Core Insights - The portfolio consists of a diverse range of fixed-income holdings, with a focus on municipal bonds and various sectors such as healthcare and transportation [1][7][21] Top 10 Fixed-Income Holdings - The top holding is Melissa Independent School District Series 2024-2 with a portfolio percentage of 2.16% [1] - Other significant holdings include Commonwealth of Massachusetts Series 2025-2 at 2.00% and Oklahoma Turnpike Authority Series 2023 at 1.97% [2][3] Sector/Industry Breakdown - The largest sector is Health Care - Not-for-Profit, comprising 12.77% of the portfolio [7] - Airport-related investments account for 10.26%, while Revenue - Miscellaneous and Toll Roads/Transit represent 7.18% and 5.51% respectively [7] Geographic Distribution - Texas is the largest state allocation at 14.47%, followed by California at 8.86% and New York at 7.95% [13] - Other notable states include Florida (7.89%), Illinois (7.85%), and Massachusetts (5.84%) [14] Credit Quality Breakdown - The portfolio has a significant allocation to higher-rated bonds, with 12.41% rated AAA and 38.08% rated AA [16] - BBB-rated bonds make up 17.87%, while lower-rated bonds (BB and B) account for 6.60% and 0.53% respectively [17] Bonds by Maturity - A substantial portion of the portfolio, 64.21%, consists of bonds maturing in 20 to 30 years [19] - Additionally, 18.68% of the bonds have maturities exceeding 30 years [19] Portfolio Statistics - The total net assets of the fund are reported at $347.22 million, with an average coupon of 4.88% [20][21] - The portfolio turnover rate is 56.00%, indicating a relatively active management strategy [21]

Market Trends - Chicago's junk-rated public school district is returning to the municipal bond market after a two-year hiatus [1] - The high-yield market for state and local debt turns positive [1]