# EDGAR Filing Document

**Accession Number:** 0001426439
**File Stem:** 0000940400-25-002550
**Filing Date:** 2025-9
**Character Count:** 109688
**Document Hash:** 20faea96b2aa4974ece3cc52aa7599a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002550.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000940400-25-002550

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New York Life Investments Active ETF Trust
- **CENTRAL INDEX KEY:** 0001426439

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22739
- **FILM NUMBER:** 251344559

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 576-5018

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NYLI MacKay Core Plus Bond ETF
- **DATE OF NAME CHANGE:** 20241203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New York Life Investments Active ETF Trust
- **DATE OF NAME CHANGE:** 20240822

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IndexIQ Active ETF Trust
- **DATE OF NAME CHANGE:** 20080207

## Series and Classes Contracts Data

### NYLI MacKay Muni Insured ETF (Series ID: S000057660)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000184310 | NYLI MacKay Muni Insured ETF | MMIN            |

## Nport-Ex

Schedule of Investments ─ NYLI MacKay Muni Insured ETF

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds — 97.3%** |  |  |
| **Alabama — 2.9%** |  |  |
| Alabama State University, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;5.500%, due 9/1/45 | $2000000 | $2094180 |
| &nbsp;&nbsp;5.750%, due 9/1/50 | 2250000 | 2366912 |
| State of Alabama Docks Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGM |  |  |
| &nbsp;&nbsp;5.000%, due 10/1/27 | 2200000 | 2270126 |
| University of South Alabama, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.250%, due 4/1/54 | 2500000 | 2548358 |
|  |  | 9279576 |
| **California — 11.8%** |  |  |
| Buellton Union School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;4.080%, due 2/1/34<sup>(a)</sup> | 1305000 | 925741 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 7/1/39 | 3000000 | 2803507 |
| California Community Choice Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/1/55<sup>(b)(c)</sup> | 3575000 | 3708828 |
| California Statewide Communities Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;3.000%, due 5/15/54 | 2895000 | 1958451 |
| City of San Mateo CA, Special Tax |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.250%, due 9/1/37 | 4460000 | 4800115 |
| Clovis Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;3.020%, due 8/1/30<sup>(a)</sup> | 1000000 | 860725 |
| Fontana Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;2.375%, due 8/1/44 | 2500000 | 1582663 |
| Foothill-De Anza Community College District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series 99 Insured: NATL-IBC FGIC |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 8/1/29<sup>(a)</sup> | 1050000 | 941352 |
| Lake Tahoe Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;3.100%, due 8/1/30<sup>(a)</sup> | 1110000 | 951648 |
| Los Angeles Department of Water & Power, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 7/1/55 | 3000000 | 2984457 |
| &nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;5.000%, due 7/1/45 | 1085000 | 1089785 |
| &nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;5.000%, due 7/1/34 | 655000 | 721030 |
| &nbsp;&nbsp;5.000%, due 7/1/48 | 1575000 | 1577239 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **California (continued)** |  |  |
| Oak Grove School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series 2 Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.180%, due 6/1/46<sup>(a)</sup> | $4000000 | $1378722 |
| Oroville Union High School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series 08 Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.130%, due 8/1/29<sup>(a)</sup> | 1230000 | 1086331 |
| River Delta Unified School District School Facilities Improvement District No 1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 8/1/45 | 1460000 | 1319400 |
| River Islands Public Financing Authority, Special Tax |  |  |
| &nbsp;&nbsp;Series 1 Insured: AGM |  |  |
| &nbsp;&nbsp;5.250%, due 9/1/52 | 735000 | 740186 |
| Riverside County Transportation Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;3.000%, due 6/1/49 | 2592000 | 1803710 |
| Sacramento City Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 8/1/48 | 800000 | 703726 |
| San Francisco Community College District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: BAM |  |  |
| &nbsp;&nbsp;5.250%, due 6/15/49 | 3000000 | 3107313 |
| Southern California Public Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;5.000%, due 7/1/27 | 660000 | 660948 |
| Twin Rivers Unified School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.270%, due 8/1/41<sup>(a)</sup> | 2000000 | 869412 |
| Washington Unified School District/Yolo County CA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;2.730%, due 8/1/26<sup>(a)</sup> | 1100000 | 1070507 |
|  |  | 37645796 |
| **Colorado — 3.8%** |  |  |
| Arista Metropolitan District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 12/1/48 | 2650000 | 2609608 |
| Castle Oaks Metropolitan District No 3, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 12/1/45 | 3000000 | 2638105 |
| City of Grand Junction CO Joint Sewer System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 12/1/49 | 3950000 | 3352502 |
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM-TCRS MORAL OBLIG |  |  |
| &nbsp;&nbsp;4.000%, due 9/1/46 | 2385000 | 2011484 |
| Park 70 Metropolitan District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;5.000%, due 12/1/46 | 450000 | 415723 |

---

Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Colorado (continued)** |  |  |
| Trails at Crowfoot Metropolitan District No 3, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGC |  |  |
| &nbsp;&nbsp;5.000%, due 12/1/39 | $1000000 | $1036974 |
|  |  | 12064396 |
| **District of Columbia — 0.8%** |  |  |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.810%, due 10/1/37<sup>(a)</sup> | 1500000 | 841116 |
| &nbsp;&nbsp;Series B Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 10/1/53 | 2000000 | 1673496 |
|  |  | 2514612 |
| **Florida — 4.0%** |  |  |
| County of Miami-Dade Seaport Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series 1 Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 10/1/41 | 1425000 | 1339180 |
| &nbsp;&nbsp;Series 2 Insured: AGM |  |  |
| &nbsp;&nbsp;3.000%, due 10/1/50 | 4090000 | 2792157 |
| County of Osceola FL Transportation Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A-2 Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.980%, due 10/1/40<sup>(a)</sup> | 1250000 | 592577 |
| &nbsp;&nbsp;Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.110%, due 10/1/41<sup>(a)</sup> | 1015000 | 448969 |
| County of Pasco FL, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGM |  |  |
| &nbsp;&nbsp;5.250%, due 9/1/28 | 1000000 | 1071397 |
| Wildwood Utility Dependent District, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 10/1/52 | 6375000 | 6381648 |
|  |  | 12625928 |
| **Idaho — 0.5%** |  |  |
| Idaho Housing & Finance Association, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: SCH BD GTY |  |  |
| &nbsp;&nbsp;5.000%, due 5/1/52 | 1000000 | 923862 |
| &nbsp;&nbsp;5.250%, due 5/1/42 | 800000 | 801444 |
|  |  | 1725306 |
| **Illinois — 15.0%** |  |  |
| Chicago Board of Education, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series AG Insured: AGC-ICC FGIC |  |  |
| &nbsp;&nbsp;5.500%, due 12/1/26 | 1075000 | 1106756 |
| Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;5.250%, due 4/1/35 | 1750000 | 1884892 |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.750%, due 4/1/48 | 750000 | 777300 |
| Chicago Midway International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.750%, due 1/1/42 | 2000000 | 2128386 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Illinois (continued)** |  |  |
| Chicago O'Hare International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.250%, due 1/1/42 | $1470000 | $1508633 |
| Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 12/1/50 | 4700000 | 3957835 |
| City of Joliet IL, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.500%, due 12/15/44 | 3750000 | 3877080 |
| City of Kankakee IL, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 1/1/26 | 1100000 | 1101402 |
| City of Springfield IL Electric Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;3.000%, due 3/1/37 | 2000000 | 1788373 |
| La Salle County Community Unit School District No 2 Serena, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.500%, due 12/1/38 | 1825000 | 1949023 |
| &nbsp;&nbsp;5.500%, due 10/1/42 | 1260000 | 1312193 |
| Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;5.000%, due 12/1/39 | 4060000 | 4267250 |
| Northern Illinois University, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 10/1/40 | 400000 | 362632 |
| &nbsp;&nbsp;4.000%, due 10/1/41 | 400000 | 357555 |
| &nbsp;&nbsp;Series B Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 4/1/37 | 1425000 | 1370461 |
| Sales Tax Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 1/1/37 | 1200000 | 1244369 |
| &nbsp;&nbsp;Series C Insured: BAM |  |  |
| &nbsp;&nbsp;5.250%, due 1/1/48 | 2500000 | 2514823 |
| Sangamon & Christian Counties Community Unit School District No 3A Rochester, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.500%, due 2/1/47 | 1590000 | 1636129 |
| Sangamon County School District No 186 Springfield, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.500%, due 6/1/50 | 2700000 | 2803180 |
| Southwestern Illinois Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.500%, due 12/1/40 | 2700000 | 2845720 |
| &nbsp;&nbsp;Series B Insured: BAM |  |  |
| &nbsp;&nbsp;5.500%, due 4/1/50 | 4000000 | 4095980 |
| State of Illinois, General Obligation Bonds |  |  |
| &nbsp;&nbsp;5.750%, due 5/1/45 | 1000000 | 1032284 |

---

Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Illinois (continued)** |  |  |
| Will County School District No 114 Manhattan, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.500%, due 1/1/45 | $3765000 | $3952145 |
|  |  | 47874401 |
| **Indiana — 3.2%** |  |  |
| City of Carmel IN Waterworks Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series C Insured: BAM |  |  |
| &nbsp;&nbsp;5.250%, due 5/1/51 | 1500000 | 1518046 |
| Indiana Housing & Community Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series 1 Insured: GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;4.700%, due 7/1/49 | 1760000 | 1652184 |
| Indiana Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGC |  |  |
| &nbsp;&nbsp;5.000%, due 1/1/43 | 3810000 | 3912520 |
| Tri-Creek 2002 High School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: ST INTERCEPT |  |  |
| &nbsp;&nbsp;5.500%, due 7/15/43 | 3000000 | 3159030 |
|  |  | 10241780 |
| **Iowa — 1.9%** |  |  |
| City of West Des Moines IA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;2.000%, due 6/1/39 | 1235000 | 855534 |
| Clinton Community School District/IA Infrastructure Sales Services & Use Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 7/1/41 | 2100000 | 1940670 |
| Davenport Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 6/1/43 | 3395000 | 3058522 |
| West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;4.125%, due 6/1/41 | 325000 | 309855 |
|  |  | 6164581 |
| **Kentucky — 0.9%** |  |  |
| Kentucky Bond Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 9/1/49 | 1455000 | 1418672 |
| Northern Kentucky University, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AG ST INTERCEPT |  |  |
| &nbsp;&nbsp;3.000%, due 9/1/37 | 1805000 | 1513471 |
|  |  | 2932143 |
| **Louisiana — 0.9%** |  |  |
| City of Lafayette LA Utilities Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 11/1/43 | 1500000 | 1532075 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Louisiana (continued)** |  |  |
| City of Shreveport LA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;5.000%, due 3/1/49 | $1500000 | $1457188 |
|  |  | 2989263 |
| **Maine — 0.4%** |  |  |
| Maine Health & Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series C Insured: AGM ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;5.500%, due 7/1/40 | 1180000 | 1257872 |
| **Massachusetts — 0.7%** |  |  |
| City of Worcester MA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;2.000%, due 2/15/34 | 1000000 | 841963 |
| Massachusetts Development Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series C Insured: AGM |  |  |
| &nbsp;&nbsp;3.000%, due 10/1/45 | 1945000 | 1410987 |
|  |  | 2252950 |
| **Michigan — 3.4%** |  |  |
| City of Saginaw MI Water Supply System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 7/1/26 | 1070000 | 1085048 |
| Grand Rapids Public Schools, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.000%, due 5/1/28 | 2100000 | 2135624 |
| Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 7/1/46 | 2475000 | 2461753 |
| Port Huron Area School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 5/1/39 | 1500000 | 1430658 |
| Wayne County Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: AGM |  |  |
| &nbsp;&nbsp;5.500%, due 12/1/48 | 3620000 | 3725104 |
|  |  | 10838187 |
| **Missouri — 1.2%** |  |  |
| Hickman Mills C-1 School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;C-1 Insured: BAM |  |  |
| &nbsp;&nbsp;5.750%, due 3/1/41 | 1960000 | 2060071 |
| Kansas City Municipal Assistance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Series B1 Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 4/15/26<sup>(a)</sup> | 1720000 | 1681239 |
|  |  | 3741310 |
| **Nebraska — 1.0%** |  |  |
| Elkhorn School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 12/15/45 | 2000000 | 1763261 |

---

Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Nebraska (continued)** |  |  |
| Omaha Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;5.250%, due 12/15/54 | $1250000 | $1249532 |
|  |  | 3012793 |
| **Nevada — 0.7%** |  |  |
| City of Reno NV, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A1 Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 6/1/46 | 1050000 | 905971 |
| Clark County School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;2.000%, due 6/15/28 | 1425000 | 1369033 |
|  |  | 2275004 |
| **New Jersey — 1.2%** |  |  |
| Jersey City Municipal Utilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series E Insured: BAM MUN GOVT GTD |  |  |
| &nbsp;&nbsp;5.750%, due 10/15/51 | 1000000 | 1085404 |
| &nbsp;&nbsp;5.750%, due 10/15/55 | 1665000 | 1800554 |
| Newark Parking Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.500%, due 2/1/51 | 1000000 | 990509 |
|  |  | 3876467 |
| **New York — 4.3%** |  |  |
| City of Long Beach NY, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: BAM |  |  |
| &nbsp;&nbsp;5.250%, due 7/15/42 | 1800000 | 1838553 |
| County of Nassau NY, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGM-CR |  |  |
| &nbsp;&nbsp;4.125%, due 4/1/47 | 1910000 | 1711484 |
| New York City Industrial Development Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;3.000%, due 3/1/49 | 1265000 | 868259 |
| New York Convention Center Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.420%, due 11/15/36<sup>(a)</sup> | 4400000 | 2686410 |
| &nbsp;&nbsp;&nbsp;5.580%, due 11/15/55<sup>(a)</sup> | 1825000 | 344246 |
| New York Liberty Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Series 1WTC Insured: BAM |  |  |
| &nbsp;&nbsp;4.000%, due 2/15/43 | 1480000 | 1330722 |
| New York Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGM |  |  |
| &nbsp;&nbsp;5.250%, due 11/15/39 | 1000000 | 1093871 |
| &nbsp;&nbsp;5.250%, due 11/15/41 | 1000000 | 1078155 |
| New York State Dormitory Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;5.250%, due 10/1/42 | 1650000 | 1714756 |
| New York Transportation Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.125%, due 6/30/60 | 1050000 | 996379 |
|  |  | 13662835 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **North Carolina — 2.3%** |  |  |
| Greater Asheville Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;5.250%, due 7/1/53 | $1675000 | $1660274 |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.250%, due 7/1/41 | 1405000 | 1441552 |
| &nbsp;&nbsp;Series A Insured: AGM |  |  |
| &nbsp;&nbsp;5.250%, due 7/1/41 | 3250000 | 3315972 |
| North Carolina Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.310%, due 1/1/53<sup>(a)</sup> | 4000000 | 950609 |
|  |  | 7368407 |
| **Ohio — 3.1%** |  |  |
| City of Toledo OH, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.500%, due 12/1/42 | 3000000 | 3170428 |
| County of Cuyahoga OH, Revenue Bonds |  |  |
| &nbsp;&nbsp;5.000%, due 2/15/28 | 500000 | 508221 |
| County of Fayette OH, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;5.250%, due 12/1/45 | 2000000 | 2040343 |
| Green Local School District/Summit County, Certificates of Participation |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.500%, due 11/1/47 | 3000000 | 3064602 |
| State of Ohio, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.000%, due 12/31/26 | 1000000 | 1001235 |
|  |  | 9784829 |
| **Oregon — 1.4%** |  |  |
| City of Newport OR, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;2.910%, due 6/1/26<sup>(a)</sup> | 1355000 | 1322629 |
| Medford Hospital Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGM |  |  |
| &nbsp;&nbsp;2.500%, due 8/15/35 | 2500000 | 2091514 |
| Umatilla County School District No 6R Umatilla, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series B Insured: SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;5.210%, due 6/15/43<sup>(a)</sup> | 2800000 | 1116050 |
|  |  | 4530193 |
| **Pennsylvania — 5.3%** |  |  |
| City of Philadelphia PA Airport Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 7/1/39 | 1335000 | 1248863 |
| City of Philadelphia PA Water & Wastewater Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series C Insured: AGC |  |  |
| &nbsp;&nbsp;5.000%, due 9/1/44 | 1300000 | 1332891 |
| County of Lehigh PA, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series CR Insured: AGM-CR |  |  |
| &nbsp;&nbsp;4.000%, due 7/1/49 | 1500000 | 1240976 |
| Montgomery County Higher Education and Health Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGC-CR |  |  |
| &nbsp;&nbsp;4.000%, due 9/1/44 | 1040000 | 934093 |

---

Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Pennsylvania (continued)** |  |  |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.500%, due 6/30/42 | $3625000 | $3757866 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, (0.670\*3 Month SOFR + 0.60%), due 7/1/27<sup>(b)(c)</sup> | 55000 | 54473 |
| Pennsylvania Turnpike Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 12/1/44 | 1595000 | 1611885 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGM |  |  |
| &nbsp;&nbsp;5.000%, due 9/1/37 | 1350000 | 1453171 |
| &nbsp;&nbsp;5.000%, due 9/1/38 | 1420000 | 1511838 |
| Tulpehocken Area School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.250%, due 10/1/49 | 3755000 | 3773494 |
|  |  | 16919550 |
| **Puerto Rico — 0.1%** |  |  |
| Puerto Rico Electric Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series UU Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.571%, (0.67\*3-Month SOFR + 0.52%), due 7/1/29<sup>(b)(c)</sup> | 370000 | 354616 |
| **Rhode Island — 0.7%** |  |  |
| Providence Public Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGC |  |  |
| &nbsp;&nbsp;5.250%, due 9/15/41 | 2000000 | 2114517 |
| **South Carolina — 1.8%** |  |  |
| Inman Campobello Water District, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 6/1/48 | 2845000 | 2867295 |
| South Carolina Public Service Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series E Insured: AGM |  |  |
| &nbsp;&nbsp;5.250%, due 12/1/37 | 2000000 | 2152860 |
| &nbsp;&nbsp;5.750%, due 12/1/52 | 600000 | 631111 |
|  |  | 5651266 |
| **South Dakota — 1.8%** |  |  |
| Baltic School District No 49-1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series 1 Insured: AGM |  |  |
| &nbsp;&nbsp;5.500%, due 12/1/51 | 3080000 | 3163010 |
| City of Brandon SD Water Utility Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;4.250%, due 8/1/42 | 1470000 | 1377876 |
| &nbsp;&nbsp;5.500%, due 8/1/47 | 1000000 | 1043740 |
|  |  | 5584626 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Texas — 13.9%** |  |  |
| Arlington Higher Education Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;5.000%, due 8/15/42 | $3190000 | $3284070 |
| City of Aubrey TX, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: AGC |  |  |
| &nbsp;&nbsp;3.000%, due 2/15/42 | 2160000 | 1723352 |
| City of Aubrey TX, Special Assessment |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 9/1/40 | 1000000 | 1027494 |
| Comal County Water Control & Improvement District No 6, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 9/1/46 | 1880000 | 1612200 |
| &nbsp;&nbsp;4.000%, due 9/1/47 | 1980000 | 1684224 |
| Denton Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;2.000%, due 8/15/39 | 3000000 | 2104056 |
| &nbsp;&nbsp;2.000%, due 8/15/40 | 3000000 | 2033015 |
| El Paso County Hospital District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;5.000%, due 8/15/43 | 4230000 | 4298222 |
| Georgetown Independent School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;2.500%, due 8/15/35 | 2220000 | 1913761 |
| &nbsp;&nbsp;3.000%, due 8/15/41 | 2670000 | 2126943 |
| Guadalupe-Blanco River Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;6.000%, due 8/15/42 | 1975000 | 2132890 |
| Harris County Municipal Utility District No 423, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 4/1/44 | 1800000 | 1800831 |
| Harris County Municipal Utility District No 457, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.125%, due 3/1/47 | 1670000 | 1445104 |
| Harris County Municipal Utility District No 490, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.000%, due 9/1/46 | 855000 | 848586 |
| Kaufman County Municipal Utility District No 3, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.125%, due 3/1/46 | 1415000 | 1420857 |
| Lazy Nine Municipal Utility District No 1B, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;4.125%, due 3/1/39 | 605000 | 586756 |
| Leander Municipal Utility District No 1, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;6.375%, due 8/15/30 | 1700000 | 1828034 |
| Love Field Airport Modernization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 11/1/35 | 3195000 | 3117629 |

---

Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Texas (continued)** |  |  |
| Montgomery County Municipal Utility District No 99, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;6.750%, due 9/1/29 | $1550000 | $1659706 |
| Texas Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;3.000%, due 9/1/35 | 1345000 | 1215185 |
| Texas State Technical College, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;5.250%, due 8/1/36 | 1015000 | 1104076 |
| &nbsp;&nbsp;5.500%, due 8/1/42 | 4000000 | 4244361 |
| Williamson County Municipal Utility District No 25, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.500%, due 8/15/44 | 1190000 | 1110830 |
|  |  | 44322182 |
| **Utah — 0.9%** |  |  |
| City of Salt Lake City UT Airport Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;4.000%, due 7/1/51 | 2385000 | 1966435 |
| Heber Light & Power Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 12/15/47 | 1000000 | 993416 |
|  |  | 2959851 |
| **Virginia — 0.3%** |  |  |
| City of Suffolk VA, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;1.875%, due 2/1/38 | 1330000 | 948846 |
| **Washington — 3.5%** |  |  |
| State of Washington, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series F Insured: NATL |  |  |
| &nbsp;&nbsp;&nbsp;2.600%, due 12/1/26<sup>(a)</sup> | 3000000 | 2898357 |
| Washington Health Care Facilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series C Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 8/15/55<sup>(b)(c)</sup> | 3000000 | 3238374 |
| Washington State Housing Finance Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.000%, due 7/1/45 | 3500000 | 3445261 |
| &nbsp;&nbsp;5.250%, due 7/1/55 | 1640000 | 1611691 |
|  |  | 11193683 |
| **West Virginia — 0.3%** |  |  |
| West Virginia Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series RE |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 4/1/36<sup>(b)(c)</sup> | 890000 | 892969 |
| **Wisconsin — 2.3%** |  |  |
| City of Shawano WI Electric System Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.500%, due 5/1/48 | 750000 | 691328 |
| &nbsp;&nbsp;4.550%, due 5/1/43 | 1015000 | 979296 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;5.000%, due 5/1/31 | $1655000 | $1782108 |
| Monroe School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 3/1/43 | 2000000 | 1797007 |
| Viroqua Area School District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;4.000%, due 3/1/41 | 1455000 | 1341374 |
| Wisconsin Center District, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 12/15/37<sup>(a)</sup> | 1150000 | 675211 |
|  |  | 7266324 |
| **Wyoming — 1.0%** |  |  |
| Snake River Sporting Club Improvement & Service District, General Obligation Bonds |  |  |
| &nbsp;&nbsp;Series A Insured: BAM |  |  |
| &nbsp;&nbsp;5.500%, due 7/15/48 | 1100000 | 1127004 |
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;Series AG Insured: AGM-CR |  |  |
| &nbsp;&nbsp;5.000%, due 6/15/28 | 1790000 | 1902527 |
|  |  | 3029531 |
| **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;**(Cost $318,310,312)** |  | **309896590** |
|  | **Shares** | **Value** |
| **Short-Term Investment — 1.6%** |  |  |
| **Money Market Fund — 1.6%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>(d)</sup> |  |  |
| **(Cost $5,178,197)** | 5178197 | **5178197** |
| **Total Investments — 98.9%<br> (Cost $323,488,509)** |  | **315074787** |
| **Other Assets and Liabilities,<br> Net — 1.1%** |  | **3455299** |
| **Net Assets — 100.0%** |  | $**318530086** |

---

(a) The
 security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield.

(b) Variable
 rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect
 as of July 31, 2025.

(c) Adjustable
 rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the
 structure of the agreement and current market conditions.

(d) Reflects
 the 7-day yield at July 31, 2025.

Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)

July 31, 2025 (unaudited)

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| AGC | - Assured Guaranty Corp. |
| AGM | - Assured Guaranty Municipal Corp. |
| AMBAC | - Ambac Assurance Corp. |
| BAM | - Build America Mutual Assurance Co. |
| CR | - Custodial Receipts |
| FGIC | - Financial Guaranty Insurance Co. |
| GTD | - Guaranteed. |
| IBC | - Insured Bond Certificate |
| ICC | - Insured Custody Certificate |
| MUN GOVT GTD | - Municipal Government Guaranteed |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Permanent School Fund Guaranteed. |
| SCH BD GTY | - School Bond Guaranty Program |
| SOFR | - Secured Financing Overnight Rate |
| ST AID WITHHLDG | - State Aid Withholding |
| ST INTERCEPT | - State Tax Intercept |
| TCRS | - Transferable Custodial Receipts |

---

Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)

July 31, 2025 (unaudited)

The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;Municipal Bonds | $— | $309896590 | $— | $309896590 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;Money Market Fund | 5178197 |  |  | 5178197 |
| Total Investments in Securities | $5178197 | $309896590 | $— | $315074787 |

---

(e) For
 a complete listing of investments and their states, see the Schedule of Investments.

For the period ended July 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** New York Life Investments Active ETF Trust

- **b. Investment Company Act file number:** 811-22739

- **c. CIK number of Registrant:** 0001426439

- **d. LEI of Registrant:** 549300VWZDQ61K9DOP39

- **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:** 888-474-7725

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

- **a. Name of Series:** NYLI MacKay Muni Insured ETF

- **b. EDGAR series identifier (if any):** S000057660

- **c. LEI of Series:** 549300DKQ8WAMSGPUT72

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $318673590.58

**Total Liabilities:** $143501.54

**Net Assets:** $318530089.04

**Cash Not Reported:** $2745.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 201.48063000 | **1-Year:** 3010.84891000 | **5-Year:** 21486.88555000 | **10-Year:** 254639.31755000 | **30-Year:** 25101.46580000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000184310 | -0.54%               | 0.68%                | -0.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-129186.96              | $-4182646.68                               |
| Month 2  | $-3645651.12             | $4816145.46                                |
| Month 3  | $-665905.64              | $-2624181.09                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GRAND JUNCTION CO JT SWR SYS R     | City of Grand Junction CO Joint Sewer System Revenue                            | CUSIP: 385799BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3352502.07   | 1.05%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLINTON IA CMNTY SCH DIST SCHI     | Clinton Community School District/IA Infrastructure Sales Services & Use Tax    | CUSIP: 18735EBS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1940669.64   | 0.61%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR     | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QLY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    370000 | PA      | $354616.36    | 0.11%             | 2029-07-01      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D     | Metropolitan Washington Airports Authority Dulles Toll Road Revenue             | CUSIP: 592643DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $841116.15    | 0.26%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON & CHRISTIAN CNTYS IL      | Sangamon & Christian Counties Community Unit School District No 3A Rochester    | CUSIP: 800722GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1636128.76   | 0.51%             | 2047-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE      | Texas Municipal Power Agency                                                    | CUSIP: 882555ZT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1215185.44   | 0.38%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP      | Sales Tax Securitization Corp                                                   | CUSIP: 79467BCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514822.75   | 0.79%             | 2048-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| W DELAWARE CNTY IA CMNTY SCH D     | West Delaware County Community School District Sales & Services Tax Revenue     | CUSIP: 952480AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $309855.16    | 0.10%             | 2041-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| STHRN CALIFORNIA ST PUBLIC PWR     | Southern California Public Power Authority                                      | CUSIP: 842477UA7<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    660000 | PA      | $660947.83    | 0.21%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST DES MOINES IA                 | City of West Des Moines IA                                                      | CUSIP: 952531JE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $855534.02    | 0.27%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R     | City of Philadelphia PA Water & Wastewater Revenue                              | CUSIP: 7178933V1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1332890.78   | 0.42%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GTR ASHEVILLE REGL ARPT AUTH N     | Greater Asheville Regional Airport Authority                                    | CUSIP: 39160CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1660273.57   | 0.52%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CNTY FL TRANSPRTN REVE     | County of Osceola FL Transportation Revenue                                     | CUSIP: 688031FN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $448969.42    | 0.14%             | 2041-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                                | CUSIP: 709224Q28<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1611884.67   | 0.51%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEBER UT LIGHT & PWR COMPANY E     | Heber Light & Power Co                                                          | CUSIP: 42249TEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993415.90    | 0.31%             | 2047-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT     | North Carolina Turnpike Authority                                               | CUSIP: 65830RDE6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $950609.20    | 0.30%             | 2053-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMSON CNTY TX MUNI UTILIT     | Williamson County Municipal Utility District No 25                              | CUSIP: 97001TCP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1110829.78   | 0.35%             | 2044-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   5178197 | NS      | $5178197.13   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK ST PWR AUTH GREEN TRA     | New York Power Authority                                                        | CUSIP: 65000XBN9<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093870.60   | 0.34%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A     | Washington Health Care Facilities Authority                                     | CUSIP: 93978HZY4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3238373.70   | 1.02%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power                                         | CUSIP: 544532JE5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    655000 | PA      | $721030.29    | 0.23%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI     | Love Field Airport Modernization Corp                                           | CUSIP: 54714CCB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3117628.92   | 0.98%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                      | State of Washington                                                             | CUSIP: 93974AUF9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2898357.00   | 0.91%             | 2026-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX MUNI UTILITY DI     | Harris County Municipal Utility District No 423                                 | CUSIP: 41429KEC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800830.52   | 0.57%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A     | South Carolina Public Service Authority                                         | CUSIP: 837151T25<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2152859.60   | 0.68%             | 2037-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE     | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576LC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $1966435.36   | 0.62%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE WI SCH DIST                 | Monroe School District/WI                                                       | CUSIP: 611424LQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1797007.20   | 0.56%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK VA                         | City of Suffolk VA                                                              | CUSIP: 86481AAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $948846.21    | 0.30%             | 2038-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| JOLIET IL                          | City of Joliet IL                                                               | CUSIP: 479754NR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3877080.38   | 1.22%             | 2044-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE HOS     | County of Lehigh PA                                                             | CUSIP: 52480GDZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1240975.65   | 0.39%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST UNIV REVENUE            | Alabama State University                                                        | CUSIP: 010632QN0<br>LEI: 549300JCR3DWTI08FS98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094179.60   | 0.66%             | 2045-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST PORT AUTH DOCKS FAC     | State of Alabama Docks Department                                               | CUSIP: 010604BZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2270126.54   | 0.71%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH REV            | Southwestern Illinois Development Authority                                     | CUSIP: 84552YTM3<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4095980.40   | 1.29%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP      | Sales Tax Securitization Corp                                                   | CUSIP: 79467BCX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1244368.92   | 0.39%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA WTR & SWR AUTH       | Pittsburgh Water & Sewer Authority                                              | CUSIP: 725304WV7<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1511838.36   | 0.47%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASTLE OAKS CO MET DIST #3         | Castle Oaks Metropolitan District No 3                                          | CUSIP: 14846XAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2638104.90   | 0.83%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TECH CLG SYS FING SYS     | Texas State Technical College                                                   | CUSIP: 88276RFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4244361.20   | 1.33%             | 2042-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AUBREY TX                          | City of Aubrey TX                                                               | CUSIP: 050177JY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $1723351.90   | 0.54%             | 2042-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN     | State of Ohio                                                                   | CUSIP: 67759YAH0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001235.10   | 0.31%             | 2026-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOVIS CA UNIF SCH DIST            | Clovis Unified School District                                                  | CUSIP: 189342WE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860724.70    | 0.27%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WILL CNTY IL SCH DIST #114 MAN     | Will County School District No 114 Manhattan                                    | CUSIP: 968838KA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3765000 | PA      | $3952145.35   | 1.24%             | 2045-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO     | Idaho Housing & Finance Association                                             | CUSIP: 45129GKL8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    800000 | PA      | $801444.40    | 0.25%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOOTHILL-DE ANZA CA CMNTY CLG      | Foothill-De Anza Community College District                                     | CUSIP: 345102JA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $941351.67    | 0.30%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD IL ELEC REVENUE        | City of Springfield IL Electric Revenue                                         | CUSIP: 850578UJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1788373.00   | 0.56%             | 2037-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH NY                      | City of Long Beach NY                                                           | CUSIP: 542519ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1838553.48   | 0.58%             | 2042-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN CENTER DIST WI TAX R     | Wisconsin Center District                                                       | CUSIP: 976595EU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $675210.54    | 0.21%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE     | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1884892.28   | 0.59%             | 2035-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST PWR AUTH GREEN TRA     | New York Power Authority                                                        | CUSIP: 65000XBQ2<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078154.70   | 0.34%             | 2041-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN IL UNIV REVENUES          | Northern Illinois University                                                    | CUSIP: 665245ZK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $362631.48    | 0.11%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU     | Wayne County Airport Authority                                                  | CUSIP: 944514L22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3620000 | PA      | $3725103.80   | 1.17%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU              | Chicago Board of Education                                                      | CUSIP: 167505EC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1106756.36   | 0.35%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GEORGETOWN TX INDEP SCH DIST       | Georgetown Independent School District                                          | CUSIP: 373046YW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $1913760.99   | 0.60%             | 2035-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NORTHERN IL UNIV REVENUES          | Northern Illinois University                                                    | CUSIP: 665245YP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1370460.83   | 0.43%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTON TX INDEP SCH DIST           | Denton Independent School District                                              | CUSIP: 249002HH2<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2033015.10   | 0.64%             | 2040-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OAK GROVE CA SCH DIST              | Oak Grove School District                                                       | CUSIP: 6712054E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $1378721.60   | 0.43%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU     | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UPZ1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2011483.72   | 0.63%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN KY UNIV GEN RECPTS           | Northern Kentucky University                                                    | CUSIP: 665304GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1513470.84   | 0.48%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG     | County of Pasco FL                                                              | CUSIP: 70252AAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071396.60   | 0.34%             | 2028-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A     | South Carolina Public Service Authority                                         | CUSIP: 837151U49<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    600000 | PA      | $631111.56    | 0.20%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRI-CREEK IN 2002 HIGH SCH BLD     | Tri-Creek 2002 High School Building Corp                                        | CUSIP: 89556GJF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3159029.70   | 0.99%             | 2043-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY TX HOSP DIST          | El Paso County Hospital District                                                | CUSIP: 283590JA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4230000 | PA      | $4298221.86   | 1.35%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY OH HOSP FACS IMPT     | County of Fayette OH                                                            | CUSIP: 312446AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040342.40   | 0.64%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT     | Indiana Housing & Community Development Authority                               | CUSIP: 45505T2X8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1652183.81   | 0.52%             | 2049-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY                     | County of Nassau NY                                                             | CUSIP: 63165T3C7<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1711484.34   | 0.54%             | 2047-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER      | New York Convention Center Development Corp                                     | CUSIP: 649451HS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $2686410.32   | 0.84%             | 2036-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA                      | City of Shreveport LA                                                           | CUSIP: 8254346M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1457187.60   | 0.46%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES     | New York State Dormitory Authority                                              | CUSIP: 65000B7U6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1714755.57   | 0.54%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO MUNI ASSISTANCE     | Kansas City Municipal Assistance Corp                                           | CUSIP: 485052RL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1681238.94   | 0.53%             | 2026-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CITY CA UNIF SCH DI     | Sacramento City Unified School District/CA                                      | CUSIP: 785870L61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $703726.24    | 0.22%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARK 70 CO MET DIST                | Park 70 Metropolitan District                                                   | CUSIP: 70014RAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $415722.65    | 0.13%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA WTR & SWR AUTH       | Pittsburgh Water & Sewer Authority                                              | CUSIP: 725304WU9<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1453171.05   | 0.46%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CNTY FL TRANSPRTN REVE     | County of Osceola FL Transportation Revenue                                     | CUSIP: 688031FL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $592576.63    | 0.19%             | 2040-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF SOUTH ALABAMA AL UNIV      | University of South Alabama                                                     | CUSIP: 914845UZ3<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2548358.25   | 0.80%             | 2054-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WILDWOOD UTILITY DEPENDENT DIS     | Wildwood Utility Dependent District                                             | CUSIP: 968214AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6375000 | PA      | $6381647.85   | 2.00%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY      | New York City Industrial Development Agency                                     | CUSIP: 64971PKK0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $868258.68    | 0.27%             | 2049-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE       | City of Philadelphia PA Airport Revenue                                         | CUSIP: 717817XV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1248863.40   | 0.39%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHAWANO WI ELEC SYS REVENUE        | City of Shawano WI Electric System Revenue                                      | CUSIP: 820418AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $691328.48    | 0.22%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A     | River Islands Public Financing Authority                                        | CUSIP: 76827QGR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $740186.45    | 0.23%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D     | Metropolitan Washington Airports Authority Dulles Toll Road Revenue             | CUSIP: 592643DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1673495.80   | 0.53%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA     | Chicago O'Hare International Airport                                            | CUSIP: 1675934E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1508632.92   | 0.47%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN IL UNIV REVENUES          | Northern Illinois University                                                    | CUSIP: 665245ZL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $357555.28    | 0.11%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAZY NINE TX MUNI UTILITY DIST     | Lazy Nine Municipal Utility District No 1B                                      | CUSIP: 52109HQB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $586755.56    | 0.18%             | 2039-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE     | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777299.63    | 0.24%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DENTON TX INDEP SCH DIST           | Denton Independent School District                                              | CUSIP: 249002HG4<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2104056.00   | 0.66%             | 2039-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PORT HURON MI AREA SCH DIST        | Port Huron Area School District                                                 | CUSIP: 734353MP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1430658.30   | 0.45%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TECH CLG SYS FING SYS     | Texas State Technical College                                                   | CUSIP: 88276RFG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1104075.59   | 0.35%             | 2036-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP     | Great Lakes Water Authority Water Supply System Revenue                         | CUSIP: 39081JBG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2461753.06   | 0.77%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE     | Medford Hospital Facilities Authority                                           | CUSIP: 584283GU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2091514.25   | 0.66%             | 2035-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX MUNI UTILITY DI     | Harris County Municipal Utility District No 490                                 | CUSIP: 41430ECZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $848586.39    | 0.27%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUADALUPE-BLANCO TX RIVER AUTH     | Guadalupe-Blanco River Authority                                                | CUSIP: 400525AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2132890.39   | 0.67%             | 2042-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE LA UTILITIES REVENUE     | City of Lafayette LA Utilities Revenue                                          | CUSIP: 506498C93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532075.40   | 0.48%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUBREY TX SPL ASSMNT               | City of Aubrey TX                                                               | CUSIP: 050197BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027494.50   | 0.32%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH REV            | Southwestern Illinois Development Authority                                     | CUSIP: 84552YRM5<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2845720.08   | 0.89%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE RI PUBLIC BLDGS AUT     | Providence Public Building Authority                                            | CUSIP: 74381MDJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114516.80   | 0.66%             | 2041-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEORGETOWN TX INDEP SCH DIST       | Georgetown Independent School District                                          | CUSIP: 373046ZC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2126942.56   | 0.67%             | 2041-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAVENPORT IA CMNTY SCH DISTS S     | Davenport Community School District Infrastructure Sales Services & Use Tax     | CUSIP: 23841QBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3058522.23   | 0.96%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI     | Washington State Housing Finance Commission                                     | CUSIP: 93978LJN7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1611690.81   | 0.51%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GTR ASHEVILLE REGL ARPT AUTH N     | Greater Asheville Regional Airport Authority                                    | CUSIP: 39160CAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3315972.08   | 1.04%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX MUNI UTILITY DI     | Harris County Municipal Utility District No 457                                 | CUSIP: 41423KJF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1445104.11   | 0.45%             | 2047-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TWIN RIVERS CA UNIF SCH DIST       | Twin Rivers Unified School District                                             | CUSIP: 90171TDG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $869412.00    | 0.27%             | 2041-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO     | Idaho Housing & Finance Association                                             | CUSIP: 45129GKP9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923861.90    | 0.29%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE HLTH & HGR EDUCTNL FACS      | Maine Health & Higher Educational Facilities Authority                          | CUSIP: 56042R8J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1257871.86   | 0.39%             | 2040-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRANDON SD WTR SURCHARGE REVEN     | City of Brandon SD Water Utility Revenue                                        | CUSIP: 10530AAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1377876.28   | 0.43%             | 2042-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SNAKE RIVER SPORTING CLUB IMPT     | Snake River Sporting Club Improvement & Service District                        | CUSIP: 833021AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1127004.34   | 0.35%             | 2048-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A     | California Community Choice Financing Authority                                 | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3708827.98   | 1.16%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CA UNIF SCH DIST YO     | Washington Unified School District/Yolo County CA                               | CUSIP: 937411FB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1070507.46   | 0.34%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH     | West Virginia Economic Development Authority                                    | CUSIP: 95648VBP3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    890000 | PA      | $892969.49    | 0.28%             | 2036-04-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| OMAHA NE ARPT AUTH                 | Omaha Airport Authority                                                         | CUSIP: 681725NL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1249532.25   | 0.39%             | 2054-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & H     | Montgomery County Higher Education and Health Authority                         | CUSIP: 613603K32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $934092.95    | 0.29%             | 2044-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CALIF SPL TAX            | City of San Mateo CA                                                            | CUSIP: 79901PCX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4460000 | PA      | $4800115.59   | 1.51%             | 2037-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FONTANA CA UNIF SCH DIST           | Fontana Unified School District                                                 | CUSIP: 344640WD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1582663.50   | 0.50%             | 2044-08-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO     | Riverside County Transportation Commission                                      | CUSIP: 76912DCG1<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   2592000 | PA      | $1803710.33   | 0.57%             | 2049-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO SCH DIST HICKM     | Hickman Mills C-1 School District/MO                                            | CUSIP: 46741RDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $2060071.33   | 0.65%             | 2041-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEVA     | California Statewide Communities Development Authority                          | CUSIP: 13078RJE1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2895000 | PA      | $1958451.00   | 0.61%             | 2054-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARISTA CO MET DIST                 | Arista Metropolitan District                                                    | CUSIP: 04041AAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2609607.91   | 0.82%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OROVILLE CA UNION HIGH SCH DIS     | Oroville Union High School District                                             | CUSIP: 687255DK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1086330.71   | 0.34%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTY IL CMNTY UNIT SCH     | Madison County Community Unit School District No 7 Edwardsville                 | CUSIP: 557021LE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4060000 | PA      | $4267249.60   | 1.34%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP      | Arlington Higher Education Finance Corp                                         | CUSIP: 041807FD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3190000 | PA      | $3284070.23   | 1.03%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST UNIV REVENUE            | Alabama State University                                                        | CUSIP: 010632QP5<br>LEI: 549300JCR3DWTI08FS98 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2366912.03   | 0.74%             | 2050-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CNTY TX MUNI UTILITY D     | Kaufman County Municipal Utility District No 3                                  | CUSIP: 48620ABX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1420857.25   | 0.45%             | 2046-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COMAL CNTY TX WTR CONTROL & IM     | Comal County Water Control & Improvement District No 6                          | CUSIP: 199819HC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1612200.20   | 0.51%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRAILS AT CROWFOOT MET DIST #3     | Trails at Crowfoot Metropolitan District No 3                                   | CUSIP: 89286RAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036974.30   | 0.33%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT OR                         | City of Newport OR                                                              | CUSIP: 652300LA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1322628.64   | 0.42%             | 2026-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SHAWANO WI ELEC SYS REVENUE        | City of Shawano WI Electric System Revenue                                      | CUSIP: 820418AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $979295.55    | 0.31%             | 2043-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE SCH DIST #10       | Elkhorn School District                                                         | CUSIP: 2593092S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1763261.00   | 0.55%             | 2045-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV     | County of Miami-Dade Seaport Department                                         | CUSIP: 59335KDJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4090000 | PA      | $2792157.52   | 0.88%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BALTIC SD SCH DIST #49-1           | Baltic School District No 49-1                                                  | CUSIP: 058827EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3163010.00   | 0.99%             | 2051-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SHAWANO WI ELEC SYS REVENUE        | City of Shawano WI Electric System Revenue                                      | CUSIP: 820418AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1782107.97   | 0.56%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWEETWATER CNTY WY 2023 SPECIF     | Sweetwater County 2023 Specific Purpose Tax Joint Powers Board                  | CUSIP: 87048HAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1902526.38   | 0.60%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CMNTY CLG DIS     | San Francisco Community College District                                        | CUSIP: 797683KJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3107312.70   | 0.98%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY            | Indiana Municipal Power Agency                                                  | CUSIP: 454898YV3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   3810000 | PA      | $3912519.86   | 1.23%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power                                         | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2984456.70   | 0.94%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEANDER TX MUNI UTILITY DIST #     | Leander Municipal Utility District No 1                                         | CUSIP: 52184HCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1828033.63   | 0.57%             | 2030-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INMAN CAMPOBELLO WTR DIST SC       | Inman Campobello Water District                                                 | CUSIP: 457561AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2867294.84   | 0.90%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP     | New York Transportation Development Corp                                        | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $996379.55    | 0.31%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power                                         | CUSIP: 544532BM5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1089785.07   | 0.34%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANKAKEE IL                        | City of Kankakee IL                                                             | CUSIP: 484404YN2<br>LEI: 549300Z3ZVLSXELVAS52 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101401.73   | 0.35%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAGINAW MI WTR SPLY SYS REVENU     | City of Saginaw MI Water Supply System Revenue                                  | CUSIP: 786795DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1085048.05   | 0.34%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE     | Chicago Midway International Airport                                            | CUSIP: 167562SE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128386.20   | 0.67%             | 2042-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RENO NV CAPITAL IMPT REVENUE       | City of Reno NV                                                                 | CUSIP: 759831CZ1<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $905970.35    | 0.28%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP INDL BL     | Kentucky Bond Development Corp                                                  | CUSIP: 491211BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1418672.43   | 0.45%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R     | Massachusetts Development Finance Agency                                        | CUSIP: 57584YD22<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1410986.83   | 0.44%             | 2045-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY TX MUNI UTILIT     | Montgomery County Municipal Utility District No 99                              | CUSIP: 61370WKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1659705.75   | 0.52%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                        | State of Illinois                                                               | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032284.30   | 0.32%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOLEDO OH                          | City of Toledo OH                                                               | CUSIP: 889278ZV2<br>LEI: 549300I365GIDPR4BM68 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3170428.20   | 1.00%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RIVER DELTA CA UNIF SCH DIST S     | River Delta Unified School District School Facilities Improvement District No 1 | CUSIP: 768039CB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1319399.66   | 0.41%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV     | County of Miami-Dade Seaport Department                                         | CUSIP: 59335KDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1339179.80   | 0.42%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE TAHOE CA UNIF SCH DIST        | Lake Tahoe Unified School District                                              | CUSIP: 511012HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $951647.84    | 0.30%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ PKG AUTH LEASE REVEN     | Newark Parking Authority/The                                                    | CUSIP: 650392AL7<br>LEI: 549300GCUIIQ6TYN0S75 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990509.20    | 0.31%             | 2051-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L     | New York Liberty Development Corp                                               | CUSIP: 649519FF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1330722.02   | 0.42%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA SALLE CNTY IL CMNTY UNIT SC     | La Salle County Community Unit School District No 2 Serena                      | CUSIP: 504396HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1949023.17   | 0.61%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GTR ASHEVILLE REGL ARPT AUTH N     | Greater Asheville Regional Airport Authority                                    | CUSIP: 39160CBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1441552.06   | 0.45%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARMEL IN WTRWKS REVENUE           | City of Carmel IN Waterworks Revenue                                            | CUSIP: 143321LQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518046.35   | 0.48%             | 2051-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUELLTON CA UNION SCH DIST         | Buellton Union School District                                                  | CUSIP: 119097EG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $925741.16    | 0.29%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TULPEHOCKEN PA SCH DIST            | Tulpehocken Area School District                                                | CUSIP: 899491NK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3755000 | PA      | $3773493.75   | 1.18%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COMAL CNTY TX WTR CONTROL & IM     | Comal County Water Control & Improvement District No 6                          | CUSIP: 199819HD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1684224.23   | 0.53%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UMATILLA CNTY OR SCH DIST #6 R     | Umatilla County School District No 6R Umatilla                                  | CUSIP: 904115FH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $1116049.76   | 0.35%             | 2043-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES      | Chicago Transit Authority Sales Tax Receipts Fund                               | CUSIP: 16772PCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $3957834.75   | 1.24%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY IL SCH DIST #186     | Sangamon County School District No 186 Springfield                              | CUSIP: 800766PY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2803179.69   | 0.88%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI     | Washington State Housing Finance Commission                                     | CUSIP: 93978LJL1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3445261.05   | 1.08%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIROQUA WI AREA SCH DIST           | Viroqua Area School District                                                    | CUSIP: 92824CFE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1341374.25   | 0.42%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA SALLE CNTY IL CMNTY UNIT SC     | La Salle County Community Unit School District No 2 Serena                      | CUSIP: 504396HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1312193.11   | 0.41%             | 2042-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV SCH DIST             | Clark County School District                                                    | CUSIP: 181059U20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1369033.27   | 0.43%             | 2028-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER      | New York Convention Center Development Corp                                     | CUSIP: 649451JD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $344246.10    | 0.11%             | 2055-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ MUNI UTILITIESA     | Jersey City Municipal Utilities Authority                                       | CUSIP: 476623DY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1800553.64   | 0.57%             | 2055-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WORCESTER MA                       | City of Worcester MA                                                            | CUSIP: 981306ZA4<br>LEI: 5493006DO0NOILRNNH68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $841963.20    | 0.26%             | 2034-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MI PUBLIC SCHS        | Grand Rapids Public Schools                                                     | CUSIP: 386280PZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2135623.35   | 0.67%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING      | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3757866.40   | 1.18%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ MUNI UTILITIESA     | Jersey City Municipal Utilities Authority                                       | CUSIP: 476623DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085404.30   | 0.34%             | 2051-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRANDON SD WTR SURCHARGE REVEN     | City of Brandon SD Water Utility Revenue                                        | CUSIP: 10530AAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043740.00   | 0.33%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA     | Pennsylvania Higher Educational Facilities Authority                            | CUSIP: 70917RKC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $54472.83     | 0.02%             | 2027-07-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE      | County of Cuyahoga OH                                                           | CUSIP: 2322655J3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508220.85    | 0.16%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREEN OH LOCAL SCH DIST SUMMIT     | Green Local School District/Summit County                                       | CUSIP: 393192AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3064602.30   | 0.96%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A     | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                      | CUSIP: 120827DX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2803506.60   | 0.88%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P     | Los Angeles Department of Water & Power                                         | CUSIP: 544532JS4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1577238.86   | 0.50%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** New York Life Investments Active ETF Trust

**Signature:** Adefolahan Oyefeso

**Name of Signer:** Adefolahan Oyefeso

**Title:** Director and Vice President, IndexIQ