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.
912
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.
13.1
Holdings
As of January 31, 2026 · N-PORT
| # | Security | Ticker | Shares | Value | % of fund |
|---|
| 1 |
NJ EDUCTNL FACS-A |
NJSEDU |
10,000,000 |
$11.77M |
0.53% |
| 2 |
California Community Choice Financing Authority, Series C |
CCEDEV |
10,345,000 |
$10.97M |
0.50% |
| 3 |
California Community Choice Financing Authority, Series F |
CCEDEV |
9,000,000 |
$9.73M |
0.44% |
| 4 |
STATE OF CALIFORNIA 4.0% 03-01-36 |
CAS |
9,300,000 |
$9.73M |
0.44% |
| 5 |
CT HLTH & EDUCTNL-B-2 |
CTSHGR |
7,500,000 |
$8.58M |
0.39% |
| 6 |
CALIFORNIA COMMUNITY VAR |
CCEDEV |
7,500,000 |
$8.23M |
0.37% |
| 7 |
State of California, Series 2007 |
— |
5,750,000 |
$6.65M |
0.30% |
| 8 |
NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE |
— |
5,360,000 |
$6.37M |
0.29% |
| 9 |
California (State of) Housing Finance Agency (Social Certificates), Series 2021-2A, Revenue Ctfs. |
CASHSG |
5,960,920 |
$6.10M |
0.28% |
| 10 |
SOUTHEST ENERGY (BP) 5.25% 11/1/35 MT |
SEEPWR |
5,500,000 |
$6.04M |
0.27% |
| 11 |
NH NFADEV 01/20/2041 |
NFADEV |
5,956,532 |
$5.95M |
0.27% |
| 12 |
SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE |
SCSMED |
5,000,000 |
$5.81M |
0.26% |
| 13 |
MARYLAND ST REGD B/E 5.00000000 |
— |
5,000,000 |
$5.74M |
0.26% |
| 14 |
MA ST DEV FIN AGY-A-1 |
MASDEV |
5,000,000 |
$5.74M |
0.26% |
| 15 |
NYC TRANSITIONAL-H-1 |
— |
5,000,000 |
$5.71M |
0.26% |
| 16 |
NEW YORK NY |
NYC |
5,000,000 |
$5.62M |
0.26% |
| 17 |
CALIFORNIA COMMUNITY VAR |
CCEDEV |
5,000,000 |
$5.49M |
0.25% |
| 18 |
California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB |
CCEDEV |
5,065,000 |
$5.39M |
0.25% |
| 19 |
NY NYEFAC 07/01/2056 |
NYEFAC |
5,000,000 |
$5.33M |
0.24% |
| 20 |
State of California 4.00% 03/01/2037 |
CAS |
5,020,000 |
$5.22M |
0.24% |
| 21 |
MASSACHUSETTS ST SPL OBLG DEDI MASGEN 01/34 FIXED 5.5 |
— |
4,420,000 |
$5.22M |
0.24% |
| 22 |
BLACK BELT ENERGY GAS VAR |
BBEUTL |
5,065,000 |
$5.18M |
0.24% |
| 23 |
NJ TRANSPRTN TRUST-A |
— |
4,500,000 |
$5.13M |
0.23% |
| 24 |
SALT VERDE FINL. CO 5.00% |
SLTPWR |
4,600,000 |
$5.05M |
0.23% |
| 25 |
NY ST URBAN DEV CORP |
— |
4,500,000 |
$5.02M |
0.23% |
| 26 |
HOUSTON TX UTL SYS-A |
— |
4,500,000 |
$5.01M |
0.23% |
| 27 |
STATE OF CALIFORNIA 5.0% 04-01-32 |
— |
4,270,000 |
$4.98M |
0.23% |
| 28 |
SOUTHEAST ENERGY-D |
SEEPWR |
4,500,000 |
$4.96M |
0.23% |
| 29 |
CTR PLN ENG GAS 5% 9/1/2034 |
— |
4,300,000 |
$4.82M |
0.22% |
| 30 |
NYC TRANSITIONAL-D-1 |
— |
4,300,000 |
$4.80M |
0.22% |
| 31 |
MASSACHUSETTS ST DEV FIN AGY S REGD V/R B/E 5.00000000 |
MASDEV |
4,000,000 |
$4.76M |
0.22% |
| 32 |
District of Columbia Income Tax Revenue 5.00% 06/01/2036 |
DISGEN |
4,000,000 |
$4.71M |
0.21% |
| 33 |
LOUISIANA ST |
— |
4,000,000 |
$4.69M |
0.21% |
| 34 |
State of California, Various Purpose |
— |
4,000,000 |
$4.68M |
0.21% |
| 35 |
NYC NY 5% 2/1/2036 |
— |
4,000,000 |
$4.67M |
0.21% |
| 36 |
NY ST URBAN DEV CORP- |
— |
4,665,000 |
$4.65M |
0.21% |
| 37 |
NEW YORK ST DORM AUTH REVENUES REGD N/C B/E 5.00000000 |
— |
4,000,000 |
$4.65M |
0.21% |
| 38 |
MASSACHUSETTS ST DEV FIN AGY REVENUE |
— |
3,860,000 |
$4.63M |
0.21% |
| 39 |
NJ TRANSPRTN TRUST-A |
— |
4,000,000 |
$4.60M |
0.21% |
| 40 |
LOS ANGELES DEPT-C |
— |
4,000,000 |
$4.54M |
0.21% |
| 41 |
NY ST URBAN DEV -C-2 |
— |
4,295,000 |
$4.47M |
0.20% |
| 42 |
NY ST TWY AUTH 4% 1/1/2040 |
— |
4,400,000 |
$4.44M |
0.20% |
| 43 |
LOS ANGELES DEPT-C |
LOSUTL |
4,000,000 |
$4.42M |
0.20% |
| 44 |
NYC MUNI WTR FIN-DD |
— |
3,685,000 |
$4.33M |
0.20% |
| 45 |
OHIO ST |
— |
3,960,000 |
$4.30M |
0.20% |
| 46 |
Washington Metropolitan Area Transit Authority, Series 2021A |
— |
4,000,000 |
$4.22M |
0.19% |
| 47 |
NEW YORK ST DORM AUTH ST PERSO REGD B/E 5.00000000 |
— |
3,910,000 |
$4.15M |
0.19% |
| 48 |
Port Authority of New York & New Jersey 4.00% 07/15/2037 |
PORTRN |
3,975,000 |
$4.10M |
0.19% |
| 49 |
NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE |
— |
4,130,000 |
$4.08M |
0.19% |
| 50 |
MI FIN AUTH-B-2-REF |
— |
3,500,000 |
$4.02M |
0.18% |
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