RFMZ ETF

$11.41

AUM$313M

TER4.27%

Holdings126

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RFMZ ETF

$11.41

RiverNorth Flexible Municipal Income Fund II Inc

AUM$313M

TER4.27%

Holdings126

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Overview Performance Chart Dividends Top Holdings All Holdings Sectors Geography Similar Compare Overlap

Leveraged fund≈3xWeights reflect notional exposure via swaps/derivatives and do not sum to 100%.

Net exposure

38.6%

Gross exposure

290.1%

Long

164.3%

Short

-125.8%

Cash & collateral

0.0%

As of Jun 30, 2026

Showing top 50 of 125 holdings · as of Jun 30, 2026

RFMZ holdings, by weight
#	Ticker	Name	Weight	Cumulative	Shares	Mkt value	Sector	Industry
1	MHD	Blackrock Muniholdings Fund	9.14%	9.1%	2,729,820	$32.48M	-	-
2	MQY	Blackrock Muniyield Quality Fund	8.28%	17.4%	2,536,329	$29.42M	-	-
3	—	Chicago -A-Amt 5.25 1/45	4.43%	21.9%	-	$15.76M	-	-
4	Debt	Chicago Il Park Di	4.37%	26.2%	-	$15.53M	-	-
5	MCSXX	Blackrock Liquidity Municash InstlFinancials · Capital Markets	4.33%	30.6%	15,404,241	$15.41M	Financials	Capital Markets
6	—	Hawaii State, Airport System Revenue Bonds, Series 2018a	4.25%	34.8%	-	$15.09M	-	-
7	MYI	Blackrock Muniyield Quality Fund Iii Inc	4.21%	39.0%	1,347,104	$14.97M	-	-
8	—	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2020bUtilities · Gas Utilities	4.07%	43.1%	-	$14.46M	Utilities	Gas Utilities
9	Debt	Illinois StFinancials · Thrifts	4.06%	47.1%	-	$14.45M	Financials	Thrifts
10	Debt	City Of Los Angeles Department Of Airports	4.04%	51.2%	-	$14.34M	-	-
11	—	New York Ny Regd B/E 5.50000000Real Estate · Real Estate Management	3.67%	54.9%	-	$13.06M	Real Estate	Real Estate Management
12	Debt	Ishares National Muni Bond ETFFinancials · Capital Markets	3.45%	58.3%	113,943	$12.26M	Financials	Capital Markets
13	—	Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022CFinancials · Diversified Financial Services	3.26%	61.6%	-	$11.60M	Financials	Diversified Financial Services
14	Debt	State Of Michigan Trunk Line RevenueIndustrials · Transportation Infrastructure	3.14%	64.7%	-	$11.15M	Industrials	Transportation Infrastructure
15	—	Denver City & County School DistrictFinancials · Banks	3.11%	67.8%	-	$11.06M	Financials	Banks
16	—	Houston Tx Hotel Occupancy Tax Houfac 09/58 Fixed 5.5	3.03%	70.8%	-	$10.76M	-	-
17	—	Ny & Nj Port Aut 5.5 8/52	2.99%	73.8%	-	$10.62M	-	-
18	Debt	Hampton Roads Transportation Accountability CommissionIndustrials · Transportation Infrastructure	2.91%	76.7%	-	$10.33M	Industrials	Transportation Infrastructure
19	—	Port Of Seattle Wa 5 2046-08-01	2.90%	79.6%	-	$10.32M	-	-
20	—	Go Bonds Series 2018BConsumer Disc. · Diversified Consumer Services	2.85%	82.5%	-	$10.15M	Consumer Disc.	Diversified Consumer Services
21	—	Metropolitan Washington Airports Authority, Series 2018, Rb 5 2043-10-01	2.78%	85.3%	-	$9.88M	-	-
22	Debt	Las Vegas Valley Water District	2.62%	87.9%	-	$9.31M	-	-
23	Debt	Blackrock Taxable Municipal Bond TrustFinancials · Capital Markets	2.58%	90.5%	567,799	$9.18M	Financials	Capital Markets
24	Debt	Harris County Hospital District	2.54%	93.0%	-	$9.02M	-	-
25	VKQ	Invesco Municipal Trust	2.51%	95.5%	887,121	$8.91M	-	-
26	Debt	Vanguard Tax-Exempt Bond EtfFinancials · Capital Markets	2.48%	98.0%	174,638	$8.83M	Financials	Capital Markets
27	Debt	Kentucky Bond Development Corp. (Kentucky Communications Network)	2.33%	100.3%	-	$8.29M	-	-
28	Debt	New York St D(Ny State Pit)Financials · Thrifts	2.32%	102.7%	-	$8.24M	Financials	Thrifts
29	Debt	South Carolina Public Service AuthorityUtilities · Multi-Utilities	2.28%	104.9%	-	$8.09M	Utilities	Multi-Utilities
30	Debt	Rhode Island Health & Educational Facility Revenue Bonds	2.23%	107.2%	-	$7.91M	-	-
31	—	Omaha Public Power District	2.22%	109.4%	-	$7.88M	-	-
32	—	California State University	2.12%	111.5%	-	$7.53M	-	-
33	Debt	Los Angeles Department Of Water & Power Water System RevenueUtilities · Multi-Utilities	2.10%	113.6%	-	$7.46M	Utilities	Multi-Utilities
34	—	Cleveland-Cuyahoga County Port Authority 08/01/2047Industrials · Transportation Infrastructure	2.05%	115.7%	-	$7.28M	Industrials	Transportation Infrastructure
35	Debt	Triborough BridgeFinancials · Diversified Financial Services	2.04%	117.7%	-	$7.24M	Financials	Diversified Financial Services
36	MMU	Western Asset Managed Municipals Fund	1.67%	119.4%	570,992	$5.95M	-	-
37	—	Clark County Water Reclamation District	1.64%	121.0%	-	$5.82M	-	-
38	—	New Jersey St Transn Tr Fd Aut 5% Jun 15, 2050	1.60%	122.6%	-	$5.70M	-	-
39	Debt	New York State Dormitory AuthorityFinancials · Thrifts	1.53%	124.1%	-	$5.46M	Financials	Thrifts
40	—	New York Transn Dev Corp Spl F 6% Jun 30, 2050	1.53%	125.7%	-	$5.45M	-	-
41	—	Battery Park City Authority N Y 5.25% Nov 01, 2055	1.52%	127.2%	-	$5.41M	-	-
42	—	San Francisco Calif Cit 5.5 01May55Real Estate · Real Estate Management	1.51%	128.7%	-	$5.37M	Real Estate	Real Estate Management
43	Debt	Eaton Vance Municipal Bond Fund	1.49%	130.2%	532,324	$5.30M	-	-
44	Debt	Southeastern Pennsylvania Transportation AuthorityUtilities · Multi-Utilities	1.48%	131.7%	-	$5.26M	Utilities	Multi-Utilities
45	BTT	Blackrock Municipal 2030 Target Term Tr	1.47%	133.1%	230,006	$5.23M	-	-
46	—	Airport System Rb Series 2022A	1.47%	134.6%	-	$5.21M	-	-
47	Debt	Texas Water Development Board	1.47%	136.1%	-	$5.22M	-	-
48	PCQ	Pimco California Municipal Income Fund	1.41%	137.5%	557,181	$5.00M	-	-
49	—	Metropolitan Pier & Exposition Auth 0 06-15-2043Financials · Banks	1.40%	138.9%	-	$4.98M	Financials	Banks
50	Debt	New Hope Cultural Ed Facs Fin Bds 2025 A	1.38%	140.3%	-	$4.91M	-	-
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RFMZ ETF All Holdings

RFMZ holdings total 126 positions. The top 10 holdings account for 51.2% of the fund, led by Blackrock Muniholdings Fund at 9.1%, Blackrock Muniyield Quality Fund at 8.3%, Chicago -A-Amt 5.25 1/45 at 4.4%.

RFMZ portfolio concentration is relatively high, with the top 10 representing 51.2% of total assets. The largest sector exposure is Financials at 33.5%.

RFMZ sectors provide a detailed breakdown. RFMZ overlap shows how holdings compare to other funds in your portfolio.

Compare RFMZ

RFMZ vs SPY RFMZ vs QQQ RFMZ vs VOO RFMZ vs VTI RFMZ vs IVV RFMZ vs SCHD RFMZ vs VYM RFMZ vs VXUS

RFMZ ETF Holdings

125 of 126 holdings

Sector

Industry

Sort By

1
Blackrock Muniholdings Fund
MHDUnknown
9.14%
2
Blackrock Muniyield Quality Fund
MQYUnknown
8.28%
3
Chicago -A-Amt 5.25 1/45
Other
4.43%
4
Chicago Il Park Di 5% 01/01/44
Other
4.37%
5
Blackrock Liquidity Municash Instl
MCSXXFinancials
4.33%
6
Hawaii State, Airport System Revenue Bonds, Series 2018a
Other
4.25%
7
Blackrock Muniyield Quality Fund Iii Inc
MYIUnknown
4.21%
8
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2020b
PA PASTRN 5 12/01/20Utilities
4.07%
9
Illinois St 5.5% 05/01/39
IL ILS 5.5 05/01/203Financials
4.06%
10
City Of Los Angeles Department Of Airports 5% 05/15/2051
Other
4.04%
11
New York Ny Regd B/E 5.50000000
NY NYC 5.5 05/01/204Real Estate
3.67%
12
Ishares National Muni Bond ETF
MUBFinancials
3.45%
13
Triborough Bridge And Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022C
NY TRBTRN 5.25 05/15Financials
3.26%
14
State Of Michigan Trunk Line Revenue 5.5 11/15/2044
MI MISTRN 5.5 11/15/Industrials
3.14%
15
Denver City & County School District
CO DENSCD 5.5 12/01/Financials
3.11%
16
Houston Tx Hotel Occupancy Tax Houfac 09/58 Fixed 5.5
Other
3.03%
17
Ny & Nj Port Aut 5.5 8/52
Other
2.99%
18
Hampton Roads Transportation Accountability Commission 5.25 07/01/2060
VA HRDTRN 5.25 07/01Industrials
2.91%
19
Port Of Seattle Wa 5 2046-08-01
Other
2.90%
20
Go Bonds Series 2018B
OR CLASCD 5 06/15/20Consumer Discretionary
2.85%
21
Metropolitan Washington Airports Authority, Series 2018, Rb 5 2043-10-01
Other
2.78%
22
Las Vegas Valley Water District 5 06/01/2053
Other
2.62%
23
Blackrock Taxable Municipal Bond Trust
BBNFinancials
2.58%
24
Harris County Hospital District 5.25% 02/15/2056
Other
2.54%
25
Invesco Municipal Trust
VKQUnknown
2.51%
26
Vanguard Tax-Exempt Bond Etf
VTEBFinancials
2.48%
27
Kentucky Bond Development Corp. (Kentucky Communications Network)
Other
2.33%
28
New York St D(Ny State Pit) 5% 3/15/41
NY NYSHGR 5 03/15/20Financials
2.32%
29
South Carolina Public Service Authority 5.75 12/01/2052
SC SCSUTL 5.75 12/01Utilities
2.28%
30
Rhode Island Health & Educational Facility Revenue Bonds 5.5 05/15/2052
Other
2.23%
31
Omaha Public Power District
Other
2.22%
32
California State University
Other
2.12%
33
Los Angeles Department Of Water & Power Water System Revenue 5 07/01/2048
CA LOSUTL 5 07/01/20Utilities
2.10%
34
Cleveland-Cuyahoga County Port Authority 08/01/2047
OH CLETRN 5.5 08/01/Industrials
2.05%
35
Triborough Bridge 5% 11/15/49
NY TRBTRN 5 11/15/20Financials
2.04%
36
Western Asset Managed Municipals Fund
MMUUnknown
1.67%
37
Clark County Water Reclamation District
Other
1.64%
38
New Jersey St Transn Tr Fd Aut 5% Jun 15, 2050
Other
1.60%
39
New York State Dormitory Authority 5.5 07/01/2054
NY NYSHGR 5.5 07/01/Financials
1.53%
40
New York Transn Dev Corp Spl F 6% Jun 30, 2050
Other
1.53%
41
Battery Park City Authority N Y 5.25% Nov 01, 2055
Other
1.52%
42
San Francisco Calif Cit 5.5 01May55
CA SFOAPT 5.5 05/01/Real Estate
1.51%
43
Eaton Vance Municipal Bond Fund
EIMUnknown
1.49%
44
Southeastern Pennsylvania Transportation Authority 5.25 06/01/2052
PA SEPTRN 5.25 06/01Utilities
1.48%
45
Blackrock Municipal 2030 Target Term Tr
BTTUnknown
1.47%
46
Airport System Rb Series 2022A
Other
1.47%
47
Texas Water Development Board 5 10/15/2060
Other
1.47%
48
Pimco California Municipal Income Fund
PCQUnknown
1.41%
49
Metropolitan Pier & Exposition Auth 0 06-15-2043
IL MPNFAC 0 06/15/20Financials
1.40%
50
New Hope Cultural Ed Facs Fin Bds 2025 A 0.055 08/15/2049
Other
1.38%
51
Putnam Municipal Opportunities Trust
PMOUnknown
1.32%
52
Sacramento City Unified School District/Ca 5.5 08/01/2047
CA SACSCD 5.5 08/01/Consumer Discretionary
1.31%
53
Alliancebernstein National Municipal Income Fund, Inc.
AFBUnknown
1.26%
54
Chicago Ill 5.5% 11/66 5.5
Other
1.20%
55
Bny Mellon Strategic Municipals Inc
LEOUnknown
1.15%
56
Nuveen Municipal High Income Opportunity Fund
NMZUnknown
1.15%
57
Blackrock Muniyield New York Quality Fund, Inc.
MYNUnknown
1.12%
58
Texas Private Activity Bond Surface Transportation Corp., Nte Mobility Partners Segments 3 Llc Project 5
TX TXSTRN 5 06/30/20Industrials
1.11%
59
Invesco Municipal Opportunity Trust
VMOUnknown
1.08%
60
Blackrock Muniassets Fund
MUAUnknown
1.00%
61
Neuberger Berman Intermediate Municipal Fund
NBHUnknown
0.95%
62
Missouri St Hlth & Eductnl Fac Regd N/C B/E Ag-Cr 5.00000000
Other
0.90%
63
Ehove Joint Vocational School District 5.5 2060-12-01
Other
0.86%
64
Virginia Small Business Fing A Regd B/e Amt 5.00000000
Other
0.77%
65
Casgen 5.250 12/01/56
CA CASGEN 5.25 12/01Financials
0.74%
66
Mfs Municipal Income Trust
MFMUnknown
0.71%
67
Michigan St Strategic Fund Ltd Oblg Revenue
Other
0.66%
68
Indiana St Fin Aut 5% 06/01/53
IN INDHSG 5 06/01/20Financials
0.62%
69
Mobile Cnty Al Indl Dev Auth Sol Wst Disp Revenue
Other
0.57%
70
Mta Hudson Rail Yards Trust Obligs Revenue 5 11/15/2056
NY MTAGEN 5 11/15/20Financials
0.56%
71
Nuveen Amt-free Muni Val Fd
NUWUnknown
0.55%
72
Salt Lake City Ut Arpt Revenue
Other
0.50%
73
Western Asset Intermediate Muni Fund, Inc.
SBIUnknown
0.50%
74
Municipal Elec 5% 01/59
GA MELPWR 5 01/01/20Utilities
0.44%
75
Municipal Electric Authority Of Georgia 5 01/01/2059
GA MELPWR 5 01/01/20Utilities
0.44%
76
Savannah-Georgia Convention Center Authority, Convention Center Hotel First Tier Revenue Bonds, Series 2025A
Other
0.40%
77
Idaho Housing & Finance Association 01/01/2054
Other
0.38%
78
abrdn National Municipal Income Fund
VFLUnknown
0.34%
79
Commonwealth of Puerto Rico 4.00% 07/01/2035
PR PRC 4 07/01/2035Financials
0.34%
80
Guggenheim Taxable Municipal Managed Duration Trust
GBABFinancials
0.30%
81
North Carolina Turnpike Authority 5 01/01/2058
NC NCSTRN 5 01/01/20Financials
0.29%
82
Pimco Municipal Income Fund Ii
PMLUnknown
0.28%
83
Puerto Rico Sales Tax Fing Corp Sales Tax Revenue
PR PRCGEN 4.78 07/01Financials
0.11%
84
Blackrock Muniholdings California Quality Fund, Inc.
XMUCXUnknown
0.08%
85
Pimco New York Municipal Income Fund Ii
PNIUnknown
0.08%
86
Bny Mellon Municipal Bond Infrastructure Fund In
DMBUnknown
0.01%
87
Tender Option Bond Trust Receipts / Ctfs Various States 0.960
Other
-0.39%
88
Water Refunding Rb Series 2026A 2.190000%
Other
-0.90%
89
Sacramento City Unified School District 2.49% 2047-08-01
Other
-1.01%
90
Tender Option Bond Trust Recei
Other
-1.01%
91
Greater Asheville Regional Airport Authority 0.98% 2030-01-01
Other
-1.13%
92
San Francisco Ca Arpt 2025-Xm1205-Mst Q=Jp D1@ 05/01/2055
Other
-1.13%
93
Septa Pa 2025-Xg0625-Mst Q=Rc D7 0 2052-06-01
Other
-1.13%
94
Rb Series 2024A 3.350000%
Other
-1.13%
95
Tender Option Bond Trust Recei
Other
-1.13%
96
Battery Park City Authority Miscellaneous Revenue 3.350000%
Other
-1.13%
97
Nj Transp Fd 2021-Xm0929-Mst Q=Jpmc Bk D7 0.0022 2045-06-15
Other
-1.17%
98
Tender Option Bond Trust Recei
Other
-1.17%
99
Tndr Opt-Fltr-Xm1025
Other
-1.48%
100
Triborough Bridge & Tunnel Authority 4.750000% 2029/05/15
Other
-1.58%
101
Ca St Univ Rev 2023-Xm1140-Mst Q=Bc D7, 3.89%
Other
-1.58%
102
New York State Dormitory Authority 3.69% 2030-03-15
Other
-1.61%
103
Tender Option Bond Trust Receipts/Certificates 2.750000%
Other
-1.66%
104
Rhode Island Health And Educational Building Corporation 2.52% 2030-05-15
Other
-1.69%
105
Tender Option Bond Trust Receipts / Ctfs Various States 0.970
Other
-1.69%
106
Kentucky Bond Development Corp. 3.920000% 3.92 09/01/2028
Other
-1.80%
107
Las Vegas Valley Water District 3.9% 2053-06-01
Other
-1.89%
108
Tender Option Bond Trust Receipts/Certificates
Other
-1.91%
109
The Port Authority Of New York And New Jersey 0.92% 2052-08-01
Other
-2.11%
110
State Of Michigan Trunk Line Revenue 4.010000% 2044/11/15
Other
-2.11%
111
Denver Colorado City And County School District 2.000000% 12/01/2049
Other
-2.11%
112
Metropolitan Washington Airports Auth 0.99% 2027-04-01
Other
-2.17%
113
Port Of Seattle Rev. 2.58% 2046-08-01
Other
-2.25%
114
Oregon City School District 3.910000% 06/15/2049
Other
-2.25%
115
Hampton Roads Transportation Accountability Commission 4.07% 2029-01-01
Other
-2.25%
116
Houston Texas Hotel Occupancy Tax, Tender Option Bond Trust Receipts/Certificates
Other
-2.25%
117
Triborough Bridge & Tunnel Authority 4.0% 2030-05-15
Other
-2.49%
118
HI ST ARPT 2022-XG0386-MST Q=MO D7@
Other
-2.53%
119
Pennsylvania Tpk. Commission Tpk. Rev. 0.94% 2050-12-01
Other
-2.63%
120
New York City Gen. Oblig. 0.94% 2044-05-01
Other
-2.70%
121
Tender Option Bond Trust Recei 3.71% 2039-05-01
Other
-2.87%
122
Los Angeles Dept Of Airports 2.54% 2029-05-15
Other
-3.15%
123
Chicago Ohare Il 2022-Xm1038-Mst Agm/Jpmc Bk D7@ 0.0217 2045-01-01
Other
-3.38%
124
Us Long Bond Future
Other
-19.80%
125
Us 10Yr Note Future
Other
-39.41%

#	Company	Ticker	Weight
1	Blackrock Muniholdings Fund	MHD	9.140%
2	Blackrock Muniyield Quality Fund	MQY	8.280%
3	Chicago -A-Amt 5.25 1/45	-	4.430%
4	Chicago Il Park Di 5% 01/01/44	-	4.370%
5	Blackrock Liquidity Municash Instl	MCSXX	4.330%
6	Hawaii State, Airport System Revenue Bonds, Series 2018a	-	4.250%
7	Blackrock Muniyield Quality Fund Iii Inc	MYI	4.210%
8	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2020b	PA PASTRN 5 12/01/20	4.070%
9	Illinois St 5.5% 05/01/39	IL ILS 5.5 05/01/203	4.060%
10	City Of Los Angeles Department Of Airports 5% 05/15/2051	-	4.040%
11	New York Ny Regd B/E 5.50000000	NY NYC 5.5 05/01/204	3.670%
12	Ishares National Muni Bond ETF	MUB	3.450%
13	Triborough Bridge And Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022C	NY TRBTRN 5.25 05/15	3.260%
14	State Of Michigan Trunk Line Revenue 5.5 11/15/2044	MI MISTRN 5.5 11/15/	3.140%
15	Denver City & County School District	CO DENSCD 5.5 12/01/	3.110%
16	Houston Tx Hotel Occupancy Tax Houfac 09/58 Fixed 5.5	-	3.030%
17	Ny & Nj Port Aut 5.5 8/52	-	2.990%
18	Hampton Roads Transportation Accountability Commission 5.25 07/01/2060	VA HRDTRN 5.25 07/01	2.910%
19	Port Of Seattle Wa 5 2046-08-01	-	2.900%
20	Go Bonds Series 2018B	OR CLASCD 5 06/15/20	2.850%
21	Metropolitan Washington Airports Authority, Series 2018, Rb 5 2043-10-01	-	2.780%
22	Las Vegas Valley Water District 5 06/01/2053	-	2.620%
23	Blackrock Taxable Municipal Bond Trust	BBN	2.580%
24	Harris County Hospital District 5.25% 02/15/2056	-	2.540%
25	Invesco Municipal Trust	VKQ	2.510%
26	Vanguard Tax-Exempt Bond Etf	VTEB	2.480%
27	Kentucky Bond Development Corp. (Kentucky Communications Network)	-	2.330%
28	New York St D(Ny State Pit) 5% 3/15/41	NY NYSHGR 5 03/15/20	2.320%
29	South Carolina Public Service Authority 5.75 12/01/2052	SC SCSUTL 5.75 12/01	2.280%
30	Rhode Island Health & Educational Facility Revenue Bonds 5.5 05/15/2052	-	2.230%
31	Omaha Public Power District	-	2.220%
32	California State University	-	2.120%
33	Los Angeles Department Of Water & Power Water System Revenue 5 07/01/2048	CA LOSUTL 5 07/01/20	2.100%
34	Cleveland-Cuyahoga County Port Authority 08/01/2047	OH CLETRN 5.5 08/01/	2.050%
35	Triborough Bridge 5% 11/15/49	NY TRBTRN 5 11/15/20	2.040%
36	Western Asset Managed Municipals Fund	MMU	1.670%
37	Clark County Water Reclamation District	-	1.640%
38	New Jersey St Transn Tr Fd Aut 5% Jun 15, 2050	-	1.600%
39	New York State Dormitory Authority 5.5 07/01/2054	NY NYSHGR 5.5 07/01/	1.530%
40	New York Transn Dev Corp Spl F 6% Jun 30, 2050	-	1.530%
41	Battery Park City Authority N Y 5.25% Nov 01, 2055	-	1.520%
42	San Francisco Calif Cit 5.5 01May55	CA SFOAPT 5.5 05/01/	1.510%
43	Eaton Vance Municipal Bond Fund	EIM	1.490%
44	Southeastern Pennsylvania Transportation Authority 5.25 06/01/2052	PA SEPTRN 5.25 06/01	1.480%
45	Blackrock Municipal 2030 Target Term Tr	BTT	1.470%
46	Airport System Rb Series 2022A	-	1.470%
47	Texas Water Development Board 5 10/15/2060	-	1.470%
48	Pimco California Municipal Income Fund	PCQ	1.410%
49	Metropolitan Pier & Exposition Auth 0 06-15-2043	IL MPNFAC 0 06/15/20	1.400%
50	New Hope Cultural Ed Facs Fin Bds 2025 A 0.055 08/15/2049	-	1.380%
51	Putnam Municipal Opportunities Trust	PMO	1.320%
52	Sacramento City Unified School District/Ca 5.5 08/01/2047	CA SACSCD 5.5 08/01/	1.310%
53	Alliancebernstein National Municipal Income Fund, Inc.	AFB	1.260%
54	Chicago Ill 5.5% 11/66 5.5	-	1.200%
55	Bny Mellon Strategic Municipals Inc	LEO	1.150%
56	Nuveen Municipal High Income Opportunity Fund	NMZ	1.150%
57	Blackrock Muniyield New York Quality Fund, Inc.	MYN	1.120%
58	Texas Private Activity Bond Surface Transportation Corp., Nte Mobility Partners Segments 3 Llc Project 5	TX TXSTRN 5 06/30/20	1.110%
59	Invesco Municipal Opportunity Trust	VMO	1.080%
60	Blackrock Muniassets Fund	MUA	1.000%
61	Neuberger Berman Intermediate Municipal Fund	NBH	0.950%
62	Missouri St Hlth & Eductnl Fac Regd N/C B/E Ag-Cr 5.00000000	-	0.900%
63	Ehove Joint Vocational School District 5.5 2060-12-01	-	0.860%
64	Virginia Small Business Fing A Regd B/e Amt 5.00000000	-	0.770%
65	Casgen 5.250 12/01/56	CA CASGEN 5.25 12/01	0.740%
66	Mfs Municipal Income Trust	MFM	0.710%
67	Michigan St Strategic Fund Ltd Oblg Revenue	-	0.660%
68	Indiana St Fin Aut 5% 06/01/53	IN INDHSG 5 06/01/20	0.620%
69	Mobile Cnty Al Indl Dev Auth Sol Wst Disp Revenue	-	0.570%
70	Mta Hudson Rail Yards Trust Obligs Revenue 5 11/15/2056	NY MTAGEN 5 11/15/20	0.560%
71	Nuveen Amt-free Muni Val Fd	NUW	0.550%
72	Salt Lake City Ut Arpt Revenue	-	0.500%
73	Western Asset Intermediate Muni Fund, Inc.	SBI	0.500%
74	Municipal Elec 5% 01/59	GA MELPWR 5 01/01/20	0.440%
75	Municipal Electric Authority Of Georgia 5 01/01/2059	GA MELPWR 5 01/01/20	0.440%
76	Savannah-Georgia Convention Center Authority, Convention Center Hotel First Tier Revenue Bonds, Series 2025A	-	0.400%
77	Idaho Housing & Finance Association 01/01/2054	-	0.380%
78	abrdn National Municipal Income Fund	VFL	0.340%
79	Commonwealth of Puerto Rico 4.00% 07/01/2035	PR PRC 4 07/01/2035	0.340%
80	Guggenheim Taxable Municipal Managed Duration Trust	GBAB	0.300%
81	North Carolina Turnpike Authority 5 01/01/2058	NC NCSTRN 5 01/01/20	0.290%
82	Pimco Municipal Income Fund Ii	PML	0.280%
83	Puerto Rico Sales Tax Fing Corp Sales Tax Revenue	PR PRCGEN 4.78 07/01	0.110%
84	Blackrock Muniholdings California Quality Fund, Inc.	XMUCX	0.080%
85	Pimco New York Municipal Income Fund Ii	PNI	0.080%
86	Bny Mellon Municipal Bond Infrastructure Fund In	DMB	0.010%
87	Tender Option Bond Trust Receipts / Ctfs Various States 0.960	-	-0.390%
88	Water Refunding Rb Series 2026A 2.190000%	-	-0.900%
89	Sacramento City Unified School District 2.49% 2047-08-01	-	-1.010%
90	Tender Option Bond Trust Recei	-	-1.010%
91	Greater Asheville Regional Airport Authority 0.98% 2030-01-01	-	-1.130%
92	San Francisco Ca Arpt 2025-Xm1205-Mst Q=Jp D1@ 05/01/2055	-	-1.130%
93	Septa Pa 2025-Xg0625-Mst Q=Rc D7 0 2052-06-01	-	-1.130%
94	Rb Series 2024A 3.350000%	-	-1.130%
95	Tender Option Bond Trust Recei	-	-1.130%
96	Battery Park City Authority Miscellaneous Revenue 3.350000%	-	-1.130%
97	Nj Transp Fd 2021-Xm0929-Mst Q=Jpmc Bk D7 0.0022 2045-06-15	-	-1.170%
98	Tender Option Bond Trust Recei	-	-1.170%
99	Tndr Opt-Fltr-Xm1025	-	-1.480%
100	Triborough Bridge & Tunnel Authority 4.750000% 2029/05/15	-	-1.580%
101	Ca St Univ Rev 2023-Xm1140-Mst Q=Bc D7, 3.89%	-	-1.580%
102	New York State Dormitory Authority 3.69% 2030-03-15	-	-1.610%
103	Tender Option Bond Trust Receipts/Certificates 2.750000%	-	-1.660%
104	Rhode Island Health And Educational Building Corporation 2.52% 2030-05-15	-	-1.690%
105	Tender Option Bond Trust Receipts / Ctfs Various States 0.970	-	-1.690%
106	Kentucky Bond Development Corp. 3.920000% 3.92 09/01/2028	-	-1.800%
107	Las Vegas Valley Water District 3.9% 2053-06-01	-	-1.890%
108	Tender Option Bond Trust Receipts/Certificates	-	-1.910%
109	The Port Authority Of New York And New Jersey 0.92% 2052-08-01	-	-2.110%
110	State Of Michigan Trunk Line Revenue 4.010000% 2044/11/15	-	-2.110%
111	Denver Colorado City And County School District 2.000000% 12/01/2049	-	-2.110%
112	Metropolitan Washington Airports Auth 0.99% 2027-04-01	-	-2.170%
113	Port Of Seattle Rev. 2.58% 2046-08-01	-	-2.250%
114	Oregon City School District 3.910000% 06/15/2049	-	-2.250%
115	Hampton Roads Transportation Accountability Commission 4.07% 2029-01-01	-	-2.250%
116	Houston Texas Hotel Occupancy Tax, Tender Option Bond Trust Receipts/Certificates	-	-2.250%
117	Triborough Bridge & Tunnel Authority 4.0% 2030-05-15	-	-2.490%
118	HI ST ARPT 2022-XG0386-MST Q=MO D7@	-	-2.530%
119	Pennsylvania Tpk. Commission Tpk. Rev. 0.94% 2050-12-01	-	-2.630%
120	New York City Gen. Oblig. 0.94% 2044-05-01	-	-2.700%
121	Tender Option Bond Trust Recei 3.71% 2039-05-01	-	-2.870%
122	Los Angeles Dept Of Airports 2.54% 2029-05-15	-	-3.150%
123	Chicago Ohare Il 2022-Xm1038-Mst Agm/Jpmc Bk D7@ 0.0217 2045-01-01	-	-3.380%
124	Us Long Bond Future	-	-19.800%
125	Us 10Yr Note Future	-	-39.410%