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.
347
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.
19.3
Holdings
As of January 31, 2026 · N-PORT
| # | Security | Ticker | Shares | Value | % of fund |
|---|
| 1 |
Vanguard Municipal Cash Management Fund |
— |
8,980,406,551 |
$898.04M |
4.81% |
| 2 |
RESTRUCTURED-SER A-2 |
PRCGEN |
75,196,000 |
$74.74M |
0.40% |
| 3 |
California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 D, RB |
CCEDEV |
50,000,000 |
$52.82M |
0.28% |
| 4 |
MO HLTH & EDU-G |
— |
47,700,000 |
$47.70M |
0.26% |
| 5 |
NYC TRANSIT FIN-F-1 |
NYCGEN |
45,105,000 |
$46.97M |
0.25% |
| 6 |
CHICAGO IL BRD OF EDU REGD B/E 6.25000000 |
CHIEDU |
43,710,000 |
$46.26M |
0.25% |
| 7 |
UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 |
UNVHGR |
37,640,000 |
$45.55M |
0.24% |
| 8 |
MA ST 5% 1/1/54 |
— |
44,060,000 |
$45.44M |
0.24% |
| 9 |
MASSACHUSETTS ST-B |
— |
41,055,000 |
$42.38M |
0.23% |
| 10 |
BLACK BELT-SER-C |
— |
38,850,000 |
$41.73M |
0.22% |
| 11 |
TRIBOROUGH NY BRIDGE & TUNNEL AUTH REAL ESTATE TRANSFER TAX |
— |
38,820,000 |
$41.25M |
0.22% |
| 12 |
CTR PLN ENG GAS 5% MT |
CENPWR |
38,305,000 |
$40.65M |
0.22% |
| 13 |
NYC TRANSITIONAL-A-1 |
— |
37,605,000 |
$40.55M |
0.22% |
| 14 |
MAIN STR NAT GA(RCC) 5% 9/1/30MT 53 |
MAIUTL |
38,075,000 |
$40.47M |
0.22% |
| 15 |
RESTRUCTURED-SER A1 |
PRC |
39,346,327 |
$39.77M |
0.21% |
| 16 |
TRIBOROUGH NY BRIDGE TUNNEL TRBTRN 05/64 FIXED 5.25 |
— |
37,500,000 |
$39.04M |
0.21% |
| 17 |
DOWNTWN PUB INFRA-A |
— |
36,180,000 |
$38.65M |
0.21% |
| 18 |
California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB |
CCEDEV |
35,800,000 |
$37.78M |
0.20% |
| 19 |
NY TRANSITIONAL FIN-B |
— |
35,000,000 |
$37.37M |
0.20% |
| 20 |
SOUTHEST ENERGY (BP) 5.25% 11/1/35 MT |
SEEPWR |
34,020,000 |
$37.36M |
0.20% |
| 21 |
Salt River Project Agricultural Improvement & Power District, Series 2025, RB |
— |
35,000,000 |
$37.14M |
0.20% |
| 22 |
COLO SPGS UTIL 5.25% 11/15/2055 |
— |
34,400,000 |
$36.54M |
0.20% |
| 23 |
MASS CMNWLTH-B |
— |
35,000,000 |
$36.39M |
0.19% |
| 24 |
MAIN STR NAT GA 5% MT |
MAIUTL |
33,220,000 |
$35.94M |
0.19% |
| 25 |
MWAA DULLES TOL 4% 10/1/2049 |
— |
39,740,000 |
$34.80M |
0.19% |
| 26 |
Southeast Alabama Gas Supply District (The), Series A |
SOUUTL |
31,695,000 |
$33.98M |
0.18% |
| 27 |
BLACK BELT ENERGY GAS VAR |
BBEUTL |
32,290,000 |
$33.73M |
0.18% |
| 28 |
OK TURNPIKE AUTH |
OKSTRN |
31,695,000 |
$33.63M |
0.18% |
| 29 |
Tender Option Bond Trust Receipts/Certificates |
SEEPWR |
31,990,000 |
$33.30M |
0.18% |
| 30 |
Municipal Improvement Corp of Los Angeles |
— |
30,855,000 |
$32.72M |
0.18% |
| 31 |
UTAH HSG CORP SF MTGE REVENUE REGD B/E GNMA/FN 6.25000000 |
— |
28,980,000 |
$32.72M |
0.18% |
| 32 |
LOWER AL GAS DT-A-REF |
LWRUTL |
30,310,000 |
$32.26M |
0.17% |
| 33 |
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A |
KYSPWR |
30,015,000 |
$31.94M |
0.17% |
| 34 |
Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 5, Series 2023A |
SEEPWR |
29,425,000 |
$31.16M |
0.17% |
| 35 |
WA ST HSG FIN -A-1 |
— |
31,517,806 |
$30.91M |
0.17% |
| 36 |
District of Columbia Income Tax Revenue (TOBs) |
DISGEN |
29,430,000 |
$30.69M |
0.16% |
| 37 |
Black Belt Energy Gas District, Series D-1 |
BBEUTL |
28,595,000 |
$30.33M |
0.16% |
| 38 |
TX TRANSPRTN COMM-REF |
— |
27,130,000 |
$30.28M |
0.16% |
| 39 |
MWAA DULLES TOL 4% 10/1/2053 |
— |
35,325,000 |
$30.23M |
0.16% |
| 40 |
RESTRUCTURED-SER A1 |
PRC |
27,377,852 |
$30.22M |
0.16% |
| 41 |
RESTRUCTURED-SER A1 |
PRC |
28,245,791 |
$30.01M |
0.16% |
| 42 |
CALIFORNIA COMMUNITY VAR |
CCEDEV |
27,500,000 |
$29.93M |
0.16% |
| 43 |
OMAHA PUB PWR DT -A |
— |
28,415,000 |
$29.77M |
0.16% |
| 44 |
FAYETTE CO BOE-A |
— |
31,610,000 |
$29.50M |
0.16% |
| 45 |
FRANKLIN CO-B-2 |
— |
29,200,000 |
$29.20M |
0.16% |
| 46 |
NM MUNI ENERGY ACQ AU |
— |
26,585,000 |
$28.35M |
0.15% |
| 47 |
CHICAGO IL BRD OF EDU REGD OID B/E 6.00000000 |
— |
27,500,000 |
$28.25M |
0.15% |
| 48 |
BLACK BELT ENERGY GAS VAR |
BBEUTL |
27,575,000 |
$28.17M |
0.15% |
| 49 |
PENNSYLVANIA CMWLTH |
— |
25,375,000 |
$27.77M |
0.15% |
| 50 |
PENNSYLVANIA CMWLTH |
— |
25,375,000 |
$27.41M |
0.15% |
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