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Name | Symbol | Market | Type |
---|---|---|---|
IQ MacKay Municipal Insured ETF | AMEX:MMIN | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.33% | 24.12 | 24.16 | 24.07 | 24.11 | 18,019 | 01:00:00 |
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, 4th Floor
New York, NY 10010
(Address of principal executive offices) (Zip code)
Kirk C. Lehneis
IndexIQ Advisors LLC
51 Madison Avenue, 4th Floor
New York, NY 10010
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-888-474-7725
Date of fiscal year end: April 30
Date of reporting period: October 31, 2019
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.
The Report to Shareholders is attached herewith.
| | | | IQ MacKay Municipal Insured ETF (MMIN) | |
| | | | IQ MacKay Municipal Intermediate ETF (MMIT) | |
| | | | IQ Ultra Short Duration ETF (ULTR) | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| Schedules of Investments | | | | | | | |
| | | | | 8 | | | |
| | | | | 14 | | | |
| | | | | 19 | | | |
| | | | | 23 | | | |
| | | | | 24 | | | |
| | | | | 25 | | | |
| | | | | 26 | | | |
| | | | | 29 | | | |
| | | | | 39 | | |
| | |
Beginning
Account Value 05/01/19 |
| |
Ending
Account Value 10/31/19 |
| |
Expense
Ratios for the Period 05/01/19 to 10/31/19 |
| |
Expenses
Paid During the Period 05/01/19 to 10/31/191 |
| ||||||||||||
IQ MacKay Municipal Insured ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 1,000.00 | | | | | $ | 1,040.40 | | | | | | 0.30% | | | | | $ | 1.54 | | |
Hypothetical (assuming a 5% return before expenses)
|
| | | $ | 1,000.00 | | | | | $ | 1,023.63 | | | | | | 0.30% | | | | | $ | 1.53 | | |
IQ MacKay Municipal Intermediate ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 1,000.00 | | | | | $ | 1,039.00 | | | | | | 0.30% | | | | | $ | 1.54 | | |
Hypothetical (assuming a 5% return before expenses)
|
| | | $ | 1,000.00 | | | | | $ | 1,023.63 | | | | | | 0.30% | | | | | $ | 1.53 | | |
IQ Ultra Short Duration ETF* | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 1,000.00 | | | | | $ | 1,007.10 | | | | | | 0.24% | | | | | $ | 0.61 | | |
Hypothetical (assuming a 5% return before expenses)
|
| | | $ | 1,000.00 | | | | | $ | 1,023.93 | | | | | | 0.24% | | | | | $ | 1.22 | | |
Industry
|
| |
% of
Net Assets |
| |||
School District
|
| | | | 27.5% | | |
General Obligation
|
| | | | 21.9 | | |
Water | | | | | 9.8 | | |
General | | | | | 8.7 | | |
Transportation | | | | | 6.4 | | |
Money Market Fund
|
| | | | 5.1 | | |
Education | | | | | 4.6 | | |
Housing | | | | | 4.6 | | |
Higher Education
|
| | | | 4.2 | | |
Medical | | | | | 2.1 | | |
Mello-Roos | | | | | 2.1 | | |
Power | | | | | 2.0 | | |
Airport | | | | | 1.5 | | |
Utilities | | | | | 1.3 | | |
Student Loan
|
| | | | 0.8 | | |
Development | | | | | 0.7 | | |
Total Investments
|
| | | | 103.3 | | |
Other Assets and Liabilites, Net
|
| | | | (3.3) | | |
Net Assets
|
| | | | 100.0% | | |
Industry
|
| |
% of
Net Assets |
| |||
General Obligation
|
| | | | 22.8% | | |
General | | | | | 13.2 | | |
School District
|
| | | | 12.2 | | |
Medical | | | | | 7.2 | | |
Single Family Housing
|
| | | | 7.2 | | |
Water | | | | | 7.0 | | |
Education | | | | | 6.9 | | |
Higher Education
|
| | | | 5.4 | | |
Transportation | | | | | 5.1 | | |
Housing | | | | | 2.8 | | |
Development | | | | | 2.7 | | |
Power | | | | | 1.6 | | |
Student Loan
|
| | | | 1.3 | | |
Multifamily Housing
|
| | | | 1.1 | | |
Facilities | | | | | 1.1 | | |
Nursing Homes
|
| | | | 0.9 | | |
Mello-Roos | | | | | 0.7 | | |
Airport | | | | | 0.4 | | |
Money Market Fund
|
| | | | 0.1 | | |
Total Investments
|
| | | | 99.7 | | |
Other Assets and Liabilites, Net
|
| | | | 0.3 | | |
Net Assets
|
| | | | 100.0% | | |
Country
|
| |
% of
Net Assets |
| |||
United States
|
| | | | 67.5% | | |
Cayman Islands
|
| | | | 7.5 | | |
Canada | | | | | 5.7 | | |
Germany | | | | | 4.3 | | |
United Kingdom
|
| | | | 3.9 | | |
Japan | | | | | 3.8 | | |
Switzerland | | | | | 1.4 | | |
Netherlands | | | | | 1.3 | | |
France | | | | | 1.3 | | |
Belgium | | | | | 1.3 | | |
Supranational | | | | | 0.8 | | |
Spain | | | | | 0.7 | | |
Total Investments
|
| | | | 99.5 | | |
Other Assets and Liabilites, Net
|
| | | | 0.5 | | |
Net Assets
|
| | | | 100.0% | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds — 98.2% | | ||||||||||||
Alabama — 1.5% | | ||||||||||||
Warrior River Water Authority, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 8/1/43
|
| | | $ | 1,000,000 | | | | | $ | 1,116,370 | | |
Arizona — 2.9% | | ||||||||||||
Arizona Industrial Development Authority,
Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 6/1/34
|
| | | | 250,000 | | | | | | 277,405 | | |
4.000%, due 6/1/44
|
| | | | 200,000 | | | | | | 215,280 | | |
5.000%, due 6/1/33
|
| | | | 350,000 | | | | | | 428,715 | | |
Pima County Unified School District No 20 Vail, General Obligation Bonds Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 7/1/20
|
| | | | 1,235,000 | | | | | | 1,257,181 | | |
| | | | | | | | | | | 2,178,581 | | |
Arkansas — 0.8% | | ||||||||||||
University of Central Arkansas, Revenue Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 11/1/32
|
| | | | 200,000 | | | | | | 236,296 | | |
5.000%, due 11/1/35
|
| | | | 350,000 | | | | | | 411,145 | | |
| | | | | | | | | | | 647,441 | | |
California — 18.0% | | ||||||||||||
Abag Finance Authority For Nonprofit Corps, Special Tax Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 9/2/30
|
| | | | 750,000 | | | | | | 935,722 | | |
Alisal Union School District, General
Obligation Bonds Series B Insured: AGC |
| | | | | | | | | | | | |
1.540%, due 8/1/24(a)
|
| | | | 600,000 | | | | | | 557,916 | | |
Calexico Unified School District, General
Obligation Bonds Series B Insured: NATL |
| | | | | | | | | | | | |
2.340%, due 8/1/28(a)
|
| | | | 540,000 | | | | | | 440,575 | | |
California Municipal Finance Authority, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 5/15/43
|
| | | | 250,000 | | | | | | 301,317 | | |
City of Lincoln CA, Special Tax Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 9/1/34
|
| | | | 525,000 | | | | | | 650,785 | | |
City of Oxnard CA Water System Revenue,
Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/35
|
| | | | 600,000 | | | | | | 749,214 | | |
City of Susanville CA Natural Gas
Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/1/45
|
| | | | 875,000 | | | | | | 984,113 | | |
Clovis Unified School District, General
Obligation Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
1.910%, due 8/1/27(a)
|
| | | | 335,000 | | | | | | 289,175 | | |
Compton Unified School District, Certificates of Participation Series A Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 6/1/33
|
| | | | 500,000 | | | | | | 560,565 | | |
Dixon Unified School District, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 8/1/37
|
| | | | 570,000 | | | | | | 719,346 | | |
Hayward Unified School District, General
Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 8/1/34
|
| | | | 570,000 | | | | | | 716,439 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | ||||||||||||
Hueneme Elementary School District, General Obligation Bonds Series A Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 8/1/35
|
| | | $ | 110,000 | | | | | $ | 125,309 | | |
Kelseyville Unified School District, General
Obligation Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
2.380%, due 8/1/31(a)
|
| | | | 155,000 | | | | | | 111,093 | | |
2.580%, due 8/1/33(a)
|
| | | | 215,000 | | | | | | 139,283 | | |
Napa Valley Unified School District, General Obligation Bonds Series C Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 8/1/44
|
| | | | 1,000,000 | | | | | | 1,102,250 | | |
Oakland Unified School District, General
Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/33
|
| | | | 500,000 | | | | | | 567,295 | | |
Ontario Montclair School District, General
Obligation Bonds Series B Insured: NATL |
| | | | | | | | | | | | |
2.130%, due 8/1/29(a)
|
| | | | 390,000 | | | | | | 317,316 | | |
Palmdale Community Redevelopment Agency Successor Agency, Tax Allocation Series A Insured: NATL
|
| | | | | | | | | | | | |
5.000%, due 9/1/34
|
| | | | 570,000 | | | | | | 688,600 | | |
Paramount Unified School District, General
Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
2.370%, due 8/1/33(a)
|
| | | | 640,000 | | | | | | 442,419 | | |
Sacramento City Unified School District,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
1.890%, due 7/1/24(a)
|
| | | | 500,000 | | | | | | 457,900 | | |
Sacramento City Unified School District, General Obligation Bonds Series C-1 Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 8/1/25
|
| | | | 200,000 | | | | | | 237,184 | | |
Salinas Union High School District, General
Obligation Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
1.410%, due 10/1/23(a)
|
| | | | 225,000 | | | | | | 212,920 | | |
San Leandro Unified School District, General Obligation Bonds Series B Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 8/1/34
|
| | | | 525,000 | | | | | | 656,030 | | |
Santa Fe Springs Community Development Commission Successor Agency, Tax Allocation Series A Insured: NATL
|
| | | | | | | | | | | | |
1.450%, due 9/1/20(a)
|
| | | | 275,000 | | | | | | 271,697 | | |
South Whittier School District, General
Obligation Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 8/1/40
|
| | | | 415,000 | | | | | | 463,356 | | |
Vallejo City Unified School District, General
Obligation Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
5.900%, due 2/1/20
|
| | | | 365,000 | | | | | | 368,854 | | |
West Sacramento Financing Authority, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 10/1/40
|
| | | | 570,000 | | | | | | 636,188 | | |
| | | | | | | | | | | 13,702,861 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Colorado — 3.5% | | ||||||||||||
BNC Metropolitan District No 1, General
Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/37
|
| | | $ | 445,000 | | | | | $ | 529,145 | | |
Grand Junction Regional Airport Authority,
Revenue Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
5.000%, due 12/1/26
|
| | | | 500,000 | | | | | | 607,655 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.250%, due 12/1/37
|
| | | | 425,000 | | | | | | 526,800 | | |
Rio Blanco County School District No Re-1
Meeker, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.500%, due 12/1/35
|
| | | | 500,000 | | | | | | 647,000 | | |
Series B
|
| | | | | | | | | | | | |
5.250%, due 12/1/33
|
| | | | 150,000 | | | | | | 190,464 | | |
5.250%, due 12/1/35
|
| | | | 115,000 | | | | | | 145,228 | | |
| | | | | | | | | | | 2,646,292 | | |
Connecticut — 2.0% | | ||||||||||||
City of Derby CT, General Obligation Bonds Series A Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 8/1/34
|
| | | | 440,000 | | | | | | 507,056 | | |
City of Hartford CT, General Obligation Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 7/1/34
|
| | | | 25,000 | | | | | | 27,373 | | |
5.000%, due 7/1/24
|
| | | | 20,000 | | | | | | 23,209 | | |
5.000%, due 7/1/27
|
| | | | 60,000 | | | | | | 70,870 | | |
Series B
|
| | | | | | | | | | | | |
5.000%, due 10/1/23
|
| | | | 15,000 | | | | | | 17,085 | | |
Series C
|
| | | | | | | | | | | | |
5.000%, due 7/15/32
|
| | | | 20,000 | | | | | | 23,296 | | |
City of New Britain CT, General Obligation
Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 9/1/29
|
| | | | 250,000 | | | | | | 315,322 | | |
5.250%, due 9/1/30
|
| | | | 300,000 | | | | | | 376,074 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series V-1
|
| | | | | | | | | | | | |
0.870%, due 7/1/36(b)
|
| | | | 200,000 | | | | | | 200,000 | | |
| | | | | | | | | | | 1,560,285 | | |
Illinois — 16.3% | | ||||||||||||
Adams County School District No 172,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/1/20
|
| | | | 105,000 | | | | | | 105,587 | | |
Chicago Board of Education, General
Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/31
|
| | | | 500,000 | | | | | | 600,780 | | |
City of Chicago IL Waterworks Revenue, Revenue Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.250%, due 11/1/34
|
| | | | 225,000 | | | | | | 272,520 | | |
Cook County Community College District
No 527 Morton, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/15/32
|
| | | | 495,000 | | | | | | 557,766 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois (continued) | | ||||||||||||
Village of Rosemont IL, General Obligation
Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/27
|
| | | $ | 325,000 | | | | | $ | 386,714 | | |
Village of Stone Park IL, General
Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/1/22
|
| | | | 125,000 | | | | | | 131,174 | | |
Washington County Community Unit
School Dist No 10 West Washington, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 1/15/25
|
| | | | 750,000 | | | | | | 834,953 | | |
Woodford Lasalle Livingston Etc Counties
Community Unit Sch Dist No 6 Fieldcrest, General Obligation Bonds Insured: MAC |
| | | | | | | | | | | | |
4.000%, due 12/1/21
|
| | | | 280,000 | | | | | | 292,020 | | |
| | | | | | | | | | | 12,460,151 | | |
Iowa — 0.9% | | ||||||||||||
Sioux Center Community School District,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 5/1/23
|
| | | | 325,000 | | | | | | 366,031 | | |
5.000%, due 5/1/24
|
| | | | 290,000 | | | | | | 336,084 | | |
| | | | | | | | | | | 702,115 | | |
Kansas — 0.4% | | ||||||||||||
Allen County Unified School District No 257, General Obligation Bonds Series A Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 9/1/32
|
| | | | 270,000 | | | | | | 307,922 | | |
Kentucky — 1.7% | | ||||||||||||
County of Knox KY, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 10/1/35
|
| | | | 460,000 | | | | | | 548,476 | | |
Kentucky Asset Liability Commission, Revenue Bonds Series B Insured: NATL
|
| | | | | | | | | | | | |
2.060%, due 11/1/25(b)
|
| | | | 130,000 | | | | | | 128,284 | | |
Kentucky Economic Development Finance Authority, Revenue Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 6/1/37
|
| | | | 500,000 | | | | | | 542,685 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 6/1/36
|
| | | | 100,000 | | | | | | 110,077 | | |
| | | | | | | | | | | 1,329,522 | | |
Louisiana — 5.5% | | ||||||||||||
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 12/1/31
|
| | | | 500,000 | | | | | | 618,160 | | |
5.000%, due 12/1/32
|
| | | | 125,000 | | | | | | 154,031 | | |
Greater Ouachita Water Co., Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 9/1/36
|
| | | | 450,000 | | | | | | 508,617 | | |
Jefferson Davis Parish School District No 2,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 3/1/31
|
| | | | 1,665,000 | | | | | | 1,920,411 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Louisiana (continued) | | ||||||||||||
Port New Orleans Board of Commissioners,
Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 4/1/36
|
| | | $ | 610,000 | | | | | $ | 731,054 | | |
St Landry Parish Road District No 1, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 3/1/20
|
| | | | 225,000 | | | | | | 226,922 | | |
| | | | | | | | | | | 4,159,195 | | |
Maine — 0.8% | | ||||||||||||
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC
|
| | | | | | | | | | | | |
5.000%, due 12/1/25
|
| | | | 155,000 | | | | | | 182,339 | | |
5.000%, due 12/1/26
|
| | | | 155,000 | | | | | | 185,072 | | |
5.000%, due 12/1/27
|
| | | | 170,000 | | | | | | 205,909 | | |
| | | | | | | | | | | 573,320 | | |
Massachusetts — 0.8% | | ||||||||||||
Commonwealth of Massachusetts, General Obligation Bonds Series A Insured: NATL
|
| | | | | | | | | | | | |
2.080%, due 5/1/37(b)
|
| | | | 85,000 | | | | | | 83,513 | | |
Commonwealth of Massachusetts, General Obligation Bonds Series B Insured: AMBAC
|
| | | | | | | | | | | | |
5.250%, due 8/1/28
|
| | | | 415,000 | | | | | | 543,177 | | |
| | | | | | | | | | | 626,690 | | |
Michigan — 3.4% | | ||||||||||||
City of Detroit MI Sewage Disposal System
Revenue, Revenue Bonds Series B Insured: NATL |
| | | | | | | | | | | | |
5.500%, due 7/1/22
|
| | | | 1,000,000 | | | | | | 1,107,330 | | |
Dearborn School District, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 5/1/31
|
| | | | 655,000 | | | | | | 833,029 | | |
Leland Public School District, General Obligation Bonds Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 5/1/37
|
| | | | 590,000 | | | | | | 668,128 | | |
| | | | | | | | | | | 2,608,487 | | |
Mississippi — 1.2% | | ||||||||||||
Mississippi Development Bank, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 10/1/30
|
| | | | 250,000 | | | | | | 311,505 | | |
5.250%, due 10/1/38
|
| | | | 460,000 | | | | | | 569,733 | | |
| | | | | | | | | | | 881,238 | | |
Nevada — 1.1% | | ||||||||||||
City of North Las Vegas NV, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 6/1/22
|
| | | | 500,000 | | | | | | 546,405 | | |
City of Reno NV, Revenue Bonds Series A-1
Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/1/32
|
| | | | 265,000 | | | | | | 318,644 | | |
| | | | | | | | | | | 865,049 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New Jersey — 5.2% | | ||||||||||||
City of Atlantic City NJ, General Obligation Bonds Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 11/1/26
|
| | | $ | 180,000 | | | | | $ | 191,396 | | |
Gloucester County Improvement Authority
(The), Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 11/1/23
|
| | | | 450,000 | | | | | | 513,837 | | |
Long Branch Board of Education, General
Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/15/29
|
| | | | 265,000 | | | | | | 330,916 | | |
New Jersey Economic Development Authority, Revenue Bonds Series A Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 7/1/34
|
| | | | 150,000 | | | | | | 165,413 | | |
New Jersey Educational Facilities Authority, Revenue Bonds Series C Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 7/1/25
|
| | | | 255,000 | | | | | | 304,378 | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds Insured: BHAC-CR AMBAC
|
| | | | | | | | | | | | |
1.750%, due 12/15/24(a)
|
| | | | 190,000 | | | | | | 173,801 | | |
New Jersey Transportation Trust
Fund Authority, Revenue Bonds Series B Insured: NATL |
| | | | | | | | | | | | |
5.500%, due 12/15/19
|
| | | | 150,000 | | | | | | 150,678 | | |
5.500%, due 12/15/20
|
| | | | 335,000 | | | | | | 349,780 | | |
Passaic Valley Sewerage Commission, Revenue Bonds Series F Insured: NATL
|
| | | | | | | | | | | | |
2.500%, due 12/1/32
|
| | | | 915,000 | | | | | | 914,286 | | |
South Jersey Transportation Authority, Revenue Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 11/1/30
|
| | | | 700,000 | | | | | | 890,743 | | |
| | | | | | | | | | | 3,985,228 | | |
New York — 7.9% | | ||||||||||||
City of Long Beach NY, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 1/15/21
|
| | | | 425,000 | | | | | | 443,666 | | |
City of Plattsburgh NY, General Obligation
Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 6/15/27
|
| | | | 345,000 | | | | | | 397,419 | | |
County of Suffolk NY, General Obligation Bonds Series B Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 10/15/20
|
| | | | 350,000 | | | | | | 362,047 | | |
5.000%, due 10/15/28
|
| | | | 500,000 | | | | | | 616,650 | | |
County of Suffolk NY, General Obligation Bonds Series C Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 2/1/23
|
| | | | 460,000 | | | | | | 512,504 | | |
Metropolitan Transportation Authority, Revenue Bonds Series C Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 11/15/44
|
| | | | 500,000 | | | | | | 613,275 | | |
Metropolitan Transportation Authority, Revenue Bonds Series C Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 11/15/49
|
| | | | 1,000,000 | | | | | | 1,117,010 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New York (continued) | | ||||||||||||
Oneida County Local Development Corp., Revenue Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
3.000%, due 12/1/44
|
| | | $ | 250,000 | | | | | $ | 243,538 | | |
4.000%, due 12/1/38
|
| | | | 250,000 | | | | | | 279,780 | | |
Town of Oyster Bay NY, General Obligation
Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/15/26
|
| | | | 65,000 | | | | | | 74,261 | | |
4.000%, due 2/15/27
|
| | | | 55,000 | | | | | | 63,575 | | |
4.000%, due 2/15/28
|
| | | | 55,000 | | | | | | 64,230 | | |
Town of Oyster Bay NY, General Obligation
Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
3.000%, due 2/1/24
|
| | | | 1,190,000 | | | | | | 1,262,292 | | |
| | | | | | | | | | | 6,050,247 | | |
North Carolina — 0.9% | | ||||||||||||
North Carolina Turnpike Authority, Revenue Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 1/1/32
|
| | | | 525,000 | | | | | | 654,360 | | |
North Dakota — 2.8% | | ||||||||||||
State Board of Higher Education of the
State of North Dakota, Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 4/1/44
|
| | | | 670,000 | | | | | | 737,831 | | |
5.000%, due 4/1/21
|
| | | | 335,000 | | | | | | 352,091 | | |
5.000%, due 4/1/26
|
| | | | 855,000 | | | | | | 1,034,593 | | |
| | | | | | | | | | | 2,124,515 | | |
Ohio — 3.5% | | ||||||||||||
City of Cleveland OH Airport System Revenue, Revenue Bonds Series A Insured: AMBAC
|
| | | | | | | | | | | | |
5.250%, due 1/1/20
|
| | | | 500,000 | | | | | | 503,135 | | |
City of Toledo OH, General Obligation Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 12/1/19
|
| | | | 370,000 | | | | | | 371,032 | | |
Conotton Valley Union Local School District, Certificates of Participation Insured: MAC
|
| | | | | | | | | | | | |
4.000%, due 12/1/33
|
| | | | 315,000 | | | | | | 345,259 | | |
County of Cuyahoga OH, Revenue Bonds
|
| | | | | | | | | | | | |
5.000%, due 2/15/28
|
| | | | 500,000 | | | | | | 588,235 | | |
Euclid City School District, Certificates of Participation Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 12/1/29
|
| | | | 170,000 | | | | | | 190,703 | | |
4.000%, due 12/1/39
|
| | | | 400,000 | | | | | | 433,872 | | |
Ohio Turnpike & Infrastructure Commission,
Revenue Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
5.500%, due 2/15/20
|
| | | | 250,000 | | | | | | 252,987 | | |
| | | | | | | | | | | 2,685,223 | | |
Oregon — 0.6% | | ||||||||||||
City of Seaside OR Transient Lodging Tax
Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/15/37
|
| | | | 400,000 | | | | | | 487,080 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Pennsylvania — 3.5% | | ||||||||||||
Coatesville Area School District Building
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/22
|
| | | $ | 400,000 | | | | | $ | 439,836 | | |
Erie Sewer Authority, Revenue Bonds Series B Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 12/1/35
|
| | | | 460,000 | | | | | | 568,436 | | |
Luzerne County Industrial Development
Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/15/26
|
| | | | 425,000 | | | | | | 492,634 | | |
Pennsylvania Higher Educational Facilities
Authority, Revenue Bonds Series A Insured: XLCA |
| | | | | | | | | | | | |
2.006%, due 7/1/27(b)
|
| | | | 210,000 | | | | | | 205,355 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Series B Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 9/1/35
|
| | | | 700,000 | | | | | | 800,793 | | |
School District of Philadelphia (The), General Obligation Bonds Insured: BHAC-CR FGIC
|
| | | | | | | | | | | | |
5.000%, due 6/1/34
|
| | | | 100,000 | | | | | | 131,057 | | |
| | | | | | | | | | | 2,638,111 | | |
Puerto Rico — 1.5% | | ||||||||||||
Commonwealth of Puerto Rico, General Obligation Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.250%, due 7/1/20
|
| | | | 500,000 | | | | | | 509,400 | | |
Series A
|
| | | | | | | | | | | | |
5.000%, due 7/1/35
|
| | | | 480,000 | | | | | | 502,498 | | |
Series A-4
|
| | | | | | | | | | | | |
5.250%, due 7/1/30
|
| | | | 100,000 | | | | | | 101,340 | | |
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL
|
| | | | | | | | | | | | |
5.000%, due 7/1/24
|
| | | | 25,000 | | | | | | 25,542 | | |
| | | | | | | | | | | 1,138,780 | | |
Rhode Island — 1.4% | | ||||||||||||
City of Cranston RI, General Obligation Bonds Series A Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 8/1/29
|
| | | | 110,000 | | | | | | 131,550 | | |
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 6/15/36
|
| | | | 660,000 | | | | | | 797,775 | | |
Rhode Island Health & Educational
Building Corp., Revenue Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 5/15/29
|
| | | | 110,000 | | | | | | 133,363 | | |
| | | | | | | | | | | 1,062,688 | | |
South Carolina — 0.8% | | ||||||||||||
South Carolina Public Service Authority, Revenue Bonds Series B
|
| | | | | | | | | | | | |
5.000%, due 12/1/41
|
| | | | 550,000 | | | | | | 644,980 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Texas — 5.8% | | ||||||||||||
County of La Salle TX, General Obligation
Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 3/1/27
|
| | | $ | 500,000 | | | | | $ | 617,240 | | |
County of Robertson TX, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 2/15/38
|
| | | | 740,000 | | | | | | 840,869 | | |
Galveston County Municipal Utility District
No 56, General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 12/1/24
|
| | | | 400,000 | | | | | | 443,952 | | |
Grand Lakes Municipal Utility District No 4,
General Obligation Bonds Insured: MAC |
| | | | | | | | | | | | |
4.000%, due 4/1/26
|
| | | | 300,000 | | | | | | 322,704 | | |
La Joya Independent School District,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 2/15/21
|
| | | | 385,000 | | | | | | 397,705 | | |
4.000%, due 2/15/24
|
| | | | 665,000 | | | | | | 734,639 | | |
4.000%, due 2/15/38
|
| | | | 500,000 | | | | | | 547,330 | | |
Lazy Nine Municipal Utility District No 1B,
General Obligation Bonds Insured: MAC |
| | | | | | | | | | | | |
3.000%, due 9/1/21
|
| | | | 180,000 | | | | | | 184,545 | | |
3.000%, due 9/1/22
|
| | | | 180,000 | | | | | | 186,891 | | |
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds Series B-1 Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 7/1/30
|
| | | | 155,000 | | | | | | 172,642 | | |
| | | | | | | | | | | 4,448,517 | | |
Utah — 0.9% | | ||||||||||||
Grand County School District Local Building Authority, Revenue Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 12/15/28
|
| | | | 465,000 | | | | | | 551,276 | | |
West Valley City Municipal Building
Authority, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 2/1/29
|
| | | | 100,000 | | | | | | 127,108 | | |
| | | | | | | | | | | 678,384 | | |
Washington — 1.8% | | ||||||||||||
Bellevue Convention Center Authority, Revenue Bonds Insured: NATL
|
| | | | | | | | | | | | |
1.590%, due 2/1/22(a)
|
| | | | 530,000 | | | | | | 511,482 | | |
Klickitat County Public Utility District No 1, Revenue Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 12/1/37
|
| | | | 750,000 | | | | | | 839,992 | | |
| | | | | | | | | | | 1,351,474 | | |
Wisconsin — 0.8% | | ||||||||||||
City of Racine WI Waterworks System
Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/30
|
| | | | 500,000 | | | | | | 618,820 | | |
Total Municipal Bonds
(Cost $73,342,679) |
| | | | | | | | | | 74,933,926 | | |
|
| | |
Shares |
| |
Value
|
| ||||||
Short-Term Investment — 5.1% | | ||||||||||||
Money Market Fund — 5.1% | | ||||||||||||
Fidelity Investments Money Market Treasury Only Class I, 1.71%(c)
(Cost $3,876,078) |
| | | | 3,876,078 | | | | |
$
|
3,876,078
|
| |
Total Investments — 103.3%
(Cost $77,218,757) |
| | | | | | | | | | 78,810,004 | | |
Other Assets and Liabilities,
Net — (3.3)% |
| | | | | | | | | | (2,508,124) | | |
Net Assets — 100.0%
|
| | | | | | | | | $ | 76,301,880 | | |
| AGC — Assured Guaranty Corp. | |
| AGM — Assured Guaranty Municipal Corp. | |
| AMBAC — Ambac Assurance Corp. | |
| BAM — Build America Mutual Assurance Co. | |
| BHAC-CR — Berkshire Hathaway Assurance Corp. Custodial Receipts | |
| FGIC — Financial Guaranty Insurance Co. | |
| MAC — Municipal Assurance Corp. | |
| NATL — National Public Finance Guarantee Corp. | |
| XLCA — XL Capital Assurance | |
Description
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Asset Valuation Inputs | | | | | | ||||||||||||||||||||
Investments in Securities:(d) | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal Bonds
|
| | | $ | — | | | | | $ | 74,933,926 | | | | | $ | — | | | | | $ | 74,933,926 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund
|
| | | | 3,876,078 | | | | | | — | | | | | | — | | | | | | 3,876,078 | | |
Total Investments in Securities
|
| | | $ | 3,876,078 | | | | | $ | 74,933,926 | | | | | $ | — | | | | | $ | 78,810,004 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds — 99.6% | | ||||||||||||
Alaska — 1.1% | | ||||||||||||
Alaska Industrial Development & Export Authority, Revenue Bonds
|
| | | | | | | | | | | | |
3.500%, due 12/1/20
|
| | | $ | 500,000 | | | | | $ | 500,555 | | |
Arizona — 5.2% | | | | | | | | | | | | | |
Arizona Industrial Development Authority,
Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 11/1/31
|
| | | | 550,000 | | | | | | 678,078 | | |
Arizona Industrial Development Authority,
Revenue Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/31
|
| | | | 300,000 | | | | | | 371,487 | | |
5.000%, due 6/1/32
|
| | | | 325,000 | | | | | | 399,217 | | |
City of Phoenix Civic Improvement Corp.,
Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 7/1/34
|
| | | | 500,000 | | | | | | 601,435 | | |
Maricopa County Industrial Development
Authority, Revenue Bonds Series C |
| | | | | | | | | | | | |
5.000%, due 7/1/37
|
| | | | 300,000 | | | | | | 355,683 | | |
| | | | | | | | | | | 2,405,900 | | |
Arkansas — 1.0% | | | | | | | | | | | | | |
University of Central Arkansas, Revenue Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 11/1/34
|
| | | | 400,000 | | | | | | 470,920 | | |
California — 12.9% | | | | | | | | | | | | | |
Benicia Unified School District, General
Obligation Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
1.520%, due 8/1/23(a)
|
| | | | 300,000 | | | | | | 283,428 | | |
California Municipal Finance Authority, Revenue Bonds
|
| | | | | | | | | | | | |
5.000%, due 5/15/31
|
| | | | 400,000 | | | | | | 493,428 | | |
City of Oxnard CA Water System Revenue,
Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 6/1/35
|
| | | | 600,000 | | | | | | 749,214 | | |
Hayward Unified School District, General
Obligation Bonds Series A Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 8/1/34
|
| | | | 250,000 | | | | | | 314,227 | | |
Kelseyville Unified School District, General
Obligation Bonds Series C Insured: AGM |
| | | | | | | | | | | | |
2.380%, due 8/1/31(a)
|
| | | | 150,000 | | | | | | 107,509 | | |
2.580%, due 8/1/33(a)
|
| | | | 220,000 | | | | | | 142,523 | | |
Lake Elsinore School Financing Authority, Special Tax Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 10/1/33
|
| | | | 250,000 | | | | | | 323,842 | | |
Paramount Unified School District, General
Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
2.370%, due 8/1/33(a)
|
| | | | 640,000 | | | | | | 442,419 | | |
Pittsburg Successor Agency
Redevelopment Agency, Tax Allocation Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/25
|
| | | | 500,000 | | | | | | 597,870 | | |
Rocklin Unified School District, General Obligation Bonds Insured: NATL
|
| | | | | | | | | | | | |
1.430%, due 8/1/23(a)
|
| | | | 135,000 | | | | | | 127,971 | | |
Roseville Natural Gas Financing Authority,
Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 2/15/24
|
| | | | 560,000 | | | | | | 636,054 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
California (continued) | | | | ||||||||||
Sacramento City Unified School District,
General Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
1.890%, due 7/1/24(a)
|
| | | $ | 495,000 | | | | | $ | 453,321 | | |
State of California, General Obligation Bonds
|
| | | | | | | | | | | | |
4.000%, due 9/1/32
|
| | | | 500,000 | | | | | | 571,480 | | |
Vallejo City Unified School District, General
Obligation Bonds Series A Insured: NATL |
| | | | | | | | | | | | |
5.900%, due 2/1/20
|
| | | | 400,000 | | | | | | 404,224 | | |
West Sacramento Financing Authority, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 10/1/31
|
| | | | 250,000 | | | | | | 287,665 | | |
| | | | | | | | | | | 5,935,175 | | |
Colorado — 2.8% | | | | | | | | | | | | | |
Colorado Health Facilities Authority, Revenue Bonds Series A-1
|
| | | | | | | | | | | | |
5.000%, due 8/1/32
|
| | | | 65,000 | | | | | | 79,390 | | |
5.000%, due 8/1/33
|
| | | | 80,000 | | | | | | 97,454 | | |
5.000%, due 8/1/34
|
| | | | 75,000 | | | | | | 91,127 | | |
5.000%, due 8/1/35
|
| | | | 80,000 | | | | | | 96,759 | | |
Colorado Health Facilities Authority, Revenue Bonds Series A-2
|
| | | | | | | | | | | | |
5.000%, due 8/1/32
|
| | | | 60,000 | | | | | | 73,283 | | |
5.000%, due 8/1/33
|
| | | | 90,000 | | | | | | 109,635 | | |
5.000%, due 8/1/34
|
| | | | 60,000 | | | | | | 72,902 | | |
Grand River Hospital District, General Obligation Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.250%, due 12/1/37
|
| | | | 425,000 | | | | | | 526,800 | | |
Interlocken Metropolitan District, General Obligation Bonds Series A-1 Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 12/1/19
|
| | | | 150,000 | | | | | | 150,419 | | |
| | | | | | | | | | | 1,297,769 | | |
Connecticut — 5.4% | | | | | | | | | | | | | |
City of Bridgeport CT, General Obligation Bonds Series A
|
| | | | | | | | | | | | |
5.000%, due 11/1/33
|
| | | | 600,000 | | | | | | 711,690 | | |
City of Hartford CT, General Obligation Bonds Series A Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 4/1/30
|
| | | | 100,000 | | | | | | 110,052 | | |
City of New Britain CT, General Obligation
Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.250%, due 9/1/30
|
| | | | 600,000 | | | | | | 752,148 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series I-1
|
| | | | | | | | | | | | |
5.000%, due 7/1/33
|
| | | | 350,000 | | | | | | 422,163 | | |
Connecticut State Health & Educational Facilities Authority, Revenue Bonds Series V-1
|
| | | | | | | | | | | | |
0.870%, due 7/1/36(b)
|
| | | | 500,000 | | | | | | 500,000 | | |
| | | | | | | | | | | 2,496,053 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Illinois — 15.9% | | | | | | | | | | | | | |
City of Chicago IL Waterworks Revenue, Revenue Bonds Insured: AGM
|
| | | | | | | | | | | | |
5.250%, due 11/1/34
|
| | | $ | 230,000 | | | | | $ | 278,576 | | |
Cook County Community Unit School
District No 401 Elmwood Park, General Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 12/1/20
|
| | | | 250,000 | | | | | | 259,840 | | |
Governors State University, Certificates of Participation Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 7/1/20
|
| | | | 250,000 | | | | | | 255,255 | | |
Illinois Finance Authority, Revenue Bonds | | | | | | | | | | | | | |
5.000%, due 9/1/25
|
| | | | 500,000 | | | | | | 545,470 | | |
Kane Cook & DuPage Counties School
District No U-46 Elgin, General Obligation Bonds Series B Insured: AMBAC |
| | | | | | | | | | | | |
1.560%, due 1/1/21(a)
|
| | | | 500,000 | | | | | | 490,980 | | |
Madison-Macoupin Etc Counties Community College District No 536, General Obligation Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 11/1/32
|
| | | | 320,000 | | | | | | 374,954 | | |
State of Illinois, Revenue Bonds | | | | | | | | | | | | | |
4.500%, due 6/15/36
|
| | | | 500,000 | | | | | | 510,765 | | |
State of Illinois, General Obligation Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
4.125%, due 4/1/33
|
| | | | 550,000 | | | | | | 575,404 | | |
State of Illinois, General Obligation Bonds Series C
|
| | | | | | | | | | | | |
5.000%, due 11/1/29
|
| | | | 750,000 | | | | | | 850,380 | | |
Town of Cicero IL, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 12/1/26
|
| | | | 400,000 | | | | | | 440,468 | | |
5.000%, due 1/1/30
|
| | | | 450,000 | | | | | | 537,718 | | |
Upper Illinois River Valley Development Authority, Revenue Bonds
|
| | | | | | | | | | | | |
5.250%, due 12/1/38
|
| | | | 425,000 | | | | | | 497,467 | | |
Village of Matteson IL, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 12/1/29
|
| | | | 465,000 | | | | | | 556,489 | | |
Village of Mundelein IL, General Obligation Bonds Insured: AGM
|
| | | | | | | | | | | | |
4.000%, due 12/15/39
|
| | | | 100,000 | | | | | | 110,909 | | |
Village of Stone Park IL, General
Obligation Bonds Series B Insured: BAM |
| | | | | | | | | | | | |
4.000%, due 2/1/23
|
| | | | 135,000 | | | | | | 144,280 | | |
Will County School District No 114 Manhattan, General Obligation Bonds Insured: MAC
|
| | | | | | | | | | | | |
3.500%, due 1/1/26
|
| | | | 840,000 | | | | | | 891,862 | | |
| | | | | | | | | | | 7,320,817 | | |
Indiana — 0.6% | | | | | | | | | | | | | |
MSD of Wash Township School Building Corp., Revenue Bonds Insured: ST INTERCEPT
|
| | | | | | | | | | | | |
5.000%, due 7/15/35
|
| | | | 225,000 | | | | | | 281,610 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Kentucky — 2.7% | | | | | | | | | | | | | |
County of Knox KY, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 10/1/35
|
| | | $ | 460,000 | | | | | $ | 548,476 | | |
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 6/1/36
|
| | | | 75,000 | | | | | | 82,558 | | |
Louisville/Jefferson County Metropolitan Government, Revenue Bonds
|
| | | | | | | | | | | | |
5.000%, due 10/1/32
|
| | | | 500,000 | | | | | | 593,460 | | |
| | | | | | | | | | | 1,224,494 | | |
Louisiana — 3.1% | | | | | | | | | | | | | |
City of Monroe LA Water Revenue, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
3.000%, due 11/1/19
|
| | | | 310,000 | | | | | | 310,000 | | |
City of Shreveport LA Water & Sewer Revenue, Revenue Bonds Series C Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 12/1/31
|
| | | | 100,000 | | | | | | 123,632 | | |
Port New Orleans Board of Commissioners,
Revenue Bonds Series B Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 4/1/36
|
| | | | 620,000 | | | | | | 743,039 | | |
St Landry Parish Road District No 1, Revenue Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 3/1/20
|
| | | | 225,000 | | | | | | 226,922 | | |
| | | | | | | | | | | 1,403,593 | | |
Maine — 1.3% | | | | | | | | | | | | | |
Finance Authority of Maine, Revenue Bonds Series A-1 Insured: AGC
|
| | | | | | | | | | | | |
5.000%, due 12/1/25
|
| | | | 155,000 | | | | | | 182,339 | | |
5.000%, due 12/1/26
|
| | | | 160,000 | | | | | | 191,042 | | |
5.000%, due 12/1/27
|
| | | | 175,000 | | | | | | 211,965 | | |
| | | | | | | | | | | 585,346 | | |
Maryland — 2.4% | | | | | | | | | | | | | |
Maryland Community Development
Administration, Revenue Bonds Series C |
| | | | | | | | | | | | |
3.500%, due 3/1/50
|
| | | | 500,000 | | | | | | 539,450 | | |
Montgomery County Housing Opportunites Commission, Revenue Bonds Series A
|
| | | | | | | | | | | | |
4.000%, due 7/1/49
|
| | | | 500,000 | | | | | | 549,635 | | |
| | | | | | | | | | | 1,089,085 | | |
Michigan — 2.6% | | | | | | | | | | | | | |
Great Lakes Water Authority Water Supply
System Revenue, Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 7/1/28
|
| | | | 400,000 | | | | | | 505,952 | | |
Michigan Finance Authority, Revenue Bonds Series A
|
| | | | | | | | | | | | |
5.000%, due 2/15/34
|
| | | | 235,000 | | | | | | 294,878 | | |
Roscommon Area Public Schools, General
Obligation Bonds Insured: AGM |
| | | | | | | | | | | | |
4.000%, due 5/1/28
|
| | | | 360,000 | | | | | | 403,423 | | |
| | | | | | | | | | | 1,204,253 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
New Mexico — 1.2% | | | | | | | | | | | | | |
New Mexico Mortgage Finance Authority,
Revenue Bonds Series D Insured: GNMA/FNMA/FHLMC |
| | | | | | | | | | | | |
3.750%, due 1/1/50
|
| | | $ | 500,000 | | | | | $ | 545,015 | | |
New York — 3.5% | | | | | | | | | | | | | |
City of Plattsburgh NY, General Obligation
Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 6/15/26
|
| | | | 495,000 | | | | | | 603,366 | | |
County of Suffolk NY, General Obligation Bonds Series C Insured: BAM
|
| | | | | | | | | | | | |
5.000%, due 2/1/23
|
| | | | 460,000 | | | | | | 512,504 | | |
New York Liberty Development Corp., Revenue Bonds Class 1
|
| | | | | | | | | | | | |
2.450%, due 9/15/69
|
| | | | 500,000 | | | | | | 504,940 | | |
| | | | | | | | | | | 1,620,810 | | |
North Carolina — 1.2% | | | | | | | | | | | | | |
North Carolina Housing Finance Agency, Revenue Bonds Series 42 Insured: GNMA/FNMA
|
| | | | | | | | | | | | |
4.000%, due 1/1/50
|
| | | | 500,000 | | | | | | 550,510 | | |
Ohio — 0.4% | | | | | | | | | | | | | |
City of Cleveland OH Airport System Revenue, Revenue Bonds Series A Insured: AMBAC
|
| | | | | | | | | | | | |
5.250%, due 1/1/20
|
| | | | 200,000 | | | | | | 201,254 | | |
Oklahoma — 1.2% | | | | | | | | | | | | | |
Oklahoma Housing Finance Agency, Revenue Bonds Series A Insured: GNMA/FNMA/FHLMC
|
| | | | | | | | | | | | |
4.000%, due 9/1/49
|
| | | | 500,000 | | | | | | 549,995 | | |
Pennsylvania — 3.6% | | | | | | | | | | | | | |
City of Erie PA, General Obligation Bonds Series C Insured: AGM
|
| | | | | | | | | | | | |
2.740%, due 11/15/37(a)
|
| | | | 750,000 | | | | | | 424,080 | | |
Coatesville Area School District Building
Authority, Revenue Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 12/1/21
|
| | | | 310,000 | | | | | | 331,170 | | |
Pennsylvania Higher Educational Facilities
Authority, Revenue Bonds Series A Insured: XLCA |
| | | | | | | | | | | | |
2.006%, due 7/1/27(b)
|
| | | | 205,000 | | | | | | 200,465 | | |
Pittsburgh Water & Sewer Authority, Revenue Bonds Series A Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 9/1/32
|
| | | | 550,000 | | | | | | 697,791 | | |
| | | | | | | | | | | 1,653,506 | | |
Puerto Rico — 1.3% | | | | | | | | | | | | | |
Commonwealth of Puerto Rico, General
Obligation Bonds Series A Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 7/1/35
|
| | | | 470,000 | | | | | | 492,029 | | |
Puerto Rico Convention Center District Authority, Revenue Bonds Series A Insured: AGC
|
| | | | | | | | | | | | |
4.500%, due 7/1/36
|
| | | | 60,000 | | | | | | 60,159 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Puerto Rico (continued) | | | | ||||||||||
Puerto Rico Electric Power Authority, Revenue Bonds Series PP Insured: NATL
|
| | | | | | | | | | | | |
5.000%, due 7/1/24
|
| | | $ | 25,000 | | | | | $ | 25,542 | | |
| | | | | | | | | | | 577,730 | | |
Rhode Island — 0.7% | | | | | | | | | | | | | |
Providence Public Building Authority, Revenue Bonds Series B Insured: AGM
|
| | | | | | | | | | | | |
5.000%, due 6/15/32
|
| | | | 250,000 | | | | | | 308,218 | | |
South Carolina — 1.5% | | | | | | | | | | | | | |
Edgefield County School District, General
Obligation Bonds Series A Insured: SCSDE |
| | | | | | | | | | | | |
4.000%, due 3/1/31
|
| | | | 500,000 | | | | | | 590,080 | | |
South Carolina Public Service Authority, Revenue Bonds Series B
|
| | | | | | | | | | | | |
5.000%, due 12/1/36
|
| | | | 100,000 | | | | | | 118,561 | | |
| | | | | | | | | | | 708,641 | | |
Tennessee — 0.3% | | | | | | | | | | | | | |
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds Series A-1
|
| | | | | | | | | | | | |
5.000%, due 8/1/32
|
| | | | 25,000 | | | | | | 30,535 | | |
5.000%, due 8/1/33
|
| | | | 25,000 | | | | | | 30,454 | | |
5.000%, due 8/1/34
|
| | | | 25,000 | | | | | | 30,376 | | |
5.000%, due 8/1/35
|
| | | | 35,000 | | | | | | 42,332 | | |
| | | | | | | | | | | 133,697 | | |
Texas — 3.8% | | | | | | | | | | | | | |
Argyle Independent School District, General Obligation Bonds Insured: PSF-GTD
|
| | | | | | | | | | | | |
5.000%, due 8/15/25
|
| | | | 200,000 | | | | | | 234,200 | | |
Fort Bend County Municipal Utility District No 215, General Obligation Bonds Insured: BAM
|
| | | | | | | | | | | | |
4.000%, due 9/1/24
|
| | | | 125,000 | | | | | | 138,862 | | |
Lancaster Independent School District,
General Obligation Bonds Insured: BAM |
| | | | | | | | | | | | |
5.000%, due 2/15/26
|
| | | | 250,000 | | | | | | 294,178 | | |
Uptown Development Authority, Tax Allocation Series A
|
| | | | | | | | | | | | |
5.000%, due 9/1/35
|
| | | | 500,000 | | | | | | 570,890 | | |
Williamson County Municipal Utility District
No 15, General Obligation Bonds Insured: NATL |
| | | | | | | | | | | | |
2.000%, due 8/1/26
|
| | | | 500,000 | | | | | | 491,345 | | |
| | | | | | | | | | | 1,729,475 | | |
Utah — 2.6% | | | | | | | | | | | | | |
Utah Associated Municipal Power Systems,
Revenue Bonds Series A |
| | | | | | | | | | | | |
5.000%, due 9/1/31
|
| | | | 500,000 | | | | | | 611,795 | | |
Utah Infrastructure Agency, Revenue Bonds Series A
|
| | | | | | | | | | | | |
5.000%, due 10/15/20
|
| | | | 580,000 | | | | | | 596,959 | | |
| | | | | | | | | | | 1,208,754 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Municipal Bonds (continued) | | ||||||||||||
Washington — 3.1% | | | | | | | | | | | | | |
Spokane Public Facilities District, Revenue
Bonds |
| | | | | | | | | | | | |
5.000%, due 12/1/35
|
| | | $ | 535,000 | | | | | $ | 640,250 | | |
Washington Health Care Facilities Authority, Revenue Bonds Series A-2
|
| | | | | | | | | | | | |
5.000%, due 8/1/32
|
| | | | 40,000 | | | | | | 48,856 | | |
5.000%, due 8/1/33
|
| | | | 40,000 | | | | | | 48,727 | | |
5.000%, due 8/1/34
|
| | | | 45,000 | | | | | | 54,676 | | |
Washington State Convention Center
Public Facilities District, Revenue Bonds |
| | | | | | | | | | | | |
5.000%, due 7/1/37
|
| | | | 500,000 | | | | | | 610,325 | | |
| | | | | | | | | | | 1,402,834 | | |
Wisconsin — 0.6% | | | | | | | | | | | | | |
City of Racine WI Waterworks System
Revenue, Revenue Bonds Insured: AGM |
| | | | | | | | | | | | |
5.000%, due 9/1/30
|
| | | | 230,000 | | | | | | 284,657 | | |
Total Municipal Bonds
(Cost $44,406,064) |
| | | | | | | | | | 45,754,743 | | |
|
| | |
Shares
|
| |
|
| ||||||
Short-Term Investment — 0.1% | | | | | | | | | | | | | |
Money Market Fund — 0.1% | | | | | | | | | | | | | |
Fidelity Investments Money Market Treasury Only Class I, 1.71%(c)
(Cost $34,976) |
| | | | 34,976 | | | | |
|
34,976
|
| |
Total Investments — 99.7%
(Cost $44,441,040) |
| | | | | | | | | | 45,789,719 | | |
Other Assets and Liabilities,
Net — 0.3% |
| | | | | | | | | | 166,061 | | |
Net Assets — 100.0%
|
| | | | | | | | | $ | 45,955,780 | | |
| AGC — Assured Guaranty Corp. | |
| AGM — Assured Guaranty Municipal Corp. | |
| AMBAC — Ambac Assurance Corp. | |
| BAM — Build America Mutual Assurance Co. | |
| FHLMC — Insured by Federal Home Loan Mortgage Corp. | |
| FNMA — Insured by Federal National Mortgage Association | |
| GNMA — Insured by Government National Mortgage Association | |
| HUD — Housing and Urban Development Section 8 | |
| MAC — Municipal Assurance Corp. | |
| NATL — National Public Finance Guarantee Corp. | |
| PSF-GTD — Permanent School Fund Guaranteed | |
| SCSDE — South Carolina Department of Education | |
| ST INTERCEPT — State Tax Intercept | |
| XLCA — XL Capital Assurance | |
Description
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Asset Valuation Inputs | | | | | | ||||||||||||||||||||
Investments in Securities:(d)
Municipal Bonds |
| | | $ | — | | | | | $ | 45,754,743 | | | | | $ | — | | | | | $ | 45,754,743 | | |
Short-Term Investment: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund
|
| | | | 34,976 | | | | | | — | | | | | | — | | | | | | 34,976 | | |
Total Investments in Securities
|
| | | $ | 34,976 | | | | | $ | 45,754,743 | | | | | $ | — | | | | | $ | 45,789,719 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Long-Term Bonds — 96.6% | | ||||||||||||
Collateralized Mortgage Obligation — 0.8% | | ||||||||||||
COLT Mortgage Loan Trust | | | | | | | | | | | | | |
Series 2019-4 A1, 2.579%, due 11/25/49‡(a)
(Cost $243,465) |
| | | $ | 245,696 | | | | |
$
|
246,038
|
| |
Commercial Asset-Backed Securities — 8.3% | | ||||||||||||
Ares Xli CLO Ltd., (Cayman Islands) Series 2016-41A AR,
3.201%, due 1/15/29‡(a) |
| | | | 250,000 | | | | | | 249,848 | | |
Bain Capital Credit CLO Ltd., (Cayman Islands) Series 2016-2A BR,
3.801%, due 1/15/29‡(a) |
| | | | 250,000 | | | | | | 249,425 | | |
Carlyle U.S. CLO Ltd., (Cayman Islands) Series 2018-1A A1,
2.986%, due 4/20/31‡(a) |
| | | | 250,000 | | | | | | 246,500 | | |
Dewolf Park CLO Ltd., (Cayman Islands) Series 2017-1A A,
3.211%, due 10/15/30‡(a) |
| | | | 250,000 | | | | | | 249,921 | | |
ELFI Graduate Loan Program LLC Series 2019-A A,
2.540%, due 3/25/44‡ |
| | | | 250,000 | | | | | | 250,681 | | |
HPS Loan Management Ltd., (Cayman Islands) Series 2019-16 A2R,
3.716%, due 1/20/28‡(a) |
| | | | 250,000 | | | | | | 248,524 | | |
Octagon Investment Partners 30 Ltd., (Cayman Islands) Series 2017-1A A2,
3.666%, due 3/17/30‡(a) |
| | | | 250,000 | | | | | | 247,644 | | |
Palmer Square CLO Ltd., (Cayman Islands) Series 2014-1A A1R2,
3.132%, due 1/17/31‡(a) |
| | | | 250,000 | | | | | | 248,409 | | |
TRESTLES CLO II Ltd., (Cayman Islands) Series 2018-2A A2,
3.610%, due 7/25/31‡(a) |
| | | | 275,000 | | | | | | 266,908 | | |
VOYA CLO, (Cayman Islands) Series 2017-2A A1,
3.211%, due 6/7/30‡(a) |
| | | | 250,000 | | | | | | 249,681 | | |
Total Commercial Asset-Backed Securities
(Cost $2,515,911) |
| | | | | | | | | | 2,507,541 | | |
Commercial Mortgage-Backed Security — 1.7% | | ||||||||||||
BX Commercial Mortgage Trust Series 2019-XL A,
2.920%, due 10/15/36(a) (Cost $500,000)‡ |
| | | | 500,000 | | | | |
|
500,629
|
| |
Corporate Bonds — 79.7% | | ||||||||||||
Advertising — 0.3% | | | | | | | | | | | | | |
Interpublic Group of Cos., Inc. (The) | | | | | | | | | | | | | |
3.500%, due 10/1/20
|
| | | | 102,000 | | | | | | 103,363 | | |
Aerospace/Defense — 1.5% | | | | | | | | | | | | | |
BAE Systems Holdings, Inc., (United Kingdom)
|
| | | | | | | | | | | | |
2.850%, due 12/15/20‡
|
| | | | 143,000 | | | | | | 143,938 | | |
United Technologies Corp. | | | | | | | | | | | | | |
4.500%, due 4/15/20
|
| | | | 296,000 | | | | | | 299,067 | | |
| | | | | | | | | | | 443,005 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Auto Manufacturers — 12.8% | | | | | | | | | | | | | |
American Honda Finance Corp. | | | | | | | | | | | | | |
2.488%, due 6/11/21(a)
|
| | | $ | 390,000 | | | | | $ | 391,019 | | |
BMW US Capital LLC, (Germany) | | | | | | | | | | | | | |
2.411%, due 4/12/21‡(a)
|
| | | | 390,000 | | | | | | 390,464 | | |
Daimler Finance North America LLC, (Germany)
|
| | | | | | | | | | | | |
3.058%, due 2/15/22‡(a)
|
| | | | 490,000 | | | | | | 492,892 | | |
Ford Motor Credit Co. LLC | | | | | | | | | | | | | |
3.336%, due 3/18/21
|
| | | | 530,000 | | | | | | 533,224 | | |
General Motors Financial Co., Inc. | | | | | | | | | | | | | |
3.700%, due 11/24/20
|
| | | | 290,000 | | | | | | 294,006 | | |
Harley-Davidson Financial Services, Inc. | | | | | | | | | | | | | |
2.652%, due 5/21/20‡(a)
|
| | | | 305,000 | | | | | | 305,235 | | |
Nissan Motor Acceptance Corp. | | | | | | | | | | | | | |
2.150%, due 7/13/20‡
|
| | | | 241,000 | | | | | | 240,938 | | |
3.650%, due 9/21/21‡
|
| | | | 200,000 | | | | | | 204,854 | | |
Toyota Motor Credit Corp. | | | | | | | | | | | | | |
2.333%, due 10/7/21(a)
|
| | | | 600,000 | | | | | | 600,833 | | |
Volkswagen Group of America Finance LLC, (Germany)
|
| | | | | | | | | | | | |
2.972%, due 9/24/21‡(a)
|
| | | | 400,000 | | | | | | 402,204 | | |
| | | | | | | | | | | 3,855,669 | | |
Banks — 24.4% | | | | | | | | | | | | | |
ABN AMRO Bank NV, (Netherlands) | | | | | | | | | | | | | |
2.450%, due 6/4/20‡
|
| | | | 405,000 | | | | | | 406,299 | | |
Bank of America Corp. | | | | | | | | | | | | | |
3.146%, due 10/21/22(a)
|
| | | | 515,000 | | | | | | 522,060 | | |
Bank of Montreal, (Canada) | | | | | | | | | | | | | |
2.922%, due 8/27/21(a)
|
| | | | 513,000 | | | | | | 518,796 | | |
BNP Paribas SA, (France) | | | | | | | | | | | | | |
2.568%, due 8/7/21‡(a)
|
| | | | 390,000 | | | | | | 390,294 | | |
Citigroup, Inc. | | | | | | | | | | | | | |
3.092%, due 8/2/21(a)
|
| | | | 470,000 | | | | | | 476,842 | | |
Credit Suisse Group Funding Guernsey Ltd., (Switzerland)
|
| | | | | | | | | | | | |
3.450%, due 4/16/21
|
| | | | 400,000 | | | | | | 406,670 | | |
Goldman Sachs Group, Inc. (The) | | | | | | | | | | | | | |
3.902%, due 2/25/21(a)
|
| | | | 520,000 | | | | | | 529,787 | | |
HSBC Holdings PLC, (United Kingdom) | | | | | | | | | | | | | |
2.724%, due 5/18/21(a)
|
| | | | 440,000 | | | | | | 440,506 | | |
J.P. Morgan Chase Bank NA | | | | | | | | | | | | | |
2.199%, due 2/1/21(a)
|
| | | | 500,000 | | | | | | 500,490 | | |
Mitsubishi UFJ Financial Group, Inc., (Japan)
|
| | | | | | | | | | | | |
4.018%, due 3/1/21(a)
|
| | | | 500,000 | | | | | | 510,169 | | |
Mizuho Financial Group, Inc., (Japan) | | | | | | | | | | | | | |
2.977%, due 9/13/23(a)
|
| | | | 200,000 | | | | | | 201,006 | | |
3.267%, due 9/13/21(a)
|
| | | | 420,000 | | | | | | 425,196 | | |
Royal Bank of Canada, (Canada) | | | | | | | | | | | | | |
2.639%, due 2/1/22(a)
|
| | | | 500,000 | | | | | | 504,980 | | |
SunTrust Bank
|
| | | | | | | | | | | | |
2.436%, due 10/26/21(a)
|
| | | | 520,000 | | | | | | 520,599 | | |
Toronto-Dominion Bank (The), (Canada) | | | | | | | | | | | | | |
2.540%, due 12/1/22(a)
|
| | | | 500,000 | | | | | | 499,292 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Banks (continued) | | | | ||||||||||
U.S. Bank NA | | | | | | | | | | | | | |
2.212%, due 2/4/21(a)
|
| | | $ | 500,000 | | | | | $ | 501,302 | | |
| | | | | | | | | | | 7,354,288 | | |
Beverages — 2.1% | | | | | | | | | | | | | |
Anheuser-Busch InBev Worldwide, Inc., (Belgium)
|
| | | | | | | | | | | | |
6.875%, due 11/15/19
|
| | | | 387,000 | | | | | | 387,558 | | |
Keurig Dr Pepper, Inc. | | | | | | | | | | | | | |
3.551%, due 5/25/21
|
| | | | 225,000 | | | | | | 230,188 | | |
| | | | | | | | | | | 617,746 | | |
Building Materials — 0.4% | | | | | | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | | | | | | | | | | | |
3.000%, due 6/15/20
|
| | | | 108,000 | | | | | | 108,545 | | |
Chemicals — 0.6% | | | | | | | | | | | | | |
Nutrien Ltd., (Canada) | | | | | | | | | | | | | |
4.875%, due 3/30/20
|
| | | | 178,000 | | | | | | 179,994 | | |
Commercial Services — 0.4% | | | | | | | | | | | | | |
Global Payments, Inc. | | | | | | | | | | | | | |
3.800%, due 4/1/21
|
| | | | 108,000 | | | | | | 110,330 | | |
Computers — 2.5% | | | | | | | | | | | | | |
Dell International LLC / EMC Corp. | | | | | | | | | | | | | |
4.420%, due 6/15/21‡
|
| | | | 350,000 | | | | | | 361,553 | | |
Hewlett Packard Enterprise Co. | | | | | | | | | | | | | |
2.807%, due 3/12/21(a)
|
| | | | 400,000 | | | | | | 400,631 | | |
| | | | | | | | | | | 762,184 | | |
Diversified Financial Services — 3.8% | | | | | | | | | | | | | |
Charles Schwab Corp. (The) | | | | | | | | | | | | | |
3.250%, due 5/21/21
|
| | | | 325,000 | | | | | | 331,919 | | |
GE Capital International Funding Co. Unlimited Co.
|
| | | | | | | | | | | | |
2.342%, due 11/15/20
|
| | | | 420,000 | | | | | | 419,611 | | |
TD Ameritrade Holding Corp. | | | | | | | | | | | | | |
2.339%, due 11/1/21(a)
|
| | | | 400,000 | | | | | | 399,417 | | |
| | | | | | | | | | | 1,150,947 | | |
Electric — 1.9% | | | | | | | | | | | | | |
Eversource Energy | | | | | | | | | | | | | |
2.500%, due 3/15/21
|
| | | | 171,000 | | | | | | 171,835 | | |
Sempra Energy | | | | | | | | | | | | | |
2.400%, due 3/15/20
|
| | | | 108,000 | | | | | | 108,164 | | |
Southern Power Co. | | | | | | | | | | | | | |
Series E, 2.500%, due 12/15/21
|
| | | | 300,000 | | | | | | 301,893 | | |
| | | | | | | | | | | 581,892 | | |
Environmental Control — 0.6% | | | | | | | | | | | | | |
Republic Services, Inc. | | | | | | | | | | | | | |
5.000%, due 3/1/20
|
| | | | 178,000 | | | | | | 179,794 | | |
Food — 2.5% | | | | | | | | | | | | | |
General Mills, Inc. | | | | | | | | | | | | | |
2.541%, due 4/16/21(a)
|
| | | | 500,000 | | | | | | 500,673 | | |
JM Smucker Co. (The) | | | | | | | | | | | | | |
2.500%, due 3/15/20
|
| | | | 211,000 | | | | | | 211,284 | | |
| | |
Principal
Amount |
| |
Value
|
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Food (continued) | | | | ||||||||||
Kraft Heinz Foods Co. | | | | | | | | | | | | | |
2.800%, due 7/2/20
|
| | | $ | 25,000 | | | | | $ | 25,108 | | |
| | | | | | | | | | | 737,065 | | |
Gas — 0.9% | | | | | | | | | | | | | |
Dominion Energy Gas Holdings LLC | | | | | | | | | | | | | |
2.800%, due 11/15/20
|
| | | | 268,000 | | | | | | 270,008 | | |
Healthcare-Products — 0.4% | | | | | | | | | | | | | |
Becton Dickinson and Co. | | | | | | | | | | | | | |
3.250%, due 11/12/20
|
| | | | 122,000 | | | | | | 123,448 | | |
Healthcare-Services — 0.4% | | | | | | | | | | | | | |
Laboratory Corp. of America Holdings | | | | | | | | | | | | | |
2.625%, due 2/1/20
|
| | | | 108,000 | | | | | | 108,182 | | |
Household Products/Wares — 0.9% | | | | | | | | | | | | | |
Reckitt Benckiser Treasury Services PLC, (United Kingdom)
|
| | | | | | | | | | | | |
2.695%, due 6/24/22‡(a)
|
| | | | 275,000 | | | | | | 275,015 | | |
Housewares — 1.0% | | | | | | | | | | | | | |
Newell Brands, Inc. | | | | | | | | | | | | | |
4.700%, due 8/15/20
|
| | | | 294,000 | | | | | | 299,604 | | |
Insurance — 2.1% | | | | | | | | | | | | | |
Aon PLC | | | | | | | | | | | | | |
2.800%, due 3/15/21
|
| | | | 178,000 | | | | | | 179,605 | | |
Marsh & McLennan Cos., Inc. | | | | | | | | | | | | | |
4.800%, due 7/15/21
|
| | | | 435,000 | | | | | | 451,826 | | |
| | | | | | | | | | | 631,431 | | |
Machinery-Construction & Mining — 1.6%
|
| | | | | | | | | | | | |
Caterpillar Financial Services Corp. | | | | | | | | | | | | | |
2.349%, due 3/15/21(a)
|
| | | | 496,000 | | | | | | 496,189 | | |
Media — 4.0% | | | | | | | | | | | | | |
Charter Communications Operating LLC
/ Charter Communications Operating Capital |
| | | | | | | | | | | | |
3.579%, due 7/23/20
|
| | | | 446,000 | | | | | | 449,815 | | |
Discovery Communications LLC | | | | | | | | | | | | | |
2.800%, due 6/15/20
|
| | | | 235,000 | | | | | | 235,827 | | |
Walt Disney Co. (The) | | | | | | | | | | | | | |
2.502%, due 9/1/22(a)
|
| | | | 500,000 | | | | | | 503,353 | | |
| | | | | | | | | | | 1,188,995 | | |
Multi-National — 0.8% | | | | | | | | | | | | | |
International Bank for Reconstruction & Development, (Supranational)
|
| | | | | | | | | | | | |
2.200%, due 9/23/22
|
| | | | 250,000 | | | | | | 250,155 | | |
Oil & Gas — 2.6% | | | | | | | | | | | | | |
BP Capital Markets PLC, (United Kingdom)
|
| | | | | | | | | | | | |
3.561%, due 11/1/21
|
| | | | 300,000 | | | | | | 309,611 | | |
Occidental Petroleum Corp. | | | | | | | | | | | | | |
3.137%, due 2/8/21(a)
|
| | | | 255,000 | | | | | | 256,912 | | |
4.850%, due 3/15/21
|
| | | | 195,000 | | | | | | 201,184 | | |
| | | | | | | | | | | 767,707 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
Corporate Bonds (continued) | | ||||||||||||
Oil & Gas Services — 1.0% | | | | | | | | | | | | | |
Schlumberger Oilfield UK PLC | | | | | | | | | | | | | |
4.200%, due 1/15/21‡
|
| | | $ | 299,000 | | | | | $ | 304,873 | | |
Pharmaceuticals — 1.5% | | | | | | | | | | | | | |
AbbVie, Inc. | | | | | | | | | | | | | |
2.300%, due 5/14/21
|
| | | | 255,000 | | | | | | 255,982 | | |
CVS Health Corp. | | | | | | | | | | | | | |
2.800%, due 7/20/20
|
| | | | 188,000 | | | | | | 189,000 | | |
| | | | | | | | | | | 444,982 | | |
Pipelines — 3.4% | | | | | | | | | | | | | |
Energy Transfer Operating LP | | | | | | | | | | | | | |
4.650%, due 6/1/21
|
| | | | 250,000 | | | | | | 257,554 | | |
MPLX LP | | | | | | | | | | | | | |
3.002%, due 9/9/21(a)
|
| | | | 400,000 | | | | | | 401,500 | | |
Plains All American Pipeline LP / PAA Finance Corp.
|
| | | | | | | | | | | | |
5.000%, due 2/1/21
|
| | | | 363,000 | | | | | | 372,670 | | |
| | | | | | | | | | | 1,031,724 | | |
REITS — 1.2% | | | | | | | | | | | | | |
ERP Operating LP | | | | | | | | | | | | | |
4.750%, due 7/15/20
|
| | | | 268,000 | | | | | | 271,019 | | |
Weyerhaeuser Co. | | | | | | | | | | | | | |
4.700%, due 3/15/21
|
| | | | 93,000 | | | | | | 95,662 | | |
| | | | | | | | | | | 366,681 | | |
Software — 0.7% | | | | | | | | | | | | | |
Fidelity National Information Services, Inc.
|
| | | | | | | | | | | | |
3.625%, due 10/15/20
|
| | | | 102,000 | | | | | | 103,414 | | |
Fiserv, Inc. | | | | | | | | | | | | | |
2.700%, due 6/1/20
|
| | | | 108,000 | | | | | | 108,376 | | |
| | | | | | | | | | | 211,790 | | |
Telecommunications — 2.3% | | | | | | | | | | | | | |
AT&T, Inc. | | | | | | | | | | | | | |
2.951%, due 7/15/21(a)
|
| | | | 450,000 | | | | | | 454,590 | | |
Telefonica Emisiones SA, (Spain) | | | | | | | | | | | | | |
5.134%, due 4/27/20
|
| | | | 219,000 | | | | | | 222,303 | | |
| | | | | | | | | | | 676,893 | | |
Transportation — 1.1% | | | | | | | | | | | | | |
FedEx Corp. | | | | | | | | | | | | | |
3.400%, due 1/14/22
|
| | | | 173,000 | | | | | | 177,513 | | |
Union Pacific Corp. | | | | | | | | | | | | | |
1.800%, due 2/1/20
|
| | | | 165,000 | | | | | | 164,952 | | |
| | | | | | | | | | | 342,465 | | |
Total Corporate Bonds
(Cost $23,948,846) |
| | | | | | | | | | 23,974,964 | | |
|
| | |
Principal
Amount |
| |
Value
|
| ||||||
United States Government Agency
Mortgage-Backed Securities — 6.1% |
| | | | | | | | | | | | |
Sovereign — 6.1% | | | | | | | | | | | | | |
Federal Home Loan Mortgage Corporation
|
| | | | | | | | | | | | |
2.050%, due 8/26/22
|
| | | $ | 300,000 | | | | | $ | 300,157 | | |
2.125%, due 10/21/22
|
| | | | 375,000 | | | | | | 375,418 | | |
2.150%, due 9/6/22
|
| | | | 300,000 | | | | | | 300,151 | | |
2.250%, due 8/8/22
|
| | | | 275,000 | | | | | | 275,033 | | |
2.250%, due 8/12/24
|
| | | | 350,000 | | | | | | 350,348 | | |
2.300%, due 10/22/24
|
| | | | 235,000 | | | | | | 235,189 | | |
| | | | | | | | | | | 1,836,296 | | |
Total United States Government Agency Mortgage-Backed Securities
(Cost $1,835,000) |
| | | | | | | | | | 1,836,296 | | |
Short-Term Investment — 2.9% | | | | | | | | | | | | | |
Commercial Papers — 2.5% | | | | | | | | | | | | | |
Utilities — 2.5% | | | | | | | | | | | | | |
Entergy Corp. | | | | | | | | | | | | | |
0.000%, due 11/7/19
|
| | | | 300,000 | | | | | | 299,892 | | |
Spire, Inc. | | | | | | | | | | | | | |
0.000%, due 11/6/19
|
| | | | 450,000 | | | | | | 449,847 | | |
| | | | | | | | | | | 749,739 | | |
Total Commercial Papers
(Cost $749,746) |
| | | | | | | | | | 749,739 | | |
|
| | |
Shares
|
| | | | | | | |||
Money Market Fund — 0.4% | | | | | | | | | | | | | |
BlackRock Liquidity T-Fund, 1.66%(b)
(Cost $123,822) |
| | | | 123,822 | | | | |
$
|
123,822
|
| |
Total Investments — 99.5%
(Cost $29,916,790) |
| | | | | | | | | | 29,939,029 | | |
Other Assets and Liabilities, Net — 0.5% | | | | | | | | | | | 163,924 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 30,102,953 | | |
Description
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Asset Valuation Inputs | | | | | | ||||||||||||||||||||
Investments in Securities:(c) | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligation
|
| | | $ | — | | | | | $ | 246,038 | | | | | $ | — | | | | | $ | 246,038 | | |
Commercial Asset-Backed Securities
|
| | | | — | | | | | | 2,507,541 | | | | | | — | | | | | | 2,507,541 | | |
Commercial Mortgage-Backed Security
|
| | | | — | | | | | | 500,629 | | | | | | — | | | | | | 500,629 | | |
Corporate Bonds
|
| | | | — | | | | | | 23,974,964 | | | | | | — | | | | | | 23,974,964 | | |
United States Government Agency Mortgage-Backed Securities
|
| | | | — | | | | | | 1,836,296 | | | | | | — | | | | | | 1,836,296 | | |
Short-Term Investment:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Papers
|
| | | | — | | | | | | 749,739 | | | | | | — | | | | | | 749,739 | | |
Money Market Fund
|
| | | | 123,822 | | | | | | — | | | | | | — | | | | | | 123,822 | | |
Total Investments in Securities
|
| | | $ | 123,822 | | | | | $ | 29,815,207 | | | | | $ | — | | | | | $ | 29,939,029 | | |
| | |
IQ MacKay
Municipal Insured ETF |
| |
IQ MacKay
Municipal Intermediate ETF |
| |
IQ Ultra Short
Duration ETF |
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value
|
| | | $ | 78,810,004 | | | | | $ | 45,789,719 | | | | | $ | 29,939,029 | | |
Cash
|
| | | | — | | | | | | — | | | | | | 4,304 | | |
Receivable for investments sold
|
| | | | 940,478 | | | | | | — | | | | | | — | | |
Interest receivable
|
| | | | 731,503 | | | | | | 484,577 | | | | | | 177,380 | | |
Dividend receivable
|
| | | | 3,537 | | | | | | 890 | | | | | | 1,083 | | |
Prepaid expenses
|
| | | | — | | | | | | — | | | | | | 351 | | |
Due from advisor
|
| | | | 15,575 | | | | | | 13,464 | | | | | | 8,177 | | |
Total assets
|
| | | | 80,501,097 | | | | | | 46,288,650 | | | | | | 30,130,324 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Payable for investments purchased
|
| | | | 4,140,138 | | | | | | 280,606 | | | | | | — | | |
Advisory fees payable
|
| | | | 22,831 | | | | | | 15,583 | | | | | | 6,109 | | |
Trustee fees payable
|
| | | | 114 | | | | | | 137 | | | | | | 64 | | |
Compliance fees payable
|
| | | | 28 | | | | | | 24 | | | | | | 10 | | |
Accrued expenses and other liabilities
|
| | | | 36,106 | | | | | | 36,520 | | | | | | 21,188 | | |
Total liabilities
|
| | | | 4,199,217 | | | | | | 332,870 | | | | | | 27,371 | | |
Net assets
|
| | | $ | 76,301,880 | | | | | $ | 45,955,780 | | | | | $ | 30,102,953 | | |
Composition of Net Assets | | | | | | | | | | | | | | | | | | | |
Paid-in capital
|
| | | $ | 74,325,539 | | | | | $ | 43,895,805 | | | | | $ | 30,003,291 | | |
Total distributable earnings
|
| | | | 1,976,341 | | | | | | 2,059,975 | | | | | | 99,662 | | |
Net assets
|
| | | $ | 76,301,880 | | | | | $ | 45,955,780 | | | | | $ | 30,102,953 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | |
Shares Outstanding (no par value, unlimited shares authorized)
|
| | | | 2,900,000 | | | | | | 1,750,000 | | | | | | 600,000 | | |
Net Asset Value Per Share
|
| | | $ | 26.31 | | | | | $ | 26.26 | | | | | $ | 50.17 | | |
Investments, at cost
|
| | | $ | 77,218,757 | | | | | $ | 44,441,040 | | | | | $ | 29,916,790 | | |
| | |
IQ MacKay
Municipal Insured ETF |
| |
IQ MacKay
Municipal Intermediate ETF |
| |
IQ Ultra Short
Duration ETF |
| |||||||||
Investment Income | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 576,290 | | | | | $ | 480,305 | | | | | $ | 180,357 | | |
Dividend income
|
| | | | 26,736 | | | | | | 10,371 | | | | | | 6,380 | | |
Total investment income
|
| | | | 603,026 | | | | | | 490,676 | | | | | | 186,737 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Advisory fees (see Note 3)
|
| | | | 104,415 | | | | | | 89,848 | | | | | | 17,937 | | |
Administrative and accounting fees
|
| | | | 11,629 | | | | | | 11,431 | | | | | | 6,032 | | |
Audit fees
|
| | | | 10,045 | | | | | | 10,045 | | | | | | 4,787 | | |
Legal fees
|
| | | | 7,467 | | | | | | 7,316 | | | | | | 332 | | |
Shareholder reporting fees
|
| | | | 6,709 | | | | | | 6,837 | | | | | | 3,383 | | |
Intraday pricing fees
|
| | | | 6,490 | | | | | | 6,490 | | | | | | 959 | | |
Custodian fees
|
| | | | 6,203 | | | | | | 6,516 | | | | | | 3,290 | | |
Listing fees
|
| | | | 4,232 | | | | | | 4,232 | | | | | | 1,946 | | |
Trustee fees
|
| | | | 1,394 | | | | | | 1,291 | | | | | | 511 | | |
Registration fees
|
| | | | 305 | | | | | | 20 | | | | | | 1,095 | | |
Compliance fees
|
| | | | 82 | | | | | | 78 | | | | | | 33 | | |
Excise tax fees
|
| | | | 4 | | | | | | — | | | | | | — | | |
Miscellaneous
|
| | | | 44 | | | | | | 45 | | | | | | 25 | | |
Total expenses
|
| | | | 159,019 | | | | | | 144,149 | | | | | | 40,330 | | |
Waivers (see Note 3)
|
| | | | (80,704) | | | | | | (76,764) | | | | | | (22,393) | | |
Net expenses
|
| | | | 78,315 | | | | | | 67,385 | | | | | | 17,937 | | |
Net investment income
|
| | | | 524,711 | | | | | | 423,291 | | | | | | 168,800 | | |
Realized and Unrealized Gain (Loss) on Investments and Futures contracts
|
| | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | |
Investment securities
|
| | | | 381,617 | | | | | | 709,095 | | | | | | 30,733 | | |
Futures contracts
|
| | | | — | | | | | | — | | | | | | (9,778) | | |
Net realized gain
|
| | | | 381,617 | | | | | | 709,095 | | | | | | 20,955 | | |
Net change in net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | |
Investment securities
|
| | | | 775,140 | | | | | | 540,003 | | | | | | 22,239 | | |
Net change in net unrealized appreciation (depreciation)
|
| | | | 775,140 | | | | | | 540,003 | | | | | | 22,239 | | |
Net realized and unrealized gain
|
| | | | 1,156,757 | | | | | | 1,249,098 | | | | | | 43,194 | | |
Net Increase in Net Assets Resulting From Operations
|
| | | $ | 1,681,468 | | | | | $ | 1,672,389 | | | | | $ | 211,994 | | |
| | |
IQ MacKay
Municipal Insured ETF |
| |
IQ MacKay
Municipal Intermediate ETF |
| |
IQ Ultra Short
Duration ETF |
| |||||||||||||||||||||
| | |
For the Six
Months Ended October 31, 2019 (unaudited) |
| |
For the Year
Ended April 30, 2019 |
| |
For the Six
Months Ended October 31, 2019 (unaudited) |
| |
For the Year
Ended April 30, 2019 |
| |
For the Period
July 31, 2019* to October 31, 2019 |
| |||||||||||||||
Increase (Decrease) in Net Assets from Operations
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 524,711 | | | | | $ | 643,561 | | | | | $ | 423,291 | | | | | $ | 917,680 | | | | | $ | 168,800 | | |
Net realized gain
|
| | | | 381,617 | | | | | | 16,810 | | | | | | 709,095 | | | | | | 106,208 | | | | | | 20,955 | | |
Net change in net unrealized appreciation
(depreciation) |
| | | | 775,140 | | | | | | 1,046,473 | | | | | | 540,003 | | | | | | 1,233,618 | | | | | | 22,239 | | |
Net increase in net assets resulting from operations
|
| | | | 1,681,468 | | | | | | 1,706,844 | | | | | | 1,672,389 | | | | | | 2,257,506 | | | | | | 211,994 | | |
Distributions to Shareholders
|
| | | | (623,558) | | | | | | (580,120) | | | | | | (589,857) | | | | | | (874,540) | | | | | | (112,332) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares created
|
| | | | 31,705,342 | | | | | | 27,610,800 | | | | | | 2,620,498 | | | | | | 12,552,062 | | | | | | 30,003,291 | | |
Cost of shares redeemed
|
| | | | — | | | | | | (25) | | | | | | (1,288,405) | | | | | | (25) | | | | | | — | | |
Increase from capital share transactions
|
| | | | 31,705,342 | | | | | | 27,610,775 | | | | | | 1,332,093 | | | | | | 12,552,037 | | | | | | 30,003,291 | | |
Total increase in net assets
|
| | | | 32,763,252 | | | | | | 28,737,499 | | | | | | 2,414,625 | | | | | | 13,935,003 | | | | | | 30,102,953 | | |
Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period
|
| | | | 43,538,628 | | | | | | 14,801,129 | | | | | | 43,541,155 | | | | | | 29,606,152 | | | | | | — | | |
End of period
|
| | | $ | 76,301,880 | | | | | $ | 43,538,628 | | | | | $ | 45,955,780 | | | | | $ | 43,541,155 | | | | | $ | 30,102,953 | | |
Changes in Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period
|
| | | | 1,700,000 | | | | | | 600,001 | | | | | | 1,700,000 | | | | | | 1,200,001 | | | | | | — | | |
Shares created
|
| | | | 1,200,000 | | | | | | 1,100,000 | | | | | | 100,000 | | | | | | 500,000 | | | | | | 600,000 | | |
Shares redeemed
|
| | | | — | | | | | | (1) | | | | | | (50,000) | | | | | | (1) | | | | | | — | | |
Shares outstanding, end of period
|
| | | | 2,900,000 | | | | | | 1,700,000 | | | | | | 1,750,000 | | | | | | 1,700,000 | | | | | | 600,000 | | |
| | |
IQ MacKay Municipal Insured ETF
|
| |||||||||||||||
| | |
For the Six
Months Ended October 31, 2019 (unaudited) |
| |
For the Year
Ended April 30, 2019 |
| |
For the Period
October 18, 2017(a) to April 30, 2018 |
| |||||||||
Net asset value, beginning of period
|
| | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.26 | | | | | | 0.72 | | | | | | 0.36 | | |
Net realized and unrealized gain (loss)
|
| | | | 0.77 | | | | | | 0.90 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations
|
| | | | 1.03 | | | | | | 1.62 | | | | | | (0.03) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | | (0.33) | | | | | | (0.68) | | | | | | (0.30) | | |
Net asset value, end of period
|
| | | $ | 26.31 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period
|
| | | $ | 26.39 | | | | | $ | 25.64 | | | | | $ | 24.86 | | |
Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(c)
|
| | | | 4.04% | | | | | | 6.72% | | | | | | (0.13)% | | |
Total investment return based on market price(d)
|
| | | | 4.24% | | | | | | 6.02% | | | | | | 0.64%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 76,302 | | | | | $ | 43,539 | | | | | $ | 14,801 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers
|
| | | | 0.30%(f) | | | | | | 0.30% | | | | | | 0.30%(f) | | |
Expenses excluding waivers
|
| | | | 0.61%(f) | | | | | | 0.77% | | | | | | 0.99%(f) | | |
Net investment income
|
| | | | 2.01%(f) | | | | | | 2.89% | | | | | | 2.74%(f) | | |
Portfolio turnover rate(g)
|
| | | | 24% | | | | | | 56% | | | | | | 77% | | |
| | |
IQ MacKay Municipal Intermediate ETF
|
| |||||||||||||||
| | |
For the Six
Months Ended October 31, 2019 (unaudited) |
| |
For the Year
Ended April 30, 2019 |
| |
For the Period
October 18, 2017(a) to April 30, 2018 |
| |||||||||
Net asset value, beginning of period
|
| | | $ | 25.61 | | | | | $ | 24.67 | | | | | $ | 25.00 | | |
Income from Investment Operations | | | | | | | | | | | | | | | | | | | |
Net investment income(b)
|
| | | | 0.25 | | | | | | 0.69 | | | | | | 0.30 | | |
Net realized and unrealized gain (loss)
|
| | | | 0.75 | | | | | | 0.91 | | | | | | (0.39) | | |
Net increase (decrease) in net assets resulting from investment operations
|
| | | | 1.00 | | | | | | 1.60 | | | | | | (0.09) | | |
Distributions from: | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | | (0.35) | | | | | | (0.66) | | | | | | (0.24) | | |
Net asset value, end of period
|
| | | $ | 26.26 | | | | | $ | 25.61 | | | | | $ | 24.67 | | |
Market price, end of period
|
| | | $ | 26.30 | | | | | $ | 25.66 | | | | | $ | 24.71 | | |
Total Return | | | | | | | | | | | | | | | | | | | |
Total investment return based on net asset value(c)
|
| | | | 3.90% | | | | | | 6.59% | | | | | | (0.34)% | | |
Total investment return based on market price(d)
|
| | | | 3.86% | | | | | | 6.62% | | | | | | (0.18)%(e) | | |
Ratios/Supplemental Data | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 45,956 | | | | | $ | 43,541 | | | | | $ | 29,606 | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | |
Expenses net of waivers
|
| | | | 0.30%(f) | | | | | | 0.30% | | | | | | 0.30%(f) | | |
Expenses excluding waivers
|
| | | | 0.64%(f) | | | | | | 0.71% | | | | | | 0.77%(f) | | |
Net investment income
|
| | | | 1.88%(f) | | | | | | 2.76% | | | | | | 2.28%(f) | | |
Portfolio turnover rate(g)
|
| | | | 53% | | | | | | 72% | | | | | | 80% | | |
| | |
IQ Ultra Short
Duration ETF |
| |||
| | |
For the Period
July 31, 2019(a) to October 31, 2019 |
| |||
Net asset value, beginning of period
|
| | | $ | 50.01 | | |
Income from Investment Operations | | | | | | | |
Net investment income(b)
|
| | | | 0.29 | | |
Net realized and unrealized gain
|
| | | | 0.06 | | |
Net increase in net assets resulting from investment operations
|
| | | | 0.35 | | |
Distributions from: | | | | | | | |
Net investment income
|
| | | | (0.19) | | |
Net asset value, end of period
|
| | | $ | 50.17 | | |
Market price, end of period
|
| | | $ | 50.16 | | |
Total Return | | | | | | | |
Total investment return based on net asset value(c)
|
| | | | 0.71% | | |
Total investment return based on market price(d)
|
| | | | 0.68%(e) | | |
Ratios/Supplemental Data | | | | | | | |
Net assets, end of period (000’s omitted)
|
| | | $ | 30,103 | | |
Ratio to average net assets of: | | | | | | | |
Expenses net of waivers
|
| | | | 0.24%(f) | | |
Expenses excluding waivers
|
| | | | 0.54%(f) | | |
Net investment income
|
| | | | 2.26%(f) | | |
Portfolio turnover rate(g)
|
| | | | 44% | | |
Fund
|
| |
Rate
|
| |||
IQ MacKay Municipal Insured ETF
|
| | | | 0.40% | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 0.40% | | |
IQ Ultra Short Duration ETF
|
| | | | 0.24% | | |
Fund
|
| |
Cost
|
| |
Gross
Unrealized Appreciation |
| |
Gross
Unrealized Depreciation |
| |
Net
Unrealized Appreciation/ (Depreciation) |
| ||||||||||||
IQ MacKay Municipal Insured ETF
|
| | | $ | 77,218,757 | | | | | $ | 1,809,359 | | | | | $ | (218,112) | | | | | $ | 1,591,247 | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 44,441,040 | | | | | | 1,392,405 | | | | | | (43,726) | | | | | | 1,348,679 | | |
IQ Ultra Short Duration ETF
|
| | | | 29,916,790 | | | | | | 36,555 | | | | | | (14,316) | | | | | | 22,239 | | |
Fund
|
| |
Ordinary
Income (Loss)1 |
| |
Tax-Exempt
Income (Loss) |
| |
Net
Capital Gain (Losses)2 |
| |
Net
Unrealized Appreciation/ Depreciation |
| |
Total
Earnings/ (Losses) |
| |||||||||||||||
IQ MacKay Municipal Insured ETF
|
| | | $ | 11,322 | | | | | $ | 91,002 | | | | | $ | — | | | | | $ | 816,107 | | | | | $ | 918,431 | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 67,317 | | | | | | 101,450 | | | | | | — | | | | | | 808,676 | | | | | | 977,443 | | |
Fund
|
| |
Total distributable
earnings/ (accumulated loss) |
| |
Paid-In Capital
|
| ||||||
IQ Mackay Municipal Insured ETF
|
| | | $ | 99 | | | | | $ | (99) | | |
IQ Mackay Municipal Intermediate ETF
|
| | | | — | | | | | | — | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||||||||
Fund
|
| |
Ordinary
Income |
| |
Tax-Exempt
Income |
| |
Long-Term
Capital Gains |
| |
Tax Return
of Capital |
| |
Ordinary
Income |
| |
Tax-Exempt
Income |
| |
Long-Term
Capital Gains |
| |
Tax Return
of Capital |
| ||||||||||||||||||||||||
IQ MacKay Municipal Insured ETF
|
| | | $ | 20,618 | | | | | $ | 559,502 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,076 | | | | | $ | 177,510 | | | | | $ | — | | | | | $ | — | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 25,402 | | | | | | 849,138 | | | | | | — | | | | | | — | | | | | | 7,047 | | | | | | 285,873 | | | | | | — | | | | | | — | | |
Fund
|
| |
Utilized on
Current Year |
| |
Short-Term
With No Expiration |
| |
Long-Term
With No Expiration |
| |||||||||
IQ MacKay Municipal Insured ETF
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 44,053 | | | | | | — | | | | | | — | | |
Fund
|
| |
% Ownership
|
| |||
IQ MacKay Municipal Insured ETF
|
| | | | 54.9% | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 91.2% | | |
IQ Ultra Short Duration ETF
|
| | | | 83.3% | | |
Fund
|
| |
Purchases
|
| |
Sales
|
| ||||||
IQ MacKay Municipal Insured ETF
|
| | | $ | 45,027,867 | | | | | $ | 11,668,707 | | |
IQ MacKay Municipal Intermediate ETF
|
| | | | 29,395,166 | | | | | | 22,004,531 | | |
IQ Ultra Short Duration ETF
|
| | | | 33,808,351 | | | | | | 8,989,626 | | |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | IndexIQ Active ETF Trust |
By (Signature and Title)* | /s/ Kirk C. Lehneis |
Kirk C. Lehneis | |
(Principal Executive Officer) | |
Date | 01/06/2020 |
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 | 01/06/2020 |
By (Signature and Title)* | /s/ Adefolahan O. Oyefeso |
Adefolahan O. Oyefeso | |
(Principal Financial Officer) |
Date | 01/06/2020 |
* Print the name and title of each signing officer under his or her signature.
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