Top 10 Fixed-Income Holdings
Portfolio %
1) Melissa Independent School District Series 2024-2 4.25%, 02/01/53
2.15 %
2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54
1.99 %
3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53
1.94 %
4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.93 %
5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54
1.90 %
6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54
1.86 %
7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55
1.86 %
8) Worthington City School District Series 2025-2 5.50%, 12/01/54
1.84 %
9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55
1.84 %
10) County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50%, 10/01/55
1.83 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
13.30 %
Airport
10.25 %
Revenue – Miscellaneous
7.66 %
Toll Roads/Transit
5.46 %
Prepay Energy
4.70 %
Industrial Development – Airline
4.09 %
Primary/Secondary Ed. – Public
3.50 %
Higher Education – Private
3.47 %
Port
2.60 %
Industrial Development – Industry
2.14 %
Higher Education – Public
1.76 %
Electric Utility
1.46 %
Senior Living
1.33 %
Water & Sewer
0.80 %
Tobacco Securitization
0.30 %
Primary/Secondary Ed. – Private
0.17 %
SUBTOTAL
62.99 %
Tax Supported
Local G.O.
11.30 %
State G.O.
6.37 %
Special Tax
3.52 %
Local Lease
1.48 %
Assessment District
0.18 %
SUBTOTAL
22.85 %
Guaranteed
11.78 %
Asset-Backed
Housing – Multi-Family
1.32 %
SUBTOTAL
1.32 %
Cash & Cash Equivalents
Funds and Investment Trusts
0.68 %
SUBTOTAL
0.68 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS
0.36 %
SUBTOTAL
0.36 %
Prerefunded/ETM
0.02 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
14.43 %
California
8.72 %
Florida
8.50 %
Illinois
8.11 %
New York
6.89 %
Wisconsin
6.13 %
Massachusetts
5.81 %
Georgia
4.56 %
Ohio
4.17 %
Pennsylvania
2.99 %
South Carolina
2.97 %
New Hampshire
2.68 %
District of Columbia
2.59 %
Oklahoma
2.33 %
Arizona
2.04 %
Louisiana
1.94 %
Michigan
1.89 %
Hawaii
1.86 %
Colorado
1.72 %
Minnesota
1.30 %
Alabama
0.96 %
Nebraska
0.92 %
Indiana
0.85 %
North Carolina
0.75 %
Washington
0.68 %
Virginia
0.58 %
Tennessee
0.50 %
Alaska
0.49 %
Maryland
0.37 %
New Jersey
0.35 %
North Dakota
0.35 %
Arkansas
0.34 %
Oregon
0.23 %
Connecticut
0.19 %
South Dakota
0.13 %
Other
0.68 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
12.35 %
AA
38.89 %
A
19.87 %
BBB
16.51 %
BB
7.41 %
B
0.53 %
Not Rated
3.74 %
Pre-refunded Bonds
0.02 %
Short Term Investments
0.68 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
0.83 %
1 to 5 Years
0.13 %
5 to 10 Years
2.40 %
10 to 20 Years
11.92 %
20 to 30 Years
65.28 %
More than 30 Years
19.44 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
20.88 %
Average Coupon:
5.05 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.84 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
22.80 %
VMTP Shares:
0.00 %
VRDP Shares:
17.23 %
Total Fund Leverage:
40.87%*
Average Maturity:
13.17 Years
Effective Duration:
11.48 Years
Total Net Assets:
$350.77 Million**
Common Stock Net Asset Value:
$12.20
Total Number of Holdings:
171
Portfolio Turnover:
32.00 %