 | | | | | | 142,790 | | |
| | | | | | | | | | | 1,479,487 | | |
Software — 2.7% | | ||||||||||||
Fair Isaac Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/26 | | | | | 249,000 | | | | | | 246,435 | | |
MSCI, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/29 | | | | | 196,000 | | | | | | 170,191 | | |
PTC, Inc. | | | | | | | | | | | | | |
3.625%, due 2/15/25 | | | | | 157,000 | | | | | | 149,626 | | |
4.000%, due 2/15/28 | | | | | 135,000 | | | | | | 122,274 | | |
| | | | | | | | | | | 688,526 | | |
Telecommunications — 2.0% | | ||||||||||||
Frontier Communications Holdings LLC | | | | | | | | | | | | | |
5.000%, due 5/1/28 | | | | | 253,000 | | | | | | 221,375 | | |
5.875%, due 10/15/27 | | | | | 158,000 | | | | | | 145,333 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.750%, due 7/15/29 | | | | | 166,000 | | | | | | 126,117 | | |
| | | | | | | | | | | 492,825 | | |
Transportation — 1.7% | | ||||||||||||
First Student Bidco, Inc. / First Transit Parent, Inc. | | | | | | | | | | | | | |
4.000%, due 7/31/29 | | | | | 223,000 | | | | | | 181,210 | | |
XPO Logistics, Inc. | | | | | | | | | | | | | |
6.250%, due 5/1/25 | | | | | 255,000 | | | | | | 257,602 | | |
| | | | | | | | | | | 438,812 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $20,146,650) | | | | | | | | | | | 20,198,641 | | |
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds — 14.8% | | ||||||||||||
Aerospace & Defense — 1.1% | | ||||||||||||
Bombardier, Inc., (Canada) | | | | | | | | | | | | | |
7.875%, due 4/15/27 | | | | $ | 288,000 | | | | | $ | 273,522 | | |
Banks — 1.4% | | ||||||||||||
Intesa Sanpaolo SpA, (Italy) | | | | | | | | | | | | | |
5.710%, due 1/15/26 | | | | | 83,000 | | | | | | 77,317 | | |
UniCredit SpA, (Italy) | | | | | | | | | | | | | |
7.296%, (USD 5 Year Swap + 4.91%), due 4/2/34(a) | | | | | 330,000 | | | | | | 279,985 | | |
| | | | | | | | | | | 357,302 | | |
Beverages — 0.4% | | ||||||||||||
Primo Water Holdings, Inc., (Canada) | | | | | | | | | | | | | |
4.375%, due 4/30/29 | | | | | 137,000 | | | | | | 114,788 | | |
Chemicals — 1.4% | | ||||||||||||
INEOS Quattro Finance 2 PLC, (United Kingdom) | | | | ||||||||||
3.375%, due 1/15/26 | | | | | 139,000 | | | | | | 117,555 | | |
SPCM SA, (France) | | | | | | | | | | | | | |
3.125%, due 3/15/27 | | | | | 264,000 | | | | | | 231,990 | | |
| | | | | | | | | | | 349,545 | | |
Commercial Services — 1.0% | | ||||||||||||
Ritchie Bros Auctioneers, Inc., (Canada) | | | | | | | | | | | | | |
5.375%, due 1/15/25 | | | | | 246,000 | | | | | | 242,310 | | |
Electric — 0.8% | | ||||||||||||
Electricite de France SA, (France) | | | | | | | | | | | | | |
5.625%, (USD 10 Year Swap + 3.04%), due 7/22/71(a) | | | | | 243,000 | | | | | | 213,687 | | |
Environmental Control — 0.3% | | ||||||||||||
GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | |
3.500%, due 9/1/28 | | | | | 90,000 | | | | | | 76,304 | | |
Forest Products & Paper — 0.4% | | ||||||||||||
Ahlstrom-Munksjo Holding 3 Oy, (Finland) | | | | | | | | | | | | | |
4.875%, due 2/4/28 | | | | | 123,000 | | | | | | 97,922 | | |
Home Builders — 1.6% | | ||||||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada) | | | | | | | | | | | | | |
5.000%, due 6/15/29 | | | | | 328,000 | | | | | | 247,059 | | |
Mattamy Group Corp., (Canada) | | | | | | | | | | | | | |
5.250%, due 12/15/27 | | | | | 171,000 | | | | | | 146,111 | | |
| | | | | | | | | | | 393,170 | | |
Machinery-Diversified — 0.8% | | ||||||||||||
Husky III Holding Ltd., (Canada) | | | | | | | | | | | | | |
13.000%, due 2/15/25 | | | | | 223,000 | | | | | | 203,773 | | |
Media — 2.4% | | ||||||||||||
UPC Broadband Finco BV, (Netherlands) | | | | | | | | | | | | | |
4.875%, due 7/15/31 | | | | | 104,000 | | | | | | 87,332 | | |
Virgin Media Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
5.000%, due 7/15/30 | | | | | 98,000 | | | | | | 78,536 | | |
Virgin Media Secured Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
5.500%, due 5/15/29 | | | | | 135,000 | | | | | | 122,677 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
Virgin Media Vendor Financing Notes IV DAC, (United Kingdom) | | | | | | | | | | | | | |
5.000%, due 7/15/28 | | | | $ | 79,000 | | | | | $ | 67,261 | | |
VZ Secured Financing BV, (Netherlands) | | | | | | | | | | | | | |
5.000%, due 1/15/32 | | | | | 114,000 | | | | | | 90,868 | | |
Ziggo Bond Co. BV, (Netherlands) | | | | | | | | | | | | | |
5.125%, due 2/28/30 | | | | | 83,000 | | | | | | 65,771 | | |
Ziggo BV, (Netherlands) | | | | | | | | | | | | | |
4.875%, due 1/15/30 | | | | | 101,000 | | | | | | 84,775 | | |
| | | | | | | | | | | 597,220 | | |
Retail — 0.6% | | ||||||||||||
1011778 BC ULC / New Red Finance, Inc., (Canada) | | | | | | | | | | | | | |
4.000%, due 10/15/30 | | | | | 202,000 | | | | | | 164,883 | | |
Software — 0.6% | | ||||||||||||
Open Text Corp., (Canada) | | | | | | | | | | | | | |
3.875%, due 12/1/29 | | | | | 179,000 | | | | | | 141,858 | | |
Telecommunications — 2.0% | | ||||||||||||
Telecom Italia Capital SA, (Italy) | | | | | | | | | | | | | |
7.721%, due 6/4/38 | | | | | 306,000 | | | | | | 243,270 | | |
Vmed O2 UK Financing I PLC, (United Kingdom) | | | | | | | | | | | | | |
4.750%, due 7/15/31 | | | | | 149,000 | | | | | | 120,401 | | |
Vodafone Group PLC, (United Kingdom) | | | | | | | | | | | | | |
7.000%, (USD 5 Year Swap + 4.87%), due 4/4/79(a) | | | | | 148,000 | | | | | | 140,600 | | |
| | | | | | | | | | | 504,271 | | |
Total Foreign Bonds | | | | | | | | | | | | | |
(Cost $3,749,097) | | | | | | | | | | | 3,730,555 | | |
|
| | | Shares | | | Value | | ||||||
Short-Term Investment — 2.3% | | | | ||||||||||
Money Market Fund — 2.3% | | | | ||||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 2.92%(b) | | | | | | | | | | | | | |
(Cost $576,905) | | | | | 576,905 | | | | | $ | 576,905 | | |
Total Investments — 97.5% | | | | | | | | | | | | | |
(Cost $24,472,652) | | | | | | | | | | | 24,506,101 | | |
Other Assets and Liabilities, Net — 2.5% | | | | | | | | | | | 617,535 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 25,123,636 | | |
| CMT | | | — | | | Constant Maturity Treasury Index | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bonds | | | | $ | — | | | | | $ | 20,198,641 | | | | | $ | — | | | | | $ | 20,198,641 | | |
Foreign Bonds | | | | | — | | | | | | 3,730,555 | | | | | | — | | | | | | 3,730,555 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 576,905 | | | | | | — | | | | | | — | | | | | | 576,905 | | |
Total Investments in Securities | | | | $ | 576,905 | | | | | $ | 23,929,196 | | | | | $ | — | | | | | $ | 24,506,101 | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 98.2% | | ||||||||||||
Collateralized Mortgage Obligations — 7.2% | | ||||||||||||
Mortgage Securities — 7.2% | | ||||||||||||
Fannie Mae Connecticut Avenue Securities | | | | | | | | | | | | | |
Series 2017-C04 2M2, 6.436%, (1-Month LIBOR + 2.85%), due 11/25/29(a) | | | | $ | 66,709 | | | | | $ | 67,397 | | |
Series 2017-C07 1B1, 7.586%, (1-Month LIBOR + 4.00%), due 5/25/30(a) | | | | | 120,000 | | | | | | 121,275 | | |
Series 2018-C01 1B1, 7.136%, (1-Month LIBOR + 3.55%), due 7/25/30(a) | | | | | 100,000 | | | | | | 99,691 | | |
Series 2018-C03 1B1, 7.336%, (1-Month LIBOR + 3.75%), due 10/25/30(a) | | | | | 175,000 | | | | | | 172,868 | | |
Series 2018-C04 2B1, 8.086%, (1-Month LIBOR + 4.50%), due 12/25/30(a) | | | | | 75,000 | | | | | | 75,861 | | |
Series 2018-C05 1B1, 7.836%, (1-Month LIBOR + 4.25%), due 1/25/31(a) | | | | | 85,000 | | | | | | 85,791 | | |
Series 2018-C06 1M2, 5.586%, (1-Month LIBOR + 2.00%), due 3/25/31(a) | | | | | 40,282 | | | | | | 40,120 | | |
Fannie Mae REMICS | | | | | | | | | | | | | |
Series 2016-57 SN, 2.464%, (1-Month LIBOR + 6.05%), due 6/25/46(a)(g) | | | | | 84,382 | | | | | | 7,907 | | |
Series 2019-32 SB, 2.464%, (1-Month LIBOR + 6.05%), due 6/25/49(a)(g) | | | | | 74,584 | | | | | | 6,635 | | |
Series 2020-49 PB, 1.750%, due 7/25/50 | | | | | 43,533 | | | | | | 33,865 | | |
Series 2021-34 MI, 2.500%, due 3/25/51(g) | | | | | 89,809 | | | | | | 11,758 | | |
Freddie Mac REMICS | | | | | | | | | | | | | |
Series 2020-5036, 3.500%, due 11/25/50(g) | | | | | 72,622 | | | | | | 15,121 | | |
Series 2020-5040, 3.500%, due 11/25/50(g) | | | | | 72,075 | | | | | | 12,325 | | |
Freddie Mac STACR REMIC Trust 2020-DNA6 | | | | | | | | | | | | | |
Series 2020-DNA6 M2, 4.997%, (SOFR + 2.00%), due 12/25/50(a) | | | | | 90,390 | | | | | | 88,898 | | |
Freddie Mac STACR REMIC Trust 2021-HQA2 | | | | | | | | | | | | | |
Series 2021-HQA2 B1, 6.147%, (SOFR + 3.15%), due 12/25/33(a) | | | | | 90,000 | | | | | | 71,671 | | |
Freddie Mac STACR REMIC Trust 2021-HQA3 | | | | | | | | | | | | | |
Series 2021-HQA3 B1, 6.347%, (SOFR + 3.35%), due 9/25/41(a) | | | | | 90,000 | | | | | | 76,926 | | |
Series 2021-HQA3 M2, 5.097%, (SOFR + 2.10%), due 9/25/41(a) | | | | | 90,000 | | | | | | 76,557 | | |
Freddie Mac STACR REMIC Trust 2022-DNA2 | | | | | | | | | | | | | |
Series 2022-DNA2 M1B, 5.397%, (SOFR + 2.40%), due 2/25/42(a) | | | | | 65,000 | | | | | | 59,800 | | |
Freddie Mac STACR REMIC Trust 2022-DNA3 | | | | | | | | | | | | | |
Series 2022-DNA3 M1B, 5.897%, (SOFR + 2.90%), due 4/25/42(a) | | | | | 128,000 | | | | | | 118,720 | | |
Freddie Mac STACR Trust 2019-DNA1 | | | | | | | | | | | | | |
Series 2019-DNA1 B1, 8.236%, (1-Month LIBOR + 4.65%), due 1/25/49(a) | | | | | 70,000 | | | | | | 71,540 | | |
| | | Principal Amount | | | Value | | ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac STACR Trust 2019-DNA2 | | | | | | | | | | | | | |
Series 2019-DNA2 B1, 7.936%, (1-Month LIBOR + 4.35%), due 3/25/49(a) | | | | $ | 95,000 | | | | | $ | 95,000 | | |
Freddie Mac Strips | | | | | | | | | | | | | |
Series 2013-311, 0.000%, due 8/15/43(b)(h) | | | | | 18,073 | | | | | | 13,096 | | |
Series 2013-311 S1, 2.538%, (1-Month LIBOR + 5.95%), due 8/15/43(a)(g) | | | | | 71,388 | | | | | | 6,262 | | |
Government National Mortgage Association | | | | | | | | | | | | | |
Series 2019-136 YS, 0.000%(f), (1-Month LIBOR + 2.83%), due 11/20/49(a)(g) | | | | | 49,874 | | | | | | 131 | | |
Series 2020-5 AF, 3.500%, (1-Month LIBOR + 0.68%), due 1/20/50(a) | | | | | 34,899 | | | | | | 30,252 | | |
Series 2021-136 SB, 0.280%, (SOFR + 3.20%), due 8/20/51(a)(g) | | | | | 314,822 | | | | | | 7,911 | | |
Series 2021-41 FS, 2.000%, (SOFR + 0.20%), due 10/20/50(a)(g) | | | | | 74,944 | | | | | | 8,623 | | |
Series 2021-57 AI, 2.000%, due 2/20/51(g) | | | | | 113,943 | | | | | | 11,955 | | |
Series 2021-96 FG, 3.220%, (SOFR + 0.30%), due 6/20/51(a) | | | | | 82,226 | | | | | | 72,529 | | |
J.P. Morgan Mortgage Trust 2022-INV3 | | | | | | | | | | | | | |
Series 2022-INV3 A3B, 3.000%, due 9/25/52(a)(c) | | | | | 93,570 | | | | | | 75,086 | | |
OBX 2019-INV2 Trust | | | | | | | | | | | | | |
Series 2019-INV2 A5, 4.000%, due 5/27/49(a)(c) | | | | | 30,228 | | | | | | 27,987 | | |
| | | | | | | | | | | 1,663,558 | | |
Total Collateralized Mortgage Obligations (Cost $1,732,392) | | | | | | | | | | | 1,663,558 | | |
Commercial Asset-Backed Securities — 8.1% | | ||||||||||||
Asset Backed Securities — 8.1% | | ||||||||||||
AMSR 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.632%, due 7/17/37 | | | | | 100,000 | | | | | | 90,748 | | |
CF Hippolyta Issuer LLC | | | | | | | | | | | | | |
Series 2020-1 A1, 1.690%, due 7/15/60 | | | | | 91,436 | | | | | | 80,383 | | |
Series 2021-1A A1, 1.530%, due 3/15/61 | | | | | 95,807 | | | | | | 82,131 | | |
DB Master Finance LLC | | | | | | | | | | | | | |
Series 2019-1A A23, 4.352%, due 5/20/49 | | | | $ | 97,000 | | | | | $ | 85,389 | | |
Drive Auto Receivables Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 D, 1.390%, due 3/15/29 | | | | | 76,000 | | | | | | 68,727 | | |
Enterprise Fleet Financing 2022-2 LLC | | | | | | | | | | | | | |
Series 2022-2 A3, 4.790%, due 5/21/29 | | | | | 100,000 | | | | | | 97,069 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
FirstKey Homes 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.266%, due 10/19/37 | | | | $ | 118,897 | | | | | $ | 104,049 | | |
Flagship Credit Auto Trust 2020-3 | | | | | | | | | | | | | |
Series 2020-3 D, 2.500%, due 9/15/26 | | | | | 115,000 | | | | | | 105,596 | | |
Hertz Vehicle Financing III LP | | | | | | | | | | | | | |
Series 2021-2A C, 2.520%, due 12/27/27 | | | | | 140,000 | | | | | | 115,436 | | |
Hertz Vehicle Financing LLC | | | | | | | | | | | | | |
Series 2021-1A A, 1.210%, due 12/26/25 | | | | | 100,000 | | | | | | 90,856 | | |
Hilton Grand Vacations Trust 2019-A | | | | | | | | | | | | | |
Series 2019-AA B, 2.540%, due 7/25/33 | | | | | 46,864 | | | | | | 43,590 | | |
Home Partners of America 2021-2 Trust | | | | | | | | | | | | | |
Series 2021-2 A, 1.901%, due 12/17/26 | | | | | 119,093 | | | | | | 101,316 | | |
MVW 2021-1W LLC | | | | | | | | | | | | | |
Series 2021-1WA B, 1.440%, due 1/22/41 | | | | | 70,313 | | | | | | 63,704 | | |
Navient Private Education Refi Loan Trust 2021-A | | | | | | | | | | | | | |
Series 2021-A A, 0.840%, due 5/15/69 | | | | | 81,146 | | | | | | 68,542 | | |
New Economy Assets Phase 1 Sponsor LLC | | | | | | | | | | | | | |
Series 2021-1 A1, 1.910%, due 10/20/61 | | | | | 100,000 | | | | | | 83,786 | | |
PFS Financing Corp. | | | | | | | | | | | | | |
Series 2022-A A, 2.470%, due 2/15/27 | | | | | 100,000 | | | | | | 92,397 | | |
Series 2022-D A, 4.270%, due 8/15/27 | | | | | 100,000 | | | | | | 95,344 | | |
Series 2022-D B, 4.900%, due 8/15/27 | | | | | 100,000 | | | | | | 94,561 | | |
Progress Residential 2021-SFR1 | | | | | | | | | | | | | |
Series 2021-SFR1 A, 1.052%, due 4/17/38 | | | | | 99,912 | | | | | | 84,119 | | |
Progress Residential 2021-SFR4 | | | | | | | | | | | | | |
Series 2021-SFR4 A, 1.558%, due 5/17/38 | | | | | 100,000 | | | | | | 86,739 | | |
Santander Drive Auto Receivables Trust 2021-4 | | | | | | | | | | | | | |
Series 2021-4 D, 1.670%, due 10/15/27 | | | | | 100,000 | | | | | | 92,191 | | |
Taco Bell Funding LLC | | | | | | | | | | | | | |
Series 2021-1A A23, 2.542%, due 8/25/51 | | | | | 59,550 | | | | | | 43,468 | | |
| | | | | | | | | | | 1,870,141 | | |
Total Commercial Asset-Backed Securities (Cost $1,963,679) | | | | | | | | | | | 1,870,141 | | |
Commercial Mortgage-Backed Securities — 8.1% | | ||||||||||||
Mortgage Securities — 8.1% | | ||||||||||||
BAMLL Commercial Mortgage Securities Trust 2022-DKLX | | | | | | | | | | | | | |
Series 2022-DKLX C, 5.526%, (TSFR1M + 2.15%), due 1/15/39(a) | | | | | 100,000 | | | | | | 94,808 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
BX Commercial Mortgage Trust 2020-VIV2 | | | | | | | | | | | | | |
Series 2020-VIV2 C, 3.542%, due 3/9/44(a)(c) | | | | $ | 100,000 | | | | | $ | 74,275 | | |
BX Commercial Mortgage Trust 2020-VIVA | | | | | | | | | | | | | |
Series 2020-VIVA D, 3.549%, due 3/11/44(a)(c) | | | | | 100,000 | | | | | | 72,321 | | |
BX Commercial Mortgage Trust 2021-21M | | | | | | | | | | | | | |
Series 2021-21M C, 4.589%, (1-Month LIBOR + 1.18%), due 10/15/36(a) | | | | | 74,501 | | | | | | 68,750 | | |
BX Commercial Mortgage Trust 2021-ACNT | | | | | | | | | | | | | |
Series 2021-ACNT B, 4.663%, (1-Month LIBOR + 1.25%), due 11/15/38(a) | | | | | 100,000 | | | | | | 94,090 | | |
BX Commercial Mortgage Trust 2021-VOLT | | | | | | | | | | | | | |
Series 2021-VOLT E, 5.412%, (1-Month LIBOR + 2.00%), due 9/15/36(a) | | | | | 100,000 | | | | | | 91,930 | | |
BX Trust 2018-GW | | | | | | | | | | | | | |
Series 2018-GW A, 4.212%, (1-Month LIBOR + 0.80%), due 5/15/35(a) | | | | | 100,000 | | | | | | 96,572 | | |
BX Trust 2021-ARIA | | | | | | | | | | | | | |
Series 2021-ARIA E, 5.657%, (1-Month LIBOR + 2.24%), due 10/15/36(a) | | | | | 100,000 | | | | | | 90,148 | | |
BX Trust 2021-RISE | | | | | | | | | | | | | |
Series 2021-RISE B, 4.662%, (1-Month LIBOR + 1.25%), due 11/15/36(a) | | | | | 100,000 | | | | | | 94,630 | | |
Series 2021-RISE C, 4.862%, (1-Month LIBOR + 1.45%), due 11/15/36(a) | | | | | 100,000 | | | | | | 93,280 | | |
BX Trust 2022-PSB | | | | | | | | | | | | | |
Series 2022-PSB D, 8.069%, (TSFR1M + 4.69%), due 8/15/39(a) | | | | | 100,000 | | | | | | 99,531 | | |
BXHPP Trust 2021-FILM | | | | | | | | | | | | | |
Series 2021-FILM B, 4.312%, (1-Month LIBOR + 0.90%), due 8/15/36(a) | | | | | 130,000 | | | | | | 120,417 | | |
CSMC 2020-WEST Trust | | | | | | | | | | | | | |
Series 2020-WEST A, 3.040%, due 2/15/35 | | | | | 100,000 | | | | | | 77,870 | | |
FREMF 2017-K71 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K71 B, 3.752%, due 11/25/50(a)(c) | | | | | 100,000 | | | | | | 89,916 | | |
FREMF 2019-K99 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K99 B, 3.645%, due 10/25/52(a)(c) | | | | | 100,000 | | | | | | 86,311 | | |
Hudson Yards 2019-30HY Mortgage Trust | | | | | | | | | | | | | |
Series 2019-30HY A, 3.228%, due 7/10/39 | | | | | 100,000 | | | | | | 83,959 | | |
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB | | | | | | | | | | | | | |
Series 2019-OSB A, 3.397%, due 6/5/39 | | | | | 100,000 | | | | | | 84,605 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Manhattan West 2020-1MW Mortgage Trust | | | | | | | | | | | | | |
Series 2020-1MW A, 2.130%, due 9/10/39 | | | | $ | 100,000 | | | | | $ | 84,142 | | |
Multifamily Connecticut Avenue Securities Trust 2019-01 | | | | | | | | | | | | | |
Series 2019-01 M10, 6.836%, (1-Month LIBOR + 3.25%), due 10/25/49(a) | | | | | 95,984 | | | | | | 88,422 | | |
Multifamily Connecticut Avenue Securities Trust 2020-01 | | | | | | | | | | | | | |
Series 2020-01 M10, 7.336%, (1-Month LIBOR + 3.75%), due 3/25/50(a) | | | | | 35,000 | | | | | | 32,447 | | |
One Bryant Park Trust 2019-OBP | | | | | | | | | | | | | |
Series 2019-OBP A, 2.516%, due 9/15/54 | | | | | 100,000 | | | | | | 79,653 | | |
SLG Office Trust 2021-OVA | | | | | | | | | | | | | |
Series 2021-OVA A, 2.585%, due 7/15/41 | | | | | 100,000 | | | | | | 77,769 | | |
| | | | | | | | | | | 1,875,846 | | |
Total Commercial Mortgage-Backed Securities (Cost $1,982,169) | | | | | | | | | | | 1,875,846 | | |
Corporate Bonds — 38.0% | | ||||||||||||
Advertising — 0.1% | | ||||||||||||
Clear Channel Outdoor Holdings, Inc. | | | | | | | | | | | | | |
5.125%, due 8/15/27 | | | | | 12,000 | | | | | | 10,800 | | |
Lamar Media Corp. | | | | | | | | | | | | | |
4.000%, due 2/15/30 | | | | | 16,000 | | | | | | 13,586 | | |
| | | | | | | | | | | 24,386 | | |
Aerospace/Defense — 0.2% | | ||||||||||||
Boeing Co. (The) | | | | | | | | | | | | | |
3.750%, due 2/1/50 | | | | | 35,000 | | | | | | 22,394 | | |
Howmet Aerospace, Inc. | | | | | | | | | | | | | |
3.000%, due 1/15/29 | | | | | 34,000 | | | | | | 28,301 | | |
| | | | | | | | | | | 50,695 | | |
Agriculture — 0.3% | | ||||||||||||
Altria Group, Inc. | | | | | | | | | | | | | |
4.800%, due 2/14/29 | | | | | 50,000 | | | | | | 46,029 | | |
Darling Ingredients, Inc. | | | | | | | | | | | | | |
5.250%, due 4/15/27 | | | | | 22,000 | | | | | | 21,120 | | |
6.000%, due 6/15/30 | | | | | 6,000 | | | | | | 5,775 | | |
| | | | | | | | | | | 72,924 | | |
Airlines — 2.2% | | ||||||||||||
Allegiant Travel Co. | | | | | | | | | | | | | |
7.250%, due 8/15/27 | | | | | 5,000 | | | | | | 4,700 | | |
American Airlines, Inc. | | | | | | | | | | | | | |
11.750%, due 7/15/25 | | | | | 16,000 | | | | | | 17,498 | | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | | | | | | | | | | | | | |
5.500%, due 4/20/26 | | | | | 12,000 | | | | | | 11,428 | | |
Delta Air Lines Inc / SkyMiles IP Ltd. | | | | | | | | | | | | | |
4.750%, due 10/20/28 | | | | | 90,000 | | | | | | 83,726 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Airlines (continued) | | ||||||||||||
JetBlue 2019-1 Class AA Pass-Through Trust | | | | | | | | | | | | | |
Series 2019-12.750%, due 5/15/32 | | | | $ | 102,380 | | | | | $ | 81,305 | | |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | | | | | | | | | |
6.500%, due 6/20/27 | | | | | 102,600 | | | | | | 101,431 | | |
Southwest Airlines Co. | | | | | | | | | | | | | |
1.250%, due 5/1/25 | | | | | 94,000 | | | | | | 115,573 | | |
United Airlines 2020-1 Class A Pass-Through Trust | | | | | | | | | | | | | |
Series 2020-15.875%, due 10/15/27 | | | | | 86,942 | | | | | | 83,888 | | |
United Airlines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/26 | | | | | 6,000 | | | | | | 5,476 | | |
4.625%, due 4/15/29 | | | | | 6,000 | | | | | | 5,132 | | |
| | | | | | | | | | | 510,157 | | |
Auto Manufacturers — 1.0% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
7.400%, due 11/1/46 | | | | | 12,000 | | | | | | 11,049 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.375%, due 11/13/25 | | | | | 22,000 | | | | | | 19,959 | | |
4.950%, due 5/28/27 | | | | | 22,000 | | | | | | 20,140 | | |
5.584%, due 3/18/24 | | | | | 12,000 | | | | | | 11,818 | | |
General Motors Co. | | | | | | | | | | | | | |
6.125%, due 10/1/25 | | | | | 60,000 | | | | | | 59,748 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
2.350%, due 1/8/31 | | | | | 80,000 | | | | | | 58,566 | | |
Nissan Motor Acceptance Co. LLC | | | | | | | | | | | | | |
1.850%, due 9/16/26 | | | | | 75,000 | | | | | | 58,841 | | |
| | | | | | | | | | | 240,121 | | |
Auto Parts & Equipment — 0.2% | | ||||||||||||
Clarios Global LP | | | | | | | | | | | | | |
6.750%, due 5/15/25 | | | | | 6,000 | | | | | | 6,003 | | |
Clarios Global LP / Clarios US Finance Co. | | | | | | | | | | | | | |
6.250%, due 5/15/26 | | | | | 6,000 | | | | | | 5,805 | | |
8.500%, due 5/15/27 | | | | | 16,000 | | | | | | 15,680 | | |
Dana, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/32 | | | | | 16,000 | | | | | | 12,233 | | |
Goodyear Tire & Rubber Co. (The) | | | | | | | | | | | | | |
4.875%, due 3/15/27 | | | | | 12,000 | | | | | | 10,920 | | |
| | | | | | | | | | | 50,641 | | |
Banks — 5.0% | | ||||||||||||
Bank of America Corp. | | | | | | | | | | | | | |
2.087%, (SOFR + 1.06%), due 6/14/29(a) | | | | | 85,000 | | | | | | 68,783 | | |
2.496%, (3-Month LIBOR + 0.99%), due 2/13/31(a) | | | | | 90,000 | | | | | | 70,710 | | |
4.250%, due 10/22/26 | | | | | 90,000 | | | | | | 85,013 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
2.520%, (SOFR + 1.18%), due 11/3/32(a) | | | | | 90,000 | | | | | | 67,333 | | |
Series Y4.150%, (US 5 Year CMT T-Note + 3.00%), due 2/15/71(a) | | | | | 125,000 | | | | | | 97,637 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Citizens Financial Group, Inc. | | | | | | | | | | | | | |
Series G4.000%, (US 5 Year CMT T-Note + 3.22%), due 10/6/71(a) | | | | $ | 95,000 | | | | | $ | 75,146 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
2.615%, (SOFR + 1.28%), due 4/22/32(a) | | | | | 75,000 | | | | | | 57,207 | | |
Series .4.075%, (3-Month LIBOR + 1.17%), due 5/15/26(a) | | | | | 90,000 | | | | | | 88,829 | | |
Series V4.125%, (US 5 Year CMT T-Note + 2.95%), due 5/10/71(a) | | | | | 90,000 | | | | | | 70,650 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
2.182%, (SOFR + 1.89%), due 6/1/28(a) | | | | | 100,000 | | | | | | 84,591 | | |
Series HH4.600%, (SOFR + 3.13%), due 8/1/71(a) | | | | | 100,000 | | | | | | 89,240 | | |
Morgan Stanley | | | | | | | | | | | | | |
2.484%, (SOFR + 1.36%), due 9/16/36(a) | | | | | 110,000 | | | | | | 77,878 | | |
2.511%, (SOFR + 1.20%), due 10/20/32(a) | | | | | 90,000 | | | | | | 67,760 | | |
SVB Financial Group | | | | | | | | | | | | | |
Series C4.000%, (US 5 Year CMT T-Note + 3.20%), due 8/15/71(a) | | | | | 65,000 | | | | | | 45,487 | | |
Wells Fargo & Co. | | | | | | | | | | | | | |
2.879%, (TSFR3M + 1.43%), due 10/30/30(a) | | | | | 20,000 | | | | | | 16,409 | | |
3.526%, (SOFR + 1.51%), due 3/24/28(a) | | | | | 105,000 | | | | | | 94,548 | | |
| | | | | | | | | | | 1,157,221 | | |
Beverages — 0.0%(d) | | ||||||||||||
Triton Water Holdings, Inc. | | | | | | | | | | | | | |
6.250%, due 4/1/29 | | | | | 6,000 | | | | | | 4,544 | | |
Biotechnology — 0.5% | | ||||||||||||
BioMarin Pharmaceutical, Inc. | | | | | | | | | | | | | |
1.250%, due 5/15/27 | | | | | 123,000 | | | | | | 123,049 | | |
Building Materials — 0.1% | | ||||||||||||
Camelot Return Merger Sub, Inc. | | | | | | | | | | | | | |
8.750%, due 8/1/28 | | | | | 7,000 | | | | | | 5,827 | | |
Standard Industries, Inc. | | | | | | | | | | | | | |
4.375%, due 7/15/30 | | | | | 12,000 | | | | | | 9,703 | | |
| | | | | | | | | | | 15,530 | | |
Chemicals — 0.1% | | ||||||||||||
Innophos Holdings, Inc. | | | | | | | | | | | | | |
9.375%, due 2/15/28 | | | | | 12,000 | | | | | | 11,425 | | |
Commercial Services — 1.1% | | ||||||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | | | | | | | | | |
6.000%, due 6/1/29 | | | | | 6,000 | | | | | | 4,166 | | |
6.625%, due 7/15/26 | | | | | 22,000 | | | | | | 21,011 | | |
9.750%, due 7/15/27 | | | | | 22,000 | | | | | | 19,127 | | |
APX Group, Inc. | | | | | | | | | | | | | |
6.750%, due 2/15/27 | | | | | 2,000 | | | | | | 1,951 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Commercial Services (continued) | | ||||||||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | | | | | | | | | | | | | |
4.750%, due 4/1/28 | | | | $ | 6,000 | | | | | $ | 5,271 | | |
Block, Inc. | | | | | | | | | | | | | |
3.500%, due 6/1/31 | | | | | 6,000 | | | | | | 4,830 | | |
Brink’s Co. (The) | | | | | | | | | | | | | |
5.500%, due 7/15/25 | | | | | 6,000 | | | | | | 5,838 | | |
Carriage Services, Inc. | | | | | | | | | | | | | |
4.250%, due 5/15/29 | | | | | 22,000 | | | | | | 16,931 | | |
HealthEquity, Inc. | | | | | | | | | | | | | |
4.500%, due 10/1/29 | | | | | 12,000 | | | | | | 10,485 | | |
Herc Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 7/15/27 | | | | | 28,000 | | | | | | 26,495 | | |
Hertz Corp. (The) | | | | | | | | | | | | | |
4.625%, due 12/1/26 | | | | | 6,000 | | | | | | 5,115 | | |
NESCO Holdings II, Inc. | | | | | | | | | | | | | |
5.500%, due 4/15/29 | | | | | 16,000 | | | | | | 14,025 | | |
Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | | | | | | |
3.375%, due 8/31/27 | | | | | 18,000 | | | | | | 15,579 | | |
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 | | | | | 18,000 | | | | | | 14,530 | | |
5.125%, due 6/1/29 | | | | | 12,000 | | | | | | 11,177 | | |
7.500%, due 4/1/27 | | | | | 6,000 | | | | | | 6,186 | | |
Sotheby’s | | | | | | | | | | | | | |
7.375%, due 10/15/27 | | | | | 12,000 | | | | | | 11,610 | | |
Sotheby’s/Bidfair Holdings, Inc. | | | | | | | | | | | | | |
5.875%, due 6/1/29 | | | | | 12,000 | | | | | | 10,029 | | |
United Rentals North America, Inc. | | | | | | | | | | | | | |
3.750%, due 1/15/32 | | | | | 22,000 | | | | | | 17,820 | | |
WASH Multifamily Acquisition, Inc. | | | | | | | | | | | | | |
5.750%, due 4/15/26 | | | | | 18,000 | | | | | | 16,784 | | |
Williams Scotsman International, Inc. | | | | | | | | | | | | | |
4.625%, due 8/15/28 | | | | | 6,000 | | | | | | 5,419 | | |
6.125%, due 6/15/25 | | | | | 6,000 | | | | | | 5,988 | | |
| | | | | | | | | | | 250,367 | | |
Computers — 1.2% | | ||||||||||||
Apple, Inc. | | | | | | | | | | | | | |
3.850%, due 8/4/46 | | | | | 40,000 | | | | | | 31,867 | | |
Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
3.375%, due 12/15/41 | | | | | 70,000 | | | | | | 43,443 | | |
5.300%, due 10/1/29 | | | | | 65,000 | | | | | | 60,852 | | |
Lumentum Holdings, Inc. | | | | | | | | | | | | | |
0.500%, due 12/15/26 | | | | | 117,000 | | | | | | 114,368 | | |
NCR Corp. | | | | | | | | | | | | | |
5.125%, due 4/15/29 | | | | | 10,000 | | | | | | 8,393 | | |
5.250%, due 10/1/30 | | | | | 6,000 | | | | | | 4,845 | | |
Presidio Holdings, Inc. | | | | | | | | | | | | | |
8.250%, due 2/1/28 | | | | | 6,000 | | | | | | 5,340 | | |
Seagate HDD Cayman | | | | | | | | | | | | | |
4.125%, due 1/15/31 | | | | | 6,000 | | | | | | 4,512 | | |
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. | | | | | | | | | | | | | |
5.750%, due 6/1/25 | | | | | 6,000 | | | | | | 5,896 | | |
| | | | | | | | | | | 279,516 | | |
Cosmetics/Personal Care — 0.0%(d) | | ||||||||||||
Edgewell Personal Care Co. | | | | | | | | | | | | | |
5.500%, due 6/1/28 | | | | | 12,000 | | | | | | 11,286 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Distribution/Wholesale — 0.1% | | ||||||||||||
H&E Equipment Services, Inc. | | | | | | | | | | | | | |
3.875%, due 12/15/28 | | | | $ | 22,000 | | | | | $ | 18,589 | | |
Diversified Financial Services — 1.5% | | ||||||||||||
Aircastle Ltd. | | | | | | | | | | | | | |
5.250%, (US 5 Year CMT T-Note + 4.41%), due 9/15/71(a) | | | | | 125,000 | | | | | | 93,481 | | |
Ally Financial, Inc. | | | | | | | | | | | | | |
8.000%, due 11/1/31 | | | | | 55,000 | | | | | | 56,409 | | |
Series C4.700%, (US 7 Year CMT T-Note + 3.48%), due 8/15/71(a) | | | | | 115,000 | | | | | | 77,337 | | |
Aviation Capital Group LLC | | | | | | | | | | | | | |
1.950%, due 1/30/26 | | | | | 100,000 | | | | | | 83,527 | | |
OneMain Finance Corp. | | | | | | | | | | | | | |
3.500%, due 1/15/27 | | | | | 6,000 | | | | | | 4,918 | | |
6.125%, due 3/15/24 | | | | | 12,000 | | | | | | 11,724 | | |
PennyMac Financial Services, Inc. | | | | | | | | | | | | | |
5.375%, due 10/15/25 | | | | | 12,000 | | | | | | 10,860 | | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | | | | | | | | | | | | | |
3.625%, due 3/1/29 | | | | | 12,000 | | | | | | 9,300 | | |
| | | | | | | | | | | 347,556 | | |
Electric — 4.3% | | ||||||||||||
AEP Texas, Inc. | | | | | | | | | | | | | |
4.700%, due 5/15/32 | | | | | 60,000 | | | | | | 54,616 | | |
Alabama Power Co. | | | | | | | | | | | | | |
3.000%, due 3/15/52 | | | | | 85,000 | | | | | | 53,522 | | |
Arizona Public Service Co. | | | | | | | | | | | | | |
2.200%, due 12/15/31 | | | | | 90,000 | | | | | | 66,364 | | |
Calpine Corp. | | | | | | | | | | | | | |
3.750%, due 3/1/31 | | | | | 12,000 | | | | | | 9,831 | | |
4.500%, due 2/15/28 | | | | | 12,000 | | | | | | 10,784 | | |
5.125%, due 3/15/28 | | | | | 6,000 | | | | | | 5,320 | | |
5.250%, due 6/1/26 | | | | | 6,000 | | | | | | 5,693 | | |
Clearway Energy Operating LLC | | | | | | | | | | | | | |
3.750%, due 2/15/31 | | | | | 6,000 | | | | | | 5,010 | | |
4.750%, due 3/15/28 | | | | | 28,000 | | | | | | 25,864 | | |
Dominion Energy, Inc. | | | | | | | | | | | | | |
Series C4.350%, (US 5 Year CMT T-Note + 3.20%), due 4/15/71(a) | | | | | 120,000 | | | | | | 99,275 | | |
Edison International | | | | | | | | | | | | | |
Series B5.000%, (US 5 Year CMT T-Note + 3.90%), due 3/15/71(a) | | | | | 125,000 | | | | | | 101,250 | | |
FirstEnergy Corp. | | | | | | | | | | | | | |
Series B4.400%, due 7/15/27 | | | | | 12,000 | | | | | | 11,269 | | |
Jersey Central Power & Light Co. | | | | | | | | | | | | | |
2.750%, due 3/1/32 | | | | | 90,000 | | | | | | 70,031 | | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | | | | | | |
5.000%, due 7/15/32 | | | | | 50,000 | | | | | | 47,509 | | |
NextEra Energy Operating Partners LP | | | | | | | | | | | | | |
4.250%, due 7/15/24 | | | | | 6,000 | | | | | | 5,817 | | |
Ohio Power Co. | | | | | | | | | | | | | |
Series R2.900%, due 10/1/51 | | | | | 50,000 | | | | | | 29,852 | | |
Pacific Gas and Electric Co. | | | | | | | | | | | | | |
3.500%, due 8/1/50 | | | | | 75,000 | | | | | | 45,749 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Electric (continued) | | ||||||||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. | | | | | | | | | | | | | |
4.500%, due 8/15/28 | | | | $ | 12,000 | | | | | $ | 10,792 | | |
PG&E Corp. | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 12,000 | | | | | | 10,816 | | |
Puget Energy, Inc. | | | | | | | | | | | | | |
4.224%, due 3/15/32 | | | | | 65,000 | | | | | | 55,450 | | |
Sempra Energy | | | | | | | | | | | | | |
4.125%, (US 5 Year CMT T-Note + 2.87%), due 4/1/52(a) | | | | | 125,000 | | | | | | 94,063 | | |
Southern California Edison Co. | | | | | | | | | | | | | |
4.000%, due 4/1/47 | | | | | 60,000 | | | | | | 42,804 | | |
Southwestern Electric Power Co. | | | | | | | | | | | | | |
3.250%, due 11/1/51 | | | | | 65,000 | | | | | | 40,142 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
2.950%, due 11/15/51 | | | | | 65,000 | | | | | | 40,170 | | |
Vistra Corp. | | | | | | | | | | | | | |
8.000%, (US 5 Year CMT T-Note + 6.93%), due 4/15/71(a) | | | | | 40,000 | | | | | | 38,000 | | |
Vistra Operations Co. LLC | | | | | | | | | | | | | |
4.375%, due 5/1/29 | | | | | 12,000 | | | | | | 10,263 | | |
5.625%, due 2/15/27 | | | | | 6,000 | | | | | | 5,720 | | |
| | | | | | | | | | | 995,976 | | |
Electrical Components & Equipment — 0.1% | | ||||||||||||
Energizer Holdings, Inc. | | | | | | | | | | | | | |
4.375%, due 3/31/29 | | | | | 12,000 | | | | | | 9,607 | | |
EnerSys | | | | | | | | | | | | | |
4.375%, due 12/15/27 | | | | | 6,000 | | | | | | 5,265 | | |
WESCO Distribution, Inc. | | | | | | | | | | | | | |
7.125%, due 6/15/25 | | | | | 12,000 | | | | | | 12,116 | | |
7.250%, due 6/15/28 | | | | | 6,000 | | | | | | 6,087 | | |
| | | | | | | | | | | 33,075 | | |
Electronics — 0.0%(d) | | ||||||||||||
Imola Merger Corp. | | | | | | | | | | | | | |
4.750%, due 5/15/29 | | | | | 6,000 | | | | | | 5,173 | | |
Sensata Technologies BV | | | | | | | | | | | | | |
4.000%, due 4/15/29 | | | | | 6,000 | | | | | | 5,053 | | |
| | | | | | | | | | | 10,226 | | |
Engineering & Construction — 0.2% | | ||||||||||||
Brundage-Bone Concrete Pumping Holdings, Inc. | | | | | | | | | | | | | |
6.000%, due 2/1/26 | | | | | 12,000 | | | | | | 10,860 | | |
Dycom Industries, Inc. | | | | | | | | | | | | | |
4.500%, due 4/15/29 | | | | | 18,000 | | | | | | 15,698 | | |
Great Lakes Dredge & Dock Corp. | | | | | | | | | | | | | |
5.250%, due 6/1/29 | | | | | 6,000 | | | | | | 4,745 | | |
TopBuild Corp. | | | | | | | | | | | | | |
4.125%, due 2/15/32 | | | | | 12,000 | | | | | | 9,396 | | |
Weekley Homes LLC / Weekley Finance Corp. | | | | | | | | | | | | | |
4.875%, due 9/15/28 | | | | | 12,000 | | | | | | 9,665 | | |
| | | | | | | | | | | 50,364 | | |
Entertainment — 0.7% | | ||||||||||||
Affinity Gaming | | | | | | | | | | | | | |
6.875%, due 12/15/27 | | | | | 16,000 | | | | | | 13,356 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Entertainment (continued) | | ||||||||||||
Caesars Entertainment, Inc. | | | | | | | | | | | | | |
6.250%, due 7/1/25 | | | | $ | 6,000 | | | | | $ | 5,854 | | |
Caesars Resort Collection LLC / CRC Finco, Inc. | | | | | | | | | | | | | |
5.750%, due 7/1/25 | | | | | 6,000 | | | | | | 5,861 | | |
CDI Escrow Issuer, Inc. | | | | | | | | | | | | | |
5.750%, due 4/1/30 | | | | | 12,000 | | | | | | 10,830 | | |
Everi Holdings, Inc. | | | | | | | | | | | | | |
5.000%, due 7/15/29 | | | | | 6,000 | | | | | | 5,228 | | |
International Game Technology PLC | | | | | | | | | | | | | |
5.250%, due 1/15/29 | | | | | 6,000 | | | | | | 5,567 | | |
Penn Entertainment, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/29 | | | | | 6,000 | | | | | | 4,733 | | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | | | | | | | | | | | | | |
6.625%, due 3/1/30 | | | | | 6,000 | | | | | | 5,156 | | |
Scientific Games International, Inc. | | | | | | | | | | | | | |
7.000%, due 5/15/28 | | | | | 12,000 | | | | | | 11,613 | | |
Warnermedia Holdings, Inc. | | | | | | | | | | | | | |
3.638%, due 3/15/25 | | | | | 12,000 | | | | | | 11,314 | | |
3.755%, due 3/15/27 | | | | | 12,000 | | | | | | 10,675 | | |
4.279%, due 3/15/32 | | | | | 70,000 | | | | | | 56,542 | | |
WMG Acquisition Corp. | | | | | | | | | | | | | |
3.750%, due 12/1/29 | | | | | 10,000 | | | | | | 8,325 | | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | | | | | | | | | | | | | |
5.125%, due 10/1/29 | | | | | 10,000 | | | | | | 7,955 | | |
| | | | | | | | | | | 163,009 | | |
Environmental Control — 0.2% | | ||||||||||||
Clean Harbors, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/27 | | | | | 6,000 | | | | | | 5,646 | | |
5.125%, due 7/15/29 | | | | | 12,000 | | | | | | 11,126 | | |
Covanta Holding Corp. | | | | | | | | | | | | | |
4.875%, due 12/1/29 | | | | | 6,000 | | | | | | 5,109 | | |
Stericycle, Inc. | | | | | | | | | | | | | |
3.875%, due 1/15/29 | | | | | 12,000 | | | | | | 10,423 | | |
Waste Pro USA, Inc. | | | | | | | | | | | | | |
5.500%, due 2/15/26 | | | | | 18,000 | | | | | | 16,657 | | |
| | | | | | | | | | | 48,961 | | |
Food — 0.5% | | ||||||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | | | | | | | | | | | | | |
3.500%, due 3/15/29 | | | | | 16,000 | | | | | | 13,240 | | |
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | | | | | | | | | | | | | |
5.750%, due 4/1/33 | | | | | 65,000 | | | | | | 58,574 | | |
Performance Food Group, Inc. | | | | | | | | | | | | | |
4.250%, due 8/1/29 | | | | | 12,000 | | | | | | 10,166 | | |
Post Holdings, Inc. | | | | | | | | | | | | | |
5.750%, due 3/1/27 | | | | | 12,000 | | | | | | 11,600 | | |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | | | | | | | | | | | | | |
4.625%, due 3/1/29 | | | | | 6,000 | | | | | | 5,007 | | |
US Foods, Inc. | | | | | | | | | | | | | |
4.625%, due 6/1/30 | | | | | 6,000 | | | | | | 5,205 | | |
| | | | | | | | | | | 103,792 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Food Service — 0.1% | | ||||||||||||
Aramark Services, Inc. | | | | | | | | | | | | | |
5.000%, due 2/1/28 | | | | $ | 6,000 | | | | | $ | 5,467 | | |
6.375%, due 5/1/25 | | | | | 6,000 | | | | | | 5,935 | | |
| | | | | | | | | | | 11,402 | | |
Gas — 0.9% | | ||||||||||||
Boston Gas Co. | | | | | | | | | | | | | |
3.150%, due 8/1/27 | | | | | 70,000 | | | | | | 61,601 | | |
National Fuel Gas Co. | | | | | | | | | | | | | |
2.950%, due 3/1/31 | | | | | 75,000 | | | | | | 56,237 | | |
Piedmont Natural Gas Co., Inc. | | | | | | | | | | | | | |
5.050%, due 5/15/52 | | | | | 65,000 | | | | | | 54,536 | | |
Southern Co. Gas Capital Corp. | | | | | | | | | | | | | |
Series 21A3.150%, due 9/30/51 | | | | | 70,000 | | | | | | 42,248 | | |
| | | | | | | | | | | 214,622 | | |
Healthcare-Products — 0.8% | | ||||||||||||
Avantor Funding, Inc. | | | | | | | | | | | | | |
3.875%, due 11/1/29 | | | | | 22,000 | | | | | | 18,564 | | |
Exact Sciences Corp. | | | | | | | | | | | | | |
0.375%, due 3/15/27 | | | | | 162,000 | | | | | | 114,311 | | |
Hologic, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/29 | | | | | 22,000 | | | | | | 18,695 | | |
Teleflex, Inc. | | | | | | | | | | | | | |
4.250%, due 6/1/28 | | | | | 12,000 | | | | | | 10,858 | | |
4.625%, due 11/15/27 | | | | | 12,000 | | | | | | 11,308 | | |
| | | | | | | | | | | 173,736 | | |
Healthcare-Services — 0.3% | | ||||||||||||
Catalent Pharma Solutions, Inc. | | | | | | | | | | | | | |
3.125%, due 2/15/29 | | | | | 6,000 | | | | | | 4,910 | | |
3.500%, due 4/1/30 | | | | | 10,000 | | | | | | 8,075 | | |
Centene Corp. | | | | | | | | | | | | | |
3.000%, due 10/15/30 | | | | | 6,000 | | | | | | 4,830 | | |
4.625%, due 12/15/29 | | | | | 28,000 | | | | | | 25,340 | | |
CHS/Community Health Systems, Inc. | | | | | | | | | | | | | |
5.250%, due 5/15/30 | | | | | 10,000 | | | | | | 6,925 | | |
6.000%, due 1/15/29 | | | | | 10,000 | | | | | | 7,423 | | |
Tenet Healthcare Corp. | | | | | | | | | | | | | |
4.375%, due 1/15/30 | | | | | 16,000 | | | | | | 13,424 | | |
6.125%, due 6/15/30 | | | | | 6,000 | | | | | | 5,539 | | |
| | | | | | | | | | | 76,466 | | |
Home Builders — 0.2% | | ||||||||||||
LGI Homes, Inc. | | | | | | | | | | | | | |
4.000%, due 7/15/29 | | | | | 12,000 | | | | | | 9,202 | | |
Thor Industries, Inc. | | | | | | | | | | | | | |
4.000%, due 10/15/29 | | | | | 18,000 | | | | | | 14,558 | | |
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. | | | | | | | | | | | | | |
5.875%, due 6/15/24 | | | | | 12,000 | | | | | | 11,793 | | |
| | | | | | | | | | | 35,553 | | |
Household Products/Wares — 0.0%(d) | | ||||||||||||
Spectrum Brands, Inc. | | | | | | | | | | | | | |
5.000%, due 10/1/29 | | | | | 6,000 | | | | | | 4,920 | | |
Housewares — 0.1% | | ||||||||||||
CD&R Smokey Buyer, Inc. | | | | | | | | | | | | | |
6.750%, due 7/15/25 | | | | | 12,000 | | | | | | 11,408 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Housewares (continued) | | ||||||||||||
Newell Brands, Inc. | | | | | | | | | | | | | |
6.375%, due 9/15/27 | | | | $ | 5,000 | | | | | $ | 4,886 | | |
| | | | | | | | | | | 16,294 | | |
Insurance — 0.6% | | ||||||||||||
Athene Global Funding | | | | | | | | | | | | | |
2.500%, due 3/24/28 | | | | | 60,000 | | | | | | 49,343 | | |
NMI Holdings, Inc. | | | | | | | | | | | | | |
7.375%, due 6/1/25 | | | | | 6,000 | | | | | | 5,994 | | |
Prudential Financial, Inc. | | | | | | | | | | | | | |
5.125%, (US 5 Year CMT T-Note + 3.16%), due 3/1/52(a) | | | | | 95,000 | | | | | | 81,004 | | |
| | | | | | | | | | | 136,341 | | |
Internet — 1.0% | | ||||||||||||
Amazon.com, Inc. | | | | | | | | | | | | | |
3.600%, due 4/13/32 | | | | | 65,000 | | | | | | 58,198 | | |
Arches Buyer, Inc. | | | | | | | | | | | | | |
4.250%, due 6/1/28 | | | | | 12,000 | | | | | | 9,844 | | |
6.125%, due 12/1/28 | | | | | 16,000 | | | | | | 12,336 | | |
Cablevision Lightpath LLC | | | | | | | | | | | | | |
3.875%, due 9/15/27 | | | | | 6,000 | | | | | | 5,102 | | |
Cogent Communications Group, Inc. | | | | | | | | | | | | | |
3.500%, due 5/1/26 | | | | | 6,000 | | | | | | 5,415 | | |
7.000%, due 6/15/27 | | | | | 6,000 | | | | | | 5,696 | | |
Expedia Group, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/30 | | | | | 60,000 | | | | | | 48,355 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
4.625%, due 6/1/28 | | | | | 22,000 | | | | | | 19,550 | | |
5.625%, due 2/15/29 | | | | | 16,000 | | | | | | 14,177 | | |
TripAdvisor, Inc. | | | | | | | | | | | | | |
7.000%, due 7/15/25 | | | | | 16,000 | | | | | | 15,813 | | |
Uber Technologies, Inc. | | | | | | | | | | | | | |
6.250%, due 1/15/28 | | | | | 16,000 | | | | | | 15,200 | | |
7.500%, due 5/15/25 | | | | | 6,000 | | | | | | 6,003 | | |
7.500%, due 9/15/27 | | | | | 12,000 | | | | | | 11,997 | | |
| | | | | | | | | | | 227,686 | | |
Investment Companies — 0.1% | | ||||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/27 | | | | | 18,000 | | | | | | 16,585 | | |
Iron/Steel — 0.0%(d) | | ||||||||||||
Carpenter Technology Corp. | | | | | | | | | | | | | |
7.625%, due 3/15/30 | | | | | 6,000 | | | | | | 5,864 | | |
Leisure Time — 0.3% | | ||||||||||||
Carnival Corp. | | | | | | | | | | | | | |
5.750%, due 3/1/27 | | | | | 10,000 | | | | | | 6,930 | | |
6.000%, due 5/1/29 | | | | | 16,000 | | | | | | 10,612 | | |
Carnival Holdings Bermuda Ltd. | | | | | | | | | | | | | |
10.375%, due 5/1/28 | | | | | 5,000 | | | | | | 5,063 | | |
NCL Corp Ltd. | | | | | | | | | | | | | |
5.875%, due 2/15/27 | | | | | 12,000 | | | | | | 10,710 | | |
Royal Caribbean Cruises Ltd. | | | | | | | | | | | | | |
4.250%, due 7/1/26 | | | | | 10,000 | | | | | | 7,951 | | |
5.375%, due 7/15/27 | | | | | 22,000 | | | | | | 17,101 | | |
| | | | | | | | | | | 58,367 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Lodging — 0.8% | | ||||||||||||
Boyd Gaming Corp. | | | | | | | | | | | | | |
4.750%, due 12/1/27 | | | | $ | 12,000 | | | | | $ | 11,056 | | |
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
4.000%, due 5/1/31 | | | | | 12,000 | | | | | | 10,031 | | |
4.875%, due 1/15/30 | | | | | 12,000 | | | | | | 10,755 | | |
Hyatt Hotels Corp. | | | | | | | | | | | | | |
5.625%, due 4/23/25 | | | | | 85,000 | | | | | | 83,508 | | |
Marriott International, Inc./Md | | | | | | | | | | | | | |
Series GG3.500%, due 10/15/32 | | | | | 85,000 | | | | | | 67,889 | | |
Station Casinos LLC | | | | | | | | | | | | | |
4.625%, due 12/1/31 | | | | | 6,000 | | | | | | 4,767 | | |
| | | | | | | | | | | 188,006 | | |
Media — 1.1% | | ||||||||||||
Cable One, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/30 | | | | | 16,000 | | | | | | 13,022 | | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | | | | | | |
4.250%, due 2/1/31 | | | | | 56,000 | | | | | | 44,240 | | |
4.750%, due 3/1/30 | | | | | 46,000 | | | | | | 38,659 | | |
CSC Holdings LLC | | | | | | | | | | | | | |
4.625%, due 12/1/30 | | | | | 16,000 | | | | | | 11,516 | | |
5.500%, due 4/15/27 | | | | | 44,000 | | | | | | 41,250 | | |
Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | | | | | | | | | | | | | |
5.875%, due 8/15/27 | | | | | 16,000 | | | | | | 14,410 | | |
DISH DBS Corp. | | | | | | | | | | | | | |
5.250%, due 12/1/26 | | | | | 16,000 | | | | | | 13,900 | | |
7.375%, due 7/1/28 | | | | | 16,000 | | | | | | 12,114 | | |
iHeartCommunications, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/28 | | | | | 6,000 | | | | | | 5,235 | | |
5.250%, due 8/15/27 | | | | | 6,000 | | | | | | 5,461 | | |
News Corp. | | | | | | | | | | | | | |
3.875%, due 5/15/29 | | | | | 6,000 | | | | | | 5,157 | | |
5.125%, due 2/15/32 | | | | | 12,000 | | | | | | 10,710 | | |
Nexstar Media, Inc. | | | | | | | | | | | | | |
5.625%, due 7/15/27 | | | | | 12,000 | | | | | | 11,334 | | |
Sirius XM Radio, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/30 | | | | | 16,000 | | | | | | 13,093 | | |
Univision Communications, Inc. | | | | | | | | | | | | | |
4.500%, due 5/1/29 | | | | | 6,000 | | | | | | 5,051 | | |
| | | | | | | | | | | 245,152 | | |
Mining — 0.1% | | ||||||||||||
Compass Minerals International, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/24 | | | | | 6,000 | | | | | | 5,686 | | |
6.750%, due 12/1/27 | | | | | 15,000 | | | | | | 14,111 | | |
Novelis Corp. | | | | | | | | | | | | | |
3.875%, due 8/15/31 | | | | | 6,000 | | | | | | 4,648 | | |
| | | | | | | | | | | 24,445 | | |
Miscellaneous Manufacturing — 0.3% | | ||||||||||||
Textron Financial Corp. | | | | | | | | | | | | | |
4.640%, (3-Month LIBOR + 1.74%), due 2/15/42(a) | | | | | 100,000 | | | | | | 68,696 | | |
Office/Business Equipment — 0.0%(d) | | ||||||||||||
CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
5.500%, due 12/1/24 | | | | | 6,000 | | | | | | 5,943 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Oil & Gas — 1.4% | | ||||||||||||
Aethon United BR LP / Aethon United Finance Corp. | | | | | | | | | | | | | |
8.250%, due 2/15/26 | | | | $ | 12,000 | | | | | $ | 12,185 | | |
Apache Corp. | | | | | | | | | | | | | |
5.100%, due 9/1/40 | | | | | 6,000 | | | | | | 4,858 | | |
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | | | | | | | | | | | | | |
5.875%, due 6/30/29 | | | | | 18,000 | | | | | | 15,795 | | |
7.000%, due 11/1/26 | | | | | 12,000 | | | | | | 11,820 | | |
8.250%, due 12/31/28 | | | | | 6,000 | | | | | | 5,790 | | |
Callon Petroleum Co. | | | | | | | | | | | | | |
6.375%, due 7/1/26 | | | | | 6,000 | | | | | | 5,754 | | |
7.500%, due 6/15/30 | | | | | 6,000 | | | | | | 5,699 | | |
CNX Resources Corp. | | | | | | | | | | | | | |
6.000%, due 1/15/29 | | | | | 12,000 | | | | | | 11,202 | | |
7.250%, due 3/14/27 | | | | | 2,000 | | | | | | 1,985 | | |
CrownRock LP / CrownRock Finance, Inc. | | | | | | | | | | | | | |
5.000%, due 5/1/29 | | | | | 6,000 | | | | | | 5,451 | | |
Hilcorp Energy I LP / Hilcorp Finance Co. | | | | | | | | | | | | | |
5.750%, due 2/1/29 | | | | | 16,000 | | | | | | 14,640 | | |
6.000%, due 2/1/31 | | | | | 16,000 | | | | | | 14,519 | | |
Laredo Petroleum, Inc. | | | | | | | | | | | | | |
7.750%, due 7/31/29 | | | | | 12,000 | | | | | | 11,400 | | |
9.500%, due 1/15/25 | | | | | 6,000 | | | | | | 6,004 | | |
10.125%, due 1/15/28 | | | | | 12,000 | | | | | | 11,790 | | |
Nabors Industries, Inc. | | | | | | | | | | | | | |
7.375%, due 5/15/27 | | | | | 6,000 | | | | | | 5,895 | | |
Occidental Petroleum Corp. | | | | | | | | | | | | | |
6.125%, due 1/1/31 | | | | | 22,000 | | | | | | 22,058 | | |
6.375%, due 9/1/28 | | | | | 6,000 | | | | | | 6,090 | | |
6.625%, due 9/1/30 | | | | | 12,000 | | | | | | 12,481 | | |
8.500%, due 7/15/27 | | | | | 18,000 | | | | | | 19,570 | | |
PBF Holding Co. LLC / PBF Finance Corp. | | | | | | | | | | | | | |
6.000%, due 2/15/28 | | | | | 6,000 | | | | | | 5,452 | | |
Permian Resources Operating LLC | | | | | | | | | | | | | |
6.875%, due 4/1/27 | | | | | 22,000 | | | | | | 21,340 | | |
Rockcliff Energy II LLC | | | | | | | | | | | | | |
5.500%, due 10/15/29 | | | | | 6,000 | | | | | | 5,344 | | |
SM Energy Co. | | | | | | | | | | | | | |
5.625%, due 6/1/25 | | | | | 12,000 | | | | | | 11,657 | | |
6.500%, due 7/15/28 | | | | | 12,000 | | | | | | 11,640 | | |
Southwestern Energy Co. | | | | | | | | | | | | | |
4.750%, due 2/1/32 | | | | | 10,000 | | | | | | 8,632 | | |
5.375%, due 3/15/30 | | | | | 22,000 | | | | | | 20,350 | | |
5.700%, due 1/23/25 | | | | | 12,000 | | | | | | 11,793 | | |
8.375%, due 9/15/28 | | | | | 6,000 | | | | | | 6,206 | | |
Tap Rock Resources LLC | | | | | | | | | | | | | |
7.000%, due 10/1/26 | | | | | 6,000 | | | | | | 5,602 | | |
| | | | | | | | | | | 313,002 | | |
Oil & Gas Services — 1.5% | | ||||||||||||
Helix Energy Solutions Group, Inc. | | | | | | | | | | | | | |
6.750%, due 2/15/26 | | | | | 132,000 | | | | | | 176,722 | | |
Oil States International, Inc. | | | | | | | | | | | | | |
4.750%, due 4/1/26 | | | | | 171,000 | | | | | | 169,512 | | |
| | | | | | | | | | | 346,234 | | |
Packaging & Containers — 0.3% | | ||||||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | | | | | | | | | | | | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Packaging & Containers (continued) | | ||||||||||||
3.250%, due 9/1/28 | | | | $ | 12,000 | | | | | $ | 9,839 | | |
6.000%, due 6/15/27 | | | | | 6,000 | | | | | | 5,757 | | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | | | | | | | | | | | | | |
5.250%, due 4/30/25 | | | | | 6,000 | | | | | | 5,658 | | |
Crown Americas LLC | | | | | | | | | | | | | |
5.250%, due 4/1/30 | | | | | 12,000 | | | | | | 10,979 | | |
Graphic Packaging International LLC | | | | | | | | | | | | | |
3.750%, due 2/1/30 | | | | | 6,000 | | | | | | 5,158 | | |
OI European Group BV | | | | | | | | | | | | | |
4.750%, due 2/15/30 | | | | | 6,000 | | | | | | 5,040 | | |
Owens-Brockway Glass Container, Inc. | | | | | | | | | | | | | |
6.625%, due 5/13/27 | | | | | 6,000 | | | | | | 5,730 | | |
Sealed Air Corp. | | | | | | | | | | | | | |
5.125%, due 12/1/24 | | | | | 12,000 | | | | | | 11,820 | | |
TriMas Corp. | | | | | | | | | | | | | |
4.125%, due 4/15/29 | | | | | 12,000 | | | | | | 10,307 | | |
| | | | | | | | | | | 70,288 | | |
Pharmaceuticals — 0.2% | | ||||||||||||
Elanco Animal Health, Inc. | | | | | | | | | | | | | |
6.400%, due 8/28/28 | | | | | 11,000 | | | | | | 9,841 | | |
PRA Health Sciences, Inc. | | | | | | | | | | | | | |
2.875%, due 7/15/26 | | | | | 6,000 | | | | | | 5,407 | | |
Prestige Brands, Inc. | | | | | | | | | | | | | |
3.750%, due 4/1/31 | | | | | 6,000 | | | | | | 4,812 | | |
5.125%, due 1/15/28 | | | | | 18,000 | | | | | | 16,727 | | |
| | | | | | | | | | | 36,787 | | |
Pipelines — 2.8% | | ||||||||||||
Cheniere Energy Partners LP | | | | | | | | | | | | | |
4.500%, due 10/1/29 | | | | | 22,000 | | | | | | 19,425 | | |
Cheniere Energy, Inc. | | | | | | | | | | | | | |
4.625%, due 10/15/28 | | | | | 6,000 | | | | | | 5,535 | | |
CNX Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 4/15/30 | | | | | 18,000 | | | | | | 14,805 | | |
Delek Logistics Partners LP / Delek Logistics Finance Corp. | | | | | | | | | | | | | |
7.125%, due 6/1/28 | | | | | 16,000 | | | | | | 14,327 | | |
DT Midstream, Inc. | | | | | | | | | | | | | |
4.300%, due 4/15/32 | | | | | 55,000 | | | | | | 47,247 | | |
Energy Transfer LP | | | | | | | | | | | | | |
4.400%, due 3/15/27 | | | | | 50,000 | | | | | | 46,382 | | |
Series H6.500%, (US 5 Year CMT T-Note + 5.69%), due 11/15/70(a) | | | | | 70,000 | | | | | | 60,200 | | |
EnLink Midstream LLC | | | | | | | | | | | | | |
5.375%, due 6/1/29 | | | | | 34,000 | | | | | | 31,389 | | |
Enterprise Products Operating LLC | | | | | | | | | | | | | |
4.200%, due 1/31/50 | | | | | 60,000 | | | | | | 44,095 | | |
EQM Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 1/15/31 | | | | | 28,000 | | | | | | 23,400 | | |
5.500%, due 7/15/28 | | | | | 6,000 | | | | | | 5,359 | | |
6.000%, due 7/1/25 | | | | | 6,000 | | | | | | 5,811 | | |
6.500%, due 7/1/27 | | | | | 12,000 | | | | | | 11,700 | | |
7.500%, due 6/1/30 | | | | | 6,000 | | | | | | 5,835 | | |
Flex Intermediate Holdco LLC | | | | | | | | | | | | | |
3.363%, due 6/30/31 | | | | | 60,000 | | | | | | 46,266 | | |
Hess Midstream Operations LP | | | | | | | | | | | | | |
4.250%, due 2/15/30 | | | | | 6,000 | | | | | | 5,131 | | |
5.625%, due 2/15/26 | | | | | 6,000 | | | | | | 5,885 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Pipelines (continued) | | ||||||||||||
Holly Energy Partners LP / Holly Energy Finance Corp. | | | | | | | | | | | | | |
6.375%, due 4/15/27 | | | | $ | 6,000 | | | | | $ | 5,775 | | |
MPLX LP | | | | | | | | | | | | | |
2.650%, due 8/15/30 | | | | | 75,000 | | | | | | 59,044 | | |
Series B6.875%, (3-Month LIBOR + 4.65%), due 8/15/71(a) | | | | | 65,000 | | | | | | 63,375 | | |
Plains All American Pipeline LP | | | | | | | | | | | | | |
Series B6.125%, (3-Month LIBOR + 4.11%), due 11/15/70(a) | | | | | 70,000 | | | | | | 58,135 | | |
Venture Global Calcasieu Pass LLC | | | | | | | | | | | | | |
3.875%, due 8/15/29 | | | | | 12,000 | | | | | | 10,290 | | |
3.875%, due 11/1/33 | | | | | 6,000 | | | | | | 4,815 | | |
4.125%, due 8/15/31 | | | | | 16,000 | | | | | | 13,640 | | |
Western Midstream Operating LP | | | | | | | | | | | | | |
4.300%, due 2/1/30 | | | | | 22,000 | | | | | | 19,356 | | |
5.500%, due 2/1/50 | | | | | 12,000 | | | | | | 9,342 | | |
| | | | | | | | | | | 636,564 | | |
REITS — 2.0% | | ||||||||||||
American Homes 4 Rent LP | | | | | | | | | | | | | |
2.375%, due 7/15/31 | | | | | 80,000 | | | | | | 58,980 | | |
Digital Realty Trust LP | | | | | | | | | | | | | |
4.450%, due 7/15/28 | | | | | 65,000 | | | | | | 59,950 | | |
GLP Capital LP / GLP Financing II, Inc. | | | | | | | | | | | | | |
4.000%, due 1/15/30 | | | | | 55,000 | | | | | | 45,357 | | |
5.250%, due 6/1/25 | | | | | 65,000 | | | | | | 62,682 | | |
Host Hotels & Resorts LP | | | | | | | | | | | | | |
Series I3.500%, due 9/15/30 | | | | | 60,000 | | | | | | 47,058 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
5.250%, due 3/15/28 | | | | | 16,000 | | | | | | 14,720 | | |
5.250%, due 7/15/30 | | | | | 12,000 | | | | | | 10,354 | | |
5.625%, due 7/15/32 | | | | | 6,000 | | | | | | 5,144 | | |
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | | | | | | | | | | | | | |
4.750%, due 6/15/29 | | | | | 6,000 | | | | | | 4,776 | | |
Office Properties Income Trust | | | | | | | | | | | | | |
2.400%, due 2/1/27 | | | | | 95,000 | | | | | | 65,281 | | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | | | | | | | | | | | | | |
4.875%, due 5/15/29 | | | | | 22,000 | | | | | | 18,759 | | |
SBA Communications Corp. | | | | | | | | | | | | | |
3.875%, due 2/15/27 | | | | | 34,000 | | | | | | 30,600 | | |
Service Properties Trust | | | | | | | | | | | | | |
4.950%, due 2/15/27 | | | | | 6,000 | | | | | | 4,857 | | |
4.950%, due 10/1/29 | | | | | 6,000 | | | | | | 4,353 | | |
7.500%, due 9/15/25 | | | | | 16,000 | | | | | | 15,600 | | |
XHR LP | | | | | | | | | | | | | |
4.875%, due 6/1/29 | | | | | 6,000 | | | | | | 5,176 | | |
| | | | | | | | | | | 453,647 | | |
Retail — 1.5% | | ||||||||||||
Arko Corp. | | | | | | | | | | | | | |
5.125%, due 11/15/29 | | | | | 16,000 | | | | | | 12,668 | | |
Asbury Automotive Group, Inc. | | | | | | | | | | | | | |
4.500%, due 3/1/28 | | | | | 12,000 | | | | | | 10,403 | | |
AutoNation, Inc. | | | | | | | | | | | | | |
4.750%, due 6/1/30 | | | | | 65,000 | | | | | | 55,968 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Retail (continued) | | ||||||||||||
6.625%, due 10/1/30 | | | | $ | 10,000 | | | | | $ | 8,946 | | |
7.500%, due 6/15/29 | | | | | 6,000 | | | | | | 5,687 | | |
9.375%, due 7/1/25 | | | | | 6,000 | | | | | | 6,225 | | |
Burlington Stores, Inc. | | | | | | | | | | | | | |
2.250%, due 4/15/25 | | | | | 95,000 | | | | | | 96,188 | | |
Foundation Building Materials, Inc. | | | | | | | | | | | | | |
6.000%, due 3/1/29 | | | | | 6,000 | | | | | | 4,145 | | |
Group 1 Automotive, Inc. | | | | | | | | | | | | | |
4.000%, due 8/15/28 | | | | | 6,000 | | | | | | 4,934 | | |
IRB Holding Corp. | | | | | | | | | | | | | |
7.000%, due 6/15/25 | | | | | 22,000 | | | | | | 21,988 | | |
LBM Acquisition LLC | | | | | | | | | | | | | |
6.250%, due 1/15/29 | | | | | 10,000 | | | | | | 6,995 | | |
LCM Investments Holdings II LLC | | | | | | | | | | | | | |
4.875%, due 5/1/29 | | | | | 6,000 | | | | | | 5,061 | | |
Macy’s Retail Holdings LLC | | | | | | | | | | | | | |
5.875%, due 4/1/29 | | | | | 16,000 | | | | | | 13,818 | | |
5.875%, due 3/15/30 | | | | | 6,000 | | | | | | 5,037 | | |
Michaels Cos., Inc. (The) | | | | | | | | | | | | | |
5.250%, due 5/1/28 | | | | | 2,000 | | | | | | 1,420 | | |
7.875%, due 5/1/29 | | | | | 6,000 | | | | | | 3,345 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.375%, due 4/1/30 | | | | | 6,000 | | | | | | 4,605 | | |
Sonic Automotive, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/29 | | | | | 6,000 | | | | | | 4,698 | | |
4.875%, due 11/15/31 | | | | | 5,000 | | | | | | 3,772 | | |
Starbucks Corp. | | | | | | | | | | | | | |
4.450%, due 8/15/49 | | | | | 25,000 | | | | | | 19,957 | | |
Victoria’s Secret & Co. | | | | | | | | | | | | | |
4.625%, due 7/15/29 | | | | | 16,000 | | | | | | 12,728 | | |
White Cap Buyer LLC | | | | | | | | | | | | | |
6.875%, due 10/15/28 | | | | | 6,000 | | | | | | 5,085 | | |
White Cap Parent LLC | | | | | | | | | | | | | |
8.250%, due 3/15/26 | | | | | 6,000 | | | | | | 5,070 | | |
Yum! Brands, Inc. | | | | | | | | | | | | | |
3.625%, due 3/15/31 | | | | | 12,000 | | | | | | 9,630 | | |
4.750%, due 1/15/30 | | | | | 12,000 | | | | | | 10,725 | | |
5.375%, due 4/1/32 | | | | | 12,000 | | | | | | 10,734 | | |
| | | | | | | | | | | 349,832 | | |
Semiconductors — 0.6% | | ||||||||||||
Entegris, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/28 | | | | | 16,000 | | | | | | 14,073 | | |
Microchip Technology, Inc. | | | | | | | | | | | | | |
0.125%, due 11/15/24 | | | | | 121,000 | | | | | | 121,680 | | |
| | | | | | | | | | | 135,753 | | |
Software — 0.5% | | ||||||||||||
Boxer Parent Co., Inc. | | | | | | | | | | | | | |
7.125%, due 10/2/25 | | | | | 6,000 | | | | | | 5,896 | | |
Central Parent, Inc. / CDK Global, Inc. | | | | | | | | | | | | | |
7.250%, due 6/15/29 | | | | | 12,000 | | | | | | 11,470 | | |
Clarivate Science Holdings Corp. | | | | | | | | | | | | | |
3.875%, due 7/1/28 | | | | | 6,000 | | | | | | 5,146 | | |
Fair Isaac Corp. | | | | | | | | | | | | | |
4.000%, due 6/15/28 | | | | | 16,000 | | | | | | 14,477 | | |
Fiserv, Inc. | | | | | | | | | | | | | |
3.200%, due 7/1/26 | | | | | 65,000 | | | | | | 59,637 | | |
MSCI, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/29 | | | | | 16,000 | | | | | | 13,893 | | |
SS&C Technologies, Inc. | | | | | | | | | | | | | |
5.500%, due 9/30/27 | | | | | 6,000 | | | | | | 5,579 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Software (continued) | | ||||||||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | | | | | | | | | | | | | |
3.875%, due 2/1/29 | | | | $ | 6,000 | | | | | $ | 5,013 | | |
| | | | | | | | | | | 121,111 | | |
Telecommunications — 0.7% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
3.500%, due 9/15/53 | | | | | 95,000 | | | | | | 60,974 | | |
CommScope, Inc. | | | | | | | | | | | | | |
6.000%, due 3/1/26 | | | | | 12,000 | | | | | | 11,575 | | |
8.250%, due 3/1/27 | | | | | 6,000 | | | | | | 5,327 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.625%, due 1/15/29 | | | | | 6,000 | | | | | | 4,575 | | |
3.750%, due 7/15/29 | | | | | 12,000 | | | | | | 9,117 | | |
Lumen Technologies, Inc. | | | | | | | | | | | | | |
4.500%, due 1/15/29 | | | | | 12,000 | | | | | | 8,459 | | |
Sprint Corp. | | | | | | | | | | | | | |
7.625%, due 3/1/26 | | | | | 18,000 | | | | | | 18,787 | | |
7.875%, due 9/15/23 | | | | | 12,000 | | | | | | 12,197 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
2.625%, due 4/15/26 | | | | | 12,000 | | | | | | 10,830 | | |
Viavi Solutions, Inc. | | | | | | | | | | | | | |
3.750%, due 10/1/29 | | | | | 16,000 | | | | | | 13,358 | | |
| | | | | | | | | | | 155,199 | | |
Toys/Games/Hobbies — 0.1% | | ||||||||||||
Mattel, Inc. | | | | | | | | | | | | | |
3.375%, due 4/1/26 | | | | | 12,000 | | | | | | 10,945 | | |
5.875%, due 12/15/27 | | | | | 18,000 | | | | | | 17,467 | | |
| | | | | | | | | | | 28,412 | | |
Transportation — 0.0%(d) | | ||||||||||||
XPO Logistics, Inc. | | | | | | | | | | | | | |
6.250%, due 5/1/25 | | | | | 6,000 | | | | | | 6,061 | | |
Trucking & Leasing — 0.1% | | ||||||||||||
Fortress Transportation and Infrastructure Investors LLC | | | | | | | | | | | | | |
5.500%, due 5/1/28 | | | | | 16,000 | | | | | | 13,378 | | |
Total Corporate Bonds (Cost $9,327,586) | | | | | | | | | | | 8,749,756 | | |
Foreign Bonds — 12.9% | | ||||||||||||
Aerospace/Defense — 0.0%(d) | | ||||||||||||
Bombardier, Inc., (Canada) | | | | | | | | | | | | | |
7.125%, due 6/15/26 | | | | | 10,000 | | | | | | 9,466 | | |
Agriculture — 0.2% | | ||||||||||||
BAT International Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
4.448%, due 3/16/28 | | | | | 55,000 | | | | | | 48,713 | | |
Airlines — 0.5% | | ||||||||||||
Air Canada, (Canada) | | | | | | | | | | | | | |
3.875%, due 8/15/26 | | | | | 6,000 | | | | | | 5,309 | | |
Air Canada 2020-1 Class C Pass-Through Trust, (Canada) | | | | | | | | | | | | | |
Series 2020-1C10.500%, due 7/15/26 | | | | | 24,000 | | | | | | 24,283 | | |
British Airways 2021-1 Class A Pass-Through Trust, (United Kingdom) | | | | | | | | | | | | | |
Series 2021-12.900%, due 3/15/35 | | | | | 99,272 | | | | | | 79,092 | | |
| | | | | | | | | | | 108,684 | | |
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Auto Manufacturers — 0.3% | | ||||||||||||
Volkswagen Group of America Finance LLC, (Germany) | | | | | | | | | | | | | |
4.600%, due 6/8/29 | | | | $ | 65,000 | | | | | $ | 58,990 | | |
Banks — 4.1% | | ||||||||||||
Barclays PLC, (United Kingdom) | | | | | | | | | | | | | |
4.375%, (US 5 Year CMT T-Note + 3.41%), due 12/15/70(a) | | | | | 130,000 | | | | | | 86,282 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
3.052%, (SOFR + 1.51%), due 1/13/31(a) | | | | | 85,000 | | | | | | 66,104 | | |
4.625%, (US 5 Year CMT T-Note + 3.34%), due 8/25/71(a) | | | | | 135,000 | | | | | | 93,319 | | |
BPCE SA, (France) | | | | | | | | | | | | | |
2.045%, (SOFR + 1.09%), due 10/19/27(a) | | | | | 115,000 | | | | | | 95,516 | | |
Credit Agricole SA, (France) | | | | | | | | | | | | | |
4.750%, (US 5 Year CMT T-Note + 3.24%), due 3/23/71(a) | | | | | 130,000 | | | | | | 93,350 | | |
Credit Suisse Group AG, (Switzerland) | | | | | | | | | | | | | |
3.091%, (SOFR + 1.73%), due 5/14/32(a) | | | | | 65,000 | | | | | | 44,583 | | |
Deutsche Bank AG/New York NY, (Germany) | | | | | | | | | | | | | |
3.035%, (SOFR + 1.72%), due 5/28/32(a) | | | | | 80,000 | | | | | | 56,270 | | |
3.729%, (SOFR + 2.76%), due 1/14/32(a) | | | | | 16,000 | | | | | | 11,271 | | |
3.742%, (SOFR + 2.26%), due 1/7/33(a) | | | | | 22,000 | | | | | | 14,977 | | |
NatWest Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.600%, (US 5 Year CMT T-Note + 3.10%), due 9/30/71(a) | | | | | 120,000 | | | | | | 77,478 | | |
Societe Generale SA, (France) | | | | | | | | | | | | | |
5.375%, (US 5 Year CMT T-Note + 4.51%), due 5/18/71(a) | | | | | 130,000 | | | | | | 94,166 | | |
Standard Chartered PLC, (United Kingdom) | | | | | | | | | | | | | |
4.750%, (US 5 Year CMT T-Note + 3.81%), due 7/14/71(a) | | | | | 65,000 | | | | | | 43,371 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
4.875%, (US 5 Year CMT T-Note + 3.40%), due 8/12/71(a) | | | | | 105,000 | | | | | | 83,790 | | |
Westpac Banking Corp., (Australia) | | | | | | | | | | | | | |
3.020%, (US 5 Year CMT T-Note + 1.53%), due 11/18/36(a) | | | | | 110,000 | | | | | | 77,820 | | |
| | | | | | | | | | | 938,297 | | |
Beverages — 0.1% | | ||||||||||||
Primo Water Holdings, Inc., (Canada) | | | | | | | | | | | | | |
4.375%, due 4/30/29 | | | | | 22,000 | | | | | | 18,433 | | |
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Chemicals — 0.1% | | ||||||||||||
SPCM SA, (France) | | | | | | | | | | | | | |
3.375%, due 3/15/30 | | | | $ | 28,000 | | | | | $ | 22,330 | | |
Commercial Services — 0.1% | | ||||||||||||
Garda World Security Corp., (Canada) | | | | | | | | | | | | | |
4.625%, due 2/15/27 | | | | | 12,000 | | | | | | 10,657 | | |
9.500%, due 11/1/27 | | | | | 22,000 | | | | | | 19,855 | | |
| | | | | | | | | | | 30,512 | | |
Diversified Financial Services — 0.6% | | ||||||||||||
Avolon Holdings Funding Ltd., (Ireland) | | | | | | | | | | | | | |
3.250%, due 2/15/27 | | | | | 85,000 | | | | | | 69,443 | | |
Nomura Holdings, Inc., (Japan) | | | | | | | | | | | | | |
2.172%, due 7/14/28 | | | | | 90,000 | | | | | | 71,225 | | |
| | | | | | | | | | | 140,668 | | |
Environmental Control — 0.2% | | ||||||||||||
GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | |
3.750%, due 8/1/25 | | | | | 6,000 | | | | | | 5,670 | | |
4.000%, due 8/1/28 | | | | | 16,000 | | | | | | 13,846 | | |
4.250%, due 6/1/25 | | | | | 6,000 | | | | | | 5,729 | | |
4.750%, due 6/15/29 | | | | | 6,000 | | | | | | 5,230 | | |
5.125%, due 12/15/26 | | | | | 6,000 | | | | | | 5,711 | | |
| | | | | | | | | | | 36,186 | | |
Food — 1.4% | | ||||||||||||
Cencosud SA, (Chile) | | | | | | | | | | | | | |
4.375%, due 7/17/27 | | | | | 200,000 | | | | | | 181,000 | | |
Indofood CBP Sukses Makmur Tbk PT, (Indonesia) | | | | | | | | | | | | | |
3.398%, due 6/9/31 | | | | | 200,000 | | | | | | 146,988 | | |
| | | | | | | | | | | 327,988 | | |
Forest Products & Paper — 0.0%(d) | | ||||||||||||
Ahlstrom-Munksjo Holding 3 Oy, (Finland) | | | | | | | | | | | | | |
4.875%, due 2/4/28 | | | | | 12,000 | | | | | | 9,553 | | |
Household Products/Wares — 0.1% | | ||||||||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., (Canada) | | | | | | | | | | | | | |
5.000%, due 12/31/26 | | | | | 18,000 | | | | | | 16,316 | | |
7.000%, due 12/31/27 | | | | | 22,000 | | | | | | 18,480 | | |
| | | | | | | | | | | 34,796 | | |
Internet — 0.7% | | ||||||||||||
Prosus NV, (China) | | | | | | | | | | | | | |
3.257%, due 1/19/27 | | | | | 200,000 | | | | | | 164,678 | | |
Machinery-Diversified — 0.1% | | ||||||||||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC, (Canada) | | | | | | | | | | | | | |
7.750%, due 4/15/26 | | | | | 18,000 | | | | | | 14,715 | | |
TK Elevator US Newco, Inc., (Germany) | | | | | | | | | | | | | |
5.250%, due 7/15/27 | | | | | 16,000 | | | | | | 14,340 | | |
| | | | | | | | | | | 29,055 | | |
Media — 0.3% | | ||||||||||||
UPC Holding BV, (Netherlands) | | | | | | | | | | | | | |
5.500%, due 1/15/28 | | | | | 16,000 | | | | | | 14,043 | | |
Virgin Media Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
5.000%, due 7/15/30 | | | | | 44,000 | | | | | | 35,261 | | |
VZ Secured Financing BV, (Netherlands) | | | | | | | | | | | | | |
5.000%, due 1/15/32 | | | | | 12,000 | | | | | | 9,565 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
Ziggo Bond Co. BV, (Netherlands) | | | | | | | | | | | | | |
5.125%, due 2/28/30 | | | | $ | 28,000 | | | | | $ | 22,188 | | |
| | | | | | | | | | | 81,057 | | |
Oil & Gas — 1.0% | | ||||||||||||
Petroleos Mexicanos, (Mexico) | | | | | | | | | | | | | |
5.350%, due 2/12/28 | | | | | 100,000 | | | | | | 79,698 | | |
Qatar Energy, (Qatar) | | | | | | | | | | | | | |
3.125%, due 7/12/41 | | | | | 200,000 | | | | | | 141,760 | | |
| | | | | | | | | | | 221,458 | | |
Packaging & Containers — 0.0%(d) | | ||||||||||||
Cascades, Inc./Cascades USA, Inc., (Canada) | | | | | | | | | | | | | |
5.375%, due 1/15/28 | | | | | 12,000 | | | | | | 10,263 | | |
Pharmaceuticals — 0.1% | | ||||||||||||
Teva Pharmaceutical Finance Netherlands III BV, (Israel) | | | | | | | | | | | | | |
3.150%, due 10/1/26 | | | | | 6,000 | | | | | | 5,070 | | |
5.125%, due 5/9/29 | | | | | 12,000 | | | | | | 10,298 | | |
| | | | | | | | | | | 15,368 | | |
Retail — 0.1% | | ||||||||||||
1011778 BC ULC / New Red Finance, Inc., (Canada) | | | | | | | | | | | | | |
3.500%, due 2/15/29 | | | | | 16,000 | | | | | | 13,400 | | |
3.875%, due 1/15/28 | | | | | 6,000 | | | | | | 5,274 | | |
| | | | | | | | | | | 18,674 | | |
Software — 0.0%(d) | | ||||||||||||
Open Text Corp., (Canada) | | | | | | | | | | | | | |
3.875%, due 2/15/28 | | | | | 6,000 | | | | | | 5,136 | | |
Sovereign — 1.5% | | ||||||||||||
Abu Dhabi Government International Bond, (United Arab Emirates) | | | | | | | | | | | | | |
0.750%, due 9/2/23 | | | | | 350,000 | | | | | | 337,840 | | |
Telecommunications — 1.4% | | ||||||||||||
Altice France SA/France, (France) | | | | | | | | | | | | | |
5.125%, due 7/15/29 | | | | | 6,000 | | | | | | 4,519 | | |
5.500%, due 1/15/28 | | | | | 22,000 | | | | | | 17,380 | | |
8.125%, due 2/1/27 | | | | | 8,000 | | | | | | 7,321 | | |
Axiata SPV2 Bhd, (Malaysia) | | | | | | | | | | | | | |
2.163%, due 8/19/30 | | | | | 200,000 | | | | | | 155,656 | | |
Iliad Holding SASU, (France) | | | | | | | | | | | | | |
6.500%, due 10/15/26 | | | | | 12,000 | | | | | | 11,114 | | |
Nice Ltd., (Israel) | | | | | | | | | | | | | |
0.000%, due 9/15/25(b) | | | | | 125,000 | | | | | | 116,500 | | |
| | | | | | | | | | | 312,490 | | |
Total Foreign Bonds (Cost $3,263,564) | | | | | | | | | | | 2,980,635 | | |
Municipal Bonds — 9.5% | | ||||||||||||
California — 1.0% | | ||||||||||||
California State University, | | | | | | | | | | | | | |
1.690%, due 11/1/29 | | | | | 290,000 | | | | | | 227,617 | | |
Colorado — 1.0% | | ||||||||||||
Metro Wastewater Reclamation District, | | | | | | | | | | | | | |
5.775%, due 4/1/29 | | | | | 225,000 | | | | | | 232,185 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Florida — 0.9% | | ||||||||||||
County of Miami-Dade FL Transit System, | | | | | | | | | | | | | |
2.600%, due 7/1/42 | | | | $ | 300,000 | | | | | $ | 199,942 | | |
Illinois — 1.1% | | ||||||||||||
State of Illinois, | | | | | | | | | | | | | |
5.100%, due 6/1/33 | | | | | 275,000 | | | | | | 256,986 | | |
New Jersey — 1.0% | | ||||||||||||
New Jersey Turnpike Authority, | | | | | | | | | | | | | |
7.102%, due 1/1/41 | | | | | 200,000 | | | | | | 228,573 | | |
New York — 0.9% | | ||||||||||||
City of New York NY, | | | | | | | | | | | | | |
2.360%, due 8/1/31 | | | | | 275,000 | | | | | | 215,143 | | |
North Carolina — 0.9% | | ||||||||||||
Charlotte-Mecklenburg Hospital Authority (The), 3.204%, due 1/15/51 | | | | | 300,000 | | | | | | 198,439 | | |
Oregon — 0.7% | | ||||||||||||
Port of Morrow OR, | | | | | | | | | | | | | |
2.543%, due 9/1/40 | | | | | 250,000 | | | | | | 167,055 | | |
Texas — 1.0% | | ||||||||||||
Dallas Fort Worth International Airport, | | | | | | | | | | | | | |
3.089%, due 11/1/40 | | | | | 300,000 | | | | | | 218,855 | | |
Washington — 1.0% | | ||||||||||||
State of Washington, | | | | | | | | | | | | | |
5.090%, due 8/1/33 | | | | | 235,000 | | | | | | 233,770 | | |
Total Municipal Bonds (Cost $2,457,231) | | | | | | | | | | | 2,178,565 | | |
U.S. Treasury Bonds — 6.3% | | ||||||||||||
U.S. Treasury Bond, 3.000%, due 8/15/52 | | | | | 1,350,000 | | | | | | 1,081,055 | | |
U.S. Treasury Bond, 3.375%, due 8/15/42 | | | | | 420,000 | | | | | | 362,315 | | |
| | | | | | | | | | | 1,443,370 | | |
Total U.S. Treasury Bonds (Cost $1,732,162) | | | | | | | | | | | 1,443,370 | | |
U.S. Treasury Notes — 6.1% | | ||||||||||||
U.S. Treasury Note, 2.750%, due 8/15/32 | | | | | 120,000 | | | | | | 107,381 | | |
U.S. Treasury Note, 4.125%, due 10/31/27 | | | | | 670,000 | | | | | | 666,493 | | |
U.S. Treasury Note, 4.250%, due 10/15/25 | | | | | 640,000 | | | | | | 636,600 | | |
| | | | | | | | | | | 1,410,474 | | |
Total U.S. Treasury Notes (Cost $1,424,822) | | | | | | | | | | | 1,410,474 | | |
|
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities — 2.0% | | ||||||||||||
Mortgage Securities — 2.0% | | ||||||||||||
Fannie Mae Pool | | | | | | | | | | | | | |
4.000%, due 6/1/52 | | | | $ | 170,496 | | | | | $ | 155,188 | | |
4.500%, due 7/1/52 | | | | | 155,664 | | | | | | 146,198 | | |
5.000%, due 7/1/52 | | | | | 154,469 | | | | | | 149,086 | | |
| | | | | | | | | | | 450,472 | | |
Total United States Government Agency Mortgage-Backed Securities (Cost $484,952) | | | | | | | | | | | 450,472 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 0.7% | | ||||||||||||
Money Market Fund — 0.7% | | ||||||||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%(e) (Cost $152,160) | | | | | 152,160 | | | | | | 152,160 | | |
Total Investments — 98.9% (Cost $24,520,717) | | | | | | | | | | | 22,774,977 | | |
Other Assets and Liabilities, Net — 1.1% | | | | | | | | | | | 269,486 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 23,044,463 | | |
| Abbreviations | | ||||||
| CMT | | | — | | | 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, 2022 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 10 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | December 2022 | | | | | 11 | | | | | $ | 1,292,009 | | | | | $ | 1,216,531 | | | | | $ | (75,478) | | |
U.S. 10 Year Ultra Note | | | Citigroup Global Markets Inc. | | | December 2022 | | | | | 19 | | | | | | 2,288,736 | | | | | | 2,203,703 | | | | | | (85,033) | | |
U.S. 5 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | December 2022 | | | | | 1 | | | | | | 108,776 | | | | | | 106,594 | | | | | | (2,182) | | |
U.S. Long Bond (CBT) | | | Citigroup Global Markets Inc. | | | December 2022 | | | | | 2 | | | | | | 250,425 | | | | | | 241,000 | | | | | | (9,425) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (172,118) | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations | | | | $ | — | | | | | $ | 1,663,558 | | | | | $ | — | | | | | $ | 1,663,558 | | |
Commercial Asset-Backed Securities | | | | | — | | | | | | 1,870,141 | | | | | | — | | | | | | 1,870,141 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 1,875,846 | | | | | | — | | | | | | 1,875,846 | | |
Corporate Bonds | | | | | — | | | | | | 8,749,756 | | | | | | — | | | | | | 8,749,756 | | |
Foreign Bonds | | | | | — | | | | | | 2,980,635 | | | | | | — | | | | | | 2,980,635 | | |
Municipal Bonds | | | | | — | | | | | | 2,178,565 | | | | | | — | | | | | | 2,178,565 | | |
U.S. Treasury Bonds | | | | | — | | | | | | 1,443,370 | | | | | | — | | | | | | 1,443,370 | | |
U.S. Treasury Notes | | | | | — | | | | | | 1,410,474 | | | | | | — | | | | | | 1,410,474 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 450,472 | | | | | | — | | | | | | 450,472 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 152,160 | | | | | | — | | | | | | — | | | | | | 152,160 | | |
Total Investments in Securities | | | | $ | 152,160 | | | | | $ | 22,622,817 | | | | | $ | — | | | | | $ | 22,774,977 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | $ | (172,118) | | | | | $ | — | | | | | $ | — | | | | | $ | (172,118) | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 88.0% | | ||||||||||||
Commercial Asset-Backed Securities — 20.7% | | ||||||||||||
Asset Backed Securities — 20.7% | | ||||||||||||
Amur Equipment Finance Receivables XI LLC | | | | | | | | | | | | | |
Series 2022-2A A2, 5.300%, due 6/21/28 | | | | $ | 214,000 | | | | | $ | 211,496 | | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | | | | | | |
Series 2017-2A A, 2.970%, due 3/20/24 | | | | | 1,250,000 | | | | | | 1,243,813 | | |
Series 2018-1A A, 3.700%, due 9/20/24 | | | | | 1,450,000 | | | | | | 1,428,129 | | |
Canyon CLO 2020-1 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-1A BR, 5.779%, (3-Month LIBOR + 1.70%), due 7/15/34(a) | | | | | 410,000 | | | | | | 380,193 | | |
Cook Park CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-1A B, 5.479%, (3-Month LIBOR + 1.40%), due 4/17/30(a) | | | | | 1,000,000 | | | | | | 938,124 | | |
Ford Credit Auto Owner Trust 2018-REV2 | | | | | | | | | | | | | |
Series 2018-2 A, 3.470%, due 1/15/30 | | | | | 1,500,000 | | | | | | 1,480,761 | | |
Ford Credit Floorplan Master Owner Trust A | | | | | | | | | | | | | |
Series 2019-2 A, 3.060%, due 4/15/26 | | | | | 1,400,000 | | | | | | 1,347,290 | | |
Galaxy XIX CLO Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2015-19A A2RR, 5.725%, (3-Month LIBOR + 1.40%), due 7/24/30(a) | | | | | 997,239 | | | | | | 936,811 | | |
Neuberger Berman Loan Advisers CLO 32 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2019-32A BR, 5.627%, (3-Month LIBOR + 1.40%), due 1/20/32(a) | | | | | 1,000,000 | | | | | | 940,813 | | |
Oak Hill Credit Partners, (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-8A A, 5.384%, (3-Month LIBOR + 1.19%), due 1/18/34(a) | | | | | 750,000 | | | | | | 722,613 | | |
Octagon Investment Partners 31 LLC, (Cayman Islands) | | | | | | | | | | | | | |
Series 2017-1A B1R, 5.743%, (3-Month LIBOR + 1.50%), due 7/20/30(a) | | | | | 1,000,000 | | | | | | 947,779 | | |
Octagon Investment Partners 51 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-1A A, 5.393%, (3-Month LIBOR + 1.15%), due 7/20/34(a) | | | | | 1,000,000 | | | | | | 955,764 | | |
Palmer Square CLO 2021-2 Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-2A A, 5.229%, (3-Month LIBOR + 1.15%), due 7/15/34(a) | | | | | 1,000,000 | | | | | | 956,796 | | |
Romark CLO IV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2021-4A A1, 5.079%, (3-Month LIBOR + 1.17%), due 7/10/34(a) | | | | | 1,000,000 | | | | | | 959,597 | | |
TICP CLO XV Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2020-15A A, 5.523%, (3-Month LIBOR + 1.28%), due 4/20/33(a) | | | | | 1,000,000 | | | | | | 969,268 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
TRESTLES CLO II Ltd., (Cayman Islands) | | | | | | | | | | | | | |
Series 2018-2A A2, 6.028%, (3-Month LIBOR + 1.67%), due 7/25/31(a) | | | | $ | 275,000 | | | | | $ | 259,533 | | |
| | | | | | | | | | | 14,678,780 | | |
Total Commercial Asset-Backed Securities | | | | | | | | | | | | | |
(Cost $15,212,653) | | | | | | | | | | | 14,678,780 | | |
Commercial Mortgage-Backed Securities — 6.8% | | ||||||||||||
Mortgage Securities — 6.8% | | ||||||||||||
COMM 2013-SFS Mortgage Trust | | | | | | | | | | | | | |
Series 2013-SFS A2, 2.987%, due 4/12/35(a)(b) | | | | | 1,850,000 | | | | | | 1,814,826 | | |
GS Mortgage Securities Corp. II | | | | | | | | | | | | | |
Series 2012-BWTR A, 2.954%, due 11/5/34 | | | | | 1,250,000 | | | | | | 1,160,145 | | |
Houston Galleria Mall Trust 2015-HGLR | | | | | | | | | | | | | |
Series 2015-HGLR A1A1, 3.087%, due 3/5/37 | | | | | 1,000,000 | | | | | | 913,119 | | |
Queens Center Mortgage Trust 2013-QC | | | | | | | | | | | | | |
Series 2013-QCA A, 3.275%, due 1/11/37 | | | | | 1,000,000 | | | | | | 927,035 | | |
| | | | | | | | | | | 4,815,125 | | |
Total Commercial Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $5,218,171) | | | | | | | | | | | 4,815,125 | | |
Corporate Bonds — 36.2% | | ||||||||||||
Basic Materials — 0.4% | | ||||||||||||
International Flavors & Fragrances, Inc. | | | | | | | | | | | | | |
1.230%, due 10/1/25 | | | | | 320,000 | | | | | | 277,126 | | |
Communications — 3.8% | | ||||||||||||
T-Mobile USA, Inc. | | | | | | | | | | | | | |
1.500%, due 2/15/26 | | | | | 800,000 | | | | | | 701,523 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
4.144%, (SOFR + 0.79%), due 3/20/26(a) | | | | | 2,070,000 | | | | | | 2,019,427 | | |
| | | | | | | | | | | 2,720,950 | | |
Consumer, Cyclical — 1.3% | | ||||||||||||
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.664%, due 9/8/24 | | | | | 325,000 | | | | | | 308,069 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
6.050%, due 10/10/25 | | | | | 340,000 | | | | | | 337,117 | | |
Warnermedia Holdings, Inc. | | | | | | | | | | | | | |
3.428%, due 3/15/24 | | | | | 315,000 | | | | | | 303,827 | | |
| | | | | | | | | | | 949,013 | | |
Consumer, Non-cyclical — 2.7% | | ||||||||||||
Global Payments, Inc. | | | | | | | | | | | | | |
1.500%, due 11/15/24 | | | | | 530,000 | | | | | | 485,275 | | |
Laboratory Corp. of America Holdings | | | | | | | | | | | | | |
3.250%, due 9/1/24 | | | | | 685,000 | | | | | | 659,777 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Consumer, Non-cyclical (continued) | | ||||||||||||
Mondelez International, Inc. | | | | | | | | | | | | | |
2.125%, due 3/17/24 | | | | $ | 570,000 | | | | | $ | 546,401 | | |
PayPal Holdings, Inc. | | | | | | | | | | | | | |
3.900%, due 6/1/27 | | | | | 245,000 | | | | | | 232,738 | | |
| | | | | | | | | | | 1,924,191 | | |
Energy — 0.4% | | ||||||||||||
ONEOK, Inc. | | | | | | | | | | | | | |
5.850%, due 1/15/26 | | | | | 280,000 | | | | | | 278,442 | | |
Financial — 14.9% | | ||||||||||||
Air Lease Corp. | | | | | | | | | | | | | |
0.800%, due 8/18/24 | | | | | 1,150,000 | | | | | | 1,047,167 | | |
Aircastle Ltd. | | | | | | | | | | | | | |
2.850%, due 1/26/28 | | | | | 430,000 | | | | | | 324,533 | | |
American Express Co. | | | | | | | | | | | | | |
3.950%, due 8/1/25 | | | | | 715,000 | | | | | | 686,818 | | |
Bank of America Corp. | | | | | | | | | | | | | |
4.200%, due 8/26/24 | | | | | 1,070,000 | | | | | | 1,046,339 | | |
4.827%, (SOFR + 1.75%), due 7/22/26(a) | | | | | 565,000 | | | | | | 550,221 | | |
Blackstone Holdings Finance Co. LLC | | | | | | | | | | | | | |
5.900%, due 11/3/27 | | | | | 245,000 | | | | | | 244,498 | | |
Blackstone Private Credit Fund | | | | | | | | | | | | | |
7.050%, due 9/29/25 | | | | | 230,000 | | | | | | 227,990 | | |
Capital One Financial Corp. | | | | | | | | | | | | | |
4.166%, (SOFR + 1.37%), due 5/9/25(a) | | | | | 760,000 | | | | | | 730,372 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
5.610%, (SOFR + 1.55%), due 9/29/26(a) | | | | | 310,000 | | | | | | 305,893 | | |
Citizens Bank NA/Providence RI | | | | | | | | | | | | | |
6.064%, (SOFR + 1.45%), due 10/24/25(a) | | | | | 250,000 | | | | | | 251,781 | | |
Corebridge Financial, Inc. | | | | | | | | | | | | | |
3.500%, due 4/4/25 | | | | | 800,000 | | | | | | 753,941 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
5.700%, due 11/1/24 | | | | | 550,000 | | | | | | 550,037 | | |
Huntington National Bank (The) | | | | | | | | | | | | | |
4.008%, (SOFR + 1.21%), due 5/16/25(a) | | | | | 675,000 | | | | | | 657,845 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
3.845%, (SOFR + 0.98%), due 6/14/25(a) | | | | | 760,000 | | | | | | 736,397 | | |
M&T Bank Corp. | | | | | | | | | | | | | |
4.553%, (SOFR + 1.78%), due 8/16/28(a) | | | | | 290,000 | | | | | | 272,925 | | |
Morgan Stanley | | | | | | | | | | | | | |
3.620%, (SOFR + 1.16%), due 4/17/25(a) | | | | | 1,285,000 | | | | | | 1,241,297 | | |
4.679%, (SOFR + 1.67%), due 7/17/26(a) | | | | | 420,000 | | | | | | 407,180 | | |
Santander Holdings USA, Inc. | | | | | | | | | | | | | |
5.807%, (SOFR + 2.33%), due 9/9/26(a) | | | | | 190,000 | | | | | | 184,011 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
Wells Fargo & Co. | | | | | | | | | | | | | |
4.540%, (SOFR + 1.56%), due 8/15/26(a) | | | | $ | 350,000 | | | | | $ | 336,692 | | |
| | | | | | | | | | | 10,555,937 | | |
Industrial — 2.2% | | ||||||||||||
Boeing Co. (The) | | | | | | | | | | | | | |
1.167%, due 2/4/23 | | | | | 570,000 | | | | | | 564,383 | | |
1.950%, due 2/1/24 | | | | | 1,040,000 | | | | | | 991,765 | | |
| | | | | | | | | | | 1,556,148 | | |
Technology — 0.2% | | ||||||||||||
Oracle Corp. | | | | | | | | | | | | | |
2.300%, due 3/25/28 | | | | | 185,000 | | | | | | 154,755 | | |
Utilities — 10.3% | | ||||||||||||
American Electric Power Co., Inc. | | | | | | | | | | | | | |
2.031%, due 3/15/24 | | | | | 195,000 | | | | | | 186,156 | | |
CenterPoint Energy, Inc. | | | | | | | | | | | | | |
3.388%, (SOFR + 0.65%), due 5/13/24(a) | | | | | 1,515,000 | | | | | | 1,483,448 | | |
Duke Energy Corp. | | | | | | | | | | | | | |
4.300%, due 3/15/28 | | | | | 335,000 | | | | | | 314,890 | | |
Entergy Louisiana LLC | | | | | | | | | | | | | |
0.620%, due 11/17/23 | | | | | 449,000 | | | | | | 427,364 | | |
Eversource Energy | | | | | | | | | | | | | |
Series T, 3.000%, (SOFR + 0.25%), due 8/15/23(a) | | | | | 1,975,000 | | | | | | 1,964,205 | | |
Pacific Gas and Electric Co. | | | | | | | | | | | | | |
4.200%, due 3/1/29 | | | | | 398,000 | | | | | | 345,336 | | |
Pacific Gas And Electric Co. | | | | | | | | | | | | | |
3.250%, due 2/16/24 | | | | | 585,000 | | | | | | 565,391 | | |
Sempra Energy | | | | | | | | | | | | | |
3.300%, due 4/1/25 | | | | | 350,000 | | | | | | 331,387 | | |
Southern California Edison Co. | | | | | | | | | | | | | |
1.100%, due 4/1/24 | | | | | 880,000 | | | | | | 827,740 | | |
Southern Co. (The) | | | | | | | | | | | | | |
5.150%, due 10/6/25 | | | | | 250,000 | | | | | | 248,854 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
Series B, 3.750%, due 5/15/27 | | | | | 605,000 | | | | | | 567,430 | | |
| | | | | | | | | | | 7,262,201 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $26,839,774) | | | | | | | | | | | 25,678,763 | | |
Foreign Bonds — 12.2% | | ||||||||||||
Consumer, Cyclical — 1.3% | | ||||||||||||
Volkswagen Group of America Finance LLC, (Germany) | | | | | | | | | | | | | |
1.250%, due 11/24/25 | | | | | 1,070,000 | | | | | | 934,364 | | |
Financial — 10.6% | | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | | | | | | | | | | | | | |
1.650%, due 10/29/24 | | | | | 1,140,000 | | | | | | 1,034,705 | | |
Antares Holdings LP, (Canada) | | | | | | | | | | | | | |
3.950%, due 7/15/26 | | | | | 975,000 | | | | | | 829,680 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
Banco Santander SA, (Spain) | | | | | | | | | | | | | |
5.294%, due 8/18/27 | | | | $ | 400,000 | | | | | $ | 368,880 | | |
Cooperatieve Rabobank UA, (Netherlands) | | | | | | | | | | | | | |
4.655%, (1 Year US CMT T-Note + 1.75%), due 8/22/28(a) | | | | | 440,000 | | | | | | 406,986 | | |
Credit Agricole SA/London, (France) | | | | | | | | | | | | | |
1.907%, (SOFR + 1.68%), due 6/16/26(a) | | | | | 1,050,000 | | | | | | 929,932 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
7.336%, (SOFR + 3.03%), due 11/3/26(a) | | | | | 420,000 | | | | | | 421,163 | | |
Lloyds Banking Group PLC, (United Kingdom) | | | | | | | | | | | | | |
0.695%, (1 Year US CMT T-Note + 0.55%), due 5/11/24(a) | | | | | 1,080,000 | | | | | | 1,047,292 | | |
4.716%, (1 Year US CMT T-Note + 1.75%), due 8/11/26(a) | | | | | 340,000 | | | | | | 321,692 | | |
NatWest Markets PLC, (United Kingdom) | | | | | | | | | | | | | |
0.800%, due 8/12/24 | | | | | 800,000 | | | | | | 730,806 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
5.660%, due 10/25/24 | | | | | 295,000 | | | | | | 295,545 | | |
Standard Chartered PLC, (United Kingdom) | | | | | | | | | | | | | |
0.991%, (1 Year US CMT T-Note + 0.78%), due 1/12/25(a) | | | | | 550,000 | | | | | | 511,294 | | |
Swedbank AB, (Sweden) | | | | | | | | | | | | | |
5.337%, due 9/20/27 | | | | | 350,000 | | | | | | 333,077 | | |
Toronto-Dominion Bank (The), (Canada) | | | | | | | | | | | | | |
4.285%, due 9/13/24 | | | | | 310,000 | | | | | | 303,738 | | |
| | | | | | | | | | | 7,534,790 | | |
Utilities — 0.3% | | ||||||||||||
Enel Finance America LLC, (Italy) | | | | | | | | | | | | | |
7.100%, due 10/14/27 | | | | | 200,000 | | | | | | 199,415 | | |
Total Foreign Bonds | | | | | | | | | | | | | |
(Cost $9,346,581) | | | | | | | | | | | 8,668,569 | | |
U.S. Treasury Notes — 7.8% | | ||||||||||||
U.S. Treasury Note, 2.500%, due 3/31/23 | | | | | 1,880,000 | | | | | | 1,866,488 | | |
U.S. Treasury Note, 2.750%, due 8/15/32 | | | | | 4,090,000 | | | | | | 3,659,911 | | |
| | | | | | | | | | | 5,526,399 | | |
Total U.S. Treasury Notes | | | | | | | | | | | | | |
(Cost $5,946,996) | | | | | | | | | | | 5,526,399 | | |
United States Government Agency Mortgage-Backed Securities — 4.3% | | ||||||||||||
Mortgage Securities — 4.3% | | ||||||||||||
Federal Home Loan Mortgage Corporation | | | | | | | | | | | | | |
4.500%, due 8/1/42 | | | | | 1,187,314 | | | | | | 1,126,589 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | | | | | | | | | | | | | |
Series 2020-K108, 1.691%, due 3/25/30(a)(b)(e) | | | | $ | 7,355,790 | | | | | $ | 700,690 | | |
Series 2020-K119, 0.931%, due 9/25/30(a)(b)(e) | | | | | 14,930,979 | | | | | | 820,015 | | |
Series 2021-K124, 0.720%, due 12/25/30(a)(b)(e) | | | | | 9,479,484 | | | | | | 421,569 | | |
| | | | | | | | | | | 3,068,863 | | |
Total United States Government Agency Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $3,459,154) | | | | | | | | | | | 3,068,863 | | |
Short-Term Investment — 12.8% | | ||||||||||||
Commercial Papers — 4.1% | | ||||||||||||
Financial — 4.1% | | ||||||||||||
Barclays Capital | | | | | | | | | | | | | |
0.000%, due 4/3/23(c) | | | | | 1,000,000 | | | | | | 978,910 | | |
Westpac BKG Co. | | | | | | | | | | | | | |
0.000%, due 3/20/23(c) | | | | | 2,000,000 | | | | | | 1,964,300 | | |
| | | | | | | | | | | 2,943,210 | | |
Total Commercial Papers | | | | | | | | | | | | | |
(Cost $2,974,040) | | | | | | | | | | | 2,943,210 | | |
|
| | | Shares | | | | | | | | |||
Money Market Fund — 8.7% | | ||||||||||||
BlackRock Liquidity T-Fund, 2.92%(d) | | | | | | | | | | | | | |
(Cost $6,145,977) | | | | | 6,145,977 | | | | | | 6,145,977 | | |
Total Investments — 100.8% | | | | | | | | | | | | | |
(Cost $75,143,346) | | | | | | | | | | | 71,525,686 | | |
Other Assets and Liabilities, Net — (0.8)% | | | | | | | | | | | (574,088) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 70,951,598 | | |
| Abbreviations | | ||||||
| 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, 2022 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 10 Year Note (CBT) | | | RBC Capital Markets | | | December 2022 | | | | | (3) | | | | | $ | (328,963) | | | | | $ | (331,781) | | | | | $ | (2,818) | | |
U.S. 10 Year Ultra Note | | | RBC Capital Markets | | | December 2022 | | | | | (38) | | | | | | (4,410,033) | | | | | | (4,407,406) | | | | | | 2,627 | | |
U.S. 2 Year Note (CBT) | | | RBC Capital Markets | | | December 2022 | | | | | (54) | | | | | | (11,042,947) | | | | | | (11,036,672) | | | | | | 6,275 | | |
U.S. 5 Year Note (CBT) | | | RBC Capital Markets | | | December 2022 | | | | | (89) | | | | | | (9,826,179) | | | | | | (9,486,844) | | | | | | 339,335 | | |
U.S. Long Bond (CBT) | | | RBC Capital Markets | | | December 2022 | | | | | (1) | | | | | | (123,061) | | | | | | (120,500) | | | | | | 2,561 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 347,980 | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Asset-Backed Securities | | | | $ | — | | | | | $ | 14,678,780 | | | | | $ | — | | | | | $ | 14,678,780 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 4,815,125 | | | | | | — | | | | | | 4,815,125 | | |
Corporate Bonds | | | | | — | | | | | | 25,678,763 | | | | | | — | | | | | | 25,678,763 | | |
Foreign Bonds | | | | | — | | | | | | 8,668,569 | | | | | | — | | | | | | 8,668,569 | | |
U.S. Treasury Notes | | | | | — | | | | | | 5,526,399 | | | | | | — | | | | | | 5,526,399 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 3,068,863 | | | | | | — | | | | | | 3,068,863 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Papers | | | | | — | | | | | | 2,943,210 | | | | | | — | | | | | | 2,943,210 | | |
Money Market Fund | | | | | 6,145,977 | | | | | | — | | | | | | — | | | | | | 6,145,977 | | |
Total Investments in Securities | | | | | 6,145,977 | | | | | | 65,379,709 | | | | | | — | | | | | | 71,525,686 | | |
Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | 350,798 | | | | | | — | | | | | | — | | | | | | 350,798 | | |
Total Investments in Securities and Other Financial Instruments | | | | $ | 6,496,775 | | | | | $ | 65,379,709 | | | | | $ | — | | | | | $ | 71,876,484 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(g) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | $ | (2,818) | | | | | $ | — | | | | | $ | — | | | | | $ | (2,818) | | |
| | | Shares | | | Value | | ||||||
Common Stocks — 99.3% | | ||||||||||||
Communication Services — 3.0% | | ||||||||||||
Alphabet, Inc., Class C* | | | | | 1,805 | | | | | $ | 170,861 | | |
Consumer Discretionary — 18.4% | | ||||||||||||
Chipotle Mexican Grill, Inc.* | | | | | 215 | | | | | | 322,141 | | |
Dollar Tree, Inc.* | | | | | 1,507 | | | | | | 238,859 | | |
Hilton Worldwide Holdings, Inc. | | | | | 1,930 | | | | | | 261,052 | | |
Lululemon Athletica, Inc.* | | | | | 674 | | | | | | 221,773 | | |
Total Consumer Discretionary | | | | | | | | | | | 1,043,825 | | |
Consumer Staples — 3.2% | | ||||||||||||
Costco Wholesale Corp. | | | | | 359 | | | | | | 180,039 | | |
Energy — 4.0% | | ||||||||||||
Schlumberger NV | | | | | 4,381 | | | | | | 227,944 | | |
Health Care — 19.5% | | ||||||||||||
ABIOMED, Inc.* | | | | | 704 | | | | | | 177,464 | | |
Bio-Techne Corp. | | | | | 489 | | | | | | 144,871 | | |
Intuitive Surgical, Inc.* | | | | | 829 | | | | | | 204,324 | | |
UnitedHealth Group, Inc. | | | | | 589 | | | | | | 326,983 | | |
Zoetis, Inc. | | | | | 1,682 | | | | | | 253,612 | | |
Total Health Care | | | | | | | | | | | 1,107,254 | | |
Industrials — 9.7% | | ||||||||||||
Deere & Co. | | | | | 745 | | | | | | 294,886 | | |
Union Pacific Corp. | | | | | 1,294 | | | | | | 255,099 | | |
Total Industrials | | | | | | | | | | | 549,985 | | |
Information Technology — 37.7% | | ||||||||||||
Analog Devices, Inc. | | | | | 1,100 | | | | | | 156,882 | | |
Apple, Inc. | | | | | 1,115 | | | | | | 170,974 | | |
ASML Holding NV, | | | | | 568 | | | | | | 268,335 | | |
Intuit, Inc. | | | | | 436 | | | | | | 186,390 | | |
Mastercard, Inc., Class A | | | | | 824 | | | | | | 270,420 | | |
Microsoft Corp. | | | | | 1,926 | | | | | | 447,082 | | |
NVIDIA Corp. | | | | | 1,018 | | | | | | 137,399 | | |
Palo Alto Networks, Inc.* | | | | | 1,011 | | | | | | 173,478 | | |
ServiceNow, Inc.* | | | | | 364 | | | | | | 153,149 | | |
Visa, Inc., Class A(a) | | | | | 842 | | | | | | 174,429 | | |
Total Information Technology | | | | | | | | | | | 2,138,538 | | |
Materials — 3.8% | | ||||||||||||
Linde PLC | | | | | 733 | | | | | | 217,958 | | |
Total Common Stocks | | | | | | | | | | | | | |
(Cost $5,488,279) | | | | | | | | | | | 5,636,404 | | |
| | | Shares | | | Value | | ||||||
Short-Term Investment — 1.0% | | ||||||||||||
Money Market Fund — 1.0% | | ||||||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.09%(b) | | | | | | | | | | | | | |
(Cost $58,639) | | | | | 58,639 | | | | | $ | 58,639 | | |
Total Investments — 100.3% | | | | | | | | | | | | | |
(Cost $5,546,918) | | | | | | | | | | | 5,695,043 | | |
Other Assets and Liabilities, Net — (0.3)% | | | | | | | | | | | (17,618) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 5,677,425 | | |
|
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 5,636,404 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,636,404 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 58,639 | | | | | | — | | | | | | — | | | | | | 58,639 | | |
Total Investments in Securities | | | | $ | 5,695,043 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,695,043 | | |
| | | Shares | | | Value | | ||||||
Common Stocks — 98.7% | | ||||||||||||
Communication Services — 3.6% | | ||||||||||||
Alphabet, Inc., Class A* | | | | | 2,772 | | | | | $ | 261,982 | | |
Alphabet, Inc., Class C* | | | | | 2,220 | | | | | | 210,145 | | |
Total Communication Services | | | | | | | | | | | 472,127 | | |
Consumer Discretionary — 17.5% | | ||||||||||||
Amazon.com, Inc.* | | | | | 2,550 | | | | | | 261,222 | | |
Chipotle Mexican Grill, Inc.* | | | | | 266 | | | | | | 398,556 | | |
Dollar Tree, Inc.* | | | | | 2,671 | | | | | | 423,353 | | |
Hilton Worldwide Holdings, Inc. | | | | | 1,956 | | | | | | 264,569 | | |
Lululemon Athletica, Inc.* | | | | | 729 | | | | | | 239,870 | | |
McDonald’s Corp. | | | | | 719 | | | | | | 196,042 | | |
Starbucks Corp. | | | | | 2,745 | | | | | | 237,690 | | |
Tesla, Inc.* | | | | | 1,099 | | | | | | 250,066 | | |
Total Consumer Discretionary | | | | | | | | | | | 2,271,368 | | |
Consumer Staples — 4.0% | | ||||||||||||
Costco Wholesale Corp. | | | | | 748 | | | | | | 375,122 | | |
Estee Lauder Cos., Inc. (The), Class A | | | | | 680 | | | | | | 136,333 | | |
Total Consumer Staples | | | | | | | | | | | 511,455 | | |
Energy — 3.3% | | ||||||||||||
Schlumberger NV | | | | | 8,281 | | | | | | 430,860 | | |
Financials — 2.7% | | ||||||||||||
Moody’s Corp. | | | | | 672 | | | | | | 177,993 | | |
MSCI, Inc. | | | | | 367 | | | | | | 172,071 | | |
Total Financials | | | | | | | | | | | 350,064 | | |
Health Care — 21.3% | | ||||||||||||
ABIOMED, Inc.* | | | | | 864 | | | | | | 217,797 | | |
Agilent Technologies, Inc. | | | | | 1,870 | | | | | | 258,715 | | |
AstraZeneca PLC | | | | | 3,455 | | | | | | 203,189 | | |
Bio-Techne Corp. | | | | | 534 | | | | | | 158,203 | | |
Danaher Corp. | | | | | 585 | | | | | | 147,227 | | |
IDEXX Laboratories, Inc.* | | | | | 460 | | | | | | 165,453 | | |
Intuitive Surgical, Inc.* | | | | | 1,320 | | | | | | 325,340 | | |
IQVIA Holdings, Inc.* | | | | | 1,118 | | | | | | 234,411 | | |
UnitedHealth Group, Inc. | | | | | 967 | | | | | | 536,830 | | |
Veeva Systems, Inc., Class A* | | | | | 1,229 | | | | | | 206,398 | | |
Zoetis, Inc. | | | | | 2,077 | | | | | | 313,170 | | |
Total Health Care | | | | | | | | | | | 2,766,733 | | |
Industrials — 7.9% | | ||||||||||||
CoStar Group, Inc.* | | | | | 1,427 | | | | | | 118,042 | | |
CSX Corp. | | | | | 7,315 | | | | | | 212,574 | | |
Deere & Co. | | | | | 821 | | | | | | 324,968 | | |
| | | Shares | | | Value | | ||||||
Common Stocks (continued) | | ||||||||||||
Industrials (continued) | | ||||||||||||
Union Pacific Corp. | | | | | 1,886 | | | | | $ | 371,806 | | |
Total Industrials | | | | | | | | | | | 1,027,390 | | |
Information Technology — 36.4% | | ||||||||||||
Accenture PLC, Class A | | | | | 909 | | | | | | 258,065 | | |
Adobe, Inc.* | | | | | 320 | | | | | | 101,920 | | |
Analog Devices, Inc. | | | | | 1,865 | | | | | | 265,986 | | |
Apple, Inc. | | | | | 3,250 | | | | | | 498,355 | | |
ASML Holding NV | | | | | 560 | | | | | | 264,555 | | |
Atlassian Corp., Class A* | | | | | 355 | | | | | | 71,969 | | |
Gartner, Inc.* | | | | | 798 | | | | | | 240,932 | | |
Intuit, Inc. | | | | | 768 | | | | | | 328,320 | | |
Mastercard, Inc., Class A | | | | | 1,359 | | | | | | 445,997 | | |
Microsoft Corp. | | | | | 4,169 | | | | | | 967,750 | | |
NVIDIA Corp. | | | | | 1,719 | | | | | | 232,014 | | |
Palo Alto Networks, Inc.* | | | | | 1,321 | | | | | | 226,670 | | |
ServiceNow, Inc.* | | | | | 604 | | | | | | 254,127 | | |
Visa, Inc., Class A(a) | | | | | 2,722 | | | | | | 563,890 | | |
Total Information Technology | | | | | | | | | | | 4,720,550 | | |
Materials — 2.0% | | ||||||||||||
Linde PLC | | | | | 885 | | | | | | 263,155 | | |
Total Common Stocks | | | | | | | | | | | | | |
(Cost $12,845,695) | | | | | | | | | | | 12,813,702 | | |
Short-Term Investment — 2.2% | | ||||||||||||
Money Market Fund — 2.2% | | ||||||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.09%(b) | | | | | | | | | | | | | |
(Cost $281,494) | | | | | 281,494 | | | | | | 281,494 | | |
Total Investments — 100.9% | | | | | | | | | | | | | |
(Cost $13,127,189) | | | | | | | | | | | 13,095,196 | | |
Other Assets and Liabilities, Net — (0.9)% | | | | | | | | | | | (109,364) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 12,985,832 | | |
|
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 12,813,702 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,813,702 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 281,494 | | | | | | — | | | | | | — | | | | | | 281,494 | | |
Total Investments in Securities | | | | $ | 13,095,196 | | | | | $ | — | | | | | $ | — | | | | | $ | 13,095,196 | | |
| | | IQ MacKay California Municipal Intermediate ETF | | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ MacKay ESG Core Plus Bond ETF | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value(a) | | | | $ | 42,842,580 | | | | | $ | 346,527,941 | | | | | $ | 320,525,111 | | | | | $ | 228,271,648 | | |
Cash | | | | | — | | | | | | — | | | | | | 1,029,578 | | | | | | 365,400 | | |
Deposits at broker for futures contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 597,250 | | |
Interest receivable | | | | | 570,676 | | | | | | 3,408,987 | | | | | | 3,167,334 | | | | | | 1,313,549 | | |
Prepaid expenses | | | | | 1,001 | | | | | | 9,483 | | | | | | 7,971 | | | | | | 12,574 | | |
Receivable for investments sold | | | | | — | | | | | | 6,216,497 | | | | | | 615,347 | | | | | | 378,171 | | |
Receivable for capital shares transactions | | | | | — | | | | | | — | | | | | | 3,481,682 | | | | | | — | | |
Due from broker | | | | | — | | | | | | 20,268 | | | | | | — | | | | | | — | | |
Securities lending income receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 656 | | |
Dividend receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 1,407 | | |
Due from advisor | | | | | 11,808 | | | | | | 47,661 | | | | | | 38,336 | | | | | | 8,760 | | |
Total assets | | | | | 43,426,065 | | | | | | 356,230,837 | | | | | | 328,865,359 | | | | | | 230,949,415 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Due to broker | | | | | 27,859 | | | | | | — | | | | | | — | | | | | | 2,949 | | |
Advisory fees payable | | | | | 16,724 | | | | | | 111,849 | | | | | | 102,567 | | | | | | 65,304 | | |
Trustee fees payable | | | | | 165 | | | | | | 2,328 | | | | | | — | | | | | | — | | |
Payable for investments purchased | | | | | — | | | | | | 33,636,458 | | | | | | 22,294,660 | | | | | | 1,392,808 | | |
Variation margin payable | | | | | — | | | | | | — | | | | | | — | | | | | | 144,328 | | |
Accrued expenses and other liabilities | | | | | 39,551 | | | | | | 63,727 | | | | | | 27,284 | | | | | | 11,804 | | |
Total liabilities | | | | | 84,299 | | | | | | 33,814,362 | | | | | | 22,424,511 | | | | | | 1,617,193 | | |
Net Assets | | | | $ | 43,341,766 | | | | | $ | 322,416,475 | | | | | $ | 306,440,848 | | | | | $ | 229,332,222 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 52,095,983 | | | | | $ | 396,129,092 | | | | | $ | 342,527,434 | | | | | $ | 253,088,759 | | |
Total accumulated loss | | | | | (8,754,217) | | | | | | (73,712,617) | | | | | | (36,086,586) | | | | | | (23,756,537) | | |
Net Assets | | | | $ | 43,341,766 | | | | | $ | 322,416,475 | | | | | $ | 306,440,848 | | | | | $ | 229,332,222 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 2,100,000 | | | | | | 14,250,000 | | | | | | 13,200,000 | | | | | | 11,350,000 | | |
Net Asset Value Per Share | | | | $ | 20.64 | | | | | $ | 22.63 | | | | | $ | 23.22 | | | | | $ | 20.21 | | |
Investments, at cost | | | | $ | 45,119,061 | | | | | $ | 371,014,433 | | | | | $ | 342,885,209 | | | | | $ | 244,467,101 | | |
(a)Market value of securities on loan | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 18,773,147 | | |
| | | IQ MacKay ESG High Income ETF | | | IQ MacKay Multi-Sector Income ETF | | | IQ Ultra Short Duration ETF | | | IQ Winslow Focused Large Cap Growth ETF | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value(a) | | | | $ | 24,506,101 | | | | | $ | 22,774,977 | | | | | $ | 71,525,686 | | | | | $ | 5,695,043 | | |
Cash | | | | | 3,022 | | | | | | 3,745 | | | | | | — | | | | | | — | | |
Foreign currency | | | | | — | | | | | | 27 | | | | | | — | | | | | | — | | |
Deposits at broker for futures contracts | | | | | — | | | | | | 78,300 | | | | | | 304,500 | | | | | | — | | |
Interest receivable | | | | | 375,935 | | | | | | 193,670 | | | | | | 324,800 | | | | | | — | | |
Receivable for investments sold | | | | | 241,196 | | | | | | 34,888 | | | | | | — | | | | | | 169,160 | | |
Dividend receivable | | | | | 2,305 | | | | | | — | | | | | | 10,803 | | | | | | 2,259 | | |
Prepaid expenses | | | | | — | | | | | | 994 | | | | | | 1,972 | | | | | | 90 | | |
Securities lending income receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 14 | | |
Due from advisor | | | | | 1,976 | | | | | | 7,582 | | | | | | 14,067 | | | | | | 8,468 | | |
Variation margin receivable | | | | | — | | | | | | 4,469 | | | | | | 67,375 | | | | | | — | | |
Total assets | | | | | 25,130,535 | | | | | | 23,098,652 | | | | | | 72,249,203 | | | | | | 5,875,034 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for investments purchased | | | | | 2,997 | | | | | | 3,745 | | | | | | 1,214,686 | | | | | | 170,117 | | |
Advisory fees payable | | | | | 1,925 | | | | | | 7,836 | | | | | | 15,293 | | | | | | 3,452 | | |
Trustee fees payable | | | | | 7 | | | | | | — | | | | | | 940 | | | | | | — | | |
Variation margin payable | | | | | — | | | | | | 18,875 | | | | | | — | | | | | | — | | |
Due to broker | | | | | — | | | | | | 4,257 | | | | | | — | | | | | | — | | |
Accrued expenses and other liabilities | | | | | 1,970 | | | | | | 19,476 | | | | | | 66,686 | | | | | | 24,040 | | |
Total liabilities | | | | | 6,899 | | | | | | 54,189 | | | | | | 1,297,605 | | | | | | 197,609 | | |
Net Assets | | | | $ | 25,123,636 | | | | | $ | 23,044,463 | | | | | $ | 70,951,598 | | | | | $ | 5,677,425 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 25,062,500 | | | | | $ | 25,062,500 | | | | | $ | 76,342,760 | | | | | $ | 5,523,245 | | |
Total distributable earnings/(accumulated loss) | | | | | 61,136 | | | | | | (2,018,037) | | | | | | (5,391,162) | | | | | | 154,180 | | |
Net Assets | | | | $ | 25,123,636 | | | | | $ | 23,044,463 | | | | | $ | 70,951,598 | | | | | $ | 5,677,425 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,500,000 | | | | | | 220,000 | | |
Net Asset Value Per Share | | | | $ | 25.12 | | | | | $ | 23.04 | | | | | $ | 47.30 | | | | | $ | 25.81 | | |
Investments, at cost | | | | $ | 24,472,652 | | | | | $ | 24,520,717 | | | | | $ | 75,143,346 | | | | | $ | 5,546,918 | | |
(a)Market value of securities on loan | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 170,907 | | |
| | | IQ Winslow Large Cap Growth ETF | | |||
Assets | | | | | | | |
Investments in securities, at value(a) | | | | $ | 13,095,196 | | |
Receivable for investments sold | | | | | 37,897 | | |
Dividend receivable | | | | | 4,309 | | |
Prepaid expenses | | | | | 111 | | |
Securities lending income receivable | | | | | 45 | | |
Due from advisor | | | | | 9,597 | | |
Total assets | | | | | 13,147,155 | | |
Liabilities | | | | | | | |
Payable for investments purchased | | | | | 129,471 | | |
Advisory fees payable | | | | | 7,949 | | |
Accrued expenses and other liabilities | | | | | 23,903 | | |
Total liabilities | | | | | 161,323 | | |
Net Assets | | | | $ | 12,985,832 | | |
Composition of Net Assets | | | | | | | |
Paid-in capital | | | | $ | 13,138,133 | | |
Total accumulated loss | | | | | (152,301) | | |
Net Assets | | | | $ | 12,985,832 | | |
NET ASSET VALUE PER SHARE | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 510,000 | | |
Net Asset Value Per Share | | | | $ | 25.46 | | |
Investments, at cost | | | | $ | 13,127,189 | | |
(a)Market value of securities on loan | | | | $ | 552,496 | | |
| | | IQ MacKay California Municipal Intermediate ETF | | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ MacKay ESG Core Plus Bond ETF | | ||||||||||||
Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 638,581 | | | | | $ | 4,981,261 | | | | | $ | 3,230,148 | | | | | $ | 3,460,051 | | |
Dividend income | | | | | 14,854 | | | | | | 141,848 | | | | | | 100,188 | | | | | | 10,025 | | |
Securities lending income, net of borrower rebates | | | | | — | | | | | | — | | | | | | — | | | | | | 7,692 | | |
Total investment income | | | | | 653,435 | | | | | | 5,123,109 | | | | | | 3,330,336 | | | | | | 3,477,768 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) | | | | | 100,749 | | | | | | 707,320 | | | | | | 565,903 | | | | | | 345,480 | | |
Administrative and accounting fees | | | | | 17,377 | | | | | | 41,234 | | | | | | 23,720 | | | | | | 16,802 | | |
Custodian fees | | | | | 10,041 | | | | | | 23,071 | | | | | | 13,887 | | | | | | 11,759 | | |
Audit and tax fees | | | | | 7,265 | | | | | | 15,625 | | | | | | 15,447 | | | | | | 7,627 | | |
Listing fees | | | | | 4,537 | | | | | | 5,231 | | | | | | 5,250 | | | | | | 2,784 | | |
Registration fees | | | | | 2,299 | | | | | | 496 | | | | | | 248 | | | | | | 1,379 | | |
Legal fees | | | | | 2,096 | | | | | | 20,612 | | | | | | 13,751 | | | | | | 2,880 | | |
Shareholder reporting fees | | | | | 1,958 | | | | | | 7,745 | | | | | | 2,391 | | | | | | 4,216 | | |
Trustee fees | | | | | 1,331 | | | | | | 11,976 | | | | | | 7,765 | | | | | | 2,862 | | |
Intraday pricing fees | | | | | 1,255 | | | | | | 1,260 | | | | | | 1,260 | | | | | | 1,264 | | |
Proxy fees | | | | | 699 | | | | | | 13,715 | | | | | | 9,462 | | | | | | 1,663 | | |
Compliance fees | | | | | 2 | | | | | | 12 | | | | | | 9 | | | | | | 5 | | |
Miscellaneous | | | | | 77 | | | | | | 279 | | | | | | 97 | | | | | | 31 | | |
Total expenses | | | | | 149,686 | | | | | | 848,576 | | | | | | 659,190 | | | | | | 398,752 | | |
Waivers (see Note 3) | | | | | (70,627) | | | | | | (304,333) | | | | | | (225,270) | | | | | | (51,609) | | |
Net expenses | | | | | 79,059 | | | | | | 544,243 | | | | | | 433,920 | | | | | | 347,143 | | |
Net investment income | | | | | 574,376 | | | | | | 4,578,866 | | | | | | 2,896,416 | | | | | | 3,130,625 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | (3,604,202) | | | | | | (35,383,721) | | | | | | (9,118,898) | | | | | | (4,437,317) | | |
Futures contracts | | | | | — | | | | | | — | | | | | | — | | | | | | (673,655) | | |
Net realized loss | | | | | (3,604,202) | | | | | | (35,383,721) | | | | | | (9,118,898) | | | | | | (5,110,972) | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | �� |
Investment securities | | | | | 1,300,205 | | | | | | 4,879,278 | | | | | | (7,001,238) | | | | | | (11,271,303) | | |
Futures contracts | | | | | — | | | | | | — | | | | | | — | | | | | | (1,627,217) | | |
Net change in net unrealized appreciation (depreciation) | | | | | 1,300,205 | | | | | | 4,879,278 | | | | | | (7,001,238) | | | | | | (12,898,520) | | |
Net realized and unrealized loss | | | | | (2,303,997) | | | | | | (30,504,443) | | | | | | (16,120,136) | | | | | | (18,009,492) | | |
Net Decrease in Net Assets Resulting From Operations | | | | $ | (1,729,621) | | | | | $ | (25,925,577) | | | | | $ | (13,223,720) | | | | | $ | (14,878,867) | | |
| | | IQ MacKay ESG High Income ETF(a) | | | IQ MacKay Multi-Sector Income ETF(b) | | | IQ Ultra Short Duration ETF | | | IQ Winslow Focused Large Cap Growth ETF(c) | | ||||||||||||
Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 27,456 | | | | | $ | 322,458 | | | | | $ | 1,424,135 | | | | | $ | — | | |
Dividend income* | | | | | 2,304 | | | | | | — | | | | | | 57,257 | | | | | | 12,886 | | |
Securities lending income, net of borrower rebates | | | | | — | | | | | | — | | | | | | — | | | | | | 37 | | |
Total investment income | | | | | 29,760 | | | | | | 322,458 | | | | | | 1,481,392 | | | | | | 12,923 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) | | | | | 1,925 | | | | | | 25,960 | | | | | | 135,173 | | | | | | 14,757 | | |
Administrative and accounting fees | | | | | 633 | | | | | | 8,860 | | | | | | 36,895 | | | | | | 13,221 | | |
Audit and tax fees | | | | | 548 | | | | | | 4,917 | | | | | | 11,786 | | | | | | 5,869 | | |
Custodian fees | | | | | 384 | | | | | | 5,369 | | | | | | 13,754 | | | | | | 8,012 | | |
Listing fees | | | | | 173 | | | | | | 3,088 | | | | | | 4,931 | | | | | | 3,605 | | |
Shareholder reporting fees | | | | | 148 | | | | | | 1,326 | | | | | | 3,365 | | | | | | 1,583 | | |
Intraday pricing fees | | | | | 48 | | | | | | — | | | | | | 1,260 | | | | | | 1,002 | | |
Registration fees | | | | | 17 | | | | | | 156 | | | | | | 1,488 | | | | | | 186 | | |
Legal fees | | | | | 16 | | | | | | 155 | | | | | | 4,630 | | | | | | 185 | | |
Trustee fees | | | | | 7 | | | | | | 64 | | | | | | 3,358 | | | | | | 130 | | |
Proxy fees | | | | | — | | | | | | — | | | | | | 2,495 | | | | | | — | | |
Compliance fees | | | | | — | | | | | | 1 | | | | | | 4 | | | | | | — | | |
Miscellaneous | | | | | 3 | | | | | | 32 | | | | | | 191 | | | | | | 39 | | |
Total expenses | | | | | 3,902 | | | | | | 49,928 | | | | | | 219,330 | | | | | | 48,589 | | |
Waivers (see Note 3) | | | | | (1,977) | | | | | | (23,968) | | | | | | (81,661) | | | | | | (35,798) | | |
Net expenses | | | | | 1,925 | | | | | | 25,960 | | | | | | 137,669 | | | | | | 12,791 | | |
Net investment income | | | | | 27,835 | | | | | | 296,498 | | | | | | 1,343,723 | | | | | | 132 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | (148) | | | | | | (58,608) | | | | | | (3,490,825) | | | | | | (42,922) | | |
In-Kind redemptions | | | | | — | | | | | | — | | | | | | — | | | | | | 48,845 | | |
Futures contracts | | | | | — | | | | | | (152,279) | | | | | | 2,452,259 | | | | | | — | | |
Net realized gain (loss) | | | | | (148) | | | | | | (210,887) | | | | | | (1,038,566) | | | | | | 5,923 | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | 33,449 | | | | | | (1,745,740) | | | | | | (162,520) | | | | | | 148,125 | | |
Futures contracts | | | | | — | | | | | | (172,118) | | | | | | (613,617) | | | | | | — | | |
Net change in net unrealized appreciation (depreciation) | | | | | 33,449 | | | | | | (1,917,858) | | | | | | (776,137) | | | | | | 148,125 | | |
Net realized and unrealized gain (loss) | | | | | 33,301 | | | | | | (2,128,745) | | | | | | (1,814,703) | | | | | | 154,048 | | |
Net Increase (Decrease) in Net Assets Resulting From Operations | | | | $ | 61,136 | | | | | $ | (1,832,247) | | | | | $ | (470,980) | | | | | $ | 154,180 | | |
*Net of foreign taxes withheld of: | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 113 | | |
| | | IQ Winslow Large Cap Growth ETF(a) | | |||
Investment Income | | | | | | | |
Dividend income* | | | | $ | 16,342 | | |
Securities lending income, net of borrower rebates | | | | | 82 | | |
Total investment income | | | | | 16,424 | | |
Expenses | | | | | | | |
Advisory fees (see Note 3) | | | | | 22,527 | | |
Administrative and accounting fees | | | | | 13,221 | | |
Custodian fees | | | | | 8,012 | | |
Audit and tax fees | | | | | 5,869 | | |
Listing fees | | | | | 3,605 | | |
Shareholder reporting fees | | | | | 1,582 | | |
Intraday pricing fees | | | | | 1,002 | | |
Registration fees | | | | | 186 | | |
Legal fees | | | | | 185 | | |
Trustee fees | | | | | 130 | | |
Miscellaneous | | | | | 39 | | |
Total expenses | | | | | 56,358 | | |
Waivers (see Note 3) | | | | | (38,335) | | |
Net expenses | | | | | 18,023 | | |
Net investment loss | | | | | (1,599) | | |
Realized and Unrealized Gain (Loss) | | | | | | | |
Net realized gain (loss) from: | | | | | | | |
Investment securities | | | | | (295,208) | | |
In-Kind redemptions | | | | | 176,499 | | |
Net realized loss | | | | | (118,709) | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | |
Investment securities | | | | | (31,993) | | |
Net change in net unrealized appreciation (depreciation) | | | | | (31,993) | | |
Net realized and unrealized loss | | | | | (150,702) | | |
Net Decrease in Net Assets Resulting From Operations | | | | $ | (152,301) | | |
*Net of foreign taxes withheld of: | | | | $ | 50 | | |
| | | IQ MacKay California Municipal Intermediate ETF | | | IQ MacKay Municipal Insured ETF | | ||||||||||||||||||
| | | For the Six Months Ended October 31, 2022 (unaudited) | | | For the Period December 21, 2021* to April 30, 2022 | | | For the Six Months Ended October 31, 2022 (unaudited) | | | For the Year Ended April 30, 2022 | | ||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 574,376 | | | | | $ | 262,375 | | | | | $ | 4,578,866 | | | | | $ | 6,090,885 | | |
Net realized loss | | | | | (3,604,202) | | | | | | (2,794,452) | | | | | | (35,383,721) | | | | | | (10,757,056) | | |
Net change in net unrealized appreciation (depreciation) | | | | | 1,300,205 | | | | | | (3,576,686) | | | | | | 4,879,278 | | | | | | (34,861,360) | | |
Net decrease in net assets resulting from operations | | | | | (1,729,621) | | | | | | (6,108,763) | | | | | | (25,925,577) | | | | | | (39,527,531) | | |
Distributions to Shareholders | | | | | (575,193) | | | | | | (340,640) | | | | | | (4,970,475) | | | | | | (8,536,753) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 4,280,192 | | | | | | 50,015,000 | | | | | | 202,062,600 | | | | | | 143,724,531 | | |
Cost of shares redeemed | | | | | (2,199,209) | | | | | | — | | | | | | (213,778,358) | | | | | | (174,958,650) | | |
Increase (Decrease) from capital share transactions | | | | | 2,080,983 | | | | | | 50,015,000 | | | | | | (11,715,758) | | | | | | (31,234,119) | | |
Total increase (decrease) in net assets | | | | | (223,831) | | | | | | 43,565,597 | | | | | | (42,611,810) | | | | | | (79,298,403) | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 43,565,597 | | | | | | — | | | | | | 365,028,285 | | | | | | 444,326,688 | | |
End of period | | | | $ | 43,341,766 | | | | | $ | 43,565,597 | | | | | $ | 322,416,475 | | | | | $ | 365,028,285 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | 2,000,000 | | | | | | — | | | | | | 14,800,000 | | | | | | 16,150,000 | | |
Shares created | | | | | 200,000 | | | | | | 2,000,000 | | | | | | 8,300,000 | | | | | | 5,300,000 | | |
Shares redeemed | | | | | (100,000) | | | | | | — | | | | | | (8,850,000) | | | | | | (6,650,000) | | |
Shares outstanding, end of period | | | | | 2,100,000 | | | | | | 2,000,000 | | | | | | 14,250,000 | | | | | | 14,800,000 | | |
| | | IQ MacKay Municipal Intermediate ETF | | | IQ MacKay ESG Core Plus Bond ETF | | ||||||||||||||||||
| | | For the Six Months Ended October 31, 2022 (unaudited) | | | For the Year Ended April 30, 2022 | | | For the Six Months Ended October 31, 2022 (unaudited) | | | For the Period June 29, 2021* to April 30, 2022 | | ||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 2,896,416 | | | | | $ | 2,330,230 | | | | | $ | 3,130,625 | | | | | $ | 620,225 | | |
Net realized loss | | | | | (9,118,898) | | | | | | (3,056,521) | | | | | | (5,110,972) | | | | | | (1,173,763) | | |
Net change in net unrealized appreciation (depreciation) | | | | | (7,001,238) | | | | | | (18,537,910) | | | | | | (12,898,520) | | | | | | (5,190,149) | | |
Net decrease in net assets resulting from operations | | | | | (13,223,720) | | | | | | (19,264,201) | | | | | | (14,878,867) | | | | | | (5,743,687) | | |
Distributions to Shareholders | | | | | (3,036,211) | | | | | | (4,118,219) | | | | | | (2,648,940) | | | | | | (485,043) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 143,259,571 | | | | | | 203,706,925 | | | | | | 110,427,735 | | | | | | 154,853,260 | | |
Cost of shares redeemed | | | | | (50,543,167) | | | | | | (75,039,781) | | | | | | (12,192,236) | | | | | | — | | |
Increase from capital share transactions | | | | | 92,716,404 | | | | | | 128,667,144 | | | | | | 98,235,499 | | | | | | 154,853,260 | | |
Total increase in net assets | | | | | 76,456,473 | | | | | | 105,284,724 | | | | | | 80,707,692 | | | | | | 148,624,530 | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 229,984,375 | | | | | | 124,699,651 | | | | | | 148,624,530 | | | | | | — | | |
End of period | | | | $ | 306,440,848 | | | | | $ | 229,984,375 | | | | | $ | 229,332,222 | | | | | $ | 148,624,530 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | 9,400,000 | | | | | | 4,650,000 | | | | | | 6,650,000 | | | | | | — | | |
Shares created | | | | | 5,900,000 | | | | | | 7,700,000 | | | | | | 5,250,000 | | | | | | 6,650,000 | | |
Shares redeemed | | | | | (2,100,000) | | | | | | (2,950,000) | | | | | | (550,000) | | | | | | — | | |
Shares outstanding, end of period | | | | | 13,200,000 | | | | | | 9,400,000 | | | | | | 11,350,000 | | | | | | 6,650,000 | | |
| | | IQ MacKay ESG High Income ETF | | | IQ MacKay Multi-Sector Income ETF | | ||||||
| | | For the Period October 25, 2022* to October 31, 2022 | | | For the Period July 26, 2022* to October 31, 2022 | | ||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 27,835 | | | | | $ | 296,498 | | |
Net realized loss | | | | | (148) | | | | | | (210,887) | | |
Net change in net unrealized appreciation (depreciation) | | | | | 33,449 | | | | | | (1,917,858) | | |
Net increase (decrease) in net assets resulting from operations | | | | | 61,136 | | | | | | (1,832,247) | | |
Distributions to Shareholders | | | | | — | | | | | | (185,790) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 25,062,500 | | | | | | 25,062,500 | | |
Increase from capital share transactions | | | | | 25,062,500 | | | | | | 25,062,500 | | |
Total increase in net assets | | | | | 25,123,636 | | | | | | 23,044,463 | | |
Net Assets | | | | | | | | | | | | | |
Beginning of period | | | | | — | | | | | | — | | |
End of period | | | | $ | 25,123,636 | | | | | $ | 23,044,463 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | — | | | | | | — | | |
Shares created | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Shares outstanding, end of period | | | | | 1,000,000 | | | | | | 1,000,000 | | |
| | | IQ Ultra Short Duration ETF | | | IQ Winslow Focused Large Cap Growth ETF | | ||||||||||||
| | | For the Six Months Ended October 31, 2022 (unaudited) | | | For the Year Ended April 30, 2022 | | | For the Period June 23, 2022* to October 31, 2022 | | |||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 1,343,723 | | | | | $ | 1,935,512 | | | | | $ | 132 | | |
Net realized gain (loss) | | | | | (1,038,566) | | | | | | (584,436) | | | | | | 5,923 | | |
Net change in net unrealized appreciation (depreciation) | | | | | (776,137) | | | | | | (2,548,834) | | | | | | 148,125 | | |
Net increase (decrease) in net assets resulting from operations | | | | | (470,980) | | | | | | (1,197,758) | | | | | | 154,180 | | |
Distributions to Shareholders | | | | | (1,364,012) | | | | | | (3,738,076) | | | | | | — | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 19,168,848 | | | | | | 73,483,699 | | | | | | 6,816,414 | | |
Cost of shares redeemed | | | | | (71,199,016) | | | | | | (196,709,144) | | | | | | (1,293,169) | | |
Increase (Decrease) from capital share transactions | | | | | (52,030,168) | | | | | | (123,225,445) | | | | | | 5,523,245 | | |
Total increase (decrease) in net assets | | | | | (53,865,160) | | | | | | (128,161,279) | | | | | | 5,677,425 | | |
Net Assets | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 124,816,758 | | | | | | 252,978,037 | | | | | | — | | |
End of period | | | | $ | 70,951,598 | | | | | $ | 124,816,758 | | | | | $ | 5,677,425 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | 2,600,000 | | | | | | 5,100,000 | | | | | | — | | |
Shares created | | | | | 400,000 | | | | | | 1,500,000 | | | | | | 270,000 | | |
Shares redeemed | | | | | (1,500,000) | | | | | | (4,000,000) | | | | | | (50,000) | | |
Shares outstanding, end of period | | | | | 1,500,000 | | | | | | 2,600,000 | | | | | | 220,000 | | |
| | | IQ Winslow Large Cap Growth ETF | | |||
| | | For the Period June 23, 2022* to October 31, 2022 | | |||
Increase (Decrease) in Net Assets from Operations | | | | | | | |
Net investment loss | | | | $ | (1,599) | | |
Net realized loss | | | | | (118,709) | | |
Net change in net unrealized appreciation (depreciation) | | | | | (31,993) | | |
Net decrease in net assets resulting from operations | | | | | (152,301) | | |
Capital Share Transactions | | | | | | | |
Proceeds from shares created | | | | | 16,300,454 | | |
Cost of shares redeemed | | | | | (3,162,321) | | |
Increase from capital share transactions | | | | | 13,138,133 | | |
Total increase in net assets | | | | | 12,985,832 | | |
Net Assets | | | | | | | |
Beginning of period | | | | | — | | |
End of period | | | | $ | 12,985,832 | | |
Changes in Shares Outstanding | | | | | | | |
Shares outstanding, beginning of period | | | | | — | | |
Shares created | | | | | 630,000 | | |
Shares redeemed | | | | | (120,000) | | |
Shares outstanding, end of period | | | | | 510,000 | | |
| | | IQ MacKay California Municipal Intermediate ETF | | |||||||||
| | | For the Six Months Ended October 31, 2022 (unaudited) | | | For the Period December 21, 2021(a) to April 30, 2022 | | ||||||
Net asset value, beginning of period | | | | $ | 21.78 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.28 | | | | | | 0.13 | | |
Net realized and unrealized gain (loss) | | | | | (1.14) | | | | | | (3.18) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (0.86) | | | | | | (3.05) | | |
Distributions from: | | | | | | | | | | | | | |
Net investment income | | | | | (0.28) | | | | | | (0.17) | | |
Net asset value, end of period | | | | $ | 20.64 | | | | | $ | 21.78 | | |
Market price, end of period | | | | $ | 20.65 | | | | | $ | 21.80 | | |
Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | (4.05)% | | | | | | (12.25)% | | |
Total investment return based on market price(d) | | | | | (4.05)% | | | | | | (12.17)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 43,342 | | | | | $ | 43,566 | | |
Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.35%(f) | | | | | | 0.35%(f) | | |
Expenses excluding waivers | | | | | 0.67%(f) | | | | | | 0.73%(f) | | |
Net investment income | | | | | 2.57%(f) | | | | | | 1.54%(f) | | |
Portfolio turnover rate(g) | | | | | 85% | | | | | | 86% | | |
| | | IQ MacKay Municipal Insured ETF | | |||||||||||||||||||||||||||||||||
| For the Six Months Ended October 31, 2022 (unaudited) | | | For the Year Ended April 30, | | | For the Period October 18, 2017(a) to April 30, 2018 | | |||||||||||||||||||||||||||||
| 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||||||||||
Net asset value, beginning of year | | | | $ | 24.66 | | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.31 | | | | | | 0.36 | | | | | | 0.38 | | | | | | 0.53 | | | | | | 0.72 | | | | | | 0.36 | | |
Net realized and unrealized gain (loss) | | | | | (2.00) | | | | | | (2.71) | | | | | | 1.76 | | | | | | 0.50(c) | | | | | | 0.90 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (1.69) | | | | | | (2.35) | | | | | | 2.14 | | | | | | 1.03 | | | | | | 1.62 | | | | | | (0.03) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.34) | | | | | | (0.49) | | | | | | (0.52) | | | | | | (0.64) | | | | | | (0.68) | | | | | | (0.30) | | |
Net realized gain | | | | | — | | | | | | (0.01) | | | | | | — | | | | | | (0.11) | | | | | | — | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.34) | | | | | | (0.50) | | | | | | (0.52) | | | | | | (0.75) | | | | | | (0.68) | | | | | | (0.30) | | |
Net asset value, end of year | | | | $ | 22.63 | | | | | $ | 24.66 | | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of year | | | | $ | 22.60 | | | | | $ | 24.65 | | | | | $ | 27.54 | | | | | $ | 26.00 | | | | | $ | 25.64 | | | | | $ | 24.86 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (6.98)% | | | | | | (8.70)% | | | | | | 8.32% | | | | | | 4.05% | | | | | | 6.72% | | | | | | (0.13)% | | |
Total investment return based on market price(e) | | | | | (7.01)% | | | | | | (8.85)% | | | | | | 7.97% | | | | | | 4.36% | | | | | | 6.02% | | | | | | 0.64%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000’s omitted) | | | | $ | 322,416 | | | �� | | $ | 365,028 | | | | | $ | 444,327 | | | | | $ | 88,035 | | | | | $ | 43,539 | | | | | $ | 14,801 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.31%(g) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers | | | | | 0.48%(g) | | | | | | 0.49% | | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.77% | | | | | | 0.99%(g) | | |
Net investment income | | | | | 2.59%(g) | | | | | | 1.31% | | | | | | 1.40% | | | | | | 2.01% | | | | | | 2.89% | | | | | | 2.74%(g) | | |
Portfolio turnover rate(h) | | | | | 99% | | | | | | 80% | | | | | | 36% | | | | | | 71% | | | | | | 56% | | | | | | 77% | | |
| | | IQ MacKay Municipal Intermediate ETF | | |||||||||||||||||||||||||||||||||
| For the Six Months Ended October 31, 2022 (unaudited) | | | For the Year Ended April 30, | | | For the Period October 18, 2017(a) to April 30, 2018 | | |||||||||||||||||||||||||||||
| 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||||||||||
Net asset value, beginning of year | | | | $ | 24.47 | | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.25 | | | | | | 0.28 | | | | | | 0.47 | | | | | | 0.53 | | | | | | 0.69 | | | | | | 0.30 | | |
Net realized and unrealized gain (loss) | | | | | (1.24) | | | | | | (2.16) | | | | | | 1.73 | | | | | | 0.16(c) | | | | | | 0.91 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (0.99) | | | | | | (1.88) | | | | | | 2.20 | | | | | | 0.69 | | | | | | 1.60 | | | | | | (0.09) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.26) | | | | | | (0.39) | | | | | | (0.58) | | | | | | (0.67) | | | | | | (0.66) | | | | | | (0.24) | | |
Net realized gain | | | | | — | | | | | | (0.08) | | | | | | (0.02) | | | | | | (0.41) | | | | | | — | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.26) | | | | | | (0.47) | | | | | | (0.60) | | | | | | (1.08) | | | | | | (0.66) | | | | | | (0.24) | | |
Net asset value, end of year | | | | $ | 23.22 | | | | | $ | 24.47 | | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of year | | | | $ | 23.20 | | | | | $ | 24.47 | | | | | $ | 26.84 | | | | | $ | 25.22 | | | | | $ | 25.66 | | | | | $ | 24.71 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(d) | | | | | (4.10)% | | | | | | (7.13)% | | | | | | 8.80% | | | | | | 2.65% | | | | | | 6.59% | | | | | | (0.34)% | | |
Total investment return based on market price(e) | | | | | (4.17)% | | | | | | (7.19)% | | | | | | 8.90% | | | | | | 2.44% | | | | | | 6.62% | | | | | | (0.18)%(f) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000’s omitted) | | | | $ | 306,441 | | | | | $ | 229,984 | | | | | $ | 124,700 | | | | | $ | 51,708 | | | | | $ | 43,541 | | | | | $ | 29,606 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.31%(g) | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30%(g) | | |
Expenses excluding waivers | | | | | 0.47%(g) | | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.62% | | | | | | 0.71% | | | | | | 0.77%(g) | | |
Net investment income | | | | | 2.05%(g) | | | | | | 1.05% | | | | | | 1.78% | | | | | | 2.02% | | | | | | 2.76% | | | | | | 2.28%(g) | | |
Portfolio turnover rate(h) | | | | | 47% | | | | | | 74% | | | | | | 43% | | | | | | 77% | | | | | | 72% | | | | | | 80% | | |
| | | IQ MacKay ESG Core Plus Bond ETF | | |||||||||
| | | For the Six Months Ended October 31, 2022 (unaudited) | | | For the Period June 29, 2021(a) to April 30, 2022 | | ||||||
Net asset value, beginning of period | | | | $ | 22.35 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.38 | | | | | | 0.40 | | |
Net realized and unrealized gain (loss) | | | | | (2.19) | | | | | | (2.70) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (1.81) | | | | | | (2.30) | | |
Distributions from: | | | | | | | | | | | | | |
Net investment income | | | | | (0.33) | | | | | | (0.32) | | |
Net realized gain | | | | | — | | | | | | (0.03) | | |
Total distributions from net investment income and realized gains | | | | | (0.33) | | | | | | (0.35) | | |
Net asset value, end of period | | | | $ | 20.21 | | | | | $ | 22.35 | | |
Market price, end of period | | | | $ | 20.28 | | | | | $ | 22.38 | | |
Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | (8.22)% | | | | | | (9.31)% | | |
Total investment return based on market price(d) | | | | | (7.98)% | | | | | | (9.21)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 229,332 | | | | | $ | 148,625 | | |
Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.39%(f) | | | | | | 0.39%(f) | | |
Expenses excluding waivers | | | | | 0.45%(f) | | | | | | 0.64%(f) | | |
Net investment income | | | | | 3.53%(f) | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g) | | | | | 120% | | | | | | 333% | | |
| | | IQ MacKay ESG High Income ETF | | |||
| | | For the Period October 25, 2022(a) to October 31, 2022 | | |||
Net asset value, beginning of period | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.03 | | |
Net realized and unrealized gain (loss) | | | | | 0.09 | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.12 | | |
Net asset value, end of period | | | | $ | 25.12 | | |
Market price, end of period | | | | $ | 25.20 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c) | | | | | 0.49% | | |
Total investment return based on market price(d) | | | | | 0.80%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 25,124 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.40%(f) | | |
Expenses excluding waivers | | | | | 0.81%(f) | | |
Net investment income | | | | | 5.78%(f) | | |
Portfolio turnover rate(g) | | | | | 1% | | |
| | | IQ MacKay Multi-Sector Income ETF | | |||
| | | For the Period July 26, 2022(a) to October 31, 2022 | | |||
Net asset value, beginning of period | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.30 | | |
Net realized and unrealized gain (loss) | | | | | (2.07) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (1.77) | | |
Distributions from: | | | | | | | |
Net investment income | | | | | (0.19) | | |
Net asset value, end of period | | | | $ | 23.04 | | |
Market price, end of period | | | | $ | 23.06 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c) | | | | | (7.10)% | | |
Total investment return based on market price(d) | | | | | (7.04)%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 23,044 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.40%(f) | | |
Expenses excluding waivers | | | | | 0.77%(f) | | |
Net investment income | | | | | 4.57%(f) | | |
Portfolio turnover rate(g) | | | | | 95% | | |
| | | IQ Ultra Short Duration ETF | | |||||||||||||||||||||
| For the Six Months Ended October 31, 2022 (unaudited) | | | For the Year Ended April 30, | | | For the Period July 31, 2019(a) to April 30, 2020 | | |||||||||||||||||
| 2022 | | | 2021 | | ||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 48.01 | | | | | $ | 49.60 | | | | | $ | 48.91 | | | | | $ | 50.01 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 0.57 | | | | | | 0.49 | | | | | | 0.51 | | | | | | 0.74 | | |
Net realized and unrealized gain (loss) | | | | | (0.72) | | | | | | (0.96) | | | | | | 0.97 | | | | | | (1.07) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (0.15) | | | | | | (0.47) | | | | | | 1.48 | | | | | | (0.33) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.56) | | | | | | (0.51) | | | | | | (0.56) | | | | | | (0.75) | | |
Net realized gain | | | | | — | | | | | | (0.61) | | | | | | (0.23) | | | | | | (0.02) | | |
Total distributions from net investment income and realized gains | | | | | (0.56) | | | | | | (1.12) | | | | | | (0.79) | | | | | | (0.77) | | |
Net asset value, end of period | | | | $ | 47.30 | | | | | $ | 48.01 | | | | | $ | 49.60 | | | | | $ | 48.91 | | |
Market price, end of period | | | | $ | 47.23 | | | | | $ | 47.94 | | | | | $ | 49.60 | | | | | $ | 48.99 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | (0.32)% | | | | | | (0.97)% | | | | | | 3.08% | | | | | | (0.68)% | | |
Total investment return based on market price(d) | | | | | (0.31)% | | | | | | (1.10)% | | | | | | 2.88% | | | | | | (0.52)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 70,952 | | | | | $ | 124,817 | | | | | $ | 252,978 | | | | | $ | 149,182 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.24%(f) | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.24%(f) | | |
Expenses excluding waivers | | | | | 0.39%(f) | | | | | | 0.35% | | | | | | 0.33% | | | | | | 0.49%(f) | | |
Net investment income | | | | | 2.39%(f) | | | | | | 1.00% | | | | | | 1.03% | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g) | | | | | 189% | | | | | | 132% | | | | | | 185% | | | | | | 292% | | |
| | | IQ Winslow Focused Large Cap Growth ETF | | |||
| | | For the Period June 23, 2022(a) to October 31, 2022 | | |||
Net asset value, beginning of period | | | | $ | 24.93 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.00(c) | | |
Net realized and unrealized gain (loss) | | | | | 0.88 | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.88 | | |
Net asset value, end of period | | | | $ | 25.81 | | |
Market price, end of period | | | | $ | 25.80 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(d) | | | | | 3.50% | | |
Total investment return based on market price(e) | | | | | 3.49%(f) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 5,677 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.65%(g) | | |
Expenses excluding waivers | | | | | 2.47%(g) | | |
Net investment income | | | | | 0.01%(g) | | |
Portfolio turnover rate(h) | | | | | 4% | | |
| | | IQ Winslow Large Cap Growth ETF | | |||
| | | For the Period June 23, 2022(a) to October 31, 2022 | | |||
Net asset value, beginning of period | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | (0.00)(c) | | |
Net realized and unrealized gain (loss) | | | | | 0.46(d) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.46 | | |
Net asset value, end of period | | | | $ | 25.46 | | |
Market price, end of period | | | | $ | 25.46 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(e) | | | | | 1.86% | | |
Total investment return based on market price(f) | | | | | 1.84%(g) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 12,986 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.60%(h) | | |
Expenses excluding waivers | | | | | 1.88%(h) | | |
Net investment loss | | | | | (0.05)%(h) | | |
Portfolio turnover rate(i) | | | | | 24% | | |
| Funds | | | Diversification Policy | | | Commencement of Operations Date | |
| IQ MacKay California Municipal Intermediate ETF | | | Diversified | | | December 21, 2021 | |
| IQ MacKay Municipal Insured ETF | | | Diversified | | | October 18, 2017 | |
| IQ MacKay Municipal Intermediate ETF | | | Diversified | | | October 18, 2017 | |
| IQ MacKay ESG Core Plus Bond ETF | | | Diversified | | | June 29, 2021 | |
| IQ MacKay ESG High Income ETF | | | Diversified | | | October 25, 2022 | |
| IQ MacKay Multi-Sector Income ETF | | | Diversified | | | July 26, 2022 | |
| IQ Ultra Short Duration ETF | | | Diversified | | | July 31, 2019 | |
| IQ Winslow Focused Large Cap Growth ETF | | | Diversified | | | June 23, 2022 | |
| IQ Winslow Large Cap Growth ETF | | | Diversified | | | June 23, 2022 | |
| Funds | | | Investment Objective | |
| IQ MacKay California Municipal Intermediate ETF | | | Seeks current income exempt from federal and California income taxes. | |
| IQ MacKay Municipal Insured ETF | | | Seeks current income exempt from federal income tax. | |
| IQ MacKay Municipal Intermediate ETF | | | Seeks current income exempt from federal income tax. | |
| IQ MacKay ESG Core Plus Bond ETF | | | Seeks total returns, while incorporating the Subadvisor’s ESG investment strategy. | |
| IQ MacKay ESG High Income ETF | | | Seeks to maximize current income while incorporating the subadvisor’s ESG investment strategy. | |
| IQ MacKay Multi-Sector Income ETF | | | Seeks to maximize current income and long-term capital appreciation. | |
| IQ Ultra Short Duration ETF | | | Seeks to provide current income while maintaining limited price volatility. | |
| IQ Winslow Focused Large Cap Growth ETF | | | Seeks long-term growth of capital. | |
| IQ Winslow Large Cap Growth ETF | | | Seeks long-term growth of capital. | |
| | | 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 | | | | $ | — | | | | | $ | 90,837 | | | | | $ | 20,626 | | | | | $ | 19,281,826 | | | | | $ | 19,393,289 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | — | | | | | | 369 | | | | | | 3,145 | | | | | | 172,657 | | | | | | 176,171 | | |
IQ Winslow Large Cap Growth ETF | | | | | — | | | | | | 1,191 | | | | | | 10,167 | | | | | | 558,154 | | | | | | 569,512 | | |
Funds | | | Rate | | |||
IQ MacKay California Municipal Intermediate ETF | | | | | 0.45% | | |
IQ MacKay Municipal Insured ETF | | | | | 0.40% | | |
IQ MacKay Municipal Intermediate ETF | | | | | 0.40% | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 0.39% | | |
IQ MacKay ESG High Income ETF | | | | | 0.40% | | |
IQ MacKay Multi-Sector Income ETF | | | | | 0.40% | | |
IQ Ultra Short Duration ETF | | | | | 0.24% | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 0.75% | | |
IQ Winslow Large Cap Growth ETF | | | | | 0.75% | | |
Funds | | | Rate | | |||
IQ MacKay California Municipal Intermediate ETF | | | | | 0.35% | | |
IQ MacKay Municipal Insured ETF | | | | | 0.30% | | |
IQ MacKay Municipal Intermediate ETF | | | | | 0.30% | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 0.39% | | |
IQ MacKay ESG High Income ETF | | | | | 0.40% | | |
IQ MacKay Multi-Sector Income ETF | | | | | 0.40% | | |
IQ Ultra Short Duration ETF | | | | | 0.24% | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 0.65% | | |
IQ Winslow Large Cap Growth ETF | | | | | 0.60% | | |
Funds | | | Reimbursed Expenses | | |||
IQ MacKay California Municipal Intermediate ETF | | | | | 70,627 | | |
IQ MacKay Municipal Insured ETF | | | | | 304,333 | | |
IQ MacKay Municipal Intermediate ETF | | | | | 225,270 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 51,609 | | |
IQ MacKay ESG High Income ETF | | | | | 1,977 | | |
IQ MacKay Multi-Sector Income ETF | | | | | 23,968 | | |
IQ Ultra Short Duration ETF | | | | | 81,661 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 35,798 | | |
IQ Winslow Large Cap Growth ETF | | | | | 38,335 | | |
Fund | | | Cost | | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | ||||||||||||
IQ MacKay California Municipal Intermediate ETF | | | | $ | 45,172,838 | | | | | $ | 498 | | | | | $ | (2,330,756) | | | | | $ | (2,330,258) | | |
IQ MacKay Municipal Insured ETF | | | | | 373,304,079 | | | | | | 487,746 | | | | | | (27,263,884) | | | | | | (26,776,138) | | |
IQ MacKay Municipal Intermediate ETF | | | | | 344,058,491 | | | | | | 786,414 | | | | | | (24,319,794) | | | | | | (23,533,380) | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 244,755,288 | | | | | | 136,810 | | | | | | (16,620,450) | | | | | | (16,483,640) | | |
IQ MacKay ESG High Income ETF | | | | | 24,472,652 | | | | | | 133,478 | | | | | | (100,029) | | | | | | 33,449 | | |
IQ MacKay Multi-Sector Income ETF | | | | | 24,520,717 | | | | | | 80,918 | | | | | | (1,826,658) | | | | | | (1,745,740) | | |
IQ Ultra Short Duration ETF | | | | | 75,176,637 | | | | | | 4,882 | | | | | | (3,655,833) | | | | | | (3,650,951) | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 5,546,918 | | | | | | 358,846 | | | | | | (210,721) | | | | | | 148,125 | | |
IQ Winslow Large Cap Growth ETF | | | | | 13,127,189 | | | | | | 453,744 | | | | | | (485,737) | | | | | | (31,993) | | |
Fund | | | Ordinary Income (Loss)1 | | | Tax-Exempt Income (Loss) | | | Net Capital Gain (Losses)2 | | | Net Unrealized Appreciation/ Depreciation | | | Total Earnings/ (Losses) | | |||||||||||||||
IQ MacKay California Municipal Intermediate ETF | | | | $ | 3,315 | | | | | $ | 62,490 | | | | | $ | (2,884,745) | | | | | $ | (3,630,463) | | | | | $ | (6,449,403) | | |
IQ MacKay Municipal Insured ETF | | | | | 2,491 | | | | | | 739,071 | | | | | | (11,902,711) | | | | | | (31,655,416) | | | | | | (42,816,565) | | |
IQ MacKay Municipal Intermediate ETF | | | | | 223 | | | | | | 351,765 | | | | | | (3,646,501) | | | | | | (16,532,142) | | | | | | (19,826,655) | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 207,329 | | | | | | — | | | | | | (1,223,722) | | | | | | (5,212,337) | | | | | | (6,228,730) | | |
IQ MacKay ESG High Income ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Multi-Sector Income ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration ETF | | | | | 230,966 | | | | | | — | | | | | | (298,705) | | | | | | (3,488,431) | | | | | | (3,556,170) | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Large Cap Growth ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||||||||||||||
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 California Municipal Intermediate ETF | | | | $ | — | | | | | $ | 340,640 | | | | | $ | — | | | | | $ | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Municipal Insured ETF | | | | | 6,571 | | | | | | 8,358,177 | | | | | | 172,005 | | | | | | — | | | | | | 20,321 | | | | | | 3,788,125 | | | | | | — | | | | | | — | | |
IQ MacKay Municipal Intermediate ETF | | | | | 437,277 | | | | | | 3,268,012 | | | | | | 412,930 | | | | | | — | | | | | | 2,692 | | | | | | 1,486,578 | | | | | | 55,809 | | | | | | — | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 485,043 | | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay ESG High Income ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Multi-Sector Income ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration ETF | | | | | 2,460,110 | | | | | | — | | | | | | 1,277,966 | | | | | | — | | | | | | 3,256,994 | | | | | | — | | | | | | 95,475 | | | | | | — | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Large Cap Growth ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Fund | | | Late Year Ordinary Losses | | | Short-Term Post October Losses | | | Long-Term Post October Losses | | |||||||||
IQ MacKay California Municipal Intermediate ETF | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
IQ MacKay Municipal Insured ETF | | | | | — | | | | | | — | | | | | | — | | |
IQ MacKay Municipal Intermediate ETF | | | | | — | | | | | | 3,436,333 | | | | | | 210,168 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | — | | | | | | 944,373 | | | | | | 279,349 | | |
IQ MacKay ESG High Income ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Multi-Sector Income ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration ETF | | | | | — | | | | | | — | | | | | | — | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Large Cap Growth ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Fund | | | Utilized on Current Year | | | Short-Term With No Expiration | | | Long-Term With No Expiration | | |||||||||
IQ MacKay California Municipal Intermediate ETF | | | | $ | — | | | | | $ | 2,884,745 | | | | | $ | — | | |
IQ MacKay Municipal Insured ETF | | | | | — | | | | | | 6,528,937 | | | | | | 5,373,774 | | |
IQ MacKay Municipal Intermediate ETF | | | | | — | | | | | | — | | | | | | — | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | — | | | | | | — | | | | | | — | | |
IQ MacKay ESG High Income ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Multi-Sector Income ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Ultra Short Duration ETF | | | | | — | | | | | | 298,705 | | | | | | — | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Large Cap Growth ETF | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Fund | | | % of Ownership | | |||
IQ MacKay California Municipal Intermediate ETF | | | | | 47.6% | | |
Fund | | | % of Ownership | | |||
IQ MacKay California Municipal Intermediate ETF | | | | | 46.7% | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 99.2% | | |
IQ MacKay ESG High Income ETF | | | | | 99.0% | | |
IQ MacKay Multi-Sector Income ETF | | | | | 99.0% | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 90.9% | | |
IQ Winslow Large Cap Growth ETF | | | | | 91.9% | | |
Fund | | | Purchases | | | Sales | | | Purchases In-Kind | | | Sales In-Kind | | ||||||||||||
IQ MacKay California Municipal Intermediate ETF | | | | $ | 39,315,494 | | | | | $ | 35,652,416 | | | | | $ | — | | | | | $ | — | | |
IQ MacKay Municipal Insured ETF | | | | | 335,885,588 | | | | | | 342,885,316 | | | | | | — | | | | | | — | | |
IQ MacKay Municipal Intermediate ETF | | | | | 235,982,304 | | | | | | 126,776,151 | | | | | | — | | | | | | — | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 309,029,919 | | | | | | 212,119,258 | | | | | | — | | | | | | — | | |
IQ MacKay ESG High Income ETF | | | | | 24,128,771 | | | | | | 240,670 | | | | | | — | | | | | | — | | |
IQ MacKay Multi-Sector Income ETF | | | | | 42,278,069 | | | | | | 17,903,091 | | | | | | — | | | | | | — | | |
IQ Ultra Short Duration ETF | | | | | 187,283,567 | | | | | | 236,484,964 | | | | | | — | | | | | | — | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 244,414 | | | | | | 236,590 | | | | | | 6,747,366 | | | | | | 1,272,834 | | |
IQ Winslow Large Cap Growth ETF | | | | | 1,917,559 | | | | | | 2,018,497 | | | | | | 16,194,529 | | | | | | 3,129,186 | | |
| | | Interest Risk | | |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | — | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | — | | |
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | 350,798 | | |
| | | Interest Risk | | |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | 1,893,216 | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | 172,118 | | |
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | 2,818 | | |
| | | Interest Risk | | |||
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts | | | | $ | (673,655) | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts | | | | $ | (1,627,217) | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts | | | | $ | (152,279) | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts | | | | $ | (172,118) | | |
IQ Ultra Short Duration ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts | | | | $ | 2,452,259 | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts | | | | $ | (613,617) | | |
| | | Average Notional Value | | |||||||||||||||
| | | IQ MacKay ESG Core Plus Bond ETF | | | IQ MacKay Multi-Sector Income ETF | | | IQ Ultra Short Duration ETF | | |||||||||
Asset Derivatives | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | $ | 32,619,823 | | | | | $ | 2,009,259 | | | | | $ | 484,565 | | |
Liability Derivatives | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | $ | — | | | | | $ | — | | | | | $ | (56,012,896) | | |
IQ MacKay Municipal Insured ETF (MMIN)
IQ MacKay Municipal Intermediate ETF (MMIT)
IQ MacKay ESG Core Plus Bond ETF (ESGB)
IQ MacKay ESG High Income ETF (IQHI)
IQ MacKay Multi-Sector Income ETF (MMSB)
IQ Ultra Short Duration ETF (ULTR)
IQ Winslow Focused Large Cap Growth ETF (IWFG)
IQ Winslow Large Cap Growth ETF (IWLG)
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 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)(3) | Not applicable. |
(a)(4) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
(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 28, 2022 |
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 28, 2022 |
By (Signature and Title) | /s/ Adefolahan O. Oyefeso | |
Adefolahan O. Oyefeso | ||
(Principal Financial Officer) |
Date | December 28, 2022 |