Portfolio concentration
As of January 31, 2026 ·
N-PORT
Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
50
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
21.7
Holdings
As of January 31, 2026 · N-PORT
| # | Security | Ticker | Shares | Value | % of fund |
|---|
| 1 |
GASTON CNTY NC |
— |
6,000,000 |
$6.80M |
4.94% |
| 2 |
NM MUNI ENERGY ACQ AU |
— |
6,000,000 |
$6.40M |
4.65% |
| 3 |
WYLIE TX INDEP SCH DIST |
WYLSCD |
5,675,000 |
$5.68M |
4.12% |
| 4 |
District of Columbia, Series 2019 A, GO Bonds |
— |
5,000,000 |
$5.16M |
3.75% |
| 5 |
BLACK BELT ENRY GAS-A |
BBEUTL |
3,500,000 |
$3.78M |
2.74% |
| 6 |
MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE |
— |
3,000,000 |
$3.64M |
2.65% |
| 7 |
WASHINGTON ST |
— |
3,340,000 |
$3.51M |
2.55% |
| 8 |
S E ENERGY COOP DT |
— |
3,000,000 |
$3.27M |
2.38% |
| 9 |
SOUTHEAST ENERGY-E |
SEEPWR |
3,000,000 |
$3.26M |
2.37% |
| 10 |
MO ST HLTH EDUCTNL FA |
— |
3,000,000 |
$3.15M |
2.28% |
| 11 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB |
— |
3,000,000 |
$3.08M |
2.23% |
| 12 |
IOWA ST FIN AUTH SF MTGE REVENUE |
— |
3,050,000 |
$3.05M |
2.21% |
| 13 |
Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 2, Series 2021B-1 |
— |
3,000,000 |
$3.03M |
2.20% |
| 14 |
CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
— |
3,000,000 |
$3.00M |
2.18% |
| 15 |
MASSACHUSETTS ST |
— |
2,750,000 |
$2.82M |
2.04% |
| 16 |
NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE |
— |
2,350,000 |
$2.35M |
1.71% |
| 17 |
MA ST 5% 7/1/2035 |
— |
1,945,000 |
$2.34M |
1.70% |
| 18 |
MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE |
MASEDU |
2,235,000 |
$2.33M |
1.69% |
| 19 |
SAN JCNTO TX CC 5% 2/15/2044 |
— |
2,250,000 |
$2.32M |
1.69% |
| 20 |
SOMERVILLE MA |
— |
2,405,000 |
$2.17M |
1.57% |
| 21 |
CT HLTH & EDU AUTH-B |
CTSHGR |
2,000,000 |
$2.15M |
1.56% |
| 22 |
PENNSYLVANIA ST |
— |
2,005,000 |
$2.12M |
1.54% |
| 23 |
NEW YORK NY |
— |
2,020,000 |
$2.09M |
1.52% |
| 24 |
CONNECTICUT ST HSG FIN AUTH HS REGD B/E GNMA/FN 5.50000000 |
— |
1,975,000 |
$2.09M |
1.52% |
| 25 |
AZLE TX INDEP SCH DIST |
— |
2,000,000 |
$2.00M |
1.45% |
| 26 |
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB |
— |
1,685,000 |
$1.76M |
1.28% |
| 27 |
RUTHERFORD CNTY TN |
— |
2,000,000 |
$1.74M |
1.26% |
| 28 |
NYS DORM PIT 5% 2/15/2043 |
— |
1,500,000 |
$1.53M |
1.11% |
| 29 |
TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE |
— |
1,450,000 |
$1.53M |
1.11% |
| 30 |
CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
— |
1,425,000 |
$1.53M |
1.11% |
| 31 |
TEXAS ST DEPT OF HSG & CMNTY A REGD B/E GNMA CO 5.75000000 |
— |
1,310,000 |
$1.43M |
1.04% |
| 32 |
MO HEFA EDL 5% 10/1/2046 |
— |
1,390,000 |
$1.42M |
1.03% |
| 33 |
TEXAS ST |
— |
1,420,000 |
$1.42M |
1.03% |
| 34 |
WASHINGTON ST |
— |
1,350,000 |
$1.40M |
1.02% |
| 35 |
State of Oregon, Series 2025 E |
— |
1,260,000 |
$1.39M |
1.01% |
| 36 |
OREGON ST-E |
— |
1,275,000 |
$1.38M |
1.00% |
| 37 |
NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE |
— |
1,290,000 |
$1.37M |
0.99% |
| 38 |
MASSACHUSETTS ST-A |
— |
1,175,000 |
$1.20M |
0.87% |
| 39 |
NORTH CAROLINA ST |
— |
1,250,000 |
$1.16M |
0.84% |
| 40 |
Development Authority of Burke County (The), Series E |
— |
1,125,000 |
$1.16M |
0.84% |
| 41 |
ILLINOIS ST HSG DEV AUTH REVENUE |
— |
1,075,000 |
$1.15M |
0.84% |
| 42 |
ORANGE CNTY NC |
— |
1,155,000 |
$1.15M |
0.84% |
| 43 |
NJ NJSEDU 07/01/2064 |
NJSEDU |
1,000,000 |
$1.12M |
0.81% |
| 44 |
NYC TRANSITIONAL FIN |
— |
1,000,000 |
$1.12M |
0.81% |
| 45 |
AUBURN ME 2% 11/1/2034 |
— |
1,250,000 |
$1.08M |
0.78% |
| 46 |
TX WTR DEV BRD -REV |
— |
1,000,000 |
$1.07M |
0.78% |
| 47 |
IN FIN REV 5% 11/15/2028 |
INSFIN |
1,000,000 |
$1.07M |
0.78% |
| 48 |
OKLAHOMA ST HSG FIN AGY SF MTG REGD B/E GNMA/FN 6.50000000 |
— |
945,000 |
$1.06M |
0.77% |
| 49 |
MAIN STR NAT GA 5% MT |
MAIUTL |
1,000,000 |
$1.06M |
0.77% |
| 50 |
VIRGINIA ST SMALL BUSINESS FIN REGD B/E 5.00000000 |
— |
965,000 |
$1.06M |
0.77% |
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