UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22739
IndexIQ Active ETF Trust
(Exact name of registrant as specified in charter)
51 Madison Avenue
New York, NY 10010
(Address of principal executive offices) (Zip code)
Kirk C. Lehneis
IndexIQ Advisors LLC
51 Madison Avenue
New York, NY 10010
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-888-474-7725
Date of fiscal year end: April 30
Date of reporting period: April 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). |
| IQ Ultra Short Duration ETF (ULTR) | | | | |
| IQ MacKay ESG Core Plus Bond ETF (ESGB) | | | ||
| IQ MacKay Multi-Sector Income ETF (MMSB) | | | ||
| IQ MacKay ESG High Income ETF (IQHI) | | | ||
| IQ MacKay Municipal Insured ETF (MMIN) | | | ||
| IQ MacKay Municipal Intermediate ETF (MMIT) | | | ||
| IQ MacKay California Municipal Intermediate ETF (MMCA) | | | ||
| IQ Winslow Large Cap Growth ETF (IWLG) | | | ||
| IQ Winslow Focused Large Cap Growth ETF (IWFG) | | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 30 | | | |
| | | | | 32 | | | |
| Schedules of Investments | | | | | | | |
| | | | | 35 | | | |
| | | | | 39 | | | |
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| | | | | 116 | | | |
| | | | | 134 | | | |
| | | | | 136 | | | |
| | | | | 137 | | | |
| | | | | 138 | | | |
| | | | | 143 | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | 1 Year | | | 3 Year | | | Since Inception1 | | |||||||||||||||
| | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | | ||||||||||||
IQ Ultra Short Duration ETF Market Price2 | | | | | 2.63% | | | | | | 1.45% | | | | | | 1.02% | | | | | | 3.88% | | |
IQ Ultra Short Duration ETF NAV | | | | | 2.53% | | | | | | 1.52% | | | | | | 1.03% | | | | | | 3.93% | | |
Bloomberg Short Treasury 3-6 Month Index3 | | | | | 2.76% | | | | | | 0.96% | | | | | | 1.22% | | | | | | 4.65% | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | 1 Year | | | Since Inception1 | | ||||||||||||
| | | Avg Annual | | | Avg Annual | | | Cumulative | | |||||||||
IQ MacKay ESG Core Plus Bond ETF Market Price2 | | | | | -1.59% | | | | | | -5.94% | | | | | | -10.65% | | |
IQ MacKay ESG Core Plus Bond ETF NAV | | | | | -1.31% | | | | | | -5.86% | | | | | | -10.50% | | |
Bloomberg US Aggregate Bond Index3 | | | | | -0.43% | | | | | | -5.40% | | | | | | -9.71% | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | Since Inception1 | | |||
| | | Cumulative | | |||
IQ MacKay Multi-Sector Income ETF Market Price2 | | | | | 0.45% | | |
IQ MacKay Multi-Sector Income ETF NAV | | | | | 0.42% | | |
Bloomberg U.S. Universal Index3 | | | | | -0.35% | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | Since Inception1 | | |||
| | | Cumulative | | |||
IQ MacKay ESG High Income ETF Market Price2 | | | | | 7.29% | | |
IQ MacKay ESG High Income ETF NAV | | | | | 7.12% | | |
Bloomberg Very Liquid High Yield Index3 | | | | | 8.14% | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | | ||||||||||||||||||
| | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | | |||||||||||||||
IQ MacKay Municipal Insured ETF Market Price2 | | | | | 2.00% | | | | | | 0.13% | | | | | | 2.12% | | | | | | 2.03% | | | | | | 11.77% | | |
IQ MacKay Municipal Insured ETF NAV | | | | | 1.74% | | | | | | 0.21% | | | | | | 2.24% | | | | | | 2.00% | | | | | | 11.59% | | |
Bloomberg Municipal All Insured Bond Index3 | | | | | 2.89% | | | | | | 0.78% | | | | | | 2.47% | | | | | | 2.04% | | | | | | 11.86% | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | 1 Year | | | 3 Year | | | 5 Year | | | Since Inception1 | | ||||||||||||||||||
| | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Avg Annual | | | Cumulative | | |||||||||||||||
IQ MacKay Municipal Intermediate ETF Market Price2 | | | | | 2.80% | | | | | | 1.28% | | | | | | 2.56% | | | | | | 2.27% | | | | | | 13.25% | | |
IQ MacKay Municipal Intermediate ETF NAV | | | | | 2.66% | | | | | | 1.23% | | | | | | 2.56% | | | | | | 2.25% | | | | | | 13.11% | | |
Bloomberg Municipal Bond Index 1-15 Year Blend3 | | | | | 3.50% | | | | | | 0.85% | | | | | | 2.08% | | | | | | 1.61% | | | | | | 9.23% | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | 1 Year | | | Since Inception1 | | ||||||||||||
| | | Avg Annual | | | Avg Annual | | | Cumulative | | |||||||||
IQ MacKay California Municipal Intermediate ETF Market Price2 | | | | | 2.33% | | | | | | -7.55% | | | | | | -10.12% | | |
IQ MacKay California Municipal Intermediate ETF NAV | | | | | 2.28% | | | | | | -7.59% | | | | | | -10.17% | | |
Bloomberg California Intermediate Municipal Bond Index3 | | | | | 4.32% | | | | | | -3.09% | | | | | | -4.17% | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | Since Inception1 | | |||
| | | Cumulative | | |||
IQ Winslow Large Cap Growth ETF Market Price2 | | | | | 14.85% | | |
IQ Winslow Large Cap Growth ETF NAV | | | | | 14.89% | | |
Russell 1000® Growth Index3 | | | | | 14.69% | | |
(Since Inception through 4/30/23)
(as of April 30, 2023)
| | | Since Inception1 | | |||
| | | Cumulative | | |||
IQ Winslow Focused Large Cap Growth ETF Market Price2 | | | | | 18.11% | | |
IQ Winslow Focused Large Cap Growth ETF NAV | | | | | 18.12% | | |
Russell 1000® Growth Index3 | | | | | 14.69% | | |
| | | Beginning Account Value 11/01/22 | | | Ending Account Value 04/30/23 | | | Annualized Expense Ratios for the Period 11/01/22 to 04/30/23 | | | Expenses Paid for Period 11/01/22 to 04/30/231 | | ||||||||||||
IQ Ultra Short Duration ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,028.60 | | | | | | 0.19% | | | | | $ | 0.96 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.85 | | | | | | 0.19% | | | | | $ | 0.95 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,075.20 | | | | | | 0.37% | | | | | $ | 1.90 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.96 | | | | | | 0.37% | | | | | $ | 1.86 | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,080.90 | | | | | | 0.40% | | | | | $ | 2.06 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | | 0.40% | | | | | $ | 2.01 | | |
IQ MacKay ESG High Income ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,066.00 | | | | | | 0.40% | | | | | $ | 2.05 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,022.81 | | | | | | 0.40% | | | | | $ | 2.01 | | |
IQ MacKay Municipal Insured ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,093.80 | | | | | | 0.28% | | | | | $ | 1.45 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.41 | | | | | | 0.28% | | | | | $ | 1.40 | | |
IQ MacKay Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,070.60 | | | | | | 0.29% | | | | | $ | 1.49 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.36 | | | | | | 0.29% | | | | | $ | 1.45 | | |
| | | Beginning Account Value 11/01/22 | | | Ending Account Value 04/30/23 | | | Annualized Expense Ratios for the Period 11/01/22 to 04/30/23 | | | Expenses Paid for Period 11/01/22 to 04/30/231 | | ||||||||||||
IQ MacKay California Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,066.00 | | | | | | 0.33% | | | | | $ | 1.69 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,023.16 | | | | | | 0.33% | | | | | $ | 1.66 | | |
IQ Winslow Large Cap Growth ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,127.80 | | | | | | 0.60% | | | | | $ | 3.17 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.82 | | | | | | 0.60% | | | | | $ | 3.01 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 1,141.20 | | | | | | 0.65% | | | | | $ | 3.45 | | |
Hypothetical (assuming a 5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,021.57 | | | | | | 0.65% | | | | | $ | 3.26 | | |
Net Assets ($ mil): $54.9
Country | | | % of Net Assets | | |||
United States | | | | | 79.3% | | |
Cayman Islands | | | | | 10.3 | | |
Ireland | | | | | 1.9 | | |
United Kingdom | | | | | 1.8 | | |
Germany | | | | | 1.2 | | |
Canada | | | | | 1.0 | | |
Netherlands | | | | | 0.8 | | |
Sweden | | | | | 0.6 | | |
Denmark | | | | | 0.5 | | |
New Zealand | | | | | 0.5 | | |
Switzerland | | | | | 0.5 | | |
Italy | | | | | 0.4 | | |
Japan | | | | | 0.4 | | |
Total Investments | | | | | 99.2 | | |
Other Assets and Liabilites, Net | | | | | 0.8 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $242.5
Country | | | % of Net Assets | | |||
United States | | | | | 86.7% | | |
United Kingdom | | | | | 2.4 | | |
France | | | | | 1.9 | | |
Germany | | | | | 1.4 | | |
Japan | | | | | 1.2 | | |
Canada | | | | | 0.9 | | |
Australia | | | | | 0.9 | | |
Switzerland | | | | | 0.6 | | |
Brazil | | | | | 0.4 | | |
Israel | | | | | 0.4 | | |
Spain | | | | | 0.4 | | |
Italy | | | | | 0.4 | | |
Netherlands | | | | | 0.3 | | |
Luxembourg | | | | | 0.3 | | |
Ireland | | | | | 0.3 | | |
Sweden | | | | | 0.2 | | |
Supranational | | | | | 0.2 | | |
Colombia | | | | | 0.2 | | |
Total Investments | | | | | 99.1 | | |
Other Assets and Liabilites, Net | | | | | 0.9 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $24.3
Country | | | % of Net Assets | | |||
United States | | | | | 87.3% | | |
France | | | | | 2.0 | | |
United Kingdom | | | | | 1.4 | | |
Saudi Arabia | | | | | 0.8 | | |
Chile | | | | | 0.8 | | |
Canada | | | | | 0.8 | | |
China | | | | | 0.8 | | |
Malaysia | | | | | 0.7 | | |
Indonesia | | | | | 0.7 | | |
Qatar | | | | | 0.6 | | |
Germany | | | | | 0.6 | | |
Switzerland | | | | | 0.6 | | |
Israel | | | | | 0.5 | | |
Colombia | | | | | 0.5 | | |
Australia | | | | | 0.4 | | |
Mexico | | | | | 0.3 | | |
Ireland | | | | | 0.3 | | |
Netherlands | | | | | 0.1 | | |
Finland | | | | | 0.0(a) | | |
Total Investments | | | | | 99.2 | | |
Other Assets and Liabilites, Net | | | | | 0.8 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $26.0
Country | | | % of Net Assets | | |||
United States | | | | | 83.5% | | |
Canada | | | | | 6.0 | | |
United Kingdom | | | | | 2.6 | | |
France | | | | | 2.5 | | |
Italy | | | | | 2.4 | | |
Netherlands | | | | | 1.3 | | |
Israel | | | | | 0.6 | | |
Finland | | | | | 0.4 | | |
Total Investments | | | | | 99.3 | | |
Other Assets and Liabilites, Net | | | | | 0.7 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $363.1
Industry | | | % of Net Assets | | |||
General Obligation | | | | | 23.9% | | |
School District | | | | | 21.6 | | |
General | | | | | 13.6 | | |
Transportation | | | | | 6.5 | | |
Water | | | | | 5.3 | | |
Education | | | | | 4.7 | | |
Airport | | | | | 4.5 | | |
Development | | | | | 4.4 | | |
Higher Education | | | | | 4.3 | | |
Power | | | | | 3.1 | | |
Medical | | | | | 2.8 | | |
Mello-Roos | | | | | 1.4 | | |
Housing | | | | | 1.3 | | |
Utilities | | | | | 0.9 | | |
Money Market Fund | | | | | 0.6 | | |
Student Loan | | | | | 0.0(a) | | |
Total Investments | | | | | 98.9 | | |
Other Assets and Liabilites, Net | | | | | 1.1 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $414.5
Industry | | | % of Net Assets | | |||
General | | | | | 18.2% | | |
General Obligation | | | | | 18.0 | | |
School District | | | | | 11.3 | | |
Water | | | | | 10.1 | | |
Multifamily Hsg | | | | | 8.2 | | |
Medical | | | | | 6.2 | | |
Transportation | | | | | 5.5 | | |
Higher Education | | | | | 5.3 | | |
Education | | | | | 3.1 | | |
Power | | | | | 2.8 | | |
Utilities | | | | | 2.4 | | |
Airport | | | | | 1.7 | | |
Build America Bonds | | | | | 1.0 | | |
Development | | | | | 0.9 | | |
Nursing Homes | | | | | 0.8 | | |
Bond Bank | | | | | 0.8 | | |
Pollution | | | | | 0.6 | | |
Mello-Roos | | | | | 0.6 | | |
Single Family Hsg | | | | | 0.5 | | |
Housing | | | | | 0.4 | | |
Money Market Fund | | | | | 0.1 | | |
Tobacco Settlement | | | | | 0.1 | | |
Facilities | | | | | 0.1 | | |
Student Loan | | | | | 0.1 | | |
Total Investments | | | | | 98.8 | | |
Other Assets and Liabilites, Net | | | | | 1.2 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $50.8
Industry | | | % of Net Assets | | |||
School District | | | | | 19.6% | | |
General | | | | | 17.7 | | |
General Obligation | | | | | 14.8 | | |
Airport | | | | | 11.8 | | |
Development | | | | | 10.1 | | |
Utilities | | | | | 4.6 | | |
Power | | | | | 4.1 | | |
Water | | | | | 4.0 | | |
Medical | | | | | 3.8 | | |
Money Market Fund | | | | | 2.1 | | |
Facilities | | | | | 2.0 | | |
Mello-Roos | | | | | 1.9 | | |
Higher Education | | | | | 1.7 | | |
Multifamily Hsg | | | | | 0.8 | | |
Total Investments | | | | | 99.0 | | |
Other Assets and Liabilites, Net | | | | | 1.0 | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $18.7
Industry | | | % of Net Assets | | |||
Information Technology | | | | | 43.3% | | |
Health Care | | | | | 16.2 | | |
Consumer Discretionary | | | | | 14.6 | | |
Financials | | | | | 8.5 | | |
Communication Services | | | | | 6.9 | | |
Consumer Staples | | | | | 4.4 | | |
Industrials | | | | | 3.5 | | |
Materials | | | | | 2.2 | | |
Money Market Fund | | | | | 1.3 | | |
Total Investments | | | | | 100.9 | | |
Other Assets and Liabilites, Net | | | | | (0.9) | | |
Net Assets | | | | | 100.0% | | |
Net Assets ($ mil): $6.2
Industry | | | % of Net Assets | | |||
Information Technology | | | | | 38.2% | | |
Health Care | | | | | 14.2 | | |
Financials | | | | | 11.4 | | |
Consumer Discretionary | | | | | 9.9 | | |
Industrials | | | | | 8.3 | | |
Consumer Staples | | | | | 5.8 | | |
Communication Services | | | | | 4.6 | | |
Materials | | | | | 4.2 | | |
Energy | | | | | 3.4 | | |
Money Market Fund | | | | | 0.7 | | |
Total Investments | | | | | 100.7 | | |
Other Assets and Liabilites, Net | | | | | (0.7) | | |
Net Assets | | | | | 100.0% | | |
| | | Principal Amount | | | Value | | | | ||||||||||
Long-Term Bonds — 94.0% | | | | ||||||||||||||||
Commercial Asset-Backed Securities — 14.1% | | | | ||||||||||||||||
Asset Backed Securities — 14.1% | | | | | | | | ||||||||||||
Amur Equipment Finance Receivables XI LLC | | | | | | | | | | | | | | | | ||||
Series 2022-2A A2, 5.300%, due 6/21/28 | | | | $ | 207,700 | | | | | $ | 206,498 | | | | | ||||
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | | | | | | | | | ||||
Series 2018-1A A, 3.700%, due 9/20/24 | | | | | 416,667 | | | | | | 414,900 | | | | | ||||
Ford Credit Auto Owner Trust 2018-REV2 | | | | | | | | | | | | | | | | ||||
Series 2018-2 A, 3.470%, due 1/15/30 | | | | | 500,000 | | | | | | 497,991 | | | | | ||||
Ford Credit Floorplan Master Owner Trust A | | | | | | | | | | | | | | | | ||||
Series 2019-2 A, 3.060%, due 4/15/26 | | | | | 500,000 | | | | | | 488,333 | | | | | ||||
Hertz Vehicle Financing III LLC | | | | | | | | | | | | | | | | ||||
Series 2022-3A A, 3.370%, due 3/25/25 | | | | | 500,000 | | | | | | 490,701 | | | | | ||||
Neuberger Berman Loan Advisers CLO 32 Ltd., (Cayman Islands) | | | | | | | | | | | | | | | | ||||
Series 2019-32A BR, 6.665%, (3-Month LIBOR + 1.40%), due 1/20/32(a) | | | | | 1,000,000 | | | | | | 966,981 | | | | | ||||
Oak Hill Credit Partners, (Cayman Islands) | | | | | | | | | | | | | | | | ||||
Series 2021-8A A, 6.452%, (3-Month LIBOR + 1.19%), due 1/18/34(a) | | | | | 750,000 | | | | | | 739,737 | | | | | ||||
Octagon Investment Partners 51 Ltd., (Cayman Islands) | | | | | | | | | | | | | | | | ||||
Series 2021-1A A, 6.400%, (3-Month LIBOR + 1.15%), due 7/20/34(a) | | | | | 1,000,000 | | | | | | 978,862 | | | | | ||||
Palmer Square CLO 2021-2 Ltd., (Cayman Islands) | | | | | | | | | | | | | | | | ||||
Series 2021-2A A, 6.410%, (3-Month LIBOR + 1.15%), due 7/15/34(a) | | | | | 1,000,000 | | | | | | 980,549 | | | | | ||||
Romark CLO IV Ltd., (Cayman Islands) | | | | | | | | | | | | | | | | ||||
Series 2021-4A A1, 6.381%, (3-Month LIBOR + 1.17%), due 7/10/34(a) | | | | | 1,000,000 | | | | | | 980,906 | | | | | ||||
TICP CLO XV Ltd., (Cayman Islands) | | | | | | | | | | | | | | | | ||||
Series 2020-15A A, 6.530%, (3-Month LIBOR + 1.28%), due 4/20/33(a) | | | | | 1,000,000 | | | | | | 989,942 | | | | | ||||
| | | | | | | | | | | 7,735,400 | | | | | ||||
Total Commercial Asset-Backed Securities (Cost $7,844,557) | | | | | | | | | | | 7,735,400 | | | | | ||||
Commercial Mortgage-Backed Security — 0.9% | | | | ||||||||||||||||
Mortgage Securities — 0.9% | | | | ||||||||||||||||
Queens Center Mortgage Trust 2013-QC | | | | | | | | | | | | | | | | ||||
Series 2013-QCA A, 3.275%, due 1/11/37 | | | | | | ||||||||||||||
(Cost $527,067) | | | | | 500,000 | | | | | | 465,993 | | | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds — 40.4% | | ||||||||||||
Basic Materials — 0.4% | | ||||||||||||
Celanese US Holdings LLC | | | | | | | | | | | | | |
6.330%, due 7/15/29 | | | | $ | 210,000 | | | | | $ | 212,743 | | |
Communications — 3.2% | | ||||||||||||
T-Mobile USA, Inc. | | | | | | | | | | | | | |
1.500%, due 2/15/26 | | | | | 665,000 | | | | | | 609,378 | | |
2.625%, due 4/15/26 | | | | | 345,000 | | | | | | 323,595 | | |
Verizon Communications, Inc. | | | | | | | | | | | | | |
5.610%, (SOFR + 0.79%), due 3/20/26(a) | | | | | 830,000 | | | | | | 824,197 | | |
| | | | | | | | | | | 1,757,170 | | |
Consumer, Cyclical — 1.2% | | ||||||||||||
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
6.050%, due 10/10/25 | | | | | 325,000 | | | | | | 328,501 | | |
Warnermedia Holdings, Inc. | | | | | | | | | | | | | |
3.428%, due 3/15/24 | | | | | 300,000 | | | | | | 293,439 | | |
| | | | | | | | | | | 621,940 | | |
Consumer, Non-cyclical — 3.5% | | ||||||||||||
Amgen, Inc. | | | | | | | | | | | | | |
5.150%, due 3/2/28 | | | | | 205,000 | | | | | | 209,820 | | |
Global Payments, Inc. | | | | | | | | | | | | | |
1.500%, due 11/15/24 | | | | | 450,000 | | | | | | 424,779 | | |
Laboratory Corp. of America Holdings | | | | | | | | | | | | | |
3.250%, due 9/1/24 | | | | | 575,000 | | | | | | 561,653 | | |
Mondelez International, Inc. | | | | | | | | | | | | | |
2.125%, due 3/17/24 | | | | | 480,000 | | | | | | 467,501 | | |
PayPal Holdings, Inc. | | | | | | | | | | | | | |
3.900%, due 6/1/27 | | | | | 210,000 | | | | | | 207,440 | | |
| | | | | | | | | | | 1,871,193 | | |
Energy — 1.4% | | ||||||||||||
Energy Transfer LP | | | | | | | | | | | | | |
5.550%, due 2/15/28 | | | | | 210,000 | | | | | | 214,112 | | |
ONEOK, Inc. | | | | | | | | | | | | | |
5.850%, due 1/15/26 | | | | | 235,000 | | | | | | 239,679 | | |
Plains All American Pipeline LP / PAA Finance Corp. | | | | | | | | | | | | | |
4.500%, due 12/15/26 | | | | | 335,000 | | | | | | 328,937 | | |
| | | | | | | | | | | 782,728 | | |
Financial — 18.3% | | ||||||||||||
Air Lease Corp. | | | | | | | | | | | | | |
0.800%, due 8/18/24 | | | | | 860,000 | | | | | | 807,531 | | |
American Express Co. | | | | | | | | | | | | | |
3.950%, due 8/1/25 | | | | | 605,000 | | | | | | 593,240 | | |
Bank of America Corp. | | | | | | | | | | | | | |
4.200%, due 8/26/24 | | | | | 1,025,000 | | | | | | 1,011,100 | | |
5.080%, (SOFR + 1.29%), due 1/20/27(a) | | | | | 495,000 | | | | | | 494,056 | | |
Bank of New York Mellon Corp. (The) | | | | | | | | | | | | | |
4.543%, (SOFR + 1.17%), due 2/1/29(a) | | | | | 215,000 | | | | | | 213,688 | | |
4.947%, (SOFR + 1.03%), due 4/26/27 | | | | | 135,000 | | | | | | 135,975 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
Blackstone Holdings Finance Co. LLC | | | | | | | | | | | | | |
5.900%, due 11/3/27 | | | | $ | 230,000 | | | | | $ | 235,963 | | |
Blackstone Private Credit Fund | | | | | | | | | | | | | |
7.050%, due 9/29/25 | | | | | 220,000 | | | | | | 220,305 | | |
Capital One Financial Corp. | | | | | | | | | | | | | |
4.166%, (SOFR + 1.37%), due 5/9/25(a) | | | | | 640,000 | | | | | | 623,168 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
5.610%, (SOFR + 1.55%), due 9/29/26(a) | | | | | 295,000 | | | | | | 298,435 | | |
Citizens Bank NA/Providence RI | | | | | | | | | | | | | |
6.064%, (SOFR + 1.45%), due 10/24/25(a) | | | | | 250,000 | | | | | | 241,914 | | |
Corebridge Financial, Inc. | | | | | | | | | | | | | |
3.500%, due 4/4/25 | | | | | 760,000 | | | | | | 730,217 | | |
Fifth Third Bancorp | | | | | | | | | | | | | |
6.361%, (SOFR + 2.19%), due 10/27/28(a) | | | | | 500,000 | | | | | | 516,014 | | |
HSBC USA, Inc. | | | | | | | | | | | | | |
5.625%, due 3/17/25 | | | | | 300,000 | | | | | | 302,304 | | |
Huntington National Bank (The) | | | | | | | | | | | | | |
4.008%, (SOFR + 1.21%), due 5/16/25(a) | | | | | 675,000 | | | | | | 650,610 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
3.845%, (SOFR + 0.98%), due 6/14/25(a) | | | | | 725,000 | | | | | | 711,781 | | |
5.546%, (SOFR + 1.07%), due 12/15/25(a) | | | | | 210,000 | | | | | | 210,945 | | |
Manufacturers & Traders Trust Co. | | | | | | | | | | | | | |
5.400%, due 11/21/25 | | | | | 250,000 | | | | | | 244,185 | | |
Morgan Stanley | | | | | | | | | | | | | |
4.679%, (SOFR + 1.67%), due 7/17/26(a) | | | | | 400,000 | | | | | | 396,700 | | |
5.050%, (SOFR + 1.30%), due 1/28/27(a) | | | | | 650,000 | | | | | | 651,722 | | |
Morgan Stanley Bank NA | | | | | | | | | | | | | |
4.754%, due 4/21/26 | | | | | 250,000 | | | | | | 251,242 | | |
PNC Financial Services Group, Inc. (The) | | | | | | | | | | | | | |
4.758%, (SOFR + 1.09%), due 1/26/27(a) | | | | | 125,000 | | | | | | 123,572 | | |
State Street Corp. | | | | | | | | | | | | | |
4.857%, (SOFR + 0.60%), due 1/26/26(a) | | | | | 85,000 | | | | | | 84,864 | | |
Truist Financial Corp. | | | | | | | | | | | | | |
4.873%, (SOFR + 1.44%), due 1/26/29(a) | | | | | 105,000 | | | | | | 102,780 | | |
US Bancorp | | | | | | | | | | | | | |
4.653%, (SOFR + 1.23%), due 2/1/29(a) | | | | | 220,000 | | | | | | 214,074 | | |
| | | | | | | | | | | 10,066,385 | | |
Industrial — 0.1% | | ||||||||||||
Berry Global, Inc. | | | | | | | | | | | | | |
5.500%, due 4/15/28 | | | | | 70,000 | | | | | | 70,041 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Technology — 0.9% | | ||||||||||||
Micron Technology, Inc. | | | | | | | | | | | | | |
5.375%, due 4/15/28 | | | | $ | 120,000 | | | | | $ | 119,606 | | |
6.750%, due 11/1/29 | | | | | 60,000 | | | | | | 63,229 | | |
Oracle Corp. | | | | | | | | | | | | | |
5.800%, due 11/10/25 | | | | | 315,000 | | | | | | 322,862 | | |
| | | | | | | | | | | 505,697 | | |
Utilities — 11.4% | | ||||||||||||
American Electric Power Co., Inc. | | | | | | | | | | | | | |
2.031%, due 3/15/24 | | | | | 165,000 | | | | | | 159,808 | | |
CenterPoint Energy, Inc. | | | | | | | | | | | | | |
5.369%, (SOFR + 0.65%), due 5/13/24(a) | | | | | 1,445,000 | | | | | | 1,438,410 | | |
Entergy Louisiana LLC | | | | | | | | | | | | | |
0.620%, due 11/17/23 | | | | | 374,000 | | | | | | 364,491 | | |
Eversource Energy | | | | | | | | | | | | | |
Series T, 4.974%, (SOFR + 0.25%), due 8/15/23(a) | | | | | 1,585,000 | | | | | | 1,583,526 | | |
Florida Power & Light Co. | | | | | | | | | | | | | |
5.050%, due 4/1/28 | | | | | 220,000 | | | | | | 227,788 | | |
Nextera Energy Capital Holdings, Inc. | | | | | | | | | | | | | |
6.051%, due 3/1/25 | | | | | 95,000 | | | | | | 96,580 | | |
Pacific Gas and Electric Co. | | | | | | | | | | | | | |
3.250%, due 2/16/24 | | | | | 560,000 | | | | | | 548,171 | | |
4.200%, due 3/1/29 | | | | | 378,000 | | | | | | 350,028 | | |
Sempra Energy | | | | | | | | | | | | | |
3.300%, due 4/1/25 | | | | | 290,000 | | | | | | 281,570 | | |
Southern California Edison Co. | | | | | | | | | | | | | |
1.100%, due 4/1/24 | | | | | 200,000 | | | | | | 192,101 | | |
5.300%, due 3/1/28 | | | | | 135,000 | | | | | | 138,644 | | |
5.850%, due 11/1/27 | | | | | 205,000 | | | | | | 215,464 | | |
Southern Co. (The) | | | | | | | | | | | | | |
5.150%, due 10/6/25 | | | | | 235,000 | | | | | | 237,366 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
Series B, 3.750%, due 5/15/27 | | | | | 430,000 | | | | | | 420,961 | | |
| | | | | | | | | | | 6,254,908 | | |
Total Corporate Bonds | | | | | | | | | | | | | |
(Cost $22,468,583) | | | | | | | | | | | 22,142,805 | | |
Foreign Bonds — 9.5% | | ||||||||||||
Consumer, Cyclical — 1.2% | | ||||||||||||
Daimler Truck Finance North America LLC, (Germany) | | | | | | | | | | | | | |
5.150%, due 1/16/26 | | | | | 150,000 | | | | | | 151,238 | | |
Volkswagen Group of America Finance LLC, (Germany) | | | | | | | | | | | | | |
1.250%, due 11/24/25 | | | | | 565,000 | | | | | | 516,694 | | |
| | | | | | | | | | | 667,932 | | |
Financial — 7.9% | | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | | | | | | | | | | | | | |
1.650%, due 10/29/24 | | | | | 1,140,000 | | | | | | 1,065,956 | | |
Bank of New Zealand, (New Zealand) | | | | | | | | | | | | | |
4.846%, due 2/7/28 | | | | | 265,000 | | | | | | 265,410 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Financial (continued) | | ||||||||||||
Barclays PLC, (United Kingdom) | | | | | | | | | | | | | |
7.385%, (1 Year US CMT T-Note + 3.30%), due 11/2/28(a) | | | | $ | 200,000 | | | | | $ | 212,975 | | |
Cooperatieve Rabobank UA, (Netherlands) | | | | | | | | | | | | | |
4.655%, (1 Year US CMT T-Note + 1.75%), due 8/22/28(a) | | | | | 440,000 | | | | | | 429,335 | | |
Credit Suisse AG, (Switzerland) | | | | | | | | | | | | | |
7.950%, due 1/9/25 | | | | | 250,000 | | | | | | 254,440 | | |
Danske Bank A/S, (Denmark) | | | | | | | | | | | | | |
6.466%, (1 Year US CMT T-Note + 2.10%), due 1/9/26(a) | | | | | 285,000 | | | | | | 287,031 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
7.336%, (SOFR + 3.03%), due 11/3/26(a) | | | | | 420,000 | | | | | | 440,411 | | |
Mitsubishi UFJ Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
5.541%, (1 Year US CMT T-Note + 1.50%), due 4/17/26(a) | | | | | 200,000 | | | | | | 200,636 | | |
Natwest Group PLC, (United Kingdom) | | | | | | | | | | | | | |
5.847%, (1 Year US CMT T-Note + 1.35%), due 3/2/27(a) | | | | | 300,000 | | | | | | 303,486 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
5.660%, due 10/25/24 | | | | | 280,000 | | | | | | 282,869 | | |
Swedbank AB, (Sweden) | | | | | | | | | | | | | |
5.337%, due 9/20/27 | | | | | 350,000 | | | | | | 351,355 | | |
Toronto-Dominion Bank (The), (Canada) | | | | | | | | | | | | | |
4.285%, due 9/13/24 | | | | | 255,000 | | | | | | 252,128 | | |
| | | | | | | | | | | 4,346,032 | | |
Utilities — 0.4% | | ||||||||||||
Enel Finance America LLC, (Italy) | | | | | | | | | | | | | |
7.100%, due 10/14/27 | | | | | 200,000 | | | | | | 214,524 | | |
Total Foreign Bonds | | | | | | | | | | | | | |
(Cost $5,300,217) | | | | | | | | | | | 5,228,488 | | |
U.S. Treasury Notes — 26.4% | | ||||||||||||
U.S. Treasury Note, 3.625%, due 3/31/28 | | | | | 2,355,000 | | | | | | 2,367,695 | | |
U.S. Treasury Note, 3.625%, due 3/31/30 | | | | | 275,000 | | | | | | 277,535 | | |
U.S. Treasury Note, 3.750%, due 4/15/26 | | | | | 1,500,000 | | | | | | 1,500,469 | | |
U.S. Treasury Note, 3.875%, due 3/31/25 | | | | | 10,380,000 | | | | | | 10,337,831 | | |
| | | | | | | | | | | 14,483,530 | | |
Total U.S. Treasury Notes | | | | | | | | | | | | | |
(Cost $14,467,312) | | | | | | | | | | | 14,483,530 | | |
|
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities — 2.7% | | ||||||||||||
Mortgage Securities — 2.7% | | ||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | | | | | | | | | | | | | |
Series 2020-K108, 1.810%, due 3/25/30(a)(b)(c) | | | | $ | 7,354,009 | | | | | $ | 680,621 | | |
Series 2020-K119, 1.024%, due 9/25/30(a)(b)(c) | | | | | 14,909,683 | | | | | | 803,413 | | |
| | | | | | | | | | | 1,484,034 | | |
Total United States Government Agency Mortgage-Backed Securities | | | | | | | | | | | | | |
(Cost $1,692,859) | | | | | | | | | | | 1,484,034 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 5.2% | | ||||||||||||
Money Market Fund — 5.2% | | ||||||||||||
BlackRock Liquidity T-Fund, 4.72%(d) | | | | | | | | | | | | | |
(Cost $2,837,752) | | | | | 2,837,752 | | | | | | 2,837,752 | | |
Total Investments — 99.2% | | ||||||||||||
(Cost $55,138,347) | | | | | | | | | | | 54,378,002 | | |
Other Assets and Liabilities, Net — 0.8% | | | | | | | | | | | 476,451 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 54,854,453 | | |
| CMT | | | — | | | 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 April 30, 2023 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 10 Year Note (CBT) | | | RBC Capital Markets | | | June 2023 | | | | | (4) | | | | | $ | (447,204) | | | | | $ | (460,813) | | | | | $ | (13,609) | | |
U.S. 10 Year Ultra Note | | | RBC Capital Markets | | | June 2023 | | | | | (10) | | | | | | (1,215,956) | | | | | | (1,214,531) | | | | | | 1,425 | | |
U.S. 2 Year Note (CBT) | | | RBC Capital Markets | | | June 2023 | | | | | (43) | | | | | | (8,769,579) | | | | | | (8,865,055) | | | | | | (95,476) | | |
U.S. 5 Year Note (CBT) | | | RBC Capital Markets | | | June 2023 | | | | | (108) | | | | | | (11,597,012) | | | | | | (11,852,156) | | | | | | (255,144) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (362,804) | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Asset-Backed Securities | | | | $ | — | | | | | $ | 7,735,400 | | | | | $ | — | | | | | $ | 7,735,400 | | |
Commercial Mortgage-Backed Security | | | | | — | | | | | | 465,993 | | | | | | — | | | | | | 465,993 | | |
Corporate Bonds | | | | | — | | | | | | 22,142,805 | | | | | | — | | | | | | 22,142,805 | | |
Foreign Bonds | | | | | — | | | | | | 5,228,488 | | | | | | — | | | | | | 5,228,488 | | |
U.S. Treasury Notes | | | | | — | | | | | | 14,483,530 | | | | | | — | | | | | | 14,483,530 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 1,484,034 | | | | | | — | | | | | | 1,484,034 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 2,837,752 | | | | | | — | | | | | | — | | | | | | 2,837,752 | | |
Total Investments in Securities | | | | | 2,837,752 | | | | | | 51,540,250 | | | | | | — | | | | | | 54,378,002 | | |
Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | 1,425 | | | | | | — | | | | | | — | | | | | | 1,425 | | |
Total Investments in Securities and Other Financial Instruments | | | | $ | 2,839,177 | | | | | $ | 51,540,250 | | | | | $ | — | | | | | $ | 54,379,427 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(f) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | $ | (364,229) | | | | | $ | — | | | | | $ | — | | | | | $ | (364,229) | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 98.8% | | ||||||||||||
Collateralized Mortgage Obligations — 11.4% | | ||||||||||||
Mortgage Securities — 11.4% | | ||||||||||||
Agate Bay Mortgage Trust 2015-5 | | | | | | | | | | | | | |
Series 2015-5 B3, 3.578%, due 7/25/45(a)(b) | | | | $ | 189,997 | | | | | $ | 161,072 | | |
CHL Mortgage Pass-Through Trust 2005-9 | | | | | | | | | | | | | |
Series 2005-9 1A1, 5.620%, (1-Month LIBOR + 0.60%), due 5/25/35(a) | | | | | 45,536 | | | | | | 35,424 | | |
Connecticut Avenue Securities Trust 2020-R02 | | | | | | | | | | | | | |
Series 2020-R02 2M2, 7.020%, (1-Month LIBOR + 2.00%), due 1/25/40(a) | | | | | 207,797 | | | | | | 207,998 | | |
Connecticut Avenue Securities Trust 2021-R01 | | | | | | | | | | | | | |
Series 2021-R01 1B1, 7.915%, (SOFR30A + 3.10%), due 10/25/41(a) | | | | | 665,000 | | | | | | 645,010 | | |
Series 2021-R01 1M2, 6.365%, (SOFR30A + 1.55%), due 10/25/41(a) | | | | | 409,445 | | | | | | 400,233 | | |
Connecticut Avenue Securities Trust 2022-R04 | | | | | | | | | | | | | |
Series 2022-R04 1M2, 7.915%, (SOFR30A + 3.10%), due 3/25/42(a) | | | | | 275,000 | | | | | | 277,750 | | |
Fannie Mae Connecticut Avenue Securities | | | | | | | | | | | | | |
Series 2016-C01 1M2, 11.770%, (1-Month LIBOR + 6.75%), due 8/25/28(a) | | | | | 174,279 | | | | | | 188,359 | | |
Series 2017-C01 1B1, 10.770%, (1-Month LIBOR + 5.75%), due 7/25/29(a) | | | | | 135,000 | | | | | | 152,154 | | |
Series 2017-C02 2M2C, 8.670%, (1-Month LIBOR + 3.65%), due 9/25/29(a) | | | | | 245,000 | | | | | | 254,331 | | |
Series 2017-C03 1B1, 9.870%, (1-Month LIBOR + 4.85%), due 10/25/29(a) | | | | | 590,000 | | | | | | 647,373 | | |
Series 2017-C05 1B1, 8.620%, (1-Month LIBOR + 3.60%), due 1/25/30(a) | | | | | 375,000 | | | | | | 395,571 | | |
Series 2017-C07 1B1, 9.020%, (1-Month LIBOR + 4.00%), due 5/25/30(a) | | | | | 735,000 | | | | | | 782,630 | | |
Series 2018-C01 1B1, 8.570%, (1-Month LIBOR + 3.55%), due 7/25/30(a) | | | | | 1,205,000 | | | | | | 1,284,741 | | |
Series 2018-C03 1B1, 8.770%, (1-Month LIBOR + 3.75%), due 10/25/30(a) | | | | | 685,000 | | | | | | 734,572 | | |
Series 2018-C04 2B1, 9.520%, (1-Month LIBOR + 4.50%), due 12/25/30(a) | | | | | 630,000 | | | | | | 682,246 | | |
Series 2018-C05 1B1, 9.270%, (1-Month LIBOR + 4.25%), due 1/25/31(a) | | | | | 625,000 | | | | | | 681,894 | | |
Series 2021-R02 2B1, 8.115%, (SOFR30A + 3.30%), due 11/25/41(a) | | | | | 200,000 | | | | | | 192,750 | | |
Series 2021-R02 2M2, 6.815%, (SOFR30A + 2.00%), due 11/25/41(a) | | | | | 518,045 | | | | | | 495,381 | | |
Fannie Mae Interest Strip | | | | | | | | | | | | | |
Series 2022-427 C77, 2.500%, due 9/25/51(c) | | | | | 2,127,015 | | | | | | 313,075 | | |
| | | Principal Amount | | | Value | | ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac STACR Remic Trust 2020-DNA2 | | | | | | | | | | | | | |
Series 2020-DNA2 B1, 7.520%, (1-Month LIBOR + 2.50%), due 2/25/50(a) | | | | $ | 610,000 | | | | | $ | 591,737 | | |
Series 2020-DNA2 M2, 6.870%, (1-Month LIBOR + 1.85%), due 2/25/50(a) | | | | | 49,478 | | | | | | 49,416 | | |
Freddie Mac STACR REMIC Trust 2020-DNA6 | | | | | | | | | | | | | |
Series 2020-DNA6 B1, 7.815%, (SOFR30A + 3.00%), due 12/25/50(a) | | | | | 425,000 | | | | | | 414,100 | | |
Freddie Mac STACR REMIC Trust 2021-DNA5 | | | | | | | | | | | | | |
Series 2021-DNA5 B1, 7.865%, (SOFR30A + 3.05%), due 1/25/34(a) | | | | | 1,190,000 | | | | | | 1,131,820 | | |
Series 2021-DNA5 M2, 6.465%, (SOFR30A + 1.65%), due 1/25/34(a) | | | | | 42,567 | | | | | | 42,235 | | |
Freddie Mac STACR REMIC Trust 2021-DNA6 | | | | | | | | | | | | | |
Series 2021-DNA6 B1, 8.215%, (SOFR30A + 3.40%), due 10/25/41(a) | | | | | 685,000 | | | | | | 668,307 | | |
Freddie Mac STACR REMIC Trust 2021-HQA1 | | | | | | | | | | | | | |
Series 2021-HQA1 B1, 7.815%, (SOFR30A + 3.00%), due 8/25/33(a) | | | | | 980,000 | | | | | | 889,402 | | |
Series 2021-HQA1 M2, 7.065%, (SOFR30A + 2.25%), due 8/25/33(a) | | | | | 900,019 | | | | | | 876,402 | | |
Freddie Mac STACR REMIC Trust 2021-HQA2 | | | | | | | | | | | | | |
Series 2021-HQA2 B1, 7.965%, (SOFR30A + 3.15%), due 12/25/33(a) | | | | | 805,000 | | | | | | 729,574 | | |
Series 2021-HQA2 M2, 6.865%, (SOFR30A + 2.05%), due 12/25/33(a) | | | | | 850,000 | | | | | | 812,118 | | |
Freddie Mac STACR REMIC Trust 2021-HQA3 | | | | | | | | | | | | | |
Series 2021-HQA3 B1, 8.165%, (SOFR30A + 3.35%), due 9/25/41(a) | | | | | 945,000 | | | | | | 882,989 | | |
Freddie Mac STACR REMIC Trust 2022-DNA1 | | | | | | | | | | | | | |
Series 2022-DNA1 B1, 8.215%, (SOFR30A + 3.40%), due 1/25/42(a) | | | | | 410,000 | | | | | | 382,377 | | |
Series 2022-DNA1 M1B, 6.665%, (SOFR30A + 1.85%), due 1/25/42(a) | | | | | 405,000 | | | | | | 392,103 | | |
Series 2022-DNA1 M2, 7.315%, (SOFR30A + 2.50%), due 1/25/42(a) | | | | | 485,000 | | | | | | 456,528 | | |
| | | Principal Amount | | | Value | | ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac STACR REMIC Trust 2022-DNA2 | | | | | | | | | | | | | |
Series 2022-DNA2 M1B, 7.215%, (SOFR30A + 2.40%), due 2/25/42(a) | | | | $ | 425,000 | | | | | $ | 418,630 | | |
Series 2022-DNA2 M2, 8.565%, (SOFR30A + 3.75%), due 2/25/42(a) | | | | | 535,000 | | | | | | 524,300 | | |
Freddie Mac STACR REMIC Trust 2022-DNA3 | | | | | | | | | | | | | |
Series 2022-DNA3 M1B, 7.715%, (SOFR30A + 2.90%), due 4/25/42(a) | | | | | 870,000 | | | | | | 867,825 | | |
Freddie Mac STACR Trust 2018-DNA2 | | | | | | | | | | | | | |
Series 2018-DNA2 B1, 8.720%, (1-Month LIBOR + 3.70%), due 12/25/30(a) | | | | | 585,000 | | | | | | 603,966 | | |
Freddie Mac STACR Trust 2019-DNA1 | | | | | | | | | | | | | |
Series 2019-DNA1 B1, 9.670%, (1-Month LIBOR + 4.65%), due 1/25/49(a) | | | | | 345,000 | | | | | | 371,925 | | |
Freddie Mac STACR Trust 2019-DNA2 | | | | | | | | | | | | | |
Series 2019-DNA2 B1, 9.370%, (1-Month LIBOR + 4.35%), due 3/25/49(a) | | | | | 755,000 | | | | | | 788,879 | | |
Freddie Mac STACR Trust 2019-DNA3 | | | | | | | | | | | | | |
Series 2019-DNA3 B1, 8.270%, (1-Month LIBOR + 3.25%), due 7/25/49(a) | | | | | 330,000 | | | | | | 338,810 | | |
Freddie Mac Structured Agency Credit Risk Debt Notes | | | | | | | | | | | | | |
Series 2018-DNA1 B1, 8.170%, (1-Month LIBOR + 3.15%), due 7/25/30(a) | | | | | 505,000 | | | | | | 515,206 | | |
Series 2018-HQA1 M2, 7.320%, (1-Month LIBOR + 2.30%), due 9/25/30(a) | | | | | 369,292 | | | | | | 371,972 | | |
Series 2021-DNA2 B1, 8.215%, (SOFR30A + 3.40%), due 8/25/33(a) | | | | | 435,000 | | | | | | 425,454 | | |
Series 2021-DNA2 M2, 7.115%, (SOFR30A + 2.30%), due 8/25/33(a) | | | | | 455,000 | | | | | | 453,863 | | |
Government National Mortgage Association | | | | | | | | | | | | | |
Series 2020-34 SC, 1.097%, (1-Month LIBOR + 6.05%), due 3/20/50(a)(c) | | | | | 1,120,808 | | | | | | 136,112 | | |
Series 2020-97 HB, 1.000%, due 7/20/50 | | | | | 322,963 | | | | | | 251,530 | | |
Series 2021-122 HS, 1.347%, (1-Month LIBOR + 6.30%), due 7/20/51(a)(c) | | | | | 1,248,875 | | | | | | 181,911 | | |
Series 2022-83 IO, 2.500%, due 11/20/51(c) | | | | | 992,711 | | | | | | 131,346 | | |
Series 2023-1 HD, 3.500%, due 1/20/52 | | | | | 995,437 | | | | | | 935,982 | | |
Series 2023-1 MA, 3.500%, due 5/20/50 | | | | | 826,247 | | | | | | 778,515 | | |
| | | Principal Amount | | | Value | | ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
HarborView Mortgage Loan Trust 2005-2 | | | | | | | | | | | | | |
Series 2005-2 2A1A, 5.391%, (1-Month LIBOR + 0.44%), due 5/19/35(a) | | | | $ | 68,197 | | | | | $ | 61,166 | | |
Master Alternative Loan Trust 2005-5 | | | | | | | | | | | | | |
Series 2005-5 3A1, 5.750%, due 8/25/35 | | | | | 533,766 | | | | | | 285,422 | | |
NewRez Warehouse Securitization Trust 2021-1 | | | | | | | | | | | | | |
Series 2021-1 A, 5.770%, (1-Month LIBOR + 0.75%), due 5/25/55(a) | | | | | 390,000 | | | | | | 385,997 | | |
OBX 2019-INV2 Trust | | | | | | | | | | | | | |
Series 2019-INV2 A5, 4.000%, due 5/27/49(a)(b) | | | | | 333,426 | | | | | | 315,519 | | |
OBX 2022-J1 Trust | | | | | | | | | | | | | |
Series 2022-J1 A14, 2.500%, due 2/25/52(a)(b) | | | | | 246,407 | | | | | | 194,382 | | |
Sequoia Mortgage Trust 2021-4 | | | | | | | | | | | | | |
Series 2021-4 AIO1, 0.169%, due 6/25/51(a)(b)(c) | | | | | 13,249,199 | | | | | | 110,721 | | |
Shellpoint Co.-Originator Trust 2015-1 | | | | | | | | | | | | | |
Series 2015-1 B3, 3.777%, due 8/25/45(a)(b) | | | | | 393,697 | | | | | | 369,728 | | |
STACR Trust 2018-HRP2 | | | | | | | | | | | | | |
Series 2018-HRP2 B1, 9.220%, (1-Month LIBOR + 4.20%), due 2/25/47(a) | | | | | 560,000 | | | | | | 586,468 | | |
Series 2018-HRP2 M3, 7.420%, (1-Month LIBOR + 2.40%), due 2/25/47(a) | | | | | 151,705 | | | | | | 151,506 | | |
WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust | | | | | | | | | | | | | |
Series 2004-AR13 A2B, 5.900%, (1-Month LIBOR + 0.88%), due 11/25/34(a) | | | | | 55,690 | | | | | | 50,385 | | |
WaMu Mortgage Pass-Through Certificates Series 2006-AR9 Trust | | | | | | | | | | | | | |
Series 2006-AR9 2A, 4.513%, (12MTA + 1.05%), due 8/25/46(a) | | | | | 62,487 | | | | | | 50,499 | | |
| | | | | | | | | | | 27,509,691 | | |
Total Collateralized Mortgage Obligations (Cost $26,928,205) | | | | | | | | | | | 27,509,691 | | |
Commercial Asset-Backed Securities — 9.8% | | ||||||||||||
Asset Backed Securities — 9.8% | | ||||||||||||
American Credit Acceptance Receivables Trust 2020-4 | | | | | | | | | | | | | |
Series 2020-4 F, 5.220%, due 8/13/27 | | | | | 220,000 | | | | | | 215,666 | | |
American Credit Acceptance Receivables Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 D, 1.340%, due 7/13/27 | | | | | 615,000 | | | | | | 580,626 | | |
American Credit Acceptance Receivables Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3 D, 1.340%, due 11/15/27 | | | | | 175,000 | | | | | | 163,584 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
American Credit Acceptance Receivables Trust 2022-1 | | | | | | | | | | | | | |
Series 2022-1 D, 2.460%, due 3/13/28 | | | | $ | 765,000 | | | | | $ | 717,737 | | |
AMSR 2020-SFR1 Trust | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.819%, due 4/17/37 | | | | | 579,444 | | | | | | 540,207 | | |
AMSR 2020-SFR3 Trust | | | | | | | | | | | | | |
Series 2020-SFR3 B, 1.806%, due 9/17/37 | | | | | 660,000 | | | | | | 606,830 | | |
AMSR 2020-SFR4 Trust | | | | | | | | | | | | | |
Series 2020-SFR4 A, 1.355%, due 11/17/37 | | | | | 690,000 | | | | | | 629,041 | | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | | | | | | |
Series 2020-2A A, 2.020%, due 2/20/27 | | | | | 390,000 | | | | | | 359,073 | | |
Series 2021-1A B, 1.630%, due 8/20/27 | | | | | 315,000 | | | | | | 277,372 | | |
CarMax Auto Owner Trust 2021-4 | | | | | | | | | | | | | |
Series 2021-4 A4, 0.820%, due 4/15/27 | | | | | 330,000 | | | | | | 299,672 | | |
Carmax Auto Owner Trust 2022-3 | | | | | | | | | | | | | |
Series 2022-3 A3, 3.970%, due 4/15/27 | | | | | 550,000 | | | | | | 540,435 | | |
CF Hippolyta Issuer LLC | | | | | | | | | | | | | |
Series 2020-1 A2, 1.990%, due 7/15/60 | | | | | 548,915 | | | | | | 466,316 | | |
Series 2020-1 B1, 2.280%, due 7/15/60 | | | | | 845,485 | | | | | | 762,074 | | |
Series 2020-1 B2, 2.600%, due 7/15/60 | | | | | 512,688 | | | | | | 433,262 | | |
Series 2021-1A A1, 1.530%, due 3/15/61 | | | | | 254,461 | | | | | | 223,757 | | |
Series 2021-1A B1, 1.980%, due 3/15/61 | | | | | 268,598 | | | | | | 229,918 | | |
CPS Auto Receivables Trust 2019-C | | | | | | | | | | | | | |
Series 2019-C E, 4.300%, due 7/15/25 | | | | | 500,000 | | | | | | 494,197 | | |
CPS Auto Receivables Trust 2020-B | | | | | | | | | | | | | |
Series 2020-B E, 7.380%, due 6/15/27 | | | | | 500,000 | | | | | | 504,267 | | |
CPS Auto Receivables Trust 2021-C | | | | | | | | | | | | | |
Series 2021-C E, 3.210%, due 9/15/28 | | | | | 410,000 | | | | | | 349,589 | | |
DB Master Finance LLC | | | | | | | | | | | | | |
Series 2019-1A A23, 4.352%, due 5/20/49 | | | | | 110,975 | | | | | | 105,130 | | |
Dell Equipment Finance Trust 2023-1 | | | | | | | | | | | | | |
Series 2023-1 A3, 5.650%, due 9/22/28 | | | | | 440,000 | | | | | | 445,954 | | |
Drive Auto Receivables Trust 2021-1 | | | | | | | | | | | | | |
Series 2021-1 D, 1.450%, due 1/16/29 | | | | | 475,000 | | | | | | 447,993 | | |
Drive Auto Receivables Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 D, 1.390%, due 3/15/29 | | | | | 85,000 | | | | | | 79,809 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Exeter Automobile Receivables Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3A D, 1.550%, due 6/15/27 | | | | $ | 795,000 | | | | | $ | 733,241 | | |
FirstKey Homes 2020-SFR1 Trust | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.339%, due 8/17/37 | | | | | 537,596 | | | | | | 491,818 | | |
FirstKey Homes 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.266%, due 10/19/37 | | | | | 740,199 | | | | | | 673,529 | | |
FirstKey Homes 2021-SFR1 Trust | | | | | | | | | | | | | |
Series 2021-SFR1 B, 1.788%, due 8/17/38 | | | | | 100,000 | | | | | | 88,215 | | |
FirstKey Homes 2021-SFR2 Trust | | | | | | | | | | | | | |
Series 2021-SFR2 B, 1.607%, due 9/17/38 | | | | | 100,000 | | | | | | 87,651 | | |
Flagship Credit Auto Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 C, 1.270%, due 6/15/27 | | | | | 285,000 | | | | | | 266,847 | | |
Ford Credit Auto Owner Trust 2020-REV2 | | | | | | | | | | | | | |
Series 2020-2 A, 1.060%, due 4/15/33 | | | | | 100,000 | | | | | | 91,346 | | |
Ford Credit Auto Owner Trust 2021-Rev2 | | | | | | | | | | | | | |
Series 2021-2 D, 2.600%, due 5/15/34 | | | | | 130,000 | | | | | | 113,743 | | |
Ford Credit Auto Owner Trust 2023-Rev1 | | | | | | | | | | | | | |
Series 2023-1 D, 6.260%, due 8/15/35 | | | | | 425,000 | | | | | | 426,357 | | |
Ford Credit Floorplan Master Owner Trust A | | | | | | | | | | | | | |
Series 2018-4 A, 4.060%, due 11/15/30 | | | | | 560,000 | | | | | | 542,929 | | |
Gls Auto Receivables Issuer Trust 2019-3 | | | | | | | | | | | | | |
Series 2019-3A D, 3.840%, due 5/15/26 | | | | | 390,000 | | | | | | 381,283 | | |
Gls Auto Receivables Issuer Trust 2019-4 | | | | | | | | | | | | | |
Series 2019-4A D, 4.090%, due 8/17/26 | | | | | 530,000 | | | | | | 516,508 | | |
Gls Auto Receivables Issuer Trust 2020-1 | | | | | | | | | | | | | |
Series 2020-1A D, 3.680%, due 11/16/26 | | | | | 350,000 | | | | | | 338,277 | | |
GLS Auto Receivables Issuer Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2A D, 1.420%, due 4/15/27 | | | | | 530,000 | | | | | | 491,354 | | |
GLS Auto Receivables Issuer Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3A D, 1.480%, due 7/15/27 | | | | | 615,000 | | | | | | 562,348 | | |
GLS Auto Receivables Issuer Trust 2021-4 | | | | | | | | | | | | | |
Series 2021-4A C, 1.940%, due 10/15/27 | | | | | 700,000 | | | | | | 663,507 | | |
Hertz Vehicle Financing III LP | | | | | | | | | | | | | |
Series 2021-2A A, 1.680%, due 12/27/27 | | | | | 1,005,000 | | | | | | 893,544 | | |
Series 2021-2A B, 2.120%, due 12/27/27 | | | | | 205,000 | | | | | | 180,958 | | |
Hertz Vehicle Financing LLC | | | | | | | | | | | | | |
Series 2021-1A C, 2.050%, due 12/26/25 | | | | | 650,000 | | | | | | 602,514 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Home Partners of America 2019-1 Trust | | | | | | | | | | | | | |
Series 2019-1 A, 2.908%, due 9/17/39 | | | | $ | 386,911 | | | | | $ | 355,733 | | |
Home Partners of America 2021-2 Trust | | | | | | | | | | | | | |
Series 2021-2 B, 2.302%, due 12/17/26 | | | | | 96,720 | | | | | | 86,345 | | |
Hyundai Auto Receivables Trust 2021-A | | | | | | | | | | | | | |
Series 2021-A C, 1.330%, due 11/15/27 | | | | | 540,000 | | | | | | 495,734 | | |
Mosaic Solar Loan Trust 2020-1 | | | | | | | | | | | | | |
Series 2020-1A A, 2.100%, due 4/20/46 | | | | | 828,629 | | | | | | 727,750 | | |
Mosaic Solar Loan Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2A B, 2.090%, due 4/22/47 | | | | | 631,297 | | | | | | 498,851 | | |
Navient Private Education Refi Loan Trust 2021-A | | | | | | | | | | | | | |
Series 2021-A B, 2.240%, due 5/15/69 | | | | | 100,000 | | | | | | 73,019 | | |
Navient Private Education Refi Loan Trust 2021-E | | | | | | | | | | | | | |
Series 2021-EA B, 2.030%, due 12/16/69 | | | | | 100,000 | | | | | | 68,663 | | |
New Economy Assets Phase 1 Sponsor LLC | | | | | | | | | | | | | |
Series 2021-1 A1, 1.910%, due 10/20/61 | | | | | 550,000 | | | | | | 477,588 | | |
Pfs Financing Corp. | | | | | | | | | | | | | |
Series 2023-A A, 5.800%, due 3/15/28 | | | | | 545,000 | | | | | | 557,918 | | |
PFS Financing Corp. | | | | | | | | | | | | | |
Series 2022-D A, 4.270%, due 8/15/27 | | | | | 545,000 | | | | | | 536,388 | | |
Progress Residential 2020-SFR3 Trust | | | | | | | | | | | | | |
Series 2020-SFR3 A, 1.294%, due 10/17/27 | | | | | 99,588 | | | | | | 91,083 | | |
Progress Residential 2022-SFR6 Trust | | | | | | | | | | | | | |
Series 2022-SFR6 A, 4.451%, due 7/20/39 | | | | | 335,000 | | | | | | 324,444 | | |
Santander Drive Auto Receivables Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3 D, 1.330%, due 9/15/27 | | | | | 555,000 | | | | | | 522,042 | | |
Santander Drive Auto Receivables Trust 2022-2 | | | | | | | | | | | | | |
Series 2022-2 B, 3.440%, due 9/15/27 | | | | | 440,000 | | | | | | 427,263 | | |
Santander Revolving Auto Loan Trust 2019-A | | | | | | | | | | | | | |
Series 2019-A A, 2.510%, due 1/26/32 | | | | | 550,000 | | | | | | 525,007 | | |
Taco Bell Funding LLC | | | | | | | | | | | | | |
Series 2021-1A A23, 2.542%, due 8/25/51 | | | | | 286,375 | | | | | | 225,614 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Tricon American Homes 2020-SFR1 | | | | | | | | | | | | | |
Series 2020-SFR1 A, 1.499%, due 7/17/38 | | | | $ | 269,005 | | | | | $ | 243,256 | | |
| | | | | | | | | | | 23,855,176 | | |
Total Commercial Asset-Backed Securities (Cost $24,378,699) | | | | | | | | | | | 23,855,176 | | |
Commercial Mortgage-Backed Securities — 7.5% | | ||||||||||||
Mortgage Securities — 7.5% | | ||||||||||||
BAMLL Commercial Mortgage Securities Trust 2022-DKLX | | | | | | | | | | | | | |
Series 2022-DKLX D, 7.890%, (TSFR1M + 3.00%), due 1/15/39(a) | | | | | 100,000 | | | | | | 95,049 | | |
Series 2022-DKLX E, 9.017%, (TSFR1M + 4.13%), due 1/15/39(a) | | | | | 305,000 | | | | | | 287,430 | | |
Bayview Commercial Asset Trust 2006-4 | | | | | | | | | | | | | |
Series 2006-4A A1, 5.365%, (1-Month LIBOR + 0.35%), due 12/25/36(a) | | | | | 58,494 | | | | | | 54,105 | | |
BOCA Commercial Mortgage Trust 2022-BOCA | | | | | | | | | | | | | |
Series 2022-BOCA A, 6.659%, (TSFR1M + 1.77%), due 5/15/39(a) | | | | | 370,000 | | | | | | 364,898 | | |
BX 2021-MFM1 | | | | | | | | | | | | | |
Series 2021-MFM1 A, 5.705%, (TSFR1M + 0.81%), due 1/15/34(a) | | | | | 569,675 | | | | | | 554,652 | | |
Bx Commercial Mortgage Trust 2020-Viv2 | | | | | | | | | | | | | |
Series 2020-VIV2 C, 3.661%, due 3/9/44(a)(b) | | | | | 610,000 | | | | | | 507,595 | | |
BX Commercial Mortgage Trust 2021-VOLT | | | | | | | | | | | | | |
Series 2021-VOLT C, 6.048%, (1-Month LIBOR + 1.10%), due 9/15/36(a) | | | | | 400,000 | | | | | | 379,971 | | |
Series 2021-VOLT D, 6.598%, (1-Month LIBOR + 1.65%), due 9/15/36(a) | | | | | 260,000 | | | | | | 246,005 | | |
BX Trust 2018-BILT | | | | | | | | | | | | | |
Series 2018-BILT A, 5.748%, (1-Month LIBOR + 0.80%), due 5/15/30(a) | | | | | 630,000 | | | | | | 617,711 | | |
Bx Trust 2019-Oc11 | | | | | | | | | | | | | |
Series 2019-OC11 C, 3.856%, due 12/9/41 | | | | | 200,000 | | | | | | 172,542 | | |
Series 2019-OC11 E, 4.076%, due 12/9/41(a)(b) | | | | | 755,000 | | | | | | 618,453 | | |
BX Trust 2021-ARIA | | | | | | | | | | | | | |
Series 2021-ARIA E, 7.193%, (1-Month LIBOR + 2.24%), due 10/15/36(a) | | | | | 320,000 | | | | | | 296,065 | | |
BX Trust 2021-RISE | | | | | | | | | | | | | |
Series 2021-RISE B, 6.198%, (1-Month LIBOR + 1.25%), due 11/15/36(a) | | | | | 645,000 | | | | | | 622,600 | | |
Series 2021-RISE C, 6.398%, (1-Month LIBOR + 1.45%), due 11/15/36(a) | | | | | 342,000 | | | | | | 326,485 | | |
Bx Trust 2023-Life | | | | | | | | | | | | | |
Series 2023-LIFE A, 5.045%, due 2/15/28 | | | | | 255,000 | | | | | | 249,626 | | |
Series 2023-LIFE B, 5.391%, due 2/15/28 | | | | | 260,000 | | | | | | 250,937 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
BXHPP Trust 2021-FILM | | | | | | | | | | | | | |
Series 2021-FILM B, 5.848%, (1-Month LIBOR + 0.90%), due 8/15/36(a) | | | | $ | 615,000 | | | | | $ | 561,949 | | |
Series 2021-FILM C, 6.048%, (1-Month LIBOR + 1.10%), due 8/15/36(a) | | | | | 345,000 | | | | | | 308,724 | | |
Citigroup Commercial Mortgage Trust 2013-Gc17 | | | | | | | | | | | | | |
Series 2013-GC17 A4, 4.131%, due 11/10/46 | | | | | 428,000 | | | | | | 423,269 | | |
Citigroup Commercial Mortgage Trust 2015-GC35 | | | | | | | | | | | | | |
Series 2015-GC35 AS, 4.072%, due 11/10/48(a)(b) | | | | | 395,000 | | | | | | 360,886 | | |
COMM 2012-CCRE4 Mortgage Trust | | | | | | | | | | | | | |
Series 2012-CR4 AM, 3.251%, due 10/15/45 | | | | | 185,000 | | | | | | 169,374 | | |
CSAIL 2015-C3 Commercial Mortgage Trust | | | | | | | | | | | | | |
Series 2015-C3 A4, 3.718%, due 8/15/48 | | | | | 100,000 | | | | | | 96,841 | | |
CSMC 2020-WEST Trust | | | | | | | | | | | | | |
Series 2020-WEST A, 3.040%, due 2/15/35 | | | | | 800,000 | | | | | | 606,121 | | |
DROP Mortgage Trust 2021-FILE | | | | | | | | | | | | | |
Series 2021-FILE A, 6.100%, (1-Month LIBOR + 1.15%), due 10/15/43(a) | | | | | 425,000 | | | | | | 390,930 | | |
Extended Stay America Trust 2021-ESH | | | | | | | | | | | | | |
Series 2021-ESH B, 6.328%, (1-Month LIBOR + 1.38%), due 7/15/38(a) | | | | | 302,620 | | | | | | 293,525 | | |
Series 2021-ESH D, 7.198%, (1-Month LIBOR + 2.25%), due 7/15/38(a) | | | | | 592,549 | | | | | | 568,806 | | |
FREMF 2016-K58 Mortgage Trust | | | | | | | | | | | | | |
Series 2016-K58 C, 3.866%, due 9/25/49(a)(b) | | | | | 200,000 | | | | | | 189,399 | | |
FREMF 2017-K71 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K71 B, 3.881%, due 11/25/50(a)(b) | | | | | 505,000 | | | | | | 475,424 | | |
FREMF 2018-K84 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K84 C, 4.314%, due 10/25/28(a)(b) | | | | | 200,000 | | | | | | 187,281 | | |
FREMF 2019-K97 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K97 B, 3.896%, due 9/25/51(a)(b) | | | | | 315,000 | | | | | | 289,148 | | |
FREMF 2019-K99 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K99 B, 3.765%, due 10/25/52(a)(b) | | | | | 200,000 | | | | | | 181,418 | | |
Hudson Yards 2019-30HY Mortgage Trust | | | | | | | | | | | | | |
Series 2019-30HY A, 3.228%, due 7/10/39 | | | | | 615,000 | | | | | | 537,787 | | |
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB | | | | | | | | | | | | | |
Series 2019-OSB A, 3.397%, due 6/5/39 | | | | | 590,000 | | | | | | 525,057 | | |
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-2NU | | | | | | | | | | | | | |
Series 2021-2NU A, 1.974%, due 1/5/40 | | | | | 400,000 | | | | | | 324,218 | | |
Manhattan West 2020-1MW Mortgage Trust | | | | | | | | | | | | | |
Series 2020-1MW A, 2.130%, due 9/10/39 | | | | | 400,000 | | | | | | 346,043 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2020-1MW D, 2.413%, due 9/10/39(a)(b) | | | | $ | 260,000 | | | | | $ | 207,388 | | |
Multifamily Connecticut Avenue Securities Trust 2019-01 | | | | | | | | | | | | | |
Series 2019-01 M10, 8.270%, (1-Month LIBOR + 3.25%), due 10/25/49(a) | | | | | 1,116,509 | | | | | | 1,042,308 | | |
Multifamily Connecticut Avenue Securities Trust 2020-01 | | | | | | | | | | | | | |
Series 2020-01 M10, 8.770%, (1-Month LIBOR + 3.75%), due 3/25/50(a) | | | | | 385,000 | | | | | | 361,924 | | |
One Bryant Park Trust 2019-OBP | | | | | | | | | | | | | |
Series 2019-OBP A, 2.516%, due 9/15/54 | | | | | 1,380,000 | | | | | | 1,144,691 | | |
Slg Office Trust 2021-Ova | | | | | | | | | | | | | |
Series 2021-OVA F, 2.851%, due 7/15/41 | | | | | 365,000 | | | | | | 246,276 | | |
SLG Office Trust 2021-OVA | | | | | | | | | | | | | |
Series 2021-OVA A, 2.585%, due 7/15/41 | | | | | 1,689,000 | | | | | | 1,373,164 | | |
UBS-Barclays Commercial Mortgage Trust 2013-C6 | | | | | | | | | | | | | |
Series 2013-C6 B, 3.875%, due 4/10/46(a)(b) | | | | | 695,000 | | | | | | 691,819 | | |
Wells Fargo Commercial Mortgage Trust 2015-NXS4 | | | | | | | | | | | | | |
Series 2015-NXS4 A4, 3.718%, due 12/15/48 | | | | | 100,000 | | | | | | 95,975 | | |
Wells Fargo Commercial Mortgage Trust 2018-AUS | | | | | | | | | | | | | |
Series 2018-AUS A, 4.194%, due 8/17/36(a)(b) | | | | | 100,000 | | | | | | 90,954 | | |
WFRBS Commercial Mortgage Trust 2014-C21 | | | | | | | | | | | | | |
Series 2014-C21 AS, 3.891%, due 8/15/47 | | | | | 500,000 | | | | | | 478,097 | | |
| | | | | | | | | | | 18,212,920 | | |
Total Commercial Mortgage-Backed Securities (Cost $18,771,618) | | | | | | | | | | | 18,212,920 | | |
Corporate Bonds — 25.2% | | ||||||||||||
Airlines — 1.2% | | ||||||||||||
American Airlines 2019-1 Class B Pass Through Trust | | | | | | | | | | | | | |
Series 2019-1B, 3.850%, due 2/15/28 | | | | | 350,143 | | | | | | 305,725 | | |
American Airlines 2021-1 Class B Pass Through Trust | | | | | | | | | | | | | |
Series 2021-1B, 3.950%, due 7/11/30 | | | | | 281,725 | | | | | | 248,535 | | |
Delta Air Lines Inc / SkyMiles IP Ltd. | | | | | | | | | | | | | |
4.500%, due 10/20/25 | | | | | 295,002 | | | | | | 289,297 | | |
4.750%, due 10/20/28 | | | | | 610,000 | | | | | | 592,374 | | |
JetBlue 2019-1 Class AA Pass Through Trust | | | | | | | | | | | | | |
Series 2019-1, AA2.750%, due 5/15/32 | | | | | 839,902 | | | | | | 714,710 | | |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | | | | | | | | | |
6.500%, due 6/20/27 | | | | | 412,250 | | | | | | 411,591 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Airlines (continued) | | ||||||||||||
United Airlines 2020-1 Class A Pass-Through Trust | | | | | | | | | | | | | |
Series 2020-1, 5.875%, due 10/15/27 | | | | $ | 384,496 | | | | | $ | 384,422 | | |
| | | | | | | | | | | 2,946,654 | | |
Auto Manufacturers — 2.1% | | ||||||||||||
American Honda Finance Corp. | | | | ||||||||||
4.700%, due 1/12/28 | | | | | 815,000 | | | | | | 827,100 | | |
Ford Motor Co. | | | | | | | | | | | | | |
4.750%, due 1/15/43 | | | | | 45,000 | | | | | | 33,808 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
4.125%, due 8/17/27 | | | | | 450,000 | | | | | | 412,902 | | |
6.950%, due 3/6/26 | | | | | 435,000 | | | | | | 438,992 | | |
General Motors Co. | | | | | | | | | | | | | |
5.200%, due 4/1/45 | | | | | 205,000 | | | | | | 173,467 | | |
5.600%, due 10/15/32 | | | | | 165,000 | | | | | | 161,652 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
2.350%, due 1/8/31 | | | | | 640,000 | | | | | | 505,287 | | |
4.300%, due 4/6/29 | | | | | 475,000 | | | | | | 442,686 | | |
Hyundai Capital America | | | | | | | | | | | | | |
5.800%, due 4/1/30 | | | | | 915,000 | | | | | | 939,178 | | |
Nissan Motor Acceptance Co. LLC | | | | | | | | | | | | | |
1.125%, due 9/16/24 | | | | | 340,000 | | | | | | 316,119 | | |
1.850%, due 9/16/26 | | | | | 995,000 | | | | | | 849,054 | | |
| | | | | | | | | | | 5,100,245 | | |
Banks — 6.5% | | ||||||||||||
Bank of America Corp. | | | | | | | | | | | | | |
2.496%, (3-Month LIBOR + 0.99%), due 2/13/31(a) | | | | | 80,000 | | | | | | 67,536 | | |
2.572%, (SOFR + 1.21%), due 10/20/32(a) | | | | | 940,000 | | | | | | 771,888 | | |
2.687%, (SOFR + 1.32%), due 4/22/32(a) | | | | | 440,000 | | | | | | 367,676 | | |
3.384%, (SOFR + 1.33%), due 4/2/26(a) | | | | | 155,000 | | | | | | 149,466 | | |
3.419%, (3-Month LIBOR + 1.04%), due 12/20/28(a) | | | | | 555,000 | | | | | | 515,199 | | |
5.080%, (SOFR + 1.29%), due 1/20/27(a) | | | | | 775,000 | | | | | | 773,522 | | |
Bank of New York Mellon Corp. (The) | | | | | | | | | | | | | |
4.414%, (SOFR + 1.35%), due 7/24/26(a) | | | | | 925,000 | | | | | | 913,923 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
2.520%, (SOFR + 1.18%), due 11/3/32(a) | | | | | 825,000 | | | | | | 675,319 | | |
3.980%, (TSFR3M + 1.60%), due 3/20/30(a) | | | | | 90,000 | | | | | | 84,436 | | |
4.125%, due 7/25/28 | | | | | 710,000 | | | | | | 677,219 | | |
5.300%, due 5/6/44 | | | | | 60,000 | | | | | | 57,035 | | |
Series W, 4.000%, (5 Year US CMT T-Note + 3.60%), due 3/10/72(a) | | | | | 70,000 | | | | | | 60,977 | | |
Series Y, 4.150%, (5 Year US CMT T-Note + 3.00%), due 2/15/72(a) | | | | | 205,000 | | | | | | 168,612 | | |
Citizens Bank NA/Providence RI | | | | | | | | | | | | | |
6.064%, (SOFR + 1.45%), due 10/24/25(a) | | | | | 795,000 | | | | | | 769,287 | | |
Citizens Financial Group, Inc. | | | | | | | | | | | | | |
3.250%, due 4/30/30 | | | | | 285,000 | | | | | | 243,202 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Fifth Third Bancorp | | | | | | | | | | | | | |
4.772%, (SOFR + 2.13%), due 7/28/30(a) | | | | $ | 860,000 | | | | | $ | 818,431 | | |
First Horizon Bank | | | | | | | | | | | | | |
5.750%, due 5/1/30 | | | | | 666,000 | | | | | | 629,491 | | |
Goldman Sachs Group, Inc. (The) 1.948%, (SOFR + 0.91%), due 10/21/27(a) | | | | | 800,000 | | | | | | 716,393 | | |
3.500%, due 11/16/26 | | | | | 340,000 | | | | | | 324,324 | | |
Huntington National Bank (The) | | | | | | | | | | | | | |
5.650%, due 1/10/30 | | | | | 910,000 | | | | | | 906,688 | | |
JPMorgan Chase & Co. | | | | | | | | | | | | | |
2.182%, (SOFR + 1.89%), due 6/1/28(a) | | | | | 845,000 | | | | | | 759,017 | | |
4.912%, (SOFR + 2.08%), due 7/25/33(a) | | | | | 255,000 | | | | | | 253,589 | | |
5.934%, (SOFR + 1.18%), due 2/24/28(a) | | | | | 220,000 | | | | | | 220,223 | | |
Keybank NA/Cleveland Oh | | | | | | | | | | | | | |
5.850%, due 11/15/27 | | | | | 375,000 | | | | | | 374,492 | | |
Keybank NA/Cleveland OH | | | | | | | | | | | | | |
4.150%, due 8/8/25 | | | | | 485,000 | | | | | | 464,351 | | |
Morgan Stanley | | | | | | | | | | | | | |
2.484%, (SOFR + 1.36%), due 9/16/36(a) | | | | | 1,190,000 | | | | | | 914,647 | | |
2.511%, (SOFR + 1.20%), due 10/20/32(a) | | | | | 950,000 | | | | | | 782,102 | | |
Series G, 4.431%, (3-Month LIBOR + 1.63%), due 1/23/30(a) | | | | | 510,000 | | | | | | 492,743 | | |
Santander Holdings USA, Inc. | | | | | | | | | | | | | |
4.400%, due 7/13/27 | | | | | 365,000 | | | | | | 347,736 | | |
6.499%, (SOFR + 2.36%), due 3/9/29(a) | | | | | 430,000 | | | | | | 432,224 | | |
Synchrony Bank | | | | | | | | | | | | | |
5.400%, due 8/22/25 | | | | | 715,000 | | | | | | 681,848 | | |
Texas Capital Bancshares, Inc. | | | | | | | | | | | | | |
4.000%, (5 Year US CMT T-Note + 3.15%), due 5/6/31(a) | | | | | 240,000 | | | | | | 194,005 | | |
| | | | | | | | | | | 15,607,601 | | |
Biotechnology — 0.1% | | ||||||||||||
Amgen, Inc. | | | | | | | | | | | | | |
5.750%, due 3/2/63 | | | | | 305,000 | | | | | | 315,904 | | |
Building Materials — 0.2% | | ||||||||||||
Carrier Global Corp. | | | | | | | | | | | | | |
2.722%, due 2/15/30 | | | | | 430,000 | | | | | | 376,499 | | |
Owens Corning | | | | | | | | | | | | | |
4.400%, due 1/30/48 | | | | | 85,000 | | | | | | 70,870 | | |
| | | | | | | | | | | 447,369 | | |
Chemicals — 0.4% | | ||||||||||||
Huntsman International LLC | | | | | | | | | | | | | |
4.500%, due 5/1/29 | | | | | 655,000 | | | | | | 615,582 | | |
LYB International Finance III LLC | | | | | | | | | | | | | |
3.800%, due 10/1/60 | | | | | 440,000 | | | | | | 301,201 | | |
| | | | | | | | | | | 916,783 | | |
Commercial Services — 0.3% | | ||||||||||||
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 | | | | | 390,000 | | | | | | 330,420 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Commercial Services (continued) | | ||||||||||||
United Rentals North America, Inc. | | | | | | | | | | | | | |
3.875%, due 2/15/31 | | | | $ | 555,000 | | | | | $ | 488,494 | | |
| | | | | | | | | | | 818,914 | | |
Computers — 0.9% | | ||||||||||||
Apple, Inc. | | | | | | | | | | | | | |
2.700%, due 8/5/51 | | | | | 560,000 | | | | | | 396,196 | | |
Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
3.375%, due 12/15/41 | | | | | 650,000 | | | | | | 461,410 | | |
4.900%, due 10/1/26 | | | | | 480,000 | | | | | | 480,239 | | |
5.300%, due 10/1/29 | | | | | 490,000 | | | | | | 495,290 | | |
5.750%, due 2/1/33(d) | | | | | 355,000 | | | | | | 359,733 | | |
| | | | | | | | | | | 2,192,868 | | |
Diversified Financial Services — 0.8% | | ||||||||||||
Air Lease Corp. | | | | | | | | | | | | | |
3.250%, due 3/1/25 | | | | | 460,000 | | | | | | 440,954 | | |
Aircastle Ltd. | | | | | | | | | | | | | |
5.250%, (5 Year US CMT T-Note + 4.41%), due 9/15/71(a) | | | | | 420,000 | | | | | | 304,759 | | |
Ally Financial, Inc. | | | | | | | | | | | | | |
8.000%, due 11/1/31 | | | | | 415,000 | | | | | | 437,749 | | |
Aviation Capital Group LLC | | | | | | | | | | | | | |
1.950%, due 1/30/26 | | | | | 660,000 | | | | | | 590,916 | | |
OneMain Finance Corp. | | | | | | | | | | | | | |
3.500%, due 1/15/27 | | | | | 400,000 | | | | | | 341,648 | | |
| | | | | | | | | | | 2,116,026 | | |
Electric — 3.7% | | ||||||||||||
AEP Texas, Inc. | | | | | | | | | | | | | |
3.450%, due 5/15/51 | | | | | 540,000 | | | | | | 396,503 | | |
4.700%, due 5/15/32 | | | | | 250,000 | | | | | | 246,058 | | |
5.250%, due 5/15/52 | | | | | 375,000 | | | | | | 369,189 | | |
Arizona Public Service Co. | | | | | | | | | | | | | |
6.350%, due 12/15/32 | | | | | 665,000 | | | | | | 727,670 | | |
Baltimore Gas and Electric Co. | | | | | | | | | | | | | |
4.550%, due 6/1/52 | | | | | 555,000 | | | | | | 512,597 | | |
Commonwealth Edison Co. | | | | | | | | | | | | | |
5.300%, due 2/1/53 | | | | | 445,000 | | | | | | 464,488 | | |
Connecticut Light and Power Co. (The) | | | | | | | | | | | | | |
4.000%, due 4/1/48 | | | | | 85,000 | | | | | | 73,833 | | |
Edison International | | | | | | | | | | | | | |
Series B, 5.000%, (5 Year US CMT T-Note + 3.90%), due 3/15/72(a) | | | | | 510,000 | | | | | | 435,956 | | |
Florida Power & Light Co. | | | | | | | | | | | | | |
5.300%, due 4/1/53 | | | | | 570,000 | | | | | | 607,265 | | |
Indianapolis Power & Light Co. | | | | | | | | | | | | | |
5.650%, due 12/1/32 | | | | | 370,000 | | | | | | 392,065 | | |
National Rural Utilities Cooperative Finance Corp. | | | | | | | | | | | | | |
5.800%, due 1/15/33 | | | | | 460,000 | | | | | | 495,487 | | |
Nevada Power Co. | | | | | | | | | | | | | |
Series GG, 5.900%, due 5/1/53 | | | | | 345,000 | | | | | | 386,886 | | |
NSTAR Electric Co. | | | | | | | | | | | | | |
4.950%, due 9/15/52 | | | | | 135,000 | | | | | | 134,389 | | |
PPL Electric Utilities Corp. | | | | | | | | | | | | | |
3.950%, due 6/1/47 | | | | | 215,000 | | | | | | 185,384 | | |
Public Service Electric And Gas Co. | | | | | | | | | | | | | |
4.900%, due 12/15/32 | | | | | 1,000,000 | | | | | | 1,030,620 | | |
Puget Energy, Inc. | | | | | | | | | | | | | |
4.224%, due 3/15/32 | | | | | 540,000 | | | | | | 502,508 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Electric (continued) | | ||||||||||||
Southern California Edison Co. | | | | | | | | | | | | | |
5.700%, due 3/1/53 | | | | $ | 465,000 | | | | | $ | 486,740 | | |
5.950%, due 11/1/32 | | | | | 380,000 | | | | | | 413,358 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
5.450%, due 4/1/53 | | | | | 280,000 | | | | | | 286,814 | | |
Series C, 4.625%, due 5/15/52 | | | | | 500,000 | | | | | | 458,272 | | |
| | | | | | | | | | | 8,606,082 | | |
Environmental Control — 0.7% | | ||||||||||||
Clean Harbors, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/27 | | | | | 290,000 | | | | | | 280,726 | | |
Covanta Holding Corp. | | | | | | | | | | | | | |
4.875%, due 12/1/29 | | | | | 801,000 | | | | | | 712,890 | | |
Waste Connections, Inc. | | | | | | | | | | | | | |
2.200%, due 1/15/32 | | | | | 885,000 | | | | | | 729,554 | | |
| | | | | | | | | | | 1,723,170 | | |
Food — 1.1% | | ||||||||||||
General Mills, Inc. | | | | | | | | | | | | | |
5.241%, due 11/18/25 | | | | | 980,000 | | | | | | 980,677 | | |
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | | | | | | | | | | | | | |
5.500%, due 1/15/30 | | | | | 515,000 | | | | | | 491,696 | | |
5.750%, due 4/1/33 | | | | | 790,000 | | | | | | 756,938 | | |
Smithfield Foods, Inc. | | | | | | | | | | | | | |
3.000%, due 10/15/30 | | | | | 170,000 | | | | | | 135,465 | | |
4.250%, due 2/1/27 | | | | | 265,000 | | | | | | 250,498 | | |
| | | | | | | | | | | 2,615,274 | | |
Gas — 0.4% | | ||||||||||||
Brooklyn Union Gas Co. (The) | | | | | | | | | | | | | |
4.866%, due 8/5/32 | | | | | 760,000 | | | | | | 732,629 | | |
Southern California Gas Co. | | | | | | | | | | | | | |
6.350%, due 11/15/52 | | | | | 200,000 | | | | | | 233,022 | | |
| | | | | | | | | | | 965,651 | | |
Home Builders — 0.3% | | ||||||||||||
Lennar Corp. | | | | | | | | | | | | | |
4.750%, due 11/29/27 | | | | | 345,000 | | | | | | 341,767 | | |
Toll Brothers Finance Corp. | | | | | | | | | | | | | |
3.800%, due 11/1/29 | | | | | 570,000 | | | | | | 519,809 | | |
| | | | | | | | | | | 861,576 | | |
Insurance — 0.1% | | ||||||||||||
Hartford Financial Services Group, Inc. (The) | | | | | | | | | | | | | |
Series ICON, 6.989%, (3-Month LIBOR + 2.13%), due 2/12/47(a) | | | | | 50,000 | | | | | | 40,750 | | |
Lincoln National Corp. | | | | | | | | | | | | | |
7.234%, (3-Month LIBOR + 2.36%), due 5/17/66(a) | | | | | 50,000 | | | | | | 31,500 | | |
Protective Life Corp. | | | | | | | | | | | | | |
8.450%, due 10/15/39 | | | | | 138,000 | | | | | | 166,950 | | |
| | | | | | | | | | | 239,200 | | |
Internet — 0.2% | | ||||||||||||
Expedia Group, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/30 | | | | | 520,000 | | | | | | 456,993 | | |
Lodging — 0.3% | | ||||||||||||
Marriott International, Inc. | | | | | | | | | | | | | |
Series R, 3.125%, due 6/15/26 | | | | | 665,000 | | | | | | 632,839 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Media — 0.8% | | ||||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | | | | | | |
4.750%, due 3/1/30 | | | | $ | 190,000 | | | | | $ | 163,475 | | |
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | | | | | | |
3.700%, due 4/1/51 | | | | | 825,000 | | | | | | 523,222 | | |
DISH DBS Corp. | | | | | | | | | | | | | |
5.750%, due 12/1/28 | | | | | 415,000 | | | | | | 295,027 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
3.625%, due 10/1/31 | | | | | 450,000 | | | | | | 367,605 | | |
Time Warner Cable LLC | | | | | | | | | | | | | |
6.750%, due 6/15/39 | | | | | 485,000 | | | | | | 471,540 | | |
| | | | | | | | | | | 1,820,869 | | |
Office/Business Equipment — 0.0%(e) | | ||||||||||||
CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
3.250%, due 2/15/29 | | | | | 50,000 | | | | | | 43,231 | | |
Packaging & Containers — 0.6% | | ||||||||||||
Berry Global, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/26 | | | | | 755,000 | | | | | | 738,226 | | |
Sealed Air Corp. | | | | | | | | | | | | | |
5.125%, due 12/1/24 | | | | | 205,000 | | | | | | 203,417 | | |
6.125%, due 2/1/28 | | | | | 500,000 | | | | | | 507,350 | | |
| | | | | | | | | | | 1,448,993 | | |
Pharmaceuticals — 0.3% | | ||||||||||||
Becton Dickinson and Co. | | | | | | | | | | | | | |
4.669%, due 6/6/47 | | | | | 75,000 | | | | | | 69,980 | | |
CVS Health Corp. | | | | | | | | | | | | | |
4.780%, due 3/25/38 | | | | | 65,000 | | | | | | 62,068 | | |
CVS Pass-Through Trust | | | | | | | | | | | | | |
5.926%, due 1/10/34 | | | | | 129,213 | | | | | | 127,512 | | |
ELI Lilly & Co. | | | | | | | | | | | | | |
4.950%, due 2/27/63 | | | | | 400,000 | | | | | | 417,555 | | |
| | | | | | | | | | | 677,115 | | |
REITS — 2.0% | | ||||||||||||
Alexandria Real Estate Equities, Inc. | | | | | | | | | | | | | |
3.375%, due 8/15/31 | | | | | 545,000 | | | | | | 477,984 | | |
American Homes 4 Rent LP | | | | | | | | | | | | | |
2.375%, due 7/15/31 | | | | | 1,115,000 | | | | | | 895,423 | | |
American Tower Corp. | | | | | | | | | | | | | |
3.375%, due 5/15/24 | | | | | 445,000 | | | | | | 435,192 | | |
Digital Realty Trust LP | | | | | | | | | | | | | |
3.600%, due 7/1/29 | | | | | 995,000 | | | | | | 893,194 | | |
Invitation Homes Operating Partnership LP | | | | | | | | | | | | | |
2.000%, due 8/15/31 | | | | | 585,000 | | | | | | 450,832 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
4.875%, due 9/15/29 | | | | | 205,000 | | | | | | 186,974 | | |
5.250%, due 7/15/30 | | | | | 280,000 | | | | | | 257,888 | | |
ProLogis LP | | | | | | | | | | | | | |
2.875%, due 11/15/29 | | | | | 430,000 | | | | | | 386,912 | | |
Starwood Property Trust, Inc. | | | | | | | | | | | | | |
3.750%, due 12/31/24 | | | | | 50,000 | | | | | | 46,740 | | |
4.375%, due 1/15/27 | | | | | 680,000 | | | | | | 586,316 | | |
| | | | | | | | | | | 4,617,455 | | |
|
| | | Principal Amount | | | Value | | | | ||||||||||
Corporate Bonds (continued) | | | | ||||||||||||||||
Retail — 0.5% | | | | ||||||||||||||||
AutoNation, Inc. | | | | | | | | | | | | | | | | ||||
4.750%, due 6/1/30 | | | | $ | 515,000 | | | | | $ | 484,172 | | | | | ||||
Lowe’s Cos., Inc. | | | | | | | | | | | | | | | | ||||
1.700%, due 9/15/28 | | | | | 540,000 | | | | | | 471,893 | | | | | ||||
Nordstrom, Inc. | | | | | | | | | | | | | | | | ||||
4.250%, due 8/1/31 | | | | | 455,000 | | | | | | 337,883 | | | | | ||||
| | | | | | | | | | | 1,293,948 | | | | | ||||
Semiconductors — 0.2% | | | | ||||||||||||||||
Broadcom, Inc. | | | | | | | | | | | | | | | | ||||
5.000%, due 4/15/30 | | | | | 565,000 | | | | | | 559,298 | | | | | ||||
Software — 0.5% | | | | ||||||||||||||||
Broadridge Financial Solutions, Inc. | | | | | | | | | | | | | | | | ||||
2.900%, due 12/1/29 | | | | | 330,000 | | | | | | 290,283 | | | | | ||||
Fidelity National Information Services, Inc. | | | | | | | | | | | | | | | | ||||
5.100%, due 7/15/32 | | | | | 715,000 | | | | | | 704,226 | | | | | ||||
MSCI, Inc. | | | | | | | | | | | | | | | | ||||
3.250%, due 8/15/33 | | | | | 360,000 | | | | | | 292,500 | | | | | ||||
| | | | | | | | | | | 1,287,009 | | | | | ||||
Telecommunications — 0.6% | | | | ||||||||||||||||
AT&T, Inc. | | | | | | | | | | | | | | | | ||||
3.500%, due 9/15/53 | | | | | 980,000 | | | | | | 702,881 | | | | | ||||
Sprint Spectrum Co., LLC / Sprint Spectrum Co., II LLC / Sprint Spectrum Co., III LLC | | | | | | | | | | | | | | | | ||||
4.738%, due 3/20/25 | | | | | 307,501 | | | | | | 305,463 | | | | | ||||
T-Mobile USA, Inc. | | | | | | | | | | | | | | | | ||||
2.625%, due 2/15/29 | | | | | 580,000 | | | | | | 512,561 | | | | | ||||
| | | | | | | | | | | 1,520,905 | | | | | ||||
Transportation — 0.3% | | | | ||||||||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | | | | | | | | | | | | | | | | ||||
5.750%, due 4/20/29 | | | | | 355,000 | | | | | | 337,351 | | | | | ||||
Burlington Northern Santa Fe LLC | | | | | | | | | | | | | | | | ||||
4.450%, due 1/15/53 | | | | | 535,000 | | | | | | 503,181 | | | | | ||||
| | | | | | | | | | | 840,532 | | | | | ||||
Water — 0.1% | | | | | | | | ||||||||||||
American Water Capital Corp. | | | | | | | | | | | | | | | | ||||
3.250%, due 6/1/51 | | | | | 460,000 | | | | | | 339,400 | | | | | ||||
Total Corporate Bonds (Cost $63,116,266) | | | | | | | | | | | 61,011,904 | | | | | ||||
Foreign Bonds — 12.0% | | | | ||||||||||||||||
Airlines — 0.4% | | | | ||||||||||||||||
British Airways 2021-1 Class A Pass-Through Trust, (United Kingdom) | | | | | | | | | | | | | | | | ||||
Series 2021-1A, A2.900%, due 3/15/35 | | | | | 1,066,417 | | | | | | 910,072 | | | | | ||||
Auto Manufacturers — 0.8% | | | | ||||||||||||||||
BMW US Capital LLC, (Germany) | | | | | | | | | | | | | | | | ||||
3.450%, due 4/1/27 | | | | | 655,000 | | | | | | 636,823 | | | | | ||||
Mercedes-Benz Finance North America LLC, (Germany) | | | | | | | | | | | | | | | | ||||
4.950%, due 3/30/25 | | | | | 1,210,000 | | | | | | 1,211,285 | | | | | ||||
| | | | | | | | | | | 1,848,108 | | | | | ||||
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Banks — 8.0% | | ||||||||||||
Banco Santander SA, (Spain) | | | | | | | | | | | | | |
4.175%, (1 Year US CMT T-Note + 2.00%), due 3/24/28(a) | | | | $ | 415,000 | | | | | $ | 394,559 | | |
5.294%, due 8/18/27 | | | | | 600,000 | | | | | | 597,557 | | |
Bank of Montreal, (Canada) | | | | | | | | | | | | | |
3.700%, due 6/7/25 | | | | | 380,000 | | | | | | 369,974 | | |
Barclays PLC, (United Kingdom) | | | | | | | | | | | | | |
4.375%, (5 Year US CMT T-Note + 3.41%), due 12/15/71(a) | | | | | 585,000 | | | | | | 387,517 | | |
5.200%, due 5/12/26 | | | | | 750,000 | | | | | | 732,090 | | |
8.000%, (5 Year US CMT T-Note + 5.43%), due 12/15/71(a) | | | | | 320,000 | | | | | | 280,288 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
3.052%, (SOFR + 1.51%), due 1/13/31(a) | | | | | 560,000 | | | | | | 484,314 | | |
4.625%, (5 Year US CMT T-Note + 3.20%), due 7/12/71(a) | | | | | 465,000 | | | | | | 364,979 | | |
4.625%, (5 Year US CMT T-Note + 3.34%), due 8/25/71(a) | | | | | 240,000 | | | | | | 170,256 | | |
7.750%, (5 Year US CMT T-Note + 4.90%), due 2/16/72(a) | | | | | 220,000 | | | | | | 210,100 | | |
Bpce SA, (France) | | | | | | | | | | | | | |
5.125%, due 1/18/28 | | | | | 450,000 | | | | | | 450,714 | | |
BPCE SA, (France) | | | | | | | | | | | | | |
2.045%, (SOFR + 1.09%), due 10/19/27(a) | | | | | 1,220,000 | | | | | | 1,078,255 | | |
Canadian Imperial Bank of Commerce, (Canada) | | | | | | | | | | | | | |
3.300%, due 4/7/25 | | | | | 465,000 | | | | | | 449,301 | | |
Cooperatieve Rabobank UA, (Netherlands) | | | | | | | | | | | | | |
3.649%, (1 Year US CMT T-Note + 1.22%), due 4/6/28(a) | | | | | 870,000 | | | | | | 820,349 | | |
Credit Agricole SA, (France) | | | | | | | | | | | | | |
4.750%, (5 Year US CMT T-Note + 3.24%), due 3/23/72(a) | | | | | 560,000 | | | | | | 430,640 | | |
Credit Suisse Group AG, (Switzerland) | | | | | | | | | | | | | |
3.091%, (SOFR + 1.73%), due 5/14/32(a) | | | | | 435,000 | | | | | | 348,353 | | |
6.442%, (SOFR + 3.70%), due 8/11/28(a) | | | | | 550,000 | | | | | | 544,347 | | |
Deutsche Bank AG, (Germany) | | | | | | | | | | | | | |
3.729%, (SOFR + 2.76%), due 1/14/32(a) | | | | | 700,000 | | | | | | 526,606 | | |
Deutsche Bank AG/New York NY, (Germany) | | | | | | | | | | | | | |
2.552%, (SOFR + 1.32%), due 1/7/28(a) | | | | | 890,000 | | | | | | 773,807 | | |
Intesa Sanpaolo SpA, (Italy) | | | | | | | | | | | | | |
7.000%, due 11/21/25 | | | | | 830,000 | | | | | | 848,036 | | |
Kreditanstalt fuer Wiederaufbau, (Germany) | | | | | | | | | | | | | |
2.500%, due 11/20/24 | | | | | 190,000 | | | | | | 184,634 | | |
Lloyds Banking Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.450%, due 5/8/25 | | | | | 95,000 | | | | | | 93,302 | | |
4.582%, due 12/10/25 | | | | | 775,000 | | | | | | 741,873 | | |
4.976%, (1 Year US CMT T-Note + 2.30%), due 8/11/33(a) | | | | | 580,000 | | | | | | 562,278 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
Macquarie Group Ltd., (Australia) | | | | | | | | | | | | | |
2.871%, (SOFR + 1.53%), due 1/14/33(a) | | | | $ | 660,000 | | | | | $ | 536,458 | | |
4.098%, (SOFR + 2.13%), due 6/21/28(a) | | | | | 420,000 | | | | | | 401,416 | | |
Mitsubishi UFJ Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
2.309%, (1 Year US CMT T-Note + 0.95%), due 7/20/32(a) | | | | | 1,085,000 | | | | | | 875,837 | | |
Mizuho Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
3.261%, (1 Year US CMT T-Note + 1.25%), due 5/22/30(a) | | | | | 395,000 | | | | | | 354,035 | | |
NatWest Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.892%, (3-Month LIBOR + 1.75%), due 5/18/29(a) | | | | | 905,000 | | | | | | 880,763 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
Series G, 5.548%, (SOFR + 0.71%), due 1/21/27(a) | | | | | 555,000 | | | | | | 544,986 | | |
Societe Generale SA, (France) | | | | | | | | | | | | | |
3.337%, (1 Year US CMT T-Note + 1.60%), due 1/21/33(a) | | | | | 535,000 | | | | | | 437,534 | | |
4.750%, (5 Year US CMT T-Note + 3.93%), due 11/26/71(a) | | | | | 435,000 | | | | | | 332,036 | | |
5.375%, (5 Year US CMT T-Note + 4.51%), due 5/18/71(a) | | | | | 330,000 | | | | | | 231,000 | | |
Sumitomo Mitsui Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
1.902%, due 9/17/28 | | | | | 865,000 | | | | | | 738,776 | | |
Swedbank AB, (Sweden) | | | | | | | | | | | | | |
3.356%, due 4/4/25 | | | | | 465,000 | | | | | | 449,944 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
1.364%, (1 Year US CMT T-Note + 1.08%), due 1/30/27(a) | | | | | 285,000 | | | | | | 252,024 | | |
4.375%, (5 Year US CMT T-Note + 3.31%), due 8/10/71(a) | | | | | 400,000 | | | | | | 275,901 | | |
4.875%, (5 Year US CMT T-Note + 3.40%), due 8/12/71(a) | | | | | 150,000 | | | | | | 116,625 | | |
Westpac Banking Corp., (Australia) | | | | | | | | | | | | | |
3.020%, (5 Year US CMT T-Note + 1.53%), due 11/18/36(a) | | | | | 635,000 | | | | | | 500,759 | | |
5.457%, due 11/18/27 | | | | | 740,000 | | | | | | 768,303 | | |
| | | | | | | | | | | 19,540,526 | | |
Chemicals — 0.3% | | ||||||||||||
Ineos Finance PLC, (Luxembourg) | | | | | | | | | | | | | |
6.750%, due 5/15/28 | | | | | 750,000 | | | | | | 741,045 | | |
Diversified Financial Services — 0.9% | | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | | | | | | | | | | | | | |
3.000%, due 10/29/28 | | | | | 200,000 | | | | | | 174,124 | | |
Avolon Holdings Funding Ltd., (Ireland) | | | | | | | | | | | | | |
2.875%, due 2/15/25 | | | | | 525,000 | | | | | | 492,664 | | |
Banco BTG Pactual SA/Cayman Islands, (Brazil) | | | | | | | | | | | | | |
2.750%, due 1/11/26 | | | | | 660,000 | | | | | | 600,930 | | |
Nomura Holdings, Inc., (Japan) | | | | | | | | | | | | | |
2.172%, due 7/14/28 | | | | | 660,000 | | | | | | 555,873 | | |
5.099%, due 7/3/25 | | | | | 440,000 | | | | | | 434,307 | | |
| | | | | | | | | | | 2,257,898 | | |
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Electric — 0.4% | | ||||||||||||
Transalta Corp., (Canada) | | | | | | | | | | | | | |
7.750%, due 11/15/29 | | | | $ | 830,000 | | | | | $ | 871,566 | | |
Food — 0.2% | | ||||||||||||
MARB Bondco PLC, (Brazil) | | | | | | | | | | | | | |
3.950%, due 1/29/31 | | | | | 560,000 | | | | | | 411,291 | | |
Pharmaceuticals — 0.4% | | ||||||||||||
Teva Pharmaceutical Finance Netherlands III BV, (Israel) | | | | | | | | | | | | | |
3.150%, due 10/1/26 | | | | | 250,000 | | | | | | 225,895 | | |
4.750%, due 5/9/27 | | | | | 575,000 | | | | | | 538,508 | | |
7.875%, due 9/15/29 | | | | | 220,000 | | | | | | 230,375 | | |
| | | | | | | | | | | 994,778 | | |
Savings & Loans — 0.4% | | ||||||||||||
Nationwide Building Society, (United Kingdom) | | | | | | | | | | | | | |
2.972%, (SOFR + 1.29%), due 2/16/28(a) | | | | | 655,000 | | | | | | 596,720 | | |
4.850%, due 7/27/27 | | | | | 600,000 | | | | | | 591,730 | | |
| | | | | | | | | | | 1,188,450 | | |
Telecommunications — 0.2% | | ||||||||||||
Altice France SA, (France) | | | | | | | | | | | | | |
5.125%, due 7/15/29 | | | | | 565,000 | | | | | | 417,730 | | |
Total Foreign Bonds (Cost $30,706,705) | | | | | | | | | | | 29,181,464 | | |
Foreign Government Obligations — 0.3% | | ||||||||||||
Colombia Government International Bond, (Colombia) | | | | | | | | | | | | | |
7.500%,due 2/2/34 | | | | | 375,000 | | | | | | 359,232 | | |
Inter-American Development Bank, (Supranational) | | | | | | | | | | | | | |
0.875%,due 4/3/25 | | | | | 200,000 | | | | | | 187,868 | | |
International Bank for Reconstruction & Development, (Supranational) | | | | | | | | | | | | | |
0.625%,due 4/22/25 | | | | | 200,000 | | | | | | 186,661 | | |
Total Foreign Government Obligations (Cost $772,517) | | | | | | | | | | | 733,761 | | |
U.S. Treasury Bonds — 5.4% | | ||||||||||||
U.S. Treasury Bond, 3.625%, due 2/15/53 | | | | | 715,000 | | | | | | 708,967 | | |
U.S. Treasury Bond, 3.875%, due 2/15/43 | | | | | 12,315,000 | | | | | | 12,445,847 | | |
| | | | | | | | | | | 13,154,814 | | |
Total U.S. Treasury Bonds (Cost $12,598,235) | | | | | | | | | | | 13,154,814 | | |
U.S. Treasury Notes — 9.3% | | ||||||||||||
U.S. Treasury Note, 3.500%, due 4/30/30 | | | | | 1,460,000 | | | | | | 1,462,509 | | |
U.S. Treasury Note, 3.500%, due 2/15/33 | | | | | 20,985,000 | | | | | | 21,109,599 | | |
| | | | | | | | | | | 22,572,108 | | |
Total U.S. Treasury Notes (Cost $22,089,175) | | | | | | | | | | | 22,572,108 | | |
|
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities — 17.9% | | ||||||||||||
Mortgage Securities — 17.9% | | ||||||||||||
Fannie Mae Interest Strip | | | | | | | | | | | | | |
Series 2022-426 C32, 1.500% due 2/25/52(c) | | | | $ | 2,078,593 | | | | | $ | 204,125 | | |
Fannie Mae Pool | | | | | | | | | | | | | |
Series 2021-BT0472 2.000% due 7/1/51 | | | | | 88,080 | | | | | | 73,445 | | |
Series 2022-CB5401 4.500% due 12/1/52 | | | | | 924,301 | | | | | | 903,591 | | |
Series 2022-FS1429 3.500% due 4/1/52 | | | | | 777,990 | | | | | | 723,451 | | |
Series 2022-FS2058 4.000% due 6/1/52 | | | | | 717,326 | | | | | | 686,060 | | |
Series 2022-FS3643 5.500% due 11/1/52 | | | | | 358,734 | | | | | | 361,709 | | |
Series 2022-MA4626 4.000% due 6/1/52 | | | | | 1,778,309 | | | | | | 1,699,976 | | |
Series 2022-MA4644 4.000% due 5/1/52 | | | | | 910,512 | | | | | | 870,781 | | |
Series 2022-MA4655 4.000% due 7/1/52 | | | | | 1,192,262 | | | | | | 1,140,111 | | |
Series 2022-MA4709 5.000% due 7/1/52 | | | | | 322,174 | | | | | | 320,444 | | |
Series 2023-MA4919 5.500% due 2/1/53 | | | | | 1,540,097 | | | | | | 1,552,870 | | |
Series 2023-MA4942 6.000% due 3/1/53 | | | | | 604,053 | | | | | | 615,341 | | |
Fannie Mae REMICS | | | | | | | | | | | | | |
Series 2016-57 SN, 1.030% (1-Month LIBOR + 6.05%), due 6/25/46(a)(c) | | | | | 569,417 | | | | | | 67,245 | | |
Series 2019-32 SB, 1.030% (1-Month LIBOR + 6.05%), due 6/25/49(a)(c) | | | | | 1,231,094 | | | | | | 137,013 | | |
Series 2020-47 BD, 1.500% due 7/25/50 | | | | | 175,838 | | | | | | 138,122 | | |
Series 2020-49 PB, 1.750% due 7/25/50 | | | | | 153,575 | | | | | | 123,022 | | |
Series 2020-70 SD, 1.230% (1-Month LIBOR + 6.25%), due 10/25/50(a)(c) | | | | | 912,354 | | | | | | 132,393 | | |
Series 2021-10 LI, 2.500% due 3/25/51(c) | | | | | 530,236 | | | | | | 77,262 | | |
Series 2021-12 JI, 2.500% due 3/25/51(c) | | | | | 673,551 | | | | | | 99,792 | | |
Series 2021-3 TI, 2.500% due 2/25/51(c) | | | | | 2,237,330 | | | | | | 363,185 | | |
Series 2021-34 IS, (1-Month LIBOR + 3.00%), due 11/25/42(a)(c) | | | | | 2,459,794 | | | | | | 87,112 | | |
Series 2021-34 MI, 2.500% due 3/25/51(c) | | | | | 984,494 | | | | | | 119,657 | | |
Series 2021-40 SI, 0.930% (1-Month LIBOR + 5.95%), due 9/25/47(a)(c) | | | | | 799,500 | | | | | | 84,687 | | |
Series 2021-54 HI, 2.500% due 6/25/51(c) | | | | | 207,927 | | | | | | 25,487 | | |
Series 2021-8 ID, 3.500% due 3/25/51(c) | | | | | 782,595 | | | | | | 153,285 | | |
Series 2021-95 KI, 2.500% due 4/25/51(c) | | | | | 2,592,682 | | | | | | 354,688 | | |
Series 2022-10 SA, 0.935% (SOFR30A + 5.75%), due 2/25/52(a)(c) | | | | | 888,444 | | | | | | 122,674 | | |
Series 2022-5 SN, (SOFR30A + 1.80%), due 2/25/52(a)(c) | | | | | 375,715 | | | | | | 4,580 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Federal National Mortgage Association | | | | | | | | | | | | | |
5.000% due 3/1/53 | | | | $ | 945,427 | | | | | $ | 940,069 | | |
5.000% due 3/1/53 | | | | | 249,315 | | | | | | 248,053 | | |
Freddie Mac Pool | | | | | | | | | | | | | |
3.500% due 7/1/52 | | | | | 218,594 | | | | | | 203,168 | | |
4.000% due 9/1/52 | | | | | 454,843 | | | | | | 436,424 | | |
4.500% due 10/1/52 | | | | | 1,993,793 | | | | | | 1,949,168 | | |
4.500% due 11/1/52 | | | | | 2,954,447 | | | | | | 2,888,246 | | |
Series 2019-SD8030 3.000% due 12/1/49 | | | | | 220,675 | | | | | | 200,172 | | |
Series 2022-SD8215 4.000% due 5/1/52 | | | | | 947,125 | | | | | | 905,415 | | |
Freddie Mac REMICS | | | | | | | | | | | | | |
Series 2020-4988 BA, 1.500% due 6/25/50 | | | | | 198,951 | | | | | | 156,253 | | |
Series 2020-4993 KS, 1.030% (1-Month LIBOR + 6.05%), due 7/25/50(a)(c) | | | | | 1,619,847 | | | | | | 245,205 | | |
Series 2020-4994 TS, 1.080% (1-Month LIBOR + 6.10%), due 7/25/50(a)(c) | | | | | 898,841 | | | | | | 121,061 | | |
Series 2020-5021 SA, (SOFR30A + 3.55%), due 10/25/50(a)(c) | | | | | 869,866 | | | | | | 30,293 | | |
Series 2020-5031 IQ, 2.500% due 10/25/50(c) | | | | | 546,988 | | | | | | 76,337 | | |
Series 2020-5036 IO, 3.500% due 11/25/50(c) | | | | | 647,138 | | | | | | 128,220 | | |
Series 2020-5038 IB, 2.500% due 10/25/50(c) | | | | | 542,829 | | | | | | 82,348 | | |
Series 2020-5038 KA, 1.500% due 11/25/50 | | | | | 361,106 | | | | | | 280,260 | | |
Series 2020-5040 IO, 3.500% due 11/25/50(c) | | | | | 862,090 | | | | | | 137,940 | | |
Series 2021-5070 PI, 3.000% due 8/25/50(c) | | | | | 925,962 | | | | | | 143,231 | | |
Series 2021-5149 LI, 2.500% due 10/25/51(c) | | | | | 1,803,465 | | | | | | 233,380 | | |
Series 2021-5187 SA, (SOFR30A + 1.80%), due 1/25/52(a)(c) | | | | | 668,931 | | | | | | 9,413 | | |
Series 2022-5191 IO, 3.500% due 9/25/50(c) | | | | | 995,719 | | | | | | 162,353 | | |
Series 2022-5274 IO, 2.500% due 1/25/51(c) | | | | | 1,835,722 | | | | | | 286,414 | | |
Series 2023-5304 UB, 4.000% due 2/25/52 | | | | | 709,747 | | | | | | 688,901 | | |
Freddie Mac Strips | | | | | | | | | | | | | |
Series 2013-311, 0.000%, due 8/15/43(f)(g) | | | | | 177,438 | | | | | | 136,777 | | |
Series 2013-311 S1, 1.002% (1-Month LIBOR + 5.95%), due 8/15/43(a)(c) | | | | | 627,062 | | | | | | 73,107 | | |
Series 2022-389 C35, 2.000% due 6/15/52(c) | | | | | 1,361,008 | | | | | | 171,895 | | |
FREMF 2016-K58 Mortgage Trust | | | | | | | | | | | | | |
Series 2016-K58 B, 3.866% due 9/25/49(a)(b) | | | | | 270,000 | | | | | | 258,164 | | |
FREMF 2017-K056 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K65 C, 4.218% due 7/25/50(a)(b) | | | | | 580,000 | | | | | | 548,749 | | |
FREMF 2018-K733 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K73 B, 3.986% due 2/25/51(a)(b) | | | | | 100,000 | | | | | | 94,053 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
FREMF 2018-K77 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K77 C, 4.303% due 5/25/51(a)(b) | | | | $ | 245,000 | | | | | $ | 230,184 | | |
FREMF 2018-K78 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K78 B, 4.267% due 6/25/51(a)(b) | | | | | 20,000 | | | | | | 19,002 | | |
Series 2018-K78 C, 4.267% due 6/25/51(a)(b) | | | | | 182,000 | | | | | | 170,594 | | |
FREMF 2018-K79 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K79 B, 4.351% due 7/25/51(a)(b) | | | | | 50,000 | | | | | | 47,685 | | |
FREMF 2018-K80 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K80 C, 4.376% due 8/25/50(a)(b) | | | | | 323,000 | | | | | | 303,956 | | |
FREMF 2018-K86 Mortgage Trust | | | | | | | | | | | | | |
Series 2018-K86 C, 4.437% due 11/25/51(a)(b) | | | | | 625,000 | | | | | | 588,279 | | |
FREMF 2019-K102 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K102 C, 3.652% due 12/25/51(a)(b) | | | | | 685,000 | | | | | | 607,834 | | |
FREMF 2019-K103 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K103 B, 3.574% due 12/25/51(a)(b) | | | | | 255,000 | | | | | | 228,845 | | |
FREMF 2019-K90 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K90 C, 4.465% due 2/25/52(a)(b) | | | | | 420,000 | | | | | | 392,346 | | |
FREMF 2019-K94 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K94 B, 4.101% due 7/25/52(a)(b) | | | | | 395,000 | | | | | | 366,884 | | |
Series 2019-K94 C, 4.101% due 7/25/52(a)(b) | | | | | 470,000 | | | | | | 429,384 | | |
FREMF 2019-K95 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K95 C, 4.055% due 8/25/52(a)(b) | | | | | 535,000 | | | | | | 488,091 | | |
FREMF 2019-K98 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K98 C, 3.863% due 10/25/52(a)(b) | | | | | 85,000 | | | | | | 76,547 | | |
FREMF 2020-K104 Mortgage Trust | | | | | | | | | | | | | |
Series 2020-K104 C, 3.663% due 2/25/52(a)(b) | | | | | 315,000 | | | | | | 277,854 | | |
Government National Mortgage Association | | | | | | | | | | | | | |
Series 2019-136 YS, (1-Month LIBOR + 2.83%), due 11/20/49(a)(c) | | | | | 316,519 | | | | | | 6,066 | | |
Series 2019-159 P, 2.500% due 9/20/49 | | | | | 1,169,936 | | | | | | 1,037,644 | | |
Series 2020-1 YS, (1-Month LIBOR + 2.83%), due 1/20/50(a)(c) | | | | | 1,427,496 | | | | | | 28,938 | | |
Series 2020-129 SB, (1-Month LIBOR + 3.20%), due 9/20/50(a)(c) | | | | | 2,060,536 | | | | | | 47,340 | | |
Series 2020-146 KI, 2.500% due 10/20/50(c) | | | | | 1,606,402 | | | | | | 210,292 | | |
Series 2020-146 SA, 1.347% (1-Month LIBOR + 6.30%), due 10/20/50(a)(c) | | | | | 1,017,442 | | | | | | 143,288 | | |
Series 2020-146 YK, 1.000% due 10/20/50 | | | | | 659,556 | | | | | | 515,502 | | |
Series 2020-151 TI, 2.500% due 10/20/50(c) | | | | | 961,746 | | | | | | 127,441 | | |
Series 2020-165 UD, 1.500% due 11/20/50 | | | | | 283,935 | | | | | | 234,038 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2020-167 SN, 1.347% (1-Month LIBOR + 6.30%), due 11/20/50(a)(c) | | | | $ | 539,569 | | | | | $ | 73,659 | | |
Series 2020-173 EI, 2.500% due 11/20/50(c) | | | | | 1,072,175 | | | | | | 147,377 | | |
Series 2020-175 CS, 1.347% (1-Month LIBOR + 6.30%), due 11/20/50(a)(c) | | | | | 1,142,539 | | | | | | 162,348 | | |
Series 2020-176 AI, 2.000% due 11/20/50(c) | | | | | 654,367 | | | | | | 66,459 | | |
Series 2020-185 BI, 2.000% due 12/20/50(c) | | | | | 799,901 | | | | | | 91,470 | | |
Series 2020-189 SU, 1.347% (1-Month LIBOR + 6.30%), due 12/20/50(a)(c) | | | | | 674,468 | | | | | | 99,098 | | |
Series 2020-62 FA, 3.500% (1-Month LIBOR + 0.63%), due 5/20/50(a) | | | | | 609,694 | | | | | | 555,105 | | |
Series 2021-1 IT, 3.000% due 1/20/51(c) | | | | | 1,132,208 | | | | | | 169,781 | | |
Series 2021-1 PI, 2.500% due 12/20/50(c) | | | | | 845,510 | | | | | | 108,653 | | |
Series 2021-146 IN, 3.500% due 8/20/51(c) | | | | | 1,249,276 | | | | | | 194,481 | | |
Series 2021-149 CI, 2.500% due 8/20/51(c) | | | | | 1,393,183 | | | | | | 193,432 | | |
Series 2021-158 SB, (SOFR30A + 3.70%), due 9/20/51(a)(c) | | | | | 1,044,995 | | | | | | 42,751 | | |
Series 2021-177 CI, 2.500% due 10/20/51(c) | | | | | 1,066,545 | | | | | | 141,314 | | |
Series 2021-177 SB, (SOFR30A + 3.20%), due 10/20/51(a)(c) | | | | | 7,581,887 | | | | | | 155,568 | | |
Series 2021-179 SA, 1.347% (1-Month LIBOR + 6.30%), due 11/20/50(a)(c) | | | | | 1,549,175 | | | | | | 213,011 | | |
Series 2021-188 IO, 2.500% due 10/20/51(c) | | | | | 1,617,386 | | | | | | 254,740 | | |
Series 2021-205 DS, (SOFR30A + 3.20%), due 11/20/51(a)(c) | | | | | 3,457,224 | | | | | | 68,653 | | |
Series 2021-30 DI, 2.500% due 2/20/51(c) | | | | | 1,405,176 | | | | | | 194,025 | | |
Series 2021-41 FS, 2.000% (SOFR30A + 0.20%), due 10/20/50(a)(c) | | | | | 1,200,866 | | | | | | 115,645 | | |
Series 2021-42 BI, 2.500% due 3/20/51(c) | | | | | 654,186 | | | | | | 90,548 | | |
Series 2021-46 QS, 1.347% (1-Month LIBOR + 6.30%), due 3/20/51(a)(c) | | | | | 619,001 | | | | | | 84,692 | | |
Series 2021-46 TS, 1.347% (1-Month LIBOR + 6.30%), due 3/20/51(a)(c) | | | | | 790,279 | | | | | | 109,249 | | |
Series 2021-49 SB, 1.347% (1-Month LIBOR + 6.30%), due 3/20/51(a)(c) | | | | | 914,114 | | | | | | 124,277 | | |
Series 2021-57 SA, 1.347% (1-Month LIBOR + 6.30%), due 3/20/51(a)(c) | | | | | 1,232,315 | | | | | | 166,831 | | |
Series 2021-57 SD, 1.347% (1-Month LIBOR + 6.30%), due 3/20/51(a)(c) | | | | | 1,596,285 | | | | | | 214,792 | | |
Series 2021-74 HI, 3.000% due 4/20/51(c) | | | | | 196,701 | | | | | | 28,447 | | |
Series 2021-83 FM, 2.500% (SOFR30A + 0.51%), due 5/20/51(a) | | | | | 1,703,878 | | | | | | 1,429,646 | | |
Series 2021-97 FA, 3.000% (SOFR30A + 0.40%), due 6/20/51(a) | | | | | 352,565 | | | | | | 305,678 | | |
Series 2021-97 IN, 2.500% due 8/20/49(c) | | | | | 1,404,363 | | | | | | 162,529 | | |
Series 2021-97 SA, (SOFR30A + 2.60%), due 6/20/51(a)(c) | | | | | 5,100,462 | | | | | | 93,018 | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2021-97 SM, 1.347% (1-Month LIBOR + 6.30%), due 6/20/51(a)(c) | | | | $ | 1,399,621 | | | | | $ | 200,522 | | |
Series 2021-98 IN, 3.000% due 6/20/51(c) | | | | | 634,955 | | | | | | 110,235 | | |
Series 2022-1 IA, 2.500% due 6/20/50(c) | | | | | 387,239 | | | | | | 52,111 | | |
Series 2022-10 IC, 2.000% due 11/20/51(c) | | | | | 1,145,356 | | | | | | 139,342 | | |
Series 2022-137 S, 1.347% (1-Month LIBOR + 6.30%), due 7/20/51(a)(c) | | | | | 1,406,921 | | | | | | 187,524 | | |
Series 2022-189 AT, 3.000% due 7/20/51 | | | | | 802,023 | | | | | | 722,115 | | |
Series 2022-19 SG, (SOFR30A + 2.45%), due 1/20/52(a)(c) | | | | | 1,760,806 | | | | | | 22,724 | | |
Series 2022-206 CN, 3.000% due 2/20/52 | | | | | 575,521 | | | | | | 519,187 | | |
Series 2022-206 WN, 4.000% due 10/20/49 | | | | | 922,189 | | | | | | 896,516 | | |
Series 2022-24 SC, (SOFR30A + 2.37%), due 2/20/52(a)(c) | | | | | 15,542,276 | | | | | | 170,099 | | |
Series 2022-34 HS, (SOFR30A + 4.10%), due 2/20/52(a)(c) | | | | | 2,445,201 | | | | | | 129,871 | | |
Series 2023-19 CI, 3.000% due 11/20/51(c) | | | | | 1,364,982 | | | | | | 200,489 | | |
Series 2023-19 IO, 2.500% due 2/20/51(c) | | | | | 1,939,005 | | | | | | 256,317 | | |
Series 2023-38 WT, 6.817% due 12/20/51(a)(b) | | | | | 323,048 | | | | | | 354,280 | | |
Series 2023-53, 0.000%, due 4/20/53(f)(g) | | | | | 345,000 | | | | | | 278,467 | | |
Series 2023-55 CG, 7.486% due 7/20/51(a)(b) | | | | | 845,000 | | | | | | 963,163 | | |
Series 2023-55 LB, 7.993% due 11/20/51(a)(b) | | | | | 915,000 | | | | | | 1,062,954 | | |
Series 2023-56, 0.000%, due 7/20/52(f)(g) | | | | | 830,000 | | | | | | 746,766 | | |
Series 2023-59 YC, 6.897% due 9/20/51(a)(b) | | | | | 725,000 | | | | | | 805,416 | | |
| | | | | | | | | | | 43,330,586 | | |
Total United States Government Agency Mortgage-Backed Securities (Cost $43,397,983) | | | | | | | | | | | 43,330,586 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 0.3% | | | | | | | | | | | | | |
Money Market Fund — 0.3% | | | | | | | | | | | | | |
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(h)(i) | | | | | 372,750 | | | | | | 372,750 | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.72%(h) | | | | | 365,858 | | | | | | 365,858 | | |
Total Short-Term Investment (Cost $738,608) | | | | | | | | | | | 738,608 | | |
Total Investments — 99.1% (Cost $243,498,011) | | | | | | | | | | | 240,301,032 | | |
Other Assets and Liabilities, Net — 0.9% | | | | | | | | | | | 2,241,688 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 242,542,720 | | |
| 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 April 30, 2023 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 10 Year Ultra Note | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | 178 | | | | | $ | 20,953,686 | | | | | $ | 21,618,656 | | | | | $ | 664,970 | | |
U.S. 2 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | (6) | | | | | | (1,241,471) | | | | | | (1,236,984) | | | | | | 4,487 | | |
U.S. 5 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | (10) | | | | | | (1,088,400) | | | | | | (1,097,422) | | | | | | (9,022) | | |
U.S. Long Bond (CBT) | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | 36 | | | | | | 4,538,896 | | | | | | 4,739,625 | | | | | | 200,729 | | |
U.S. Ultra Bond (CBT) | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | 44 | | | | | | 5,986,854 | | | | | | 6,221,875 | | | | | | 235,021 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,096,185 | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(j) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations | | | | $ | — | | | | | $ | 27,509,691 | | | | | $ | — | | | | | $ | 27,509,691 | | |
Commercial Asset-Backed Securities | | | | | — | | | | | | 23,855,176 | | | | | | — | | | | | | 23,855,176 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 18,212,920 | | | | | | — | | | | | | 18,212,920 | | |
Corporate Bonds | | | | | — | | | | | | 61,011,904 | | | | | | — | | | | | | 61,011,904 | | |
Foreign Bonds | | | | | — | | | | | | 29,181,464 | | | | | | — | | | | | | 29,181,464 | | |
Foreign Government Obligations | | | | | — | | | | | | 733,761 | | | | | | — | | | | | | 733,761 | | |
U.S. Treasury Bonds | | | | | — | | | | | | 13,154,814 | | | | | | — | | | | | | 13,154,814 | | |
U.S. Treasury Notes | | | | | — | | | | | | 22,572,108 | | | | | | — | | | | | | 22,572,108 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 43,330,586 | | | | | | — | | | | | | 43,330,586 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 738,608 | | | | | | — | | | | | | — | | | | | | 738,608 | | |
Total Investments in Securities | | | | | 738,608 | | | | | | 239,562,424 | | | | | | — | | | | | | 240,301,032 | | |
Other Financial Instruments:(k) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | 1,105,207 | | | | | | — | | | | | | — | | | | | | 1,105,207 | | |
Total Investments in Securities and Other Financial Instruments | | | | $ | 1,843,815 | | | | | $ | 239,562,424 | | | | | $ | — | | | | | $ | 241,406,239 | | |
Liability Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments:(k) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | $ | (9,022) | | | | | $ | — | | | | | $ | — | | | | | $ | (9,022) | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 97.0% | | ||||||||||||
Collateralized Mortgage Obligations — 8.3% | | ||||||||||||
Mortgage Securities — 8.3% | | ||||||||||||
Fannie Mae Connecticut Avenue Securities | | | | | | | | | | | | | |
Series 2017-C03 1B1, 9.870%, (1-Month LIBOR + 4.85%), due 10/25/29(a) | | | | $ | 35,000 | | | | | $ | 38,403 | | |
Series 2017-C07 1B1, 9.020%, (1-Month LIBOR + 4.00%), due 5/25/30(a) | | | | | 130,000 | | | | | | 138,424 | | |
Series 2018-C01 1B1, 8.570%, (1-Month LIBOR + 3.55%), due 7/25/30(a) | | | | | 100,000 | | | | | | 106,618 | | |
Series 2018-C03 1B1, 8.770%, (1-Month LIBOR + 3.75%), due 10/25/30(a) | | | | | 185,000 | | | | | | 198,388 | | |
Series 2018-C04 2B1, 9.520%, (1-Month LIBOR + 4.50%), due 12/25/30(a) | | | | | 75,000 | | | | | | 81,220 | | |
Series 2018-C05 1B1, 9.270%, (1-Month LIBOR + 4.25%), due 1/25/31(a) | | | | | 85,000 | | | | | | 92,738 | | |
Series 2021-R02 2B1, 8.115%, (SOFR + 3.30%), due 11/25/41(a) | | | | | 15,000 | | | | | | 14,456 | | |
Fannie Mae Interest Strip | | | | | | | | | | | | | |
Series 2022-427 C77, 2.500%, due 9/25/51(b) | | | | | 207,867 | | | | | | 30,596 | | |
Fannie Mae REMICS | | | | | | | | | | | | | |
Series 2016-57 SN, 1.030%, (1-Month LIBOR + 6.05%), due 6/25/46(a)(b) | | | | | 79,373 | | | | | | 9,374 | | |
Series 2019-32 SB, 1.030%, (1-Month LIBOR + 6.05%), due 6/25/49(a)(b) | | | | | 68,136 | | | | | | 7,583 | | |
Series 2020-49 PB, 1.750%, due 7/25/50 | | | | | 42,233 | | | | | | 33,831 | | |
Series 2021-34 MI, 2.500%, due 3/25/51(b) | | | | | 87,123 | | | | | | 10,589 | | |
Freddie Mac REMICS | | | | | | | | | | | | | |
Series 2020-5036 IO, 3.500%, due 11/25/50(b) | | | | | 69,961 | | | | | | 13,862 | | |
Series 2020-5040 IO, 3.500%, due 11/25/50(b) | | | | | 68,149 | | | | | | 10,904 | | |
Freddie Mac STACR REMIC Trust 2020-DNA6 | | | | | | | | | | | | | |
Series 2020-DNA6 M2, 6.815%, (SOFR + 2.00%), due 12/25/50(a) | | | | | 81,685 | | | | | | 81,685 | | |
Freddie Mac STACR REMIC Trust 2021-DNA5 | | | | | | | | | | | | | |
Series 2021-DNA5 B1, 7.865%, (SOFR + 3.05%), due 1/25/34(a) | | | | | 75,000 | | | | | | 71,333 | | |
Freddie Mac STACR REMIC Trust 2021-HQA2 | | | | | | | | | | | | | |
Series 2021-HQA2 B1, 7.965%, (SOFR + 3.15%), due 12/25/33(a) | | | | | 90,000 | | | | | | 81,567 | | |
Freddie Mac STACR REMIC Trust 2021-HQA3 | | | | | | | | | | | | | |
Series 2021-HQA3 B1, 8.165%, (SOFR + 3.35%), due 9/25/41(a) | | | | | 90,000 | | | | | | 84,094 | | |
Series 2021-HQA3 M2, 6.915%, (SOFR + 2.10%), due 9/25/41(a) | | | | | 90,000 | | | | | | 83,953 | | |
Freddie Mac STACR REMIC Trust 2022-DNA1 | | | | | | | | | | | | | |
Series 2022-DNA1 M2, 7.315%, (SOFR + 2.50%), due 1/25/42(a) | | | | | 50,000 | | | | | | 47,065 | | |
Freddie Mac STACR REMIC Trust 2022-DNA2 | | | | | | | | | | | | | |
Series 2022-DNA2 M1B, 7.215%, (SOFR + 2.40%), due 2/25/42(a) | | | | | 65,000 | | | | | | 64,026 | | |
| | | Principal Amount | | | Value | | ||||||
Collateralized Mortgage Obligations (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Freddie Mac STACR REMIC Trust 2022-DNA3 | | | | | | | | | | | | | |
Series 2022-DNA3 M1B, 7.715%, (SOFR + 2.90%), due 4/25/42(a) | | | | $ | 128,000 | | | | | $ | 127,680 | | |
Freddie Mac STACR Trust 2019-DNA1 | | | | | | | | | | | | | |
Series 2019-DNA1 B1, 9.670%, (1-Month LIBOR + 4.65%), due 1/25/49(a) | | | | | 70,000 | | | | | | 75,463 | | |
Freddie Mac STACR Trust 2019-DNA2 | | | | | | | | | | | | | |
Series 2019-DNA2 B1, 9.370%, (1-Month LIBOR + 4.35%), due 3/25/49(a) | | | | | 95,000 | | | | | | 99,263 | | |
Freddie Mac STACR Trust 2019-DNA3 | | | | | | | | | | | | | |
Series 2019-DNA3 B1, 8.270%, (1-Month LIBOR + 3.25%), due 7/25/49(a) | | | | | 20,000 | | | | | | 20,534 | | |
Freddie Mac Strips | | | | | | | | | | | | | |
Series 2013-311, 0.000%, due 8/15/43(c)(d) | | | | | 17,227 | | | | | | 13,279 | | |
Series 2013-311 S1, 1.002%, (1-Month LIBOR + 5.95%), due 8/15/43(a)(b) | | | | | 68,047 | | | | | | 7,933 | | |
Freddie Mac Structured Agency Credit Risk Debt Notes | | | | | | | | | | | | | |
Series 2018-HQA1 M2, 7.320%, (1-Month LIBOR + 2.30%), due 9/25/30(a) | | | | | 21,907 | | | | | | 22,066 | | |
Government National Mortgage Association | | | | | | | | | | | | | |
Series 2020-122 IW, 2.500%, due 7/20/50(b) | | | | | 98,679 | | | | | | 12,992 | | |
Series 2020-34 SC, 1.097%, (1-Month LIBOR + 6.05%), due 3/20/50(a)(b) | | | | | 66,523 | | | | | | 8,079 | | |
Series 2020-97 HB, 1.000%, due 7/20/50 | | | | | 19,936 | | | | | | 15,527 | | |
Series 2021-122 HS, 1.347%, (1-Month LIBOR + 6.30%), due 7/20/51(a)(b) | | | | | 102,647 | | | | | | 14,952 | | |
Series 2021-136 SB, 0.000%, (SOFR + 3.20%), due 8/20/51(a)(b) | | | | | 622,932 | | | | | | 13,445 | | |
Series 2021-214 SA, (SOFR + 1.70%), due 12/20/51(a)(b) | | | | | 1,535,768 | | | | | | 15,289 | | |
Series 2021-216 SA, 0.000%, (SOFR + 3.80%), due 12/20/51(a)(b) | | | | | 622,915 | | | | | | 21,424 | | |
Series 2021-41 FS, 2.000%, (SOFR + 0.20%), due 10/20/50(a)(b) | | | | | 166,888 | | | | | | 16,071 | | |
Series 2021-57 AI, 2.000%, due 2/20/51(b) | | | | | 109,022 | | | | | | 11,112 | | |
Series 2021-96 JS, 1.397%, (1-Month LIBOR + 6.35%), due 6/20/51(a)(b) | | | | | 111,034 | | | | | | 12,789 | | |
Series 2022-83 IO, 2.500%, due 11/20/51(b) | | | | | 181,317 | | | | | | 23,990 | | |
Series 2023-1 HD, 3.500%, due 1/20/52 | | | | | 49,036 | | | | | | 46,107 | | |
Series 2023-1 MA, 3.500%, due 5/20/50 | | | | | 44,001 | | | | | | 41,459 | | |
J.P. Morgan Mortgage Trust 2022-INV3 | | | | | | | | | | | | | |
Series 2022-INV3 A3B, 3.000%, due 9/25/52(a)(e) | | | | | 91,144 | | | | | | 76,935 | | |
OBX 2019-INV2 Trust | | | | | | | | | | | | | |
Series 2019-INV2 A5, 4.000%, due 5/27/49(a)(e) | | | | | 27,597 | | | | | | 26,115 | | |
| | | | | | | | | | | 2,023,213 | | |
Total Collateralized Mortgage Obligations (Cost $1,975,459) | | | | | | | | | | | 2,023,213 | | |
|
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities — 8.6% | | ||||||||||||
Asset Backed Securities — 8.6% | | ||||||||||||
AMSR 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.632%, due 7/17/37 | | | | $ | 100,000 | | | | | $ | 92,760 | | |
CF Hippolyta Issuer LLC | | | | | | | | | | | | | |
Series 2020-1 A1, 1.690%, due 7/15/60 | | | | | 89,945 | | | | | | 81,616 | | |
Series 2021-1A A1, 1.530%, due 3/15/61 | | | | | 94,245 | | | | | | 82,873 | | |
DB Master Finance LLC | | | | | | | | | | | | | |
Series 2019-1A A23, 4.352%, due 5/20/49 | | | | | 96,500 | | | | | | 91,417 | | |
Dell Equipment Finance Trust 2023-1 | | | | | | | | | | | | | |
Series 2023-1 A3, 5.650%, due 9/22/28 | | | | | 25,000 | | | | | | 25,338 | | |
Drive Auto Receivables Trust 2021-2 | | | | | | | | | | | | | |
Series 2021-2 D, 1.390%, due 3/15/29 | | | | | 76,000 | | | | | | 71,359 | | |
Enterprise Fleet Financing 2022-2 LLC | | | | | | | | | | | | | |
Series 2022-2 A3, 4.790%, due 5/21/29 | | | | | 100,000 | | | | | | 99,476 | | |
Exeter Automobile Receivables Trust 2021-3 | | | | | | | | | | | | | |
Series 2021-3A D, 1.550%, due 6/15/27 | | | | | 50,000 | | | | | | 46,116 | | |
FirstKey Homes 2020-SFR2 Trust | | | | | | | | | | | | | |
Series 2020-SFR2 A, 1.266%, due 10/19/37 | | | | | 118,432 | | | | | | 107,765 | | |
Flagship Credit Auto Trust 2020-3 | | | | | | | | | | | | | |
Series 2020-3 D, 2.500%, due 9/15/26 | | | | | 115,000 | | | | | | 107,902 | | |
Hertz Vehicle Financing III LP | | | | | | | | | | | | | |
Series 2021-2A A, 1.680%, due 12/27/27 | | | | | 100,000 | | | | | | 88,910 | | |
Series 2021-2A C, 2.520%, due 12/27/27 | | | | | 140,000 | | | | | | 121,610 | | |
Hertz Vehicle Financing LLC | | | | | | | | | | | | | |
Series 2021-1A A, 1.210%, due 12/26/25 | | | | | 100,000 | | | | | | 93,750 | | |
Hilton Grand Vacations Trust 2019-A | | | | | | | | | | | | | |
Series 2019-AA B, 2.540%, due 7/25/33 | | | | | 38,919 | | | | | | 36,493 | | |
Home Partners of America 2021-2 Trust | | | | | | | | | | | | | |
Series 2021-2 A, 1.901%, due 12/17/26 | | | | | 114,724 | | | | | | 102,186 | | |
Hyundai Auto Receivables Trust 2021-A | | | | | | | | | | | | | |
Series 2021-A C, 1.330%, due 11/15/27 | | | | | 35,000 | | | | | | 32,131 | | |
MVW 2021-1W LLC | | | | | | | | | | | | | |
Series 2021-1WA B, 1.440%, due 1/22/41 | | | | | 56,122 | | | | | | 51,171 | | |
Navient Private Education Refi Loan Trust 2021-A | | | | | | | | | | | | | |
Series 2021-A A, 0.840%, due 5/15/69 | | | | | 73,180 | | | | | | 64,227 | | |
New Economy Assets Phase 1 Sponsor LLC | | | | | | | | | | | | | |
Series 2021-1 A1, 1.910%, due 10/20/61 | | | | | 100,000 | | | | | | 86,834 | | |
PFS Financing Corp. | | | | | | | | | | | | | |
Series 2022-A A, 2.470%, due 2/15/27 | | | | | 100,000 | | | | | | 95,369 | | |
Series 2022-D A, 4.270%, due 8/15/27 | | | | | 100,000 | | | | | | 98,420 | | |
Series 2022-D B, 4.900%, due 8/15/27 | | | | | 100,000 | | | | | | 98,550 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Asset-Backed Securities (continued) | | ||||||||||||
Asset Backed Securities (continued) | | ||||||||||||
Progress Residential 2021-SFR1 | | | | | | | | | | | | | |
Series 2021-SFR1 A, 1.052%, due 4/17/38 | | | | $ | 99,460 | | | | | $ | 88,123 | | |
Progress Residential 2021-SFR4 | | | | | | | | | | | | | |
Series 2021-SFR4 A, 1.558%, due 5/17/38 | | | | | 100,000 | | | | | | 89,727 | | |
Santander Drive Auto Receivables Trust 2021-4 | | | | | | | | | | | | | |
Series 2021-4 D, 1.670%, due 10/15/27 | | | | | 100,000 | | | | | | 93,463 | | |
Taco Bell Funding LLC | | | | | | | | | | | | | |
Series 2021-1A A23, 2.542%, due 8/25/51 | | | | | 59,250 | | | | | | 46,679 | | |
| | | | | | | | | | | 2,094,265 | | |
Total Commercial Asset-Backed Securities (Cost $2,125,157) | | | | | | | | | | | 2,094,265 | | |
Commercial Mortgage-Backed Securities — 6.7% | | ||||||||||||
Mortgage Securities — 6.7% | | ||||||||||||
BAMLL Commercial Mortgage Securities Trust 2022-DKLX | | | | | | | | | | | | | |
Series 2022-DKLX C, 7.040%, (TSFR1M + 2.15%), due 1/15/39(a) | | | | | 100,000 | | | | | | 95,117 | | |
BX Commercial Mortgage Trust 2020-VIV2 | | | | | | | | | | | | | |
Series 2020-VIV2 C, 3.661%, due 3/9/44(a)(e) | | | | | 100,000 | | | | | | 83,212 | | |
BX Commercial Mortgage Trust 2020-VIVA | | | | | | | | | | | | | |
Series 2020-VIVA D, 3.667%, due 3/11/44(a)(e) | | | | | 100,000 | | | | | | 80,759 | | |
BX Commercial Mortgage Trust 2021-21M | | | | | | | | | | | | | |
Series 2021-21M C, 6.125%, (1-Month LIBOR + 1.18%), due 10/15/36(a) | | | | | 74,501 | | | | | | 70,352 | | |
BX Trust 2018-GW | | | | | | | | | | | | | |
Series 2018-GW A, 5.748%, (1-Month LIBOR + 0.80%), due 5/15/35(a) | | | | | 100,000 | | | | | | 98,500 | | |
BX Trust 2021-ARIA | | | | | | | | | | | | | |
Series 2021-ARIA E, 7.193%, (1-Month LIBOR + 2.24%), due 10/15/36(a) | | | | | 100,000 | | | | | | 92,520 | | |
BX Trust 2021-RISE | | | | | | | | | | | | | |
Series 2021-RISE B, 6.198%, (1-Month LIBOR + 1.25%), due 11/15/36(a) | | | | | 100,000 | | | | | | 96,527 | | |
Series 2021-RISE C, 6.398%, (1-Month LIBOR + 1.45%), due 11/15/36(a) | | | | | 100,000 | | | | | | 95,463 | | |
BXHPP Trust 2021-FILM | | | | | | | | | | | | | |
Series 2021-FILM B, 5.848%, (1-Month LIBOR + 0.90%), due 8/15/36(a) | | | | | 130,000 | | | | | | 118,786 | | |
CSMC 2020-WEST Trust | | | | | | | | | | | | | |
Series 2020-WEST A, 3.040%, due 2/15/35 | | | | | 100,000 | | | | | | 75,765 | | |
FREMF 2017-K71 Mortgage Trust | | | | | | | | | | | | | |
Series 2017-K71 B, 3.881%, due 11/25/50(a)(e) | | | | | 100,000 | | | | | | 94,143 | | |
FREMF 2019-K99 Mortgage Trust | | | | | | | | | | | | | |
Series 2019-K99 B, 3.765%, due 10/25/52(a)(e) | | | | | 100,000 | | | | | | 90,709 | | |
| | | Principal Amount | | | Value | | ||||||
Commercial Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Hudson Yards 2019-30HY Mortgage Trust | | | | | | | | | | | | | |
Series 2019-30HY A, 3.228%, due 7/10/39 | | | | $ | 100,000 | | | | | $ | 87,445 | | |
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB | | | | | | | | | | | | | |
Series 2019-OSB A, 3.397%, due 6/5/39 | | | | | 100,000 | | | | | | 88,993 | | |
Manhattan West 2020-1MW Mortgage Trust | | | | | | | | | | | | | |
Series 2020-1MW A, 2.130%, due 9/10/39 | | | | | 100,000 | | | | | | 86,511 | | |
Multifamily Connecticut Avenue Securities Trust 2019-01 | | | | | | | | | | | | | |
Series 2019-01 M10, 8.270%, (1-Month LIBOR + 3.25%), due 10/25/49(a) | | | | | 94,220 | | | | | | 87,959 | | |
Multifamily Connecticut Avenue Securities Trust 2020-01 | | | | | | | | | | | | | |
Series 2020-01 M10, 8.770%, (1-Month LIBOR + 3.75%), due 3/25/50(a) | | | | | 35,000 | | | | | | 32,902 | | |
One Bryant Park Trust 2019-OBP | | | | | | | | | | | | | |
Series 2019-OBP A, 2.516%, due 9/15/54 | | | | | 100,000 | | | | | | 82,949 | | |
SLG Office Trust 2021-OVA | | | | | | | | | | | | | |
Series 2021-OVA A, 2.585%, due 7/15/41 | | | | | 100,000 | | | | | | 81,300 | | |
| | | | | | | | | | | 1,639,912 | | |
Total Commercial Mortgage-Backed Securities (Cost $1,693,456) | | | | | | | | | | | 1,639,912 | | |
Corporate Bonds — 32.9% | | ||||||||||||
Advertising — 0.1% | | ||||||||||||
Clear Channel Outdoor Holdings, Inc. | | | | | | | | | | | | | |
5.125%, due 8/15/27 | | | | | 8,000 | | | | | | 7,226 | | |
Lamar Media Corp. | | | | | | | | | | | | | |
4.000%, due 2/15/30 | | | | | 12,000 | | | | | | 10,766 | | |
| | | | | | | | | | | 17,992 | | |
Aerospace/Defense — 0.0%(f) | | ||||||||||||
TransDigm, Inc. | | | | | | | | | | | | | |
6.750%, due 8/15/28 | | | | | 12,000 | | | | | | 12,186 | | |
Agriculture — 0.3% | | ||||||||||||
Altria Group, Inc. | | | | | | | | | | | | | |
4.800%, due 2/14/29 | | | | | 50,000 | | | | | | 49,649 | | |
Darling Ingredients, Inc. | | | | | | | | | | | | | |
5.250%, due 4/15/27 | | | | | 22,000 | | | | | | 21,558 | | |
| | | | | | | | | | | 71,207 | | |
Airlines — 2.0% | | ||||||||||||
Allegiant Travel Co. | | | | | | | | | | | | | |
7.250%, due 8/15/27 | | | | | 5,000 | | | | | | 4,938 | | |
American Airlines, Inc. | | | | | | | | | | | | | |
11.750%, due 7/15/25 | | | | | 12,000 | | | | | | 13,201 | | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | | | | | | | | | | | | | |
5.500%, due 4/20/26 | | | | | 17,000 | | | | | | 16,694 | | |
Delta Air Lines Inc / SkyMiles IP Ltd. | | | | | | | | | | | | | |
4.750%, due 10/20/28 | | | | | 90,000 | | | | | | 87,399 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Airlines (continued) | | ||||||||||||
JetBlue 2019-1 Class AA Pass-Through Trust | | | | | | | | | | | | | |
Series 2019-1, AA2.750%, due 5/15/32 | | | | $ | 99,576 | | | | | $ | 84,734 | | |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | | | | | | | | | |
6.500%, due 6/20/27 | | | | | 88,399 | | | | | | 88,258 | | |
Southwest Airlines Co. | | | | | | | | | | | | | |
1.250%, due 5/1/25 | | | | | 94,000 | | | | | | 100,627 | | |
United Airlines 2020-1 Class A Pass-Through Trust | | | | | | | | | | | | | |
Series 2020-1, 5.875%, due 10/15/27 | | | | | 79,055 | | | | | | 79,040 | | |
United Airlines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/26 | | | | | 6,000 | | | | | | 5,730 | | |
4.625%, due 4/15/29 | | | | | 3,000 | | | | | | 2,715 | | |
| | | | | | | | | | | 483,336 | | |
Auto Manufacturers — 1.3% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
7.400%, due 11/1/46 | | | | | 12,000 | | | | | | 12,216 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.375%, due 11/13/25 | | | | | 22,000 | | | | | | 20,430 | | |
4.950%, due 5/28/27 | | | | | 14,000 | | | | | | 13,240 | | |
5.584%, due 3/18/24 | | | | | 4,000 | | | | | | 3,977 | | |
General Motors Co. | | | | | | | | | | | | | |
6.125%, due 10/1/25 | | | | | 60,000 | | | | | | 61,069 | | |
General Motors Financial Co., Inc. 2.350%, due 1/8/31 | | | | | 80,000 | | | | | | 63,161 | | |
Hyundai Capital America 5.800%, due 4/1/30 | | | | | 75,000 | | | | | | 76,982 | | |
Nissan Motor Acceptance Co. LLC | | | | | | | | | | | | | |
1.850%, due 9/16/26 | | | | | 75,000 | | | | | | 63,999 | | |
| | | | | | | | | | | 315,074 | | |
Auto Parts & Equipment — 0.2% | | ||||||||||||
Clarios Global LP | | | | | | | | | | | | | |
6.750%, due 5/15/25 | | | | | 6,000 | | | | | | 6,009 | | |
Clarios Global LP / Clarios US Finance Co. | | | | | | | | | | | | | |
6.250%, due 5/15/26 | | | | | 6,000 | | | | | | 5,970 | | |
8.500%, due 5/15/27 | | | | | 12,000 | | | | | | 12,070 | | |
Dana, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/32 | | | | | 12,000 | | | | | | 9,597 | | |
Goodyear Tire & Rubber Co. (The) | | | | | | | | | | | | | |
4.875%, due 3/15/27 | | | | | 8,000 | | | | | | 7,556 | | |
| | | | | | | | | | | 41,202 | | |
Banks — 3.3% | | ||||||||||||
Bank of America Corp. | | | | | | | | | | | | | |
2.087%, (SOFR + 1.06%), due | | | | ||||||||||
6/14/29(a) | | | | | 85,000 | | | | | | 73,453 | | |
2.496%, (3-Month LIBOR + 0.99%), due 2/13/31(a) | | | | | 90,000 | | | | | | 75,978 | | |
4.250%, due 10/22/26 | | | | | 90,000 | | | | | | 87,592 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
2.520%, (SOFR + 1.18%), due | | | | ||||||||||
11/3/32(a) | | | | | 90,000 | | | | | | 73,671 | | |
Series Y, 4.150%, (US 5 Year CMT T-Note + 3.00%), due 2/15/72(a) | | | | | 110,000 | | | | | | 90,475 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
Series V, 4.125%, (US 5 Year CMT T-Note + 2.95%), due 5/10/71(a) | | | | | 35,000 | | | | | | 29,338 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | ||||||||||||
JPMorgan Chase & Co. | | | | | | | | | | | | | |
2.182%, (SOFR + 1.89%), due 6/1/28(a) | | | | $ | 100,000 | | | | | $ | 89,825 | | |
Series HH, 4.600%, (TSFR3M + 3.13%), due 8/1/71(a) | | | | | 25,000 | | | | | | 23,187 | | |
Morgan Stanley | | | | | | | | | | | | | |
2.484%, (SOFR + 1.36%), due 9/16/36(a) | | | | | 110,000 | | | | | | 84,547 | | |
2.511%, (SOFR + 1.20%), due 10/20/32(a) | | | | | 90,000 | | | | | | 74,094 | | |
Wells Fargo & Co. | | | | | | | | | | | | | |
3.526%, (SOFR + 1.51%), due 3/24/28(a) | | | | | 105,000 | | | | | | 99,219 | | |
| | | | | | | | | | | 801,379 | | |
Beverages — 0.1% | | ||||||||||||
MGP Ingredients, Inc. | | | | | | | | | | | | | |
1.875%, due 11/15/41 | | | | | 16,000 | | | | | | 18,912 | | |
Triton Water Holdings, Inc. | | | | | | | | | | | | | |
6.250%, due 4/1/29 | | | | | 6,000 | | | | | | 5,040 | | |
| | | | | | | | | | | 23,952 | | |
Biotechnology — 0.5% | | ||||||||||||
BioMarin Pharmaceutical, Inc. | | | | | | | | | | | | | |
1.250%, due 5/15/27 | | | | | 123,000 | | | | | | 126,942 | | |
Building Materials — 0.1% | | ||||||||||||
Camelot Return Merger Sub, Inc. | | | | | | | | | | | | | |
8.750%, due 8/1/28 | | | | | 7,000 | | | | | | 6,633 | | |
MIWD Holdco II LLC / MIWD Finance Corp. | | | | | | | | | | | | | |
5.500%, due 2/1/30 | | | | | 10,000 | | | | | | 8,400 | | |
Standard Industries, Inc. | | | | | | | | | | | | | |
4.375%, due 7/15/30 | | | | | 9,000 | | | | | | 7,768 | | |
| | | | | | | | | | | 22,801 | | |
Chemicals — 0.1% | | ||||||||||||
Innophos Holdings, Inc. | | | | | | | | | | | | | |
9.375%, due 2/15/28 | | | | | 9,000 | | | | | | 9,034 | | |
Rain CII Carbon LLC / CII Carbon Corp. | | | | | | | | | | | | | |
7.250%, due 4/1/25 | | | | | 5,000 | | | | | | 4,846 | | |
| | | | | | | | | | | 13,880 | | |
Commercial Services — 0.7% | | ||||||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | | | | | | | | | |
6.000%, due 6/1/29 | | | | | 6,000 | | | | | | 4,704 | | |
6.625%, due 7/15/26 | | | | | 17,000 | | | | | | 16,387 | | |
9.750%, due 7/15/27 | | | | | 8,000 | | | | | | 7,442 | | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | | | | | | | | | | | | | |
4.750%, due 4/1/28 | | | | | 6,000 | | | | | | 5,385 | | |
Brink’s Co. (The) | | | | | | | | | | | | | |
5.500%, due 7/15/25 | | | | | 6,000 | | | | | | 5,940 | | |
Carriage Services, Inc. | | | | | | | | | | | | | |
4.250%, due 5/15/29 | | | | | 17,000 | | | | | | 14,091 | | |
Herc Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 7/15/27 | | | | | 22,000 | | | | | | 21,010 | | |
Hertz Corp. (The) | | | | | | | | | | | | | |
4.625%, due 12/1/26 | | | | | 3,000 | | | | | | 2,702 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Commercial Services (continued) | | ||||||||||||
NESCO Holdings II, Inc. | | | | | | | | | | | | | |
5.500%, due 4/15/29 | | | | $ | 12,000 | | | | | $ | 10,843 | | |
Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | | | | | | |
3.375%, due 8/31/27 | | | | | 14,000 | | | | | | 12,511 | | |
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 | | | | | 13,000 | | | | | | 11,014 | | |
5.125%, due 6/1/29 | | | | | 8,000 | | | | | | 7,700 | | |
7.500%, due 4/1/27 | | | | | 6,000 | | | | | | 6,248 | | |
Sotheby’s | | | | | | | | | | | | | |
7.375%, due 10/15/27 | | | | | 6,000 | | | | | | 5,625 | | |
Sotheby’s/Bidfair Holdings, Inc. | | | | | | | | | | | | | |
5.875%, due 6/1/29 | | | | | 12,000 | | | | | | 9,878 | | |
United Rentals North America, Inc. | | | | | | | | | | | | | |
3.750%, due 1/15/32 | | | | | 17,000 | | | | | | 14,577 | | |
WASH Multifamily Acquisition, Inc. | | | | | | | | | | | | | |
5.750%, due 4/15/26 | | | | | 14,000 | | | | | | 13,125 | | |
Williams Scotsman International, Inc. | | | | | | | | | | | | | |
4.625%, due 8/15/28 | | | | | 6,000 | | | | | | 5,509 | | |
6.125%, due 6/15/25 | | | | | 6,000 | | | | | | 5,970 | | |
| | | | | | | | | | | 180,661 | | |
Computers — 1.1% | | ||||||||||||
Apple, Inc. | | | | | | | | | | | | | |
3.850%, due 8/4/46 | | | | | 40,000 | | | | | | 35,796 | | |
Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
3.375%, due 12/15/41 | | | | | 70,000 | | | | | | 49,690 | | |
5.300%, due 10/1/29 | | | | | 65,000 | | | | | | 65,702 | | |
Lumentum Holdings, Inc. | | | | | | | | | | | | | |
0.500%, due 12/15/26 | | | | | 117,000 | | | | | | 99,040 | | |
NCR Corp. | | | | | | | | | | | | | |
5.125%, due 4/15/29 | | | | | 7,000 | | | | | | 6,055 | | |
5.250%, due 10/1/30 | | | | | 6,000 | | | | | | 5,045 | | |
Presidio Holdings, Inc. | | | | | | | | | | | | | |
8.250%, due 2/1/28 | | | | | 6,000 | | | | | | 5,648 | | |
Seagate HDD Cayman | | | | | | | | | | | | | |
4.125%, due 1/15/31 | | | | | 3,000 | | | | | | 2,490 | | |
9.625%, due 12/1/32 | | | | | 2,400 | | | | | | 2,632 | | |
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. | | | | | | | | | | | | | |
5.750%, due 6/1/25 | | | | | 6,000 | | | | | | 6,033 | | |
| | | | | | | | | | | 278,131 | | |
Cosmetics/Personal Care — 0.0%(f) | | ||||||||||||
Edgewell Personal Care Co. | | | | | | | | | | | | | |
5.500%, due 6/1/28 | | | | | 9,000 | | | | | | 8,613 | | |
Distribution/Wholesale — 0.1% | | ||||||||||||
H&E Equipment Services, Inc. | | | | | | | | | | | | | |
3.875%, due 12/15/28 | | | | | 17,000 | | | | | | 14,731 | | |
Diversified Financial Services — 1.1% | | ||||||||||||
Aircastle Ltd. | | | | | | | | | | | | | |
5.250%, (US 5 Year CMT T-Note + 4.41%), due 9/15/71(a) | | | | | 125,000 | | | | | | 90,702 | | |
Ally Financial, Inc. | | | | | | | | | | | | | |
8.000%, due 11/1/31 | | | | | 55,000 | | | | | | 58,015 | | |
Aviation Capital Group LLC | | | | | | | | | | | | | |
1.950%, due 1/30/26 | | | | | 100,000 | | | | | | 89,533 | | |
OneMain Finance Corp. | | | | | | | | | | | | | |
3.500%, due 1/15/27 | | | | | 6,000 | | | | | | 5,125 | | |
6.125%, due 3/15/24 | | | | | 8,000 | | | | | | 7,868 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Diversified Financial Services (continued) | | ||||||||||||
PennyMac Financial Services, Inc. | | | | | | | | | | | | | |
5.375%, due 10/15/25 | | | | $ | 6,000 | | | | | $ | 5,664 | | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | | | | | | | | | | | | | |
3.625%, due 3/1/29 | | | | | 9,000 | | | | | | 7,609 | | |
| | | | | | | | | | | 264,516 | | |
Electric — 4.2% | | ||||||||||||
AEP Texas, Inc. | | | | | | | | | | | | | |
4.700%, due 5/15/32 | | | | | 60,000 | | | | | | 59,054 | | |
Alabama Power Co. | | | | | | | | | | | | | |
3.000%, due 3/15/52 | | | | | 85,000 | | | | | | 58,454 | | |
Arizona Public Service Co. | | | | | | | | | | | | | |
2.200%, due 12/15/31 | | | | | 90,000 | | | | | | 72,369 | | |
Calpine Corp. | | | | | | | | | | | | | |
3.750%, due 3/1/31 | | | | | 12,000 | | | | | | 10,235 | | |
4.500%, due 2/15/28 | | | | | 5,000 | | | | | | 4,657 | | |
4.625%, due 2/1/29 | | | | | 3,000 | | | | | | 2,608 | | |
5.125%, due 3/15/28 | | | | | 6,000 | | | | | | 5,542 | | |
5.250%, due 6/1/26 | | | | | 6,000 | | | | | | 5,835 | | |
Clearway Energy Operating LLC | | | | | | | | | | | | | |
3.750%, due 2/15/31 | | | | | 6,000 | | | | | | 5,133 | | |
4.750%, due 3/15/28 | | | | | 21,000 | | | | | | 19,901 | | |
Dominion Energy, Inc. | | | | | | | | | | | | | |
Series C, 4.350%, (US 5 Year CMT T-Note + 3.20%), due 4/15/72(a) | | | | | 120,000 | | | | | | 100,800 | | |
Edison International | | | | | | | | | | | | | |
Series B, 5.000%, (US 5 Year CMT T-Note + 3.90%), due 3/15/72(a) | | | | | 125,000 | | | | | | 106,852 | | |
FirstEnergy Corp. | | | | | | | | | | | | | |
Series B, 4.150%, due 7/15/27 | | | | | 9,000 | | | | | | 8,752 | | |
Jersey Central Power & Light Co. | | | | | | | | | | | | | |
2.750%, due 3/1/32 | | �� | | | 90,000 | | | | | | 76,347 | | |
NextEra Energy Operating Partners LP | | | | | | | | | | | | | |
4.250%, due 7/15/24 | | | | | 4,000 | | | | | | 3,940 | | |
Ohio Power Co. | | | | | | | | | | | | | |
Series R, 2.900%, due 10/1/51 | | | | | 40,000 | | | | | | 27,450 | | |
Pacific Gas and Electric Co. | | | | | | | | | | | | | |
3.500%, due 8/1/50 | | | | | 75,000 | | | | | | 48,882 | | |
Pattern Energy Operations LP / Pattern Energy Operations, Inc. | | | | | | | | | | | | | |
4.500%, due 8/15/28 | | | | | 9,000 | | | | | | 8,373 | | |
PG&E Corp. | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 9,000 | | | | | | 8,469 | | |
Puget Energy, Inc. | | | | | | | | | | | | | |
4.224%, due 3/15/32 | | | | | 65,000 | | | | | | 60,487 | | |
San Diego Gas & Electric Co. | | | | | | | | | | | | | |
5.350%, due 4/1/53 | | | | | 30,000 | | | | | | 31,084 | | |
Sempra Energy | | | | | | | | | | | | | |
4.125%, (US 5 Year CMT T-Note + 2.87%), due 4/1/52(a) | | | | | 125,000 | | | | | | 101,230 | | |
Southern California Edison Co. | | | | | | | | | | | | | |
4.000%, due 4/1/47 | | | | | 60,000 | | | | | | 49,589 | | |
Southwestern Electric Power Co. | | | | | | | | | | | | | |
3.250%, due 11/1/51 | | | | | 65,000 | | | | | | 45,204 | | |
Virginia Electric and Power Co. | | | | | | | | | | | | | |
2.950%, due 11/15/51 | | | | | 65,000 | | | | | | 44,710 | | |
5.450%, due 4/1/53 | | | | | 25,000 | | | | | | 25,608 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Electric (continued) | | ||||||||||||
Vistra Corp. | | | | | | | | | | | | | |
8.000%, (US 5 Year CMT T-Note + 6.93%), due 4/15/72(a) | | | | $ | 31,000 | | | | | $ | 29,217 | | |
Vistra Operations Co. LLC | | | | | | | | | | | | | |
4.375%, due 5/1/29 | | | | | 8,000 | | | | | | 7,152 | | |
5.625%, due 2/15/27 | | | | | 6,000 | | | | | | 5,852 | | |
| | | | | | | | | | | 1,033,786 | | |
Electrical Components & Equipment — 0.1% | | ||||||||||||
Energizer Holdings, Inc. | | | | | | | | | | | | | |
4.375%, due 3/31/29 | | | | | 12,000 | | | | | | 10,493 | | |
EnerSys | | | | | | | | | | | | | |
4.375%, due 12/15/27 | | | | | 6,000 | | | | | | 5,610 | | |
WESCO Distribution, Inc. | | | | | | | | | | | | | |
7.125%, due 6/15/25 | | | | | 8,000 | | | | | | 8,135 | | |
7.250%, due 6/15/28 | | | | | 6,000 | | | | | | 6,159 | | |
| | | | | | | | | | | 30,397 | | |
Electronics — 0.0%(f) | | ||||||||||||
Imola Merger Corp. | | | | | | | | | | | | | |
4.750%, due 5/15/29 | | | | | 6,000 | | | | | | 5,196 | | |
Sensata Technologies BV | | | | | | | | | | | | | |
4.000%, due 4/15/29 | | | | | 6,000 | | | | | | 5,422 | | |
| | | | | | | | | | | 10,618 | | |
Engineering & Construction — 0.2% | | ||||||||||||
Artera Services LLC | | | | | | | | | | | | | |
9.033%, due 12/4/25 | | | | | 14,000 | | | | | | 12,024 | | |
Brundage-Bone Concrete Pumping Holdings, Inc. | | | | | | | | | | | | | |
6.000%, due 2/1/26 | | | | | 6,000 | | | | | | 5,640 | | |
Dycom Industries, Inc. | | | | | | | | | | | | | |
4.500%, due 4/15/29 | | | | | 14,000 | | | | | | 12,779 | | |
Great Lakes Dredge & Dock Corp. | | | | | | | | | | | | | |
5.250%, due 6/1/29 | | | | | 6,000 | | | | | | 4,720 | | |
TopBuild Corp. | | | | | | | | | | | | | |
4.125%, due 2/15/32 | | | | | 9,000 | | | | | | 7,734 | | |
Weekley Homes LLC / Weekley Finance Corp. | | | | | | | | | | | | | |
4.875%, due 9/15/28 | | | | | 9,000 | | | | | | 7,813 | | |
| | | | | | | | | | | 50,710 | | |
Entertainment — 0.7% | | ||||||||||||
Affinity Interactive | | | | | | | | | | | | | |
6.875%, due 12/15/27 | | | | | 12,000 | | | | | | 10,794 | | |
Caesars Entertainment, Inc. | | | | | | | | | | | | | |
6.250%, due 7/1/25 | | | | | 6,000 | | | | | | 6,007 | | |
Caesars Resort Collection LLC / CRC Finco, Inc. | | | | | | | | | | | | | |
5.750%, due 7/1/25 | | | | | 6,000 | | | | | | 6,049 | | |
CDI Escrow Issuer, Inc. | | | | | | | | | | | | | |
5.750%, due 4/1/30 | | | | | 9,000 | | | | | | 8,678 | | |
Everi Holdings, Inc. | | | | | | | | | | | | | |
5.000%, due 7/15/29 | | | | | 6,000 | | | | | | 5,348 | | |
International Game Technology PLC | | | | | | | | | | | | | |
5.250%, due 1/15/29 | | | | | 6,000 | | | | | | 5,753 | | |
Penn Entertainment, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/29 | | | | | 6,000 | | | | | | 5,055 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Entertainment (continued) | | ||||||||||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | | | | | | | | | | | | | |
6.625%, due 3/1/30 | | | | $ | 6,000 | | | | | $ | 5,323 | | |
Scientific Games International, Inc. | | | | | | | | | | | | | |
7.000%, due 5/15/28 | | | | | 9,000 | | | | | | 8,978 | | |
Warnermedia Holdings, Inc. | | | | | | | | | | | | | |
3.755%, due 3/15/27 | | | | | 21,000 | | | | | | 19,791 | | |
4.279%, due 3/15/32 | | | | | 70,000 | | | | | | 62,171 | | |
WMG Acquisition Corp. | | | | | | | | | | | | | |
3.750%, due 12/1/29 | | | | | 10,000 | | | | | | 8,800 | | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | | | | | | | | | | | | | |
5.125%, due 10/1/29 | | | | | 10,000 | | | | | | 9,208 | | |
| | | | | | | | | | | 161,955 | | |
Environmental Control — 0.2% | | ||||||||||||
Clean Harbors, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/27 | | | | | 6,000 | | | | | | 5,808 | | |
5.125%, due 7/15/29 | | | | | 8,000 | | | | | | 7,687 | | |
Covanta Holding Corp. | | | | | | | | | | | | | |
4.875%, due 12/1/29 | | | | | 9,000 | | | | | | 8,010 | | |
Stericycle, Inc. | | | | | | | | | | | | | |
3.875%, due 1/15/29 | | | | | 9,000 | | | | | | 8,097 | | |
Waste Pro USA, Inc. | | | | | | | | | | | | | |
5.500%, due 2/15/26 | | | | | 14,000 | | | | | | 13,014 | | |
| | | | | | | | | | | 42,616 | | |
Food — 0.4% | | ||||||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | | | | | | | | | | | | | |
3.500%, due 3/15/29 | | | | | 11,000 | | | | | | 9,746 | | |
6.500%, due 2/15/28 | | | | | 5,000 | | | | | | 5,062 | | |
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | | | | | | | | | | | | | |
5.750%, due 4/1/33 | | | | | 65,000 | | | | | | 62,280 | | |
Performance Food Group, Inc. | | | | | | | | | | | | | |
4.250%, due 8/1/29 | | | | | 9,000 | | | | | | 8,193 | | |
Post Holdings, Inc. | | | | | | | | | | | | | |
5.750%, due 3/1/27 | | | | | 9,000 | | | | | | 8,946 | | |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | | | | | | | | | | | | | |
4.625%, due 3/1/29 | | | | | 6,000 | | | | | | 4,958 | | |
US Foods, Inc. | | | | | | | | | | | | | |
4.625%, due 6/1/30 | | | | | 6,000 | | | | | | 5,487 | | |
| | | | | | | | | | | 104,672 | | |
Food Service — 0.0%(f) | | ||||||||||||
Aramark Services, Inc. | | | | | | | | | | | | | |
5.000%, due 2/1/28 | | | | | 6,000 | | | | | | 5,714 | | |
6.375%, due 5/1/25 | | | | | 6,000 | | | | | | 6,000 | | |
| | | | | | | | | | | 11,714 | | |
Gas — 1.0% | | ||||||||||||
Boston Gas Co. | | | | | | | | | | | | | |
3.150%, due 8/1/27 | | | | | 70,000 | | | | | | 64,643 | | |
National Fuel Gas Co. | | | | | | | | | | | | | |
2.950%, due 3/1/31 | | | | | 75,000 | | | | | | 60,747 | | |
Piedmont Natural Gas Co., Inc. | | | | | | | | | | | | | |
5.050%, due 5/15/52 | | | | | 65,000 | | | | | | 61,398 | | |
| | | Principal Amount | | | Value | | | ||||||||
Corporate Bonds (continued) | | | ||||||||||||||
Gas (continued) | | | ||||||||||||||
Southern Co. Gas Capital Corp. | | | | | | | | | | | | | | | ||
Series 21A, 3.150%, due 9/30/51 | | | | $ | 70,000 | | | | | $ | 48,453 | | | | ||
| | | | | | | | | | | 235,241 | | | | ||
Healthcare-Products — 0.8% | | | ||||||||||||||
Avantor Funding, Inc. | | | | | | | | | | | | | | | ||
3.875%, due 11/1/29 | | | | | 17,000 | | | | | | 14,975 | | | | ||
Exact Sciences Corp. | | | | | | | | | | | | | | | ||
0.375%, due 3/15/27 | | | | | 162,000 | | | | | | 147,587 | | | | ||
Hologic, Inc. | | | | | | | | | | | | | | | ||
3.250%, due 2/15/29 | | | | | 17,000 | | | | | | 15,280 | | | | ||
Teleflex, Inc. | | | | | | | | | | | | | | | ||
4.250%, due 6/1/28 | | | | | 9,000 | | | | | | 8,437 | | | | ||
4.625%, due 11/15/27 | | | | | 9,000 | | | | | | 8,662 | | | | ||
| | | | | | | | | | | 194,941 | | | | | |
Healthcare-Services — 0.3% | | | ||||||||||||||
Catalent Pharma Solutions, Inc. | | | | | | | | | | | | | | | ||
3.125%, due 2/15/29 | | | | | 6,000 | | | | | | 5,106 | | | | ||
3.500%, due 4/1/30 | | | | | 7,000 | | | | | | 5,935 | | | | ||
Centene Corp. | | | | | | | | | | | | | | | ||
4.625%, due 12/15/29 | | | | | 22,000 | | | | | | 20,735 | | | | ||
CHS/Community Health Systems, Inc. | | | | | | | | | | | | | | | ||
5.250%, due 5/15/30 | | | | | 6,000 | | | | | | 5,001 | | | | ||
6.000%, due 1/15/29 | | | | | 10,000 | | | | | | 8,863 | | | | ||
HealthEquity, Inc. | | | | | | | | | | | | | | | ||
4.500%, due 10/1/29 | | | | | 9,000 | | | | | | 8,048 | | | | ||
Tenet Healthcare Corp. | | | | | | | | | | | | | | | ||
4.375%, due 1/15/30 | | | | | 11,000 | | | | | | 10,107 | | | | ||
6.125%, due 6/15/30 | | | | | 6,000 | | | | | | 5,935 | | | | ||
| | | | | | | | | | | 69,730 | | | | ||
Home Builders — 0.1% | | | ||||||||||||||
LGI Homes, Inc. | | | | | | | | | | | | | | | ||
4.000%, due 7/15/29 | | | | | 9,000 | | | | | | 7,349 | | | | ||
Thor Industries, Inc. | | | | | | | | | | | | | | | ||
4.000%, due 10/15/29 | | | | | 3,000 | | | | | | 2,460 | | | | ||
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. | | | | | | | | | | | | | | | ||
5.875%, due 6/15/24 | | | | | 9,000 | | | | | | 8,977 | | | | ||
| | | | | | | | | | | 18,786 | | | | ||
Housewares — 0.1% | | | ||||||||||||||
CD&R Smokey Buyer, Inc. | | | | | | | | | | | | | | | ||
6.750%, due 7/15/25 | | | | | 9,000 | | | | | | 7,897 | | | | ||
Newell Brands, Inc. | | | | | | | | | | | | | | | ||
6.375%, due 9/15/27 | | | | | 5,000 | | | ��� | | | 4,925 | | | | ||
| | | | | | | | | | | 12,822 | | | | ||
Insurance — 0.4% | | | ||||||||||||||
NMI Holdings, Inc. | | | | | | | | | | | | | | | ||
7.375%, due 6/1/25 | | | | | 6,000 | | | | | | 6,084 | | | | ||
Prudential Financial, Inc. | | | | | | | | | | | | | | | ||
5.125%, (US 5 Year CMT T-Note + 3.16%), due 3/1/52(a) | | | | | 95,000 | | | | | | 85,949 | | | | ||
| | | | | | | | | | | 92,033 | | | | ||
Internet — 0.8% | | | ||||||||||||||
Amazon.com, Inc. | | | | | | | | | | | | | | | ||
3.600%, due 4/13/32 | | | | | 65,000 | | | | | | 61,803 | | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Internet (continued) | | ||||||||||||
Arches Buyer, Inc. | | | | | | | | | | | | | |
4.250%, due 6/1/28 | | | | $ | 9,000 | | | | | $ | 7,746 | | |
6.125%, due 12/1/28 | | | | | 12,000 | | | | | | 10,410 | | |
Cablevision Lightpath LLC | | | | | | | | | | | | | |
3.875%, due 9/15/27 | | | | | 6,000 | | | | | | 5,008 | | |
Cogent Communications Group, Inc. | | | | | | | | | | | | | |
3.500%, due 5/1/26 | | | | | 6,000 | | | | | | 5,578 | | |
7.000%, due 6/15/27 | | | | | 6,000 | | | | | | 5,940 | | |
Expedia Group, Inc. | | | | | | | | | | | | | |
3.250%, due 2/15/30 | | | | | 60,000 | | | | | | 52,730 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
4.625%, due 6/1/28 | | | | | 17,000 | | | | | | 15,683 | | |
5.625%, due 2/15/29 | | | | | 12,000 | | | | | | 11,283 | | |
TripAdvisor, Inc. | | | | | | | | | | | | | |
7.000%, due 7/15/25 | | | | | 12,000 | | | | | | 12,075 | | |
Uber Technologies, Inc. | | | | | | | | | | | | | |
7.500%, due 5/15/25 | | | | | 6,000 | | | | | | 6,090 | | |
7.500%, due 9/15/27 | | | | | 9,000 | | | | | | 9,283 | | |
| | | | | | | | | | | 203,629 | | |
Investment Companies — 0.1% | | ||||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | | | | | | | | | |
5.250%, due 5/15/27 | | | | | 14,000 | | | | | | 13,193 | | |
Iron/Steel — 0.0%(f) | | ||||||||||||
Carpenter Technology Corp. | | | | | | | | | | | | | |
7.625%, due 3/15/30 | | | | | 6,000 | | | | | | 6,137 | | |
Leisure Time — 0.4% | | ||||||||||||
Carnival Corp. | | | | | | | | | | | | | |
5.750%, due 3/1/27 | | | | | 3,000 | | | | | | 2,469 | | |
6.000%, due 5/1/29 | | | | | 16,000 | | | | | | 12,558 | | |
Carnival Holdings Bermuda Ltd. | | | | | | | | | | | | | |
10.375%, due 5/1/28 | | | | | 10,000 | | | | | | 10,751 | | |
NCL Corp Ltd. | | | | | | | | | | | | | |
5.875%, due 3/15/26 | | | | | 15,000 | | | | | | 12,921 | | |
NCL Corp. Ltd. | | | | | | | | | | | | | |
5.875%, due 2/15/27 | | | | | 9,000 | | | | | | 8,489 | | |
7.750%, due 2/15/29 | | | | | 5,000 | | | | | | 4,234 | | |
8.375%, due 2/1/28 | | | | | 5,000 | | | | | | 5,030 | | |
NCL Finance Ltd. | | | | | | | | | | | | | |
6.125%, due 3/15/28 | | | | | 12,000 | | | | | | 9,690 | | |
Royal Caribbean Cruises Ltd. | | | | | | | | | | | | | |
5.375%, due 7/15/27 | | | | | 16,000 | | | | | | 14,205 | | |
7.250%, due 1/15/30 | | | | | 5,000 | | | | | | 5,014 | | |
| | | | | | | | | | | 85,361 | | |
Lodging — 0.8% | | ||||||||||||
Boyd Gaming Corp. | | | | | | | | | | | | | |
4.750%, due 12/1/27 | | | | | 9,000 | | | | | | 8,686 | | |
Hilton Domestic Operating Co., Inc. | | | | | | | | | | | | | |
4.000%, due 5/1/31 | | | | | 9,000 | | | | | | 7,960 | | |
4.875%, due 1/15/30 | | | | | 9,000 | | | | | | 8,545 | | |
Hyatt Hotels Corp. | | | | | | | | | | | | | |
5.375%, due 4/23/25 | | | | | 85,000 | | | | | | 85,320 | | |
Marriott International, Inc. | | | | | | | | | | | | | |
Series GG, 3.500%, due 10/15/32 | | | | | 85,000 | | | | | | 74,508 | | |
Station Casinos LLC | | | | | | | | | | | | | |
4.625%, due 12/1/31 | | | | | 6,000 | | | | | | 5,138 | | |
| | | | | | | | | | | 190,157 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Machinery-Diversified — 0.0%(f) | | ||||||||||||
Chart Industries, Inc. | | | | | | | | | | | | | |
7.500%, due 1/1/30 | | | | $ | 4,000 | | | | | $ | 4,120 | | |
Media — 0.7% | | ||||||||||||
Cable One, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/30 | | | | | 12,000 | | | | | | 9,758 | | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | | | | | | |
4.250%, due 2/1/31 | | | | | 43,000 | | | | | | 35,217 | | |
4.750%, due 3/1/30 | | | | | 36,000 | | | | | | 30,974 | | |
6.375%, due 9/1/29 | | | | | 10,000 | | | | | | 9,504 | | |
CSC Holdings LLC | | | | | | | | | | | | | |
4.625%, due 12/1/30 | | | | | 12,000 | | | | | | 5,858 | | |
5.500%, due 4/15/27 | | | | | 34,000 | | | | | | 29,070 | | |
Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | | | | | | | | | | | | | |
5.875%, due 8/15/27 | | | | | 12,000 | | | | | | 10,531 | | |
DISH DBS Corp. | | | | | | | | | | | | | |
5.250%, due 12/1/26 | | | | | 3,000 | | | | | | 2,292 | | |
7.375%, due 7/1/28 | | | | | 3,000 | | | | | | 1,503 | | |
iHeartCommunications, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/28 | | | | | 3,000 | | | | | | 2,335 | | |
5.250%, due 8/15/27 | | | | | 6,000 | | | | | | 4,739 | | |
News Corp. | | | | | | | | | | | | | |
3.875%, due 5/15/29 | | | | | 6,000 | | | | | | 5,327 | | |
5.125%, due 2/15/32 | | | | | 8,000 | | | | | | 7,366 | | |
Nexstar Media, Inc. | | | | | | | | | | | | | |
5.625%, due 7/15/27 | | | | | 9,000 | | | | | | 8,453 | | |
Sirius XM Radio, Inc. | | | | | | | | | | | | | |
4.125%, due 7/1/30 | | | | | 12,000 | | | | | | 9,625 | | |
Univision Communications, Inc. | | | | | | | | | | | | | |
4.500%, due 5/1/29 | | | | | 6,000 | | | | | | 5,171 | | |
| | | | | | | | | | | 177,723 | | |
Mining — 0.1% | | ||||||||||||
Compass Minerals International, Inc. | | | | | | | | | | | | | |
4.875%, due 7/15/24 | | | | | 6,000 | | | | | | 5,940 | | |
6.750%, due 12/1/27 | | | | | 7,000 | | | | | | 6,713 | | |
Novelis Corp. | | | | | | | | | | | | | |
3.875%, due 8/15/31 | | | | | 6,000 | | | | | | 5,024 | | |
| | | | | | | | | | | 17,677 | | |
Miscellaneous Manufacturing — 0.4% | | ||||||||||||
Gates Global LLC / Gates Corp. | | | | | | | | | | | | | |
6.250%, due 1/15/26 | | | | | 16,000 | | | | | | 15,840 | | |
Textron Financial Corp. | | | | | | | | | | | | | |
6.599%, (3-Month LIBOR + 1.74%), due 2/15/42(a) | | | | | 100,000 | | | | | | 72,250 | | |
| | | | | | | | | | | 88,090 | | |
Office/Business Equipment — 0.0%(f) | | ||||||||||||
CDW LLC / CDW Finance Corp. | | | | | | | | | | | | | |
5.500%, due 12/1/24 | | | | | 6,000 | | | | | | 5,987 | | |
Oil & Gas — 1.2% | | ||||||||||||
Aethon United BR LP / Aethon United Finance Corp. | | | | | | | | | | | | | |
8.250%, due 2/15/26 | | | | | 9,000 | | | | | | 8,740 | | |
Apache Corp. | | | | | | | | | | | | | |
5.100%, due 9/1/40 | | | | | 6,000 | | | | | | 5,142 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Oil & Gas (continued) | | ||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | | | | | | | | | | | | | |
5.875%, due 6/30/29 | | | | $ | 18,000 | | | | | $ | 16,166 | | |
7.000%, due 11/1/26 | | | | | 12,000 | | | | | | 11,612 | | |
Callon Petroleum Co. | | | | | | | | | | | | | |
6.375%, due 7/1/26 | | | | | 6,000 | | | | | | 5,797 | | |
7.500%, due 6/15/30 | | | | | 6,000 | | | | | | 5,699 | | |
CNX Resources Corp. | | | | | | | | | | | | | |
6.000%, due 1/15/29 | | | | | 9,000 | | | | | | 8,325 | | |
7.250%, due 3/14/27 | | | | | 2,000 | | | | | | 1,977 | | |
CrownRock LP / CrownRock Finance, Inc. | | | | | | | | | | | | | |
5.000%, due 5/1/29 | | | | | 6,000 | | | | | | 5,668 | | |
Hilcorp Energy I LP / Hilcorp Finance Co. | | | | | | | | | | | | | |
5.750%, due 2/1/29 | | | | | 12,000 | | | | | | 11,211 | | |
6.000%, due 2/1/31 | | | | | 12,000 | | | | | | 11,059 | | |
Matador Resources Co. | | | | | | | | | | | | | |
6.875%, due 4/15/28 | | | | | 10,000 | | | | | | 10,063 | | |
Moss Creek Resources Holdings, Inc. | | | | | | | | | | | | | |
7.500%, due 1/15/26 | | | | | 16,000 | | | | | | 14,957 | | |
Nabors Industries, Inc. | | | | | | | | | | | | | |
7.375%, due 5/15/27 | | | | | 6,000 | | | | | | 5,820 | | |
Occidental Petroleum Corp. | | | | | | | | | | | | | |
6.125%, due 1/1/31 | | | | | 22,000 | | | | | | 22,998 | | |
6.375%, due 9/1/28 | | | | | 6,000 | | | | | | 6,258 | | |
6.625%, due 9/1/30 | | | | | 12,000 | | | | | | 12,810 | | |
8.500%, due 7/15/27 | | | | | 5,000 | | | | | | 5,506 | | |
PBF Holding Co. LLC / PBF Finance Corp. | | | | | | | | | | | | | |
6.000%, due 2/15/28 | | | | | 6,000 | | | | | | 5,519 | | |
Permian Resources Operating LLC | | | | | | | | | | | | | |
6.875%, due 4/1/27 | | | | | 17,000 | | | | | | 16,830 | | |
Rockcliff Energy II LLC | | | | | | | | | | | | | |
5.500%, due 10/15/29 | | | | | 6,000 | | | | | | 5,426 | | |
SM Energy Co. | | | | | | | | | | | | | |
5.625%, due 6/1/25 | | | | | 9,000 | | | | | | 8,792 | | |
6.500%, due 7/15/28 | | | | | 9,000 | | | | | | 8,528 | | |
Southwestern Energy Co. | | | | | | | | | | | | | |
4.750%, due 2/1/32 | | | | | 8,000 | | | | | | 7,054 | | |
5.375%, due 3/15/30 | | | | | 16,000 | | | | | | 14,890 | | |
5.700%, due 1/23/25 | | | | | 9,000 | | | | | | 8,982 | | |
8.375%, due 9/15/28 | | | | | 6,000 | | | | | | 6,282 | | |
Tap Rock Resources LLC | | | | | | | | | | | | | |
7.000%, due 10/1/26 | | | | | 6,000 | | | | | | 5,765 | | |
Transocean Titan Financing Ltd. | | | | | | | | | | | | | |
8.375%, due 2/1/28 | | | | | 3,000 | | | | | | 3,058 | | |
Transocean, Inc. | | | | | | | | | | | | | |
8.750%, due 2/15/30 | | | | | 9,000 | | | | | | 9,081 | | |
Valaris Ltd. | | | | | | | | | | | | | |
8.375%, due 4/30/30 | | | | | 2,000 | | | | | | 2,001 | | |
Vital Energy, Inc. | | | | | | | | | | | | | |
7.750%, due 7/31/29 | | | | | 4,000 | | | | | | 3,531 | | |
9.500%, due 1/15/25 | | | | | 6,000 | | | | | | 6,034 | | |
10.125%, due 1/15/28 | | | | | 9,000 | | | | | | 9,048 | | |
| | | | | | | | | | | 290,629 | | |
Oil & Gas Services — 1.4% | | ||||||||||||
Helix Energy Solutions Group, Inc. | | | | | | | | | | | | | |
6.750%, due 2/15/26 | | | | | 132,000 | | | | | | 173,506 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Oil & Gas Services (continued) | | ||||||||||||
Oil States International, Inc. | | | | | | | | | | | | | |
4.750%, due 4/1/26 | | | | $ | 171,000 | | | | | $ | 178,106 | | |
| | | | | | | | | | | 351,612 | | |
Packaging & Containers — 0.4% | | ||||||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | | | | | | | | | | | | | |
3.250%, due 9/1/28 | | | | | 8,000 | | | | | | 7,004 | | |
6.000%, due 6/15/27 | | | | | 6,000 | | | | | | 5,970 | | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | | | | | | | | | | | | | |
5.250%, due 4/30/25 | | | | | 6,000 | | | | | | 5,901 | | |
Ball Corp. | | | | | | | | | | | | | |
6.875%, due 3/15/28 | | | | | 20,000 | | | | | | 20,797 | | |
Crown Americas LLC | | | | | | | | | | | | | |
5.250%, due 4/1/30 | | | | | 9,000 | | | | | | 8,754 | | |
Graphic Packaging International LLC | | | | | | | | | | | | | |
3.750%, due 2/1/30 | | | | | 6,000 | | | | | | 5,364 | | |
OI European Group BV | | | | | | | | | | | | | |
4.750%, due 2/15/30 | | | | | 6,000 | | | | | | 5,509 | | |
Owens-Brockway Glass Container, Inc. | | | | | | | | | | | | | |
6.625%, due 5/13/27 | | | | | 6,000 | | | | | | 6,021 | | |
Sealed Air Corp. | | | | | | | | | | | | | |
5.125%, due 12/1/24 | | | | | 12,000 | | | | | | 11,907 | | |
6.125%, due 2/1/28 | | | | | 5,000 | | | | | | 5,074 | | |
TriMas Corp. | | | | | | | | | | | | | |
4.125%, due 4/15/29 | | | | | 9,000 | | | | | | 8,010 | | |
| | | | | | | | | | | 90,311 | | |
Pharmaceuticals — 0.1% | | ||||||||||||
Elanco Animal Health, Inc. | | | | | | | | | | | | | |
6.650%, due 8/28/28 | | | | | 11,000 | | | | | | 10,710 | | |
PRA Health Sciences, Inc. | | | | | | | | | | | | | |
2.875%, due 7/15/26 | | | | | 6,000 | | | | | | 5,476 | | |
Prestige Brands, Inc. | | | | | | | | | | | | | |
3.750%, due 4/1/31 | | | | | 6,000 | | | | | | 5,086 | | |
5.125%, due 1/15/28 | | | | | 13,000 | | | | | | 12,608 | | |
| | | | | | | | | | | 33,880 | | |
Pipelines — 2.4% | | ||||||||||||
Cheniere Energy Partners LP | | | | | | | | | | | | | |
4.500%, due 10/1/29 | | | | | 17,000 | | | | | | 15,994 | | |
Cheniere Energy, Inc. | | | | | | | | | | | | | |
4.625%, due 10/15/28 | | | | | 6,000 | | | | | | 5,719 | | |
CNX Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 4/15/30 | | | | | 14,000 | | | | | | 11,721 | | |
Delek Logistics Partners LP / Delek Logistics Finance Corp. | | | | | | | | | | | | | |
7.125%, due 6/1/28 | | | | | 12,000 | | | | | | 10,930 | | |
DT Midstream, Inc. | | | | | | | | | | | | | |
4.300%, due 4/15/32 | | | | | 55,000 | | | | | | 49,822 | | |
Energy Transfer LP | | | | | | | | | | | | | |
4.400%, due 3/15/27 | | | | | 50,000 | | | | | | 48,757 | | |
Series H, 6.500%, (US 5 Year CMT T-Note + 5.69%), due 11/15/71(a) | | | | | 70,000 | | | | | | 61,950 | | |
EnLink Midstream LLC | | | | | | | | | | | | | |
5.375%, due 6/1/29 | | | | | 26,000 | | | | | | 25,099 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Pipelines (continued) | | ||||||||||||
Enterprise Products Operating LLC | | | | | | | | | | | | | |
3.950%, due 1/31/60 | | | | $ | 25,000 | | | | | $ | 19,486 | | |
4.200%, due 1/31/50 | | | | | 60,000 | | | | | | 50,219 | | |
EQM Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 1/15/31 | | | | | 22,000 | | | | | | 18,031 | | |
5.500%, due 7/15/28 | | | | | 6,000 | | | | | | 5,469 | | |
6.500%, due 7/1/27 | | | | | 12,000 | | | | | | 11,700 | | |
7.500%, due 6/1/30 | | | | | 6,000 | | | | | | 5,824 | | |
Flex Intermediate Holdco LLC | | | | | | | | | | | | | |
3.363%, due 6/30/31 | | | | | 60,000 | | | | | | 49,402 | | |
Hess Midstream Operations LP | | | | | | | | | | | | | |
4.250%, due 2/15/30 | | | | | 6,000 | | | | | | 5,335 | | |
5.625%, due 2/15/26 | | | | | 6,000 | | | | | | 5,906 | | |
Holly Energy Partners LP / Holly Energy Finance Corp. | | | | | | | | | | | | | |
6.375%, due 4/15/27 | | | | | 6,000 | | | | | | 5,910 | | |
MPLX LP | | | | | | | | | | | | | |
2.650%, due 8/15/30 | | | | | 75,000 | | | | | | 64,081 | | |
Plains All American Pipeline LP | | | | | | | | | | | | | |
Series B, 8.974%, (3-Month LIBOR + 4.11%), due 11/15/71(a) | | | | | 70,000 | | | | | | 61,600 | | |
Venture Global Calcasieu Pass LLC | | | | | | | | | | | | | |
3.875%, due 8/15/29 | | | | | 9,000 | | | | | | 8,084 | | |
3.875%, due 11/1/33 | | | | | 6,000 | | | | | | 5,059 | | |
4.125%, due 8/15/31 | | | | | 11,000 | | | | | | 9,745 | | |
6.250%, due 1/15/30 | | | | | 12,000 | | | | | | 12,168 | | |
Western Midstream Operating LP | | | | | | | | | | | | | |
4.300%, due 2/1/30 | | | | | 17,000 | | | | | | 15,518 | | |
5.500%, due 2/1/50 | | | | | 9,000 | | | | | | 7,635 | | |
| | | | | | | | | | | 591,164 | | |
REITS — 1.6% | | ||||||||||||
American Homes 4 Rent LP | | | | | | | | | | | | | |
2.375%, due 7/15/31 | | | | | 80,000 | | | | | | 64,246 | | |
Digital Realty Trust LP | | | | | | | | | | | | | |
4.450%, due 7/15/28 | | | | | 65,000 | | | | | | 61,901 | | |
GLP Capital LP / GLP Financing II, Inc. | | | | | | | | | | | | | |
4.000%, due 1/15/30 | | | | | 55,000 | | | | | | 48,782 | | |
5.250%, due 6/1/25 | | | | | 65,000 | | | | | | 63,786 | | |
Host Hotels & Resorts LP | | | | | | | | | | | | | |
Series I, 3.500%, due 9/15/30 | | | | | 60,000 | | | | | | 51,086 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
5.250%, due 3/15/28 | | | | | 12,000 | | | | | | 11,542 | | |
5.250%, due 7/15/30 | | | | | 8,000 | | | | | | 7,368 | | |
5.625%, due 7/15/32 | | | | | 6,000 | | | | | | 5,449 | | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | | | | | | | | | | | | | |
4.875%, due 5/15/29 | | | | | 17,000 | | | | | | 14,705 | | |
SBA Communications Corp. | | | | | | | | | | | | | |
3.875%, due 2/15/27 | | | | | 26,000 | | | | | | 24,250 | | |
Service Properties Trust | | | | | | | | | | | | | |
3.950%, due 1/15/28 | | | | | 2,000 | | | | | | 1,566 | | |
4.950%, due 2/15/27 | | | | | 6,000 | | | | | | 5,084 | | |
7.500%, due 9/15/25 | | | | | 11,000 | | | | | | 10,773 | | |
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | | | | | | | | | | | | | |
10.500%, due 2/15/28 | | | | | 10,000 | | | | | | 9,569 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
REITS (continued) | | ||||||||||||
XHR LP | | | | | | | | | | | | | |
4.875%, due 6/1/29 | | | | $ | 3,000 | | | | | $ | 2,604 | | |
| | | | | | | | | | | 382,711 | | |
Retail — 1.2% | | ||||||||||||
Arko Corp. | | | | | | | | | | | | | |
5.125%, due 11/15/29 | | | | | 12,000 | | | | | | 9,724 | | |
Asbury Automotive Group, Inc. | | | | | | | | | | | | | |
4.500%, due 3/1/28 | | | | | 9,000 | | | | | | 8,176 | | |
AutoNation, Inc. | | | | | | | | | | | | | |
4.750%, due 6/1/30 | | | | | 50,000 | | | | | | 47,007 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
6.625%, due 10/1/30 | | | | | 2,000 | | | | | | 1,920 | | |
7.500%, due 6/15/29 | | | | | 3,000 | | | | | | 3,047 | | |
9.375%, due 7/1/25 | | | | | 6,000 | | | | | | 6,420 | | |
Burlington Stores, Inc. | | | | | | | | | | | | | |
2.250%, due 4/15/25 | | | | | 95,000 | | | | | | 106,519 | | |
Foundation Building Materials, Inc. | | | | | | | | | | | | | |
6.000%, due 3/1/29 | | | | | 10,000 | | | | | | 7,989 | | |
Group 1 Automotive, Inc. | | | | | | | | | | | | | |
4.000%, due 8/15/28 | | | | | 6,000 | | | | | | 5,324 | | |
IRB Holding Corp. | | | | | | | | | | | | | |
7.000%, due 6/15/25 | | | | | 17,000 | | | | | | 17,209 | | |
LCM Investments Holdings II LLC | | | | | | | | | | | | | |
4.875%, due 5/1/29 | | | | | 6,000 | | | | | | 5,115 | | |
Lithia Motors, Inc. | | | | | | | | | | | | | |
3.875%, due 6/1/29 | | | | | 2,000 | | | | | | 1,731 | | |
Macy’s Retail Holdings LLC | | | | | | | | | | | | | |
5.875%, due 4/1/29 | | | | | 16,000 | | | | | | 14,656 | | |
Michaels Cos., Inc. (The) | | | | | | | | | | | | | |
5.250%, due 5/1/28 | | | | | 2,000 | | | | | | 1,648 | | |
7.875%, due 5/1/29 | | | | | 6,000 | | | | | | 4,022 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.375%, due 4/1/30 | | | | | 3,000 | | | | | | 2,346 | | |
Sonic Automotive, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/29 | | | | | 6,000 | | | | | | 5,033 | | |
4.875%, due 11/15/31 | | | | | 5,000 | | | | | | 4,038 | | |
Victoria’s Secret & Co. | | | | | | | | | | | | | |
4.625%, due 7/15/29 | | | | | 12,000 | | | | | | 9,705 | | |
White Cap Buyer LLC | | | | | | | | | | | | | |
6.875%, due 10/15/28 | | | | | 6,000 | | | | | | 5,203 | | |
Yum! Brands, Inc. | | | | | | | | | | | | | |
3.625%, due 3/15/31 | | | | | 9,000 | | | | | | 7,950 | | |
4.750%, due 1/15/30 | | | | | 9,000 | | | | | | 8,706 | | |
5.375%, due 4/1/32 | | | | | 9,000 | | | | | | 8,779 | | |
| | | | | | | | | | | 292,267 | | |
Semiconductors — 0.6% | | ||||||||||||
Entegris, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/28 | | | | | 12,000 | | | | | | 10,945 | | |
Microchip Technology, Inc. | | | | | | | | | | | | | |
0.125%, due 11/15/24 | | | | | 121,000 | | | | | | 128,184 | | |
ON Semiconductor Corp. | | | | | | | | | | | | | |
0.500%, due 3/1/29 | | | | | 10,000 | | | | | | 9,631 | | |
| | | | | | | | | | | 148,760 | | |
Software — 0.5% | | ||||||||||||
Boxer Parent Co., Inc. | | | | | | | | | | | | | |
7.125%, due 10/2/25 | | | | | 6,000 | | | | | | 5,982 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Software (continued) | | ||||||||||||
Central Parent, Inc. / CDK Global, Inc. | | | | | | | | | | | | | |
7.250%, due 6/15/29 | | | | $ | 9,000 | | | | | $ | 8,911 | | |
Clarivate Science Holdings Corp. | | | | | | | | | | | | | |
3.875%, due 7/1/28 | | | | | 6,000 | | | | | | 5,399 | | |
Cloud Software Group, Inc. | | | | | | | | | | | | | |
6.500%, due 3/31/29 | | | | | 2,000 | | | | | | 1,801 | | |
Fair Isaac Corp. | | | | | | | | | | | | | |
4.000%, due 6/15/28 | | | | | 12,000 | | | | | | 11,179 | | |
Fiserv, Inc. | | | | | | | | | | | | | |
3.200%, due 7/1/26 | | | | | 65,000 | | | | | | 61,977 | | |
MSCI, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/29 | | | | | 12,000 | | | | | | 10,812 | | |
SS&C Technologies, Inc. | | | | | | | | | | | | | |
5.500%, due 9/30/27 | | | | | 6,000 | | | | | | 5,808 | | |
| | | | | | | | | | | 111,869 | | |
Telecommunications — 0.6% | | ||||||||||||
AT&T, Inc. | | | | | | | | | | | | | |
3.500%, due 9/15/53 | | | | | 95,000 | | | | | | 68,136 | | |
3.650%, due 9/15/59 | | | | | 10,000 | | | | | | 7,076 | | |
CommScope, Inc. | | | | | | | | | | | | | |
6.000%, due 3/1/26 | | | | | 8,000 | | | | | | 7,641 | | |
8.250%, due 3/1/27 | | | | | 6,000 | | | | | | 4,639 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.625%, due 1/15/29 | | | | | 6,000 | | | | | | 3,356 | | |
3.750%, due 7/15/29 | | | | | 8,000 | | | | | | 4,502 | | |
Sprint LLC | | | | | | | | | | | | | |
7.625%, due 3/1/26 | | | | | 14,000 | | | | | | 14,825 | | |
7.875%, due 9/15/23 | | | | | 9,000 | | | | | | 9,073 | | |
T-Mobile USA, Inc. | | | | | | | | | | | | | |
2.625%, due 4/15/26 | | | | | 9,000 | | | | | | 8,441 | | |
Viavi Solutions, Inc. | | | | | | | | | | | | | |
3.750%, due 10/1/29 | | | | | 12,000 | | | | | | 10,020 | | |
| | | | | | | | | | | 137,709 | | |
Toys/Games/Hobbies — 0.1% | | ||||||||||||
Mattel, Inc. | | | | | | | | | | | | | |
3.375%, due 4/1/26 | | | | | 9,000 | | | | | | 8,513 | | |
5.875%, due 12/15/27 | | | | | 14,000 | | | | | | 14,017 | | |
| | | | | | | | | | | 22,530 | | |
Total Corporate Bonds (Cost $8,141,134) | | | | | | | | | | | 7,992,140 | | |
Foreign Bonds — 11.9% | | ||||||||||||
Aerospace/Defense — 0.1% | | ||||||||||||
Bombardier, Inc., (Canada) | | | | | | | | | | | | | |
7.125%, due 6/15/26 | | | | | 8,000 | | | | | | 7,975 | | |
7.500%, due 2/1/29 | | | | | 16,000 | | | | | | 15,736 | | |
| | | | | | | | | | | 23,711 | | |
Agriculture — 0.2% | | ||||||||||||
BAT International Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
4.448%, due 3/16/28 | | | | | 55,000 | | | | | | 52,833 | | |
Airlines — 0.4% | | ||||||||||||
Air Canada, (Canada) | | | | | | | | | | | | | |
3.875%, due 8/15/26 | | | | | 6,000 | | | | | | 5,554 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Airlines (continued) | | ||||||||||||
Air Canada 2020-1 Class C Pass-Through Trust, (Canada) | | | | | | | | | | | | | |
Series 2020-1C, C10.500%, due 7/15/26 | | | | $ | 18,000 | | | | | $ | 19,080 | | |
British Airways 2021-1 Class A Pass-Through Trust, (United Kingdom) | | | | | | | | | | | | | |
Series 2021-1, 2.900%, due 3/15/35 | | | | | 96,947 | | | | | | 82,734 | | |
| | | | | | | | | | | 107,368 | | |
Auto Manufacturers — 0.3% | | ||||||||||||
Volkswagen Group of America Finance LLC, (Germany) | | | | | | | | | | | | | |
4.600%, due 6/8/29 | | | | | 65,000 | | | | | | 63,644 | | |
Banks — 3.6% | | ||||||||||||
Barclays PLC, (United Kingdom) | | | | | | | | | | | | | |
4.375%, (US 5 Year CMT T-Note + 3.41%), due 12/15/71(a) | | | | | 125,000 | | | | | | 82,803 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
3.052%, (SOFR + 1.51%), due 1/13/31(a) | | | | | 55,000 | | | | | | 47,566 | | |
4.625%, (US 5 Year CMT T-Note + 3.34%), due 8/25/71(a) | | | | | 135,000 | | | | | | 95,769 | | |
BPCE SA, (France) | | | | | | | | | | | | | |
2.045%, (SOFR + 1.09%), due 10/19/27(a) | | | | | 115,000 | | | | | | 101,639 | | |
Credit Agricole SA, (France) | | | | | | | | | | | | | |
4.750%, (US 5 Year CMT T-Note + 3.24%), due 3/23/72(a) | | | | | 130,000 | | | | | | 99,970 | | |
Credit Suisse Group AG, (Switzerland) | | | | | | | | | | | | | |
3.091%, (SOFR + 1.73%), due 5/14/32(a) | | | | | 65,000 | | | | | | 52,053 | | |
Deutsche Bank AG/New York NY, (Germany) | | | | | | | | | | | | | |
3.035%, (SOFR + 1.72%), due 5/28/32(a) | | | | | 80,000 | | | | | | 63,812 | | |
NatWest Group PLC, (United Kingdom) | | | | | | | | | | | | | |
4.600%, (US 5 Year CMT T-Note + 3.10%), due 9/30/71(a) | | | | | 120,000 | | | | | | 84,587 | | |
Societe Generale SA, (France) | | | | | | | | | | | | | |
5.375%, (US 5 Year CMT T-Note + 4.51%), due 5/18/71(a) | | | | | 130,000 | | | | | | 91,000 | | |
UBS Group AG, (Switzerland) | | | | | | | | | | | | | |
4.875%, (US 5 Year CMT T-Note + 3.40%), due 8/12/71(a) | | | | | 105,000 | | | | | | 81,637 | | |
Westpac Banking Corp., (Australia) | | | | | | | | | | | | | |
3.020%, (US 5 Year CMT T-Note + 1.53%), due 11/18/36(a) | | | | | 110,000 | | | | | | 86,746 | | |
| | | | | | | | | | | 887,582 | | |
Beverages — 0.1% | | ||||||||||||
Primo Water Holdings, Inc., (Canada) | | | | | | | | | | | | | |
4.375%, due 4/30/29 | | | | | 17,000 | | | | | | 14,993 | | |
Chemicals — 0.1% | | ||||||||||||
SPCM SA, (France) | | | | | | | | | | | | | |
3.375%, due 3/15/30 | | | | | 22,000 | | | | | | 18,202 | | |
Commercial Services — 0.1% | | ||||||||||||
Garda World Security Corp., (Canada) | | | | | | | | | | | | | |
4.625%, due 2/15/27 | | | | | 9,000 | | | | | | 8,267 | | |
9.500%, due 11/1/27 | | | | | 17,000 | | | | | | 16,291 | | |
| | | | | | | | | | | 24,558 | | |
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Diversified Financial Services — 0.3% | | ||||||||||||
Avolon Holdings Funding Ltd., (Ireland) | | | | | | | | | | | | | |
3.250%, due 2/15/27 | | | | $ | 85,000 | | | | | $ | 75,905 | | |
Electric — 0.5% | | ||||||||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, (Colombia) | | | | | | | | | | | | | |
5.375%, due 12/30/30 | | | | | 200,000 | | | | | | 126,700 | | |
Environmental Control — 0.1% | | ||||||||||||
GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | |
3.750%, due 8/1/25 | | | | | 6,000 | | | | | | 5,801 | | |
4.000%, due 8/1/28 | | | | | 11,000 | | | | | | 10,040 | | |
4.250%, due 6/1/25 | | | | | 3,000 | | | | | | 2,918 | | |
4.750%, due 6/15/29 | | | | | 6,000 | | | | | | 5,584 | | |
5.125%, due 12/15/26 | | | | | 6,000 | | | | | | 5,902 | | |
| | | | | | | | | | | 30,245 | | |
Food — 1.5% | | ||||||||||||
Cencosud SA, (Chile) | | | | | | | | | | | | | |
4.375%, due 7/17/27 | | | | | 200,000 | | | | | | 193,496 | | |
Indofood CBP Sukses Makmur Tbk PT, (Indonesia) | | | | | | | | | | | | | |
3.398%, due 6/9/31 | | | | | 200,000 | | | | | | 170,015 | | |
| | | | | | | | | | | 363,511 | | |
Forest Products & Paper — 0.0%(f) | | ||||||||||||
Ahlstrom Holding 3 Oy, (Finland) | | | | | | | | | | | | | |
4.875%, due 2/4/28 | | | | | 9,000 | | | | | | 7,621 | | |
Household Products/Wares — 0.1% | | ||||||||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., (Canada) | | | | | | | | | | | | | |
5.000%, due 12/31/26 | | | | | 14,000 | | | | | | 12,956 | | |
7.000%, due 12/31/27 | | | | | 17,000 | | | | | | 14,942 | | |
| | | | | | | | | | | 27,898 | | |
Internet — 0.8% | | ||||||||||||
Prosus NV, (China) | | | | | | | | | | | | | |
3.257%, due 1/19/27 | | | | | 200,000 | | | | | | 182,901 | | |
Investment Companies — 0.8% | | ||||||||||||
Gaci First Investment Co., (Saudi Arabia) | | | | | | | | | | | | | |
5.000%, due 10/13/27 | | | | | 200,000 | | | | | | 204,250 | | |
Machinery-Diversified — 0.1% | | ||||||||||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC, (Canada) | | | | | | | | | | | | | |
7.750%, due 4/15/26 | | | | | 10,000 | | | | | | 8,900 | | |
TK Elevator US Newco, Inc., (Germany) | | | | | | | | | | | | | |
5.250%, due 7/15/27 | | | | | 12,000 | | | | | | 11,218 | | |
| | | | | | | | | | | 20,118 | | |
Media — 0.3% | | ||||||||||||
UPC Holding BV, (Netherlands) | | | | | | | | | | | | | |
5.500%, due 1/15/28 | | | | | 12,000 | | | | | | 10,740 | | |
Virgin Media Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
5.000%, due 7/15/30 | | | | | 34,000 | | | | | | 28,651 | | |
VZ Secured Financing BV, (Netherlands) | | | | | | | | | | | | | |
5.000%, due 1/15/32 | | | | | 9,000 | | | | | | 7,511 | | |
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
Ziggo Bond Co. BV, (Netherlands) | | | | | | | | | | | | | |
5.125%, due 2/28/30 | | | | $ | 22,000 | | | | | $ | 17,876 | | |
| | | | | | | | | | | 64,778 | | |
Oil & Gas — 1.0% | | ||||||||||||
Baytex Energy Corp., (Canada) | | | | | | | | | | | | | |
8.500%, due 4/30/30 | | | | | 5,000 | | | | | | 5,027 | | |
Petroleos Mexicanos, (Mexico) | | | | | | | | | | | | | |
5.350%, due 2/12/28 | | | | | 100,000 | | | | | | 83,056 | | |
Qatar Energy, (Qatar) | | | | | | | | | | | | | |
3.125%, due 7/12/41 | | | | | 200,000 | | | | | | 157,250 | | |
| | | | | | | | | | | 245,333 | | |
Packaging & Containers — 0.0%(f) | | ||||||||||||
Cascades, Inc./Cascades USA, Inc., (Canada) | | | | | | | | | | | | | |
5.375%, due 1/15/28 | | | | | 9,000 | | | | | | 8,539 | | |
Pharmaceuticals — 0.1% | | ||||||||||||
Teva Pharmaceutical Finance Netherlands III BV, (Israel) | | | | | | | | | | | | | |
3.150%, due 10/1/26 | | | | | 6,000 | | | | | | 5,422 | | |
5.125%, due 5/9/29 | | | | | 8,000 | | | | | | 7,421 | | |
| | | | | | | | | | | 12,843 | | |
Retail — 0.1% | | ||||||||||||
1011778 BC ULC / New Red Finance, Inc., (Canada) | | | | | | | | | | | | | |
3.500%, due 2/15/29 | | | | | 12,000 | | | | | | 10,787 | | |
3.875%, due 1/15/28 | | | | | 6,000 | | | | | | 5,627 | | |
| | | | | | | | | | | 16,414 | | |
Software — 0.0%(f) | | ||||||||||||
Open Text Corp., (Canada) | | | | | | | | | | | | | |
3.875%, due 2/15/28 | | | | | 3,000 | | | | | | 2,658 | | |
Telecommunications — 1.3% | | ||||||||||||
Altice France SA/France, (France) | | | | | | | | | | | | | |
5.125%, due 7/15/29 | | | | | 6,000 | | | | | | 4,436 | | |
5.500%, due 1/15/28 | | | | | 17,000 | | | | | | 13,383 | | |
8.125%, due 2/1/27 | | | | | 4,000 | | | | | | 3,572 | | |
Axiata SPV2 Bhd, (Malaysia) | | | | | | | | | | | | | |
2.163%, due 8/19/30 | | | | | 200,000 | | | | | | 172,273 | | |
Iliad Holding SASU, (France) | | | | | | | | | | | | | |
6.500%, due 10/15/26 | | | | | 12,000 | | | | | | 11,546 | | |
Nice Ltd., (Israel) | | | | | | | | | | | | | |
0.000%, due 9/15/25(c) | | | | | 125,000 | | | | | | 116,000 | | |
| | | | | | | | | | | 321,210 | | |
Total Foreign Bonds (Cost $3,025,714) | | | | | | | | | | | 2,903,815 | | |
Municipal Bonds — 9.7% | | ||||||||||||
California — 1.0% | | ||||||||||||
California State University, | | | | | | | | | | | | | |
1.690%, due 11/1/29 | | | | | 290,000 | | | | | | 246,126 | | |
Colorado — 1.0% | | ||||||||||||
Metro Wastewater Reclamation District, | | | | | | | | | | | | | |
5.775%, due 4/1/29 | | | | | 225,000 | | | | | | 236,792 | | |
|
| | | Principal Amount | | | Value | | | | ||||||||||
Municipal Bonds (continued) | | | | ||||||||||||||||
Florida — 0.9% | | | | ||||||||||||||||
County of Miami-Dade FL Transit System, | | | | | | | | | | | | | | | | ||||
2.600%, due 7/1/42 | | | | $ | 300,000 | | | | | $ | 227,743 | | | | | ||||
Illinois — 1.1% | | | | ||||||||||||||||
State of Illinois, | | | | | | | | | | | | | | | | ||||
5.100%, due 6/1/33 | | | | | 275,000 | | | | | | 276,139 | | | | | ||||
New Jersey — 1.0% | | | | ||||||||||||||||
New Jersey Turnpike Authority, | | | | | | | | | | | | | | | | ||||
7.102%, due 1/1/41 | | | | | 200,000 | | | | | | 250,058 | | | | | ||||
New York — 1.0% | | | | ||||||||||||||||
City of New York NY, | | | | | | | | | | | | | | | | ||||
2.360%, due 8/1/31 | | | | | 275,000 | | | | | | 235,140 | | | | | ||||
North Carolina — 0.9% | | | | ||||||||||||||||
Charlotte-Mecklenburg Hospital Authority (The), | | | | | | | | | | | | | | | | ||||
3.204%, due 1/15/51 | | | | | 300,000 | | | | | | 211,056 | | | | | ||||
Oregon — 0.8% | | | | ||||||||||||||||
Port of Morrow OR, | | | | | | | | | | | | | | | | ||||
2.543%, due 9/1/40 | | | | | 250,000 | | | | | | 188,715 | | | | | ||||
Texas — 1.0% | | | | ||||||||||||||||
Dallas Fort Worth International Airport, | | | | | | | | | | | | | | | | ||||
3.089%, due 11/1/40 | | | | | 300,000 | | | | | | 243,276 | | | | | ||||
Washington — 1.0% | | | | ||||||||||||||||
State of Washington, | | | | | | | | | | | | | | | | ||||
5.090%, due 8/1/33 | | | | | 235,000 | | | | | | 246,237 | | | | | ||||
Total Municipal Bonds (Cost $2,469,693) | | | | | | | | | | | 2,361,282 | | | | | ||||
U.S. Treasury Bonds — 5.9% | | | | ||||||||||||||||
U.S. Treasury Bond, 3.625%, due 2/15/53 | | | | | 775,000 | | | | | | 768,461 | | | | | ||||
U.S. Treasury Bond, 3.875%, due 2/15/43 | | | | | 665,000 | | | | | | 672,066 | | | | | ||||
| | | | | | | | | | | 1,440,527 | | | | | ||||
Total U.S. Treasury Bonds (Cost $1,394,385) | | | | | | | | | | | 1,440,527 | | | | | ||||
U.S. Treasury Notes — 7.5% | | | | | | | | ||||||||||||
U.S. Treasury Note, 3.500%, due 4/30/30 | | | | | 380,000 | | | | | | 380,653 | | | | | ||||
U.S. Treasury Note, 3.500%, due 2/15/33 | | | | | 1,295,000 | | | | | | 1,302,689 | | | | | ||||
U.S. Treasury Note, 3.750%, due 4/15/26 | | | | | 100,000 | | | | | | 100,031 | | | | | ||||
U.S. Treasury Note, 3.875%, due 4/30/25 | | | | | 40,000 | | | | | | 39,885 | | | | | ||||
| | | | | | | | | | | 1,823,258 | | | | | ||||
Total U.S. Treasury Notes (Cost $1,790,512) | | | | | | | | | | | 1,823,258 | | | | | ||||
United States Government Agency Mortgage-Backed Securities — 5.5% | | | | ||||||||||||||||
Mortgage Securities — 5.5% | | | | ||||||||||||||||
Fannie Mae Pool | | | | | | | | | | | | | | | | ||||
Series 2022-FS3643 5.500% due 11/1/52 | | | | | 24,239 | | | | | | 24,440 | | | | | ||||
Series 2022-MA4626 4.000% due 6/1/52 | | | | | 165,976 | | | | | | 158,664 | | | | | ||||
Series 2022-MA4656 4.500% due 7/1/52 | | | | | 151,867 | | | | | | 148,475 | | | | | ||||
Series 2022-MA4709 5.000% due 7/1/52 | | | | | 149,414 | | | | | | 148,612 | | | | |
| | | Principal Amount | | | Value | | ||||||
United States Government Agency Mortgage-Backed Securities (continued) | | ||||||||||||
Mortgage Securities (continued) | | ||||||||||||
Series 2022-MA4806 5.000% due 11/1/52 | | | | $ | 257,012 | | | | | $ | 255,589 | | |
Series 2023-MA4919 5.500% due 2/1/53 | | | | | 92,895 | | | | | | 93,665 | | |
Series 2023-MA4942 6.000% due 3/1/53 | | | | | 29,228 | | | | | | 29,775 | | |
Fannie Mae REMICS | | | | | | | | | | | | | |
Series 2020-47 BD, 1.500% due 7/25/50 | | | | | 9,953 | | | | | | 7,818 | | |
Federal National Mortgage Association | | | | | | | | | | | | | |
Series 2023-FS3904 5.000% due 3/1/53 | | | | | 14,959 | | | | | | 14,883 | | |
Series 2023-MA4940 5.000% due 3/1/53 | | | | | 34,649 | | | | | | 34,453 | | |
Freddie Mac Pool | | | | | | | | | | | | | |
Series 2022-SD8257 4.500% due 10/1/52 | | | | | 72,239 | | | | | | 70,622 | | |
Freddie Mac REMICS | | | | | | | | | | | | | |
Series 2020-4988 BA, 1.500% due 6/25/50 | | | | | 11,053 | | | | | | 8,681 | | |
Government National Mortgage Association | | | | | | | | | | | | | |
Series 2022-10 IC, 2.000% due 11/20/51(b) | | | | | 93,066 | | | | | | 11,322 | | |
Series 2023-19 IO, 2.500% due 2/20/51(b) | | | | | 221,460 | | | | | | 29,275 | | |
Series 2023-55 CG, 7.486% due 7/20/51(a)(e) | | | | | 105,000 | | | | | | 119,683 | | |
Series 2023-56, 0.000%, due 7/20/52(c)(d) | | | | | 100,000 | | | | | | 89,972 | | |
Series 2023-59 YC, 6.897% due 9/20/51(a)(e) | | | | | 75,000 | | | | | | 83,319 | | |
| | | | | | | | | | | 1,329,248 | | |
Total United States Government Agency Mortgage-Backed Securities (Cost $1,335,756) | | | | | | | | | | | 1,329,248 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 2.2% | | ||||||||||||
Money Market Fund — 2.2% | | ||||||||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(g) (Cost $530,282) | | | | | 530,282 | | | | | | 530,282 | | |
Total Investments — 99.2% (Cost $24,481,548) | | | | | | | | | | | 24,137,942 | | |
Other Assets and Liabilities, Net — 0.8% | | | | | | | | | | | 194,050 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 24,331,992 | | |
| 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 April 30, 2023 | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
U.S. 10 Year Ultra Note | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | 20 | | | | | $ | 2,342,233 | | | | | $ | 2,429,063 | | | | | $ | 86,830 | | |
U.S. 10 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | 11 | | | | | | 1,228,072 | | | | | | 1,267,235 | | | | | | 39,163 | | |
U.S. 5 Year Note (CBT) | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | 1 | | | | | | 107,143 | | | | | | 109,742 | | | | | | 2,599 | | |
U.S. Long Bond (CBT) | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | 1 | | | | | | 126,080 | | | | | | 131,656 | | | | | | 5,576 | | |
U.S. Ultra Bond (CBT) | | | Citigroup Global Markets Inc. | | | June 2023 | | | | | 1 | | | | | | 136,065 | | | | | | 141,406 | | | | | | 5,341 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 139,509 | | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | ||||||||||||||||||||||
Investments in Securities:(h) | | | | | | | | | | | | | | | | | | | | | |||||
Collateralized Mortgage Obligations | | | | $ | — | | | | | $ | 2,023,213 | | | | | $ | — | | | | | $ | 2,023,213 | | |
Commercial Asset-Backed Securities | | | | | — | | | | | | 2,094,265 | | | | | | — | | | | | | 2,094,265 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 1,639,912 | | | | | | — | | | | | | 1,639,912 | | |
Corporate Bonds | | | | | — | | | | | | 7,992,140 | | | | | | — | | | | | | 7,992,140 | | |
Foreign Bonds | | | | | — | | | | | | 2,903,815 | | | | | | — | | | | | | 2,903,815 | | |
Municipal Bonds | | | | | — | | | | | | 2,361,282 | | | | | | — | | | | | | 2,361,282 | | |
U.S. Treasury Bonds | | | | | — | | | | | | 1,440,527 | | | | | | — | | | | | | 1,440,527 | | |
U.S. Treasury Notes | | | | | — | | | | | | 1,823,258 | | | | | | — | | | | | | 1,823,258 | | |
United States Government Agency Mortgage-Backed Securities | | | | | — | | | | | | 1,329,248 | | | | | | — | | | | | | 1,329,248 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 530,282 | | | | | | — | | | | | | — | | | | | | 530,282 | | |
Total Investments in Securities | | | | | 530,282 | | | | | | 23,607,660 | | | | | | — | | | | | | 24,137,942 | | |
Other Financial Instruments:(i) | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | 139,509 | | | | | | — | | | | | | — | | | | | | 139,509 | | |
Total Investments in Securities and Other Financial Instruments | | | | $ | 669,791 | | | | | $ | 23,607,660 | | | | | $ | — | | | | | $ | 24,277,451 | | |
| | | Principal Amount | | | Value | | ||||||
Long-Term Bonds — 97.3% | | ||||||||||||
Corporate Bonds — 81.5% | | ||||||||||||
Advertising — 0.8% | | ||||||||||||
Lamar Media Corp. | | | | | | | | | | | | | |
4.000%, due 2/15/30 | | | | $ | 107,000 | | | | | $ | 95,995 | | |
Outfront Media Capital LLC / Outfront Media Capital Corp. | | | | | | | | | | | | | |
4.250%, due 1/15/29 | | | | | 122,000 | | | | | | 104,493 | | |
| | | | | | | | | | | 200,488 | | |
Aerospace & Defense — 1.3% | | ||||||||||||
TransDigm, Inc. | | | | | | | | | | | | | |
4.625%, due 1/15/29 | | | | | 82,000 | | | | | | 74,210 | | |
4.875%, due 5/1/29 | | | | | 106,000 | | | | | | 96,328 | | |
6.250%, due 3/15/26 | | | | | 90,000 | | | | | | 90,425 | | |
6.750%, due 8/15/28 | | | | | 85,000 | | | | | | 86,321 | | |
| | | | | | | | | | | 347,284 | | |
Agriculture — 1.0% | | ||||||||||||
Darling Ingredients, Inc. | | | | | | | | | | | | | |
5.250%, due 4/15/27 | | | | | 267,000 | | | | | | 261,632 | | |
Airlines — 1.4% | | ||||||||||||
Delta Air Lines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/19/28 | | | | | 75,000 | | | | | | 70,688 | | |
7.375%, due 1/15/26 | | | | | 62,000 | | | | | | 65,346 | | |
United Airlines, Inc. | | | | | | | | | | | | | |
4.375%, due 4/15/26 | | | | | 97,000 | | | | | | 92,637 | | |
4.625%, due 4/15/29 | | | | | 115,000 | | | | | | 104,078 | | |
| | | | | | | | | | | 332,749 | | |
Apparel — 0.7% | | ||||||||||||
Hanesbrands, Inc. | | | | | | | | | | | | | |
4.875%, due 5/15/26 | | | | | 200,000 | | | | | | 188,482 | | |
Auto Manufacturers — 2.7% | | ||||||||||||
Ford Motor Co. | | | | | | | | | | | | | |
3.250%, due 2/12/32 | | | | | 145,000 | | | | | | 112,450 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.375%, due 11/13/25 | | | | | 136,000 | | | | | | 126,298 | | |
3.815%, due 11/2/27 | | | | | 128,000 | | | | | | 114,764 | | |
4.000%, due 11/13/30 | | | | | 136,000 | | | | | | 116,615 | | |
4.950%, due 5/28/27 | | | | | 132,000 | | | | | | 124,831 | | |
7.350%, due 3/6/30 | | | | | 125,000 | | | | | | 128,395 | | |
| | | | | | | | | | | 723,353 | | |
Auto Parts & Equipment — 2.0% | | ||||||||||||
Clarios Global LP / Clarios US Finance Co. | | | | | | | | | | | | | |
6.250%, due 5/15/26 | | | | | 250,000 | | | | | | 248,768 | | |
Dana, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/32 | | | | | 94,000 | | | | | | 75,177 | | |
Goodyear Tire & Rubber Co. (The) | | | | | | | | | | | | | |
5.000%, due 7/15/29 | | | | | 200,000 | | | | | | 176,792 | | |
| | | | | | | | | | | 500,737 | | |
Banks — 0.1% | | ||||||||||||
Fifth Third Bancorp | | | | | | | | | | | | | |
4.772%, (SOFRINDX + 2.13%), due 7/28/30(a) | | | | | 18,000 | | | | | | 17,130 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Beverages — 0.1% | | ||||||||||||
Triton Water Holdings, Inc. | | | | | | | | | | | | | |
6.250%, due 4/1/29 | | | | $ | 33,000 | | | | | $ | 27,720 | | |
Building Materials — 1.3% | | ||||||||||||
Camelot Return Merger Sub, Inc. | | | | | | | | | | | | | |
8.750%, due 8/1/28 | | | | | 55,000 | | | | | | 52,113 | | |
MIWD Holdco II LLC / MIWD Finance Corp. | | | | | | | | | | | | | |
5.500%, due 2/1/30 | | | | | 110,000 | | | | | | 92,400 | | |
Standard Industries, Inc. | | | | | | | | | | | | | |
4.375%, due 7/15/30 | | | | | 200,000 | | | | | | 172,630 | | |
| | | | | | | | | | | 317,143 | | |
Chemicals — 1.9% | | ||||||||||||
Avient Corp. | | | | | | | | | | | | | |
7.125%, due 8/1/30 | | | | | 112,000 | | | | | | 114,465 | | |
Olin Corp. | | | | | | | | | | | | | |
5.000%, due 2/1/30 | | | | | 104,000 | | | | | | 97,098 | | |
5.625%, due 8/1/29 | | | | | 95,000 | | | | | | 92,625 | | |
Olympus Water US Holding Corp. | | | | | | | | | | | | | |
4.250%, due 10/1/28 | | | | | 171,000 | | | | | | 145,876 | | |
Rain CII Carbon LLC / CII Carbon Corp. | | | | | | | | | | | | | |
7.250%, due 4/1/25 | | | | | 35,000 | | | | | | 33,920 | | |
| | | | | | | | | | | 483,984 | | |
Commercial Services — 5.4% | | ||||||||||||
ADT Security Corp. (The) | | | | | | | | | | | | | |
4.125%, due 8/1/29 | | | | | 99,000 | | | | | | 86,006 | | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | | | | | | | | | |
9.750%, due 7/15/27 | | | | | 53,000 | | | | | | 49,302 | | |
Allied Universal Holdco LLC / Allied Universal Finance Corp./Atlas Luxco 4 Sarl | | | | | | | | | | | | | |
4.625%, due 6/1/28 | | | | | 200,000 | | | | | | 174,106 | | |
AMN Healthcare, Inc. | | | | | | | | | | | | | |
4.000%, due 4/15/29 | | | | | 79,000 | | | | | | 69,520 | | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | | | | | | | | | | | | | |
5.375%, due 3/1/29 | | | | | 100,000 | | | | | | 90,711 | | |
Brink’s Co. (The) | | | | | | | | | | | | | |
4.625%, due 10/15/27 | | | | | 71,000 | | | | | | 67,111 | | |
Carriage Services, Inc. | | | | | | | | | | | | | |
4.250%, due 5/15/29 | | | | | 75,000 | | | | | | 62,164 | | |
Gartner, Inc. | | | | | | | | | | | | | |
4.500%, due 7/1/28 | | | | | 120,000 | | | | | | 112,773 | | |
Herc Holdings, Inc. | | | | | | | | | | | | | |
5.500%, due 7/15/27 | | | | | 76,000 | | | | | | 72,579 | | |
Hertz Corp. (The) | | | | | | | | | | | | | |
4.625%, due 12/1/26 | | | | | 116,000 | | | | | | 104,477 | | |
5.000%, due 12/1/29 | | | | | 134,000 | | | | | | 109,628 | | |
Prime Security Services Borrower LLC / Prime Finance, Inc. | | | | | | | | | | | | | |
3.375%, due 8/31/27 | | | | | 160,000 | | | | | | 142,983 | | |
Service Corp. International | | | | | | | | | | | | | |
3.375%, due 8/15/30 | | | | | 124,000 | | | | | | 105,057 | | |
Sotheby’s | | | | | | | | | | | | | |
7.375%, due 10/15/27 | | | | | 80,000 | | | | | | 75,003 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Commercial Services (continued) | | ||||||||||||
Williams Scotsman International, Inc. | | | | | | | | | | | | | |
4.625%, due 8/15/28 | | | | $ | 72,000 | | | | | $ | 66,111 | | |
| | | | | | | | | | | 1,387,531 | | |
Computers — 2.3% | | ||||||||||||
NCR Corp. | | | | | | | | | | | | | |
5.125%, due 4/15/29 | | | | | 200,000 | | | | | | 173,000 | | |
Seagate HDD Cayman | | | | | | | | | | | | | |
4.091%, due 6/1/29 | | | | | 177,000 | | | | | | 153,466 | | |
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. | | | | | | | | | | | | | |
5.750%, due 6/1/25 | | | | | 248,000 | | | | | | 249,347 | | |
| | | | | | | | | | | 575,813 | | |
Diversified Financial Services — 1.8% | | ||||||||||||
OneMain Finance Corp. | | | | | | | | | | | | | |
6.625%, due 1/15/28 | | | | | 221,000 | | | | | | 204,978 | | |
PennyMac Financial Services, Inc. | | | | | | | | | | | | | |
4.250%, due 2/15/29 | | | | | 140,000 | | | | | | 115,048 | | |
5.375%, due 10/15/25 | | | | | 54,000 | | | | | | 50,975 | | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | | | | | | | | | | | | | |
3.625%, due 3/1/29 | | | | | 137,000 | | | | | | 115,836 | | |
| | | | | | | | | | | 486,837 | | |
Electric — 1.8% | | ||||||||||||
Calpine Corp. | | | | | | | | | | | | | |
4.500%, due 2/15/28 | | | | | 141,000 | | | | | | 131,314 | | |
4.625%, due 2/1/29 | | | | | 40,000 | | | | | | 34,768 | | |
Edison International | | | | | | | | | | | | | |
Series B, 5.000%, (5 Year US CMT T-Note + 3.90%), due 3/15/72(a) | | | | | 100,000 | | | | | | 85,482 | | |
Vistra Corp. | | | | | | | | | | | | | |
8.000%, (5 Year US CMT T-Note + 6.93%), due 4/15/72(a) | | | | | 260,000 | | | | | | 245,050 | | |
| | | | | | | | | | | 496,614 | | |
Electrical Component & Equipment — 0.4% | | ||||||||||||
Energizer Holdings, Inc. | | | | | | | | | | | | | |
4.750%, due 6/15/28 | | | | | 129,000 | | | | | | 116,009 | | |
Engineering & Construction — 0.3% | | ||||||||||||
Artera Services LLC | | | | | | | | | | | | | |
9.033%, due 12/4/25 | | | | | 85,000 | | | | | | 73,004 | | |
Entertainment — 3.8% | | ||||||||||||
Affinity Interactive | | | | | | | | | | | | | |
6.875%, due 12/15/27 | | | | | 140,000 | | | | | | 125,928 | | |
Caesars Entertainment, Inc. | | | | | | | | | | | | | |
4.625%, due 10/15/29 | | | | | 171,000 | | | | | | 150,018 | | |
CDI Escrow Issuer, Inc. | | | | | | | | | | | | | |
5.750%, due 4/1/30 | | | | | 126,000 | | | | | | 121,493 | | |
Churchill Downs, Inc. | | | | | | | | | | | | | |
4.750%, due 1/15/28 | | | | | 138,000 | | | | | | 130,685 | | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | | | | | | | | | | | | | |
6.625%, due 3/1/30 | | | | | 120,000 | | | | | | 106,468 | | |
WMG Acquisition Corp. | | | | | | | | | | | | | |
3.750%, due 12/1/29 | | | | | 280,000 | | | | | | 246,400 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Entertainment (continued) | | ||||||||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | | | | | | | | | | | | | |
5.125%, due 10/1/29 | | | | $ | 102,000 | | | | | $ | 93,916 | | |
| | | | | | | | | | | 974,908 | | |
Environmental Control — 0.7% | | ||||||||||||
Covanta Holding Corp. | | | | | | | | | | | | | |
4.875%, due 12/1/29 | | | | | 100,000 | | | | | | 89,000 | | |
Waste Pro USA, Inc. | | | | | | | | | | | | | |
5.500%, due 2/15/26 | | | | | 110,000 | | | | | | 102,249 | | |
| | | | | | | | | | | 191,249 | | |
Food — 3.4% | | ||||||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | | | | | | | | | | | | | |
4.625%, due 1/15/27 | | | | | 213,000 | | | | | | 205,906 | | |
6.500%, due 2/15/28 | | | | | 65,000 | | | | | | 65,813 | | |
B&G Foods, Inc. | | | | | | | | | | | | | |
5.250%, due 9/15/27 | | | | | 218,000 | | | | | | 190,930 | | |
Lamb Weston Holdings, Inc. | | | | | | | | | | | | | |
4.875%, due 5/15/28 | | | | | 13,000 | | | | | | 12,753 | | |
Performance Food Group, Inc. | | | | | | | | | | | | | |
4.250%, due 8/1/29 | | | | | 120,000 | | | | | | 109,242 | | |
Post Holdings, Inc. | | | | | | | | | | | | | |
4.625%, due 4/15/30 | | | | | 133,000 | | | | | | 120,128 | | |
5.500%, due 12/15/29 | | | | | 81,000 | | | | | | 77,042 | | |
US Foods, Inc. | | | | | | | | | | | | | |
4.625%, due 6/1/30 | | | | | 108,000 | | | | | | 98,768 | | |
| | | | | | | | | | | 880,582 | | |
Food Service — 0.6% | | ||||||||||||
Aramark Services, Inc. | | | | | | | | | | | | | |
5.000%, due 2/1/28 | | | | | 151,000 | | | | | | 143,812 | | |
Healthcare-Products — 1.1% | | ||||||||||||
Hologic, Inc. | | | | | | | | | | | | | |
4.625%, due 2/1/28 | | | | | 167,000 | | | | | | 162,371 | | |
Teleflex, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/27 | | | | | 135,000 | | | | | | 129,938 | | |
| | | | | | | | | | | 292,309 | | |
Healthcare-Services — 5.6% | | ||||||||||||
Centene Corp. | | | | | | | | | | | | | |
2.450%, due 7/15/28 | | | | | 125,000 | | | | | | 108,628 | | |
2.500%, due 3/1/31 | | | | | 94,000 | | | | | | 76,600 | | |
4.250%, due 12/15/27 | | | | | 163,000 | | | | | | 155,766 | | |
4.625%, due 12/15/29 | | | | | 124,000 | | | | | | 116,870 | | |
CHS/Community Health Systems, Inc. | | | | | | | | | | | | | |
8.000%, due 3/15/26 | | | | | 158,000 | | | | | | 156,569 | | |
Encompass Health Corp. | | | | | | | | | | | | | |
4.750%, due 2/1/30 | | | | | 76,000 | | | | | | 70,085 | | |
5.750%, due 9/15/25 | | | | | 219,000 | | | | | | 218,478 | | |
HealthEquity, Inc. | | | | | | | | | | | | | |
4.500%, due 10/1/29 | | | | | 79,000 | | | | | | 70,642 | | |
IQVIA, Inc. | | | | | | | | | | | | | |
5.000%, due 5/15/27 | | | | | 96,000 | | | | | | 93,665 | | |
Tenet Healthcare Corp. | | | | | | | | | | | | | |
4.250%, due 6/1/29 | | | | | 127,000 | | | | | | 116,516 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Healthcare-Services (continued) | | ||||||||||||
4.625%, due 6/15/28 | | | | $ | 149,000 | | | | | $ | 141,197 | | |
6.125%, due 6/15/30 | | | | | 131,000 | | | | | | 129,574 | | |
| | | | | | | | | | | 1,454,590 | | |
Home Builders — 1.0% | | ||||||||||||
Beazer Homes USA, Inc. | | | | | | | | | | | | | |
7.250%, due 10/15/29 | | | | | 92,000 | | | | | | 87,722 | | |
Meritage Homes Corp. | | | | | | | | | | | | | |
3.875%, due 4/15/29 | | | | | 86,000 | | | | | | 77,398 | | |
Thor Industries, Inc. | | | | | | | | | | | | | |
4.000%, due 10/15/29 | | | | | 47,000 | | | | | | 38,540 | | |
Tri Pointe Homes, Inc. | | | | | | | | | | | | | |
5.700%, due 6/15/28 | | | | | 79,000 | | | | | | 77,519 | | |
| | | | | | | | | | | 281,179 | | |
Housewares — 0.8% | | ||||||||||||
CD&R Smokey Buyer, Inc. | | | | | | | | | | | | | |
6.750%, due 7/15/25 | | | | | 250,000 | | | | | | 219,375 | | |
Insurance — 0.3% | | ||||||||||||
Global Atlantic Fin Co. | | | | | | | | | | | | | |
4.700%, (5 Year US CMT T-Note + 3.80%), due 10/15/51(a) | | | | | 96,000 | | | | | | 76,714 | | |
Internet — 2.0% | | ||||||||||||
Arches Buyer, Inc. | | | | | | | | | | | | | |
6.125%, due 12/1/28 | | | | | 200,000 | | | | | | 173,500 | | |
Cogent Communications Group, Inc. | | | | | | | | | | | | | |
3.500%, due 5/1/26 | | | | | 85,000 | | | | | | 79,025 | | |
Match Group Holdings II LLC | | | | | | | | | | | | | |
4.125%, due 8/1/30 | | | | | 120,000 | | | | | | 102,568 | | |
Uber Technologies, Inc. | | | | | | | | | | | | | |
4.500%, due 8/15/29 | | | | | 158,000 | | | | | | 145,294 | | |
| | | | | | | | | | | 500,387 | | |
Leisure Time — 1.6% | | ||||||||||||
Carnival Corp. | | | | | | | | | | | | | |
5.750%, due 3/1/27 | | | | | 154,000 | | | | | | 126,742 | | |
NCL Corp Ltd. | | | | | | | | | | | | | |
5.875%, due 3/15/26 | | | | | 235,000 | | | | | | 202,421 | | |
NCL Corp. Ltd. | | | | | | | | | | | | | |
8.375%, due 2/1/28 | | | | | 35,000 | | | | | | 35,209 | | |
NCL Finance Ltd. | | | | | | | | | | | | | |
6.125%, due 3/15/28 | | | | | 75,000 | | | | | | 60,563 | | |
| | | | | | | | | | | 424,935 | | |
Machinery-Diversified — 0.1% | | ||||||||||||
Chart Industries, Inc. | | | | | | | | | | | | | |
7.500%, due 1/1/30 | | | | | 24,000 | | | | | | 24,720 | | |
Media — 5.9% | | ||||||||||||
Cable One, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/30 | | | | | 96,000 | | | | | | 78,067 | | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | | | | | | |
4.250%, due 2/1/31 | | | | | 119,000 | | | | | | 97,462 | | |
4.250%, due 1/15/34 | | | | | 121,000 | | | | | | 92,171 | | |
4.500%, due 8/15/30 | | | | | 96,000 | | | | | | 80,611 | | |
4.500%, due 5/1/32 | | | | | 155,000 | | | | | | 124,089 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Media (continued) | | ||||||||||||
4.750%, due 3/1/30 | | | | $ | 280,000 | | | | | $ | 240,911 | | |
6.375%, due 9/1/29 | | | | | 65,000 | | | | | | 61,773 | | |
CSC Holdings LLC | | | | | | | | | | | | | |
5.750%, due 1/15/30 | | | | | 140,000 | | | | | | 71,448 | | |
Directv Financing LLC / Directv Financing Co-Obligor, Inc. | | | | | | | | | | | | | |
5.875%, due 8/15/27 | | | | | 197,000 | | | | | | 172,881 | | |
iHeartCommunications, Inc. | | | | | | | | | | | | | |
6.375%, due 5/1/26 | | | | | 60,000 | | | | | | 51,470 | | |
Nexstar Media, Inc. | | | | | | | | | | | | | |
4.750%, due 11/1/28 | | | | | 131,000 | | | | | | 115,137 | | |
Sirius XM Radio, Inc. | | | | | | | | | | | | | |
3.875%, due 9/1/31 | | | | | 84,000 | | | | | | 63,476 | | |
4.000%, due 7/15/28 | | | | | 107,000 | | | | | | 90,345 | | |
4.125%, due 7/1/30 | | | | | 90,000 | | | | | | 72,189 | | |
Univision Communications, Inc. | | | | | | | | | | | | | |
4.500%, due 5/1/29 | | | | | 139,000 | | | | | | 119,799 | | |
| | | | | | | | | | | 1,531,829 | | |
Mining — 1.0% | | ||||||||||||
Novelis Corp. | | | | | | | | | | | | | |
3.250%, due 11/15/26 | | | | | 102,000 | | | | | | 93,377 | | |
4.750%, due 1/30/30 | | | | | 163,000 | | | | | | 147,494 | | |
| | | | | | | | | | | 240,871 | | |
Miscellaneous Manufacturing — 0.3% | | ||||||||||||
Gates Global LLC / Gates Corp. | | | | | | | | | | | | | |
6.250%, due 1/15/26 | | | | | 75,000 | | | | | | 74,250 | | |
Office/Business Equipment — 1.1% | | ||||||||||||
Xerox Corp. | | | | | | | | | | | | | |
3.800%, due 5/15/24 | | | | | 139,000 | | | | | | 135,949 | | |
Xerox Holdings Corp. | | | | | | | | | | | | | |
5.500%, due 8/15/28 | | | | | 177,000 | | | | | | 152,570 | | |
| | | | | | | | | | | 288,519 | | |
Oil & Gas — 6.4% | | ||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | | | | | | | | | | | | | |
7.000%, due 11/1/26 | | | | | 130,000 | | | | | | 125,797 | | |
Callon Petroleum Co. | | | | | | | | | | | | | |
6.375%, due 7/1/26 | | | | | 87,000 | | | | | | 84,055 | | |
7.500%, due 6/15/30 | | | | | 103,000 | | | | | | 97,831 | | |
8.000%, due 8/1/28 | | | | | 81,000 | | | | | | 79,916 | | |
CNX Resources Corp. | | | | | | | | | | | | | |
6.000%, due 1/15/29 | | | | | 88,000 | | | | | | 81,405 | | |
Occidental Petroleum Corp. | | | | | | | | | | | | | |
2.900%, due 8/15/24 | | | | | 272,000 | | | | | | 263,671 | | |
5.550%, due 3/15/26 | | | | | 110,000 | | | | | | 110,923 | | |
7.500%, due 5/1/31 | | | | | 81,000 | | | | | | 90,374 | | |
8.875%, due 7/15/30 | | | | | 112,000 | | | | | | 131,600 | | |
Range Resources Corp. | | | | | | | | | | | | | |
4.750%, due 2/15/30 | | | | | 76,000 | | | | | | 69,920 | | |
Rockcliff Energy II LLC | | | | | | | | | | | | | |
5.500%, due 10/15/29 | | | | | 89,000 | | | | | | 80,485 | | |
Southwestern Energy Co. | | | | | | | | | | | | | |
5.375%, due 3/15/30 | | | | | 114,000 | | | | | | 106,093 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Oil & Gas (continued) | | ||||||||||||
Sunoco LP / Sunoco Finance Corp. | | | | | | | | | | | | | |
5.875%, due 3/15/28 | | | | $ | 117,000 | | | | | $ | 114,368 | | |
Tap Rock Resources LLC | | | | | | | | | | | | | |
7.000%, due 10/1/26 | | | | | 76,000 | | | | | | 73,022 | | |
Transocean Titan Financing Ltd. | | | | | | | | | | | | | |
8.375%, due 2/1/28 | | | | | 45,000 | | | | | | 45,865 | | |
Vital Energy, Inc. | | | | | | | | | | | | | |
7.750%, due 7/31/29 | | | | | 126,000 | | | | | | 111,233 | | |
10.125%, due 1/15/28 | | | | | 37,000 | | | | | | 37,197 | | |
| | | | | | | | | | | 1,703,755 | | |
Oil & Gas Services — 2.0% | | ||||||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | | | | | | | | | | | | | |
6.250%, due 4/1/28 | | | | | 127,000 | | | | | | 121,912 | | |
6.875%, due 4/1/27 | | | | | 127,000 | | | | | | 124,785 | | |
USA Compression Partners LP / USA Compression Finance Corp. | | | | | | | | | | | | | |
6.875%, due 4/1/26 | | | | | 112,000 | | | | | | 110,790 | | |
6.875%, due 9/1/27 | | | | | 163,000 | | | | | | 158,630 | | |
| | | | | | | | | | | 516,117 | | |
Packaging & Containers — 2.5% | | ||||||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | | | | | | | | | | | | | |
4.125%, due 8/15/26 | | | | | 95,000 | | | | | | 89,493 | | |
5.250%, due 8/15/27 | | | | | 200,000 | | | | | | 171,040 | | |
Ball Corp. | | | | | | | | | | | | | |
6.875%, due 3/15/28 | | | | | 97,000 | | | | | | 100,864 | | |
Mauser Packaging Solutions Holding Co. | | | | | | | | | | | | | |
9.250%, due 4/15/27 | | | | | 56,000 | | | | | | 53,144 | | |
Owens-Brockway Glass Container, Inc. | | | | | | | | | | | | | |
6.375%, due 8/15/25 | | | | | 200,000 | | | | | | 203,750 | | |
Sealed Air Corp/Sealed Air Corp US | | | | | | | | | | | | | |
6.125%, due 2/1/28 | | | | | 25,000 | | | | | | 25,368 | | |
| | | | | | | | | | | 643,659 | | |
Pharmaceuticals — 1.5% | | ||||||||||||
Elanco Animal Health, Inc. | | | | | | | | | | | | | |
6.650%, due 8/28/28 | | | | | 133,000 | | | | | | 129,493 | | |
PRA Health Sciences, Inc. | | | | | | | | | | | | | |
2.875%, due 7/15/26 | | | | | 284,000 | | | | | | 259,209 | | |
| | | | | | | | | | | 388,702 | | |
Pipelines — 3.6% | | ||||||||||||
Cheniere Energy Partners LP | | | | | | | | | | | | | |
4.500%, due 10/1/29 | | | | | 140,000 | | | | | | 131,717 | | |
Cheniere Energy, Inc. | | | | | | | | | | | | | |
4.625%, due 10/15/28 | | | | | 87,000 | | | | | | 82,928 | | |
CNX Midstream Partners LP | | | | | | | | | | | | | |
4.750%, due 4/15/30 | | | | | 120,000 | | | | | | 100,468 | | |
EnLink Midstream LLC | | | | | | | | | | | | | |
5.625%, due 1/15/28 | | | | | 90,000 | | | | | | 88,641 | | |
Genesis Energy LP / Genesis Energy Finance Corp. | | | | | | | | | | | | | |
7.750%, due 2/1/28 | | | | | 291,000 | | | | | | 286,412 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Pipelines (continued) | | ||||||||||||
Venture Global Calcasieu Pass LLC | | | | | | | | | | | | | |
3.875%, due 8/15/29 | | | | $ | 137,000 | | | | | $ | 123,053 | | |
6.250%, due 1/15/30 | | | | | 60,000 | | | | | | 60,840 | | |
Western Midstream Operating LP | | | | | | | | | | | | | |
4.750%, due 8/15/28 | | | | | 90,000 | | | | | | 86,354 | | |
| | | | | | | | | | | 960,413 | | |
REITS — 2.7% | | ||||||||||||
Iron Mountain Information Management Services, Inc. | | | | | | | | | | | | | |
5.000%, due 7/15/32 | | | | | 79,000 | | | | | | 69,204 | | |
Iron Mountain, Inc. | | | | | | | | | | | | | |
4.500%, due 2/15/31 | | | | | 88,000 | | | | | | 76,515 | | |
5.250%, due 7/15/30 | | | | | 110,000 | | | | | | 101,313 | | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | | | | | | | | | | | | | |
4.875%, due 5/15/29 | | | | | 107,000 | | | | | | 92,555 | | |
SBA Communications Corp. | | | | | | | | | | | | | |
3.125%, due 2/1/29 | | | | | 124,000 | | | | | | 106,082 | | |
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | | | | | | | | | | | | | |
10.500%, due 2/15/28 | | | | | 132,000 | | | | | | 126,310 | | |
VICI Properties LP / VICI Note Co., Inc. | | | | | | | | | | | | | |
4.250%, due 12/1/26 | | | | | 40,000 | | | | | | 38,116 | | |
XHR LP | | | | | | | | | | | | | |
4.875%, due 6/1/29 | | | | | 84,000 | | | | | | 72,904 | | |
| | | | | | | | | | | 682,999 | | |
Retail — 4.9% | | ||||||||||||
Arko Corp. | | | | | | | | | | | | | |
5.125%, due 11/15/29 | | | | | 62,000 | | | | | | 50,239 | | |
Asbury Automotive Group, Inc. | | | | | | | | | | | | | |
4.750%, due 3/1/30 | | | | | 126,000 | | | | | | 111,823 | | |
Bath & Body Works, Inc. | | | | | | | | | | | | | |
6.950%, due 3/1/33 | | | | | 207,000 | | | | | | 182,628 | | |
Foot Locker, Inc. | | | | | | | | | | | | | |
4.000%, due 10/1/29 | | | | | 112,000 | | | | | | 94,755 | | |
Group 1 Automotive, Inc. | | | | | | | | | | | | | |
4.000%, due 8/15/28 | | | | | 122,000 | | | | | | 108,258 | | |
Lithia Motors, Inc. | | | | | | | | | | | | | |
3.875%, due 6/1/29 | | | | | 35,000 | | | | | | 30,297 | | |
4.375%, due 1/15/31 | | | | | 124,000 | | | | | | 106,490 | | |
Macy’s Retail Holdings LLC | | | | | | | | | | | | | |
6.125%, due 3/15/32 | | | | | 99,000 | | | | | | 86,658 | | |
Nordstrom, Inc. | | | | | | | | | | | | | |
4.375%, due 4/1/30 | | | | | 103,000 | | | | | | 80,552 | | |
QVC, Inc. | | | | | | | | | | | | | |
4.850%, due 4/1/24 | | | | | 93,000 | | | | | | 79,800 | | |
Sonic Automotive, Inc. | | | | | | | | | | | | | |
4.625%, due 11/15/29 | | | | | 112,000 | | | | | | 93,953 | | |
4.875%, due 11/15/31 | | | | | 94,000 | | | | | | 75,905 | | |
White Cap Buyer LLC | | | | | | | | | | | | | |
6.875%, due 10/15/28 | | | | | 30,000 | | | | | | 26,015 | | |
Yum! Brands, Inc. | | | | | | | | | | | | | |
4.625%, due 1/31/32 | | | | | 167,000 | | | | | | 155,723 | | |
| | | | | | | | | | | 1,283,096 | | |
|
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds (continued) | | ||||||||||||
Software — 1.8% | | ||||||||||||
MSCI, Inc. | | | | | | | | | | | | | |
4.000%, due 11/15/29 | | | | $ | 196,000 | | | | | $ | 176,602 | | |
PTC, Inc. | | | | | | | | | | | | | |
3.625%, due 2/15/25 | | | | | 157,000 | | | | | | 151,408 | | |
4.000%, due 2/15/28 | | | | | 135,000 | | | | | | 125,526 | | |
| | | | | | | | | | | 453,536 | | |
Telecommunications — 0.8% | | ||||||||||||
CommScope, Inc. | | | | | | | | | | | | | |
4.750%, due 9/1/29 | | | | | 200,000 | | | | | | 161,509 | | |
Level 3 Financing, Inc. | | | | | | | | | | | | | |
3.400%, due 3/1/27 | | | | | 70,000 | | | | | | 54,767 | | |
| | | | | | | | | | | 216,276 | | |
Transportation — 0.7% | | ||||||||||||
First Student Bidco, Inc. / First Transit Parent, Inc. | | | | | | | | | | | | | |
4.000%, due 7/31/29 | | | | | 223,000 | | | | | | 193,259 | | |
Total Corporate Bonds (Cost $20,625,803) | | | | | | | | | | | 21,178,551 | | |
Foreign Bonds — 15.8% | | ||||||||||||
Aerospace & Defense — 1.2% | | ||||||||||||
Bombardier, Inc., (Canada) | | | | | | | | | | | | | |
7.500%, due 2/1/29 | | | | | 36,000 | | | | | | 35,407 | | |
7.875%, due 4/15/27 | | | | | 288,000 | | | | | | 287,153 | | |
| | | | | | | | | | | 322,560 | | |
Banks — 1.5% | | ||||||||||||
Intesa Sanpaolo SpA, (Italy) | | | | | | | | | | | | | |
5.710%, due 1/15/26 | | | | | 83,000 | | | | | | 79,926 | | |
UniCredit SpA, (Italy) | | | | | | | | | | | | | |
7.296%, (USD 5 Year Swap + 4.91%), due 4/2/34(a) | | | | | 330,000 | | | | | | 315,737 | | |
| | | | | | | | | | | 395,663 | | |
Beverages — 0.5% | | ||||||||||||
Primo Water Holdings, Inc., (Canada) | | | | | | | | | | | | | |
4.375%, due 4/30/29 | | | | | 137,000 | | | | | | 120,824 | | |
Chemicals — 1.4% | | ||||||||||||
INEOS Quattro Finance 2 PLC, (United Kingdom) | | | | | | | | | | | | | |
3.375%, due 1/15/26 | | | | | 139,000 | | | | | | 127,546 | | |
SPCM SA, (France) | | | | | | | | | | | | | |
3.125%, due 3/15/27 | | | | | 264,000 | | | | | | 235,726 | | |
| | | | | | | | | | | 363,272 | | |
Commercial Services — 0.8% | | ||||||||||||
Garda World Security Corp., (Canada) | | | | | | | | | | | | | |
4.625%, due 2/15/27 | | | | | 140,000 | | | | | | 128,602 | | |
9.500%, due 11/1/27 | | | | | 78,000 | | | | | | 74,747 | | |
| | | | | | | | | | | 203,349 | | |
Distribution/Wholesale — 0.1% | | ||||||||||||
Ritchie Bros Holdings, Inc., (Canada) | | | | | | | | | | | | | |
7.750%, due 3/15/31 | | | | | 15,000 | | | | | | 15,937 | | |
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Environmental Control — 0.3% | | ||||||||||||
GFL Environmental, Inc., (Canada) | | | | | | | | | | | | | |
3.500%, due 9/1/28 | | | | $ | 90,000 | | | | | $ | 81,797 | | |
Forest Products & Paper — 0.4% | | ||||||||||||
Ahlstrom Holding 3 Oy, (Finland) | | | | | | | | | | | | | |
4.875%, due 2/4/28 | | | | | 123,000 | | | | | | 104,149 | | |
Home Builders — 0.6% | | ||||||||||||
Mattamy Group Corp., (Canada) | | | | | | | | | | | | | |
5.250%, due 12/15/27 | | | | | 171,000 | | | | | | 159,081 | | |
Household Products/Wares — 0.8% | | ||||||||||||
Kronos Acquisition Holdings, Inc. / KIk Custom Products, Inc., (Canada) | | | | | | | | | | | | | |
7.000%, due 12/31/27 | | | | | 130,000 | | | | | | 114,261 | | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., (Canada) | | | | | | | | | | | | | |
5.000%, due 12/31/26 | | | | | 120,000 | | | | | | 111,053 | | |
| | | | | | | | | | | 225,314 | | |
Machinery-Diversified — 0.4% | | ||||||||||||
Husky III Holding Ltd., (Canada) | | | | | | | | | | | | | |
13.000%, due 2/15/25 | | | | | 113,000 | | | | | | 102,830 | | |
Media — 2.4% | | ||||||||||||
UPC Broadband Finco BV, (Netherlands) | | | | | | | | | | | | | |
4.875%, due 7/15/31 | | | | | 104,000 | | | | | | 89,746 | | |
Virgin Media Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
5.000%, due 7/15/30 | | | | | 98,000 | | | | | | 82,582 | | |
Virgin Media Secured Finance PLC, (United Kingdom) | | | | | | | | | | | | | |
5.500%, due 5/15/29 | | | | | 135,000 | | | | | | 123,958 | | |
Virgin Media Vendor Financing Notes IV DAC, (United Kingdom) | | | | | | | | | | | | | |
5.000%, due 7/15/28 | | | | | 79,000 | | | | | | 70,823 | | |
VZ Secured Financing BV, (Netherlands) | | | | | | | | | | | | | |
5.000%, due 1/15/32 | | | | | 114,000 | | | | | | 95,135 | | |
Ziggo Bond Co. BV, (Netherlands) | | | | | | | | | | | | | |
5.125%, due 2/28/30 | | | | | 83,000 | | | | | | 67,442 | | |
Ziggo BV, (Netherlands) | | | | | | | | | | | | | |
4.875%, due 1/15/30 | | | | | 101,000 | | | | | | 86,954 | | |
| | | | | | | | | | | 616,640 | | |
Pharmaceuticals — 0.6% | | ||||||||||||
Teva Pharmaceutical Finance Netherlands III BV, (Israel) | | | | | | | | | | | | | |
3.150%, due 10/1/26 | | | | | 90,000 | | | | | | 81,322 | | |
5.125%, due 5/9/29 | | | | | 90,000 | | | | | | 83,486 | | |
| | | | | | | | | | | 164,808 | | |
Retail — 0.7% | | ||||||||||||
1011778 BC ULC / New Red Finance, Inc., (Canada) | | | | | | | | | | | | | |
4.000%, due 10/15/30 | | | | | 202,000 | | | | | | 176,342 | | |
Software — 0.6% | | ||||||||||||
Open Text Corp., (Canada) | | | | | | | | | | | | | |
3.875%, due 12/1/29 | | | | | 179,000 | | | | | | 150,439 | | |
|
| | | Principal Amount | | | Value | | ||||||
Foreign Bonds (continued) | | ||||||||||||
Telecommunications — 3.5% | | ||||||||||||
Altice France SA, (France) | | | | | | | | | | | | | |
8.125%, due 2/1/27 | | | | $ | 197,000 | | | | | $ | 175,904 | | |
Iliad Holding SASU, (France) | | | | | | | | | | | | | |
6.500%, due 10/15/26 | | | | | 100,000 | | | | | | 96,221 | | |
7.000%, due 10/15/28 | | | | | 150,000 | | | | | | 141,925 | | |
Telecom Italia Capital SA, (Italy) | | | | | | | | | | | | | |
7.721%, due 6/4/38 | | | | | 226,000 | | | | | | 211,281 | | |
Vmed O2 UK Financing I PLC, (United Kingdom) | | | | | | | | | | | | | |
4.750%, due 7/15/31 | | | | | 149,000 | | | | | | 126,969 | | |
Vodafone Group PLC, (United Kingdom) | | | | | | | | | | | | | |
7.000%, (USD 5 Year Swap + 4.87%), due 4/4/79(a) | | | | | 148,000 | | | | | | 151,700 | | |
| | | | | | | | | | | 904,000 | | |
Total Foreign Bonds (Cost $4,003,725) | | | | | | | | | | | 4,107,005 | | |
|
| | | Shares | | | Value | | ||||||
Short-Term Investment — 2.0% | | | | | | | | | | | | | |
Money Market Fund — 2.0% | | | | | | | | | | | | | |
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.72%(b) | | | | | | | | | | | | | |
(Cost $508,113) | | | | | 508,113 | | | | | $ | 508,113 | | |
Total Investments — 99.3% (Cost $25,137,641) | | | | | | | | | | | 25,793,669 | | |
Other Assets and Liabilities, Net — 0.7% | | | | | | | | | | | 191,221 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 25,984,890 | | |
| CMT | | | — | | | Constant Maturity Treasury Index | |
| SOFR | | | — | | | Secured Financing Overnight Rate | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bonds | | | | $ | — | | | | | $ | 21,178,551 | | | | | $ | — | | | | | $ | 21,178,551 | | |
Foreign Bonds | | | | | — | | | | | | 4,107,005 | | | | | | — | | | | | | 4,107,005 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 508,113 | | | | | | — | | | | | | — | | | | | | 508,113 | | |
Total Investments in Securities | | | | $ | 508,113 | | | | | $ | 25,285,556 | | | | | $ | — | | | | | $ | 25,793,669 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 98.3% | | ||||||||||||
Alabama — 3.1% | | ||||||||||||
Black Belt Energy Gas District, Revenue Bonds Series C-2 4.210%, (Municipal Swap Index + 0.35%), due 10/1/52(a) | | | | $ | 2,500,000 | | | | | $ | 2,409,447 | | |
City of Albertville AL, General Obligation Bonds Series D Insured: BAM 5.000%, due 6/1/48 | | | | | 4,350,000 | | | | | | 4,679,373 | | |
Mobile County Board of School Commissioners, Special Tax Insured: BAM 5.000%, due 3/1/26 | | | | | 1,325,000 | | | | | | 1,397,896 | | |
Series B Insured: BAM 5.000%, due 3/1/40 | | | | | 2,645,000 | | | | | | 2,906,076 | | |
| | | | | | | | | | | 11,392,792 | | |
Alaska — 0.4% | | ||||||||||||
University of Alaska, Revenue Bonds Insured: AGM-CR 5.000%, due 10/1/44 | | | | | 1,365,000 | | | | | | 1,413,885 | | |
Arizona — 0.6% | | ||||||||||||
Maricopa County Unified School District No 60 Higley, Certificates of Participation Insured: AGM 4.125%, due 6/1/42 | | | | | 500,000 | | | | | | 499,547 | | |
4.250%, due 6/1/47 | | | | | 1,500,000 | | | | | | 1,490,081 | | |
| | | | | | | | | | | 1,989,628 | | |
California — 8.7% | | ||||||||||||
Bay Area Toll Authority, Revenue Bonds Series A 2.700%, due 4/1/55(a)(b) | | | | | 2,500,000 | | | | | | 2,500,000 | | |
California Health Facilities Financing Authority, Revenue Bonds 5.000%, due 11/15/49 | | | | | 1,850,000 | | | | | | 1,894,184 | | |
City of Long Beach CA Airport System Revenue, Revenue Bonds Series C Insured: AGM 5.000%, due 6/1/42 | | | | | 1,000,000 | | | | | | 1,064,378 | | |
City of San Mateo CA, Special Tax Insured: BAM 5.250%, due 9/1/37 | | | | | 4,460,000 | | | | | | 4,961,755 | | |
Coast Community College District, General Obligation Bonds Insured: AGM 2.800%, due 8/1/26(c) | | | | | 930,000 | | | | | | 849,524 | | |
Fontana Unified School District, General Obligation Bonds Insured: AGM 2.375%, due 8/1/44 | | | | | 2,500,000 | | | | | | 1,780,797 | | |
Foothill-De Anza Community College District, General Obligation Bonds Insured: NATL-IBC FGIC 2.910%, due 8/1/29(c) | | | | | 1,050,000 | | | | | | 876,356 | | |
Grossmont Union High School District, General Obligation Bonds Series F Insured: AGM 3.500%, due 8/1/34(c) | | | | | 2,445,000 | | | | | | 1,447,009 | | |
Indian Wells Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: NATL 5.000%, due 9/1/33 | | | | | 1,140,000 | | | | | | 1,223,186 | | |
Indio Finance Authority, Revenue Bonds Series A Insured: BAM 5.250%, due 11/1/42 | | | | | 1,500,000 | | | | | | 1,690,948 | | |
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM 3.400%, due 8/1/31(c) | | | | | 155,000 | | | | | | 116,818 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Ontario Montclair School District, General Obligation Bonds Series B Insured: NATL 3.230%, due 8/1/29(c) | | | | $ | 390,000 | | | | | $ | 319,158 | | |
Poway Unified School District, Special Tax Insured: BAM 4.125%, due 9/1/47 | | | | | 100,000 | | | | | | 100,156 | | |
Riverbank Unified School District, General Obligation Bonds Series B Insured: AGC 4.640%, due 8/1/48(c) | | | | | 50,000 | | | | | | 15,706 | | |
Sacramento City Financing Authority, Tax Allocation Series A Insured: NATL 3.500%, due 12/1/23(c) | | | | | 4,945,000 | | | | | | 4,845,205 | | |
Sacramento City Unified School District, General Obligation Bonds Insured: AGM 3.390%, due 7/1/24(c) | | | | | 310,000 | | | | | | 298,022 | | |
Series A Insured: BAM 5.000%, due 8/1/41 | | | | | 1,865,000 | | | | | | 2,059,202 | | |
Sweetwater Union High School District, General Obligation Bonds 4.000%, due 8/1/42 | | | | | 965,000 | | | | | | 943,521 | | |
Vista Unified School District, General Obligation Bonds Series B Insured: BAM 5.250%, due 8/1/41 | | | | | 3,000,000 | | | | | | 3,424,806 | | |
Washington Unified School District/Yolo County CA, General Obligation Bonds | | | | ||||||||||
Series A Insured: NATL 3.260%, due 8/1/26(c) | | | | | 1,100,000 | | | | | | 990,137 | | |
| | | | | | | | | | | 31,400,868 | | |
Colorado — 3.0% | | ||||||||||||
BNC Metropolitan District No 1, General Obligation Bonds Series A Insured: BAM 5.000%, due 12/1/37 | | | | | 395,000 | | | | | | 425,771 | | |
Castle Oaks Metropolitan District No 3, General Obligation Bonds Insured: AGM 4.000%, due 12/1/45 | | | | | 3,000,000 | | | | | | 2,898,258 | | |
Crystal Valley Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM 4.000%, due 12/1/44 | | | | | 1,700,000 | | | | | | 1,628,486 | | |
Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds Series A Insured: BAM 5.500%, due 12/1/47 | | | | | 600,000 | | | | | | 657,691 | | |
Grand Junction Regional Airport Authority, Revenue Bonds Series A Insured: NATL 5.000%, due 12/1/26 | | | | | 500,000 | | | | | | 533,371 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM 5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 449,282 | | |
Northern Colorado Water Conservancy District, Certificates of Participation 5.000%, due 7/1/42 | | | | | 625,000 | | | | | | 685,847 | | |
Park 70 Metropolitan District, General Obligation Bonds 5.000%, due 12/1/46 | | | | | 450,000 | | | | | | 454,576 | | |
Park Creek Metropolitan District, Revenue Bonds Series A Insured: AGM 4.000%, due 12/1/46 | | | | | 3,255,000 | | | | | | 3,112,215 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado (continued) | | ||||||||||||
Vauxmont Metropolitan District, General Obligation Bonds Insured: AGM 5.000%, due 12/15/31 | | | | $ | 135,000 | | | | | $ | 143,059 | | |
| | | | | | | | | | | 10,988,556 | | |
Connecticut — 0.7% | | ||||||||||||
City of Hartford CT, General Obligation Bonds Series A Insured: AGM 4.000%, due 7/1/34 | | | | | 25,000 | | | | | | 25,494 | | |
5.000%, due 7/1/24 | | | | | 20,000 | | | | | | 20,423 | | |
5.000%, due 7/1/27 | | | | | 60,000 | | | | | | 62,915 | | |
Series B Insured: AGM | | | | ||||||||||
5.000%, due 10/1/23 | | | | | 15,000 | | | | | | 15,106 | | |
Series C Insured: AGM | | | | ||||||||||
5.000%, due 7/15/32 | | | | | 20,000 | | | | | | 21,007 | | |
City of New Britain CT, General Obligation Bonds Series B Insured: AGM 5.250%, due 9/1/30 | | | | | 100,000 | | | | | | 111,713 | | |
City of New Haven CT, General Obligation Bonds Series A Insured: AGM 5.000%, due 8/1/28 | | | | | 1,000,000 | | | | | | 1,025,359 | | |
5.000%, due 8/1/39 | | | | | 1,100,000 | | | | | | 1,175,230 | | |
| | | | | | | | | | | 2,457,247 | | |
District of Columbia — 0.7% | | ||||||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds Insured: BAM-TCRS 4.450%, due 10/1/37(c) | | | | | 1,500,000 | | | | | | 794,644 | | |
Series B Insured: AGM | | | | ||||||||||
4.000%, due 10/1/53 | | | | | 2,000,000 | | | | | | 1,916,218 | | |
| | | | | | | | | | | 2,710,862 | | |
Florida — 3.2% | | ||||||||||||
County of Miami-Dade Seaport Department, Revenue Bonds Series A-2 Insured: AGM 3.000%, due 10/1/50 | | | | | 4,685,000 | | | | | | 3,412,066 | | |
County of Pasco FL, Revenue Bonds Insured: AGM 5.250%, due 9/1/28 | | | | | 1,000,000 | | | | | | 1,106,605 | | |
5.250%, due 9/1/29 | | | | | 1,000,000 | | | | | | 1,125,424 | | |
Fort Pierce Utilities Authority, Revenue Bonds Series A Insured: AGM 5.000%, due 10/1/41 | | | | | 500,000 | | | | | | 554,284 | | |
5.000%, due 10/1/42 | | | | | 400,000 | | | | | | 443,635 | | |
Miami-Dade County Expressway Authority, Revenue Bonds Insured: BAM-TCRS 5.000%, due 7/1/26 | | | | | 3,180,000 | | | | | | 3,236,318 | | |
School Board of Miami-Dade County (The), General Obligation Bonds Series A 5.000%, due 3/15/39 | | | | | 1,645,000 | | | | | | 1,709,368 | | |
| | | | | | | | | | | 11,587,700 | | |
Georgia — 0.6% | | ||||||||||||
DeKalb, Newton & Gwinnett Counties Joint Development Authority, Revenue Bonds Series A Insured: AGM 5.000%, due 7/1/39 | | | | | 2,250,000 | | | | | | 2,252,433 | | |
|
| | | 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 | | | | | $ | 1,016,701 | | |
5.250%, due 5/1/42 | | | | | 800,000 | | | | | | 850,387 | | |
| | | | | | | | | | | 1,867,088 | | |
Illinois — 22.5% | | ||||||||||||
Boone, Mchenry & Dekalb Counties Community Unit School District 100, General Obligation Bonds Insured: BHAC-CR NATL 3.420%, due 12/1/23(c) | | | | | 395,000 | | | | | | 387,192 | | |
Chicago Board of Education, General Obligation Bonds Series A Insured: AGC-ICC FGIC 5.500%, due 12/1/26 | | | | | 1,575,000 | | | | | | 1,676,892 | | |
Series A Insured: AGM 5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 537,643 | | |
Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds 5.250%, due 4/1/35 | | | | | 2,750,000 | | | | | | 3,054,782 | | |
Chicago O’Hare International Airport, Revenue Bonds Series A Insured: AGM 5.250%, due 1/1/45 | | | | | 3,585,000 | | | | | | 3,845,594 | | |
Chicago Park District, General Obligation Bonds Series E Insured: BAM 4.000%, due 11/15/32 | | | | | 1,000,000 | | | | | | 1,026,781 | | |
Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds Insured: BAM-TCRS 4.000%, due 12/1/50 | | | | | 4,750,000 | | | | | | 4,596,881 | | |
City of Calumet City IL, General Obligation Bonds Series A Insured: AGM 4.500%, due 3/1/43 | | | | | 1,000,000 | | | | | | 997,383 | | |
City of Chicago IL, General Obligation Bonds Series A 4.000%, due 1/1/35 | | | | | 775,000 | | | | | | 762,910 | | |
4.000%, due 1/1/36 | | | | | 2,500,000 | | | | | | 2,408,861 | | |
City of Chicago IL Wastewater Transmission Revenue, Revenue Bonds Series A Insured: NATL 3.570%, due 1/1/27(c) | | | | | 1,300,000 | | | | | | 1,141,600 | | |
City of Chicago IL Waterworks Revenue, Revenue Bonds Insured: BAM-TCRS 5.000%, due 11/1/44 | | | | | 3,220,000 | | | | | | 3,252,392 | | |
City of Decatur IL, General Obligation Bonds Insured: BAM 4.000%, due 3/1/40 | | | | | 2,705,000 | | | | | | 2,711,490 | | |
4.000%, due 3/1/42 | | | | | 3,000,000 | | | | | | 2,996,269 | | |
City of Joliet IL, General Obligation Bonds Insured: BAM 5.500%, due 12/15/44 | | | | | 3,805,000 | | | | | | 4,276,594 | | |
City of Kankakee IL, General Obligation Bonds Series A Insured: BAM 4.000%, due 1/1/35 | | | | | 715,000 | | | | | | 738,777 | | |
City of Rock Island IL, General Obligation Bonds Insured: BAM 4.000%, due 12/1/36 | | | | | 1,435,000 | | | | | | 1,457,360 | | |
City of Waukegan IL, General Obligation Bonds Series A Insured: BAM 4.000%, due 12/30/36 | | | | | 1,015,000 | | | | | | 1,041,275 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM 4.000%, due 6/1/40 | | | | $ | 1,250,000 | | | | | $ | 1,214,524 | | |
County of Cook IL Sales Tax Revenue, Revenue Bonds Series A Insured: BAM 4.000%, due 11/15/40 | | | | | 780,000 | | | | | | 768,898 | | |
Crawford Hospital District, General Obligation Bonds Insured: AGM 4.000%, due 1/1/34 | | | | | 675,000 | | | | | | 700,895 | | |
Illinois Sports Facilities Authority (The), Revenue Bonds Insured: AMBAC 4.250%, due 6/15/23(c) | | | | | 500,000 | | | | | | 497,327 | | |
La Salle County Community Unit School District No 2 Serena, General Obligation Bonds Insured: BAM 5.500%, due 12/1/38 | | | | | 1,825,000 | | | | | | 2,090,544 | | |
5.500%, due 10/1/42 | | | | | 1,260,000 | | | | | | 1,426,115 | | |
Macon County School District No 61 Decatur, General Obligation Bonds Insured: AGM 5.000%, due 12/1/40 | | | | | 1,305,000 | | | | | | 1,370,987 | | |
Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds Insured: BAM 5.000%, due 12/1/30 | | | | | 275,000 | | | | | | 288,588 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM 5.000%, due 11/1/32 | | | | | 225,000 | | | | | | 240,302 | | |
Metropolitan Pier & Exposition Authority, Revenue Bonds Insured: AGM 4.720%, due 6/15/45(c) | | | | | 720,000 | | | | | | 256,668 | | |
Northern Illinois University, Revenue Bonds Insured: BAM 4.000%, due 10/1/32 | | | | | 500,000 | | | | | | 514,174 | | |
4.000%, due 10/1/37 | | | | | 550,000 | | | | | | 540,423 | | |
4.000%, due 10/1/39 | | | | | 425,000 | | | | | | 402,973 | | |
4.000%, due 10/1/40 | | | | | 400,000 | | | | | | 374,213 | | |
4.000%, due 10/1/41 | | | | | 400,000 | | | | | | 372,467 | | |
Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/1/37 | | | | | 1,425,000 | | | | | | 1,409,763 | | |
Sales Tax Securitization Corp., Revenue Bonds Series C Insured: BAM-TCRS 5.250%, due 1/1/48 | | | | | 2,500,000 | | | | | | 2,640,361 | | |
Sangamon & Christian Counties Community Unit School District No 3A Rochester, General Obligation Bonds Insured: BAM 5.500%, due 2/1/47 | | | | | 1,590,000 | | | | | | 1,752,856 | | |
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 | | | | | | 1,543,705 | | |
5.000%, due 12/1/46 | | | | | 1,800,000 | | | | | | 1,916,542 | | |
Sangamon County School District No 186 Springfield, General Obligation Bonds Insured: AGM 4.000%, due 2/1/29 | | | | | 3,000,000 | | | | | | 3,188,011 | | |
Southern Illinois University, Revenue Bonds Insured: BAM 4.000%, due 4/1/40 | | | | | 1,000,000 | | | | | | 944,291 | | |
Series A Insured: NATL | | | | | | | | | | | | | |
4.330%, due 4/1/25(c) | | | | | 390,000 | | | | | | 359,198 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
State of Illinois, General Obligation Bonds 5.750%, due 5/1/45 | | | | $ | 1,000,000 | | | | | $ | 1,095,005 | | |
Insured: BAM 4.000%, due 6/1/41 | | | | | 3,300,000 | | | | | | 3,200,664 | | |
Insured: NATL 6.000%, due 11/1/26 | | | | | 500,000 | | | | | | 526,558 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM 5.000%, due 1/1/30 | | | | | 475,000 | | | | | | 510,167 | | |
Union Alexander Massac Pulaski Etc Counties Community College District No 531, General Obligation Bonds Series A Insured: BAM 5.000%, due 12/1/24 | | | | | 1,115,000 | | | | | | 1,142,968 | | |
Village of Bourbonnais IL, General Obligation Bonds Insured: AGM 4.000%, due 12/1/32 | | | | | 520,000 | | | | | | 544,026 | | |
Village of McCook IL, General Obligation Bonds Series A Insured: AGM 5.000%, due 12/1/25 | | | | | 1,575,000 | | | | | | 1,646,831 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 1,875,000 | | | | | | 1,977,960 | | |
Will County Community Unit School District No 201-U Crete-Monee, General Obligation Bonds Series 201-U Insured: AGM 5.250%, due 9/1/42 | | | | | 3,735,000 | | | | | | 4,099,150 | | |
Will County School District No 114 Manhattan, General Obligation Bonds Insured: BAM 5.500%, due 1/1/45 | | | | | 3,765,000 | | | | | | 4,253,087 | | |
Williamson County Community Unit School District No 1 Johnston City, General Obligation Bonds Insured: AGM 3.500%, due 12/1/26(c) | | | | | 590,000 | | | | | | 520,913 | | |
3.610%, due 12/1/25(c) | | | | | 590,000 | | | | | | 537,761 | | |
| | | | | | | | | | | 81,779,591 | | |
Indiana — 0.9% | | ||||||||||||
Evansville Waterworks District, Revenue Bonds Series A Insured: BAM 4.250%, due 1/1/49 | | | | | 1,000,000 | | | | | | 1,002,674 | | |
5.000%, due 7/1/47 | | | | | 2,000,000 | | | | | | 2,158,171 | | |
| | | | | | | | | | | 3,160,845 | | |
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 | | | | | | 1,913,424 | | |
City of Orange City IA Water Revenue, Revenue Bonds Series B Insured: AGM 4.000%, due 6/1/37 | | | | | 650,000 | | | | | | 654,564 | | |
4.250%, due 6/1/42 | | | | | 1,165,000 | | | | | | 1,173,087 | | |
Clinton Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds Insured: AGM 4.000%, due 7/1/41 | | | | | 2,100,000 | | | | | | 2,070,756 | | |
College Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds Insured: BAM 4.000%, due 6/1/41 | | | | | 750,000 | | | | | | 736,547 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Iowa (continued) | | ||||||||||||
Jesup Community School District, General Obligation Bonds Insured: AGM 3.000%, due 6/1/31 | | | | $ | 580,000 | | | | | $ | 581,805 | | |
3.250%, due 6/1/32 | | | | | 600,000 | | | | | | 606,908 | | |
3.375%, due 6/1/33 | | | | | 620,000 | | | | | | 630,321 | | |
4.000%, due 6/1/40 | | | | | 805,000 | | | | | | 797,612 | | |
4.000%, due 6/1/41 | | | | | 835,000 | | | | | | 827,367 | | |
4.000%, due 6/1/42 | | | | | 870,000 | | | | | | 855,661 | | |
Sioux City Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds Insured: BAM 3.000%, due 10/1/23 | | | | | 840,000 | | | | | | 838,495 | | |
West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds Insured: BAM 4.125%, due 6/1/41 | | | | | 325,000 | | | | | | 325,039 | | |
5.000%, due 6/1/26 | | | | | 170,000 | | | | | | 180,172 | | |
5.000%, due 6/1/27 | | | | | 350,000 | | | | | | 378,380 | | |
| | | | | | | | | | | 12,570,138 | | |
Kentucky — 1.1% | | ||||||||||||
Kentucky Bond Development Corp., Revenue Bonds Insured: BAM 5.000%, due 9/1/38 | | | | | 1,045,000 | | | | | | 1,147,217 | | |
5.000%, due 9/1/49 | | | | | 1,000,000 | | | | | | 1,074,991 | | |
Kentucky Economic Development Finance Authority, Revenue Bonds Series A Insured: AGM 4.000%, due 6/1/37 | | | | | 500,000 | | | | | | 481,837 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM 4.000%, due 6/1/36 | | | | | 100,000 | | | | | | 101,691 | | |
Woodford County School District Finance Corp., Revenue Bonds Series A Insured: BAM 6.000%, due 8/1/28 | | | | | 1,040,000 | | | | | | 1,204,543 | | |
| | | | | | | | | | | 4,010,279 | | |
Louisiana — 0.3% | | ||||||||||||
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Insured: BAM 5.000%, due 12/1/25 | | | | | 535,000 | | | | | | 560,484 | | |
Series C Insured: BAM 5.000%, due 12/1/31 | | | | | 500,000 | | | | | | 542,126 | | |
5.000%, due 12/1/32 | | | | | 125,000 | | | | | | 135,428 | | |
| | | | | | | | | | | 1,238,038 | | |
Maine — 0.7% | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC 5.000%, due 12/1/26 | | | | | 150,000 | | | | | | 157,978 | | |
Maine Health & Higher Educational Facilities Authority, Revenue Bonds Insured: AGM State Aid Withholding 5.500%, due 7/1/40 | | | | | 1,180,000 | | | | | | 1,332,977 | | |
5.500%, due 7/1/42 | | | | | 1,000,000 | | | | | | 1,119,642 | | |
| | | | | | | | | | | 2,610,597 | | |
Massachusetts — 0.2% | | ||||||||||||
Commonwealth of Massachusetts, General Obligation Bonds Series A Insured: NATL 3.795%, (3-Month LIBOR + 0.57%), due 5/1/37(a) | | | | | 85,000 | | | | | | 82,863 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Massachusetts (continued) | | ||||||||||||
Commonwealth of Massachusetts, Revenue Bonds Insured: NATL 5.500%, due 1/1/25 | | | | $ | 580,000 | | | | | $ | 600,749 | | |
| | | | | | | | | | | 683,612 | | |
Michigan — 0.7% | | ||||||||||||
Grand Rapids Public Schools, General Obligation Bonds Insured: AGM 5.000%, due 11/1/25 | | | | | 785,000 | | | | | | 820,626 | | |
Wayne County Airport Authority, Revenue Bonds Series B 5.000%, due 12/1/46 | | | | | 1,790,000 | | | | | | 1,876,835 | | |
| | | | | | | | | | | 2,697,461 | | |
Mississippi — 0.1% | | ||||||||||||
Mississippi Development Bank, Revenue Bonds Insured: BAM 5.250%, due 10/1/38 | | | | | 460,000 | | | | | | 501,190 | | |
Missouri — 1.9% | | ||||||||||||
Hazelwood School District, General Obligation Bonds Series A Insured: BAM 5.000%, due 3/1/38 | | | | | 2,925,000 | | | | | | 3,297,518 | | |
Hickman Mills C-1 School District, General Obligation Bonds Insured: BAM 5.750%, due 3/1/41 | | | | | 1,960,000 | | | | | | 2,231,186 | | |
Wright City R-II School District, General Obligation Bonds Insured: AGM 6.000%, due 3/1/42 | | | | | 1,000,000 | | | | | | 1,207,075 | | |
| | | | | | | | | | | 6,735,779 | | |
Nebraska — 0.1% | | ||||||||||||
Ashland-Greenwood Public Schools, General Obligation Bonds Insured: AGM 4.000%, due 12/15/34 | | | | | 490,000 | | | | | | 523,515 | | |
Nevada — 0.4% | | ||||||||||||
City of Reno NV, Revenue Bonds Series A-1 Insured: AGM 4.000%, due 6/1/46 | | | | | 1,150,000 | | | | | | 1,077,175 | | |
5.000%, due 6/1/32 | | | | | 265,000 | | | | | | 283,325 | | |
| | | | | | | | | | | 1,360,500 | | |
New Jersey — 4.3% | | ||||||||||||
Berlin Borough School District, General Obligation Bonds Insured: AGM SCH BD RES FD 4.000%, due 3/1/39 | | | | | 1,210,000 | | | | | | 1,225,662 | | |
4.000%, due 3/1/40 | | | | | 1,255,000 | | | | | | 1,265,496 | | |
4.000%, due 3/1/41 | | | | | 1,310,000 | | | | | | 1,318,023 | | |
4.000%, due 3/1/42 | | | | | 1,360,000 | | | | | | 1,364,047 | | |
City of Union City NJ, General Obligation Bonds Insured: AGM 0.050%, due 8/1/24 | | | | | 540,000 | | | | | | 508,752 | | |
Kenilworth School District, General Obligation Bonds Insured: BAM SCH BD RES FD 4.000%, due 8/15/39 | | | | | 1,020,000 | | | | | | 1,028,462 | | |
4.250%, due 8/15/45 | | | | | 1,450,000 | | | | | | 1,464,938 | | |
New Jersey Building Authority, Revenue Bonds Series A Insured: BAM 5.000%, due 6/15/25 | | | | | 1,500,000 | | | | | | 1,555,695 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey (continued) | | ||||||||||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series C Insured: BHAC-CR MBIA 2.670%, due 12/15/27(c) | | | | $ | 810,000 | | | | | $ | 716,397 | | |
Series C Insured: BHAC-CR NATL | | | | | | | | | | | | | |
2.820%, due 12/15/30(c) | | | | | 300,000 | | | | | | 242,272 | | |
North Hudson Sewerage Authority, Revenue Bonds Series A Insured: NATL 3.110%, due 8/1/25(c) | | | | | 1,450,000 | | | | | | 1,352,418 | | |
South Jersey Transportation Authority, Revenue Bonds Insured: BAM 5.000%, due 11/1/36 | | | | | 500,000 | | | | | | 561,052 | | |
5.000%, due 11/1/37 | | | | | 500,000 | | | | | | 555,986 | | |
5.250%, due 11/1/52 | | | | | 2,250,000 | | | | | | 2,454,266 | | |
| | | | | | | | | | | 15,613,466 | | |
New York — 5.7% | | ||||||||||||
Amherst Development Corp., Revenue Bonds Insured: BAM 4.000%, due 10/1/42 | | | | | 3,905,000 | | | | | | 3,760,239 | | |
Canton Central School District, General Obligation Bonds Insured: AGM State Aid Withholding 4.000%, due 6/15/28 | | | | | 955,000 | | | | | | 1,015,500 | | |
City of Long Beach NY, General Obligation Bonds Series B Insured: BAM 5.250%, due 7/15/35 | | | | | 400,000 | | | | | | 447,515 | | |
5.250%, due 7/15/36 | | | | | 300,000 | | | | | | 331,696 | | |
5.250%, due 7/15/37 | | | | | 325,000 | | | | | | 356,441 | | |
5.250%, due 7/15/42 | | | | | 1,800,000 | | | | | | 1,924,189 | | |
City of New York NY, General Obligation Bonds Series A-1 Insured: BAM-TCRS 4.000%, due 8/1/44 | | | | | 1,085,000 | | | | | | 1,080,137 | | |
City of Yonkers NY, General Obligation Bonds Series G Insured: BAM 5.000%, due 11/15/26 | | | | | 335,000 | | | | | | 360,886 | | |
County of Nassau NY, General Obligation Bonds Series A Insured: AGM 4.125%, due 4/1/47 | | | | | 3,525,000 | | | | | | 3,471,696 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 4.000%, due 11/15/46 | | | | | 600,000 | | | | | | 562,772 | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 518,634 | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.250%, due 11/15/23 | | | | | 1,250,000 | | | | | | 1,258,439 | | |
Series E | | | | | | | | | | | | | |
4.000%, due 11/15/45 | | | | | 450,000 | | | | | | 424,551 | | |
New York City Industrial Development Agency, Revenue Bonds Insured: NATL 5.845%, due 3/1/24(a)(b) | | | | | 1,500,000 | | | | | | 1,526,746 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
3.000%, due 3/1/49 | | | | | 1,265,000 | | | | | | 938,875 | | |
New York Liberty Development Corp., Revenue Bonds Insured: BAM-TCRS 4.000%, due 2/15/43 | | | | | 1,480,000 | | | | | | 1,463,683 | | |
New York State Dormitory Authority, Revenue Bonds Series A Insured: AGM 4.000%, due 10/1/36 | | | | | 5,000 | | | | | | 5,382 | | |
Oneida County Local Development Corp., Revenue Bonds Series A Insured: AGM 3.000%, due 12/1/44 | | | | | 405,000 | | | | | | 304,147 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
Port Authority of New York & New Jersey, Revenue Bonds Series 231 5.500%, due 8/1/52 | | | | $ | 765,000 | | | | | $ | 847,496 | | |
| | | | | | | | | | | 20,599,024 | | |
North Carolina — 3.0% | | ||||||||||||
Charlotte-Mecklenburg Hospital Authority (The), Revenue Bonds Series H 3.500%, due 1/15/48(a)(b) | | | | | 2,975,000 | | | | | | 2,975,000 | | |
Greater Asheville Regional Airport Authority, Revenue Bonds | | | | ||||||||||
Series A Insured: AGM | | | | | | | | | | | | | |
5.250%, due 7/1/41 | | | | | 3,250,000 | | | | | | 3,520,571 | | |
North Carolina Eastern Municipal Power Agency, Revenue Bonds Series B Insured: NATL 6.000%, due 1/1/25 | | | | | 1,000,000 | | | | | | 1,045,957 | | |
North Carolina Turnpike Authority, Revenue Bonds Insured: AGM 5.000%, due 1/1/49 | | | | | 3,325,000 | | | | | | 3,457,513 | | |
| | | | | | | | | | | 10,999,041 | | |
Ohio — 3.1% | | ||||||||||||
City of Toledo OH, General Obligation Bonds Insured: AGM 5.500%, due 12/1/42 | | | | | 3,000,000 | | | | | | 3,405,812 | | |
Cloverleaf Local School District, Certificates of Participation Insured: BAM 5.375%, due 12/1/39 | | | | | 1,780,000 | | | | | | 1,927,133 | | |
5.500%, due 12/1/42 | | | | | 955,000 | | | | | | 1,034,335 | | |
County of Cuyahoga OH, Revenue Bonds 5.000%, due 2/15/28 | | | | | 500,000 | | | | | | 519,646 | | |
Green Local School District/Summit County, Certificates of Participation | | | | ||||||||||
Insured: AGM | | | | ||||||||||
5.500%, due 11/1/47 | | | | | 3,000,000 | | | | | | 3,310,640 | | |
State of Ohio, General Obligation Bonds Series B 5.000%, due 8/1/24 | | | | | 1,065,000 | | | | | | 1,091,421 | | |
| | | | | | | | | | | 11,288,987 | | |
Oregon — 0.6% | | ||||||||||||
City of Seaside OR Transient Lodging Tax Revenue, Revenue Bonds | | | | ||||||||||
Insured: AGM | | | | ||||||||||
5.000%, due 12/15/37 | | | | | 400,000 | | | | | | 433,017 | | |
Multnomah County School District No 1 Portland, General Obligation Bonds Series J Insured: SCH BD GTY 5.000%, due 6/15/24 | | | | | 1,655,000 | | | | | | 1,692,163 | | |
| | | | | | | | | | | 2,125,180 | | |
Pennsylvania — 6.3% | | ||||||||||||
Bucks County Industrial Development Authority, Revenue Bonds Insured: AGM-CR 4.000%, due 8/15/44 | | | | | 1,030,000 | | | | | | 1,019,897 | | |
City of Philadelphia PA Airport Revenue, Revenue Bonds Insured: AGM 4.000%, due 7/1/39 | | | | | 1,335,000 | | | | | | 1,314,563 | | |
Coatesville School District, General Obligation Bonds Insured: AGM State Aid Withholding 5.000%, due 8/1/25 | | | | | 300,000 | | | | | | 313,501 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania (continued) | | ||||||||||||
County of Luzerne PA, General Obligation Bonds Series A Insured: AGM 5.000%, due 11/15/24 | | | | $ | 2,480,000 | | | | | $ | 2,547,569 | | |
Delaware Valley Regional Finance Authority, Revenue Bonds Series B Insured: AMBAC 5.700%, due 7/1/27 | | | | | 1,000,000 | | | | | | 1,107,697 | | |
Erie Sewer Authority, Revenue Bonds Series B Insured: AGM 5.000%, due 12/1/35 | | | | | 460,000 | | | | | | 517,400 | | |
Indiana County Industrial Development Authority, Revenue Bonds Insured: BAM 5.000%, due 5/1/31 | | | | | 870,000 | | | | | | 968,332 | | |
5.000%, due 5/1/33 | | | | | 575,000 | | | | | | 637,662 | | |
Mckeesport Area School District, General Obligation Bonds Series C Insured: AMBAC State Aid Withholding 3.690%, due 10/1/25(c) | | | | | 1,100,000 | | | | | | 1,006,842 | | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds Insured: AGM 5.500%, due 6/30/42 | | | | | 3,000,000 | | | | | | 3,317,885 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds Series A Insured: AGC 4.068%, (3-Month LIBOR + 0.60%), due 7/1/27(a) | | | | | 135,000 | | | | | | 132,784 | | |
Pennsylvania Turnpike Commission, Revenue Bonds Series A Insured: BAM 5.000%, due 12/1/44 | | | | | 1,595,000 | | | | | | 1,700,783 | | |
Series B-2 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/35 | | | | | 1,000,000 | | | | | | 1,077,097 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Insured: AGM 5.000%, due 9/1/37 | | | | | 1,350,000 | | | | | | 1,511,597 | | |
5.000%, due 9/1/38 | | | | | 1,420,000 | | | | | | 1,583,053 | | |
School District of Philadelphia (The), General Obligation Bonds Series F Insured: BAM 5.000%, due 9/1/27 | | | | | 5,000 | | | | | | 5,377 | | |
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds Insured: AGM 5.000%, due 2/1/31 | | | | | 1,165,000 | | | | | | 1,315,546 | | |
State Public School Building Authority, Revenue Bonds Insured: BAM 5.000%, due 10/1/27 | | | | | 375,000 | | | | | | 408,981 | | |
5.250%, due 10/1/44 | | | | | 1,205,000 | | | | | | 1,307,283 | | |
Westmoreland County Municipal Authority, Revenue Bonds Insured: BAM 5.000%, due 8/15/38 | | | | | 1,115,000 | | | | | | 1,151,668 | | |
| | | | | | | | | | | 22,945,517 | | |
Puerto Rico — 0.1% | | ||||||||||||
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL 5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 25,021 | | |
Series UU Insured: AGM | | | | | | | | | | | | | |
3.988%, (3-Month LIBOR + 0.52%), due 7/1/29(a) | | | | | 510,000 | | | | | | 465,807 | | |
| | | | | | | | | | | 490,828 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
South Carolina — 1.5% | | ||||||||||||
South Carolina Public Service Authority, Revenue Bonds Insured: AGM | | | | ||||||||||
5.250%, due 12/1/37 | | | | $ | 2,000,000 | | | | | $ | 2,254,336 | | |
5.750%, due 12/1/52 | | | | | 600,000 | | | | | | 671,859 | | |
Spartanburg County School District No 4, General Obligation Bonds | | | | ||||||||||
Insured: SCSDE | | | | ||||||||||
5.000%, due 3/1/42 | | | | | 2,205,000 | | | | | | 2,457,529 | | |
| | | | | | | | | | | 5,383,724 | | |
South Dakota — 2.6% | | ||||||||||||
Baltic School District No 49-1, General Obligation Bonds Insured: AGM 5.250%, due 12/1/47 | | | | | 1,780,000 | | | | | | 1,968,228 | | |
5.500%, due 12/1/51 | | | | | 3,080,000 | | | | | | 3,442,749 | | |
City of Brandon SD Water Utility Revenue, Revenue Bonds Insured: BAM 4.250%, due 8/1/42 | | | | | 1,470,000 | | | | | | 1,490,264 | | |
5.500%, due 8/1/47 | | | | | 1,000,000 | | | | | | 1,148,760 | | |
De Smet School District No 38-2, General Obligation Bonds Insured: BAM 5.000%, due 8/1/47 | | | | | 1,300,000 | | | | | | 1,415,936 | | |
| | | | | | | | | | | 9,465,937 | | |
Tennessee — 0.2% | | ||||||||||||
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds 5.000%, due 10/1/27 | | | | | 550,000 | | | | | | 563,663 | | |
Texas — 12.1% | | ||||||||||||
Belmont Fresh Water Supply District No 1, General Obligation Bonds Insured: BAM 4.000%, due 3/1/40 | | | | | 695,000 | | | | | | 679,231 | | |
4.000%, due 3/1/43 | | | | | 2,280,000 | | | | | | 2,188,578 | | |
City of Arlington TX Special Tax Revenue, Special Tax Series A Insured: AGM 5.000%, due 2/15/37 | | | | | 1,500,000 | | | | | | 1,603,327 | | |
5.000%, due 2/15/48 | | | | | 2,000,000 | | | | | | 2,091,799 | | |
Fort Bend County Municipal Utility District No 134, General Obligation Bonds Series B Insured: AGM 6.500%, due 3/1/28 | | | | | 390,000 | | | | | | 449,622 | | |
6.500%, due 3/1/29 | | | | | 390,000 | | | | | | 461,452 | | |
Galveston County Municipal Utility District No 56, General Obligation Bonds Insured: AGM 6.875%, due 6/1/29 | | | | | 625,000 | | | | | | 752,290 | | |
Guadalupe-Blanco River Authority, Revenue Bonds Insured: BAM 6.000%, due 8/15/42 | | | | | 1,975,000 | | | | | | 2,308,521 | | |
Harris County Municipal Utility District No 171, General Obligation Bonds Insured: BAM 7.000%, due 12/1/28 | | | | | 930,000 | | | | | | 1,108,699 | | |
7.000%, due 12/1/29 | | | | | 905,000 | | | | | | 1,105,506 | | |
Harris County Municipal Utility District No 423, General Obligation Bonds Series A Insured: BAM 5.000%, due 4/1/44 | | | | | 1,800,000 | | | | | | 1,837,144 | | |
6.000%, due 4/1/30 | | | | | 350,000 | | | | | | 386,944 | | |
6.000%, due 4/1/31 | | | | | 350,000 | | | | | | 386,921 | | |
6.000%, due 4/1/32 | | | | | 375,000 | | | | | | 414,396 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
Harris County Municipal Utility District No 457, General Obligation Bonds Insured: AGM 4.125%, due 3/1/47 | | | | $ | 1,725,000 | | | | | $ | 1,582,740 | | |
Harris County Municipal Utility District No 489, General Obligation Bonds Insured: BAM | | | | ||||||||||
6.000%, due 9/1/27 | | | | | 980,000 | | | | | | 1,094,752 | | |
6.000%, due 9/1/28 | | | | | 980,000 | | | | | | 1,121,396 | | |
6.000%, due 9/1/29 | | | | | 705,000 | | | | | | 824,530 | | |
Harris County Water Control & Improvement District No 158, General Obligation Bonds Insured: BAM | | | | ||||||||||
5.000%, due 9/1/48 | | | | | 1,500,000 | | | | | | 1,553,609 | | |
7.000%, due 9/1/27 | | | | | 340,000 | | | | | | 391,259 | | |
7.000%, due 9/1/28 | | | | | 360,000 | | | | | | 426,609 | | |
7.000%, due 9/1/29 | | | | | 380,000 | | | | | | 463,225 | | |
Harris County-Houston Sports Authority, Revenue Bonds Series A3 Insured: NATL 4.190%, due 11/15/33(c) | | | | | 1,325,000 | | | | | | 734,589 | | |
Horizon Regional Municipal Utility District, General Obligation Bonds Insured: BAM 4.000%, due 2/1/47 | | | | | 2,650,000 | | | | | | 2,520,266 | | |
Kaufman County Municipal Utility District No 3, General Obligation Bonds Insured: AGM 5.000%, due 3/1/48 | | | | | 1,560,000 | | | | | | 1,601,125 | | |
5.125%, due 3/1/46 | | | | | 1,415,000 | | | | | | 1,462,419 | | |
Lazy Nine Municipal Utility District No 1B, General Obligation Bonds Series 1B Insured: BAM 4.125%, due 3/1/39 | | | | | 605,000 | | | | | | 602,361 | | |
Lower Colorado River Authority, Revenue Bonds Insured: AGM 5.500%, due 5/15/48 | | | | | 1,935,000 | | | | | | 2,181,879 | | |
Matagorda County Navigation District No 1, Revenue Bonds Series A Insured: AMBAC 4.400%, due 5/1/30 | | | | | 500,000 | | | | | | 502,589 | | |
Montgomery County Municipal Utility District No 95, General Obligation Bonds Insured: BAM 5.000%, due 9/1/41 | | | | | 2,000,000 | | | | | | 2,073,184 | | |
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds Series B-1 Insured: AGM 4.000%, due 7/1/30 | | | | | 155,000 | | | | | | 159,404 | | |
Robstown Independent School District, General Obligation Bonds Insured: PSF-GTD 4.500%, due 2/15/38 | | | | | 700,000 | | | | | | 715,948 | | |
Texas Municipal Power Agency, Revenue Bonds Insured: AGM 3.000%, due 9/1/35 | | | | | 1,345,000 | | | | | | 1,239,320 | | |
Texas State Technical College, Revenue Bonds Insured: AGM 5.250%, due 8/1/36 | | | | | 1,015,000 | | | | | | 1,177,911 | | |
5.500%, due 8/1/42 | | | | | 4,000,000 | | | | | | 4,565,431 | | |
Williamson County Municipal Utility District No 25, General Obligation Bonds Insured: AGM 4.500%, due 8/15/44 | | | | | 1,190,000 | | | | | | 1,197,351 | | |
| | | | | | | | | | | 43,966,327 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Utah — 2.2% | | ||||||||||||
City of Salt Lake City UT Airport Revenue, Revenue Bonds Series A 5.000%, due 7/1/47 | | | | $ | 2,395,000 | | | | | $ | 2,445,871 | | |
Heber Light & Power Co., Revenue Bonds Insured: BAM 5.000%, due 12/15/47 | | | | | 4,450,000 | | | | | | 4,793,358 | | |
Vineyard Redevelopment Agency, Tax Allocation Insured: AGM 5.000%, due 5/1/25 | | | | | 615,000 | | | | | | 638,897 | | |
| | | | | | | | | | | 7,878,126 | | |
Washington — 1.1% | | ||||||||||||
County of King WA, General Obligation Bonds 3.450%, due 1/1/46(a)(b) | | | | | 3,100,000 | | | | | | 3,100,000 | | |
Klickitat County Public Utility District No 1, Revenue Bonds Series A Insured: AGM 4.000%, due 12/1/37 | | | | | 750,000 | | | | | | 777,603 | | |
| | | | | | | | | | | 3,877,603 | | |
Wisconsin — 1.6% | | ||||||||||||
City of Milwaukee WI, General Obligation Bonds Series N3 Insured: BAM 5.000%, due 4/1/30 | | | | | 1,770,000 | | | | | | 1,994,971 | | |
Viroqua Area School District, General Obligation Bonds Insured: AGM 4.000%, due 3/1/40 | | | | | 1,390,000 | | | | | | 1,391,902 | | |
4.000%, due 3/1/41 | | | | | 1,455,000 | | | | | | 1,450,103 | | |
Whitehall School District, General Obligation Bonds Insured: AGM 5.000%, due 3/1/27 | | | | | 455,000 | | | | | | 484,513 | | |
Wisconsin Center District, Revenue Bonds Series A Insured: BAM-TCRS 6.510%, due 12/15/37(c) | | | | | 1,150,000 | | | | | | 609,811 | | |
| | | | | | | | | | | 5,931,300 | | |
Total Municipal Bonds (Cost $352,508,638) | | | | | | | | | | | 357,061,327 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 0.6% | | ||||||||||||
Money Market Fund — 0.6% | | ||||||||||||
Dreyfus Tax Exempt Cash Management — Institutional, 3.32%(d) | | | | | | | | | | | | | |
(Cost $2,315,775) | | | | | 2,316,014 | | | | | | 2,315,775 | | |
Total Investments — 98.9% (Cost $354,824,413) | | | | | | | | | | | 359,377,102 | | |
Other Assets and Liabilities, Net — 1.1% | | | | | | | | | | | 3,698,993 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 363,076,095 | | |
| AGC | | | — | | | Assured Guaranty Corp. | |
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| AMBAC | | | — | | | Ambac Assurance Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| BHAC | | | — | | | Berkshire Hathaway Assurance Corp. | |
| CR | | | — | | | Custodial Receipts | |
| FGIC | | | — | | | Financial Guaranty Insurance Co. | |
| IBC | | | — | | | Insured Bond Certificate | |
| ICC | | | — | | | Insured Custody Certificate | |
| LIBOR | | | — | | | London Interbank Offered Rate | |
| MBIA | | | — | | | MBIA Insurance Corp. | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
| PSF-GTD | | | — | | | Permanent School Fund Guaranteed | |
| SCH BD GTY | | | — | | | School Bond Guaranty Program | |
| SCH BD RES FD | | | — | | | School Board Resolution Fund | |
| SCSDE | | | — | | | South Carolina Department of Education | |
| TCRS | | | — | | | Transferable Custodial Receipts | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 357,061,327 | | | | | $ | — | | | | | $ | 357,061,327 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 2,315,775 | | | | | | — | | | | | | — | | | | | | 2,315,775 | | |
Total Investments in Securities | | | | $ | 2,315,775 | | | | | $ | 357,061,327 | | | | | $ | — | | | | | $ | 359,377,102 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 98.7% | | ||||||||||||
Alabama — 3.6% | | ||||||||||||
Alabama Housing Finance Authority, Revenue Bonds Series A | | | | ||||||||||
3.875%, due 12/1/23(a)(b) | | | | $ | 1,500,000 | | | | | $ | 1,498,567 | | |
Series H | | | | | | | | | | | | | |
5.000%, due 6/1/26(a)(b) | | | | | 500,000 | | | | | | 511,585 | | |
Birmingham Airport Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/32 | | | | | 600,000 | | | | | | 686,358 | | |
Black Belt Energy Gas District, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 12/1/49(a)(b) | | | | | 600,000 | | | | | | 600,791 | | |
4.000%, due 10/1/52(a)(b) | | | | | 1,760,000 | | | | | | 1,754,901 | | |
4.210%, (Municipal Swap Index + | | | | ||||||||||
0.35%), due 10/1/52(a) | | | | | 900,000 | | | | | | 867,401 | | |
5.250%, due 6/1/26 | | | | | 1,800,000 | | | | | | 1,868,627 | | |
5.500%, due 11/1/53(a)(b) | | | | | 1,000,000 | | | | | | 1,064,598 | | |
Montgomery County Public Facilities Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 3/1/33 | | | | | 660,000 | | | | | | 713,906 | | |
4.000%, due 3/1/35 | | | | | 1,220,000 | | | | | | 1,290,043 | | |
Southeast Energy Authority A Cooperative District, Revenue Bonds | | | | | | | | | | | | | |
Series A-1 | | | | | | | | | | | | | |
5.500%, due 1/1/53(a)(b) | | | | | 3,000,000 | | | | | | 3,241,130 | | |
State of Alabama, General Obligation Bonds Series A | | | | | | | | | | | | | |
3.000%, due 8/1/26 | | | | | 1,000,000 | | | | | | 1,001,172 | | |
| | | | | | | | | | | 15,099,079 | | |
Alaska — 0.6% | | ||||||||||||
Alaska Industrial Development & Export Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 6/1/28 | | | | | 100,000 | | | | | | 102,467 | | |
Alaska Municipal Bond Bank Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 500,000 | | | | | | 577,133 | | |
5.000%, due 12/1/37 | | | | | 650,000 | | | | | | 729,682 | | |
5.000%, due 12/1/39 | | | | | 1,000,000 | | | | | | 1,109,967 | | |
| | | | | | | | | | | 2,519,249 | | |
Arizona — 0.7% | | ||||||||||||
Arizona Industrial Development Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 11/1/39 | | | | | 600,000 | | | | | | 574,070 | | |
5.000%, due 11/1/31 | | | | | 550,000 | | | | | | 592,886 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/31 | | | | | 300,000 | | | | | | 333,706 | | |
5.000%, due 6/1/32 | | | | | 325,000 | | | | | | 361,276 | | |
City of Phoenix Civic Improvement Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/34 | | | | | 500,000 | | | | | | 530,822 | | |
Maricopa County Industrial Development Authority, Revenue Bonds Series C Insured: SD CRED PROG | | | | | | | | | | | | | |
5.000%, due 7/1/37 | | | | | 300,000 | | | | | | 312,280 | | |
| | | | | | | | | | | 2,705,040 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Arkansas — 0.1% | | ||||||||||||
University of Central Arkansas, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/34 | | | | $ | 400,000 | | | | | $ | 425,871 | | |
California — 6.8% | | ||||||||||||
Bay Area Toll Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
2.700%, due 4/1/55(a)(b) | | | | | 4,000,000 | | | | | | 4,000,000 | | |
Benicia Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
3.370%, due 8/1/23(c) | | | | | 300,000 | | | | | | 297,424 | | |
California Community Choice Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 1/1/54(a)(b) | | | | | 1,650,000 | | | | | | 1,722,581 | | |
California Health Facilities Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/15/49 | | | | | 835,000 | | | | | | 854,942 | | |
California Municipal Finance Authority, Certificates of Participation | | | | | | | | | | | | | |
Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/28 | | | | | 250,000 | | | | | | 269,306 | | |
5.000%, due 11/1/29 | | | | | 125,000 | | | | | | 136,459 | | |
5.000%, due 11/1/30 | | | | | 410,000 | | | | | | 452,680 | | |
5.000%, due 11/1/32 | | | | | 225,000 | | | | | | 253,300 | | |
5.000%, due 11/1/33 | | | | | 1,175,000 | | | | | | 1,319,173 | | |
California Municipal Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/31 | | | | | 400,000 | | | | | | 426,842 | | |
City of Long Beach CA Airport System Revenue, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/27 | | | | | 200,000 | | | | | | 218,961 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 250,000 | | | | | | 267,166 | | |
5.000%, due 6/1/27 | | | | | 200,000 | | | | | | 218,961 | | |
5.000%, due 6/1/29 | | | | | 150,000 | | | | | | 171,795 | | |
City of San Mateo CA, Special Tax | | | | | | | | | | | | | |
Insured: BAM | | | | | | | | | | | | | |
5.250%, due 9/1/35 | | | | | 1,000,000 | | | | | | 1,136,830 | | |
County of Sacramento CA Airport System Revenue, Revenue Bonds | | | | | | | | | | | | | |
Series B | | | | | | | | | | | | | |
5.000%, due 7/1/41 | | | | | 1,000,000 | | | | | | 1,040,921 | | |
Fresno Unified School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
5.000%, due 8/1/37 | | | | | 650,000 | | | | | | 729,156 | | |
5.000%, due 8/1/38 | | | | | 500,000 | | | | | | 555,274 | | |
Grossmont Union High School District, General Obligation Bonds Series F Insured: AGM | | | | | | | | | | | | | |
3.390%, due 8/1/33(c) | | | | | 1,465,000 | | | | | | 912,788 | | |
Hercules Redevelopment Agency Successor Agency, Tax Allocation | | | | | | | | | | | | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/37 | | | | | 500,000 | | | | | | 564,712 | | |
Independent Cities Finance Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 700,000 | | | | | | 716,201 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Kelseyville Unified School District, General Obligation Bonds Series C Insured: AGM | | | | | | | | | | | | | |
3.400%, due 8/1/31(c) | | | | $ | 150,000 | | | | | $ | 113,050 | | |
3.600%, due 8/1/33(c) | | | | | 35,000 | | | | | | 24,006 | | |
Metropolitan Water District of Southern California, Revenue Bonds Series E | | | | | | | | | | | | | |
4.000%, (Municipal Swap Index + 0.14%), due 7/1/37(a) | | | | | 1,200,000 | | | | | | 1,195,874 | | |
Monterey Peninsula Community College District, General Obligation Bonds | | | | | | | | | | | | | |
3.610%, due 8/1/32(c) | | | | | 975,000 | | | | | | 717,769 | | |
Riverside County Community Facilities Districts, Special Tax Insured: AGM | | | | ||||||||||
4.000%, due 9/1/35 | | | | | 1,060,000 | | | | | | 1,096,362 | | |
Roseville Natural Gas Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/15/24 | | | | | 560,000 | | | | | | 562,697 | | |
Sacramento City Financing Authority, Tax Allocation Series A Insured: NATL 3.500%, due 12/1/23(c) | | | | | 3,000,000 | | | | | | 2,939,457 | | |
Sacramento City Unified School District, General Obligation Bonds | | | | | | | | | | | | | |
Insured: AGM | | | | | | | | | | | | | |
3.390%, due 7/1/24(c) | | | | | 305,000 | | | | | | 293,215 | | |
San Diego Unified School District, General Obligation Bonds Series I | | | | | | | | | | | | | |
5.000%, due 7/1/47 | | | | | 1,000,000 | | | | | | 1,061,424 | | |
Southern California Public Power Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/40 | | | | | 1,000,000 | | | | | | 1,146,442 | | |
State of California, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 500,000 | | | | | | 518,106 | | |
University of California, Revenue Bonds | | | | | | | | | | | | | |
5.500%, due 5/15/40 | | | | | 1,875,000 | | | | | | 2,258,769 | | |
Westminster School District, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
3.140%, due 8/1/48(c) | | | | | 100,000 | | | | | | 17,762 | | |
| | | | | | | | | | | 28,210,405 | | |
Colorado — 2.3% | | ||||||||||||
Adams State University, Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: ST HGR ED INTERCEPT PROG | | | | | | | | | | | | | |
5.000%, due 5/15/35 | | | | | 1,125,000 | | | | | | 1,260,082 | | |
Cherokee Metropolitan District, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 8/1/34 | | | | | 200,000 | | | | | | 213,462 | | |
City & County of Denver CO Pledged Excise Tax Revenue, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 8/1/42 | | | | | 1,500,000 | | | | | | 1,559,000 | | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds | | | | | | | | | | | | | |
Insured: Moral Obligation Bond | | | | | | | | | | | | | |
4.000%, due 12/15/36 | | | | | 475,000 | | | | | | 475,129 | | |
Series A Insured: Moral Obligation Bond | | | | | | | | | | | | | |
4.000%, due 7/1/36 | | | | | 1,000,000 | | | | | | 1,007,070 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado (continued) | | ||||||||||||
Colorado Health Facilities Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
4.000%, due 8/1/44 | | | | $ | 250,000 | | | | | $ | 234,990 | | |
5.000%, due 8/1/35 | | | | | 105,000 | | | | | | 111,919 | | |
Crystal Valley Metropolitan District No 2, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/36 | | | | | 500,000 | | | | | | 520,785 | | |
Gold Hill Mesa Metropolitan District No 2, General Obligation Bonds Series A | | | | ||||||||||
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/28 | | | | | 145,000 | | | | | | 155,625 | | |
5.000%, due 12/1/29 | | | | | 145,000 | | | | | | 157,109 | | |
5.250%, due 12/1/37 | | | | | 200,000 | | | | | | 218,177 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 425,000 | | | | | | 449,282 | | |
Jefferson County School District, General Obligation Bonds Series R-1 Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/15/34 | | | | | 3,000,000 | | | | | | 3,240,692 | | |
| | | | | | | | | | | 9,603,322 | | |
Connecticut — 3.5% | | ||||||||||||
City of Bridgeport CT, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/1/33 | | | | | 600,000 | | | | | | 653,501 | | |
5.000%, due 9/1/38 | | | | | 1,250,000 | | | | | | 1,383,062 | | |
City of Hartford CT, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/1/30 | | | | | 100,000 | | | | | | 100,157 | | |
City of New Britain CT, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 3/1/30 | | | | | 155,000 | | | | | | 174,380 | | |
5.000%, due 3/1/36 | | | | | 400,000 | | | | | | 450,344 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/30 | | | | | 600,000 | | | | | | 670,279 | | |
City of West Haven CT, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/15/27 | | | | | 240,000 | | | | | | 251,370 | | |
4.000%, due 9/15/28 | | | | | 290,000 | | | | | | 305,353 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds | | | | | | | | | | | | | |
Series I-1 | | | | | | | | | | | | | |
5.000%, due 7/1/33 | | | | | 350,000 | | | | | | 375,710 | | |
Series L | | | | | | | | | | | | | |
5.000%, due 7/1/32 | | | | | 1,590,000 | | | | | | 1,649,967 | | |
State of Connecticut, General Obligation Bonds Series A | | | | | | | | | | | | | |
3.130%, due 1/15/24 | | | | | 3,000,000 | | | | | | 2,964,477 | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 4/15/34 | | | | | 1,875,000 | | | | | | 2,127,569 | | |
State of Connecticut Special Tax Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 5/1/36 | | | | | 500,000 | | | | | | 521,578 | | |
4.000%, due 5/1/39 | | | | | 1,500,000 | | | | | | 1,520,371 | | |
5.250%, due 7/1/40 | | | | | 1,000,000 | | | | | | 1,154,818 | | |
| | | 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 | | | | | $ | 398,960 | | |
| | | | | | | | | | | 14,701,896 | | |
District of Columbia — 1.1% | | ||||||||||||
District of Columbia, General Obligation Bonds Series D | | | | | | | | | | | | | |
5.000%, due 6/1/42 | | | | | 1,485,000 | | | | | | 1,572,355 | | |
District of Columbia Housing Finance Agency, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 9/1/40(a)(b) | | | | | 3,035,000 | | | | | | 3,065,753 | | |
| | | | | | | | | | | 4,638,108 | | |
Florida — 5.2% | | ||||||||||||
City of Miami Beach FL Water & Sewer Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 12/1/34 | | | | | 1,000,000 | | | | | | 1,059,435 | | |
City of Pompano Beach FL, Revenue Bonds Series B-2 | | | | | | | | | | | | | |
1.450%, due 1/1/27 | | | | | 250,000 | | | | | | 219,771 | | |
City of West Palm Beach FL Utility System Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/1/42 | | | | | 3,500,000 | | | | | | 3,702,365 | | |
County of Miami-Dade FL Aviation Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 400,000 | | | | | | 404,772 | | |
County of Miami-Dade FL Transit System, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/43 | | | | | 4,500,000 | | | | | | 4,969,462 | | |
County of Pasco FL, Revenue Bonds | | | | | | | | | | | | | |
Insured: AGM | | | | | | | | | | | | | |
5.250%, due 9/1/28 | | | | | 1,000,000 | | | | | | 1,106,605 | | |
5.250%, due 9/1/29 | | | | | 1,000,000 | | | | | | 1,125,424 | | |
Florida Development Finance Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/1/34 | | | | | 1,405,000 | | | | | | 1,462,932 | | |
Series A | | | | | | | | | | | | | |
4.000%, due 7/1/24 | | | | | 200,000 | | | | | | 198,577 | | |
Florida Housing Finance Corp., Revenue Bonds Series G | | | | | | | | | | | | | |
4.500%, due 5/1/26(a)(b) | | | | | 3,000,000 | | | | | | 3,041,668 | | |
Fort Pierce Utilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/27 | | | | | 700,000 | | | | | | 763,127 | | |
5.000%, due 10/1/31 | | | | | 400,000 | | | | | | 464,234 | | |
5.000%, due 10/1/33 | | | | | 200,000 | | | | | | 233,521 | | |
5.000%, due 10/1/37 | | | | | 425,000 | | | | | | 478,954 | | |
5.000%, due 10/1/39 | | | | | 475,000 | | | | | | 529,276 | | |
North Springs Improvement District, Special Assessment Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/28 | | | | | 60,000 | | | | | | 63,328 | | |
4.000%, due 5/1/30 | | | | | 45,000 | | | | | | 48,486 | | |
Tampa Bay Water, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/39 | | | | | 1,600,000 | | | | | | 1,825,423 | | |
| | | | | | | | | | | 21,697,360 | | |
Georgia — 3.5% | | ||||||||||||
City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/1/38 | | | | | 1,000,000 | | | | | | 1,076,865 | | |
5.000%, due 11/1/40 | | | | | 500,000 | | | | | | 516,201 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Georgia (continued) | | ||||||||||||
Main Street Natural Gas, Inc., Revenue Bonds Series B | | | | | | | | | | | | | |
4.000%, due 8/1/49(a)(b) | | | | $ | 2,925,000 | | | | | $ | 2,939,411 | | |
Series G | | | | | | | | | | | | | |
4.000%, due 4/1/48(a)(b) | | | | | 5,300,000 | | | | | | 5,303,938 | | |
Municipal Electric Authority of Georgia, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 1/1/36 | | | | | 1,000,000 | | | | | | 1,072,877 | | |
5.000%, due 1/1/38 | | | | | 500,000 | | | | | | 527,337 | | |
Private Colleges & Universities Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 4/1/39 | | | | | 450,000 | | | | | | 464,784 | | |
Walton County Water & Sewer Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 2/1/38 | | | | | 250,000 | | | | | | 293,281 | | |
5.250%, due 2/1/39 | | | | | 425,000 | | | | | | 496,082 | | |
5.250%, due 2/1/40 | | | | | 450,000 | | | | | | 522,145 | | |
5.250%, due 2/1/41 | | | | | 400,000 | | | | | | 462,124 | | |
5.250%, due 2/1/42 | | | | | 350,000 | | | | | | 401,537 | | |
5.250%, due 2/1/43 | | | | | 425,000 | | | | | | 486,564 | | |
| | | | | | | | | | | 14,563,146 | | |
Guam — 0.5% | | ||||||||||||
Guam Government Waterworks Authority, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 7/1/24 | | | | | 775,000 | | | | | | 776,397 | | |
5.250%, due 7/1/33 | | | | | 500,000 | | | | | | 501,497 | | |
Guam Power Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 10/1/34 | | | | | 600,000 | | | | | | 654,143 | | |
| | | | | | | | | | | 1,932,037 | | |
Illinois — 10.3% | | ||||||||||||
Carol Stream Park District, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/1/26 | | | | | 485,000 | | | | | | 503,498 | | |
Chicago O’Hare International Airport, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 1/1/39 | | | | | 2,700,000 | | | | | | 2,903,398 | | |
Chicago Park District, General Obligation Bonds Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/27 | | | | | 250,000 | | | | | | 252,678 | | |
Series D | | | | | | | | | | | | | |
4.000%, due 1/1/34 | | | | | 1,000,000 | | | | | | 1,021,626 | | |
4.000%, due 1/1/35 | | | | | 645,000 | | | | | | 653,756 | | |
Series E Insured: BAM | | | | | | | | | | | | | |
4.000%, due 11/15/31 | | | | | 500,000 | | | | | | 511,492 | | |
City of Chicago IL, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 1/1/36 | | | | | 750,000 | | | | | | 722,658 | | |
5.000%, due 1/1/32 | | | | | 1,500,000 | | | | | | 1,621,819 | | |
5.250%, due 1/1/28 | | | | | 1,000,000 | | | | | | 1,021,662 | | |
5.500%, due 1/1/40 | | | | | 1,000,000 | | | | | | 1,082,682 | | |
City of Joliet IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/15/38 | | | | | 1,000,000 | | | | | | 1,114,373 | | |
5.250%, due 12/15/39 | | | | | 1,000,000 | | | | | | 1,130,474 | | |
5.250%, due 12/15/40 | | | | | 1,000,000 | | | | | | 1,125,321 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Cook County Township High School District No 220 Reavis, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | $ | 600,000 | | | | | $ | 627,364 | | |
Illinois Development Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
3.180%, due 7/15/25(c) | | | | | 500,000 | | | | | | 466,363 | | |
Illinois Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 2,000,000 | | | | | | 2,000,592 | | |
5.000%, due 8/15/32 | | | | | 1,500,000 | | | | | | 1,725,385 | | |
Illinois State Toll Highway Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 1/1/37 | | | | | 1,500,000 | | | | | | 1,515,751 | | |
Lake County School District No 112 North Shore, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 1,000,000 | | | | | | 1,023,805 | | |
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 | | | | | | 537,179 | | |
4.000%, due 12/1/32 | | | | | 550,000 | | | | | | 588,123 | | |
4.000%, due 12/1/40 | | | | | 1,000,000 | | | | | | 1,007,846 | | |
Madison County Community Unit School District No 8 Bethalto, General Obligation Bonds Series B Insured: BAM | | | | | | | | | | | | | |
4.000%, due 12/1/31 | | | | | 700,000 | | | | | | 731,231 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 11/1/32 | | | | | 320,000 | | | | | | 341,764 | | |
Metropolitan Pier & Exposition Authority, Revenue Bonds Insured: NATL | | | | | | | | | | | | | |
5.700%, due 6/15/23 | | | | | 1,000,000 | | | | | | 1,001,760 | | |
Northern Illinois University, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 10/1/26 | | | | | 250,000 | | | | | | 263,195 | | |
5.000%, due 10/1/28 | | | | | 650,000 | | | | | | 704,323 | | |
5.000%, due 10/1/30 | | | | | 690,000 | | | | | | 758,742 | | |
Sales Tax Securitization Corp., Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 1/1/38 | | | | | 1,800,000 | | | | | | 1,787,417 | | |
5.000%, due 1/1/30 | | | | | 500,000 | | | | | | 559,837 | | |
Sangamon & Morgan Counties Community Unit School District No 16 New Berlin, General Obligation Bonds | | | | | | | | | | | | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.500%, due 12/1/36 | | | | | 350,000 | | | | | | 401,778 | | |
Southwestern Illinois Development Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 4/15/31 | | | | | 450,000 | | | | | | 482,129 | | |
4.000%, due 4/15/33 | | | | | 500,000 | | | | | | 531,560 | | |
Series B | | | | | | | | | | | | | |
4.000%, due 10/15/24 | | | | | 165,000 | | | | | | 166,187 | | |
State of Illinois, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 2/1/26 | | | | | 500,000 | | | | | | 520,713 | | |
5.500%, due 7/1/38 | | | | | 500,000 | | | | | | 502,008 | | |
Series A | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 780,000 | | | | | | 823,940 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
5.000%, due 3/1/29 | | | | $ | 1,470,000 | | | | | $ | 1,605,476 | | |
5.000%, due 3/1/30 | | | | | 1,000,000 | | | | | | 1,104,958 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
4.125%, due 4/1/33 | | | | | 550,000 | | | | | | 551,168 | | |
Series C | | | | | | | | | | | | | |
4.000%, due 10/1/40 | | | | | 475,000 | | | | | | 456,833 | | |
Series D | | | | | | | | | | | | | |
5.000%, due 11/1/28 | | | | | 1,000,000 | | | | | | 1,073,533 | | |
State of Illinois Sales Tax Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/15/27 | | | | | 600,000 | | | | | | 609,739 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 450,000 | | | | | | 483,317 | | |
Union Alexander Massac Pulaski Etc Counties Community College District No 531, General Obligation Bonds | | | | | | | | | | | | | |
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/25 | | | | | 1,175,000 | | | | | | 1,225,621 | | |
Village of Franklin Park IL, Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 10/1/32 | | | | | 375,000 | | | | | | 399,259 | | |
Village of Matteson IL, Revenue Bonds | | | | | | | | | | | | | |
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/29 | | | | | 465,000 | | | | | | 515,109 | | |
Village of Mundelein IL, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/15/39 | | | | | 100,000 | | | | | | 101,080 | | |
Will County School District No 114 Manhattan, General Obligation Bonds | | | | | | | | | | | | | |
Insured: AGM | | | | | | | | | | | | | |
3.500%, due 1/1/26 | | | | | 840,000 | | | | | | 843,187 | | |
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 1/1/36 | | | | | 445,000 | | | | | | 506,881 | | |
5.250%, due 1/1/39 | | | | | 555,000 | | | | | | 626,722 | | |
| | | | | | | | | | | 42,837,312 | | |
Indiana — 3.0% | | ||||||||||||
City of Bloomington IN Waterworks Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/39 | | | | | 2,690,000 | | | | | | 2,966,825 | | |
5.000%, due 1/1/42 | | | | | 1,525,000 | | | | | | 1,675,691 | | |
Greater Clark Building Corp., Revenue Bonds Insured: ST INTERCEPT | | | | | | | | | | | | | |
6.000%, due 7/15/34 | | | | | 1,000,000 | | | | | | 1,245,716 | | |
Indiana Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
1.400%, due 8/1/29 | | | | | 1,000,000 | | | | | | 882,486 | | |
5.000%, due 10/1/41 | | | | | 1,000,000 | | | | | | 1,045,547 | | |
Series B | | | | | | | | | | | | | |
3.650%, due 5/1/28(a)(b) | | | | | 2,500,000 | | | | | | 2,499,679 | | |
Indiana Housing & Community Development Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/26(a)(b) | | | | | 2,000,000 | | | | | | 2,049,697 | | |
MSD of Wash Township School Building Corp., Revenue Bonds | | | | | | | | | | | | | |
Insured: ST INTERCEPT | | | | | | | | | | | | | |
5.000%, due 7/15/35 | | | | | 225,000 | | | | | | 251,944 | | |
| | | | | | | | | | | 12,617,585 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Iowa — 1.2% | | ||||||||||||
City of Coralville IA, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 5/1/23 | | | | $ | 520,000 | | | | | $ | 520,000 | | |
4.000%, due 5/1/24 | | | | | 1,305,000 | | | | | | 1,304,358 | | |
Iowa Higher Education Loan Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/34 | | | | | 300,000 | | | | | | 322,302 | | |
5.000%, due 10/1/35 | | | | | 360,000 | | | | | | 383,625 | | |
5.000%, due 10/1/36 | | | | | 365,000 | | | | | | 385,598 | | |
Jesup Community School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/24 | | | | | 420,000 | | | | | | 427,930 | | |
5.000%, due 6/1/25 | | | | | 440,000 | | | | | | 457,438 | | |
5.000%, due 6/1/26 | | | | | 465,000 | | | | | | 493,952 | | |
5.000%, due 6/1/27 | | | | | 490,000 | | | | | | 532,093 | | |
| | | | | | | | | | | 4,827,296 | | |
Kansas — 0.7% | | ||||||||||||
City of Dodge City KS, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/31 | | | | | 420,000 | | | | | | 480,851 | | |
Johnson County Unified School District No 233 Olathe, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 9/1/36 | | | | | 1,700,000 | | | | | | 1,773,136 | | |
Wyandotte County Unified School District No 500 Kansas City, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.125%, due 9/1/37 | | | | | 500,000 | | | | | | 524,640 | | |
| | | | | | | | | | | 2,778,627 | | |
Kentucky — 0.8% | | ||||||||||||
City of Berea KY, Revenue Bonds Series A | | | | | | | | | | | | | |
3.650%, due 6/1/32(a)(b) | | | | | 600,000 | | | | | | 600,000 | | |
Kentucky Public Energy Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 2/1/50(a)(b) | | | | | 2,325,000 | | | | | | 2,327,429 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 75,000 | | | | | | 76,269 | | |
Louisville/Jefferson County Metropolitan Government, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 10/1/32 | | | | | 500,000 | | | | | | 525,319 | | |
| | | | | | | | | | | 3,529,017 | | |
Louisiana — 0.4% | | ||||||||||||
Cameron Parish School District No 15, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/23 | | | | | 205,000 | | | | | | 205,936 | | |
5.000%, due 10/1/29 | | | | | 290,000 | | | | | | 321,552 | | |
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds | | | | | | | | | | | | | |
Series C Insured: BAM | | | | | | | | | | | | | |
5.000%, due 12/1/31 | | | | | 100,000 | | | | | | 108,425 | | |
City of Youngsville LA Sales Tax Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 5/1/34 | | | | | 300,000 | | | | | | 318,578 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana (continued) | | ||||||||||||
State of Louisiana, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 3/1/38 | | | | $ | 490,000 | | | | | $ | 554,875 | | |
| | | | | | | | | | | 1,509,366 | | |
Maine — 0.2% | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC | | | | | | | | | | | | | |
5.000%, due 12/1/26 | | | | | 155,000 | | | | | | 163,244 | | |
Maine Health & Higher Educational Facilities Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/32 | | | | | 500,000 | | | | | | 568,791 | | |
| | | | | | | | | | | 732,035 | | |
Maryland — 1.2% | | ||||||||||||
City of Baltimore MD, Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: BAM | | | | | | | | | | | | | |
4.000%, due 7/1/38 | | | | | 900,000 | | | | | | 924,553 | | |
Maryland Community Development Administration, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 9/1/42 | | | | | 1,000,000 | | | | | | 1,038,536 | | |
State of Maryland, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 3/15/32 | | | | | 585,000 | | | | | | 679,739 | | |
5.000%, due 6/1/37 | | | | | 2,100,000 | | | | | | 2,450,279 | | |
| | | | | | | | | | | 5,093,107 | | |
Massachusetts — 0.8% | | ||||||||||||
Commonwealth of Massachusetts, General Obligation Bonds Series C | | | | | | | | | | | | | |
5.000%, due 5/1/46 | | | | | 1,250,000 | | | | | | 1,343,853 | | |
Massachusetts Development Finance Agency, Revenue Bonds Series E | | | | | | | | | | | | | |
5.000%, due 7/1/37 | | | | | 500,000 | | | | | | 509,282 | | |
Massachusetts Housing Finance Agency, Revenue Bonds Series B | | | | | | | | | | | | | |
0.800%, due 12/1/25 | | | | | 540,000 | | | | | | 492,874 | | |
Massachusetts School Building Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 11/15/34 | | | | | 1,000,000 | | | | | | 1,076,628 | | |
| | | | | | | | | | | 3,422,637 | | |
Michigan — 3.3% | | ||||||||||||
County of Genesee MI, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/26 | | | | | 190,000 | | | | | | 201,542 | | |
5.000%, due 6/1/28 | | | | | 90,000 | | | | | | 99,668 | | |
5.000%, due 6/1/30 | | | | | 210,000 | | | | | | 241,174 | | |
Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds Series C | | | | | | | | | | | | | |
5.000%, due 7/1/36 | | | | | 1,000,000 | | | | | | 1,050,712 | | |
Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/46 | | | | | 1,000,000 | | | | | | 1,048,272 | | |
Michigan Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/1/44 | | | | | 1,000,000 | | | | | | 1,016,668 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Michigan (continued) | | ||||||||||||
Series A | | | | | | | | | | | | | |
5.000%, due 4/15/29 | | | | $ | 1,000,000 | | | | | $ | 1,121,690 | | |
5.000%, due 2/15/34 | | | | | 235,000 | | | | | | 254,341 | | |
Series A Class 1 | | | | | | | | | | | | | |
4.000%, due 6/1/34 | | | | | 500,000 | | | | | | 509,393 | | |
Michigan State Building Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 4/15/41 | | | | | 1,175,000 | | | | | | 1,232,696 | | |
Michigan State Housing Development Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/25(a)(b) | | | | | 1,000,000 | | | | | | 1,015,820 | | |
Richmond Community Schools, General Obligation Bonds Series I Insured: Q-SBLF | | | | | | | | | | | | | |
4.000%, due 5/1/36 | | | | | 1,450,000 | | | | | | 1,510,706 | | |
4.000%, due 5/1/37 | | | | | 2,655,000 | | | | | | 2,742,029 | | |
State of Michigan, General Obligation Bonds Series A | | | | | | | | | �� | | | | |
3.625%, due 5/15/24 | | | | | 1,080,000 | | | | | | 1,063,628 | | |
Wyoming Public Schools, General Obligation Bonds | | | | | | | | | | | | | |
Series III Insured: AGM | | | | | | | | | | | | | |
4.000%, due 5/1/41 | | | | | 500,000 | | | | | | 497,192 | | |
| | | | | | | | | | | 13,605,531 | | |
Minnesota — 0.3% | | ||||||||||||
Minneapolis Special School District No 1, General Obligation Bonds | | | | | | | | | | | | | |
Series B Insured: SD CRED PROG | | | | | | | | | | | | | |
5.000%, due 2/1/31 | | | | | 1,250,000 | | | | | | 1,395,255 | | |
Missouri — 2.0% | | ||||||||||||
City of Kansas City MO, Revenue Bonds | | | | | | | | | | | | | |
Series C | | | | | | | | | | | | | |
5.000%, due 9/1/26 | | | | | 1,300,000 | | | | | | 1,382,167 | | |
5.000%, due 9/1/28 | | | | | 1,000,000 | | | | | | 1,102,674 | | |
Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 8/1/25 | | | | | 150,000 | | | | | | 147,714 | | |
Hickman Mills School District, General Obligation Bonds Series C-1 Insured: BAM | | | | | | | | | | | | | |
5.750%, due 3/1/42 | | | | | 3,390,000 | | | | | | 3,848,234 | | |
Wright City R-II School District, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
6.000%, due 3/1/27 | | | | | 150,000 | | | | | | 167,391 | | |
6.000%, due 3/1/29 | | | | | 150,000 | | | | | | 176,482 | | |
6.000%, due 3/1/31 | | | | | 35,000 | | | | | | 43,032 | | |
6.000%, due 3/1/33 | | | | | 500,000 | | | | | | 632,789 | | |
6.000%, due 3/1/35 | | | | | 530,000 | | | | | | 665,591 | | |
| | | | | | | | | | | 8,166,074 | | |
Montana — 0.1% | | ||||||||||||
Montana Facility Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/24 | | | | | 375,000 | | | | | | 380,681 | | |
Nebraska — 1.3% | | ||||||||||||
Central Plains Energy Project, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 12/1/49(a)(b) | | | | | 1,500,000 | | | | | | 1,506,183 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Nebraska (continued) | | ||||||||||||
5.000%, due 3/1/50(a)(b) | | | | | 3,500,000 | | | | | | 3,525,619 | | |
City of Kearney NE, General Obligation Bonds | | | | | | | | | | | | | |
4.000%, due 5/15/32 | | | | $ | 340,000 | | | | | $ | 348,126 | | |
| | | | | | | | | | | 5,379,928 | | |
Nevada — 0.7% | | ||||||||||||
City of North Las Vegas NV, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.000%, due 6/1/36 | | | | | 825,000 | | | | | | 841,096 | | |
Clark County School District, General Obligation Bonds Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/15/37 | | | | | 845,000 | | | | | | 953,723 | | |
County of Clark NV, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/1/39 | | | | | 1,000,000 | | | | | | 1,004,481 | | |
| | | | | | | | | | | 2,799,300 | | |
New Hampshire — 0.2% | | ||||||||||||
New Hampshire Business Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 4/1/30 | | | | | 665,000 | | | | | | 682,676 | | |
New Jersey — 2.7% | | ||||||||||||
Atlantic County Improvement Authority (The), Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/32 | | | | | 325,000 | | | | | | 370,974 | | |
Essex County Improvement Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/15/28 | | | | | 415,000 | | | | | | 416,069 | | |
New Jersey Economic Development Authority, Revenue Bonds | | | | | | | | | | | | | |
4.914%, due 3/1/24 | | | | | 1,000,000 | | | | | | 995,781 | | |
New Jersey Educational Facilities Authority, Revenue Bonds | | | | | | | | | | | | | |
Series C Insured: AGM | | | | | | | | | | | | | |
5.000%, due 7/1/25 | | | | | 470,000 | | | | | | 488,964 | | |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: AGM | | | | | | | | | | | | | |
4.125%, due 7/1/38 | | | | | 290,000 | | | | | | 288,746 | | |
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
3.500%, due 7/1/25(a)(b) | | | | | 4,000,000 | | | | | | 3,973,704 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
3.390%, due 12/15/26(c) | | | | | 650,000 | | | | | | 575,465 | | |
Series AA | | | | | | | | | | | | | |
5.000%, due 6/15/37 | | | | | 1,300,000 | | | | | | 1,415,732 | | |
New Jersey Turnpike Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 1/1/42 | | | | | 1,000,000 | | | | | | 1,119,286 | | |
Series D-1 | | | | | | | | | | | | | |
4.093%, (1-Month LIBOR + 0.70%), due 1/1/24(a) | | | | | 1,000,000 | | | | | | 999,427 | | |
South Jersey Port Corp., Revenue Bonds | | | | | | | | | | | | | |
Series B | | | | | | | | | | | | | |
5.000%, due 1/1/31 | | | | | 500,000 | | | | | | 526,167 | | |
| | | | | | | | | | | 11,170,315 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New Mexico — 0.2% | | ||||||||||||
Albuquerque Metropolitan Arroyo Flood Control Authority, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 8/1/27 | | | | $ | 650,000 | | | | | $ | 714,636 | | |
New York — 7.3% | | ||||||||||||
Build NYC Resource Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/23 | | | | | 665,000 | | | | | | 665,454 | | |
Camden Central School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 3/15/27 | | | | | 1,180,000 | | | | | | 1,227,717 | | |
City of New York NY, General Obligation Bonds | | | | | | | | | | | | | |
5.250%, due 10/1/47 | | | | | 3,000,000 | | | | | | 3,368,200 | | |
Series F-1 | | | | | | | | | | | | | |
5.000%, due 6/1/34 | | | | | 1,090,000 | | | | | | 1,132,974 | | |
County of Nassau NY, General Obligation Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 1/1/26 | | | | | 1,000,000 | | | | | | 1,062,074 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 4/1/38 | | | | | 1,500,000 | | | | | | 1,675,768 | | |
Long Island Power Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 9/1/39 | | | | | 600,000 | | | | | | 607,896 | | |
Metropolitan Transportation Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
5.000%, due 11/15/29 | | | | | 500,000 | | | | | | 518,634 | | |
Series C | | | | | | | | | | | | | |
5.000%, due 11/15/38 | | | | | 250,000 | | | | | | 250,469 | | |
5.000%, due 11/15/42 | | | | | 500,000 | | | | | | 500,939 | | |
New York City Housing Development Corp., Revenue Bonds Series F-2A | | | | | | | | | | | | | |
3.400%, due 11/1/62(a)(b) | | | | | 780,000 | | | | | | 778,626 | | |
New York City Municipal Water Finance Authority, Revenue Bonds Series HH | | | | | | | | | | | | | |
5.000%, due 6/15/39 | | | | | 1,500,000 | | | | | | 1,545,119 | | |
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/15/33 | | | | | 150,000 | | | | | | 167,510 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 5/1/43 | | | | | 215,000 | | | | | | 211,805 | | |
Series A-1 | | | | | | | | | | | | | |
4.000%, due 11/1/38 | | | | | 1,000,000 | | | | | | 1,014,891 | | |
New York Liberty Development Corp., Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 2/15/43 | | | | | 2,000,000 | | | | | | 1,977,949 | | |
Class 1 | | | | | | | | | | | | | |
2.450%, due 9/15/69 | | | | | 500,000 | | | | | | 452,041 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
2.750%, due 11/15/41 | | | | | 1,070,000 | | | | | | 832,338 | | |
New York State Dormitory Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 3/15/39 | | | | | 500,000 | | | | | | 506,309 | | |
4.000%, due 3/15/41 | | | | | 1,500,000 | | | | | | 1,500,156 | | |
5.000%, due 3/15/35 | | | | | 1,000,000 | | | | | | 1,034,987 | | |
Series E | | | | | | | | | | | | | |
3.000%, due 3/15/41 | | | | | 500,000 | | | | | | 420,925 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
5.000%, due 3/15/41 | | | | $ | 2,000,000 | | | | | $ | 2,159,038 | | |
New York State Housing Finance Agency, Revenue Bonds Series A | | | | | | | | | | | | | |
0.750%, due 11/1/25 | | | | | 285,000 | | | | | | 260,605 | | |
New York State Thruway Authority, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
4.000%, due 3/15/43 | | | | | 1,165,000 | | | | | | 1,149,274 | | |
New York State Urban Development Corp., Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 3/15/38 | | | | | 650,000 | | | | | | 658,542 | | |
Port Authority of New York & New Jersey, Revenue Bonds | | | | | | | | | | | | | |
5.250%, due 5/15/42 | | | | | 1,000,000 | | | | | | 1,088,033 | | |
Triborough Bridge & Tunnel Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
2.000%, due 5/15/45(a)(b) | | | | | 1,345,000 | | | | | | 1,245,273 | | |
Series B-3 | | | | | | | | | | | | | |
5.000%, due 11/15/38 | | | | | 1,000,000 | | | | | | 1,040,744 | | |
Series D-2 | | | | | | | | | | | | | |
5.250%, due 5/15/47 | | | | | 1,250,000 | | | | | | 1,408,317 | | |
| | | | | | | | | | | 30,462,607 | | |
North Carolina — 1.8% | | ||||||||||||
Charlotte-Mecklenburg Hospital Authority (The), Revenue Bonds | | | | | | | | | | | | | |
Series E Insured: AGM | | | | | | | | | | | | | |
3.450%, due 1/15/44(a)(b) | | | | | 5,500,000 | | | | | | 5,500,000 | | |
North Carolina Medical Care Commission, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 9/1/41 | | | | | 1,095,000 | | | | | | 911,210 | | |
North Carolina Turnpike Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/1/24 | | | | | 1,000,000 | | | | | | 1,013,534 | | |
| | | | | | | | | | | 7,424,744 | | |
North Dakota — 0.3% | | ||||||||||||
City of Grand Forks ND, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 1,250,000 | | | | | | 1,147,966 | | |
Ohio — 2.3% | | ||||||||||||
Akron Bath Copley Joint Township Hospital District, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 11/15/33 | | | | | 1,260,000 | | | | | | 1,256,289 | | |
American Municipal Power, Inc., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/15/41 | | | | | 1,000,000 | | | | | | 1,024,898 | | |
City of Toledo OH, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/36 | | | | | 1,000,000 | | | | | | 1,146,672 | | |
5.500%, due 12/1/39 | | | | | 1,330,000 | | | | | | 1,522,707 | | |
City of Upper Arlington OH, General Obligation Bonds | | | | | | | | | | | | | |
5.250%, due 12/1/35 | | | | | 750,000 | | | | | | 788,817 | | |
Cloverleaf Local School District, Certificates of Participation Insured: BAM | | | | | | | | | | | | | |
5.375%, due 12/1/37 | | | | | 1,000,000 | | | | | | 1,089,318 | | |
Crestview Local School District/Columbiana County, Certificates of Participation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 12/1/37 | | | | | 320,000 | | | | | | 327,741 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Ohio (continued) | | ||||||||||||
Euclid City School District, General Obligation Bonds Series A Insured: SD CRED PROG | | | | | | | | | | | | | |
5.250%, due 1/15/44 | | | | $ | 1,000,000 | | | | | $ | 1,030,969 | | |
Forest Hills Local School District, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/44 | | | | | 630,000 | | | | | | 638,712 | | |
State of Ohio, Revenue Bonds Series E | | | | | | | | | | | | | |
5.000%, due 1/15/35 | | | | | 500,000 | | | | | | 539,469 | | |
| | | | | | | | | | | 9,365,592 | | |
Oregon — 0.4% | | ||||||||||||
State of Oregon, General Obligation Bonds Series F | | | | | | | | | | | | | |
5.000%, due 5/1/35 | | | | | 1,500,000 | | | | | | 1,549,735 | | |
Pennsylvania — 2.4% | | ||||||||||||
Allegheny County Sanitary Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/40 | | | | | 500,000 | | | | | | 517,900 | | |
City of Erie PA, General Obligation Bonds | | | | | | | | | | | | | |
Series C Insured: AGM | | | | | | | | | | | | | |
4.560%, due 11/15/37(c) | | | | | 750,000 | | | | | | 415,133 | | |
Delaware Valley Regional Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
Series B Insured: AMBAC | | | | | | | | | | | | | |
5.700%, due 7/1/27 | | | | | 1,000,000 | | | | | | 1,107,697 | | |
Indiana County Industrial Development Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 5/1/27 | | | | | 250,000 | | | | | | 265,355 | | |
Lancaster County Hospital Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/1/38 | | | | | 1,100,000 | | | | | | 1,180,384 | | |
Lancaster Industrial Development Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/1/31 | | | | | 100,000 | | | | | | 90,787 | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: AGC | | | | | | | | | | | | | |
4.068%, (3-Month LIBOR + 0.60%), due 7/1/27(a) | | | | | 140,000 | | | | | | 137,702 | | |
Pennsylvania Housing Finance Agency, Revenue Bonds | | | | | | | | | | | | | |
5.750%, due 10/1/53 | | | | | 865,000 | | | | | | 934,578 | | |
Pennsylvania Turnpike Commission, Revenue Bonds Series A-1 | | | | | | | | | | | | | |
5.000%, due 12/1/41 | | | | | 2,000,000 | | | | | | 2,081,023 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/36 | | | | | 1,285,000 | | | | | | 1,452,724 | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/32 | | | | | 550,000 | | | | | | 625,075 | | |
West Shore School District, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 11/15/43 | | | | | 1,000,000 | | | | | | 1,047,558 | | |
| | | | | | | | | | | 9,855,916 | | |
Puerto Rico — 0.4% | | ||||||||||||
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL | | | | | | | | | | | | | |
5.000%, due 7/1/24 | | | | | 25,000 | | | | | | 25,022 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Puerto Rico (continued) | | ||||||||||||
Puerto Rico Housing Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 3/1/27(a)(b) | | | | $ | 750,000 | | | | | $ | 785,021 | | |
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 400,000 | | | | | | 428,762 | | |
5.000%, due 7/1/29 | | | | | 425,000 | | | | | | 462,124 | | |
| | | | | | | | | | | 1,700,929 | | |
Rhode Island — 1.2% | | ||||||||||||
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/15/32 | | | | | 250,000 | | | | | | 275,116 | | |
Rhode Island Health and Educational Building Corp., Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/25 | | | | | 500,000 | | | | | | 506,887 | | |
5.000%, due 9/1/43 | | | | | 1,500,000 | | | | | | 1,505,043 | | |
Series F | | | | | | | | | | | | | |
5.500%, due 5/15/39 | | | | | 1,320,000 | | | | | | 1,509,747 | | |
5.500%, due 5/15/41 | | | | | 180,000 | | | | | | 203,835 | | |
Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds | | | | | | | | | | | | | |
Series 77-A | | | | | | | | | | | | | |
5.000%, due 10/1/28 | | | | | 350,000 | | | | | | 383,796 | | |
Rhode Island Infrastructure Bank, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/34 | | | | | 650,000 | | | | | | 700,725 | | |
| | | | | | | | | | | 5,085,149 | | |
South Carolina — 1.7% | | ||||||||||||
City of Spartanburg SC Water System Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 12/1/34 | | | | | 1,000,000 | | | | | | 1,052,662 | | |
Greenville Housing Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/26(a)(b) | | | | | 1,000,000 | | | | | | 1,029,265 | | |
South Carolina Public Service Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.250%, due 12/1/37 | | | | | 2,000,000 | | | | | | 2,254,336 | | |
Series B | | | | | | | | | | | | | |
5.000%, due 12/1/36 | | | | | 100,000 | | | | | | 103,168 | | |
Spartanburg County School District No 4, General Obligation Bonds Insured: SCSDE | | | | | | | | | | | | | |
5.000%, due 3/1/42 | | | | | 2,210,000 | | | | | | 2,463,102 | | |
| | | | | | | | | | | 6,902,533 | | |
South Dakota — 0.1% | | ||||||||||||
Baltic School District No 49-1, General Obligation Bonds Insured: AGM | | | | | | | | | | | | | |
4.500%, due 12/1/38 | | | | | 300,000 | | | | | | 316,820 | | |
Tennessee — 1.4% | | ||||||||||||
Health Educational and Housing Facility Board of the City of Memphis (The), Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/27(a)(b) | | | | | 1,305,000 | | | | | | 1,354,039 | | |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 4/1/26(a)(b) | | | | | 3,000,000 | | | | | | 3,015,013 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Tennessee (continued) | | ||||||||||||
Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 5/15/42 | | | | $ | 1,000,000 | | | | | $ | 1,056,697 | | |
Tennessee Energy Acquisition Corp., Revenue Bonds Series B | | | | | | | | | | | | | |
5.625%, due 9/1/26 | | | | | 500,000 | | | | | | 518,739 | | |
| | | | | | | | | | | 5,944,488 | | |
Texas — 14.2% | | ||||||||||||
Alamito Public Facility Corp., Revenue Bonds | | | | | | | | | | | | | |
3.500%, due 9/1/25(a)(b) | | | | | 8,000,000 | | | | | | 7,950,348 | | |
4.375%, due 3/1/41(a)(b) | | | | | 500,000 | | | | | | 499,989 | | |
Allen Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 2/15/35 | | | | | 2,515,000 | | | | | | 2,647,426 | | |
Arlington Higher Education Finance Corp., Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 8/15/32 | | | | | 2,200,000 | | | | | | 2,582,903 | | |
Arlington Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 2/15/39 | | | | | 1,500,000 | | | | | | 1,567,529 | | |
Barbers Hill Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
4.000%, due 2/15/41 | | | | | 1,000,000 | | | | | | 1,004,218 | | |
City of Alvin TX Water & Sewer System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/1/27 | | | | | 1,225,000 | | | | | | 1,325,302 | | |
City of Amarillo TX Waterworks & Sewer System Revenue, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 4/1/41 | | | | | 1,360,000 | | | | | | 1,351,722 | | |
City of Arlington TX Special Tax Revenue, Special Tax Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/43 | | | | | 250,000 | | | | | | 262,558 | | |
City of Austin TX, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 9/1/23 | | | | | 260,000 | | | | | | 261,528 | | |
City of Austin TX Airport System Revenue, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 11/15/46 | | | | | 1,000,000 | | | | | | 1,031,424 | | |
City of Austin TX Electric Utility Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/15/45 | | | | | 1,455,000 | | | | | | 1,488,046 | | |
City of Austin TX Water & Wastewater System Revenue, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/23 | | | | | 1,100,000 | | | | | | 1,100,687 | | |
5.000%, due 11/15/23 | | | | | 1,000,000 | | | | | | 1,009,922 | | |
City of Georgetown TX Utility System Revenue, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/15/26 | | | | | 1,000,000 | | | | | | 1,064,802 | | |
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 2/1/34 | | | | | 250,000 | | | | | | 254,709 | | |
5.000%, due 2/1/44 | | | | | 1,035,000 | | | | | | 1,095,293 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
City of Temple TX, Tax Allocation | | | | | | | | | | | | | |
Series A Insured: BAM | | | | | | | | | | | | | |
5.000%, due 8/1/27 | | | | $ | 125,000 | | | | | $ | 135,176 | | |
Clifton Higher Education Finance Corp., Revenue Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
3.000%, due 8/15/34 | | | | | 180,000 | | | | | | 175,963 | | |
3.000%, due 8/15/35 | | | | | 250,000 | | | | | | 237,805 | | |
County of Parker TX, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 2/15/42 | | | | | 6,625,000 | | | | | | 6,928,287 | | |
Edinburg Consolidated Independent School District, General Obligation Bonds Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 2/15/35 | | | | | 1,235,000 | | | | | | 1,291,940 | | |
Forney Independent School District, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
3.910%, due 8/15/41(c) | | | | | 255,000 | | | | | | 83,109 | | |
Fort Bend County Municipal Utility District No 215, General Obligation Bonds | | | | | | | | | | | | | |
Insured: BAM | | | | | | | | | | | | | |
4.000%, due 9/1/24 | | | | | 125,000 | | | | | | 126,356 | | |
Grand Parkway Transportation Corp., Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/37 | | | | | 750,000 | | | | | | 759,779 | | |
Greater Greenspoint Redevelopment Authority, Tax Allocation Insured: AGM | | | | | | | | | | | | | |
4.000%, due 9/1/32 | | | | | 350,000 | | | | | | 373,330 | | |
4.000%, due 9/1/33 | | | | | 370,000 | | | | | | 392,362 | | |
Greater Texoma Utility Authority, Revenue Bonds Insured: AGM | | | | | | | | | | | | | |
5.000%, due 10/1/36 | | | | | 2,485,000 | | | | | | 2,775,921 | | |
Guadalupe-Blanco River Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
6.000%, due 8/15/42 | | | | | 1,980,000 | | | | | | 2,314,365 | | |
Harris County Flood Control District, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 10/1/38 | | | | | 1,265,000 | | | | | | 1,278,577 | | |
Harris County Municipal Utility District No 423, General Obligation Bonds | | | | | | | | | | | | | |
Series A Insured: BAM | | | | | | | | | | | | | |
6.500%, due 4/1/28 | | | | | 300,000 | | | | | | 336,810 | | |
6.500%, due 4/1/29 | | | | | 325,000 | | | | | | 365,414 | | |
Houston Higher Education Finance Corp., Revenue Bonds | | | | | | | | | | | | | |
1.500%, due 10/1/23 | | | | | 230,000 | | | | | | 226,442 | | |
Series A Insured: PSF-GTD | | | | | | | | | | | | | |
4.000%, due 2/15/39 | | | | | 1,915,000 | | | | | | 1,864,632 | | |
Hutto Independent School District, General Obligation Bonds | | | | | | | | | | | | | |
Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 8/1/27 | | | | | 355,000 | | | | | | 389,550 | | |
Laredo Independent School District, General Obligation Bonds | | | | | | | | | | | | | |
Insured: PSF-GTD | | | | | | | | | | | | | |
5.000%, due 8/1/29 | | | | | 650,000 | | | | | | 741,994 | | |
Montgomery County Municipal Utility District No 95, General Obligation Bonds Insured: BAM | | | | | | | | | | | | | |
5.000%, due 9/1/41 | | | | | 560,000 | | | | | | 580,492 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas (continued) | | ||||||||||||
North Texas Tollway Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 1/1/45 | | | | $ | 1,300,000 | | | | | $ | 1,323,638 | | |
5.250%, due 1/1/38 | | | | | 1,000,000 | | | | | | 1,133,497 | | |
Sabine-Neches Navigation District, General Obligation Bonds | | | | | | | | | | | | | |
5.250%, due 2/15/37 | | | | | 1,000,000 | | | | | | 1,139,799 | | |
5.250%, due 2/15/41 | | | | | 2,000,000 | | | | | | 2,229,721 | | |
Texas Municipal Gas Acquisition and Supply Corp. II, Revenue Bonds | | | | | | | | | | | | | |
Series C | | | | | | | | | | | | | |
3.902%, (3-Month LIBOR + 0.69%), due 9/15/27(a) | | | | | 2,190,000 | | | | | | 2,158,677 | | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 6/30/33 | | | | | 500,000 | | | | | | 505,424 | | |
Texas Water Development Board, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 8/1/41 | | | | | 1,000,000 | | | | | | 1,125,326 | | |
Series A | | | | | | | | | | | | | |
5.000%, due 10/15/43 | | | | | 1,000,000 | | | | | | 1,064,388 | | |
Uptown Development Authority, Tax Allocation Series A | | | | | | | | | | | | | |
5.000%, due 9/1/35 | | | | | 500,000 | | | | | | 513,434 | | |
| | | | | | | | | | | 59,070,614 | | |
Utah — 2.3% | | ||||||||||||
County of Utah UT, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 5/15/41 | | | | | 1,500,000 | | | | | | 1,553,404 | | |
Intermountain Power Agency, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/41 | | | | | 1,000,000 | | | | | | 1,111,834 | | |
Series A | | | | | | | | | | | | | |
5.000%, due 7/1/29 | | | | | 750,000 | | | | | | 860,827 | | |
5.000%, due 7/1/30 | | | | | 500,000 | | | | | | 583,512 | | |
State of Utah, General Obligation Bonds | | | | | | | | | | | | | |
Series B | | | | | | | | | | | | | |
3.539%, due 7/1/25 | | | | | 4,030,026 | | | | | | 3,980,830 | | |
Utah Associated Municipal Power Systems, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 9/1/31 | | | | | 500,000 | | | | | | 548,896 | | |
Utah Charter School Finance Authority, Revenue Bonds Insured: BAM | | | | | | | | | | | | | |
4.000%, due 4/15/40 | | | | | 250,000 | | | | | | 238,137 | | |
Utah Infrastructure Agency, Revenue Bonds Series A | | | | | | | | | | | | | |
3.000%, due 10/15/24 | | | | | 520,000 | | | | | | 508,120 | | |
| | | | | | | | | | | 9,385,560 | | |
Vermont — 0.5% | | ||||||||||||
City of Burlington VT Airport Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/26 | | | | | 605,000 | | | | | | 635,408 | | |
University of Vermont and State Agricultural College, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 10/1/40 | | | | | 1,500,000 | | | | | | 1,535,188 | | |
| | | | | | | | | | | 2,170,596 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Virginia — 0.3% | | ||||||||||||
James City County Economic Development Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 2/1/26(a)(b) | | | | $ | 1,000,000 | | | | | $ | 1,018,426 | | |
Norfolk Airport Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/28 | | | | | 150,000 | | | | | | 166,396 | | |
| | | | | | | | | | | 1,184,822 | | |
Washington — 2.0% | | ||||||||||||
County of King WA Sewer Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
4.090%, (Municipal Swap Index + 0.23%), due 1/1/40(a) | | | | | 3,000,000 | | | | | | 2,921,860 | | |
Energy Northwest, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 7/1/38 | | | | | 1,000,000 | | | | | | 1,029,756 | | |
Seattle Housing Authority, Revenue Bonds | | | | | | | | | | | | | |
1.000%, due 6/1/26 | | | | | 270,000 | | | | | | 247,677 | | |
Spokane Public Facilities District, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 535,000 | | | | | | 557,007 | | |
State of Washington, General Obligation Bonds Series 2020 A | | | | | | | | | | | | | |
5.000%, due 8/1/42 | | | | | 845,000 | | | | | | 923,874 | | |
Series A-2 | | | | | | | | | | | | | |
5.000%, due 8/1/43 | | | | | 1,420,000 | | | | | | 1,591,762 | | |
Series D | | | | | | | | | | | | | |
5.000%, due 2/1/35 | | | | | 600,000 | | | | | | 607,408 | | |
Washington State Convention Center Public Facilities District, Revenue Bonds Series B | | | | | | | | | | | | | |
4.000%, due 7/1/43 | | | | | 535,000 | | | | | | 474,378 | | |
| | | | | | | | | | | 8,353,722 | | |
West Virginia — 0.7% | | ||||||||||||
State of West Virginia, General Obligation Bonds Series A | | | | | | | | | | | | | |
5.000%, due 12/1/35 | | | | | 585,000 | | | | | | 655,997 | | |
West Virginia Hospital Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 9/1/39 | | | | | 1,500,000 | | | | | | 1,524,267 | | |
West Virginia Parkways Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 6/1/43 | | | | | 860,000 | | | | | | 915,435 | | |
| | | | | | | | | | | 3,095,699 | | |
Wisconsin — 2.1% | | ||||||||||||
PMA Levy & Aid Anticipation Notes Program, Revenue Notes Series A | | | | | | | | | | | | | |
4.000%, due 8/24/23 | | | | | 490,000 | | | | | | 490,297 | | |
Public Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/23 | | | | | 40,000 | | | | | | 39,889 | | |
4.000%, due 10/1/24 | | | | | 35,000 | | | | | | 34,658 | | |
4.000%, due 10/1/30 | | | | | 265,000 | | | | | | 248,428 | | |
4.000%, due 10/1/31 | | | | | 390,000 | | | | | | 361,690 | | |
4.000%, due 10/1/32 | | | | | 390,000 | | | | | | 357,679 | | |
4.000%, due 10/1/33 | | | | | 420,000 | | | | | | 380,795 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Wisconsin (continued) | | ||||||||||||
4.000%, due 10/1/34 | | | | $ | 390,000 | | | | | $ | 349,456 | | |
5.000%, due 3/1/41 | | | | | 1,000,000 | | | | | | 1,022,209 | | |
5.000%, due 3/1/46 | | | | | 3,000,000 | | | | | | 3,050,589 | | |
Racine Unified School District, Revenue Notes | | | | | | | | | | | | | |
4.000%, due 8/9/23 | | | | | 1,500,000 | | | | | | 1,500,181 | | |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 2/15/33 | | | | | 425,000 | | | | | | 471,809 | | |
Wisconsin Housing & Economic Development Authority Housing Revenue, Revenue Bonds | | | | | | | | | | | | | |
0.500%, due 11/1/50(a)(b) | | | | | 235,000 | | | | | | 221,437 | | |
| | | | | | | | | | | 8,529,117 | | |
Total Municipal Bonds (Cost $409,707,916) | | | | | | | | | | | 409,283,500 | | |
|
| | | Shares | | | | | | | | |||
Short-Term Investment — 0.1% | | ||||||||||||
Money Market Fund — 0.1% | | ||||||||||||
Dreyfus Tax Exempt Cash Management — Institutional, 3.32%(d) (Cost $586,916) | | | | | 586,980 | | | | | | 586,916 | | |
Total Investments — 98.8% (Cost $410,294,832) | | | | | | | | | | | 409,870,416 | | |
Other Assets and Liabilities, Net — 1.2% | | | | | | | | | | | 4,631,463 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 414,501,879 | | |
| 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 | |
| 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 | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(e) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 409,283,500 | | | | | $ | — | | | | | $ | 409,283,500 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 586,916 | | | | | | — | | | | | | — | | | | | | 586,916 | | |
Total Investments in Securities | | | | $ | 586,916 | | | | | $ | 409,283,500 | | | | | $ | — | | | | | $ | 409,870,416 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds — 96.9% | | ||||||||||||
California — 86.9% | | ||||||||||||
Cabrillo Community College District, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 8/1/32 | | | | $ | 500,000 | | | | | $ | 537,849 | | |
California Community Choice Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 10/1/52(a)(b) | | | | | 1,000,000 | | | | | | 1,006,345 | | |
Series A1 | | | | | | | | | | | | | |
4.000%, due 5/1/53(a)(b) | | | | | 2,000,000 | | | | | | 2,020,356 | | |
California Community Housing Agency, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 4/1/49 | | | | | 500,000 | | | | | | 415,261 | | |
California Health Facilities Financing Authority, Revenue Bonds Series C | | | | | | | | | | | | | |
5.000%, due 6/1/41(a)(b) | | | | | 1,250,000 | | | | | | 1,427,901 | | |
California Infrastructure & Economic Development Bank, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
3.650%, due 1/1/50(a)(b) | | | | | 1,000,000 | | | | | | 997,789 | | |
Series B | | | | | | | | | | | | | |
3.000%, due 10/1/47(a)(b) | | | | | 1,140,000 | | | | | | 1,143,293 | | |
5.000%, due 11/1/29 | | | | | 800,000 | | | | | | 925,768 | | |
California Municipal Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
4.000%, due 7/15/29 | | | | | 1,000,000 | | | | | | 973,673 | | |
Series A | | | | | | | | | | | | | |
2.400%, due 10/1/44(a)(b) | | | | | 1,140,000 | | | | | | 1,040,723 | | |
4.125%, due 10/1/41(a)(b) | | | | | 1,000,000 | | | | | | 1,006,653 | | |
California Public Finance Authority, Revenue Bonds Series A | | | | | | | | | | | | | |
4.000%, due 7/15/36 | | | | | 500,000 | | | | | | 523,819 | | |
California State Public Works Board, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 3/1/29 | | | | | 1,000,000 | | | | | | 1,001,372 | | |
City of Long Beach CA Airport System Revenue, Revenue Bonds | | | | | | | | | | | | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/32 | | | | | 200,000 | | | | | | 243,126 | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 6/1/32 | | | | | 200,000 | | | | | | 243,126 | | |
City of Victorville CA Electric Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 5/1/38 | | | | | 1,000,000 | | | | | | 1,117,921 | | |
Compton Unified School District, General Obligation Bonds | | | | | | | | | | | | | |
Series B Insured: BAM | | | | | | | | | | | | | |
5.000%, due 6/1/29 | | | | | 750,000 | | | | | | 826,403 | | |
East Bay Municipal Utility District Water System Revenue, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
4.000%, due 6/1/33 | | | | | 1,000,000 | | | | | | 1,028,768 | | |
East Side Union High School District, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 8/1/27 | | | | | 800,000 | | | | | | 803,313 | | |
Kern Community College District, General Obligation Bonds Series D | | | | | | | | | | | | | |
5.000%, due 8/1/32 | | | | | 625,000 | | | | | | 762,962 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Kern County Water Agency Improvement District No 4, Revenue Bonds Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 5/1/28 | | | | $ | 500,000 | | | | | $ | 536,235 | | |
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 6/1/32 | | | | | 500,000 | | | | | | 538,696 | | |
Modesto Irrigation District, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 10/1/40 | | | | | 1,000,000 | | | | | | 1,037,693 | | |
Mount Diablo Unified School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
4.000%, due 8/1/29 | | | | | 1,265,000 | | | | | | 1,378,365 | | |
Municipal Improvement Corp. of Los Angeles, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 11/1/29 | | | | | 1,000,000 | | | | | | 1,159,158 | | |
Series B | | | | | | | | | | | | | |
5.000%, due 11/1/30 | | | | | 575,000 | | | | | | 626,994 | | |
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 3/1/29 | | | | | 1,500,000 | | | | | | 1,632,879 | | |
Oakland Unified School District/Alameda County, General Obligation Bonds | | | | | | | | | | | | | |
Series A Insured: AGM | | | | | | | | | | | | | |
5.000%, due 8/1/31 | | | | | 1,000,000 | | | | | | 1,096,363 | | |
Ontario International Airport Authority, Revenue Bonds | | | | | | | | | | | | | |
Series B Insured: AGM | | | | | | | | | | | | | |
5.000%, due 5/15/30 | | | | | 1,315,000 | | | | | | 1,456,633 | | |
Orange County Sanitation District, Revenue Bonds Series A | | | | | | | | | | | | | |
5.000%, due 2/1/30 | | | | | 500,000 | | | | | | 513,086 | | |
Peralta Community College District, General Obligation Bonds Series A | | | | | | | | | | | | | |
4.000%, due 8/1/39 | | | | | 500,000 | | | | | | 501,549 | | |
Ravenswood City School District, General Obligation Bonds | | | | | | | | | | | | | |
Insured: AGM | | | | | | | | | | | | | |
5.250%, due 8/1/45 | | | | | 1,000,000 | | | | | | 1,119,398 | | |
River Islands Public Financing Authority, Special Tax | | | | | | | | | | | | | |
Series A1 Insured: AGM | | | | | | | | | | | | | |
5.000%, due 9/1/30 | | | | | 350,000 | | | | | | 406,633 | | |
5.000%, due 9/1/42 | | | | | 500,000 | | | | | | 557,874 | | |
Sacramento City Unified School District, General Obligation Bonds | | | | | | | | | | | | | |
Insured: BAM | | | | | | | | | | | | | |
5.000%, due 7/1/30 | | | | | 655,000 | | | | | | 771,940 | | |
San Diego County Regional Airport Authority, Revenue Bonds Series B | | | | | | | | | | | | | |
5.000%, due 7/1/33 | | | | | 1,000,000 | | | | | | 1,116,608 | | |
San Francisco Bay Area Rapid Transit District, General Obligation Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 8/1/33 | | | | | 860,000 | | | | | | 954,923 | | |
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds Series A | | | | | | | | | | | | | |
5.500%, due 5/1/28 | | | | $ | 1,250,000 | | | | | $ | 1,251,529 | | |
San Francisco Unified School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
4.000%, due 6/15/31 | | | | | 1,000,000 | | | | | | 1,073,472 | | |
San Jose Evergreen Community College District, General Obligation Bonds Series B | | | | | | | | | | | | | |
4.000%, due 9/1/31 | | | | | 955,000 | | | | | | 1,032,521 | | |
San Juan Unified School District, General Obligation Bonds Series N | | | | | | | | | | | | | |
4.000%, due 8/1/31 | | | | | 1,000,000 | | | | | | 1,042,220 | | |
San Mateo Union High School District, General Obligation Bonds Series B | | | | | | | | | | | | | |
4.000%, due 9/1/34 | | | | | 455,000 | | | | | | 488,699 | | |
South San Francisco Public Facilities Financing Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 6/1/36 | | | | | 620,000 | | | | | | 699,105 | | |
Southern California Public Power Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 7/1/30 | | | | | 1,210,000 | | | | | | 1,225,616 | | |
State of California, General Obligation Bonds | | | | | | | | | | | | | |
5.000%, due 4/1/29 | | | | | 1,000,000 | | | | | | 1,140,719 | | |
5.000%, due 10/1/31 | | | | | 500,000 | | | | | | 596,380 | | |
Torrance Unified School District, General Obligation Bonds | | | | | | | | | | | | | |
4.250%, due 8/1/33 | | | | | 1,320,000 | | | | | | 1,370,768 | | |
University of California, Revenue Bonds | | | | | | | | | | | | | |
Series AI | | | | | | | | | | | | | |
5.000%, due 5/15/33 | | | | | 750,000 | | | | | | 750,474 | | |
| | | | | | | | | | | 44,122,951 | | |
Guam — 5.9% | | ||||||||||||
Guam Power Authority, Revenue Bonds | | | | | | | | | | | | | |
Series A | | | | | | | | | | | | | |
5.000%, due 10/1/33 | | | | | 1,000,000 | | | | | | 1,055,053 | | |
Territory of Guam, Revenue Bonds | | | | | | | | | | | | | |
Series D | | | | | | | | | | | | | |
5.000%, due 11/15/27 | | | | | 585,000 | | | | | | 598,505 | | |
Series F | | | | | | | | | | | | | |
5.000%, due 1/1/30 | | | | | 1,250,000 | | | | | | 1,326,605 | | |
| | | | | | | | | | | 2,980,163 | | |
|
| | | Principal Amount | | | Value | | ||||||
Municipal Bonds (continued) | | ||||||||||||
Puerto Rico — 4.1% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds Series A1 | | | | | | | | | | | | | |
4.000%, due 7/1/35 | | | | $ | 251,878 | | | | | $ | 225,288 | | |
5.375%, due 7/1/25 | | | | | 700,326 | | | | | | 713,505 | | |
5.750%, due 7/1/31 | | | | | 971,203 | | | | | | 1,039,615 | | |
Commonwealth of Puerto Rico, Notes | | | | | | | | | | | | | |
0.000%, due 11/1/51 | | | | | 106,795 | | | | | | 33,774 | | |
University of Puerto Rico, Revenue Bonds Series P Insured: NATL-IBC | | | | | | | | | | | | | |
5.000%, due 6/1/25 | | | | | 120,000 | | | | | | 120,126 | | |
| | | | | | | | | | | 2,132,308 | | |
Total Municipal Bonds (Cost $48,666,337) | | | | | | | | | | | 49,235,422 | | |
Short-Term Investment — 2.1% | | ||||||||||||
Money Market Fund — 2.1% | | ||||||||||||
Dreyfus Tax Exempt Cash Management — Institutional, 3.32%(c) (Cost $1,076,837) | | | | | 1,076,945 | | | | | | 1,076,837 | | |
Total Investments — 99.0% (Cost $49,743,174) | | | | | | | | | | | 50,312,259 | | |
Other Assets and Liabilities, Net — 1.0% | | | | | | | | | | | 510,295 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 50,822,554 | | |
|
| AGM | | | — | | | Assured Guaranty Municipal Corp. | |
| BAM | | | — | | | Build America Mutual Assurance Co. | |
| IBC | | | — | | | Insured Bond Certificate | |
| NATL | | | — | | | National Public Finance Guarantee Corp. | |
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | $ | — | | | | | $ | 49,235,422 | | | | | $ | — | | | | | $ | 49,235,422 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 1,076,837 | | | | | | — | | | | | | — | | | | | | 1,076,837 | | |
Total Investments in Securities | | | | $ | 1,076,837 | | | | | $ | 49,235,422 | | | | | $ | — | | | | | $ | 50,312,259 | | |
| | | Shares | | | Value | | ||||||
Common Stocks — 99.6% | | ||||||||||||
Communication Services — 6.9% | | ||||||||||||
Alphabet, Inc., Class A* | | | | | 4,917 | | | | | $ | 527,791 | | |
Alphabet, Inc., Class C* | | | | | 4,335 | | | | | | 469,133 | | |
Meta Platforms, Inc., Class A* | | | | | 1,171 | | | | | | 281,415 | | |
Total Communication Services | | | | | | | | | | | 1,278,339 | | |
Consumer Discretionary — 14.6% | | ||||||||||||
Amazon.com, Inc.* | | | | | 4,410 | | | | | | 465,034 | | |
Chipotle Mexican Grill, Inc.* | | | | | 336 | | | | | | 694,720 | | |
Hilton Worldwide Holdings, Inc. | | | | | 1,491 | | | | | | 214,734 | | |
Lululemon Athletica, Inc.* | | | | | 930 | | | | | | 353,335 | | |
McDonald’s Corp. | | | | | 1,261 | | | | | | 372,941 | | |
O’Reilly Automotive, Inc.* | | | | | 335 | | | | | | 307,299 | | |
Starbucks Corp. | | | | | 2,100 | | | | | | 240,009 | | |
Tesla, Inc.* | | | | | 410 | | | | | | 67,367 | | |
Total Consumer Discretionary | | | | | | | | | | | 2,715,439 | | |
Consumer Staples — 4.4% | | ||||||||||||
Costco Wholesale Corp. | | | | | 1,033 | | | | | | 519,826 | | |
Dollar Tree, Inc.* | | | | | 2,021 | | | | | | 310,648 | | |
Total Consumer Staples | | | | | | | | | | | 830,474 | | |
Financials — 8.5% | | ||||||||||||
Mastercard, Inc., Class A | | | | | 1,565 | | | | | | 594,747 | | |
Moody’s Corp. | | | | | 722 | | | | | | 226,073 | | |
MSCI, Inc. | | | | | 459 | | | | | | 221,445 | | |
Visa, Inc., Class A(a) | | | | | 2,361 | | | | | | 549,475 | | |
Total Financials | | | | | | | | | | | 1,591,740 | | |
Health Care — 16.2% | | ||||||||||||
Agilent Technologies, Inc. | | | | | 2,065 | | | | | | 279,663 | | |
AstraZeneca PLC ADR | | | | | 2,506 | | | | | | 183,489 | | |
Danaher Corp. | | | | | 849 | | | | | | 201,137 | | |
IDEXX Laboratories, Inc.* | | | | | 447 | | | | | | 219,995 | | |
Intuitive Surgical, Inc.* | | | | | 2,247 | | | | | | 676,841 | | |
UnitedHealth Group, Inc. | | | | | 1,701 | | | | | | 837,045 | | |
Veeva Systems, Inc., Class A* | | | | | 2,233 | | | | | | 399,886 | | |
Vertex Pharmaceuticals, Inc.* | | | | | 660 | | | | | | 224,882 | | |
Total Health Care | | | | | | | | | | | 3,022,938 | | |
Industrials — 3.5% | | ||||||||||||
Deere & Co. | | | | | 255 | | | | | | 96,395 | | |
Parker-Hannifin Corp. | | | | | 851 | | | | | | 276,473 | | |
Uber Technologies, Inc.* | | | | | 9,122 | | | | | | 283,238 | | |
Total Industrials | | | | | | | | | | | 656,106 | | |
| | | Shares | | | Value | | ||||||
Common Stocks (continued) | | ||||||||||||
Information Technology — 43.3% | | ||||||||||||
Analog Devices, Inc. | | | | | 3,005 | | | | | $ | 540,539 | | |
Apple, Inc. | | | | | 7,396 | | | | | | 1,254,953 | | |
ASML Holding NV | | | | | 721 | | | | | | 459,176 | | |
Atlassian Corp., Class A* | | | | | 1,156 | | | | | | 170,695 | | |
Gartner, Inc.* | | | | | 650 | | | | | | 196,599 | | |
Intuit, Inc. | | | | | 1,124 | | | | | | 499,000 | | |
Lam Research Corp. | | | | | 864 | | | | | | 452,805 | | |
Microsoft Corp. | | | | | 7,096 | | | | | | 2,180,317 | | |
NVIDIA Corp. | | | | | 3,278 | | | | | | 909,612 | | |
Palo Alto Networks, Inc.* | | | | | 1,273 | | | | | | 232,272 | | |
ServiceNow, Inc.* | | | | | 1,403 | | | | | | 644,566 | | |
Synopsys, Inc.* | | | | | 615 | | | | | | 228,362 | | |
Workday, Inc., Class A* | | | | | 1,640 | | | | | | 305,270 | | |
Total Information Technology | | | | | | | | | | | 8,074,166 | | |
Materials — 2.2% | | ||||||||||||
Linde PLC | | | | | 1,103 | | | | | | 407,504 | | |
Total Common Stocks (Cost $16,528,277) | | | | | | | | | | | 18,576,706 | | |
Short-Term Investment — 1.3% | | ||||||||||||
Money Market Fund — 1.3% | | ||||||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.82%(b) | | | | | | | | | | | | | |
(Cost $233,220) | | | | | 233,220 | | | | | | 233,220 | | |
Total Investments — 100.9% | | | | | | | | | | | | | |
(Cost $16,761,497) | | | | | | | | | | | 18,809,926 | | |
Other Assets and Liabilities, Net — (0.9)% | | | | | | | | | | | (157,549) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 18,652,377 | | |
|
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 18,576,706 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,576,706 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 233,220 | | | | | | — | | | | | | — | | | | | | 233,220 | | |
Total Investments in Securities | | | | $ | 18,809,926 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,809,926 | | |
| | | Shares | | | Value | | ||||||
Common Stocks — 100.0% | | ||||||||||||
Communication Services — 4.6% | | ||||||||||||
Alphabet, Inc., Class C* | | | | | 2,650 | | | | | $ | 286,783 | | |
Consumer Discretionary — 9.9% | | ||||||||||||
Chipotle Mexican Grill, Inc.* | | | | | 168 | | | | | | 347,360 | | |
Hilton Worldwide Holdings, Inc. | | | | | 1,848 | | | | | | 266,149 | | |
Total Consumer Discretionary | | | | | | | | | | | 613,509 | | |
Consumer Staples — 5.8% | | ||||||||||||
Costco Wholesale Corp. | | | | | 343 | | | | | | 172,604 | | |
Dollar Tree, Inc.* | | | | | 1,229 | | | | | | 188,910 | | |
Total Consumer Staples | | | | | | | | | | | 361,514 | | |
Energy — 3.4% | | ||||||||||||
Schlumberger NV | | | | | 4,198 | | | | | | 207,171 | | |
Financials — 11.4% | | ||||||||||||
Mastercard, Inc., Class A | | | | | 792 | | | | | | 300,983 | | |
Moody’s Corp. | | | | | 682 | | | | | | 213,548 | | |
Visa, Inc., Class A(a) | | | | | 808 | | | | | | 188,046 | | |
Total Financials | | | | | | | | | | | 702,577 | | |
Health Care — 14.2% | | ||||||||||||
Danaher Corp. | | | | | 771 | | | | | | 182,658 | | |
Intuitive Surgical, Inc.* | | | | | 800 | | | | | | 240,976 | | |
UnitedHealth Group, Inc. | | | | | 566 | | | | | | 278,523 | | |
Veeva Systems, Inc., Class A* | | | | | 964 | | | | | | 172,633 | | |
Total Health Care | | | | | | | | | | | 874,790 | | |
Industrials — 8.3% | | ||||||||||||
Deere & Co. | | | | | 713 | | | | | | 269,528 | | |
Union Pacific Corp. | | | | | 1,239 | | | | | | 242,473 | | |
Total Industrials | | | | | | | | | | | 512,001 | | |
Information Technology — 38.2% | | ||||||||||||
Analog Devices, Inc. | | | | | 1,306 | | | | | | 234,923 | | |
Apple, Inc. | | | | | 2,234 | | | | | | 379,065 | | |
| | | Shares | | | Value | | ||||||
Common Stocks (continued) | | ||||||||||||
Information Technology (continued) | | ||||||||||||
ASML Holding NV | | | | | 541 | | | | | $ | 344,541 | | |
Intuit, Inc. | | | | | 418 | | | | | | 185,571 | | |
Microsoft Corp. | | | | | 1,229 | | | | | | 377,623 | | |
NVIDIA Corp. | | | | | 980 | | | | | | 271,940 | | |
Palo Alto Networks, Inc.* | | | | | 971 | | | | | | 177,169 | | |
ServiceNow, Inc.* | | | | | 451 | | | | | | 207,198 | | |
Synopsys, Inc.* | | | | | 496 | | | | | | 184,175 | | |
Total Information Technology | | | | | | | | | | | 2,362,205 | | |
Materials — 4.2% | | ||||||||||||
Linde PLC | | | | | 702 | | | | | | 259,354 | | |
Total Common Stocks | | | | | | | | | | | | | |
(Cost $5,399,949) | | | | | | | | | | | 6,179,904 | | |
Short-Term Investment — 0.7% | | ||||||||||||
Money Market Fund — 0.7% | | ||||||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.82%(b) | | | | | | | | | | | | | |
(Cost $41,872) | | | | | 41,872 | | | | | | 41,872 | | |
Total Investments — 100.7% | | ||||||||||||
(Cost $5,441,821) | | | | | | | | | | | 6,221,776 | | |
Other Assets and Liabilities, Net — (0.7)% | | | | | | | | | | | (40,102) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 6,181,674 | | |
|
Description | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset Valuation Inputs | | ||||||||||||||||||||||||
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 6,179,904 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,179,904 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | | | | 41,872 | | | | | | — | | | | | | — | | | | | | 41,872 | | |
Total Investments in Securities | | | | $ | 6,221,776 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,221,776 | | |
| | | IQ Ultra Short Duration ETF | | | IQ MacKay ESG Core Plus Bond ETF | | | IQ MacKay Multi-Sector Income ETF | | | IQ MacKay ESG High Income ETF | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value(a) | | | | $ | 54,378,002 | | | | | $ | 240,301,032 | | | | | $ | 24,137,942 | | | | | $ | 25,793,669 | | |
Cash | | | | | — | | | | | | — | | | | | | — | | | | | | 2,997 | | |
Foreign currency(b) | | | | | — | | | | | | — | | | | | | 30 | | | | | | — | | |
Deposits at broker for futures contracts | | | | | 282,400 | | | | | | 979,344 | | | | | | 99,150 | | | | | | — | | |
Interest receivable | | | | | 368,450 | | | | | | 1,714,332 | | | | | | 185,264 | | | | | | 360,853 | | |
Dividend receivable | | | | | 11,799 | | | | | | 8,547 | | | | | | 3,386 | | | | | | 1,615 | | |
Receivable for investments sold | | | | | — | | | | | | 3,299,729 | | | | | | 416,756 | | | | | | — | | |
Prepaid expenses | | | | | — | | | | | | 13 | | | | | | — | | | | | | — | | |
Due from broker | | | | | — | | | | | | 3,257 | | | | | | — | | | | | | — | | |
Securities lending income receivable | | | | | — | | | | | | 593 | | | | | | — | | | | | | — | | |
Due from advisor | | | | | 19,213 | | | | | | 39,931 | | | | | | 5,700 | | | | | | 13,699 | | |
Variation margin receivable | | | | | — | | | | | | 259,109 | | | | | | 23,578 | | | | | | — | | |
Total assets | | | | | 55,059,864 | | | | | | 246,605,887 | | | | | | 24,871,806 | | | | | | 26,172,833 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Variation margin payable | | | | | 41,933 | | | | | | — | | | | | | — | | | | | | — | | |
Advisory fees payable | | | | | 10,963 | | | | | | 79,012 | | | | | | 7,973 | | | | | | 8,506 | | |
Trustee fees payable | | | | | 1,037 | | | | | | 1,639 | | | | | | 225 | | | | | | 240 | | |
Compliance fees payable | | | | | 58 | | | | | | 20 | | | | | | 17 | | | | | | 18 | | |
Payable for investments purchased | | | | | — | | | | | | 3,456,733 | | | | | | 482,361 | | | | | | 128,974 | | |
Cash due to custodian | | | | | — | | | | | | 10,365 | | | | | | — | | | | | | — | | |
Collateral for investments on loan | | | | | — | | | | | | 372,750 | | | | | | — | | | | | | — | | |
Accrued expenses and other liabilities | | | | | 151,420 | | | | | | 142,648 | | | | | | 49,238 | | | | | | 50,205 | | |
Total liabilities | | | | | 205,411 | | | | | | 4,063,167 | | | | | | 539,814 | | | | | | 187,943 | | |
Net Assets | | | | $ | 54,854,453 | | | | | $ | 242,542,720 | | | | | $ | 24,331,992 | | | | | $ | 25,984,890 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 59,757,248 | | | | | $ | 253,630,983 | | | | | $ | 25,062,500 | | | | | $ | 25,062,500 | | |
Total distributable earnings/(accumulated loss) | | | | | (4,902,795) | | | | | | (11,088,263) | | | | | | (730,508) | | | | | | 922,390 | | |
Net Assets | | | | $ | 54,854,453 | | | | | $ | 242,542,720 | | | | | $ | 24,331,992 | | | | | $ | 25,984,890 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 1,150,000 | | | | | | 11,400,000 | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
Net Asset Value Per Share | | | | $ | 47.70 | | | | | $ | 21.28 | | | | | $ | 24.33 | | | | | $ | 25.98 | | |
Investments, at cost | | | | $ | 55,138,347 | | | | | $ | 243,498,011 | | | | | $ | 24,481,548 | | | | | $ | 25,137,641 | | |
(a) Market value of securities on loan | | | | $ | — | | | | | $ | 359,733 | | | | | $ | — | | | | | $ | — | | |
(b) Cost of foreign currency | | | | $ | — | | | | | $ | — | | | | | $ | 27 | | | | | $ | — | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ MacKay California Municipal Intermediate ETF | | | IQ Winslow Large Cap Growth ETF | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value(a) | | | | $ | 359,377,102 | | | | | $ | 409,870,416 | | | | | $ | 50,312,259 | | | | | $ | 18,809,926 | | |
Cash | | | | | — | | | | | | 1,715 | | | | | | — | | | | | | — | | |
Interest receivable | | | | | 4,942,769 | | | | | | 5,024,891 | | | | | | 635,177 | | | | | | — | | |
Prepaid expenses | | | | | 38 | | | | | | 36 | | | | | | 2 | | | | | | — | | |
Receivable for investments sold | | | | | — | | | | | | 991,280 | | | | | | 1,525 | | | | | | 640,201 | | |
Due from broker | | | | | — | | | | | | 6,669 | | | | | | — | | | | | | — | | |
Securities lending income receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 45 | | |
Dividend receivable | | | | | — | | | | | | — | | | | | | — | | | | | | 2,248 | | |
Due from advisor | | | | | 69,341 | | | | | | 88,474 | | | | | | 6,723 | | | | | | 6,753 | | |
Total assets | | | | | 364,389,250 | | | | | | 415,983,481 | | | | | | 50,955,686 | | | | | | 19,459,173 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for investments purchased | | | | | 991,529 | | | | | | 1,148,290 | | | | | | — | | | | | | 752,816 | | |
Advisory fees payable | | | | | 119,538 | | | | | | 134,666 | | | | | | 18,874 | | | | | | 11,310 | | |
Trustee fees payable | | | | | 3,194 | | | | | | 2,412 | | | | | | 3,071 | | | | | | 77 | | |
Compliance fees payable | | | | | 76 | | | | | | 27 | | | | | | 31 | | | | | | 4 | | |
Due to broker | | | | | — | | | | | | — | | | | | | 27,859 | | | | | | — | | |
Accrued expenses and other liabilities | | | | | 198,818 | | | | | | 196,207 | | | | | | 83,297 | | | | | | 42,589 | | |
Total liabilities | | | | | 1,313,155 | | | | | | 1,481,602 | | | | | | 133,132 | | | | | | 806,796 | | |
Net Assets | | | | $ | 363,076,095 | | | | | $ | 414,501,879 | | | | | $ | 50,822,554 | | | | | $ | 18,652,377 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 412,868,592 | | | | | $ | 433,628,265 | | | | | $ | 57,472,334 | | | | | $ | 17,192,850 | | |
Total distributable earnings/(accumulated loss) | | | | | (49,792,497) | | | | | | (19,126,386) | | | | | | (6,649,780) | | | | | | 1,459,527 | | |
Net Assets | | | | $ | 363,076,095 | | | | | $ | 414,501,879 | | | | | $ | 50,822,554 | | | | | $ | 18,652,377 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 14,950,000 | | | | | | 16,950,000 | | | | | | 2,350,000 | | | | | | 650,000 | | |
Net Asset Value Per Share | | | | $ | 24.29 | | | | | $ | 24.45 | | | | | $ | 21.63 | | | | | $ | 28.70 | | |
Investments, at cost | | | | $ | 354,824,413 | | | | | $ | 410,294,832 | | | | | $ | 49,743,174 | | | | | $ | 16,761,497 | | |
(a) Market value of securities on loan | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 538,304 | | |
| | | IQ Winslow Focused Large Cap Growth ETF | | |||
Assets | | | | | | | |
Investments in securities, at value(a) | | | | $ | 6,221,776 | | |
Dividend receivable | | | | | 2,107 | | |
Securities lending income receivable | | | | | 16 | | |
Due from advisor | | | | | 4,291 | | |
Total assets | | | | | 6,228,190 | | |
Liabilities | | | | | | | |
Advisory fees payable | | | | | 3,752 | | |
Trustee fees payable | | | | | 52 | | |
Compliance fees payable | | | | | 4 | | |
Accrued expenses and other liabilities | | | | | 42,708 | | |
Total liabilities | | | | | 46,516 | | |
Net Assets | | | | $ | 6,181,674 | | |
Composition of Net Assets | | | | | | | |
Paid-in capital | | | | $ | 5,405,330 | | |
Total distributable earnings | | | | | 776,344 | | |
Net Assets | | | | $ | 6,181,674 | | |
NET ASSET VALUE PER SHARE | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized) | | | | | 210,000 | | |
Net Asset Value Per Share | | | | $ | 29.44 | | |
Investments, at cost | | | | $ | 5,441,821 | | |
(a) Market value of securities on loan | | | | $ | 184,089 | | |
| | | IQ Ultra Short Duration ETF | | | IQ MacKay ESG Core Plus Bond ETF | | | IQ MacKay Multi-Sector Income ETF(a) | | | IQ MacKay ESG High Income ETF(b) | | ||||||||||||
Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 2,599,570 | | | | | $ | 9,372,484 | | | | | $ | 957,165 | | | | | $ | 1,027,010 | | |
Dividend income | | | | | 122,025 | | | | | | 50,398 | | | | | | 12,468 | | | | | | 13,916 | | |
Securities lending income, net of borrower rebates | | | | | — | | | | | | 37,128 | | | | | | — | | | | | | — | | |
Total investment income | | | | | 2,721,595 | | | | | | 9,460,010 | | | | | | 969,633 | | | | | | 1,040,926 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) | | | | | 205,833 | | | | | | 828,150 | | | | | | 73,659 | | | | | | 52,841 | | |
Custodian fees | | | | | 82,141 | | | | | | 57,196 | | | | | | 10,246 | | | | | | 10,246 | | |
Administrative and accounting fees | | | | | 39,302 | | | | | | 66,898 | | | | | | 16,907 | | | | | | 16,907 | | |
Audit and tax fees | | | | | 24,937 | | | | | | — | | | | | | 19,380 | | | | | | 19,380 | | |
Listing fees | | | | | 8,785 | | | | | | 9,260 | | | | | | 6,570 | | | | | | 4,616 | | |
Trustee fees | | | | | 6,433 | | | | | | 16,928 | | | | | | 1,633 | | | | | | 1,266 | | |
Proxy fees | | | | | 2,504 | | | | | | 1,674 | | | | | | — | | | | | | — | | |
Compliance fees | | | | | 225 | | | | | | 490 | | | | | | 68 | | | | | | 54 | | |
Miscellaneous | | | | | 24,935 | | | | | | 81,868 | | | | | | 12,087 | | | | | | 11,173 | | |
Total expenses | | | | | 395,095 | | | | | | 1,062,464 | | | | | | 140,550 | | | | | | 116,483 | | |
Waivers (see Note 3) | | | | | (186,765) | | | | | | (232,640) | | | | | | (66,794) | | | | | | (63,624) | | |
Net expenses | | | | | 208,330 | | | | | | 829,824 | | | | | | 73,756 | | | | | | 52,859 | | |
Net investment income | | | | | 2,513,265 | | | | | | 8,630,186 | | | | | | 895,877 | | | | | | 988,067 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | (5,514,067) | | | | | | (6,359,385) | | | | | | (375,510) | | | | | | 55,145 | | |
Futures contracts | | | | | 2,837,109 | | | | | | (2,358,343) | | | | | | (297,311) | | | | | | — | | |
Net realized gain (loss) | | | | | (2,676,958) | | | | | | (8,717,728) | | | | | | (672,821) | | | | | | 55,145 | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | 2,694,795 | | | | | | 1,727,171 | | | | | | (343,606) | | | | | | 656,028 | | |
Futures contracts | | | | | (1,324,401) | | | | | | 1,362,184 | | | | | | 139,509 | | | | | | — | | |
Foreign currency translations | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | |
Net change in net unrealized appreciation (depreciation) | | | | | 1,370,394 | | | | | | 3,089,355 | | | | | | (204,094) | | | | | | 656,028 | | |
Net realized and unrealized gain (loss) | | | | | (1,306,564) | | | | | | (5,628,373) | | | | | | (876,915) | | | | | | 711,173 | | |
Net Increase in Net Assets Resulting From Operations | | | | $ | 1,206,701 | | | | | $ | 3,001,813 | | | | | $ | 18,962 | | | | | $ | 1,699,240 | | |
| | | IQ MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | | IQ MacKay California Municipal Intermediate ETF | | | IQ Winslow Large Cap Growth ETF(a) | | ||||||||||||
Investment Income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 11,587,423 | | | | | $ | 9,269,521 | | | | | $ | 1,458,143 | | | | | $ | — | | |
Dividend income* | | | | | 307,392 | | | | | | 190,723 | | | | | | 36,830 | | | | | | 73,553 | | |
Securities lending income, net of borrower rebates | | | | | — | | | | | | — | | | | | | — | | | | | | 384 | | |
Total investment income | | | | | 11,894,815 | | | | | | 9,460,244 | | | | | | 1,494,973 | | | | | | 73,937 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3) | | | | | 1,405,126 | | | | | | 1,306,458 | | | | | | 209,499 | | | | | | 80,934 | | |
Administrative and accounting fees | | | | | 108,732 | | | | | | 96,399 | | | | | | 55,727 | | | | | | 17,560 | | |
Custodian fees | | | | | 69,561 | | | | | | 74,442 | | | | | | 396 | | | | | | 10,642 | | |
Audit and tax fees | | | | | — | | | | | | — | | | | | | 26,209 | | | | | | 16,571 | | |
Trustee fees | | | | | 27,889 | | | | | | 25,462 | | | | | | 6,289 | | | | | | 854 | | |
Proxy fees | | | | | 13,736 | | | | | | 9,479 | | | | | | 702 | | | | | | — | | |
Listing fees | | | | | 8,693 | | | | | | 8,687 | | | | | | 8,712 | | | | | | 9,495 | | |
Compliance fees | | | | | 827 | | | | | | 743 | | | | | | 131 | | | | | | 31 | | |
Miscellaneous | | | | | 111,383 | | | | | | 110,365 | | | | | | 13,048 | | | | | | 8,436 | | |
Total expenses | | | | | 1,745,947 | | | | | | 1,632,035 | | | | | | 320,713 | | | | | | 144,523 | | |
Waivers (see Note 3) | | | | | (678,322) | | | | | | (642,679) | | | | | | (157,172) | | | | | | (79,778) | | |
Net expenses | | | | | 1,067,625 | | | | | | 989,356 | | | | | | 163,541 | | | | | | 64,745 | | |
Net investment income | | | | | 10,827,190 | | | | | | 8,470,888 | | | | | | 1,331,432 | | | | | | 9,192 | | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | (40,188,098) | | | | | | (13,781,637) | | | | | | (4,280,150) | | | | | | (599,702) | | |
In-Kind redemptions | | | | | — | | | | | | — | | | | | | — | | | | | | 307,800 | | |
Net realized loss | | | | | (40,188,098) | | | | | | (13,781,637) | | | | | | (4,280,150) | | | | | | (291,902) | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | | | 33,918,459 | | | | | | 14,934,444 | | | | | | 4,145,771 | | | | | | 2,048,429 | | |
Net change in net unrealized appreciation (depreciation) | | | | | 33,918,459 | | | | | | 14,934,444 | | | | | | 4,145,771 | | | | | | 2,048,429 | | |
Net realized and unrealized gain (loss) | | | | | (6,269,639) | | | | | | 1,152,807 | | | | | | (134,379) | | | | | | 1,756,527 | | |
Net Increase in Net Assets Resulting From Operations | | | | $ | 4,557,551 | | | | | $ | 9,623,695 | | | | | $ | 1,197,053 | | | | | $ | 1,765,719 | | |
* Net of foreign taxes withheld of: | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 314 | | |
| | | IQ Winslow Focused Large Cap Growth ETF(a) | | |||
Investment Income | | | | | | | |
Dividend income* | | | | $ | 36,244 | | |
Securities lending income, net of borrower rebates | | | | | 131 | | |
Total investment income | | | | | 36,375 | | |
Expenses | | | | | | | |
Advisory fees (see Note 3) | | | | | 36,777 | | |
Administrative and accounting fees | | | | | 18,868 | | |
Audit and tax fees | | | | | 16,571 | | |
Custodian fees | | | | | 10,642 | | |
Listing fees | | | | | 9,511 | | |
Trustee fees | | | | | 438 | | |
Compliance fees | | | | | 17 | | |
Miscellaneous | | | | | 6,490 | | |
Total expenses | | | | | 99,314 | | |
Waivers (see Note 3) | | | | | (67,443) | | |
Net expenses | | | | | 31,871 | | |
Net investment income | | | | | 4,504 | | |
Realized and Unrealized Gain (Loss) | | | | | | | |
Net realized gain (loss) from: | | | | | | | |
Investment securities | | | | | (4,933) | | |
In-Kind redemptions | | | | | 123,194 | | |
Net realized gain | | | | | 118,261 | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | |
Investment securities | | | | | 779,955 | | |
Net change in net unrealized appreciation (depreciation) | | | | | 779,955 | | |
Net realized and unrealized gain | | | | | 898,216 | | |
Net Increase in Net Assets Resulting From Operations | | | | $ | 902,720 | | |
* Net of foreign taxes withheld of: | | | | $ | 347 | | |
| | | IQ Ultra Short Duration ETF | | | IQ MacKay ESG Core Plus Bond ETF | | ||||||||||||||||||
| | | For the Year Ended April 30, | | | For the Year Ended April 30, 2023 | | | For the Period June 29, 2021* to April 30, 2022 | | |||||||||||||||
| | | 2023 | | | 2022 | | ||||||||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 2,513,265 | | | | | $ | 1,935,512 | | | | | $ | 8,630,186 | | | | | $ | 620,225 | | |
Net realized loss | | | | | (2,676,958) | | | | | | (584,436) | | | | | | (8,717,728) | | | | | | (1,173,763) | | |
Net change in net unrealized appreciation (depreciation) | | | | | 1,370,394 | | | | | | (2,548,834) | | | | | | 3,089,355 | | | | | | (5,190,149) | | |
Net increase (decrease) in net assets resulting from operations | | | | | 1,206,701 | | | | | | (1,197,758) | | | | | | 3,001,813 | | | | | | (5,743,687) | | |
Distributions to Shareholders | | | | | (2,553,326) | | | | | | (3,738,076) | | | | | | (7,861,346) | | | | | | (485,043) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 21,542,870 | | | | | | 73,483,699 | | | | | | 126,904,335 | | | | | | 154,853,260 | | |
Cost of shares redeemed | | | | | (90,158,550) | | | | | | (196,709,144) | | | | | | (28,126,612) | | | | | | — | | |
Increase (Decrease) from capital share transactions | | | | | (68,615,680) | | | | | | (123,225,445) | | | | | | 98,777,723 | | | | | | 154,853,260 | | |
Total increase (decrease) in net assets | | | | | (69,962,305) | | | | | | (128,161,279) | | | | | | 93,918,190 | | | | | | 148,624,530 | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 124,816,758 | | | | | | 252,978,037 | | | | | | 148,624,530 | | | | | | — | | |
End of period | | | | $ | 54,854,453 | | | | | $ | 124,816,758 | | | | | $ | 242,542,720 | | | | | $ | 148,624,530 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | 2,600,000 | | | | | | 5,100,000 | | | | | | 6,650,000 | | | | | | — | | |
Shares created | | | | | 450,000 | | | | | | 1,500,000 | | | | | | 6,050,000 | | | | | | 6,650,000 | | |
Shares redeemed | | | | | (1,900,000) | | | | | | (4,000,000) | | | | | | (1,300,000) | | | | | | — | | |
Shares outstanding, end of period | | | | | 1,150,000 | | | | | | 2,600,000 | | | | | | 11,400,000 | | | | | | 6,650,000 | | |
| | | IQ MacKay Multi-Sector Income ETF | | | IQ MacKay ESG High Income ETF | | ||||||
| | | For the Period July 26, 2022* to April 30, 2023 | | | For the Period October 25, 2022* to April 30, 2023 | | ||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 895,877 | | | | | $ | 988,067 | | |
Net realized gain (loss) | | | | | (672,821) | | | | | | 55,145 | | |
Net change in net unrealized appreciation (depreciation) | | | | | (204,094) | | | | | | 656,028 | | |
Net increase in net assets resulting from operations | | | | | 18,962 | | | | | | 1,699,240 | | |
Distributions to Shareholders | | | | | (749,470) | | | | | | (776,850) | | |
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 | | | | | 24,331,992 | | | | | | 25,984,890 | | |
Net Assets | | | | | | | | | | | | | |
Beginning of period | | | | | — | | | | | | — | | |
End of period | | | | $ | 24,331,992 | | | | | $ | 25,984,890 | | |
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 MacKay Municipal Insured ETF | | | IQ MacKay Municipal Intermediate ETF | | ||||||||||||||||||
| | | For the Year Ended April 30, | | | For the Year Ended April 30, | | ||||||||||||||||||
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | ||||||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 10,827,190 | | | | | $ | 6,090,885 | | | | | $ | 8,470,888 | | | | | $ | 2,330,230 | | |
Net realized loss | | | | | (40,188,098) | | | | | | (10,757,056) | | | | | | (13,781,637) | | | | | | (3,056,521) | | |
Net change in net unrealized appreciation (depreciation) | | | | | 33,918,459 | | | | | | (34,861,360) | | | | | | 14,934,444 | | | | | | (18,537,910) | | |
Net increase (decrease) in net assets resulting from operations | | | | | 4,557,551 | | | | | | (39,527,531) | | | | | | 9,623,695 | | | | | | (19,264,201) | | |
Distributions to Shareholders | | | | | (11,533,483) | | | | | | (8,536,753) | | | | | | (8,923,426) | | | | | | (4,118,219) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 305,144,317 | | | | | | 143,724,531 | | | | | | 254,910,174 | | | | | | 203,706,925 | | |
Cost of shares redeemed | | | | | (300,120,575) | | | | | | (174,958,650) | | | | | | (71,092,939) | | | | | | (75,039,781) | | |
Increase (Decrease) from capital share transactions | | | | | 5,023,742 | | | | | | (31,234,119) | | | | | | 183,817,235 | | | | | | 128,667,144 | | |
Total increase (decrease) in net assets | | | | | (1,952,190) | | | | | | (79,298,403) | | | | | | 184,517,504 | | | | | | 105,284,724 | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 365,028,285 | | | | | | 444,326,688 | | | | | | 229,984,375 | | | | | | 124,699,651 | | |
End of year | | | | $ | 363,076,095 | | | | | $ | 365,028,285 | | | | | $ | 414,501,879 | | | | | $ | 229,984,375 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of year | | | | | 14,800,000 | | | | | | 16,150,000 | | | | | | 9,400,000 | | | | | | 4,650,000 | | |
Shares created | | | | | 12,600,000 | | | | | | 5,300,000 | | | | | | 10,500,000 | | | | | | 7,700,000 | | |
Shares redeemed | | | | | (12,450,000) | | | | | | (6,650,000) | | | | | | (2,950,000) | | | | | | (2,950,000) | | |
Shares outstanding, end of year | | | | | 14,950,000 | | | | | | 14,800,000 | | | | | | 16,950,000 | | | | | | 9,400,000 | | |
| | | IQ MacKay California Municipal Intermediate ETF | | | IQ Winslow Large Cap Growth ETF | | ||||||||||||
| | | For the Year Ended April 30, 2023 | | | For the Period December 21, 2021* to April 30, 2022 | | | For the Period June 23, 2022* to April 30, 2023 | | |||||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 1,331,432 | | | | | $ | 262,375 | | | | | $ | 9,192 | | |
Net realized loss | | | | | (4,280,150) | | | | | | (2,794,452) | | | | | | (291,902) | | |
Net change in net unrealized appreciation (depreciation) | | | | | 4,145,771 | | | | | | (3,576,686) | | | | | | 2,048,429 | | |
Net increase (decrease) in net assets resulting from operations | | | | | 1,197,053 | | | | | | (6,108,763) | | | | | | 1,765,719 | | |
Distributions to Shareholders | | | | | (1,397,430) | | | | | | (340,640) | | | | | | (6,429) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created | | | | | 9,656,543 | | | | | | 50,015,000 | | | | | | 21,631,282 | | |
Cost of shares redeemed | | | | | (2,199,209) | | | | | | — | | | | | | (4,738,195) | | |
Increase from capital share transactions | | | | | 7,457,334 | | | | | | 50,015,000 | | | | | | 16,893,087 | | |
Total increase in net assets | | | | | 7,256,957 | | | | | | 43,565,597 | | | | | | 18,652,377 | | |
Net Assets | | | | | | | | | | | | | | | | | | | |
Beginning of period | | | | | 43,565,597 | | | | | | — | | | | | | — | | |
End of period | | | | $ | 50,822,554 | | | | | $ | 43,565,597 | | | | | $ | 18,652,377 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | | | 2,000,000 | | | | | | — | | | | | | — | | |
Shares created | | | | | 450,000 | | | | | | 2,000,000 | | | | | | 830,000 | | |
Shares redeemed | | | | | (100,000) | | | | | | — | | | | | | (180,000) | | |
Shares outstanding, end of period | | | | | 2,350,000 | | | | | | 2,000,000 | | | | | | 650,000 | | |
| | | IQ Winslow Focused Large Cap Growth ETF | | |||
| | | For the Period June 23, 2022* to April 30, 2023 | | |||
Increase (Decrease) in Net Assets from Operations | | | | | | | |
Net investment income | | | | $ | 4,504 | | |
Net realized gain | | | | | 118,261 | | |
Net change in net unrealized appreciation (depreciation) | | | | | 779,955 | | |
Net increase in net assets resulting from operations | | | | | 902,720 | | |
Distributions to Shareholders | | | | | (3,182) | | |
Capital Share Transactions | | | | | | | |
Proceeds from shares created | | | | | 7,638,040 | | |
Cost of shares redeemed | | | | | (2,355,904) | | |
Increase from capital share transactions | | | | | 5,282,136 | | |
Total increase in net assets | | | | | 6,181,674 | | |
Net Assets | | | | | | | |
Beginning of period | | | | | — | | |
End of period | | | | $ | 6,181,674 | | |
Changes in Shares Outstanding | | | | | | | |
Shares outstanding, beginning of period | | | | | — | | |
Shares created | | | | | 300,000 | | |
Shares redeemed | | | | | (90,000) | | |
Shares outstanding, end of period | | | | | 210,000 | | |
| | | IQ Ultra Short Duration ETF | | |||||||||||||||||||||
| | | For the Year Ended April 30, | | | For the Period July 31, 2019(a) to April 30, 2020 | | ||||||||||||||||||
| | | 2023 | | | 2022 | | | 2021 | | |||||||||||||||
Net asset value, beginning of period | | | | $ | 48.01 | | | | | $ | 49.60 | | | | | $ | 48.91 | | | | | $ | 50.01 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | | | 1.40 | | | | | | 0.49 | | | | | | 0.51 | | | | | | 0.74 | | |
Net realized and unrealized gain (loss) | | | | | (0.22) | | | | | | (0.96) | | | | | | 0.97 | | | | | | (1.07) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 1.18 | | | | | | (0.47) | | | | | | 1.48 | | | | | | (0.33) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (1.49) | | | | | | (0.51) | | | | | | (0.56) | | | | | | (0.75) | | |
Net realized gain | | | | | — | | | | | | (0.61) | | | | | | (0.23) | | | | | | (0.02) | | |
Total distributions from net investment income and realized gains | | | | | (1.49) | | | | | | (1.12) | | | | | | (0.79) | | | | | | (0.77) | | |
Net asset value, end of period | | | | $ | 47.70 | | | | | $ | 48.01 | | | | | $ | 49.60 | | | | | $ | 48.91 | | |
Market price, end of period | | | | $ | 47.68 | | | | | $ | 47.94 | | | | | $ | 49.60 | | | | | $ | 48.99 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | 2.53% | | | | | | (0.97)% | | | | | | 3.08% | | | | | | (0.68)% | | |
Total investment return based on market price(d) | | | | | 2.63% | | | | | | (1.10)% | | | | | | 2.88% | | | | | | (0.52)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 54,854 | | | | | $ | 124,817 | | | | | $ | 252,978 | | | | | $ | 149,182 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.24% | | | | | | 0.24%(f) | | |
Expenses excluding waivers | | | | | 0.46% | | | | | | 0.35% | | | | | | 0.33% | | | | | | 0.49%(f) | | |
Net investment income | | | | | 2.93% | | | | | | 1.00% | | | | | | 1.03% | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g) | | | | | 340% | | | | | | 132% | | | | | | 185% | | | | | | 292% | | |
| | | IQ MacKay ESG Core Plus Bond ETF | | |||||||||
| | | For the Year Ended April 30, 2023 | | | 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) | | | | | 0.86 | | | | | | 0.40 | | |
Net realized and unrealized gain (loss) | | | | | (1.16) | | | | | | (2.70) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | (0.30) | | | | | | (2.30) | | |
Distributions from: | | | | | | | | | | | | | |
Net investment income | | | | | (0.77) | | | | | | (0.32) | | |
Net realized gain | | | | | — | | | | | | (0.03) | | |
Total distributions from net investment income and realized gains | | | | | (0.77) | | | | | | (0.35) | | |
Net asset value, end of period | | | | $ | 21.28 | | | | | $ | 22.35 | | |
Market price, end of period | | | | $ | 21.24 | | | | | $ | 22.38 | | |
Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | (1.31)% | | | | | | (9.31)% | | |
Total investment return based on market price(d) | | | | | (1.59)% | | | | | | (9.21)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 242,543 | | | | | $ | 148,625 | | |
Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.39% | | | | | | 0.39%(f) | | |
Expenses excluding waivers | | | | | 0.50% | | | | | | 0.64%(f) | | |
Net investment income | | | | | 4.06% | | | | | | 2.00%(f) | | |
Portfolio turnover rate(g) | | | | | 212% | | | | | | 333% | | |
| | | IQ MacKay Multi-Sector Income ETF | | |||
| | | For the Period July 26, 2022(a) to April 30, 2023 | | |||
Net asset value, beginning of period | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.90 | | |
Net realized and unrealized gain (loss) | | | | | (0.82) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.08 | | |
Distributions from: | | | | | | | |
Net investment income | | | | | (0.75) | | |
Net asset value, end of period | | | | $ | 24.33 | | |
Market price, end of period | | | | $ | 24.34 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c) | | | | | 0.42% | | |
Total investment return based on market price(d) | | | | | 0.45%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 24,332 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.40%(f) | | |
Expenses excluding waivers | | | | | 0.74%(f) | | |
Net investment income | | | | | 4.86%(f) | | |
Portfolio turnover rate(g) | | | | | 131% | | |
| | | IQ MacKay ESG High Income ETF | | |||
| | | For the Period October 25, 2022(a) to April 30, 2023 | | |||
Net asset value, beginning of period | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.99 | | |
Net realized and unrealized gain (loss) | | | | | 0.77 | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 1.76 | | |
Distributions from: | | | | | | | |
Net investment income | | | | | (0.78) | | |
Net asset value, end of period | | | | $ | 25.98 | | |
Market price, end of period | | | | $ | 26.03 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c) | | | | | 7.12% | | |
Total investment return based on market price(d) | | | | | 7.29%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 25,985 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.40%(f) | | |
Expenses excluding waivers | | | | | 0.81%(f) | | |
Net investment income | | | | | 7.48%(f) | | |
Portfolio turnover rate(g) | | | | | 30% | | |
| | | IQ MacKay Municipal Insured ETF | | |||||||||||||||||||||||||||
| | | For the Year Ended April 30, | | |||||||||||||||||||||||||||
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 24.66 | | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | | | 0.74 | | | | | | 0.36 | | | | | | 0.38 | | | | | | 0.53 | | | | | | 0.72 | | |
Net realized and unrealized gain (loss) | | | | | (0.32) | | | | | | (2.71) | | | | | | 1.76 | | | | | | 0.50(b) | | | | | | 0.90 | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.42 | | | | | | (2.35) | | | | | | 2.14 | | | | | | 1.03 | | | | | | 1.62 | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.79) | | | | | | (0.49) | | | | | | (0.52) | | | | | | (0.64) | | | | | | (0.68) | | |
Net realized gain | | | | | — | | | | | | (0.01) | | | | | | — | | | | | | (0.11) | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.79) | | | | | | (0.50) | | | | | | (0.52) | | | | | | (0.75) | | | | | | (0.68) | | |
Net asset value, end of year | | | | $ | 24.29 | | | | | $ | 24.66 | | | | | $ | 27.51 | | | | | $ | 25.89 | | | | | $ | 25.61 | | |
Market price, end of year | | | | $ | 24.33 | | | | | $ | 24.65 | | | | | $ | 27.54 | | | | | $ | 26.00 | | | | | $ | 25.64 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | 1.74% | | | | | | (8.70)% | | | | | | 8.32% | | | | | | 4.05% | | | | | | 6.72% | | |
Total investment return based on market price(d) | | | | | 2.00% | | | | | | (8.85)% | | | | | | 7.97% | | | | | | 4.36% | | | | | | 6.02% | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000’s omitted) | | | | $ | 363,076 | | | | | $ | 365,028 | | | | | $ | 444,327 | | | | | $ | 88,035 | | | | | $ | 43,539 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Expenses excluding waivers | | | | | 0.50% | | | | | | 0.49% | | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.77% | | |
Net investment income | | | | | 3.08% | | | | | | 1.31% | | | | | | 1.40% | | | | | | 2.01% | | | | | | 2.89% | | |
Portfolio turnover rate(e) | | | | | 136% | | | | | | 80% | | | | | | 36% | | | | | | 71% | | | | | | 56% | | |
| | | IQ MacKay Municipal Intermediate ETF | | |||||||||||||||||||||||||||
| | | For the Year Ended April 30, | | |||||||||||||||||||||||||||
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 24.47 | | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | | | 0.63 | | | | | | 0.28 | | | | | | 0.47 | | | | | | 0.53 | | | | | | 0.69 | | |
Net realized and unrealized gain (loss) | | | | | 0.00(b)(f) | | | | | | (2.16) | | | | | | 1.73 | | | | | | 0.16(b) | | | | | | 0.91 | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.63 | | | | | | (1.88) | | | | | | 2.20 | | | | | | 0.69 | | | | | | 1.60 | | |
Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.65) | | | | | | (0.39) | | | | | | (0.58) | | | | | | (0.67) | | | | | | (0.66) | | |
Net realized gain | | | | | — | | | | | | (0.08) | | | | | | (0.02) | | | | | | (0.41) | | | | | | — | | |
Total distributions from net investment income and realized gains | | | | | (0.65) | | | | | | (0.47) | | | | | | (0.60) | | | | | | (1.08) | | | | | | (0.66) | | |
Net asset value, end of year | | | | $ | 24.45 | | | | | $ | 24.47 | | | | | $ | 26.82 | | | | | $ | 25.22 | | | | | $ | 25.61 | | |
Market price, end of year | | | | $ | 24.49 | | | | | $ | 24.47 | | | | | $ | 26.84 | | | | | $ | 25.22 | | | | | $ | 25.66 | | |
Total Return | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | 2.66% | | | | | | (7.13)% | | | | | | 8.80% | | | | | | 2.65% | | | | | | 6.59% | | |
Total investment return based on market price(d) | | | | | 2.80% | | | | | | (7.19)% | | | | | | 8.90% | | | | | | 2.44% | | | | | | 6.62% | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000’s omitted) | | | | $ | 414,502 | | | | | $ | 229,984 | | | | | $ | 124,700 | | | | | $ | 51,708 | | | | | $ | 43,541 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | | | | | 0.30% | | |
Expenses excluding waivers | | | | | 0.50% | | | | | | 0.51% | | | | | | 0.57% | | | | | | 0.62% | | | | | | 0.71% | | |
Net investment income | | | | | 2.59% | | | | | | 1.05% | | | | | | 1.78% | | | | | | 2.02% | | | | | | 2.76% | | |
Portfolio turnover rate(e) | | | | | 64% | | | | | | 74% | | | | | | 43% | | | | | | 77% | | | | | | 72% | | |
| | | IQ MacKay California Municipal Intermediate ETF | | |||||||||
| | | For the Year Ended April 30, 2023 | | | 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) | | | | | 0.62 | | | | | | 0.13 | | |
Net realized and unrealized gain (loss) | | | | | (0.12) | | | | | | (3.18) | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 0.50 | | | | | | (3.05) | | |
Distributions from: | | | | | | | | | | | | | |
Net investment income | | | | | (0.65) | | | | | | (0.17) | | |
Net asset value, end of period | | | | $ | 21.63 | | | | | $ | 21.78 | | |
Market price, end of period | | | | $ | 21.65 | | | | | $ | 21.80 | | |
Total Return | | | | | | | | | | | | | |
Total investment return based on net asset value(c) | | | | | 2.28% | | | | | | (12.25)% | | |
Total investment return based on market price(d) | | | | | 2.33% | | | | | | (12.17)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 50,823 | | | | | $ | 43,566 | | |
Ratio to average net assets of: | | | | | | | | | | | | | |
Expenses net of waivers | | | | | 0.35% | | | | | | 0.35%(f) | | |
Expenses excluding waivers | | | | | 0.69% | | | | | | 0.73%(f) | | |
Net investment income | | | | | 2.86% | | | | | | 1.54%(f) | | |
Portfolio turnover rate(g) | | | | | 98% | | | | | | 86% | | |
| | | IQ Winslow Large Cap Growth ETF | | |||
| | | For the Period June 23, 2022(a) to April 30, 2023 | | |||
Net asset value, beginning of period | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.02 | | |
Net realized and unrealized gain (loss) | | | | | 3.69 | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 3.71 | | |
Distributions from: | | | | | | | |
Net investment income | | | | | (0.01) | | |
Net asset value, end of period | | | | $ | 28.70 | | |
Market price, end of period | | | | $ | 28.70 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c) | | | | | 14.89% | | |
Total investment return based on market price(d) | | | | | 14.85%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 18,652 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers | | | | | 0.60%(f) | | |
Expenses excluding waivers | | | | | 1.32%(f) | | |
Net investment income | | | | | 0.09%(f) | | |
Portfolio turnover rate(g) | | | | | 77% | | |
| | | IQ Winslow Focused Large Cap Growth ETF | | |||
| | | For the Period June 23, 2022(a) to April 30, 2023 | | |||
Net asset value, beginning of period | | | | $ | 24.93 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b) | | | | | 0.02 | | |
Net realized and unrealized gain (loss) | | | | | 4.50 | | |
Net increase (decrease) in net assets resulting from investment operations | | | | | 4.52 | | |
Distributions from: | | | | | | | |
Net investment income | | | | | (0.01) | | |
Net asset value, end of period | | | | $ | 29.44 | | |
Market price, end of period | | | | $ | 29.43 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c) | | | | | 18.12% | | |
Total investment return based on market price(d) | | | | | 18.11%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted) | | | | $ | 6,182 | | |
Ratio to average net assets of: | | | | | ��� | | |
Expenses net of waivers | | | | | 0.65%(f) | | |
Expenses excluding waivers | | | | | 1.98%(f) | | |
Net investment income | | | | | 0.09%(f) | | |
Portfolio turnover rate(g) | | | | | 29% | | |
Funds | | | Diversification Policy | | | Commencement of Operations Date | |
IQ Ultra Short Duration ETF | | | Diversified | | | July 31, 2019 | |
IQ MacKay ESG Core Plus Bond ETF | | | Diversified | | | June 29, 2021 | |
IQ MacKay Multi-Sector Income ETF | | | Diversified | | | July 26, 2022 | |
IQ MacKay ESG High Income ETF | | | Diversified | | | October 25, 2022 | |
IQ MacKay Municipal Insured ETF | | | Diversified | | | October 18, 2017 | |
IQ MacKay Municipal Intermediate ETF | | | Diversified | | | October 18, 2017 | |
IQ MacKay California Municipal Intermediate ETF | | | Diversified | | | December 21, 2021 | |
IQ Winslow Large Cap Growth ETF | | | Non-diversified | | | June 23, 2022 | |
IQ Winslow Focused Large Cap Growth ETF | | | Non-diversified | | | June 23, 2022 | |
| Funds | | | Investment Objective | |
| IQ Ultra Short Duration ETF | | | Seeks to provide current income while maintaining limited price volatility. | |
| IQ MacKay ESG Core Plus Bond ETF | | | Seeks total returns, 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 MacKay ESG High Income ETF | | | Seeks to maximize current income while incorporating the subadvisor’s ESG investment strategy. | |
| IQ MacKay Municipal Insured ETF | | | Seeks current income exempt from federal income taxes. | |
| IQ MacKay Municipal Intermediate ETF | | | Seeks current income exempt from federal income taxes. | |
| IQ MacKay California Municipal Intermediate ETF | | | Seeks current income exempt from federal and California income taxes. | |
| IQ Winslow Large Cap Growth ETF | | | Seeks long-term growth of capital. | |
| IQ Winslow Focused 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 | | | | $ | 372,750 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 372,750 | | |
IQ Winslow Large Cap Growth ETF | | | | | — | | | | | | — | | | | | | 29,201 | | | | | | 511,118 | | | | | | 540,319 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | — | | | | | | — | | | | | | 9,986 | | | | | | 174,792 | | | | | | 184,778 | | |
Funds | | | Rate | | |||
IQ Ultra Short Duration ETF | | | | | 0.24% | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 0.39% | | |
IQ MacKay Multi-Sector Income ETF | | | | | 0.40% | | |
IQ MacKay ESG High Income ETF | | | | | 0.40% | | |
IQ MacKay Municipal Insured ETF | | | | | 0.40% | | |
IQ MacKay Municipal Intermediate ETF | | | | | 0.40% | | |
IQ MacKay California Municipal Intermediate ETF | | | | | 0.45% | | |
IQ Winslow Large Cap Growth ETF* | | | | | 0.75% | | |
IQ Winslow Focused Large Cap Growth ETF* | | | | | 0.75% | | |
Funds | | | Rate | | |||
IQ Ultra Short Duration ETF | | | | | 0.24% | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 0.39% | | |
IQ MacKay Multi-Sector Income ETF | | | | | 0.40% | | |
IQ MacKay ESG High Income ETF | | | | | 0.40% | | |
IQ MacKay Municipal Insured ETF | | | | | 0.30% | | |
IQ MacKay Municipal Intermediate ETF | | | | | 0.30% | | |
IQ MacKay California Municipal Intermediate ETF | | | | | 0.35% | | |
IQ Winslow Large Cap Growth ETF | | | | | 0.60% | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 0.65% | | |
Funds | | | Reimbursed Expenses | | |||
IQ Ultra Short Duration ETF | | | | $ | 186,765 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 232,640 | | |
IQ MacKay Multi-Sector Income ETF | | | | | 66,794 | | |
IQ MacKay ESG High Income ETF | | | | | 63,624 | | |
IQ MacKay Municipal Insured ETF | | | | | 678,322 | | |
IQ MacKay Municipal Intermediate ETF | | | | | 642,679 | | |
IQ MacKay California Municipal Intermediate ETF | | | | | 157,172 | | |
IQ Winslow Large Cap Growth ETF | | | | | 79,778 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 67,443 | | |
Fund | | | Cost | | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | ||||||||||||
IQ Ultra Short Duration ETF | | | | $ | 55,173,204 | | | | | $ | 508,527 | | | | | $ | (1,303,729) | | | | | | (795,202) | | |
IQ Mackay ESG Core Plus Bond ETF | | | | | 243,614,400 | | | | | | 3,649,249 | | | | | | (6,962,617) | | | | | | (3,313,368) | | |
IQ Mackay Multi-Sector Income ETF | | | | | 24,442,815 | | | | | | 308,909 | | | | | | (613,782) | | | | | | (304,873) | | |
IQ Mackay ESG High Income ETF | | | | | 25,090,247 | | | | | | 803,265 | | | | | | (99,843) | | | | | | 703,422 | | |
IQ Mackay Municipal Insured ETF | | | | | 355,441,260 | | | | | | 6,608,070 | | | | | | (2,672,228) | | | | | | 3,935,842 | | |
IQ Mackay Municipal Intermediate ETF | | | | | 411,734,834 | | | | | | 5,325,106 | | | | | | (7,189,524) | | | | | | (1,864,418) | | |
IQ Mackay California Municipal Intermediate ETF | | | | | 49,838,007 | | | | | | 871,888 | | | | | | (397,636) | | | | | | 474,252 | | |
IQ Winslow Large Cap Growth ETF | | | | | 16,846,486 | | | | | | 2,102,449 | | | | | | (139,009) | | | | | | 1,963,440 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 5,444,054 | | | | | | 830,091 | | | | | | (52,369) | | | | | | 777,722 | | |
Fund | | | Ordinary Income (Loss)1 | | | Tax-Exempt Income (Loss) | | | Net Capital Gain (Losses)2 | | | Net Unrealized Appreciation/ Depreciation | | | Total Earnings/ (Losses) | | |||||||||||||||
IQ Ultra Short Duration ETF | | | | $ | 196,584 | | | | | $ | — | | | | | $ | (4,304,177) | | | | | $ | (795,202) | | | | | $ | (4,902,795) | | |
IQ Mackay ESG Core Plus Bond ETF | | | | | 1,017,386 | | | | | | — | | | | | | (8,792,281) | | | | | | (3,313,368) | | | | | | (11,088,263) | | |
IQ Mackay Multi-Sector Income ETF | | | | | 103,162 | | | | | | — | | | | | | (528,800) | | | | | | (304,870) | | | | | | (730,508) | | |
IQ Mackay ESG High Income ETF | | | | | 218,968 | | | | | | — | | | | | | — | | | | | | 703,422 | | | | | | 922,390 | | |
IQ Mackay Municipal Insured ETF | | | | | 33,718 | | | | | | 1,099,878 | | | | | | (54,861,935) | | | | | | 3,935,842 | | | | | | (49,792,497) | | |
IQ Mackay Municipal Intermediate ETF | | | | | 35,602 | | | | | | 1,130,458 | | | | | | (18,428,028) | | | | | | (1,864,418) | | | | | | (19,126,386) | | |
IQ Mackay California Municipal Intermediate ETF | | | | | 3,170 | | | | | | 142,104 | | | | | | (7,269,306) | | | | | | 474,252 | | | | | | (6,649,780) | | |
IQ Winslow Large Cap Growth ETF | | | | | 2,763 | | | | | | — | | | | | | (506,676) | | | | | | 1,963,440 | | | | | | 1,459,527 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 1,322 | | | | | | — | | | | | | (2,700) | | | | | | 777,722 | | | | | | 776,344 | | |
Fund | | | Total distributable earnings/ (accumulated loss) | | | Paid-in capital | | ||||||
IQ Ultra Short Duration ETF | | | | $ | — | | | | | $ | — | | |
IQ Mackay ESG Core Plus Bond ETF | | | | | — | | | | | | — | | |
IQ Mackay Multi-Sector Income ETF | | | | | — | | | | | | — | | |
IQ Mackay ESG High Income ETF | | | | | — | | | | | | — | | |
IQ Mackay Municipal Insured ETF | | | | | — | | | | | | — | | |
IQ Mackay Municipal Intermediate ETF | | | | | — | | | | | | — | | |
IQ Mackay California Municipal Intermediate ETF | | | | | — | | | | | | — | | |
IQ Winslow Large Cap Growth ETF | | | | | (299,763) | | | | | | 299,763 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | (123,194) | | | | | | 123,194 | | |
| | | 2023 | | | 2022 | | ||||||||||||||||||||||||||||||||||||||||||
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 Ultra Short Duration ETF | | | | $ | 2,553,326 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,460,110 | | | | | $ | — | | | | | $ | 1,277,966 | | | | | $ | — | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 7,861,346 | | | | | | — | | | | | | — | | | | | | — | | | | | | 485,043 | | | | | | — | | | | | | — | | | | | | — | | |
IQ MacKay Multi-Sector Income ETF | | | | | 749,470 | | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay ESG High Income ETF | | | | | 776,850 | | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ MacKay Municipal Insured ETF | | | | | 38,417 | | | | | | 11,495,066 | | | | | | — | | | | | | — | | | | | | 6,571 | | | | | | 8,358,177 | | | | | | 172,005 | | | | | | — | | |
IQ MacKay Municipal Intermediate ETF | | | | | 15,354 | | | | | | 8,908,072 | | | | | | — | | | | | | — | | | | | | 437,277 | | | | | | 3,268,012 | | | | | | 412,930 | | | | | | — | | |
IQ MacKay California Municipal Intermediate ETF | | | | | 8,565 | | | | | | 1,388,865 | | | | | | — | | | | | | — | | | | | | — | | | | | | 340,640 | | | | | | — | | | | | | — | | |
IQ Winslow Large Cap Growth ETF | | | | | 6,429 | | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 3,182 | | | | | | — | | | | | | — | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Fund | | | Utilized in Current Year | | | Short-Term With No Expiration | | | Long-Term With No Expiration | | |||||||||
IQ Ultra Short Duration ETF | | | | $ | — | | | | | $ | 498,067 | | | | | $ | 3,806,110 | | |
IQ Mackay ESG Core Plus Bond ETF | | | | | — | | | | | | 6,684,514 | | | | | | 2,107,767 | | |
IQ Mackay Multi-Sector Income ETF | | | | | — | | | | | | 434,119 | | | | | | 94,681 | | |
IQ Mackay ESG High Income ETF | | | | | — | | | | | | — | | | | | | — | | |
IQ Mackay Municipal Insured ETF | | | | | — | | | | | | 27,126,806 | | | | | | 27,735,129 | | |
IQ Mackay Municipal Intermediate ETF | | | | | — | | | | | | 9,976,967 | | | | | | 8,451,061 | | |
IQ Mackay California Municipal Intermediate ETF | | | | | — | | | | | | 7,269,100 | | | | | | 206 | | |
IQ Winslow Large Cap Growth ETF | | | | | — | | | | | | 506,676 | | | | | | — | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | — | | | | | | 2,700 | | | | | | — | | |
Fund | | | % of Ownership | | |||
IQ MacKay California Municipal Intermediate ETF | | | | | 42.6% | | |
Fund | | | % of Ownership | | |||
IQ MacKay ESG Core Plus Bond ETF | | | | | 97.1% | | |
IQ MacKay Multi-Sector Income ETF | | | | | 99.0% | | |
IQ MacKay ESG High Income ETF | | | | | 99.0% | | |
IQ MacKay California Municipal Intermediate ETF | | | | | 41.7% | | |
IQ Winslow Large Cap Growth ETF | | | | | 98.1% | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 95.2% | | |
Fund | | | Purchases | | | Sales | | | Purchases In-Kind | | | Sales In-Kind | | ||||||||||||
IQ Ultra Short Duration ETF | | | | $ | 261,252,092 | | | | | $ | 320,210,698 | | | | | $ | — | | | | | $ | — | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | 540,386,703 | | | | | | 443,199,943 | | | | | | — | | | | | | — | | |
IQ MacKay Multi-Sector Income ETF | | | | | 52,131,536 | | | | | | 27,944,758 | | | | | | — | | | | | | — | | |
IQ MacKay ESG High Income ETF | | | | | 31,616,052 | | | | | | 7,325,240 | | | | | | — | | | | | | — | | |
IQ MacKay Municipal Insured ETF | | | | | 478,225,140 | | | | | | 463,847,494 | | | | | | — | | | | | | — | | |
IQ MacKay Municipal Intermediate ETF | | | | | 387,700,570 | | | | | | 202,128,586 | | | | | | — | | | | | | — | | |
IQ MacKay California Municipal Intermediate ETF | | | | | 52,436,535 | | | | | | 43,682,626 | | | | | | — | | | | | | — | | |
IQ Winslow Large Cap Growth ETF | | | | | 9,497,389 | | | | | | 9,405,641 | | | | | | 21,402,929 | | | | | | 4,674,498 | | |
IQ Winslow Focused Large Cap Growth ETF | | | | | 1,687,905 | | | | | | 1,632,624 | | | | | | 7,530,211 | | | | | | 2,303,803 | | |
| | | Interest Risk | | |||
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | 1,425 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | 1,105,207 | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Unrealized appreciation on futures contracts1 | | | | $ | 139,509 | | |
| | | Interest Risk | | |||
IQ Ultra Short Duration ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | 364,229 | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | 9,022 | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Unrealized depreciation on futures contracts1 | | | | $ | — | | |
| | | Interest Risk | | |||
IQ Ultra Short Duration ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts | | | | $ | 2,837,109 | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts | | | | $ | (1,324,401) | | |
IQ MacKay ESG Core Plus Bond ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts | | | | $ | (2,358,343) | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts | | | | $ | 1,362,184 | | |
IQ MacKay Multi-Sector Income ETF | | | | | | | |
Realized gain (loss) | | | | | | | |
Futures contracts | | | | $ | (297,311) | | |
Changes in Unrealized appreciation (depreciation) | | | | | | | |
Futures contracts | | | | $ | 139,509 | | |
| | | Average Notional Value | | |||||||||||||||
| | | IQ Ultra Short Duration ETF | | | IQ MacKay ESG Core Plus Bond ETF | | | IQ MacKay Multi-Sector Income ETF | | |||||||||
Asset Derivatives | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | $ | 260,919 | | | | | $ | 22,880,692 | | | | | $ | 2,892,040 | | |
Liability Derivatives | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | $ | (41,207,365) | | | | | $ | (340,664) | | | | | $ | — | | |
| | IQ Ultra Short Duration ETF(1) | | | | IQ MacKay Municipal Intermediate ETF(1) | | |
| | IQ MacKay ESG Core Plus Bond ETF(2) | | | | IQ MacKay California Municipal Intermediate ETF(5) | | |
| | IQ Mackay Multi-Sector Income ETF(3) | | | | IQ Winslow Large Cap Growth ETF(6) | | |
| | IQ Mackay ESG High Income ETF(4) | | | | IQ Winslow Focused Large Cap Growth ETF(6) | | |
| | IQ MacKay Municipal Insured ETF(1) | | | | | | |
| | (1) Statement of operations for the year ended April 30, 2023 and statement of changes in net assets for the years ended April 30, 2023 and 2022 | | | ||||
| | (2) Statement of operations for the year ended April 30, 2023, and statement of changes in net assets for the year ended April 30, 2023 and the period June 29, 2021 (commencement of operations) through April 30, 2022 | | | ||||
| | (3) Statement of operations and statement of changes in net assets for the period July 26, 2022 (commencement of operations) through April 30, 2023 | | | ||||
| | (4) Statement of operations and statement of changes in net assets for the period October 25, 2022 (commencement of operations) through April 30, 2023 | | | ||||
| | (5) Statement of operations for the year ended April 30, 2023, and statement of changes in net assets for the year ended April 30, 2023 and the period December 21, 2021 (commencement of operations) through April 30, 2022 | | | ||||
| | (6) Statement of operations and statement of changes in net assets for the period June 23, 2022 (commencement of operations) through April 30, 2023 | | |
June 22, 2023
| IQ MacKay Municipal Insured ETF | | | | | 99.42% | | |
| IQ MacKay Municipal Intermediate ETF | | | | | 99.48% | | |
| IQ MacKay California Municipal Intermediate ETF | | | | | 99.43% | | |
| IQ Ultra Short Duration ETF | | | | | 77.95% | | |
| IQ Mackay ESG High Income ETF | | | | | 87.21% | | |
| IQ Winslow Large Cap Growth ETF | | | | | 100.00% | | |
| IQ Winslow Focused Large Cap Growth ETF | | | | | 100.00% | | |
| IQ Winslow Large Cap Growth ETF | | | | | 100.00% | | |
| IQ Winslow Focused Large Cap Growth ETF | | | | | 100.00% | | |
| Name and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Trustee(3) | | | Other Directorships Held by Trustee During Past 5 Years | |
| Lofton Holder, 1964 | | | Trustee | | | Since June 2022 | | | Retired; formerly, Managing Partner and Co-Founder, Pine Street Alternative Asset Management, (2011 – 2019). | | | 29 | | | Board Member, Golub Capital BDC, Inc., Golub Capital BDC 3, Inc., and Golub Capital Direct Lending Corporation (each, a business development company) (2021 – present); Board Member, Manning & Napier (investment manager) (2021 – present). | |
| Michael A. Pignataro, 1959 | | | Trustee | | | Since April 2015 | | | Retired; formerly, Director, Credit Suisse Asset Management (2001 to 2012); and Chief Financial Officer, Credit Suisse Funds (1996 to 2013). | | | 29 | | | The New Ireland Fund, Inc. (closed-end fund) (2015 to 2023). | |
| Paul D. Schaeffer, 1951 | | | Trustee Chair of the Board | | | Since April 2015 Since March 2023 | | | President, ASP (dba Aspiring Solution Partners) (financial services consulting) (2013 to present); Consultant and Executive Advisor, Aquiline Capital Partners LLC (private equity investment) (2014 to present). | | | 29 | | | Management Board Member, RIA in a Box LLC (financial services consulting) (2018 to 2021); Context Capital Funds (mutual fund trust) (2 Portfolios) (2014 to 2018); Management Board Member, Altegris Investments, LLC (registered broker-dealer) (2016 to 2018); Management Board Member, AssetMark Inc. (financial services consulting) (2016 to 2017); PopTech! (conference operator) (2012 to 2016); Board Member, Pathways Core Training (nonprofit) (2019 to present); Board | |
| Name and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Trustee(3) | | | Other Directorships Held by Trustee During Past 5 Years | |
| | | | | | | | | | | | | | | | Member, Center for Collaborative Investigative Journalism (non-profit) (2020 – present). | |
| Michelle A. Shell, 1975 | | | Trustee | | | Since June 2022 | | | Visiting Scholar, Harvard Business School (2020 to present); Visiting Assistant Professor of Operations Management, Boston University Questrom School of Business (2020 to present); Business researcher and consultant, self-employed (2013 – 2020). | | | 29 | | | U.S. Charitable Gift Trust (public charity offering donor-advised funds and trust products) (2017 – present); Pathstone (investment advisory firm offering comprehensive family office services) (2022 – present). | |
| Name and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Trustee(3) | | | Other Directorships Held by Trustee During Past 5 Years | |
| Kirk C. Lehneis, 1974(4) | | | President | | | Since January 2018 | | | Chief Operating Officer and Senior Managing Director, New York Life Investment Management LLC (since 2016); Chief Executive Officer, IndexIQ Advisors LLC (since 2018); Chairman of the Board, NYLIM Service Company LLC (since September 2017); President, MainStay DefinedTerm Municipal Opportunities Fund, MainStay Funds, MainStay Funds Trust, and MainStay VP Funds Trust (since September 2017); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021). | | | 29 | | | None. | |
| Names and Year of Birth(1) | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served(2) | | | Principal Occupation(s) During Past 5 Years | |
| Jack R. Benintende, 1964 | | | Vice President | | | Since March 2023 | | | Chief Operating Officer, IndexIQ Advisors LLC (since February 2023), Treasurer and Principal Financial and Accounting Officer, MainStay Funds (since 2007) and MainStay Funds Trust (since 2009). | |
| Adefolahan Oyefeso, 1974 | | | Treasurer, Principal Financial Officer and Principal Accounting Officer | | | Since April 2018 | | | Vice President of Operations & Finance, IndexIQ Advisors (2015 to present); Director of the Fund Administration Client Service Department at The Bank of New York Mellon (2007 to 2015). | |
| Matthew V. Curtin, 1982 | | | Secretary and Chief Legal Officer | | | Since June 2015 | | | Chief Legal Officer, IndexIQ Advisors LLC (since 2015), Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust (June 2015 to January 2017); Associate General Counsel, New York Life Insurance Company (since 2015). | |
| Kevin M. Gleason, 1966 | | | Chief Compliance Officer | | | Since June 2022 | | | Chief Compliance Officer, IndexIQ ETF Trust and IndexIQ Active ETF Trust, The MainStay Funds, MainStay Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay VP Funds Trust (since 2022); Senior Vice President, Voya Investment Management, LLC and Chief Compliance Officer, Voya Family of Funds (2012 to 2022). | |
Q MacKay ESG Core Plus Bond ETF (ESGB)
IQ MacKay Multi-Sector Income ETF (MMSB)
IQ MacKay ESG High Income ETF (IQHI)
IQ MacKay Municipal Insured ETF (MMIN)
Q MacKay Municipal Intermediate ETF (MMIT)
IQ MacKay California Municipal Intermediate ETF (MMCA)
IQ Winslow Large Cap Growth ETF (IWLG)
IQ Winslow Focused Large Cap Growth ETF (IWFG)
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
The Report to Shareholders is attached herewith.
(b) | Not applicable |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has one audit committee financial expert serving on its Audit Committee, an “independent” Trustee, Michael Pignataro. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $167,592 for 2023 and $93,200 for 2022. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2023 and $0 for 2022. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2023 and $0 for 2022. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2023 and $0 for 2022. |
(e)(1) | Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant. |
(e)(2) | With respect to the services described in each of Items 4(b) through (d), no amount was approved by the audit committee pursuant to paragraph (c)(7)(A) of Rule 2-01 of Regulation S-X. |
(f) | The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the principal accountant for services rendered to the registrant’s investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were (i) approximately $13,219,000 for the fiscal year ended April 30, 2023, and (ii) $12,492,273 for the fiscal year ended April 30, 2022. |
(h) | The registrant’s Audit Committee has determined that the non-audit services rendered by the principal accountant for the fiscal year ended April 30, 2023 to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of the principal accountant during the relevant time period. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
(a) | The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the members of such committee are Michael Pignataro Michelle Shell, Lofton Holder and Paul Schaeffer. |
(b) | Not applicable. |
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of ethics that is the subject of disclosure required by Item 2 is attached hereto. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of v 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 | June 30, 2023 |
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 | June 30, 2023 |
By (Signature and Title) | /s/ Adefolahan O. Oyefeso | |
Adefolahan O. Oyefeso | ||
(Principal Financial Officer) |
Date | June 30, 2023 |