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
2.00 %
3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53
1.96 %
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54
1.93 %
5) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.92 %
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
1.86 %
9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55
1.85 %
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
13.42 %
Airport
10.28 %
Revenue – Miscellaneous
7.20 %
Toll Roads/Transit
5.51 %
Prepay Energy
4.70 %
Industrial Development – Airline
4.14 %
Primary/Secondary Ed. – Public
3.56 %
Higher Education – Private
3.49 %
Port
2.61 %
Industrial Development – Industry
2.18 %
Higher Education – Public
1.78 %
Electric Utility
1.47 %
Senior Living
1.34 %
Water & Sewer
0.80 %
Tobacco Securitization
0.30 %
Primary/Secondary Ed. – Private
0.18 %
SUBTOTAL
62.96 %
Tax Supported
Local G.O.
11.03 %
State G.O.
6.42 %
Special Tax
3.69 %
Local Lease
1.49 %
Assessment District
0.18 %
SUBTOTAL
22.81 %
Guaranteed
11.83 %
Asset-Backed
Housing – Multi-Family
0.86 %
SUBTOTAL
0.86 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS
0.49 %
Non-Agency Floating Rate CMBS
0.35 %
SUBTOTAL
0.84 %
Prerefunded/ETM
0.36 %
Cash & Cash Equivalents
Funds and Investment Trusts
0.34 %
SUBTOTAL
0.34 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
14.45 %
California
8.95 %
Florida
8.58 %
Illinois
8.14 %
New York
6.97 %
Massachusetts
5.85 %
Wisconsin
5.50 %
Georgia
4.59 %
Ohio
4.20 %
Pennsylvania
3.02 %
South Carolina
2.98 %
District of Columbia
2.60 %
New Hampshire
2.55 %
Oklahoma
2.35 %
Arizona
2.04 %
Louisiana
1.96 %
Michigan
1.91 %
Hawaii
1.86 %
Colorado
1.74 %
Minnesota
1.31 %
Alabama
0.97 %
Nebraska
0.93 %
Indiana
0.86 %
North Carolina
0.76 %
Virginia
0.76 %
Washington
0.69 %
Tennessee
0.51 %
Alaska
0.49 %
Maryland
0.37 %
North Dakota
0.36 %
Arkansas
0.35 %
New Jersey
0.35 %
Oregon
0.24 %
Connecticut
0.20 %
South Dakota
0.14 %
Other
0.47 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
12.40 %
AA
38.51 %
A
19.95 %
BBB
16.55 %
BB
7.13 %
B
0.53 %
Not Rated
4.23 %
Pre-refunded Bonds
0.36 %
Short Term Investments
0.34 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
0.84 %
1 to 5 Years
0.13 %
5 to 10 Years
2.29 %
10 to 20 Years
12.52 %
20 to 30 Years
65.74 %
More than 30 Years
18.48 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
17.93 %
Average Coupon:
4.96 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.00 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
23.05 %
VMTP Shares:
0.00 %
VRDP Shares:
17.38 %
Total Fund Leverage:
40.43%*
Average Maturity:
13.26 Years
Effective Duration:
11.57 Years
Total Net Assets:
$349.99 Million**
Common Stock Net Asset Value:
$12.18
Total Number of Holdings:
173
Portfolio Turnover:
32.00 %