# EDGAR Filing Document

**Accession Number:** 0001995668
**File Stem:** 0002071691-26-006887
**Filing Date:** 2026-3
**Character Count:** 127978
**Document Hash:** ade150968998dbffa33823c2eaaddee2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-006887.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0002071691-26-006887

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NYLI MacKay Muni Income Opportunities Fund
- **CENTRAL INDEX KEY:** 0001995668

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23905
- **FILM NUMBER:** 26795177

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212-576-7000

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MainStay MacKay Municipal Income Opportunities Fund
- **DATE OF NAME CHANGE:** 20230929

## Nport-Ex

## NYLI MacKay Muni Income Opportunities Fund<br>

## Portfolio of Investments January 31, 2026<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 123.0%** | **Municipal Bonds 123.0%** | **Municipal Bonds 123.0%** |
| **Long-Term Municipal Bonds 123.0%** | **Long-Term Municipal Bonds 123.0%** | **Long-Term Municipal Bonds 123.0%** |
| **Alabama 2.2%** | **Alabama 2.2%** | **Alabama 2.2%** |
| MidCity Improvement District, 2024 Assessment Area, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 11/1/44 (a) | &nbsp;&nbsp;&nbsp;&nbsp;$290000 | &nbsp;&nbsp;$284090 |
| Mobile County Industrial Development Authority, AM/NS Calvert LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/54 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 481851 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/56 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041849 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/44 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311005 |
| **Arizona 1.0%** | **Arizona 1.0%** | **Arizona 1.0%** |
| Maricopa County Industrial Development Authority, Verrado Marketplace Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 5/1/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997257 |
| **California 10.3%** | **California 10.3%** | **California 10.3%** |
| Adelanto Community Facilities District No. 2006-2, Improvement Area No. 2, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.65%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625199 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928126 |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790402 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064441 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355457 |
| City of Stockton Community Facilities District No. 2018-2, Improvement Area 3, Westlake Villages II, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385302 |
| Lake Elsinore Unified School District, Community Facilities District No. 2006-2, Area C, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875242 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775158 |
| Municipal Improvement Corp. of Lof Angelese, Los Angeles Convention Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/55 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709195 |
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/50 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10629862 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Colorado 4.6%** | **Colorado 4.6%** | **Colorado 4.6%** |
| City & County of Denver, Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/43 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2059017 |
| City & County of Denver, School District No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/49 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1643421 |
| Prairie Center Metropolitan District No. 3, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749716 |
| **Delaware 1.8%** | **Delaware 1.8%** | **Delaware 1.8%** |
| Delaware State Housing Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083181 |
| Delaware State Housing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919874 |
| **Florida 10.5%** | **Florida 10.5%** | **Florida 10.5%** |
| Brevard County Housing Finance Authority, Cocoa Leased Housing Associates II LLLP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033001 |
| Capital Trust Authority Educational Facilities, St. Johns Classical Academy, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.70%, due 6/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106017 |
| County of Miami-Dade, Double Barreled Aviation, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496846 |
| County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 9/1/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075689 |
| Florida Housing Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625250 |
| Florida Municipal Loan Council, Shingle Creek Transit & Utility Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 5/1/44 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671754 |
| Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584097 |
| Hillsborough County Industrial Development Authority, BayCare Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961308 |
| Hillsborough County Port District, Tampa Port Authority Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/46 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454760 |
| Reunion East Community Development District, Series 2021 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485799 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Florida** | **Florida** | **Florida** |
| Saltleaf Community Development District, Series 2024 Assessments, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 5/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1014547 |
| West Villages Improvement District, Unit of Development No. 10 Assessment Area One, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 990474 |
| Wind Meadows South Community Development District, Assessment Area One Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 424850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924392 |
| **Georgia 3.6%** | **Georgia 3.6%** | **Georgia 3.6%** |
| Georgia Housing & Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070488 |
| Main Street Natural Gas, Inc., Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529609 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071996 |
| Municipal Electric Authority of Georgia, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703673 |
| **Hawaii 1.7%** | **Hawaii 1.7%** | **Hawaii 1.7%** |
| State of Hawaii, Airports System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726970 |
| **Illinois 5.3%** | **Illinois 5.3%** | **Illinois 5.3%** |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266956 |
| Chicago O'Hare International Airport, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302527 |
| City of Chicago, Chicago Recovery Plan, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501785 |
| City of Chicago, Lakeshore East Special Assessment Area, Special Assessment (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.29%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317328 |
| &nbsp;&nbsp;&nbsp;3.45%, due 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266806 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250279 |
| Southwestern Illinois Development Authority, Traid Community Unit School District No. 2 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5442725 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Indiana 1.5%** | **Indiana 1.5%** | **Indiana 1.5%** |
| Indiana Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;$475000 | &nbsp;&nbsp;$515406 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565584 |
| **Kentucky 1.9%** | **Kentucky 1.9%** | **Kentucky 1.9%** |
| Kentucky Public Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524403 |
| Louisville and Jefferson County Metro Government, Louisville Gas and Electric Co. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 2/1/35 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993230 |
| Perry County School District Finance Corp., Kentucky School Facilities Construction Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937108 |
| **Louisiana 0.5%** | **Louisiana 0.5%** | **Louisiana 0.5%** |
| New Orleans Aviation Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/41 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545166 |
| **Massachusetts 2.4%** | **Massachusetts 2.4%** | **Massachusetts 2.4%** |
| Massachusetts Development Finance Agency, Beth Israel Lahey Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series N, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020705 |
| Massachusetts Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 223, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465300 |
| **Michigan 4.8%** | **Michigan 4.8%** | **Michigan 4.8%** |
| Michigan Finance Authority, Trinity Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series MI-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.02%, due 3/1/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| **Nebraska 2.8%** | **Nebraska 2.8%** | **Nebraska 2.8%** |
| Airport Authority of the City of Omaha, Airport Facilities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/15/49 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085903 |
| Douglas County Hospital Authority No. 2, Nebraska Methodist Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946719 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Nevada 1.2%** | **Nevada 1.2%** | **Nevada 1.2%** |
| Nevada Housing Division, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series E, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1203897 |
| **New Hampshire 2.6%** | **New Hampshire 2.6%** | **New Hampshire 2.6%** |
| New Hampshire Business Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 8/20/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617497 | &nbsp;&nbsp;&nbsp;&nbsp; 603333 |
| New Hampshire Business Finance Authority, Centurion Foundation Andrews Avenue Med Center LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 9/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986967 |
| New Hampshire Business Finance Authority, Wheeling Power Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.89%, due 4/1/34 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651041 |
| **New York 13.2%** | **New York 13.2%** | **New York 13.2%** |
| Dormitory Authority of the State of New York, Cornell University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709841 |
| Dormitory Authority of the State of New York, White Plains Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126762 |
| New York City Housing Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, due 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253772 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760043 |
| New York Liberty Development Corp., 4 World Trade Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603899 |
| New York Transportation Development Corp., JFK International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/30/50 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354303 |
| New York Transportation Development Corp., JFK International Airport New Terminal One Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/42 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532421 |
| New York Transportation Development Corp., JFK Millennium Partners LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/31/60 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010882 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947156 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791557 |
| Rockland County Economic Assistance Corp., Bon Secours Charity Health System, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331300 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **New York** | **New York** | **New York** |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;$1085000 | &nbsp;&nbsp;$1142819 |
| TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13694679 |
| **North Carolina 0.7%** | **North Carolina 0.7%** | **North Carolina 0.7%** |
| North Carolina Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 45, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758530 |
| **Ohio 4.0%** | **Ohio 4.0%** | **Ohio 4.0%** |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/50 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054217 |
| Port of Greater Cincinnati Development Authority, 3CDC Master Parking LLC Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027799 |
| Toledo Hospital (The) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101153 |
| **Oklahoma 0.7%** | **Oklahoma 0.7%** | **Oklahoma 0.7%** |
| Norman Regional Hospital Authority, Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332294 |
| Tulsa Municipal Airport Trust Trustees, American Airlines, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 12/1/35 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680863 |
| **Pennsylvania 6.1%** | **Pennsylvania 6.1%** | **Pennsylvania 6.1%** |
| Allegheny County Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/42 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743246 |
| Allegheny County Sanitary Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084990 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 6/30/48 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049095 |
| Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Senior Lien (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series 1-A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797186 |
| &nbsp;&nbsp;&nbsp;Series 1-A |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755310 |
| Pennsylvania Higher Education Assistance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1-C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/51 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958624 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Pennsylvania** | **Pennsylvania** | **Pennsylvania** |
| Pennsylvania Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 138-A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;$385000 | &nbsp;&nbsp;$378045 |
| &nbsp;&nbsp;&nbsp;Series 145-A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 524430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290926 |
| **Puerto Rico 6.8%** | **Puerto Rico 6.8%** | **Puerto Rico 6.8%** |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506250 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644964 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295092 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168525 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74015 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026386 |
| Puerto Rico Electric Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series UU, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119366 |
| &nbsp;&nbsp;&nbsp;Series NN, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68957 |
| &nbsp;&nbsp;&nbsp;Series TT, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25001 |
| &nbsp;&nbsp;&nbsp;Series WW |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 (e)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667500 |
| &nbsp;&nbsp;&nbsp;Series VV, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285514 |
| &nbsp;&nbsp;&nbsp;Series VV, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294233 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150966 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34832 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096920 |
| **Rhode Island 0.8%** | **Rhode Island 0.8%** | **Rhode Island 0.8%** |
| Rhode Island Student Loan Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/1/43 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830789 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **South Carolina 1.1%** | **South Carolina 1.1%** | **South Carolina 1.1%** |
| South Carolina Public Service Authority, Santee Cooper project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1094835 |
| **South Dakota 1.1%** | **South Dakota 1.1%** | **South Dakota 1.1%** |
| South Dakota Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1142670 |
| **Tennessee 1.5%** | **Tennessee 1.5%** | **Tennessee 1.5%** |
| Metropolitan Nashville Airport Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/41 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101231 |
| Tennessee Housing Development Agency, Residential Finance Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 3 |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602878 |
| **Texas 18.1%** | **Texas 18.1%** | **Texas 18.1%** |
| City of Georgetown, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/15/52 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292706 |
| City of Houston, Airport System, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671057 |
| City of Houston, Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/44 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092936 |
| City of Houston, United Airlines, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/38 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084262 |
| East Montgomery County Municipal Utility District No. 4, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011926 |
| FW Chaparral PFC, Chaparral Ranch Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003482 |
| Harris County Municipal Utility District No. 16, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519090 |
| Mansfield Independent School District, School Building, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/15/55 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635200 |
| New Hope Cultural Education Facilities Corp., Children's Health System of Texas, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/15/49 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713050 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484398 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Texas** | **Texas** | **Texas** |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$484399 |
| Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/52 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2146731 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien (b) |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 6/30/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1755433 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080325 |
| Travis County Development Authority, Longview 71 Public Improvement District Improvement Area No. 1 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 9/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18792289 |
| **U.S. Virgin Islands 1.0%** | **U.S. Virgin Islands 1.0%** | **U.S. Virgin Islands 1.0%** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049483 |
| **Utah 5.8%** | **Utah 5.8%** | **Utah 5.8%** |
| City of Salt Lake City, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042338 |
| Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/50 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701165 |
| Intermountain Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080805 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803931 |
| Verk Industrial Regional Public Infrastructure District, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 9/1/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996596 |
| **Virginia 0.8%** | **Virginia 0.8%** | **Virginia 0.8%** |
| Virginia College Building Authority, Regent University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792922 |
| **Washington 0.3%** | **Washington 0.3%** | **Washington 0.3%** |
| Washington State Housing Finance Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;4.084%, due 3/1/50 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366390 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Wisconsin 2.3%** | **Wisconsin 2.3%** | **Wisconsin 2.3%** |
| Public Finance Authority, Campus Real Estate Holding Corp. LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.20%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$500703 |
| Public Finance Authority, Georgia SR 400 Express Lanes Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 12/31/65 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 303821 |
| Public Finance Authority, Million Air Three LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 9/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265040 |
| Public Finance Authority, Wonderful Foundations Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351466 |
| Total Long-Term Municipal Bonds<br> (Cost $124,930,235) |  | &nbsp;&nbsp;&nbsp;&nbsp;127363678 |
| Total Municipal Bonds<br> (Cost $124,930,235) |  | &nbsp;&nbsp;&nbsp;&nbsp;127363678 |
| **Long-Term Bond 0.9%** |  |  |
| **Corporate Bond 0.9%** | **Corporate Bond 0.9%** | **Corporate Bond 0.9%** |
| **Commercial Services 0.9%** | **Commercial Services 0.9%** | **Commercial Services 0.9%** |
| Toll Road Investors Partnership II LP |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 2/15/35 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951327 |
| Total Corporate Bond<br> (Cost $1,004,851) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Closed-End Funds 1.0%** | **Closed-End Funds 1.0%** | **Closed-End Funds 1.0%** |
| **Massachusetts 0.1%** |  |  |
| Eaton Vance Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120570 |
| **New Jersey 0.6%** |  |  |
| BlackRock MuniHoldings Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595149 |
| **New York 0.3%** |  |  |
| BlackRock Municipal Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363517 |
| Total Closed-End Funds<br> (Cost $1,088,024) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079236 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investment 3.5%** | **Short-Term Investment 3.5%** | **Short-Term Investment 3.5%** |
| **Unaffiliated Investment Company 3.5%** | **Unaffiliated Investment Company 3.5%** | **Unaffiliated Investment Company 3.5%** |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, 2.367% (g) | &nbsp;&nbsp;&nbsp;&nbsp;3666339 | &nbsp;&nbsp;$3666339 |
| Total Short-Term Investment<br> (Cost $3,666,339) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666339 |
| Total Investments<br> (Cost $130,689,449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.4% | &nbsp;&nbsp;&nbsp;&nbsp;133060580 |
| Floating Rate Note Obligations (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30675000) |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206911 |
| Net Assets Applicable to Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$103592491 |

---

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets applicable to Common shares. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Interest on these securities is subject to alternative minimum tax. |
| (c) | All or portion of principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash. |
| (d) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2026. |
| (e) | Issue in default. |
| (f) | Issue in non-accrual status. |
| (g) | Current yield as of January 31, 2026. |
| (h) | Face value of Floating Rate Notes issued in TOB transactions. |

---

#### Futures Contracts
As of January 31, 2026, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;(35) | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp; $(4116815) | &nbsp;&nbsp; $(4029375) | &nbsp;&nbsp; $87440 |

---

1. As of January 31, 2026, cash in the amount of $129,500 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2026.

---

| |
|:---|
| Abbreviation(s): |
| AG—Assured Guaranty Ltd. |
| BAM—Build America Mutual Assurance Co. |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| MTA—Metropolitan Transportation Authority |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |

---

------

The following is a summary of the fair valuations according to the inputs used as of January 31, 2026, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $127363678 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $127363678 |
| Long-Term Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bond | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 951327 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 951327 |
| Closed-End Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1079236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1079236 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 3666339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3666339 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;4745575 | &nbsp;&nbsp;&nbsp;&nbsp;128315005 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;133060580 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 87440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 87440 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$4833015 | &nbsp;&nbsp;$128315005 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$133148020 |

---

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

------

## NYLI MacKay Muni Income Opportunities Fund

## Notes to Portfolios of Investments January 31, 2026 (Unaudited)

#### Securities Valuation.
Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Funds are open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") of the NYLI MacKay Muni Income Opportunities Fund ("Fund") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodologies used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of January 31, 2026, is included at the end of the Portfolio of Investments.

------

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale on the valuation date in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the period ended January 31, 2026, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

------

In calculating NAV, each closed-end fund is valued at market value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Price information on closed-end funds is taken from the exchange where the security is primarily traded. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity. These closed-end funds are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. In such cases, amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NYLI MacKay Muni Income Opportunities Fund

- **b. Investment Company Act file number:** 811-23905

- **c. CIK number of Registrant:** 0001995668

- **d. LEI of Registrant:** 2549007YC90SGXHPXS02

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 51 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **Telephone number:** 212-576-7000

**Item A.2. Information about the Series.**

- **a. Name of Series:** NYLI MacKay Muni Income Opportunities Fund

- **c. LEI of Series:** 2549007YC90SGXHPXS02

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $135701216.60

**Total Liabilities:** $32483237.01

**Net Assets:** $103217979.59

**Cash Not Reported:** $2992017.42

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -199.05000000 | **5-Year:** -2506.51000000 | **10-Year:** -20692.07000000 | **30-Year:** -37715.46000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -24.37000000 | **1-Year:** -58.65000000 | **5-Year:** -933.36000000 | **10-Year:** -11253.60000000 | **30-Year:** -27347.69000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.16%                | -0.13%               | 0.90%                |
| Class ID N/A | 0.08%                | -0.01%               | 0.82%                |
| Class ID N/A | 0.22%                | -0.07%               | 0.96%                |
| Class ID N/A | 0.18%                | -0.11%               | 0.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $256311.78               | $-429250.14                                |
| Month 2  | $9497.66                 | $-465242.30                                |
| Month 3  | $35288.32                | $484946.71                                 |

**Designated Index Information**

- **Index Name:** B8020

- **Index Identifier:** B8020

### Schedule of Portfolio Investments

| Name                                                                | Title                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Matching Fund Special Purpose Securitization Corp.                  | Matching Fund Special Purpose Securitization Corp., Series A         | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1049482.90   | 1.02%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                     | Pennsylvania Higher Education Assistance Agency, Series 1-A          | CUSIP: 70878CBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $797186.48    | 0.77%             | 2045-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                  | New York State Dormitory Authority                                   | CUSIP: 65000B7Y8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126762.20   | 2.06%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                         | Commonwealth of Puerto Rico                                          | CUSIP: 74514L4D6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    420000 | PA      | $168525.00    | 0.16%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Stockton Community Facilities District No. 2018-2           | City of Stockton Community Facilities District No. 2018-2            | CUSIP: 861341TG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $385301.65    | 0.37%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verk Industrial Regional Public Infrastructure District             | Verk Industrial Regional Public Infrastructure District              | CUSIP: 92348YAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $368357.36    | 0.36%             | 2047-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                 | Allegheny County Sanitary Authority                                  | CUSIP: 017357N67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084989.90   | 1.05%             | 2047-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                       | Main Street Natural Gas, Inc., Series B                              | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529609.55    | 0.51%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.          | Tarrant County Cultural Education Facilities Finance Corp., Series B | CUSIP: 87638RGY7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484398.45    | 0.47%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                             | Los Angeles Department of Water & Power, Series D                    | CUSIP: 544532AQ7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    750000 | PA      | $775158.23    | 0.75%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                | Puerto Rico Electric Power Authority, Series VV                      | CUSIP: 74526QPK2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    285000 | PA      | $285514.51    | 0.28%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                      | Indiana Municipal Power Agency, Series A                             | CUSIP: 454898YB7<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050177.40   | 1.02%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                             | Municipal Electric Authority of Georgia, Series A                    | CUSIP: 62620HHQ8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031579.60   | 1.00%             | 2064-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                          | Southern California Public Power Authority                           | CUSIP: 842469DJ4<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121339.73   | 2.06%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                         | Commonwealth of Puerto Rico                                          | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    968051 | PA      | $644963.83    | 0.62%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                 | New Hope Cultural Education Facilities Finance Corp                  | CUSIP: 645424BP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2713050.36   | 2.63%             | 2049-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                       | Main Street Natural Gas, Inc., Series D                              | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071995.60   | 1.04%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                     | City of Houston, Series B                                            | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084261.80   | 1.05%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                           | New York Transportation Development Corp., Series A                  | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010882.10   | 0.98%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                    | Port of Greater Cincinnati Development Authority, Series A           | CUSIP: 734191BF5<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027799.10   | 1.00%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                | Massachusetts Housing Finance Agency, Series 223                     | CUSIP: 57587GLN3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $444594.80    | 0.43%             | 2033-12-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                  | New York State Dormitory Authority, Series A                         | CUSIP: 65000BW38<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2709840.49   | 2.63%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                      | Indiana Municipal Power Agency, Series A                             | CUSIP: 454898YV3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    475000 | PA      | $515406.30    | 0.50%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                | Puerto Rico Electric Power Authority, Series NN                      | CUSIP: 74526QAR3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $68957.14     | 0.07%             | 2033-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                  | West Villages Improvement District                                   | CUSIP: 956454CM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $990473.52    | 0.96%             | 2054-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                     | State of Hawaii, Series A                                            | CUSIP: 419794J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1726969.97   | 1.67%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                          | Intermountain Power Agency, Series A                                 | CUSIP: 45884AG31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $803931.45    | 0.78%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                           | New York Transportation Development Corp.                            | CUSIP: 650116FC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $791557.35    | 0.77%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax        | Chicago Board of Education Dedicated Capital Improvement Tax         | CUSIP: 167510AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266956.25   | 1.23%             | 2046-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                              | Hillsborough County Aviation Authority, Series B                     | CUSIP: 432308X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584097.35   | 1.53%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Omaha Airport Authority                                             | Omaha Airport Authority                                              | CUSIP: 681725NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085902.64   | 2.02%             | 2049-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Montgomery County Municipal Utility District No. 4             | East Montgomery County Municipal Utility District No. 4, Series A    | CUSIP: 27373QAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011925.70   | 0.98%             | 2049-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                      | Metropolitan Nashville Airport Authority (The), Series B             | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101231.00   | 1.07%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.            | Texas Private Activity Bond Surface Transportation Corp.             | CUSIP: 882667CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1755432.68   | 1.70%             | 2039-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees                              | Tulsa Municipal Airport Trust Trustees                               | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $348568.74    | 0.34%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                             | South Carolina Public Service Authority, Series B                    | CUSIP: 8371514S5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094835.10   | 1.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                            | New Hampshire Business Finance Authority                             | CUSIP: 63610TAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986967.10    | 0.96%             | 2057-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                | Puerto Rico Electric Power Authority, Series TT                      | CUSIP: 74526QSY9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $25000.52     | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saltleaf Community Development District                             | Saltleaf Community Development District                              | CUSIP: 79575MAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014547.30   | 0.98%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                           | New York Transportation Development Corp., Series A                  | CUSIP: 650116DX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947155.80    | 0.92%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                 | Columbus Regional Airport Authority, Series A                        | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054216.90   | 1.02%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                    | Maricopa County Industrial Development Authority                     | CUSIP: 56683PAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997256.80    | 0.97%             | 2033-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                  | New York Liberty Development Corp., Series A                         | CUSIP: 649519DU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $603898.50    | 0.59%             | 2041-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                            | New Hampshire Business Finance Authority, Series A                   | CUSIP: 63610HAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1060741.22   | 1.03%             | 2034-04-01      | Fixed         | 6.89%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                | Puerto Rico Electric Power Authority, Series UU                      | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    120000 | PA      | $119365.74    | 0.12%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                    | Delaware State Housing Authority, Series A                           | CUSIP: 246395N60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1083181.16   | 1.05%             | 2056-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Pasco                                                     | County of Pasco, Series A                                            | CUSIP: 70252AAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075689.50   | 1.04%             | 2054-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Eaton Vance Municipal Bond Fund                                     | Eaton Vance Municipal Bond Fund                                      | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             |  | RF                | US        |     12142 | NS      | $120570.06    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                 | U.S. Treasury Long Bonds                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -35 | NC      | $87440.08     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| New York City Housing Development Corp.                             | New York City Housing Development Corp., Series G-1                  | CUSIP: 64972CCP6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    275000 | PA      | $253772.48    | 0.25%             | 2045-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                         | Commonwealth of Puerto Rico                                          | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    771429 | PA      | $506250.00    | 0.49%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                     | Pennsylvania Higher Education Assistance Agency, Series 1-A          | CUSIP: 70878CBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755309.55    | 0.73%             | 2046-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                  | Tuscaloosa County Industrial Development Authority, Series A         | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503215.70    | 0.49%             | 2044-05-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| City of Chicago Lakeshore East Special Assessment Area              | City of Chicago                                                      | CUSIP: 167686AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $317327.56    | 0.31%             | 2030-12-01      | Fixed         | 3.29%                 | Yes           |                  2 | On Loan: No      |
| Intermountain Power Agency                                          | Intermountain Power Agency, Series A                                 | CUSIP: 45884AG23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080804.70   | 1.05%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                            | New Hampshire Business Finance Authority, Series 2                   | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    617497 | PA      | $603333.01    | 0.58%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                     | City of Houston, Series A                                            | CUSIP: 442349JS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092936.40   | 1.06%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade                                                | County of Miami-Dade                                                 | CUSIP: 59333FA83<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    625000 | PA      | $496846.13    | 0.48%             | 2040-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                               | Mansfield Independent School District                                | CUSIP: 564386VN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2635199.60   | 2.55%             | 2055-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 16                     | Harris County Municipal Utility District No. 16                      | CUSIP: 414973GE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $519090.00    | 0.50%             | 2034-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Perry County School District Finance Corp.                          | Perry County School District Finance Corp.                           | CUSIP: 714559TA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $419474.63    | 0.41%             | 2029-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                 | Pennsylvania Housing Finance Agency, Series 138-A                    | CUSIP: 70879QRC9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    385000 | PA      | $378045.21    | 0.37%             | 2052-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                     | California Community Choice Financing Authority, Series C            | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    875000 | PA      | $928126.06    | 0.90%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wind Meadows South Community Development District                   | Wind Meadows South Community Development District                    | CUSIP: 97316TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $424850.17    | 0.41%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City Airport                                      | City of Salt Lake City, Series A                                     | CUSIP: 795576MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042337.50   | 1.01%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                               | Toll Road Investors Partnership II LP, Series A                      | CUSIP: 88948AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $951327.01    | 0.92%             | 2035-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                  | Norman Regional Hospital Authority                                   | CUSIP: 656178DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $332294.54    | 0.32%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                             | Capital Trust Authority Educational Facilities, Series B             | CUSIP: 14054WBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $106016.61    | 0.10%             | 2028-06-15      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Nevada Housing Division                                             | Nevada Housing Division, Series E                                    | CUSIP: 641279ZJ6<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1203897.00   | 1.17%             | 2049-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                     | California Community Choice Financing Authority, Series G            | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $790401.90    | 0.77%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston                                                     | City of Houston, Series A                                            | CUSIP: 442349AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $671057.27    | 0.65%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District              | Downtown Revitalization Public Infrastructure District, Series A     | CUSIP: 26118TAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2701165.26   | 2.62%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Loan Council                                      | Florida Municipal Loan Council                                       | CUSIP: 34281UAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $671753.85    | 0.65%             | 2044-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Port District                                   | Hillsborough County Port District, Series B                          | CUSIP: 432325JN9<br>LEI: 549300HV3CIZREMO9Q36 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454759.83    | 0.44%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.          | Tarrant County Cultural Education Facilities Finance Corp., Series A | CUSIP: 87638TJR5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2146731.24   | 2.08%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Adelanto Community Facilities District                              | Adelanto Community Facilities District No. 2006-2, Series B          | CUSIP: 006784AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $625198.88    | 0.61%             | 2030-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                         | Southwestern Illinois Development Authority, Series B                | CUSIP: 84552YTM3<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537043.70    | 0.52%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                      | Mobile County Industrial Development Authority, Series A             | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481850.85    | 0.47%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                 | Louisville and Jefferson County Metro Government, Series A           | CUSIP: 546749AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993230.30    | 0.96%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                         | Washington State Housing Finance Commission, Series 2                | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    371683 | PA      | $366390.40    | 0.35%             | 2050-03-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                     | City of Chicago, Series A                                            | CUSIP: 167486S83<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501785.10    | 0.49%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MidCity Improvement District                                        | MidCity Improvement District                                         | CUSIP: 59564KAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $284089.95    | 0.28%             | 2044-11-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| City of Georgetown TX Utility System                                | City of Georgetown TX Utility System                                 | CUSIP: 373064Q56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1292705.81   | 1.25%             | 2052-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                           | New York Transportation Development Corp.                            | CUSIP: 650116JK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1354302.84   | 1.31%             | 2050-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Toledo Hospital (The)                                               | Toledo Hospital (The)                                                | CUSIP: 889184AD9<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2019137.20   | 1.96%             | 2038-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                         | New York City Industrial Development Agency, Series A                | CUSIP: 64971PLK9<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $760042.70    | 0.74%             | 2046-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                         | TSASC, Inc., Series B                                                | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1129924.25   | 1.09%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Development Authority                                 | Travis County Development Authority                                  | CUSIP: 89441AAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $817293.88    | 0.79%             | 2054-09-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Delaware State Housing Authority                                    | Delaware State Housing Authority, Series C                           | CUSIP: 246395Z42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $836692.88    | 0.81%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lake Elsinore Unified School District Community Facilities District | Lake Elsinore Unified School District Community Facilities District  | CUSIP: 509640YP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $875242.50    | 0.85%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                     | Pennsylvania Higher Education Assistance Agency, Series 1-C          | CUSIP: 70878CBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958623.80    | 0.93%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                            | Public Finance Authority, Series B                                   | CUSIP: 74446DAQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265040.53    | 0.26%             | 2054-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Prairie Center Metropolitan District No. 3                          | Prairie Center Metropolitan District No. 3, Series B                 | CUSIP: 739476AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047277.70   | 1.01%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.            | Texas Private Activity Bond Surface Transportation Corp.             | CUSIP: 882667CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1080324.98   | 1.05%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                          | Michigan Finance Authority, Series MI-1                              | CUSIP: 59447UBC3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 4.84%             | 2051-03-01      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Reunion East Community Development District                         | Reunion East Community Development District                          | CUSIP: 761311AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485799.45    | 0.47%             | 2031-05-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                            | Public Finance Authority, Series B                                   | CUSIP: 74439YGH8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500702.95    | 0.49%             | 2026-06-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                  | Allegheny County Airport Authority, Series A                         | CUSIP: 01728LHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $743246.05    | 0.72%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District                                | Denver City & County School District                                 | CUSIP: 249174ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1643421.15   | 1.59%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash                                  | BlackRock Liquidity Funds MuniCash                                   | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |    678631 | NS      | $678698.81    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago O'Hare International Airport                                | Chicago O'Hare International Airport, Series A                       | CUSIP: 1675934S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1302526.38   | 1.26%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                 | Virginia College Building Authority                                  | CUSIP: 92778FLY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $792921.53    | 0.77%             | 2050-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                   | Southeast Energy Authority A Cooperative District, Series A          | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041848.90   | 1.01%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GDB Debt Recovery Authority of Puerto Rico                          | GDB Debt Recovery Authority of Puerto Rico                           | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2065475 | PA      | $2026385.89   | 1.96%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Brevard County Housing Finance Authority                            | Brevard County Housing Finance Authority                             | CUSIP: 106904FX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    994004 | PA      | $1033000.56   | 1.00%             | 2040-01-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                | Puerto Rico Electric Power Authority, Series WW                      | CUSIP: 74526YCX1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $667500.00    | 0.65%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                | Triborough Bridge & Tunnel Authority, Series A                       | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1142819.11   | 1.11%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                       | Florida Housing Finance Corp., Series 1                              | CUSIP: 34074MUG4<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    725000 | PA      | $625250.15    | 0.61%             | 2035-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                             | Douglas County Hospital Authority No. 2                              | CUSIP: 259230QM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $860815.96    | 0.83%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                | Hillsborough County Industrial Development Authority, Series C       | CUSIP: 43233KAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1961307.57   | 1.90%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BlackRock MuniHoldings Fund, Inc.                                   | BlackRock MuniHoldings Fund, Inc.                                    | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             |  | RF                | US        |     49845 | NS      | $595149.30    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Georgia Housing & Finance Authority                                 | Georgia Housing & Finance Authority, Series G                        | CUSIP: 37353PUK3<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070488.50   | 1.04%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                    | Kentucky Public Energy Authority, Series B                           | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524402.95    | 0.51%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockland County Economic Assistance Corp.                           | Rockland County Economic Assistance Corp.                            | CUSIP: 77356HAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $331300.38    | 0.32%             | 2055-11-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                   | City & County of Denver, Series A                                    | CUSIP: 249182LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059017.26   | 1.99%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                               | North Carolina Housing Finance Agency, Series 45                     | CUSIP: 658207D28<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    765000 | PA      | $758530.24    | 0.73%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                               | Puerto Rico Sales Tax Financing Corp., Series A-1                    | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3305000 | PA      | $1150966.25   | 1.12%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                            | Massachusetts Development Finance Agency, Series N                   | CUSIP: 57585BPD4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2020705.29   | 1.96%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                | Puerto Rico Electric Power Authority, Series VV                      | CUSIP: 74526QPM8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    290000 | PA      | $294233.22    | 0.29%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                               | Puerto Rico Sales Tax Financing Corp., Series A-2                    | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     35000 | PA      | $34832.40     | 0.03%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                          | South Dakota Housing Development Authority, Series A                 | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1142669.54   | 1.11%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                            | Public Finance Authority, Series A-1                                 | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1281901.80   | 1.24%             | 2055-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                               | Puerto Rico Sales Tax Financing Corp., Series A-1                    | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    750000 | PA      | $735318.98    | 0.71%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                           | New York Transportation Development Corp.                            | CUSIP: 650116GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532420.60    | 0.52%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority               | Pennsylvania Economic Development Financing Authority                | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049095.20   | 1.02%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority              | California Statewide Communities Development Authority, Series A     | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    355000 | PA      | $355456.53    | 0.34%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                 | Pennsylvania Housing Finance Agency, Series 145-A                    | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    480000 | PA      | $524429.57    | 0.51%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                 | Rhode Island Student Loan Authority, Series A                        | CUSIP: 762323DD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $830788.79    | 0.80%             | 2043-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Chicago Lakeshore East Special Assessment Area              | City of Chicago                                                      | CUSIP: 167686AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $266806.18    | 0.26%             | 2032-12-01      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                            | Public Finance Authority                                             | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    275000 | PA      | $303821.16    | 0.29%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                         | Commonwealth of Puerto Rico                                          | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    486750 | PA      | $295091.97    | 0.29%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                            | Metropolitan Pier & Exposition Authority, Series A                   | CUSIP: 592250BM5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250279.38   | 1.21%             | 2053-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FW Chaparral PFC                                                    | FW Chaparral PFC                                                     | CUSIP: 302701AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003482.10   | 0.97%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                                          | New Orleans Aviation Board, Series C-2                               | CUSIP: 64763HNG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545166.10    | 0.53%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Municipal Income Trust                                    | BlackRock Municipal Income Trust                                     | CUSIP: 09248F109<br>LEI: R3ITLLW1CUEQICP4XR90 | Long             |  | RF                | US        |     35744 | NS      | $363516.48    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                          | Municipal Improvement Corp. of Los Angeles, Series A                 | CUSIP: 5445875X2<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2709195.09   | 2.62%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.          | Tarrant County Cultural Education Facilities Finance Corp.           | CUSIP: 87638RKC0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484398.45    | 0.47%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                | Tennessee Housing Development Agency, Series 3                       | CUSIP: 880461C89<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    625000 | PA      | $501646.63    | 0.49%             | 2044-07-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                     | California Community Choice Financing Authority, Series C            | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064441.50   | 1.03%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                         | Commonwealth of Puerto Rico, Series A-1                              | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     83000 | PA      | $74014.94     | 0.07%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** NYLI MacKay Muni Income Opportunities Fund

**Signature:** Jack Benintende

**Name of Signer:** Jack Benintende

**Title:** Treasurer