# EDGAR Filing Document

**Accession Number:** 0001518557
**File Stem:** 0002071691-26-008850
**Filing Date:** 2026-4
**Character Count:** 91083
**Document Hash:** 2833c8d3710091bb560c65119b74838b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-008850.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0002071691-26-008850

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NYLI MacKay DefinedTerm Muni Opportunities Fund
- **CENTRAL INDEX KEY:** 0001518557

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22551
- **FILM NUMBER:** 26891104

**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 DefinedTerm Municipal Opportunities Fund
- **DATE OF NAME CHANGE:** 20180410

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MainStay DefinedTerm Municipal Opportunities Fund
- **DATE OF NAME CHANGE:** 20120417

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MainStay DefinedTerm Municipal High Income Fund
- **DATE OF NAME CHANGE:** 20110419

## Nport-Ex

## NYLI MacKay DefinedTerm Muni Opportunities Fund<br>

## Portfolio of Investments February 28, 2026<sup>†</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 152.2%** | **Municipal Bonds 152.2%** | **Municipal Bonds 152.2%** |
| **Alabama 0.3% (0.2% of Managed Assets)** | **Alabama 0.3% (0.2% of Managed Assets)** | **Alabama 0.3% (0.2% of Managed Assets)** |
| 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;$1000000 | &nbsp;&nbsp;$1013363 |
| **Arizona 0.5% (0.3% of Managed Assets)** | **Arizona 0.5% (0.3% of Managed Assets)** | **Arizona 0.5% (0.3% of Managed Assets)** |
| City of Phoenix, Espiritu Community Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455269 |
| **Arkansas 1.0% (0.7% of Managed Assets)** | **Arkansas 1.0% (0.7% of Managed Assets)** | **Arkansas 1.0% (0.7% of Managed Assets)** |
| City of Hot Springs, Wastewater, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137958 |
| **California 19.4% (12.6% of Managed Assets)** | **California 19.4% (12.6% of Managed Assets)** | **California 19.4% (12.6% of Managed Assets)** |
| 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;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004179 |
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/61 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316736 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119423 |
| Los Angeles Department of Water And Power, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15214647 |
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/47 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067784 |
| San Diego County Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/56 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697174 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353766 |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/55 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460951 |
| 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 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10741411 |
| Trustees of The California State University, Systemwide, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9461703 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California** | **California** | **California** |
| Upland Community Facilities District No. 2016-1, Improvement Area No. 2, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 9/1/30 | &nbsp;&nbsp;&nbsp;$925000 | &nbsp;&nbsp;$846010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60283784 |
| **Colorado 4.8% (3.1% of Managed Assets)** | **Colorado 4.8% (3.1% of Managed Assets)** | **Colorado 4.8% (3.1% of Managed Assets)** |
| 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 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11097435 |
| Copper Ridge Metropolitan District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15078276 |
| **Delaware 2.8% (1.8% of Managed Assets)** | **Delaware 2.8% (1.8% of Managed Assets)** | **Delaware 2.8% (1.8% of Managed Assets)** |
| Delaware Transportation Authority, U.S. 301 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8787000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8790130 |
| **District of Columbia 0.8% (0.5% of Managed Assets)** | **District of Columbia 0.8% (0.5% of Managed Assets)** | **District of Columbia 0.8% (0.5% of Managed Assets)** |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 10/1/41 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459165 |
| **Florida 5.3% (3.4% of Managed Assets)** | **Florida 5.3% (3.4% of Managed Assets)** | **Florida 5.3% (3.4% of Managed Assets)** |
| County of Broward, Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/42 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4582624 |
| County of Lee, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/49 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10754888 |
| Hillsborough County Port District, Tampa Port Authority Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/46 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16353869 |
| **Georgia 0.4% (0.3% of Managed Assets)** | **Georgia 0.4% (0.3% of Managed Assets)** | **Georgia 0.4% (0.3% of Managed Assets)** |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251533 |
| **Guam 1.5% (1.0% of Managed Assets)** | **Guam 1.5% (1.0% of Managed Assets)** | **Guam 1.5% (1.0% of Managed Assets)** |
| Port Authority of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770084 |
| **Illinois 16.7% (10.8% of Managed Assets)** | **Illinois 16.7% (10.8% of Managed Assets)** | **Illinois 16.7% (10.8% of Managed Assets)** |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171616 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois** | **Illinois** | **Illinois** |
| Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$4112727 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3628319 |
| City of Chicago, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527684 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307140 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664277 |
| Sales Tax Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/48 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11222408 |
| 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;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268421 |
| State of Illinois, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/39 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9022598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51925190 |
| **Kentucky 2.0% (1.3% of Managed Assets)** | **Kentucky 2.0% (1.3% of Managed Assets)** | **Kentucky 2.0% (1.3% of Managed Assets)** |
| Kentucky Bond Development Corp., Kentucky Communications Network Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/44 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6219590 |
| **Massachusetts 1.2% (0.8% of Managed Assets)** | **Massachusetts 1.2% (0.8% of Managed Assets)** | **Massachusetts 1.2% (0.8% of Managed Assets)** |
| Commonwealth of Massachusetts Transportation Fund, Rail Enhancement Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689531 |
| **Michigan 4.7% (3.1% of Managed Assets)** | **Michigan 4.7% (3.1% of Managed Assets)** | **Michigan 4.7% (3.1% of Managed Assets)** |
| Michigan Finance Authority, Bronson Health Care Group, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5026785 |
| Michigan Strategic Fund, State of Michigan Department of Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/43 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903511 |
| State of Michigan, Trunk Line, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/44 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7856180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14786476 |
| **Mississippi 0.4% (0.3% of Managed Assets)** | **Mississippi 0.4% (0.3% of Managed Assets)** | **Mississippi 0.4% (0.3% of Managed Assets)** |
| Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285671 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Montana 0.7% (0.4% of Managed Assets)** | **Montana 0.7% (0.4% of Managed Assets)** | **Montana 0.7% (0.4% of Managed Assets)** |
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/15/55 (a)(d) | &nbsp;&nbsp;&nbsp;$2865000 | &nbsp;&nbsp;$2033004 |
| **Nebraska 3.4% (2.2% of Managed Assets)** | **Nebraska 3.4% (2.2% of Managed Assets)** | **Nebraska 3.4% (2.2% of Managed Assets)** |
| 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 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10531878 |
| **Nevada 4.7% (3.0% of Managed Assets)** | **Nevada 4.7% (3.0% of Managed Assets)** | **Nevada 4.7% (3.0% of Managed Assets)** |
| Las Vegas Valley Water District, Water, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11472146 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14518050 |
| **New Hampshire 3.4% (2.2% of Managed Assets)** | **New Hampshire 3.4% (2.2% of Managed Assets)** | **New Hampshire 3.4% (2.2% of Managed Assets)** |
| 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;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10721019 |
| **New Jersey 4.1% (2.7% of Managed Assets)** | **New Jersey 4.1% (2.7% of Managed Assets)** | **New Jersey 4.1% (2.7% of Managed Assets)** |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536927 |
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445806 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791197 |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12769035 |
| **New York 18.3% (11.9% of Managed Assets)** | **New York 18.3% (11.9% of Managed Assets)** | **New York 18.3% (11.9% of Managed Assets)** |
| 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 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10210750 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118829 |
| MTA Hudson Rail Yards Trust Obligations, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500024 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999938 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New York** | **New York** | **New York** |
| New York Liberty Development Corp., 3 World Trade Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 (a) | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5008243 |
| Port Authority of New York & New Jersey, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 231 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10577248 |
| State of New York Dormitory Authority, Personal Income Tax, General Purpose, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/41 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9450000 | &nbsp;&nbsp;&nbsp;&nbsp; 10303101 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7299387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57017520 |
| **Ohio 2.0% (1.3% of Managed Assets)** | **Ohio 2.0% (1.3% of Managed Assets)** | **Ohio 2.0% (1.3% of Managed Assets)** |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/55 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301531 |
| Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305969 |
| **Pennsylvania 9.4% (6.1% of Managed Assets)** | **Pennsylvania 9.4% (6.1% of Managed Assets)** | **Pennsylvania 9.4% (6.1% of Managed Assets)** |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9175382 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/31/62 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13148528 |
| Southeastern Pennsylvania Transportation Authority, Asset Improvement Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/43 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29393907 |
| **Puerto Rico 12.6% (8.2% of Managed Assets)** | **Puerto Rico 12.6% (8.2% of Managed Assets)** | **Puerto Rico 12.6% (8.2% of Managed Assets)** |
| Children's Trust Fund, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8014396 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8705521 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600886 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011212 |
| Puerto Rico Municipal Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757250 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690293 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Puerto Rico** | **Puerto Rico** | **Puerto Rico** |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 7/1/40 | &nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2516752 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10940000 | &nbsp;&nbsp;&nbsp;&nbsp; 10962628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39258938 |
| **South Carolina 4.8% (3.1% of Managed Assets)** | **South Carolina 4.8% (3.1% of Managed Assets)** | **South Carolina 4.8% (3.1% of Managed Assets)** |
| South Carolina Public Service Authority, Santee Cooper, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/1/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9229432 |
| Spartanburg Regional Health Services District Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14798354 |
| **Texas 11.2% (7.3% of Managed Assets)** | **Texas 11.2% (7.3% of Managed Assets)** | **Texas 11.2% (7.3% of Managed Assets)** |
| Central Texas Regional Mobility Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515693 |
| City of Georgetown, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/15/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7828270 |
| Horizon Regional Municipal Utility District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329973 |
| 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 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330477 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/31/58 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10381751 |
| Texas Water Development Board, State Water Impementation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/60 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7817638 |
| West Harris County Regional Water Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34906657 |
| **U.S. Virgin Islands 5.0% (3.2% of Managed Assets)** | **U.S. Virgin Islands 5.0% (3.2% of Managed Assets)** | **U.S. Virgin Islands 5.0% (3.2% of Managed Assets)** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658336 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686966 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994188 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450874 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Virgin Islands** | **U.S. Virgin Islands** | **U.S. Virgin Islands** |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;$2425000 | &nbsp;&nbsp;$2425692 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2207073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15423129 |
| **Utah 0.8% (0.5% of Managed Assets)** | **Utah 0.8% (0.5% of Managed Assets)** | **Utah 0.8% (0.5% of Managed Assets)** |
| City of Salt Lake City, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/53 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315636 |
| Military Installation Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619098 |
| **Virginia 3.8% (2.4% of Managed Assets)** | **Virginia 3.8% (2.4% of Managed Assets)** | **Virginia 3.8% (2.4% of Managed Assets)** |
| Hampton Roads Transportation Accountability Commission, Roads Transportation Fund, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/60 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10363667 |
| 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;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11696087 |
| **West Virginia 2.9% (1.9% of Managed Assets)** | **West Virginia 2.9% (1.9% of Managed Assets)** | **West Virginia 2.9% (1.9% of Managed Assets)** |
| West Virginia Hospital Finance Authority, Vandalia Heath Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736048 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9104654 |
| **Wisconsin 3.3% (2.1% of Managed Assets)** | **Wisconsin 3.3% (2.1% of Managed Assets)** | **Wisconsin 3.3% (2.1% of Managed Assets)** |
| Public Finance Authority, CHF - Wilmington LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297153 |
| Public Finance Authority, Lindenwood Education System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018331 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10238077 |
| Total Municipal Bonds<br> (Cost $462,176,275) |  | &nbsp;&nbsp;&nbsp;&nbsp;473835265 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investment 0.1%** | **Short-Term Investment 0.1%** | **Short-Term Investment 0.1%** |
| **Unaffiliated Investment Company 0.1% (0.1% of Managed Assets)** |  |  |
| Dreyfus Government Cash Management - Institutional Shares, 3.555% (e) | &nbsp;&nbsp;&nbsp;&nbsp; 473280 | &nbsp;&nbsp;$473280 |
| Total Short-Term Investment<br> (Cost $473,280) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473280 |
| Total Investments<br> (Cost $462,649,555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152.3% | &nbsp;&nbsp;&nbsp;&nbsp;474308545 |
| Floating Rate Note Obligations (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53.5) | &nbsp;&nbsp;&nbsp;&nbsp;(166660000) |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742799 |
| Net Assets Applicable to Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$311391344 |

---

† Percentages indicated are based on Fund net assets applicable to Common shares.

(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) All or portion of principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash.

(c) Interest on these securities is subject to alternative minimum tax.

(d) Step coupon—Rate shown was the rate in effect as of February 28, 2026.

(e) Current yield as of February 28, 2026.

(f) Face value of Floating Rate Notes issued in TOB transactions.

"Managed Assets" is defined as the Fund's total assets minus the sum of its accrued liabilities (other than Fund liabilities incurred for the purpose of creating effective leverage (i.e. tender option bonds) or Fund liabilities related to liquidation preference of any preferred shares issued), which was $479,281,578 as of February 28, 2026.

---

| |
|:---|
| Abbreviation(s): |
| AG—Assured Guaranty Ltd. |
| BAM—Build America Mutual Assurance Co. |
| CHF—Collegiate Housing Foundation |
| CR—Custodial Receipts |
| MTA—Metropolitan Transportation Authority |

---

The following is a summary of the fair valuations according to the inputs used as of February 28, 2026, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted Prices in<br> Active Markets for<br> Identical Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant 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;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $473835265 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $473835265 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 473280 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 473280 |
| Total Investments in Securities | &nbsp;&nbsp;$473280 | &nbsp;&nbsp;$473835265 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$474308545 |

---

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

The Fund holds liabilities in floating rate note obligations, which are not reflected in the table above. The fair value of the Fund's liability for floating rate note obligations approximate their liquidation values and are generally classified as Level 2 in the hierarchy.

------

## NYLI MacKay DefinedTerm Muni Opportunities Fund

## Notes to Portfolio of Investments February 28, 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 Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") of the NYLI MacKay DefinedTerm Muni Opportunities Fund (the "Fund") has designated New York Life Investment Management LLC 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 February 28, 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 February 28, 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.

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.

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 DefinedTerm Muni Opportunities Fund

- **b. Investment Company Act file number:** 811-22551

- **c. CIK number of Registrant:** 0001518557

- **d. LEI of Registrant:** 549300AOV8XDBTKPOR64

- **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 DefinedTerm Muni Opportunities Fund

- **c. LEI of Series:** 549300AOV8XDBTKPOR64

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**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:** $479698348.12

**Total Liabilities:** $168306978.20

**Net Assets:** $311391369.92

**Cash Not Reported:** $0.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -29.78000000 | **5-Year:** -2443.60000000 | **10-Year:** -47847.18000000 | **30-Year:** -115482.16000000

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

- **3-Month:** 0.00000000 | **1-Year:** -123.68000000 | **5-Year:** -5000.49000000 | **10-Year:** -42939.72000000 | **30-Year:** -87483.30000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.06%               | 0.61%                | 1.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-76157.32               | $-1530832.48                               |
| Month 2  | $0.00                    | $471655.43                                 |
| Month 3  | $53263.28                | $3263566.15                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Allentown Neighborhood Improvement Zone Development Authority         | Allentown Neighborhood Improvement Zone Development Authority           | CUSIP: 018444AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8110000 | PA      | $8163360.56   | 2.62%             | 2042-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority         | Allentown Neighborhood Improvement Zone Development Authority           | CUSIP: 018444BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012021.40   | 0.32%             | 2042-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Broward Airport System                                      | County of Broward                                                       | CUSIP: 114894XT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4582624.05   | 1.47%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                           | California State University                                             | CUSIP: 13077DSY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8780000 | PA      | $9461702.62   | 3.04%             | 2053-11-01      | Fixed         | 5.25%                 | 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        |   3000000 | PA      | $3004179.00   | 0.96%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                             | Central Texas Regional Mobility Authority, Series B                     | CUSIP: 155498NP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1515693.29   | 0.49%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                       | City of Chicago, Series A                                               | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1527683.90   | 0.49%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                       | City of Chicago, Series A                                               | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   6215000 | PA      | $6307140.48   | 2.03%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                            | Chicago Board of Education, Series A                                    | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4112726.80   | 1.32%             | 2046-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Education                                            | Chicago Board of Education, Series B                                    | CUSIP: 167505RP3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3628318.75   | 1.17%             | 2042-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax          | Chicago Board of Education Dedicated Capital Improvement Tax            | CUSIP: 167510AC0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8171616.00   | 2.62%             | 2034-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                 | Children's Trust Fund                                                   | CUSIP: 16876QBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   7885000 | PA      | $8014396.00   | 2.57%             | 2039-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                   | Columbus Regional Airport Authority, Series A                           | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5301531.50   | 1.70%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Copper Ridge Metropolitan District                                    | Copper Ridge Metropolitan District                                      | CUSIP: 217558AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3980841.21   | 1.28%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                     | Delaware Transportation Authority                                       | CUSIP: 246430AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8787000 | PA      | $8790129.93   | 2.82%             | 2055-06-01      | Fixed         | 5.00%                 | 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        |  10000000 | PA      | $11097434.50  | 3.56%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                                    | Dreyfus Government Cash Management - Institutional Shares, Class I      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    473280 | NS      | $473280.26    | 0.15%             |  |  |  | No            |                  1 | 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        |   7500000 | PA      | $7828269.75   | 2.51%             | 2052-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of Guam                                                | Port Authority of Guam, Series A                                        | CUSIP: 400652AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   4725000 | PA      | $4770084.06   | 1.53%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transport Commission                                    | Hampton Roads Transport Commission                                      | CUSIP: 409328AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10363666.94  | 3.33%             | 2060-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Finance Authority                             | Hastings Campus Housing Finance Authority, Series A                     | CUSIP: 418338AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2316736.25   | 0.74%             | 2061-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hillsborough County Port District                                     | Hillsborough County Port District, Series B                             | CUSIP: 432325JN9<br>LEI: 549300HV3CIZREMO9Q36 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016356.70   | 0.33%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horizon Regional Municipal Utility District                           | Horizon Regional Municipal Utility District                             | CUSIP: 44044TLV2<br>LEI: 5493003MTD7X9G4KHS74 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1329972.52   | 0.43%             | 2035-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs                                                   | City of Hot Springs, Series B                                           | CUSIP: 441178DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3215000 | PA      | $3137958.31   | 1.01%             | 2050-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                     | State of Illinois                                                       | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8380000 | PA      | $9022598.66   | 2.90%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Bond Development Corp.                                       | Kentucky Bond Development Corp.                                         | CUSIP: 491211BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5975000 | PA      | $6219590.52   | 2.00%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                       | Las Vegas Valley Water District                                         | CUSIP: 517845SF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11472145.58  | 3.68%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee                                                         | County of Lee                                                           | CUSIP: 523470HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10200000 | PA      | $10754888.16  | 3.45%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                               | Los Angeles Department of Water & Power, Series D                       | CUSIP: 5444956B5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    115000 | PA      | $119422.51    | 0.04%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles                                                   | City of Los Angeles                                                     | CUSIP: 544525XF0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15214647.06  | 4.89%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                         | Commonwealth of Massachusetts                                           | CUSIP: 57604TKE5<br>LEI: 5493001N1YCXNI107K10 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3689530.94   | 1.18%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                    | Matching Fund Special Purpose Securitization Corp., Series A            | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1570000 | PA      | $1658335.74   | 0.53%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                    | Matching Fund Special Purpose Securitization Corp., Series A            | CUSIP: 57665NAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1570000 | PA      | $1686966.41   | 0.54%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                    | Matching Fund Special Purpose Securitization Corp., Series A            | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   4710000 | PA      | $4994187.74   | 1.60%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                              | Metropolitan Pier & Exposition Authority, Series A                      | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4664276.93   | 1.50%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                 | Metropolitan Transportation Authority, Series C-1                       | CUSIP: 59261AHP5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   7100000 | PA      | $7118829.20   | 2.29%             | 2056-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road           | Metropolitan Washington Airports Authority, Series C                    | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2459165.28   | 0.79%             | 2041-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                            | Michigan Finance Authority, Series A                                    | CUSIP: 59447TWP4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5026785.00   | 1.61%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                  | State of Michigan                                                       | CUSIP: 5946954N5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7856179.99   | 2.52%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                               | Michigan Strategic Fund                                                 | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1903510.88   | 0.61%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                           | Military Installation Development Authority, Series A-1                 | CUSIP: 599772AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2303462.15   | 0.74%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority                 | Mississippi Hospital Equipment & Facilities Authority, Series A         | CUSIP: 605360SD9<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1285671.16   | 0.41%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MTA Hudson Rail Yards Trust Obligations                               | MTA Hudson Rail Yards Trust Obligations, Series A                       | CUSIP: 62476RAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500024.00   | 0.80%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MTA Hudson Rail Yards Trust Obligations                               | MTA Hudson Rail Yards Trust Obligations, Series A                       | CUSIP: 62476RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999937.60   | 1.28%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                               | Municipal Electric Authority of Georgia, Series B                       | CUSIP: 6262072T0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251533.00   | 0.40%             | 2059-01-01      | Fixed         | 5.00%                 | 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        |  10000000 | PA      | $10721019.00  | 3.44%             | 2034-04-01      | Fixed         | 6.89%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                             | New Jersey Economic Development Authority, Series A                     | CUSIP: 64577XBC9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3445806.16   | 1.11%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                             | New Jersey Economic Development Authority                               | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3530000 | PA      | $3536927.27   | 1.14%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                        | New Jersey Transportation Trust Fund Authority, Series AA               | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4595000 | PA      | $4791196.85   | 1.54%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                        | New Jersey Transportation Trust Fund Authority, Series BB               | CUSIP: 6461365M9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995104.60    | 0.32%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                    | New York Liberty Development Corp., Class 1                             | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5008242.50   | 1.61%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                    | New York State Dormitory Authority                                      | CUSIP: 64990FX25<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9450000 | PA      | $10303101.08  | 3.31%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                    | New York State Dormitory Authority                                      | CUSIP: 65000B7Y8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9535000 | PA      | $10210750.23  | 3.28%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                           | Ohio Higher Educational Facility Commission                             | CUSIP: 677510CY3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004437.80   | 0.32%             | 2052-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Omaha Airport Authority                                               | Omaha Airport Authority                                                 | CUSIP: 681725NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10531878.18  | 3.38%             | 2049-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                 | Pennsylvania Economic Development Financing Authority                   | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12465000 | PA      | $13148528.09  | 4.22%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix (The), Series A | CUSIP: 71883YAJ7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1455268.59   | 0.47%             | 2036-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                               | Port Authority of New York & New Jersey                                 | CUSIP: 73358XFS6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10577248.00  | 3.40%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority                                                | CUSIP: 74439YBG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1297152.81   | 0.42%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series A                                      | CUSIP: 74442PMU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5922593.73   | 1.90%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series B                                      | CUSIP: 74443DLW9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3018330.90   | 0.97%             | 2027-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                           | Commonwealth of Puerto Rico, Series A-1                                 | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   8500000 | PA      | $8705521.50   | 2.80%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A           | CUSIP: 745160SJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   5000000 | PA      | $5011211.50   | 1.61%             | 2047-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                   | Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A           | CUSIP: 745160UC3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1500000 | PA      | $1600885.65   | 0.51%             | 2033-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Municipal Finance Agency                                  | Puerto Rico Municipal Finance Agency, Series A                          | CUSIP: 745277PD9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    755000 | PA      | $757249.82    | 0.24%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Municipal Finance Agency                                  | Puerto Rico Municipal Finance Agency, Series A                          | CUSIP: 745277QR7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1685000 | PA      | $1690292.75   | 0.54%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                 | Puerto Rico Sales Tax Financing Corp., Series A-1                       | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2500000 | PA      | $2516752.25   | 0.81%             | 2040-07-01      | Fixed         | 4.55%                 | 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        |  10940000 | PA      | $10962628.30  | 3.52%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                        | Sales Tax Securitization Corp., Series C                                | CUSIP: 79467BCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11222407.90  | 3.60%             | 2048-01-01      | Fixed         | 5.25%                 | 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        |    300000 | PA      | $315635.76    | 0.10%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                           | San Diego County Regional Airport Authority                             | CUSIP: 79739GNA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5697174.24   | 1.83%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                           | San Diego County Regional Airport Authority, Series B                   | CUSIP: 79739GNU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3353765.68   | 1.08%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Commission                        | San Francisco City & County Airport Commission, Series A                | CUSIP: 79766DXQ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6460951.10   | 2.07%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                    | Norman Y Mineta San Jose International Airport SJC, Series A            | CUSIP: 798136VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3067783.65   | 0.99%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                               | South Carolina Public Service Authority                                 | CUSIP: 837151U49<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $9229431.84   | 2.96%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                    | Southeastern Pennsylvania Transportation Authority                      | CUSIP: 842039FP9<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7069996.64   | 2.27%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                            | Southern California Public Power Authority                              | CUSIP: 842469DJ4<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10741410.98  | 3.45%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                           | Southwestern Illinois Development Authority, Series B                   | CUSIP: 84552YTM3<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3268420.80   | 1.05%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                         | Spartanburg Regional Health Services District Hospital, Series A        | CUSIP: 847113CH8<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5568922.15   | 1.79%             | 2048-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                      | Tahoe-Douglas Visitors Authority                                        | CUSIP: 873816AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2915000 | PA      | $3045904.49   | 0.98%             | 2040-07-01      | 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        |   4000000 | PA      | $4330477.18   | 1.39%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.              | Texas Private Activity Bond Surface Transportation Corp.                | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10381750.93  | 3.33%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                         | Texas Water Development Board                                           | CUSIP: 88285AKF4<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7817638.13   | 2.51%             | 2060-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                  | Triborough Bridge & Tunnel Authority                                    | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7299387.03   | 2.34%             | 2049-11-15      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1013363.20   | 0.33%             | 2044-05-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Upland Community Facilities District                                  | Upland Community Facilities District No. 2016-1, Series B               | CUSIP: 91535NEB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $846009.63    | 0.27%             | 2030-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                               | Virgin Islands Public Finance Authority, Series A                       | CUSIP: 927676RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   2425000 | PA      | $2425692.34   | 0.78%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                               | Virgin Islands Public Finance Authority, Series A                       | CUSIP: 927676RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   2200000 | PA      | $2207073.00   | 0.71%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                               | Virgin Islands Public Finance Authority, Series A                       | CUSIP: 927676TB2<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   2450000 | PA      | $2450873.43   | 0.79%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia College Building Authority                                   | Virginia College Building Authority                                     | CUSIP: 92778FLY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1332420.00   | 0.43%             | 2050-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| West Harris County Regional Water Authority                           | West Harris County Regional Water Authority                             | CUSIP: 95308RYY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1702855.43   | 0.55%             | 2050-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                              | West Virginia Hospital Finance Authority, Series B                      | CUSIP: 956622W83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4368606.40   | 1.40%             | 2048-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                              | West Virginia Hospital Finance Authority, Series B                      | CUSIP: 956622X33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4736047.95   | 1.52%             | 2053-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| County of Gallatin                                                    | County of Gallatin, Series B                                            | CUSIP: 363671BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2033004.00   | 0.65%             | 2055-10-15      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

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

**Signature:** Jack Benintende

**Name of Signer:** Jack Benintende

**Title:** Treasurer