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.
26
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.
14.0
Holdings
As of March 31, 2026 · N-PORT
| # | Security | Ticker | Shares | Value | % of fund |
|---|
| 1 |
Pennsylvania Turnpike Commission, Subordinate, Series 2023 |
— |
1,000,000 |
$1.08M |
7.70% |
| 2 |
TX WTR DEV BRD -REV |
— |
1,000,000 |
$1.04M |
7.46% |
| 3 |
PHILADELPHIA PA REGD N/C B/E 5.00000000 |
— |
750,000 |
$839.56K |
6.00% |
| 4 |
UNIV OF TEXAS TX PERMANENT UNIV FND |
— |
530,000 |
$607.38K |
4.34% |
| 5 |
WASHINGTON ST REGD B/E 5.00000000 |
— |
530,000 |
$580.33K |
4.15% |
| 6 |
SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE |
— |
545,000 |
$579.95K |
4.14% |
| 7 |
STATE OF NEW JERSEY 5.25% 06-15-41 |
— |
500,000 |
$551.12K |
3.94% |
| 8 |
KATY ISD |
KATSCD |
500,000 |
$504.02K |
3.60% |
| 9 |
State Street Instl US Govt MMkt Inv |
SAMXX |
491,414 |
$491.41K |
3.51% |
| 10 |
PITTSBURGH |
— |
375,000 |
$398.31K |
2.85% |
| 11 |
ORANGE FL SCH C 5% 8/1/2034 |
ORAEDU |
350,000 |
$396.44K |
2.83% |
| 12 |
SLT LAKE U 5.25% 7/1/2036 @ |
SALAPT |
355,000 |
$391.32K |
2.80% |
| 13 |
State of Louisiana, Series 2024E |
— |
350,000 |
$389.38K |
2.78% |
| 14 |
MARION SCH BRD-COPS |
— |
345,000 |
$364.58K |
2.61% |
| 15 |
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B |
PASTRN |
350,000 |
$362.99K |
2.59% |
| 16 |
NYC TRANSITIONAL-G-1 |
— |
300,000 |
$321.32K |
2.30% |
| 17 |
MA ST BAY AUTH-SER B |
— |
250,000 |
$281.85K |
2.01% |
| 18 |
Lovejoy Independent School District |
— |
250,000 |
$274.50K |
1.96% |
| 19 |
TX TRANSPRTN COMM-REF |
— |
250,000 |
$272.04K |
1.94% |
| 20 |
SOUTHEAST ENERGY-E |
SEEPWR |
250,000 |
$265.27K |
1.90% |
| 21 |
STATE OF FLORIDA CIGARETTE TAX REVENUE AG 5.75% 09-01-54 |
PASGEN |
250,000 |
$265.14K |
1.89% |
| 22 |
CA CASFAC 5 09/01/2047 |
— |
250,000 |
$264.24K |
1.89% |
| 23 |
NJ TRANSPRTN TRUST-A |
— |
230,000 |
$259.88K |
1.86% |
| 24 |
LAS VEGAS NV CONVENTION VISI LASGEN 07/49 FIXED 5 |
LASGEN |
240,000 |
$245.49K |
1.75% |
| 25 |
TAMPA BAY WTR -A |
— |
215,000 |
$222.88K |
1.59% |
| 26 |
NYC MUNI WTR FIN-AA2 |
— |
210,000 |
$217.30K |
1.55% |
| 27 |
Oklahoma Water Resources Board |
— |
200,000 |
$216.46K |
1.55% |
| 28 |
Fayette County School District Finance Corp |
— |
200,000 |
$207.83K |
1.49% |
| 29 |
State of Louisiana |
— |
175,000 |
$196.98K |
1.41% |
| 30 |
CITY OF AUSTIN TX W 5.00% |
— |
150,000 |
$157.62K |
1.13% |
| 31 |
BATTERY PARK-REF |
— |
150,000 |
$155.81K |
1.11% |
| 32 |
GA COLUTL 5 05/01/2031 |
— |
125,000 |
$138.52K |
0.99% |
| 33 |
FAYETTEVILLE NC PUBLIC WKS COM REGD OID B/E 4.00000000 |
— |
150,000 |
$136.57K |
0.98% |
| 34 |
Arlington Higher Education Finance Corp. (Trinity Basin Preparatory, Inc.), Series 2023, RB |
— |
130,000 |
$123.07K |
0.88% |
| 35 |
City of Chicago, Series 2025 E |
— |
100,000 |
$108.56K |
0.78% |
| 36 |
DFW ARPT 5% 11/1/2029 @ |
— |
100,000 |
$106.67K |
0.76% |
| 37 |
COLORADO BRIDGE & TUNNEL ENTER REGD B/E AG 5.25000000 |
— |
100,000 |
$103.98K |
0.74% |
| 38 |
NATIONWIDE CHILDREN'S HOSPITAL INC 5.25% 11-01-55 |
— |
100,000 |
$103.10K |
0.74% |
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