The fund's top fixed-income position is held in San Francisco International Airport Series 2026-2 bonds, accounting for 3.70% of the portfolio. Geographically, the fund maintains a focus on Texas and California, which comprise 12.61% and 12.01% of total investments, respectively. Sector exposure is heavily weighted toward revenue-generating projects, with airport-related holdings representing 14.61% of the fund’s assets, followed by non-profit health care at 10.97%.

Credit quality remains concentrated in the higher tiers, with 50.06% of the portfolio rated AAA or AA. The fund exhibits an average maturity of 11.29 years and an effective duration of 10.59 years. While the fund utilizes leverage through tender option bonds and VRDP shares, it reported zero bank borrowing. The common stock net asset value stands at $12.28 per share, reflecting a portfolio turnover rate of 56.00%.