Portfolio concentration
As of June 30, 2025 · N-PORT
Holdings
62
Top-10 weight
64.75%
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.
4
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.
15.1
Holdings
As of June 30, 2025 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | Fidelity Municipal Cash Central Fund | — | 9,450,794 | $9.45M | 45.95% |
| 2 | WA ST 5% 7/1/2025 | — | 485,000 | $485.00K | 2.36% |
| 3 | ME ST HLT(UNIV N ENG)4% 7/1/25 | — | 465,000 | $465.00K | 2.26% |
| 4 | PORTLND OR ARPT 5% 7/1/2025 @ | — | 420,000 | $420.00K | 2.04% |
| 5 | AZ BOR-AZ ST U 5% 7/1/2025 | — | 405,000 | $405.00K | 1.97% |
| 6 | CT ST HLTH and REV 5% 7/1/2025 | — | 400,000 | $400.00K | 1.94% |
| 7 | NJ HLTH CARE 5% 7/1/2025 | — | 400,000 | $400.00K | 1.94% |
| 8 | ST LOUIS MO AIR/AGM 5% 7/1/25 | — | 370,000 | $370.00K | 1.80% |
| 9 | MASSACHUSETTS ST PORT AUTH | — | 300,000 | $300.00K | 1.46% |
| 10 | FLINT MI BLDG 5% 7/1/2025 | — | 300,000 | $300.00K | 1.46% |
| 11 | IN HSG CDA 5% 7/1/2025 | — | 300,000 | $300.00K | 1.46% |
| 12 | ST LOUIS MO AIR 5% 7/1/2025 | — | 290,000 | $290.00K | 1.41% |
| 13 | CT ST HLTH and REV 5% 07/01/25 | — | 280,000 | $280.00K | 1.36% |
| 14 | WA TWP CA HC 5% 7/1/25 | — | 270,000 | $270.00K | 1.31% |
| 15 | ST LOUIS MO AIR 5% 7/1/25@ | — | 250,000 | $250.00K | 1.22% |
| 16 | PHX CVC APT REV 5% 7/1/2025 @ | — | 250,000 | $250.00K | 1.22% |
| 17 | Washington Metropolitan Area Transit Authority, Series 2017, RB | — | 250,000 | $250.00K | 1.22% |
| 18 | MA ED LN AUTH 5% 7/1/2025@ | — | 250,000 | $250.00K | 1.22% |
| 19 | PHX CVC APT REV 5% 7/1/2025 | — | 250,000 | $250.00K | 1.22% |
| 20 | PHIL PA AIRPORT 5% 7/1/2025 @ | — | 210,000 | $210.00K | 1.02% |
| 21 | Washington Metropolitan Area Transit Authority, Series A-1 | — | 200,000 | $200.00K | 0.97% |
| 22 | NEW HAMPSHIRE H 5% 7/1/2025 | — | 200,000 | $200.00K | 0.97% |
| 23 | CT ST HLTH and REV 5% 7/1/2025 | — | 200,000 | $200.00K | 0.97% |
| 24 | OH HI ED COM 5% 7/1/2025 | — | 200,000 | $200.00K | 0.97% |
| 25 | HOUSTON TX ARPT 5% 7/1/2025 @ | — | 200,000 | $200.00K | 0.97% |
| 26 | State of Illinois, Series 2023D | ILS | 200,000 | $200.00K | 0.97% |
| 27 | PHX CVC WTR 5% 7/1/2025 | — | 185,000 | $185.00K | 0.90% |
| 28 | HONOLULU HI 5% 7/1/2025 | — | 180,000 | $180.00K | 0.88% |
| 29 | CONN ST HEALTH 5% 7/1/2025 | — | 175,000 | $175.00K | 0.85% |
| 30 | MASS DEVEL FIN 5% 7/1/2025 | — | 170,000 | $170.00K | 0.83% |
| 31 | FL ST DOT TPK 5% 7/1/2025 | — | 165,000 | $165.00K | 0.80% |
| 32 | WASHINGTON ST C 5% 7/1/2025 | — | 155,000 | $155.00K | 0.75% |
| 33 | MD HEFA 5% 7/1/2025 | — | 150,000 | $150.00K | 0.73% |
| 34 | GRAND TRAV HOSP A 5% 7/1/2025 | — | 150,000 | $150.00K | 0.73% |
| 35 | SAN DIEGO ARPT 5% 7/1/2025@ | — | 150,000 | $150.00K | 0.73% |
| 36 | CT SPEC TAX 5% 7/1/2025 | — | 150,000 | $150.00K | 0.73% |
| 37 | MASS DEVEL FIN 5% 7/1/2025 | — | 125,000 | $125.00K | 0.61% |
| 38 | KY TPK 5% 7/1/2025 | KYSTRN | 110,000 | $110.00K | 0.53% |
| 39 | DOYLSTN PA HOSP 5% 7/1/2025 | — | 105,000 | $105.00K | 0.51% |
| 40 | NJ ST EDU AUT 5% 7/1/25 | — | 105,000 | $105.00K | 0.51% |
| 41 | Saginaw Hospital Finance Authority | — | 100,000 | $100.00K | 0.49% |
| 42 | TAMPA FL HOSP (H LEE MOFFITT CANCER CTR AND RESEARCH INST OBL GRP) 5% 7/1/25 | — | 100,000 | $100.00K | 0.49% |
| 43 | ONONDAGA NY CDC (LE MOYNE COLLEGE) 5% 7/1/25 | — | 100,000 | $100.00K | 0.49% |
| 44 | MBTA SLS TAX 5% 7/1/2025 | — | 100,000 | $100.00K | 0.49% |
| 45 | ME ST HEALTH 4% 7/1/2025 | — | 100,000 | $100.00K | 0.49% |
| 46 | IN FIN HSR 2.25% 12/1/2058 | INSMED | 55,000 | $55.00K | 0.27% |
| 47 | ATLANTA GA ARPT 5% 7/1/2025 @ | — | 50,000 | $50.00K | 0.24% |
| 48 | MASS MA SER I 5% 7/1/25 | — | 50,000 | $50.00K | 0.24% |
| 49 | MONROE PA (POCONO MED CTR) 5% 7/1/25 | — | 50,000 | $50.00K | 0.24% |
| 50 | PHIL PA AIRPORT 5% 7/1/2025 | — | 50,000 | $50.00K | 0.24% |
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