# EDGAR Filing Document

**Accession Number:** 0001469192
**File Stem:** 0001752724-23-071569
**Filing Date:** 2023-3
**Character Count:** 574554
**Document Hash:** 6ce8489ca333ce1d942a87157a9beb70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-071569.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-071569

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MAINSTAY FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001469192
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22321
- **FILM NUMBER:** 23773403

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

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

## Series and Classes Contracts Data

### MainStay MacKay Short Term Municipal Fund (Series ID: S000028538)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087378 | Investor Class | MYTBX           |
| C000087379 | Class A        | MSTAX           |
| C000087380 | Class I        | MSTIX           |
| C000195140 | Class R6       | MSTEX           |
| C000222390 | Class A2       | MSTUX           |

## Nport-Ex

## MainStay Defensive ETF Allocation Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Investment Companies 91.7%** | **Investment Companies 91.7%** | **Investment Companies 91.7%** |
| **Equity Funds 19.5%** | **Equity Funds 19.5%** | **Equity Funds 19.5%** |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1108 | &nbsp;&nbsp;$147763 |
| Invesco S&P 500 Low Volatility ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp;&nbsp; 151126 |
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1597 | &nbsp;&nbsp;&nbsp;&nbsp; 107111 |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp; 189760 |
| iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4739 | &nbsp;&nbsp;&nbsp;&nbsp; 491150 |
| Schwab U.S. Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1182 | &nbsp;&nbsp;&nbsp;&nbsp; 85104 |
| Schwab U.S. Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6081 | &nbsp;&nbsp;&nbsp;&nbsp; 272064 |
| SPDR S&P Oil & Gas Exploration & Production ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp;&nbsp; 111225 |
| VanEck Gold Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1723 | &nbsp;&nbsp;&nbsp;&nbsp; 55171 |
| VanEck Oil Services ETF | &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp; 55778 |
| Vanguard Mega Cap ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 991 | &nbsp;&nbsp;&nbsp;&nbsp; 139245 |
| Vanguard Mega Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp;&nbsp; 99199 |
| Vanguard Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; 169635 |
| Total Equity Funds<br> (Cost $1,945,295) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074331 |
| **Fixed Income Funds 72.2%** | **Fixed Income Funds 72.2%** | **Fixed Income Funds 72.2%** |
| Invesco Senior Loan ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49753 | &nbsp;&nbsp;&nbsp;&nbsp; 1050286 |
| iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684091 |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365058 |
| iShares Broad USD Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119645 |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228592 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232468 |
| Total Fixed Income Funds<br> (Cost $8,267,457) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680140 |
| Total Investment Companies<br> (Cost $10,212,752) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9754471 |
| **Short-Term Investments 19.2%** | **Short-Term Investments 19.2%** | **Short-Term Investments 19.2%** |
| **Affiliated Investment Company 7.9%** | **Affiliated Investment Company 7.9%** | **Affiliated Investment Company 7.9%** |
| MainStay U.S. Government Liquidity Fund, 4.307% (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845332 |
| **Unaffiliated Investment Company 11.3%** | **Unaffiliated Investment Company 11.3%** | **Unaffiliated Investment Company 11.3%** |
| Invesco Government & Agency Portfolio, 4.39% (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;1196257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196257 |
| Total Short-Term Investments<br> (Cost $2,041,589) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041589 |
| Total Investments<br> (Cost $12,254,341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.9% | &nbsp;&nbsp;&nbsp;&nbsp;11796060 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1164186) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$10631874 |

---

------

† Percentages indicated are based on Fund net assets.

(a) All or a portion of this security was held on loan. As of January 31, 2023, the aggregate market value of securities on loan was $1,190,525; the total market value of collateral held by the Fund was
$1,210,586. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $14,329. The Fund received cash collateral with a value of $1,196,257.

(b) Current yield as of January 31, 2023.

(c) Represents a security purchased with cash collateral received for securities on loan.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| MainStay U.S. Government Liquidity Fund | &nbsp;&nbsp;$274 | &nbsp;&nbsp;$4409 | &nbsp;&nbsp;$(3838) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$845 | &nbsp;&nbsp;$9 | &nbsp;&nbsp;$— | &nbsp;&nbsp;845 |

---

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor's Depositary Receipt |
| USD—United States Dollar |

---

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $2074331 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $2074331 |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp; 7680140 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7680140 |
| Total Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9754471 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9754471 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 845332 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 845332 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 1196257 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1196257 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041589 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041589 |
| Total Investments in Securities | &nbsp;&nbsp;$11796060 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11796060 |

---

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

------

## MainStay Conservative ETF Allocation Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Investment Companies 92.2%** | **Investment Companies 92.2%** | **Investment Companies 92.2%** |
| **Equity Funds 39.7%** | **Equity Funds 39.7%** | **Equity Funds 39.7%** |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4137 | &nbsp;&nbsp;$551710 |
| Invesco S&P 500 Low Volatility ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8653 | &nbsp;&nbsp;&nbsp;&nbsp; 552235 |
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp; 28082 | &nbsp;&nbsp;&nbsp;&nbsp; 1883460 |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3561 | &nbsp;&nbsp;&nbsp;&nbsp; 941137 |
| iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 18636 | &nbsp;&nbsp;&nbsp;&nbsp; 1931435 |
| Schwab U.S. Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8314 | &nbsp;&nbsp;&nbsp;&nbsp; 598608 |
| Schwab U.S. Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 43114 | &nbsp;&nbsp;&nbsp;&nbsp; 1928920 |
| SPDR S&P Oil & Gas Exploration & Production ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2778 | &nbsp;&nbsp;&nbsp;&nbsp; 391615 |
| VanEck Gold Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5887 | &nbsp;&nbsp;&nbsp;&nbsp; 188502 |
| VanEck Oil Services ETF | &nbsp;&nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp;&nbsp; 194069 |
| Vanguard Mega Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 28293 | &nbsp;&nbsp;&nbsp;&nbsp; 3975449 |
| Vanguard Mega Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5310 | &nbsp;&nbsp;&nbsp;&nbsp; 555638 |
| Vanguard Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5343 | &nbsp;&nbsp;&nbsp;&nbsp; 1175567 |
| Total Equity Funds<br> (Cost $13,502,260) |  | &nbsp;&nbsp;&nbsp;&nbsp;14868345 |
| **Fixed Income Funds 52.5%** | **Fixed Income Funds 52.5%** | **Fixed Income Funds 52.5%** |
| Invesco Senior Loan ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 131336 | &nbsp;&nbsp;&nbsp;&nbsp; 2772503 |
| iShares 0-5 Year High Yield Corporate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666705 |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112353 |
| iShares Broad USD Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828704 |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630961 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637776 |
| Total Fixed Income Funds<br> (Cost $21,093,433) |  | &nbsp;&nbsp;&nbsp;&nbsp;19649002 |
| Total Investment Companies<br> (Cost $34,595,693) |  | &nbsp;&nbsp;&nbsp;&nbsp;34517347 |
| **Short-Term Investments 19.1%** | **Short-Term Investments 19.1%** | **Short-Term Investments 19.1%** |
| **Affiliated Investment Company 7.5%** | **Affiliated Investment Company 7.5%** | **Affiliated Investment Company 7.5%** |
| MainStay U.S. Government Liquidity Fund, 4.307% (b) | &nbsp;&nbsp;&nbsp;&nbsp;2802321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802321 |
| **Unaffiliated Investment Company 11.6%** | **Unaffiliated Investment Company 11.6%** | **Unaffiliated Investment Company 11.6%** |
| Invesco Government & Agency Portfolio, 4.39% (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;4371702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371702 |
| Total Short-Term Investments<br> (Cost $7,174,023) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174023 |
| Total Investments<br> (Cost $41,769,716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.3% | &nbsp;&nbsp;&nbsp;&nbsp;41691370 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4239269) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$37452101 |

---

------

† Percentages indicated are based on Fund net assets.

(a) All or a portion of this security was held on loan. As of January 31, 2023, the aggregate market value of securities on loan was $4,302,162. The Fund received cash collateral with a value of $4,371,702.

(b) Current yield as of January 31, 2023.

(c) Represents a security purchased with cash collateral received for securities on loan.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| MainStay U.S. Government Liquidity Fund | &nbsp;&nbsp;$919 | &nbsp;&nbsp;$12113 | &nbsp;&nbsp;$(10230) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2802 | &nbsp;&nbsp;$31 | &nbsp;&nbsp;$— | &nbsp;&nbsp;2802 |

---

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor's Depositary Receipt |
| USD—United States Dollar |

---

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $14868345 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $14868345 |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp; 19649002 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 19649002 |
| Total Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;34517347 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34517347 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 2802321 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2802321 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 4371702 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4371702 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174023 |
| Total Investments in Securities | &nbsp;&nbsp;$41691370 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$41691370 |

---

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

------

## MainStay Moderate ETF Allocation Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Investment Companies 91.8%** | **Investment Companies 91.8%** | **Investment Companies 91.8%** |
| **Equity Funds 59.6%** | **Equity Funds 59.6%** | **Equity Funds 59.6%** |
| Health Care Select Sector SPDR Fund (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10932 | &nbsp;&nbsp;$1457891 |
| Invesco S&P 500 Low Volatility ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22704 | &nbsp;&nbsp;&nbsp;&nbsp; 1448969 |
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp; 144860 | &nbsp;&nbsp;&nbsp;&nbsp; 9715760 |
| iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp; 9896 | &nbsp;&nbsp;&nbsp;&nbsp; 503409 |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 11199 | &nbsp;&nbsp;&nbsp;&nbsp; 2959784 |
| iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 50079 | &nbsp;&nbsp;&nbsp;&nbsp; 5190188 |
| Schwab U.S. Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 43992 | &nbsp;&nbsp;&nbsp;&nbsp; 3167424 |
| Schwab U.S. Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 116893 | &nbsp;&nbsp;&nbsp;&nbsp; 5229793 |
| SPDR S&P Oil & Gas Exploration & Production ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7425 | &nbsp;&nbsp;&nbsp;&nbsp; 1046702 |
| VanEck Gold Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; 15429 | &nbsp;&nbsp;&nbsp;&nbsp; 494037 |
| VanEck Oil Services ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1598 | &nbsp;&nbsp;&nbsp;&nbsp; 527420 |
| Vanguard Mega Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 149843 | &nbsp;&nbsp;&nbsp;&nbsp; 21054440 |
| Vanguard Mega Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14031 | &nbsp;&nbsp;&nbsp;&nbsp; 1468204 |
| Vanguard Mid-Cap ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28668 | &nbsp;&nbsp;&nbsp;&nbsp; 6307533 |
| Total Equity Funds<br> (Cost $55,680,277) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60571554 |
| **Fixed Income Funds 32.2%** | **Fixed Income Funds 32.2%** | **Fixed Income Funds 32.2%** |
| Invesco Senior Loan ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929903 |
| iShares 0-5 Year High Yield Corporate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473171 |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469689 |
| iShares Broad USD Investment Grade Corporate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566201 |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150587 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9159271 |
| Total Fixed Income Funds<br> (Cost $34,653,391) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32748822 |
| Total Investment Companies<br> (Cost $90,333,668) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93320376 |
| **Short-Term Investments 19.0%** | **Short-Term Investments 19.0%** | **Short-Term Investments 19.0%** |
| **Affiliated Investment Company 8.4%** | **Affiliated Investment Company 8.4%** | **Affiliated Investment Company 8.4%** |
| MainStay U.S. Government Liquidity Fund, 4.307% (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548468 |
| **Unaffiliated Investment Company 10.6%** | **Unaffiliated Investment Company 10.6%** | **Unaffiliated Investment Company 10.6%** |
| Invesco Government & Agency Portfolio, 4.39% (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;10810987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10810987 |
| Total Short-Term Investments<br> (Cost $19,359,455) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19359455 |
| Total Investments<br> (Cost $109,693,123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.8% | &nbsp;&nbsp;&nbsp;&nbsp;112679831 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10953587) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$101726244 |

---

------

† Percentages indicated are based on Fund net assets.

(a) All or a portion of this security was held on loan. As of January 31, 2023, the aggregate market value of securities on loan was $10,650,716. The Fund received cash collateral with a value of
$10,810,987.

(b) Current yield as of January 31, 2023.

(c) Represents a security purchased with cash collateral received for securities on loan.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| MainStay U.S. Government Liquidity Fund | &nbsp;&nbsp;$2260 | &nbsp;&nbsp;$26442 | &nbsp;&nbsp;$(20154) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8548 | &nbsp;&nbsp;$83 | &nbsp;&nbsp;$— | &nbsp;&nbsp;8548 |

---

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor's Depositary Receipt |
| USD—United States Dollar |

---

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $60571554 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $60571554 |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp; 32748822 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 32748822 |
| Total Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93320376 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93320376 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 8548468 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 8548468 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 10810987 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 10810987 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19359455 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19359455 |
| Total Investments in Securities | &nbsp;&nbsp;$112679831 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$112679831 |

---

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

------

## MainStay Growth ETF Allocation Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Investment Companies 92.0%** | **Investment Companies 92.0%** | **Investment Companies 92.0%** |
| **Equity Funds 79.4%** | **Equity Funds 79.4%** | **Equity Funds 79.4%** |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7926 | &nbsp;&nbsp;$1057011 |
| Invesco S&P 500 Low Volatility ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16678 | &nbsp;&nbsp;&nbsp;&nbsp; 1064390 |
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp; 145074 | &nbsp;&nbsp;&nbsp;&nbsp; 9730113 |
| iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp; 20860 | &nbsp;&nbsp;&nbsp;&nbsp; 1061148 |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 9066 | &nbsp;&nbsp;&nbsp;&nbsp; 2396053 |
| iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 35273 | &nbsp;&nbsp;&nbsp;&nbsp; 3655694 |
| Schwab U.S. Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 46233 | &nbsp;&nbsp;&nbsp;&nbsp; 3328776 |
| Schwab U.S. Small-Cap ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 165048 | &nbsp;&nbsp;&nbsp;&nbsp; 7384248 |
| SPDR S&P Oil & Gas Exploration & Production ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5156 | &nbsp;&nbsp;&nbsp;&nbsp; 726841 |
| VanEck Gold Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; 11187 | &nbsp;&nbsp;&nbsp;&nbsp; 358208 |
| VanEck Oil Services ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp;&nbsp; 368996 |
| Vanguard Mega Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 133959 | &nbsp;&nbsp;&nbsp;&nbsp;18822579 |
| Vanguard Mega Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 10190 | &nbsp;&nbsp;&nbsp;&nbsp; 1066282 |
| Vanguard Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 30358 | &nbsp;&nbsp;&nbsp;&nbsp; 6679367 |
| Total Equity Funds<br> (Cost $54,064,714) |  | &nbsp;&nbsp;&nbsp;&nbsp;57699706 |
| **Fixed Income Funds 12.6%** | **Fixed Income Funds 12.6%** | **Fixed Income Funds 12.6%** |
| Invesco Senior Loan ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607256 |
| iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621502 |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799056 |
| iShares Broad USD Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427239 |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860990 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862454 |
| Total Fixed Income Funds<br> (Cost $9,280,690) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178497 |
| Total Investment Companies<br> (Cost $63,345,404) |  | &nbsp;&nbsp;&nbsp;&nbsp;66878203 |
| **Short-Term Investments 20.1%** | **Short-Term Investments 20.1%** | **Short-Term Investments 20.1%** |
| **Affiliated Investment Company 7.9%** | **Affiliated Investment Company 7.9%** | **Affiliated Investment Company 7.9%** |
| MainStay U.S. Government Liquidity Fund, 4.307% (b) | &nbsp;&nbsp;&nbsp;&nbsp;5759466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759466 |
| **Unaffiliated Investment Company 12.2%** | **Unaffiliated Investment Company 12.2%** | **Unaffiliated Investment Company 12.2%** |
| Invesco Government & Agency Portfolio, 4.39% (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;8846082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8846082 |
| Total Short-Term Investments<br> (Cost $14,605,548) |  | &nbsp;&nbsp;&nbsp;&nbsp;14605548 |
| Total Investments<br> (Cost $77,950,952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.1% | &nbsp;&nbsp;&nbsp;&nbsp;81483751 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8778987) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$72704764 |

---

------

† Percentages indicated are based on Fund net assets.

(a) All or a portion of this security was held on loan. As of January 31, 2023, the aggregate market value of securities on loan was $8,809,621; the total market value of collateral held by the Fund was
$9,020,944. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $174,862. The Fund received cash collateral with a value of $8,846,082.

(b) Current yield as of January 31, 2023.

(c) Represents a security purchased with cash collateral received for securities on loan.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| MainStay U.S. Government Liquidity Fund | &nbsp;&nbsp;$1514 | &nbsp;&nbsp;$18375 | &nbsp;&nbsp;$(14130) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5759 | &nbsp;&nbsp;$57 | &nbsp;&nbsp;$— | &nbsp;&nbsp;5759 |

---

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor's Depositary Receipt |
| USD—United States Dollar |

---

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $57699706 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $57699706 |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9178497 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 9178497 |
| Total Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;66878203 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;66878203 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 5759466 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 5759466 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 8846082 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 8846082 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;14605548 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14605548 |
| Total Investments in Securities | &nbsp;&nbsp;$81483751 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$81483751 |

---

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

------

## MainStay Equity ETF Allocation Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Investment Companies 99.1%** | **Investment Companies 99.1%** | **Investment Companies 99.1%** |
| **Equity Funds 99.1%** | **Equity Funds 99.1%** | **Equity Funds 99.1%** |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5926 | &nbsp;&nbsp;$790291 |
| Invesco S&P 500 Low Volatility ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12406 | &nbsp;&nbsp;&nbsp;&nbsp; 791751 |
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp; 134543 | &nbsp;&nbsp;&nbsp;&nbsp; 9023799 |
| iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp; 30702 | &nbsp;&nbsp;&nbsp;&nbsp; 1561811 |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6663 | &nbsp;&nbsp;&nbsp;&nbsp; 1760964 |
| iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 25992 | &nbsp;&nbsp;&nbsp;&nbsp; 2693811 |
| Schwab U.S. Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 34068 | &nbsp;&nbsp;&nbsp;&nbsp; 2452896 |
| Schwab U.S. Small-Cap ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 180599 | &nbsp;&nbsp;&nbsp;&nbsp; 8079999 |
| SPDR S&P Oil & Gas Exploration & Production ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3751 | &nbsp;&nbsp;&nbsp;&nbsp; 528778 |
| VanEck Gold Miners ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3930 | &nbsp;&nbsp;&nbsp;&nbsp; 125839 |
| VanEck Oil Services ETF | &nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp; 268661 |
| Vanguard Mega Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 136619 | &nbsp;&nbsp;&nbsp;&nbsp;19196336 |
| Vanguard Mega Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7514 | &nbsp;&nbsp;&nbsp;&nbsp; 786265 |
| Vanguard Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 22313 | &nbsp;&nbsp;&nbsp;&nbsp; 4909306 |
| Total Investment Companies<br> (Cost $51,147,898) |  | &nbsp;&nbsp;&nbsp;&nbsp;52970507 |
| **Short-Term Investments 3.3%** | **Short-Term Investments 3.3%** | **Short-Term Investments 3.3%** |
| **Affiliated Investment Company 0.9%** | **Affiliated Investment Company 0.9%** | **Affiliated Investment Company 0.9%** |
| MainStay U.S. Government Liquidity Fund, 4.307% (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467990 |
| **Unaffiliated Investment Company 2.4%** | **Unaffiliated Investment Company 2.4%** | **Unaffiliated Investment Company 2.4%** |
| Invesco Government & Agency Portfolio, 4.39% (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;1286225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286225 |
| Total Short-Term Investments<br> (Cost $1,754,215) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754215 |
| Total Investments<br> (Cost $52,902,113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.4% | &nbsp;&nbsp;&nbsp;&nbsp;54724722 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1283682) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$53441040 |

---

† Percentages indicated are based on Fund net assets.

(a) All or a portion of this security was held on loan. As of January 31, 2023, the aggregate market value of securities on loan was $1,272,956; the total market value of collateral held by the Fund was
$1,301,213. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $14,988. The Fund received cash collateral with a value of $1,286,225.

(b) Current yield as of January 31, 2023.

(c) Represents a security purchased with cash collateral received for securities on loan.

------

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| MainStay U.S. Government Liquidity Fund | &nbsp;&nbsp;$342 | &nbsp;&nbsp;$6439 | &nbsp;&nbsp;$(6313) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$468 | &nbsp;&nbsp;$4 | &nbsp;&nbsp;$— | &nbsp;&nbsp;468 |

---

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| SPDR—Standard & Poor's Depositary Receipt |

---

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $52970507 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $52970507 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 467990 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 467990 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 1286225 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1286225 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754215 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754215 |
| Total Investments in Securities | &nbsp;&nbsp;$54724722 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$54724722 |

---

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

------

## MainStay ESG Multi-Asset Allocation Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Affiliated Investment Companies 8.6%** | **Affiliated Investment Companies 8.6%** | **Affiliated Investment Companies 8.6%** |
| **Equity Funds 8.6%** | **Equity Funds 8.6%** | **Equity Funds 8.6%** |
| IQ Candriam ESG International Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7983 | &nbsp;&nbsp;$214503 |
| IQ Candriam ESG U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 23886 | &nbsp;&nbsp;&nbsp;&nbsp; 823143 |
| Total Affiliated Investment Companies<br> (Cost $990,651) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037646 |
| **Unaffiliated Investment Companies 82.3%** | **Unaffiliated Investment Companies 82.3%** | **Unaffiliated Investment Companies 82.3%** |
| **Equity Funds 50.1%** | **Equity Funds 50.1%** | **Equity Funds 50.1%** |
| iShares ESG Advanced MSCI EAFE ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 15142 |
| iShares ESG Aware MSCI EAFE ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12787 | &nbsp;&nbsp;&nbsp;&nbsp; 917467 |
| iShares ESG Aware MSCI EM ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1452 | &nbsp;&nbsp;&nbsp;&nbsp; 47930 |
| iShares ESG Aware MSCI USA Small-Cap ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6832 | &nbsp;&nbsp;&nbsp;&nbsp; 248138 |
| iShares ESG Screened S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 52127 | &nbsp;&nbsp;&nbsp;&nbsp; 1586225 |
| iShares MSCI USA ESG Select ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| Nuveen ESG Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; 12601 |
| Nuveen ESG Large-Cap Value ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13143 | &nbsp;&nbsp;&nbsp;&nbsp; 467496 |
| Nuveen ESG Mid-Cap Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14428 | &nbsp;&nbsp;&nbsp;&nbsp; 556776 |
| Nuveen ESG Mid-Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 28197 | &nbsp;&nbsp;&nbsp;&nbsp; 903432 |
| Nuveen ESG Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 26189 | &nbsp;&nbsp;&nbsp;&nbsp; 992825 |
| Xtrackers MSCI USA ESG Leaders Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293684 |
| Total Equity Funds<br> (Cost $6,015,787) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041804 |
| **Fixed Income Funds 32.2%** | **Fixed Income Funds 32.2%** | **Fixed Income Funds 32.2%** |
| iShares ESG Advanced High Yield Corporate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723699 |
| iShares ESG Advanced Total USD Bond Market ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077573 |
| iShares ESG Aware 1-5 Year USD Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376874 |
| iShares ESG Aware U.S. Aggregate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975572 |
| Nuveen ESG High Yield Corporate Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181088 |
| Vanguard ESG U.S. Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539250 |
| Total Fixed Income Funds<br> (Cost $3,977,574) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874056 |
| Total Unaffiliated Investment Companies<br> (Cost $9,993,361) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915860 |
| **Short-Term Investments 20.9%** | **Short-Term Investments 20.9%** | **Short-Term Investments 20.9%** |
| **Affiliated Investment Company 8.5%** | **Affiliated Investment Company 8.5%** | **Affiliated Investment Company 8.5%** |
| MainStay U.S. Government Liquidity Fund, 4.307% (b) | &nbsp;&nbsp;&nbsp;&nbsp;1014359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014359 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| **Unaffiliated Investment Company 12.4%** | **Unaffiliated Investment Company 12.4%** | **Unaffiliated Investment Company 12.4%** |
| Invesco Government & Agency Portfolio, 4.39% (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;1496032 | &nbsp;&nbsp;$1496032 |
| Total Short-Term Investments<br> (Cost $2,510,391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510391 |
| Total Investments<br> (Cost $13,494,403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.8% | &nbsp;&nbsp;&nbsp;&nbsp;13463897 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1419120) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$12044777 |

---

† Percentages indicated are based on Fund net assets.

(a) All or a portion of this security was held on loan. As of January 31, 2023, the aggregate market value of securities on loan was $1,471,408. The Fund received cash collateral with a value of $1,496,032.

(b) Current yield as of January 31, 2023.

(c) Represents a security purchased with cash collateral received for securities on loan.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| IQ Candriam ESG International Equity ETF | &nbsp;&nbsp;$152 | &nbsp;&nbsp;$194 | &nbsp;&nbsp;$(147) | &nbsp;&nbsp;$(19) | &nbsp;&nbsp;$35 | &nbsp;&nbsp;$215 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| IQ Candriam ESG U.S. Large Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344) | &nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| MainStay U.S. Government Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;5805 | &nbsp;&nbsp;&nbsp;(5153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1014 |
|  | &nbsp;&nbsp;$587 | &nbsp;&nbsp;$7083 | &nbsp;&nbsp;$(5644) | &nbsp;&nbsp;$(40) | &nbsp;&nbsp;$66 | &nbsp;&nbsp;$2052 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$— |  |

---

(a) Prior to August 31, 2022, known as IQ Candriam ESG U.S. Equity ETF.

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| EM—Emerging Markets |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| USD—United States Dollar |

---

------

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Affiliated Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $1037646 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1037646 |
| Unaffiliated Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp; 6041804 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 6041804 |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp; 3874056 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3874056 |
| Total Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915860 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915860 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 1014359 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1014359 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 1496032 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1496032 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510391 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510391 |
| Total Investments in Securities | &nbsp;&nbsp;$13463897 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13463897 |

---

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

------

## MainStay CBRE Global Infrastructure Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 98.7%** | **Common Stocks 98.7%** | **Common Stocks 98.7%** |
| **Australia 9.8%** | **Australia 9.8%** | **Australia 9.8%** |
| Atlas Arteria Ltd. (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;12573742 | &nbsp;&nbsp;$61306422 |
| NEXTDC Ltd. (Communications) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4692708 | &nbsp;&nbsp;&nbsp;&nbsp; 33137194 |
| Transurban Group (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;10471568 | &nbsp;&nbsp;&nbsp;&nbsp; 102614911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197058527 |
| **Canada 6.3%** | **Canada 6.3%** | **Canada 6.3%** |
| Canadian National Railway Co. (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp; 224867 | &nbsp;&nbsp;&nbsp;&nbsp; 26766702 |
| Enbridge, Inc. (Midstream / Pipelines) | &nbsp;&nbsp;&nbsp;&nbsp; 1528871 | &nbsp;&nbsp;&nbsp;&nbsp; 62600348 |
| Pembina Pipeline Corp. (Midstream / Pipelines) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1068226 | &nbsp;&nbsp;&nbsp;&nbsp; 37902333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127269383 |
| **China 2.6%** | **China 2.6%** | **China 2.6%** |
| China Resources Gas Group Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 4761200 | &nbsp;&nbsp;&nbsp;&nbsp; 20050722 |
| ENN Energy Holdings Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 838700 | &nbsp;&nbsp;&nbsp;&nbsp; 12621048 |
| Guangdong Investment Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;17708829 | &nbsp;&nbsp;&nbsp;&nbsp; 19280548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51952318 |
| **France 5.9%** | **France 5.9%** | **France 5.9%** |
| Eiffage SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp; 451798 | &nbsp;&nbsp;&nbsp;&nbsp; 48191491 |
| Vinci SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72068169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120259660 |
| **Hong Kong 1.1%** | **Hong Kong 1.1%** | **Hong Kong 1.1%** |
| CK Infrastructure Holdings Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21817258 |
| **Italy 3.0%** | **Italy 3.0%** | **Italy 3.0%** |
| Enel SpA (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36727494 |
| Infrastrutture Wireless Italiane SpA (Communications) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23492450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60219944 |
| **Japan 2.6%** | **Japan 2.6%** | **Japan 2.6%** |
| Central Japan Railway Co. (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32301412 |
| West Japan Railway Co. (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20671567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52972979 |
| **Mexico 1.4%** | **Mexico 1.4%** | **Mexico 1.4%** |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28503939 |
| **New Zealand 0.9%** | **New Zealand 0.9%** | **New Zealand 0.9%** |
| Infratil Ltd. (Diversified) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17366548 |
| **Portugal 1.6%** | **Portugal 1.6%** | **Portugal 1.6%** |
| EDP - Energias de Portugal SA (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32563373 |
| **Spain 7.6%** | **Spain 7.6%** | **Spain 7.6%** |
| Aena SME SA (Transportation) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58794755 |
| Cellnex Telecom SA (Communications) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81932085 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Spain** | **Spain** | **Spain** |
| Ferrovial SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp; 455988 | &nbsp;&nbsp;$13453166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154180006 |
| **United Kingdom 4.0%** | **United Kingdom 4.0%** | **United Kingdom 4.0%** |
| National Grid plc (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 4575372 | &nbsp;&nbsp;&nbsp;&nbsp; 58198043 |
| Pennon Group plc (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 942919 | &nbsp;&nbsp;&nbsp;&nbsp; 10696738 |
| SSE plc (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 575887 | &nbsp;&nbsp;&nbsp;&nbsp; 12293518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81188299 |
| **United States 51.9%** | **United States 51.9%** | **United States 51.9%** |
| AES Corp. (The) (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 1136875 | &nbsp;&nbsp;&nbsp;&nbsp; 31161744 |
| ALLETE, Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 215158 | &nbsp;&nbsp;&nbsp;&nbsp; 13309674 |
| Ameren Corp. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 724283 | &nbsp;&nbsp;&nbsp;&nbsp; 62918464 |
| American Electric Power Co., Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 776702 | &nbsp;&nbsp;&nbsp;&nbsp; 72978920 |
| American Tower Corp. (Communications) | &nbsp;&nbsp;&nbsp;&nbsp; 473505 | &nbsp;&nbsp;&nbsp;&nbsp; 105776282 |
| Cheniere Energy, Inc. (Midstream / Pipelines) | &nbsp;&nbsp;&nbsp;&nbsp; 257227 | &nbsp;&nbsp;&nbsp;&nbsp; 39301713 |
| CMS Energy Corp. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 681411 | &nbsp;&nbsp;&nbsp;&nbsp; 43058361 |
| Constellation Energy Corp. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 220478 | &nbsp;&nbsp;&nbsp;&nbsp; 18820002 |
| Crown Castle, Inc. (Communications) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52439530 |
| Dominion Energy, Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156386 |
| Equinix, Inc. (Communications) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40957357 |
| FirstEnergy Corp. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23785357 |
| Legacy Reserves, Inc. (Midstream / Pipelines) (a)(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21433 |
| Legacy Reserves, Inc. (Midstream / Pipelines) (a)(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118474 |
| NextEra Energy Partners LP (Utilities) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15783982 |
| NextEra Energy, Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100153759 |
| NiSource, Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900659 |
| OGE Energy Corp. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29138990 |
| PPL Corp. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50551916 |
| Public Service Enterprise Group, Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44804683 |
| Sempra Energy (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45504700 |
| Southern Co. (The) (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21995459 |
| Targa Resources Corp. (Midstream / Pipelines) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24009176 |
| Union Pacific Corp. (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26073225 |
| WEC Energy Group, Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76027383 |
| Williams Cos., Inc. (The) (Midstream / Pipelines) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16121709 |
| Xcel Energy, Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56288108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1047157446 |
| Total Common Stocks<br> (Cost $1,918,687,727) |  | &nbsp;&nbsp;&nbsp;&nbsp;1992509680 |
| **Short-Term Investments 0.9%** | **Short-Term Investments 0.9%** | **Short-Term Investments 0.9%** |
| **Affiliated Investment Company 0.9%** | **Affiliated Investment Company 0.9%** | **Affiliated Investment Company 0.9%** |
| **United States 0.9%** | **United States 0.9%** | **United States 0.9%** |
| MainStay U.S. Government Liquidity Fund, 4.307% (e) | &nbsp;&nbsp;&nbsp;&nbsp;18346346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18346346 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| **Unaffiliated Investment Company 0.0% ‡** | **Unaffiliated Investment Company 0.0% ‡** | **Unaffiliated Investment Company 0.0% ‡** |
| **United States 0.0% ‡** | **United States 0.0% ‡** | **United States 0.0% ‡** |
| Invesco Government & Agency Portfolio, 4.39% (e)(f) | &nbsp;&nbsp;&nbsp;&nbsp; 1042230 | &nbsp;&nbsp;$1042230 |
| Total Short-Term Investments<br> (Cost $19,388,576) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19388576 |
| Total Investments<br> (Cost $1,938,076,303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.6% | &nbsp;&nbsp;&nbsp;&nbsp;2011898256 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7388130 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2019286386 |

---

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of January 31, 2023, the aggregate market value of securities on loan was $14,146,559; the total market value of collateral held by the Fund was
$14,439,593. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $13,397,363. The Fund received cash collateral with a value of $1,042,230.

(c) Illiquid security—As of January 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $17,506,455, which represented 0.9% of the Fund's net
assets.

(d) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e) Current yield as of January 31, 2023.

(f) Represents a security purchased with cash collateral received for securities on loan.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| MainStay U.S. Government Liquidity Fund | &nbsp;&nbsp;$57455 | &nbsp;&nbsp;$391802 | &nbsp;&nbsp;$(430911) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18346 | &nbsp;&nbsp;$451 | &nbsp;&nbsp;$— | &nbsp;&nbsp;18346 |

---

------

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $197058527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $197058527 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51952318 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51952318 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120259660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120259660 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21817258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21817258 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60219944 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60219944 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52972979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52972979 |
| &nbsp;&nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17366548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17366548 |
| &nbsp;&nbsp;&nbsp;Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32563373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32563373 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154180006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154180006 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81188299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81188299 |
| &nbsp;&nbsp;&nbsp;All Other Countries | &nbsp;&nbsp;&nbsp;&nbsp; 1202790861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139907 | &nbsp;&nbsp;&nbsp;&nbsp; 1202930768 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;1202790861 | &nbsp;&nbsp;&nbsp;&nbsp;789578912 | &nbsp;&nbsp;&nbsp;&nbsp;139907 | &nbsp;&nbsp;&nbsp;&nbsp;1992509680 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 18346346 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18346346 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 1042230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1042230 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19388576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19388576 |
| Total Investments in Securities | &nbsp;&nbsp;$1222179437 | &nbsp;&nbsp;$789578912 | &nbsp;&nbsp;$139907 | &nbsp;&nbsp;$2011898256 |

---

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

------

## MainStay CBRE Real Estate Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 99.4%** | **Common Stocks 99.4%** | **Common Stocks 99.4%** |
| **Community Shopping Centers 5.1%** | **Community Shopping Centers 5.1%** | **Community Shopping Centers 5.1%** |
| Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 148914 | &nbsp;&nbsp;$3503946 |
| Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp; 262524 | &nbsp;&nbsp;&nbsp;&nbsp; 5696771 |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 71522 | &nbsp;&nbsp;&nbsp;&nbsp; 4765511 |
| Retail Opportunity Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 223809 | &nbsp;&nbsp;&nbsp;&nbsp; 3542897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17509125 |
| **Enclosed Malls 5.7%** | **Enclosed Malls 5.7%** | **Enclosed Malls 5.7%** |
| Macerich Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 128449 | &nbsp;&nbsp;&nbsp;&nbsp; 1764889 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 141359 | &nbsp;&nbsp;&nbsp;&nbsp; 18158977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19923866 |
| **Healthcare Facilities 9.0%** | **Healthcare Facilities 9.0%** | **Healthcare Facilities 9.0%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 92552 | &nbsp;&nbsp;&nbsp;&nbsp; 14876809 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 260963 | &nbsp;&nbsp;&nbsp;&nbsp; 7171263 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 179866 | &nbsp;&nbsp;&nbsp;&nbsp; 9318857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31366929 |
| **Hotels 5.0%** | **Hotels 5.0%** | **Hotels 5.0%** |
| DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp; 427559 | &nbsp;&nbsp;&nbsp;&nbsp; 4117393 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808402 |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5202044 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996305 |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17452537 |
| **Industrial Properties 13.1%** | **Industrial Properties 13.1%** | **Industrial Properties 13.1%** |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4334548 |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33817709 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7504566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45656823 |
| **Net Lease Properties 9.1%** | **Net Lease Properties 9.1%** | **Net Lease Properties 9.1%** |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5114119 |
| EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863598 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373749 |
| NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176389 |
| Spirit Realty Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460898 |
| STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7730683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31719436 |
| **Office Buildings 1.2%** | **Office Buildings 1.2%** | **Office Buildings 1.2%** |
| Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981275 |
| **Residential 18.2%** | **Residential 18.2%** | **Residential 18.2%** |
| Apartment Income REIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900075 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112091 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139065 |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4629393 |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12472330 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Residential** | **Residential** | **Residential** |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 46585 | &nbsp;&nbsp;$2352542 |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 90733 | &nbsp;&nbsp;&nbsp;&nbsp; 14232378 |
| Tricon Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 467177 | &nbsp;&nbsp;&nbsp;&nbsp; 4050425 |
| Veris Residential, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 138844 | &nbsp;&nbsp;&nbsp;&nbsp; 2402001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63290300 |
| **Self Storage Property 11.0%** | **Self Storage Property 11.0%** | **Self Storage Property 11.0%** |
| CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp; 290318 | &nbsp;&nbsp;&nbsp;&nbsp; 13293661 |
| Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 113346 | &nbsp;&nbsp;&nbsp;&nbsp; 12245902 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp; 41134 | &nbsp;&nbsp;&nbsp;&nbsp; 12518722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38058285 |
| **Technology Datacenters 9.8%** | **Technology Datacenters 9.8%** | **Technology Datacenters 9.8%** |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 90738 | &nbsp;&nbsp;&nbsp;&nbsp; 10400390 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 32217 | &nbsp;&nbsp;&nbsp;&nbsp; 23780334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34180724 |
| **Technology Towers 12.2%** | **Technology Towers 12.2%** | **Technology Towers 12.2%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 91318 | &nbsp;&nbsp;&nbsp;&nbsp; 20399528 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21997149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42396677 |
| Total Common Stocks<br> (Cost $309,928,718) |  | &nbsp;&nbsp;&nbsp;&nbsp;345535977 |
| **Short-Term Investment 0.6%** | **Short-Term Investment 0.6%** | **Short-Term Investment 0.6%** |
| **Affiliated Investment Company 0.6%** | **Affiliated Investment Company 0.6%** | **Affiliated Investment Company 0.6%** |
| MainStay U.S. Government Liquidity Fund, 4.307% (b) | &nbsp;&nbsp;&nbsp;&nbsp;2162516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162516 |
| Total Short-Term Investment<br> (Cost $2,162,516) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162516 |
| Total Investments<br> (Cost $312,091,234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;347698493 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66397 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$347764890 |

---

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) Current yield as of January 31, 2023.

------

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| MainStay U.S. Government Liquidity Fund | &nbsp;&nbsp;$2238 | &nbsp;&nbsp;$56284 | &nbsp;&nbsp;$(56359) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2163 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;2163 |

---

Abbreviation(s): <br> REIT—Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $345535977 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $345535977 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 2162516 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2162516 |
| Total Investments in Securities | &nbsp;&nbsp;$347698493 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$347698493 |

---

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

------

## MainStay MacKay Strategic Municipal Allocation Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 95.3%** | **Municipal Bonds 95.3%** | **Municipal Bonds 95.3%** |
| **Long-Term Municipal Bonds 92.8%** | **Long-Term Municipal Bonds 92.8%** | **Long-Term Municipal Bonds 92.8%** |
| **Alabama 3.5%** | **Alabama 3.5%** | **Alabama 3.5%** |
| Alabama Housing Finance Authority, ECG Dry Creek LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 (a) | $500000 | &nbsp;&nbsp;$518953 |
| Black Belt Energy Gas District, Gas Project No.4, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/49 (a) | &nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485315 |
| Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/52 (a) | &nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763570 |
| Black Belt Energy Gas District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640260 |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/26 | &nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958395 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/53 (a) | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719290 |
| Prichard Water Works & Sewer Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118396 |
| Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796816 |
| Southeast Energy Authority, A Cooperative District, Project No. 3, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/53 (a) | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10743768 |
| **Alaska 0.1%** | **Alaska 0.1%** | **Alaska 0.1%** |
| Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260725 |
| **Arizona 1.5%** | **Arizona 1.5%** | **Arizona 1.5%** |
| Arizona Industrial Development Authority, Ball Charter Schools Projet, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87346 |
| City of Mesa, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226521 |
| Glendale Industrial Development Authority, Royal Oaks Life Care Community, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592582 |
| Salt River Project Agricultural Improvement & Power District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507569 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **California 8.3%** | **California 8.3%** | **California 8.3%** |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/31 (b) | $1240000 | &nbsp;&nbsp;$1338299 |
| California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/36 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1461209 |
| California Public Finance Authority, Enso Village Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 11/15/27 (c) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237088 |
| California School Finance Authority, Classical Academies Oceanside Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/27 (c) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509051 |
| California School Finance Authority, Sonoma County Junior College District Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/41 (c) | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204983 |
| California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262138 |
| City of Long Beach, Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301297 |
| City of San Jose, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/41 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656146 |
| City of San Mateo, Community Facilities District No. 2008-1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/1/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150927 |
| City of Vernon, Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271755 |
| Compton Community College District, Election of 2002, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360796 |
| Corona Community Facilities District, Community Facilities District No. 2018-2, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110407 |
| County of Los Angeles Community Facilities District No. 2021-01, Improvement Area No. 1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108688 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193297 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194164 |
| Foothill-De Anza Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE FGIC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/29 | &nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881581 |
| Hercules Redevelopment Agency Successor Agency, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567735 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **California** | **California** | **California** |
| Kern Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/37 | $1500000 | &nbsp;&nbsp;$1788768 |
| Madera Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/44 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100567 |
| Oakland Unified School District, Election of 2020, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508374 |
| Sacramento City Financing Authority, Capital Appreciation, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718894 |
| San Diego County Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 (b) | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096679 |
| San Diego Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series I |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072415 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/15/44 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097311 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/15/49 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25718862 |
| **Colorado 4.5%** | **Colorado 4.5%** | **Colorado 4.5%** |
| Arapahoe County School District No. 6 Littleton, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845155 |
| Arkansas River Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/38 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053777 |
| City & County of Denver, Dedicated Excise Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/42 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057637 |
| City & County of Denver, Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 11/15/41 (b) | &nbsp;&nbsp;1715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012508 |
| City of Colorado Springs, Utilities System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/40 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151882 |
| Colorado Health Facilities Authority, Aberdeen Ridge, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230904 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240899 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194410 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Colorado** | **Colorado** | **Colorado** |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/37 | $1450000 | &nbsp;&nbsp;$1599866 |
| Fiddlers Business Improvement District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 (c) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204661 |
| Ground Water Management Subdistrict of Central Colorado, Water Conservancy District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/40 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 255318 |
| VDW Metropolitan District No. 2, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580604 |
| Weld County School District No. RE-2, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;1425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14035077 |
| **Connecticut 2.1%** | **Connecticut 2.1%** | **Connecticut 2.1%** |
| City of Hartford, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM State Guaranteed |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/24 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554868 |
| State of Connecticut, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 7/1/23 | &nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586155 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.77%, due 3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514645 |
| State of Connecticut, Special Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/36 | &nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092985 |
| State of Connecticut, Transportation Infrastructure, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6494660 |
| **District of Columbia 0.3%** | **District of Columbia 0.3%** | **District of Columbia 0.3%** |
| District of Columbia, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026361 |
| **Florida 7.0%** | **Florida 7.0%** | **Florida 7.0%** |
| CFM Community Development District, Capital Improvement, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87118 |
| City of Gainesville, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681546 |
| City of Palmetto, Renaissance Arts and Education, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162009 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106496 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Florida** | **Florida** | **Florida** |
| City of Pompano Beach, John Knox Village Projet, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;1.45%, due 1/1/27 | $250000 | &nbsp;&nbsp;$221586 |
| City of West Palm Beach, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/42 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2671711 |
| Cobblestone Community Development District, Assessment Area Two, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 5/1/27 (c) | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153759 |
| County of Miami-Dade, Aviation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/33 (b) | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676667 |
| County of Miami-Dade, Transit System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/43 | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593583 |
| Florida Development Finance Corp., Mater Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536651 |
| Fort Pierce Utilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408748 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178852 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383508 |
| Harbor Bay Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, due 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275968 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, due 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182336 |
| Hilltop Point Community Development District, Assessment Area One, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99612 |
| Hilltop Point Community Development District, Assessment Area Two, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199682 |
| Laurel Road Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A2 |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208440 |
| Palm Coast Park Community Development District, Spring Lake Tracts 2 and 3, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93944 |
| Palm Coast Park Community Development District, Sawmill Branch Phase 2, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398054 |
| Pinellas County Industrial Development Authority, Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510897 |
| Preston Cove Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162392 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Florida** | **Florida** | **Florida** |
| Reunion East Community Development District, Series 2021 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, due 5/1/31 | $100000 | &nbsp;&nbsp;$86999 |
| Reunion West Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/36 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 80329 |
| Rolling Hills Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 5/1/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 182275 |
| Seminole Improvement District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252867 |
| Southshore Bay Community Development District, District Assessment Area One, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/33 (c) | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420585 |
| Sunbridge Stewardship District, Weslyn Park Project Assessment, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453163 |
| Tampa Bay Water, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806711 |
| Verano No. 3 Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37543 |
| Village Community Development District No. 13, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, due 5/1/36 | &nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202656 |
| Watergrass Community Development District II, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84588 |
| Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123172 |
| Wiregrass II Community Development District, Assessment Area Two, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21824189 |
| **Georgia 3.6%** | **Georgia 3.6%** | **Georgia 3.6%** |
| Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 7/1/31 (c) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474474 |
| City of Atlanta, Department of Aviation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 (b) | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514162 |
| DeKalb Private Hospital Authority, Children's Healthcare of Atlanta, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846382 |
| Main Street Natural Gas, Inc., Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/48 | &nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769188 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/49 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013504 |
| Municipal Electric Authority of Georgia, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533232 |
| Walton County Water & Sewer Authority, Walton-Hard Labor Creek Reservoir Water Treatment Facility Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/1/47 | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11103497 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Guam 1.4%** | **Guam 1.4%** | **Guam 1.4%** |
| Guam Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | $500000 | &nbsp;&nbsp;$560381 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 396433 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/27 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 379149 |
| Territory of Guam, Section 30, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046742 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200666 |
| **Hawaii 0.0% ‡** | **Hawaii 0.0% ‡** | **Hawaii 0.0% ‡** |
| Kauai County Community Facilities District, Kukui'ula Development Project, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79947 |
| **Idaho 0.1%** | **Idaho 0.1%** | **Idaho 0.1%** |
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376285 |
| **Illinois 9.0%** | **Illinois 9.0%** | **Illinois 9.0%** |
| Chicago Board of Education, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065894 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529410 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499982 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116679 |
| Chicago Board of Education, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/1/46 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048605 |
| Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149545 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/37 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137308 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464937 |
| City of Chicago, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486164 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/32 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616853 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Illinois** | **Illinois** | **Illinois** |
| City of Chicago, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 1/1/38 | $2500000 | &nbsp;&nbsp;$2665395 |
| City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/42 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 467957 |
| City of Joliet, Rock Run Crossing Project, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/15/42 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328727 |
| Illinois Finance Authority, Washington and Jane Smith Home (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204316 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212795 |
| Illinois Finance Authority, Acero Charter Schools, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/33 (c) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224335 |
| Illinois Finance Authority, Carle Foundation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291139 |
| Illinois Municipal Electric Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/34 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536357 |
| Illinois Sports Facilities Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037514 |
| Lake County Consolidated High School District No. 120 Mundelein, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945939 |
| Sales Tax Securitization Corp., Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/37 | &nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405254 |
| Sangamon & Morgan Counties Community Unit School District No. 16 New Berlin, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406856 |
| State of Illinois, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533896 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073037 |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/39 | &nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380765 |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543183 |
| Village of Mundelein, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256023 |
| Will County School District No. 114, Manhattan, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200333 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/43 | &nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27922484 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Indiana 1.7%** | **Indiana 1.7%** | **Indiana 1.7%** |
| Center Grove Community School Corp., Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/24 | $1500000 | &nbsp;&nbsp;$1524997 |
| City of Bloomington, Waterworks, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 263656 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 291814 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349526 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695491 |
| Indiana Finance Authority, Indianapolis Power & Light Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, due 8/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223924 |
| Indiana Finance Authority, CWA Authority, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/41 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413610 |
| **Kentucky 1.4%** | **Kentucky 1.4%** | **Kentucky 1.4%** |
| Kentucky Bond Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112785 |
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530841 |
| Kentucky Public Energy Authority, Gas Supply, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/50 (a) | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252025 |
| **Louisiana 2.2%** | **Louisiana 2.2%** | **Louisiana 2.2%** |
| Jefferson Parish Consolidated Sewerage District No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263564 |
| State of Louisiana, Gasoline & Fuels Tax, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/40 | &nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943472 |
| **Maine 0.4%** | **Maine 0.4%** | **Maine 0.4%** |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151714 |
| **Maryland 0.6%** | **Maryland 0.6%** | **Maryland 0.6%** |
| City of Baltimore, Harbor Point Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99424 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Maryland** | **Maryland** | **Maryland** |
| Maryland Community Development Administration, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/42 | $1000000 | &nbsp;&nbsp;$1051913 |
| Maryland Economic Development Corp., Morgan View & Thurgood Marshall Student Housing, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/32 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 535005 |
| State of Maryland, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953285 |
| **Massachusetts 1.0%** | **Massachusetts 1.0%** | **Massachusetts 1.0%** |
| Commonwealth of Massachusetts, COVID-19 Recovery Assessment, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.564%, due 7/15/23 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991060 |
| Massachusetts Development Finance Agency, Harvard University Issue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/27 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144748 |
| **Michigan 1.5%** | **Michigan 1.5%** | **Michigan 1.5%** |
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253690 |
| Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058383 |
| Michigan Finance Authority, Lawrence Technological University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182751 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506343 |
| Michigan Finance Authority, BHSH System Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149990 |
| Michigan Finance Authority, Public Lighting Authority Local Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101726 |
| Richmond Community Schools, School Building and Site, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series I, Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787348 |
| Summit Academy North, Michigan Public School Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189250 |
| Wyoming Public Schools, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series III, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737876 |
| **Minnesota 0.1%** | **Minnesota 0.1%** | **Minnesota 0.1%** |
| City of Independence, Global Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234206 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Mississippi 0.3%** | **Mississippi 0.3%** | **Mississippi 0.3%** |
| Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/34 | $810000 | &nbsp;&nbsp;$894506 |
| **Missouri 1.0%** | **Missouri 1.0%** | **Missouri 1.0%** |
| Hickman Mills C-1 School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 3/1/42 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2304534 |
| Wright City R-II School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428784 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264135 |
| **Montana 0.2%** | **Montana 0.2%** | **Montana 0.2%** |
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds (c) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285253 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554163 |
| **Nebraska 1.0%** | **Nebraska 1.0%** | **Nebraska 1.0%** |
| Central Plains Energy, Nebraska Gas Project No. 4, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/50 (a) | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516532 |
| Omaha Public Power District Nebraska City Station Unit 2, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/1/42 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075085 |
| **New Hampshire 0.2%** | **New Hampshire 0.2%** | **New Hampshire 0.2%** |
| New Hampshire Business Finance Authority, Pennichuck Water Works, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517954 |
| **New Jersey 4.3%** | **New Jersey 4.3%** | **New Jersey 4.3%** |
| Essex County Improvement Authority, North Star Academy Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/30 (c) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255310 |
| New Jersey Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.914%, due 3/1/24 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002285 |
| New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series UU |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475137 |
| &nbsp;&nbsp;&nbsp;Series WW |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/33 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624252 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **New Jersey** | **New Jersey** | **New Jersey** |
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/44 | $3000000 | &nbsp;&nbsp;$3148496 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 11/15/30 (b) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 256007 |
| New Jersey Housing & Mortgage Finance Agency, Amity Heights Apartments, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 7/1/25 (a) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003387 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series CC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/32 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384795 |
| New Jersey Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/42 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13263367 |
| **New Mexico 0.2%** | **New Mexico 0.2%** | **New Mexico 0.2%** |
| New Mexico Hospital Equipment Loan Council, La Vida Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548678 |
| **New York 9.4%** | **New York 9.4%** | **New York 9.4%** |
| Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347467 |
| City of New York, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/47 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698340 |
| County of Nassau, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079407 |
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530495 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522711 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/32 | &nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342104 |
| Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/36 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227544 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250472 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500153 |
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369178 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **New York** | **New York** | **New York** |
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/49 | $305000 | &nbsp;&nbsp;$327774 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/42 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000819 |
| &nbsp;&nbsp;&nbsp;Series F-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 800592 |
| New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 9/15/69 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457518 |
| New York Liberty Development Corp., Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304891 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/43 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488761 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 (c) | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248259 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214582 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/45 | &nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933304 |
| New York State Dormitory Authority, Sales tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/41 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628364 |
| New York State Thruway Authority, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/41 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044786 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253664 |
| New York Transportation Development Corp., John F. kennedy International Airport Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 (b) | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468676 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 (b) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001263 |
| Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 218 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/37 (b) | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380189 |
| Port Authority of New York & New Jersey, Consolidated 234th, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 234 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/38 (b) | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868554 |
| Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 5/15/45 (a) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238159 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **New York** | **New York** | **New York** |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/38 | $640000 | &nbsp;&nbsp;$675031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29203057 |
| **North Carolina 1.1%** | **North Carolina 1.1%** | **North Carolina 1.1%** |
| Greater Asheville Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 (b) | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1687310 |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363752 |
| **North Dakota 0.1%** | **North Dakota 0.1%** | **North Dakota 0.1%** |
| City of Grand Forks, Altru Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306025 |
| **Ohio 2.2%** | **Ohio 2.2%** | **Ohio 2.2%** |
| American Municipal Power, Inc., Hydroelectric Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/41 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112610 |
| City of Toledo, Various Purpose Improvement, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171253 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866717 |
| City of Upper Arlington, Various Purpose, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756332 |
| Cloverleaf Local School District, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826211 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973257 |
| **Oregon 0.4%** | **Oregon 0.4%** | **Oregon 0.4%** |
| State of Oregon, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/35 | &nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255957 |
| **Pennsylvania 3.1%** | **Pennsylvania 3.1%** | **Pennsylvania 3.1%** |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 5/1/42 (c) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509144 |
| Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307841 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305091 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Pennsylvania** | **Pennsylvania** | **Pennsylvania** |
| Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/32 (c) | $250000 | &nbsp;&nbsp;$252279 |
| Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (c) |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 10/15/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98115 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997397 |
| Indiana County Industrial Development Authority, Foundation for Indiana University of Pennsylvania (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 277459 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88209 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/30/35 | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024481 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/37 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281664 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561760 |
| Pennsylvania Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-141 |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 10/1/53 (d) | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730037 |
| Pennsylvania Turnpike Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249848 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/46 | &nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217645 |
| Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 (c) | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451129 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/35 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9741820 |
| **Puerto Rico 1.1%** | **Puerto Rico 1.1%** | **Puerto Rico 1.1%** |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43408 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;518717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472500 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655385 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287978 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 (c) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028879 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 (c) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514964 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Puerto Rico** | **Puerto Rico** | **Puerto Rico** |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 7/1/34 | $500000 | &nbsp;&nbsp;$502401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505515 |
| **Rhode Island 0.7%** | **Rhode Island 0.7%** | **Rhode Island 0.7%** |
| Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/47 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704666 |
| Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 77A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310002 |
| **South Dakota 0.2%** | **South Dakota 0.2%** | **South Dakota 0.2%** |
| Baltic School District No. 49-1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608704 |
| **Tennessee 2.2%** | **Tennessee 2.2%** | **Tennessee 2.2%** |
| Health Educational and Housing Facility Board of the City of Memphis (The), Strategies LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527799 |
| Health Educational and Housing Facility Board of the City of Memphis (The), Strategies II LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527965 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 619 at Old Stone Bridge Crossings LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/26 (a) | &nbsp;&nbsp;1511000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536800 |
| Metropolitan Nashville Airport Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 (b) | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799444 |
| Tennessee Energy Acquisition Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6920522 |
| **Texas 9.3%** | **Texas 9.3%** | **Texas 9.3%** |
| Alamito Public Facility Corp., EP WH Mesa Franklin LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 9/1/25 (a) | &nbsp;&nbsp;1003000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006491 |
| Alamito Public Facility Corp., EP WH Cien Palmas LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 9/1/25 (a) | &nbsp;&nbsp;1008000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011508 |
| Allen Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/35 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136136 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Texas** | **Texas** | **Texas** |
| Barbers Hill Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/41 | $1000000 | &nbsp;&nbsp;$1024268 |
| Belmont Fresh Water Supply District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/30 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 489008 |
| Central Texas Regional Mobility Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/27 | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1686687 |
| City of Arlington, Special Tax, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265235 |
| City of Georgetown, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/28 | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168774 |
| City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409486 |
| County of Parker, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/42 | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6332667 |
| Dallas Fort Worth International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249670 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178012 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/27 (b) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016265 |
| Harris County Municipal Utility District No. 423, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340144 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351820 |
| Harris County Toll Road, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/43 | &nbsp;&nbsp;2290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450206 |
| Houston Higher Education Finance Corp., KIPP, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003092 |
| New Hope Cultural Education Facilities Finance Corp., Outlook at Windhaven Forefront Living, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 10/1/26 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100193 |
| North Texas Tollway Authority, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156491 |
| Sabine-Neches Navigation District, Waterway Project, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/15/39 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705185 |
| San Antonio Public Facilities Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307140 |
| State of Texas, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799382 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Texas** | **Texas** | **Texas** |
| State of Texas, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/44 | $1000000 | &nbsp;&nbsp;$1042230 |
| Texas Department of Housing & Community Affairs, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 7/1/52 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 636914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28867004 |
| **U.S. Virgin Islands 1.0%** | **U.S. Virgin Islands 1.0%** | **U.S. Virgin Islands 1.0%** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888697 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085164 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073961 |
| **Utah 1.7%** | **Utah 1.7%** | **Utah 1.7%** |
| Central Utah Water Conservancy District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017073 |
| Intermountain Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993414 |
| State of Utah, Build America Bonds, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.539%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;917584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904847 |
| UIPA Crossroads Public Infrastructure District, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 6/1/41 (c) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442357 |
| Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245807 |
| Utah Charter School Finance Authority, Summit Academy, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218986 |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204977 |
| Utah Infrastructure Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640107 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142156 |
| **Vermont 0.9%** | **Vermont 0.9%** | **Vermont 0.9%** |
| University of Vermont and State Agricultural College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558879 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Vermont** | **Vermont** | **Vermont** |
| Vermont Student Assistance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/23 (b) | $1250000 | &nbsp;&nbsp;$1257762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816641 |
| **Virginia 0.3%** | **Virginia 0.3%** | **Virginia 0.3%** |
| James City County Economic Development Authority, Blaine Landing Phase II LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/26 (a) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032278 |
| **Washington 0.7%** | **Washington 0.7%** | **Washington 0.7%** |
| State of Washington, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135174 |
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954795 |
| Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 7/1/27 (c) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316903 |
| **West Virginia 0.4%** | **West Virginia 0.4%** | **West Virginia 0.4%** |
| West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/39 | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182303 |
| **Wisconsin 0.5%** | **Wisconsin 0.5%** | **Wisconsin 0.5%** |
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/32 (c) | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203273 |
| Public Finance Authority, College Achieve Paterson Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/42 (c) | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217421 |
| Racine Unified School District, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/9/23 (d) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424048 |
| Total Long-Term Municipal Bonds<br> (Cost $281,007,540) |  | &nbsp;&nbsp;&nbsp;&nbsp;288286819 |
| **Short-Term Municipal Notes 2.5%** | **Short-Term Municipal Notes 2.5%** | **Short-Term Municipal Notes 2.5%** |
| **Alabama 0.2%** | **Alabama 0.2%** | **Alabama 0.2%** |
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-2 |  |  |
| &nbsp;&nbsp;&nbsp;2.01%, due 10/1/52 (e) | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670866 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Short-Term Municipal Notes** | **Short-Term Municipal Notes** | **Short-Term Municipal Notes** |
| **California 0.7%** | **California 0.7%** | **California 0.7%** |
| California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 10/1/41 (b)(e) | $1500000 | &nbsp;&nbsp;$1512124 |
| Metropolitan Water District of Southern California, Waterworks, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, due 7/1/37 (e) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009210 |
| **Indiana 0.7%** | **Indiana 0.7%** | **Indiana 0.7%** |
| Indiana Finance Authority, Republic Services, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 5/1/34 (b)(e) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000112 |
| **New York 0.4%** | **New York 0.4%** | **New York 0.4%** |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F-2A, Insured: FHA 542(C) |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 11/1/62 (e) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504339 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-4 |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, due 8/1/39 (e) | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304339 |
| **Texas 0.3%** | **Texas 0.3%** | **Texas 0.3%** |
| Mission Economic Development Corp., Waste Management, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 7/1/40 (b)(e) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000100 |
| **Washington 0.2%** | **Washington 0.2%** | **Washington 0.2%** |
| County of King, Sewer, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.89%, due 1/1/40 (e) | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638223 |
| Total Short-Term Municipal Notes<br> (Cost $7,653,855) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622850 |
| Total Investments<br> (Cost $288,661,395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.3% | &nbsp;&nbsp;&nbsp;&nbsp;295909669 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14568205 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$310477874 |

---

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2023.

(b) Interest on these securities was subject to alternative minimum tax.

(c) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(d) Delayed delivery security.

------

(e) Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the
maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect
current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

#### Futures Contracts
As of January 31, 2023, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Bonds | &nbsp;&nbsp;(290) | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp; $(34346166) | &nbsp;&nbsp; $(35148906) | &nbsp;&nbsp; $(802740) |

---

1. As of January 31, 2023, cash in the amount of $797,500 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2023.

---

| |
|:---|
| Abbreviation(s): |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FGIC—Financial Guaranty Insurance Company |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| Q-SBLF—Qualified School Board Loan Fund |
| UT CSCE—Utah Charter School Credit Enhancement Program |

---

------

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $288286819 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $288286819 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7622850 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7622850 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;295909669 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;295909669 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$295909669 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$295909669 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp; $(802740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp; $(802740) |

---

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

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

------

## MainStay MacKay Short Term Municipal Fund<br>

## Portfolio of Investments January 31, 2023<sup>†</sup> (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 95.2%** | **Municipal Bonds 95.2%** | **Municipal Bonds 95.2%** |
| **Long-Term Municipal Bonds 75.9%** | **Long-Term Municipal Bonds 75.9%** | **Long-Term Municipal Bonds 75.9%** |
| **Alabama 3.7%** | **Alabama 3.7%** | **Alabama 3.7%** |
| Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/52 (a) | &nbsp;&nbsp;&nbsp;$13500000 | &nbsp;&nbsp;$13527389 |
| Black Belt Energy Gas District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 3921594 |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537651 |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637670 |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919359 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10745562 |
| Southeast Alabama Gas Supply District, Project No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522873 |
| Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960586 |
| Southeast Energy Authority, A Cooperative District, Project No. 3, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10892330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44665014 |
| **Alaska 0.6%** | **Alaska 0.6%** | **Alaska 0.6%** |
| Alaska Industrial Development & Export Authority, Tanana Chiefs Conference Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593301 |
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B1, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;0.50%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104352 |
| State of Alaska International Airports System, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289540 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780206 |
| **Arizona 0.6%** | **Arizona 0.6%** | **Arizona 0.6%** |
| Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693837 |
| City of Phoenix, Downtown Phoenix Student Housing LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50254 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731915 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Arizona** | **Arizona** | **Arizona** |
| Sedona Wastewater Municipal Property Corp., Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/24 | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$478754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6954760 |
| **Arkansas 0.1%** | **Arkansas 0.1%** | **Arkansas 0.1%** |
| City of Fort Smith, Water & Sewer, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1416269 |
| **California 5.4%** | **California 5.4%** | **California 5.4%** |
| Antelope Valley Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501845 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430349 |
| California Health Facilities Financing Authority, Lundquist Institute For Biomedical Innovation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312154 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/23 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419152 |
| Chino Basin Regional Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784049 |
| Chula Vista Elementary School District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086648 |
| City of Los Angeles, Department of Airports, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;0.848%, due 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891214 |
| Compton Community College District, Election of 2002, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175851 |
| Compton Community Redevelopment Agency, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010671 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678080 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314264 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Appropriations |  |  |
| &nbsp;&nbsp;&nbsp;1.886%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803764 |
| Los Angeles County Redevelopment Authority, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471815 |
| Los Angeles Department of Water & Power, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468625 |
| Los Angeles Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021169 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **California** | **California** | **California** |
| Pasadena Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 8/1/25 | &nbsp;&nbsp;&nbsp;$1490000 | &nbsp;&nbsp;$1475275 |
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 163345 |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 249739 |
| Sacramento City Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303842 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062190 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470161 |
| San Diego County Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;0.654%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612218 |
| San Diego Public Facilities Financing Authority, Water Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;1.903%, due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266605 |
| San Diego Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507889 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480949 |
| San Ramon Valley Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605392 |
| Santa Maria Joint Union High School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109239 |
| State of California, Various Purpose, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147360 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752189 |
| Torrance Unified School District, Election of 2008, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076149 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974361 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368077 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061623 |
| Victor Valley Union High School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254025 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65428072 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Colorado 0.3%** | **Colorado 0.3%** | **Colorado 0.3%** |
| Colorado Bridge Enterprise, Colorado High Performance Transportation Enterprise, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/31/26 (b) | &nbsp;&nbsp;&nbsp;$3950000 | &nbsp;&nbsp;$4084698 |
| **Connecticut 1.3%** | **Connecticut 1.3%** | **Connecticut 1.3%** |
| City of Hartford, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM State Guaranteed |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1438043 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM State Guaranteed |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1760000 | &nbsp;&nbsp;&nbsp;&nbsp; 1934765 |
| City of New Haven, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164236 |
| City of West Haven, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250425 |
| State of Connecticut, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;0.508%, due 6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948507 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216351 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514378 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5327065 |
| State of Connecticut, Transportation Infrastructure, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770666 |
| Town of Westport, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15974881 |
| **Delaware 0.4%** | **Delaware 0.4%** | **Delaware 0.4%** |
| Delaware State Economic Development Authority, Newark Charter School, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373090 |
| Delaware Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264357 |
| State of Delaware, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421246 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310134 |
| **District of Columbia 1.0%** | **District of Columbia 1.0%** | **District of Columbia 1.0%** |
| District of Columbia, Gallery Place Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723339 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **District of Columbia** | **District of Columbia** | **District of Columbia** |
| Metropolitan Washington Airports Authority, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;$2160000 | &nbsp;&nbsp;$2362730 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134639 |
| Metropolitan Washington Airports Authority Aviation, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025072 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758187 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11957379 |
| **Florida 2.5%** | **Florida 2.5%** | **Florida 2.5%** |
| City of Orlando, Tourist Development Tax, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845298 |
| City of Tampa, Water & Wastewater System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;1.141%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489298 |
| County of Broward, Port Facilities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516872 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739252 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899757 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187135 |
| County of Monroe, Airport, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series 202 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212769 |
| &nbsp;&nbsp;&nbsp;Series 202 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215596 |
| Greater Orlando Aviation Authority, Airport Facilities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/23 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9015331 |
| Greater Orlando Aviation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538691 |
| Miami-Dade County Expressway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5156618 |
| Miami-Dade County Health Facilities Authority, Nicklaus Children's Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;1.214%, due 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594825 |
| Orange County Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/52 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30564652 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Georgia 0.5%** | **Georgia 0.5%** | **Georgia 0.5%** |
| Main Street Natural Gas, Inc., Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/48 | &nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2510099 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp; 2641642 |
| Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6183489 |
| **Guam 0.3%** | **Guam 0.3%** | **Guam 0.3%** |
| Antonio B Won Pat International Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.133%, due 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608984 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407004 |
| Guam Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634912 |
| **Hawaii 0.1%** | **Hawaii 0.1%** | **Hawaii 0.1%** |
| State of Hawaii, Airports System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103152 |
| **Illinois 7.9%** | **Illinois 7.9%** | **Illinois 7.9%** |
| Chicago Board of Education, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732627 |
| Chicago O'Hare International Airport, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;1.168%, due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968606 |
| Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/25 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837569 |
| Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/25 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035519 |
| City of Berwyn, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333580 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836803 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478056 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732224 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Illinois** | **Illinois** | **Illinois** |
| City of Chicago, Wastewater Transmission Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/26 | &nbsp;&nbsp;&nbsp;$2090000 | &nbsp;&nbsp;$1911232 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120000 | &nbsp;&nbsp;&nbsp;&nbsp; 10717904 |
| City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135332 |
| City of Chicago, Neighbourhoods Alive 21 Program, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151862 |
| &nbsp;&nbsp;&nbsp;Series 2002B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173713 |
| &nbsp;&nbsp;&nbsp;Series 2002B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154017 |
| City of Chicago, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563804 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408274 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074604 |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949772 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504169 |
| City of Chicago, Waterworks, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250487 |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410532 |
| City of Galesburg, Knox College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188018 |
| City of Rockford, Alternative Revenue Source, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141714 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298061 |
| Cook County Township High School District No. 225, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297172 |
| County of Cook, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273115 |
| Crawford Hospital District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283353 |
| Illinois Finance Authority, Learn Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136249 |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213584 |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219806 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Illinois** | **Illinois** | **Illinois** |
| Illinois Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/23 | &nbsp;&nbsp;&nbsp;$545000 | &nbsp;&nbsp;$555891 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 573991 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 524412 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265391 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269046 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271960 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302584 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306126 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320451 |
| Illinois State University, Auxiliary Facilities System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420449 |
| Kane & DeKalb Counties Community Unit School District No. 302, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424624 |
| Kankakee County School District No. 111 Kankakee, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374598 |
| Lake County Consolidated High School District No. 120 Mundelein, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270202 |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288440 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170200 |
| Northern Illinois University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240910 |
| Peoria Public Building Commission, Peoria City School District No. 150, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061459 |
| Public Building Commission of Chicago, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024771 |
| Regional Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161132 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Illinois** | **Illinois** | **Illinois** |
| Sales Tax Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/24 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2043156 |
| Southern Illinois University, Housing & Auxiliary Facilities System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227716 |
| State of Illinois, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10358318 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5263257 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114228 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562204 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080380 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874911 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325207 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10023378 |
| State of Illinois, Unlimited General Obligation, First Series |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374401 |
| Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228329 |
| Village of Brookfield, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270320 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841268 |
| Will County Community Unit School District No. 201-U, Crete-Monee, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series E, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280909 |
| &nbsp;&nbsp;&nbsp;Series E, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95461617 |
| **Indiana 1.6%** | **Indiana 1.6%** | **Indiana 1.6%** |
| Avon Community School Building Corp., Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235490 |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659506 |
| Center Grove Community School Corp., Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850802 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Indiana** | **Indiana** | **Indiana** |
| City of Evansville, Medical School Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/23 | &nbsp;&nbsp;&nbsp;$535000 | &nbsp;&nbsp;$535000 |
| Greater Clark Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 232969 |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 339501 |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501919 |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700215 |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286004 |
| Indiana Finance Authority, Indianapolis Power & Light Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, due 8/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667885 |
| Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327795 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.52%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470027 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.92%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591844 |
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635870 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19539544 |
| **Iowa 1.4%** | **Iowa 1.4%** | **Iowa 1.4%** |
| Cedar Falls Community School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489414 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633661 |
| City of Coralville, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658414 |
| City of Orange City, Water, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468881 |
| Iowa Finance Authority, Renewable Natural Gas Project, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, due 1/1/42 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967134 |
| PEFA, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8244266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16461770 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Kansas 0.0% ‡** | **Kansas 0.0% ‡** | **Kansas 0.0% ‡** |
| Franklin County Unified School District No. 287 West Franklin, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/23 | &nbsp;&nbsp;&nbsp;$305000 | &nbsp;&nbsp;$309447 |
| **Kentucky 1.3%** | **Kentucky 1.3%** | **Kentucky 1.3%** |
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4245000 | &nbsp;&nbsp;&nbsp;&nbsp; 4352072 |
| Kentucky Public Energy Authority, Gas Supply, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6514547 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193844 |
| Kentucky State Property & Building Commission, Project No. 124, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683582 |
| Rural Water Financing Agency, Public Projects, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;0.40%, due 5/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15729651 |
| **Louisiana 2.2%** | **Louisiana 2.2%** | **Louisiana 2.2%** |
| Jefferson Sales Tax District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653006 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Utilities Restoration Corp. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.615%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138821 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Ragin Cajun Facilities, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834446 |
| Louisiana Stadium & Exposition District, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.872%, due 7/3/23 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6878215 |
| Louisiana Stadium & Exposition District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10514928 |
| Tobacco Settlement Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27032243 |
| **Maine 0.3%** | **Maine 0.3%** | **Maine 0.3%** |
| Finance Authority of Maine, Supplemental Education Loan Program, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554684 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Maine** | **Maine** | **Maine** |
| Finance Authority of Maine, Supplemental Education Loan Program, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/24 | &nbsp;&nbsp;&nbsp;$520000 | &nbsp;&nbsp;$539403 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 502264 |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096009 |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216227 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129360 |
| **Maryland 1.0%** | **Maryland 1.0%** | **Maryland 1.0%** |
| City of Baltimore, Wastewater Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.338%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634132 |
| Maryland Economic Development Corp., Terminal Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960358 |
| Maryland Health & Higher Educational Facilities Authority, Johns Hopkins University Issue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348666 |
| Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218276 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389871 |
| State of Maryland, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;0.41%, due 8/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8635157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12186460 |
| **Massachusetts 1.4%** | **Massachusetts 1.4%** | **Massachusetts 1.4%** |
| Commonwealth of Massachusetts, COVID-19 Recovery Assessment, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.68%, due 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12723330 |
| Massachusetts Educational Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100334 |
| Massachusetts Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;0.80%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17506620 |
| **Michigan 0.7%** | **Michigan 0.7%** | **Michigan 0.7%** |
| Allen Park Public School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648973 |
| Bay City School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029368 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Michigan** | **Michigan** | **Michigan** |
| Michigan Finance Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;2.326%, due 6/1/30 | &nbsp;&nbsp;&nbsp;$3982286 | &nbsp;&nbsp;$3814518 |
| Michigan Finance Authority, Kettering University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 550034 |
| Waterford School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2155000 | &nbsp;&nbsp;&nbsp;&nbsp; 2293898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8336791 |
| **Minnesota 1.5%** | **Minnesota 1.5%** | **Minnesota 1.5%** |
| Centennial Independent School District No. 12, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041664 |
| City of St. Paul, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;0.50%, due 3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738348 |
| Shakopee Independent School District No. 720, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248850 |
| Southern Minnesota Municipal Power Agency, Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130038 |
| State of Minnesota, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749081 |
| Watertown-Mayer Independent School District No. 111, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17741991 |
| **Mississippi 0.2%** | **Mississippi 0.2%** | **Mississippi 0.2%** |
| Mississippi Development Bank, Madison County Highway Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369943 |
| Mississippi Development Bank, Municipal Energy Agency of Mississippi Power Supply Refunding Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690812 |
| **Missouri 0.4%** | **Missouri 0.4%** | **Missouri 0.4%** |
| City of Kansas City, Main Streetcar Extension Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039895 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118694 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769295 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Missouri** | **Missouri** | **Missouri** |
| Kansas City Municipal Assistance Corp., Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC-ICC AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 4/15/23 | &nbsp;&nbsp;&nbsp;$880000 | &nbsp;&nbsp;$875488 |
| Springfield School District No. R-12, Direct Deposit Program, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Direct Deposit |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805064 |
| **Montana 0.1%** | **Montana 0.1%** | **Montana 0.1%** |
| Yellowstone County School District No. 2, School District No. 2 Billings, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787260 |
| **Nebraska 1.0%** | **Nebraska 1.0%** | **Nebraska 1.0%** |
| Central Plains Energy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 12/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507705 |
| Grand Island Public Schools, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121397 |
| Gretna Public Schools, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12064600 |
| **Nevada 1.0%** | **Nevada 1.0%** | **Nevada 1.0%** |
| Clark County School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011273 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899955 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667754 |
| Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11730370 |
| **New Jersey 6.1%** | **New Jersey 6.1%** | **New Jersey 6.1%** |
| City of Jersey City, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/26/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13740957 |
| City of Millville, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 11/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250136 |
| County of Morris, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796565 |
| Essex County Improvement Authority, North Star Academy Charter School Project, Revenue Bonds (c) |  |  |
| &nbsp;&nbsp;&nbsp;2.37%, due 8/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491219 |
| &nbsp;&nbsp;&nbsp;2.72%, due 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476629 |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651698 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **New Jersey** | **New Jersey** | **New Jersey** |
| Essex County Improvement Authority, North Star Academy Charter School Project, Revenue Bonds (c) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/26 | &nbsp;&nbsp;&nbsp;$385000 | &nbsp;&nbsp;$391780 |
| Manchester Township Board of Education, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM SCH BD RES FD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 355380 |
| New Jersey Economic Development Authority, New Jersey-American Water Co., Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;0.85%, due 12/1/25 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1451605 |
| New Jersey Economic Development Authority, Facilities Construction, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series FFF |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756325 |
| New Jersey Economic Development Authority, School Facility Surcharge, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series N-1, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 9/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523804 |
| New Jersey Educational Facilities Authority, Trustees of Princeton University (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532123 |
| New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082840 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/24 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252518 |
| New Jersey Housing & Mortgage Finance Agency, Amity Heights Apartments, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 7/1/25 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10067000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10084047 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069270 |
| &nbsp;&nbsp;&nbsp;Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891620 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134082 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001087 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10785961 |
| New Jersey Transportation Trust Fund Authority, Highway Reimbursement Notes, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947457 |
| Passaic Valley Sewerage Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series H, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233457 |
| Sayreville School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM SCH BD RES FD |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376879 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **New Jersey** | **New Jersey** | **New Jersey** |
| State of New Jersey, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/1/25 | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$2951048 |
| Tobacco Settlement Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2945000 | &nbsp;&nbsp;&nbsp;&nbsp; 2966766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73195253 |
| **New Mexico 0.8%** | **New Mexico 0.8%** | **New Mexico 0.8%** |
| New Mexico Municipal Energy Acquisition Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/39 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9836581 |
| **New York 6.3%** | **New York 6.3%** | **New York 6.3%** |
| City of Long Beach, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321733 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206962 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132184 |
| City of New York, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8066269 |
| East Islip Union Free School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10587463 |
| East Ramapo Central School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665844 |
| Genesee Valley Central School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772492 |
| &nbsp;&nbsp;&nbsp;Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832413 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7968968 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261521 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;7.97%, due 3/1/24 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511260 |
| New York State Dormitory Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222956 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **New York** | **New York** | **New York** |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/26 | &nbsp;&nbsp;&nbsp;$2400000 | &nbsp;&nbsp;$2534728 |
| New York State Energy Research & Development Authority, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.745%, due 4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086531 |
| New York State Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: SONYMA HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882330 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764021 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.32%, due 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804973 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489932 |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438955 |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475895 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106747 |
| Niagara Frontier Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/23 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827580 |
| Port Authority of New York & New Jersey, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 178 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269621 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;0.45%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420462 |
| Town of Oyster Bay, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372679 |
| Village of Johnson City, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75833802 |
| **North Carolina 1.7%** | **North Carolina 1.7%** | **North Carolina 1.7%** |
| North Carolina Capital Facilities Finance Agency, Campbell University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;1.05%, due 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968372 |
| North Carolina Medical Care Commission, United Methodist Retirement Homes, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680008 |
| North Carolina State University at Raleigh, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779133 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **North Carolina** | **North Carolina** | **North Carolina** |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/24 | &nbsp;&nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10234808 |
| Raleigh Durham Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1331361 |
| State of North Carolina, Highway Trust Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5050000 | &nbsp;&nbsp;&nbsp;&nbsp; 5081490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20075172 |
| **Ohio 2.3%** | **Ohio 2.3%** | **Ohio 2.3%** |
| Akron Bath Copley Joint Township Hospital District, Summa Health System Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481662 |
| American Municipal Power, Inc., Prairie State Energy Campus Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983392 |
| City of Dayton, Airport, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156907 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586039 |
| County of Lucas, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12139949 |
| Ironton City School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627130 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960537 |
| Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164721 |
| State of Ohio, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161786 |
| State of Ohio, Premier Health Partners Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28411611 |
| **Oregon 1.3%** | **Oregon 1.3%** | **Oregon 1.3%** |
| Port of Morrow, Bonneville Cooperation Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.179%, due 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5582651 |
| Salem-Keizer School District No. 24J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905247 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130020 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Oregon** | **Oregon** | **Oregon** |
| Warm Springs Reservation Confederated Tribe, Pelton-Round Butte Project, Revenue Bonds (c) |  |  |
| &nbsp;&nbsp;&nbsp;2.165%, due 11/1/26 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$909945 |
| &nbsp;&nbsp;&nbsp;2.37%, due 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 896360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15424223 |
| **Pennsylvania 3.9%** | **Pennsylvania 3.9%** | **Pennsylvania 3.9%** |
| Chichester School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 889028 |
| City of Philadelphia, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827772 |
| Coatesville School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648215 |
| Commonwealth of Pennsylvania, Unlimited General Obligation, First Series |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798542 |
| Commonwealth of Pennsylvania, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731987 |
| Geisinger Authority, Geisinger Health System Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/43 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739869 |
| Indiana County Industrial Development Authority, Foundation for Indiana University of Pennsylvania (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110504 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112616 |
| Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11983877 |
| Penn Hills School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264554 |
| Pennsylvania Economic Development Financing Authority, PPL Electric Utilities Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.40%, due 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522510 |
| Pennsylvania Turnpike Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444346 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457196 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302732 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394250 |
| Philadelphia Gas Works Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036245 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Pennsylvania** | **Pennsylvania** | **Pennsylvania** |
| Reading School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/24 | &nbsp;&nbsp;&nbsp;$3325000 | &nbsp;&nbsp;$3412868 |
| School District of Philadelphia (The), Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series F, Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 528556 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670290 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126944 |
| State Public School Building Authority, Community College of Allegheny County, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444667 |
| State Public School Building Authority, Delaware County Community College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311869 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266113 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353738 |
| Westmoreland County Industrial Development Authority, Excela Health Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46732276 |
| **Puerto Rico 0.0% ‡** | **Puerto Rico 0.0% ‡** | **Puerto Rico 0.0% ‡** |
| Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Auxilio Mutuo Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487528 |
| **Rhode Island 0.2%** | **Rhode Island 0.2%** | **Rhode Island 0.2%** |
| Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 77A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072431 |
| &nbsp;&nbsp;&nbsp;Series 77A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351167 |
| **South Carolina 0.5%** | **South Carolina 0.5%** | **South Carolina 0.5%** |
| City of Anderson, Water & Sewer, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446586 |
| South Carolina Public Service Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616904 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875843 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Tennessee 0.8%** | **Tennessee 0.8%** | **Tennessee 0.8%** |
| Memphis-Shelby County Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, due 7/1/25 (b) | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1911361 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Trevecca Nazarene University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 586050 |
| Tennessee Energy Acquisition Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7650000 | &nbsp;&nbsp;&nbsp;&nbsp; 7688558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185969 |
| **Texas 5.6%** | **Texas 5.6%** | **Texas 5.6%** |
| Alamito Public Facility Corp., EP WH Cien Palmas LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 9/1/25 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512181 |
| Central Texas Regional Mobility Authority, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11335218 |
| Central Texas Turnpike System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798980 |
| City of Austin, Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/25 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721908 |
| City of Dallas, Hotel Occupancy Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740072 |
| City of Dallas Housing Finance Corp. Multi-family Housing, Highpoint at Wynnewood, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 2/1/44 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918507 |
| City of Georgetown, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481486 |
| City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018659 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294310 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034530 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614216 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466716 |
| City of Houston, Combined Utility System, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199381 |
| City of San Antonio, Electric & Gas Systems, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467946 |
| City of Sugar Land, Waterworks & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092175 |
| Clear Lake City Water Authority, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150163 |
| Decatur Hospital Authority, Wise Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779539 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881357 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Texas** | **Texas** | **Texas** |
| Decatur Hospital Authority, Wise Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/28 | &nbsp;&nbsp;&nbsp;$845000 | &nbsp;&nbsp;$893939 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139541 |
| Ennis Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1263680 |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636480 |
| Fort Bend County Municipal Utility District No. 134B, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214908 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446506 |
| Fort Bend-Waller Counties Municipal Utility District No. 3, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 4/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175493 |
| Green Valley Special Utility District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399766 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547684 |
| Harris County Municipal Utility District No. 171, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064434 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941110 |
| Harris County Municipal Utility District No. 489, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715981 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061246 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089932 |
| Harris County Water Control & Improvement District No. 158, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341342 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370332 |
| Harris County-Houston Sports Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156121 |
| Horizon Regional Municipal Utility District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313648 |
| Houston Higher Education Finance Corp., Houston Baptist University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110383 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Texas** | **Texas** | **Texas** |
| Houston Higher Education Finance Corp., Houston Baptist University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;$150000 | &nbsp;&nbsp;$141063 |
| Hunt Memorial Hospital District Charitable Health, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 325234 |
| Imperial Redevelopment District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 124672 |
| Lazy Nine Municipal Utility District No. 1B, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323184 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401289 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430270 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460861 |
| Pasadena Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286554 |
| San Antonio Housing Trust Public Facility Corp., Country Club Village LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560074 |
| State of Texas, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.326%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675663 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856977 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931723 |
| Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082179 |
| Viridian Municipal Management District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303580 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67601832 |
| **U.S. Virgin Islands 1.7%** | **U.S. Virgin Islands 1.7%** | **U.S. Virgin Islands 1.7%** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950082 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15944884 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20294944 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Utah 0.7%** | **Utah 0.7%** | **Utah 0.7%** |
| City of Salt Lake City, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 (b) | &nbsp;&nbsp;&nbsp;$3365000 | &nbsp;&nbsp;$3738778 |
| Utah Infrastructure Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 547147 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 544491 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 344244 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299306 |
| Utah Telecommunication Open Infrastructure Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251967 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309219 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421700 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538922 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545025 |
| **Vermont 0.1%** | **Vermont 0.1%** | **Vermont 0.1%** |
| City of Burlington, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401953 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422052 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276190 |
| **Virginia 0.8%** | **Virginia 0.8%** | **Virginia 0.8%** |
| Capital Region Airport Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055604 |
| City of Suffolk, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169267 |
| County of Chesterfield, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768519 |
| Norfolk Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407985 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169602 |
| Virginia Commonwealth Transportation Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10118763 |
| **Washington 2.5%** | **Washington 2.5%** | **Washington 2.5%** |
| City of Seattle, Drainage & Wastewater, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622843 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Washington** | **Washington** | **Washington** |
| King County School District No. 411, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/30 | &nbsp;&nbsp;&nbsp;$1800000 | &nbsp;&nbsp;$1825492 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3385000 | &nbsp;&nbsp;&nbsp;&nbsp; 3405073 |
| Port of Seattle, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/24 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3360000 | &nbsp;&nbsp;&nbsp;&nbsp; 3434785 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558893 |
| Port of Seattle, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235498 |
| Seattle Housing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827989 |
| State of Washington, Various Purpose, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series R-2015A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073388 |
| &nbsp;&nbsp;&nbsp;Series R-2015A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10374032 |
| Washington Higher Education Facilities Authority, Seattle University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30614465 |
| **West Virginia 0.0% ‡** | **West Virginia 0.0% ‡** | **West Virginia 0.0% ‡** |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436583 |
| **Wisconsin 1.6%** | **Wisconsin 1.6%** | **Wisconsin 1.6%** |
| City of Milwaukee, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series N-3, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148862 |
| &nbsp;&nbsp;&nbsp;Series N-3, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393780 |
| &nbsp;&nbsp;&nbsp;Series N-4, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094825 |
| &nbsp;&nbsp;&nbsp;Series N-4, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094825 |
| &nbsp;&nbsp;&nbsp;Series N-3, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131458 |
| Oshkosh Area School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 3/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999376 |
| Public Finance Authority, United Methodist Retirement Homes, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191492 |
| Public Finance Authority, Northwest Nazarene University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519497 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** | **Long-Term Municipal Bonds** |
| **Wisconsin** | **Wisconsin** | **Wisconsin** |
| Town of Manitowish Waters, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/23 | &nbsp;&nbsp;&nbsp;$295000 | &nbsp;&nbsp;$294966 |
| Village of Mount Pleasant, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2602686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19471767 |
| **Wyoming 0.2%** | **Wyoming 0.2%** | **Wyoming 0.2%** |
| Consolidated Municipalities Electric Power Systems, Joint Powers Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503967 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793307 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849765 |
| Total Long-Term Municipal Bonds<br> (Cost $911,289,036) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918189977 |
| **Short-Term Municipal Notes 19.3%** | **Short-Term Municipal Notes 19.3%** | **Short-Term Municipal Notes 19.3%** |
| **Alabama 1.6%** | **Alabama 1.6%** | **Alabama 1.6%** |
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-2 |  |  |
| &nbsp;&nbsp;&nbsp;2.01%, due 10/1/52 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15813267 |
| Southeast Alabama Gas Supply District (The), Project No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;2.31%, due 4/1/49 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18806381 |
| **Arizona 1.2%** | **Arizona 1.2%** | **Arizona 1.2%** |
| Arizona Health Facilities Authority, Banner Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;1.91%, due 1/1/46 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14505600 |
| **California 1.7%** | **California 1.7%** | **California 1.7%** |
| California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 1/1/50 (b)(c)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9999838 |
| California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 10/1/41 (b)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040414 |
| California Pollution Control Financing Authority, Waste Management Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 11/1/38 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20478835 |
| **District of Columbia 0.3%** | **District of Columbia 0.3%** | **District of Columbia 0.3%** |
| District of Columbia Housing Finance Agency, Cascade Park Apartments II Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.70%, due 8/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291406 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Short-Term Municipal Notes** | **Short-Term Municipal Notes** | **Short-Term Municipal Notes** |
| **Florida 0.7%** | **Florida 0.7%** | **Florida 0.7%** |
| Florida Development Finance Corp., Brighline Passenger Rail Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, due 12/1/56 (b)(e) | &nbsp;&nbsp;&nbsp;$8335000 | &nbsp;&nbsp;$8330120 |
| **Georgia 0.3%** | **Georgia 0.3%** | **Georgia 0.3%** |
| Bartow County Development Authority, Georgia Power Company Plant Bowen Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, due 9/1/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2532530 |
| Development Authority of Burke County (The), Georgia Power Co. Vogtle Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, due 10/1/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 980346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512876 |
| **Illinois 0.3%** | **Illinois 0.3%** | **Illinois 0.3%** |
| Illinois Finance Authority, Presbyterian Homes Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.36%, due 5/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093575 |
| Illinois Finance Authority, American Water Capital Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 10/1/39 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180563 |
| **Indiana 0.3%** | **Indiana 0.3%** | **Indiana 0.3%** |
| Indiana Finance Authority, Indianapolis Power & Light Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, due 12/1/38 (b)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024622 |
| Indiana Finance Authority, Deaconess Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;1.96%, due 3/1/39 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902529 |
| **Kansas 0.8%** | **Kansas 0.8%** | **Kansas 0.8%** |
| City of Wichita, Wichita Senior Housing, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series IV, Insured: FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;0.51%, due 11/1/25 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9716135 |
| **Louisiana 0.6%** | **Louisiana 0.6%** | **Louisiana 0.6%** |
| Parish of St. John the Baptist LA, Marathon Oil Corp. Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906467 |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6179667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086134 |
| **Michigan 1.1%** | **Michigan 1.1%** | **Michigan 1.1%** |
| City of Detroit, Water Sewage Disposal System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.794%, due 7/1/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13225978 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Short-Term Municipal Notes** | **Short-Term Municipal Notes** | **Short-Term Municipal Notes** |
| **New Jersey 0.5%** | **New Jersey 0.5%** | **New Jersey 0.5%** |
| New Jersey Turnpike Authority, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series C-4 |  |  |
| &nbsp;&nbsp;&nbsp;3.758%, due 1/1/24 | &nbsp;&nbsp;&nbsp;$3200000 | &nbsp;&nbsp;$3214119 |
| &nbsp;&nbsp;&nbsp;Series D-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.758%, due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2611472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825591 |
| **New York 1.2%** | **New York 1.2%** | **New York 1.2%** |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D-2A-2, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.681%, due 11/1/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10808052 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-4A |  |  |
| &nbsp;&nbsp;&nbsp;3.261%, due 1/1/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173742 |
| **Ohio 2.4%** | **Ohio 2.4%** | **Ohio 2.4%** |
| Ohio Air Quality Development Authority, American Electric Power Co. Project, Revenue Bonds (b)(e) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145972 |
| &nbsp;&nbsp;&nbsp;2.10%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942056 |
| &nbsp;&nbsp;&nbsp;2.10%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9710282 |
| Ohio Higher Educational Facility Commission, Case Western Reserve University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;1.89%, due 12/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829820 |
| State of Ohio, Cleveland Clinic Health System Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.06%, due 1/1/52 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119975 |
| State of Ohio, Republic Services, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, due 11/1/35 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29248193 |
| **Pennsylvania 2.1%** | **Pennsylvania 2.1%** | **Pennsylvania 2.1%** |
| County of Allegheny, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C-59B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.525%, due 11/1/26 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663447 |
| Lehigh County General Purpose Authority, Muhlenberg College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.24%, due 11/1/37 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12429579 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.06%, due 6/1/41 (b)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8768657 |
| Pennsylvania Higher Educational Facilities Authority, Indiana University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;3.785%, due 7/1/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196010 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.02%, due 2/15/24 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26055279 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Short-Term Municipal Notes** | **Short-Term Municipal Notes** | **Short-Term Municipal Notes** |
| **South Carolina 0.2%** | **South Carolina 0.2%** | **South Carolina 0.2%** |
| Patriots Energy Group Financing Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.787%, due 10/1/48 (e) | &nbsp;&nbsp;&nbsp;$2180000 | &nbsp;&nbsp;$2185466 |
| **Texas 2.3%** | **Texas 2.3%** | **Texas 2.3%** |
| Capital Area Housing Finance Corp., Grand Avenue Flats Ltd., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.29%, due 8/1/39 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12320617 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.838%, due 9/15/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15627780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27948397 |
| **Washington 1.6%** | **Washington 1.6%** | **Washington 1.6%** |
| County of King, Sewer, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.89%, due 1/1/40 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19487722 |
| **Wisconsin 0.1%** | **Wisconsin 0.1%** | **Wisconsin 0.1%** |
| Wisconsin Housing & Economic Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;0.50%, due 11/1/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707360 |
| Total Short-Term Municipal Notes<br> (Cost $237,385,952) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233668307 |
| Total Municipal Bonds<br> (Cost $1,148,674,988) |  | &nbsp;&nbsp;&nbsp;&nbsp;1151858284 |
| **Long-Term Bonds 0.6%** | **Long-Term Bonds 0.6%** | **Long-Term Bonds 0.6%** |
| **Corporate Bonds 0.6%** | **Corporate Bonds 0.6%** | **Corporate Bonds 0.6%** |
| **Commercial Services 0.6%** | **Commercial Services 0.6%** | **Commercial Services 0.6%** |
| J Paul Getty Trust (The) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021 |  |  |
| &nbsp;&nbsp;&nbsp;0.391%, due 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804278 |
| Yale University |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;0.873%, due 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584760 |
| Total Long-Term Bonds<br> (Cost $7,653,947) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584760 |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investment 0.2%** | **Short-Term Investment 0.2%** | **Short-Term Investment 0.2%** |
| **U.S. Treasury Debt 0.2%** | **U.S. Treasury Debt 0.2%** | **U.S. Treasury Debt 0.2%** |
| U.S. Treasury Bills, 0.000% (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;$1723429 |
| Total Short-Term Investment<br> (Cost $1,723,803) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723429 |
| Total Investments<br> (Cost $1,158,052,738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.0% | &nbsp;&nbsp;&nbsp;&nbsp;1161166473 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48406317 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1209572790 |

---

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2023.

(b) Interest on these securities was subject to alternative minimum tax.

(c) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(d) Floating rate—Rate shown was the rate in effect as of January 31, 2023.

(e) Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the
earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market
conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

(f) Interest rate shown represents yield to maturity.

---

| |
|:---|
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| ICC—Insured Custody Certificates |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| Q-SBLF—Qualified School Board Loan Fund |
| SD CRED PROG—School District Credit Enhancement Program |
| SONYMA—State of New York Mortgage Agency |

---

------

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp; $918189977 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $918189977 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 233668307 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 233668307 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1151858284 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1151858284 |
| Long-Term Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7584760 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7584760 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584760 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584760 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Debt | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1723429 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1723429 |
| Total Investments in Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1161166473 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1161166473 |

---

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

------

## MainStay Funds Trust

## Notes to Portfolios of Investments January 31, 2023 (Unaudited)

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

Effective September 8, 2022, and pursuant to Rule 2a-5 under the 1940 Act, The Board of Trustees of the MainStay Funds Trust (the "Board") designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and preview reports to the Board.

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

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

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

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

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

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of each Fund's assets and liabilities as of January 31, 2023, is included at the end of each Fund's respective Portfolio of Investments.

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

------

---

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

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally use a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price a Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the period ended January 31, 2023, there were no material changes to the fair value methodologies.

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

Certain securities held by certain Funds may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which each of the Fund's net asset values ("NAVs") are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy. Securities that were fair valued in such a manner as of January 31, 2023, are shown in the Portfolio of Investments.

If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy. No securities held by the Funds as of January 31, 2023, were fair valued in such a manner.

Equity securities, rights, warrants and shares of Exchange-Traded Funds ("ETFs") are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

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

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

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor(s). The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes

------

valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

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

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

A portfolio investment may be classified as an illiquid investment under a Fund's written liquidity risk management program and related procedures ("Liquidity Program"). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor(s) might wish to sell, and these investments could have the effect of decreasing the overall level of a Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that a Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor(s) reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often fair valued in accordance with each Fund's procedures described above. The liquidity of each Fund's investments was determined as of January 31, 2023, and can change at any time. Illiquid investments as of January 31, 2023, are shown in the Portfolio of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MAINSTAY FUNDS TRUST

- **b. Investment Company Act file number:** 811-22321

- **c. CIK number of Registrant:** 0001469192

- **d. LEI of Registrant:** 549300SQRLBSUG7RD002

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

- **a. Name of Series:** MainStay MacKay Short Term Municipal Fund

- **b. EDGAR series identifier (if any):** S000028538

- **c. LEI of Series:** 549300ZY6MAJ3210UG92

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1214062531.08

**Total Liabilities:** $5176032.16

**Net Assets:** $1208886498.92

**Cash Not Reported:** $19192080.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -3171.75000000 | **1-Year:** -70380.40000000 | **5-Year:** -130773.14000000 | **10-Year:** -22133.19000000 | **30-Year:** -2407.31000000

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

- **3-Month:** -1886.66000000 | **1-Year:** -7747.72000000 | **5-Year:** -10300.84000000 | **10-Year:** -8067.27000000 | **30-Year:** -1665.36000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222390 | 1.48%                | 0.20%                | 1.19%                |
| Class ID C000087378 | 1.56%                | 0.07%                | 1.27%                |
| Class ID C000195140 | 1.62%                | 0.12%                | 1.22%                |
| Class ID C000087380 | 1.62%                | 0.23%                | 1.21%                |
| Class ID C000087379 | 1.59%                | 0.20%                | 1.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14663976.30            | $33677391.54                               |
| Month 2  | $-8546927.25             | $8381361.67                                |
| Month 3  | $-3882348.27             | $16292046.58                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Commonwealth of Pennsylvania                                                                                   | Commonwealth of Pennsylvania                                                                                   | CUSIP: 70914PTT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5775000 | PA      | $5798541.79   | 0.48%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                               | North Carolina Capital Facilities Finance Agency                                                               | CUSIP: 65818PPH6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968371.80    | 0.08%             | 2023-10-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| City of St Paul                                                                                                | City of St Paul                                                                                                | CUSIP: 792882DP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3738348.46   | 0.31%             | 2024-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                                                                | San Diego Public Facilities Financing Authority                                                                | CUSIP: 79730CJK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4640000 | PA      | $4266604.82   | 0.35%             | 2026-08-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Consolidated Municipalities Electric Power Systems Joint Powers Board                                          | Consolidated Municipalities Electric Power Systems Joint Powers Board                                          | CUSIP: 210295EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $793306.88    | 0.07%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                  | Main Street Natural Gas, Inc.                                                                                  | CUSIP: 56035DAK8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2510099.25   | 0.21%             | 2048-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                                                  | Delaware State Economic Development Authority                                                                  | CUSIP: 246372AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $373090.06    | 0.03%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                      | New Jersey Economic Development Authority                                                                      | CUSIP: 64577B5J9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756324.60    | 0.06%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                                            | State of Washington                                                                                            | CUSIP: 93974DGH5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073387.60   | 0.17%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                                 | New Jersey Transportation Trust Fund Authority                                                                 | CUSIP: 646136YA3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1001086.75   | 0.08%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay                                                                                             | Town of Oyster Bay                                                                                             | CUSIP: 692160SP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2372678.41   | 0.20%             | 2025-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Broward                                                                                              | County of Broward                                                                                              | CUSIP: 11506KGF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516872.00    | 0.04%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                                                    | Southeast Alabama Gas Supply District (The)                                                                    | CUSIP: 84131TAE2<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522872.90   | 0.13%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sugar Land Waterworks & Sewer System                                                                   | City of Sugar Land Waterworks & Sewer System                                                                   | CUSIP: 864881QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $2092174.95   | 0.17%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                      | New York Transportation Development Corp.                                                                      | CUSIP: 650116GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4475895.20   | 0.37%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Georgetown Utility System                                                                              | City of Georgetown Utility System                                                                              | CUSIP: 373064B45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $481486.16    | 0.04%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                                                        | Tobacco Securitization Authority of Southern California, Class 1                                               | CUSIP: 888804BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1752188.61   | 0.14%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                                                    | San Diego County Regional Airport Authority                                                                    | CUSIP: 79739GPB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3612218.14   | 0.30%             | 2023-07-01      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                                                                    | Warm Springs Reservation Confederated Tribe                                                                    | CUSIP: 934312AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $896359.70    | 0.07%             | 2027-11-01      | Fixed         | 2.37%                 | Yes           |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MJE2<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271959.55    | 0.02%             | 2026-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                                 | Black Belt Energy Gas District                                                                                 | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  16500000 | PA      | $15813266.70  | 1.31%             | 2052-10-01      | Floating      | 2.01%                 | No            |                  2 | On Loan: No      |
| Viridian Municipal Management District                                                                         | Viridian Municipal Management District                                                                         | CUSIP: 92823PGE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303579.66    | 0.03%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                                                    | Development Authority of Burke County (The)                                                                    | CUSIP: 121342PX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980345.40    | 0.08%             | 2032-10-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                     | Michigan Finance Authority                                                                                     | CUSIP: 59447TH89<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3982286 | PA      | $3814518.39   | 0.32%             | 2030-06-01      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| County of Monroe Airport                                                                                       | County of Monroe Airport                                                                                       | CUSIP: 610466AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215595.80    | 0.02%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Consolidated High School District No. 120 Mundelein                                                | Lake County Consolidated High School District No. 120 Mundelein                                                | CUSIP: 509156HK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $288440.28    | 0.02%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                      | Indiana Finance Authority                                                                                      | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4095000 | PA      | $3667885.36   | 0.30%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                                                | City of Chicago                                                                                                | CUSIP: 167486G45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074603.90   | 0.09%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                                                     | Antelope Valley Community College District                                                                     | CUSIP: 03667PEN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1501845.53   | 0.12%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                     | Illinois Finance Authority                                                                                     | CUSIP: 45204FKX2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    135000 | PA      | $136249.24    | 0.01%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Coralville                                                                                             | City of Coralville                                                                                             | CUSIP: 218080JJ9<br>LEI: 549300UKC7MMW46X6P25 | Long             | DBT              | MUN               | US        |    645000 | PA      | $658414.45    | 0.05%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Green Valley Special Utility District                                                                          | Green Valley Special Utility District                                                                          | CUSIP: 39356ACM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $547684.24    | 0.05%             | 2025-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                                         | Ohio Air Quality Development Authority                                                                         | CUSIP: 677525WK9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1942056.40   | 0.16%             | 2028-07-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                                 | New Jersey Transportation Trust Fund Authority                                                                 | CUSIP: 646136M32<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1134081.52   | 0.09%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                                                  | State of Ohio                                                                                                  | CUSIP: 67756CEM6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    140000 | PA      | $149488.28    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                                         | California Municipal Finance Authority                                                                         | CUSIP: 13048VBA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1419152.00   | 0.12%             | 2023-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                                                                    | Coatesville School District                                                                                    | CUSIP: 190684PM6<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |    625000 | PA      | $648215.25    | 0.05%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockford                                                                                               | City of Rockford                                                                                               | CUSIP: 77316QE21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141713.89    | 0.01%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alamito Public Facility Corp.                                                                                  | Alamito Public Facility Corp.                                                                                  | CUSIP: 011245AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3512181.40   | 0.29%             | 2025-09-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                                         | Ohio Air Quality Development Authority                                                                         | CUSIP: 677525WN3<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2145972.32   | 0.18%             | 2027-12-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                                     | Utah Infrastructure Agency                                                                                     | CUSIP: 917467BT8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    350000 | PA      | $344244.22    | 0.03%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                                                         | Harris County-Houston Sports Authority                                                                         | CUSIP: 413890CY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156120.63    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oshkosh Area School District                                                                                   | Oshkosh Area School District                                                                                   | CUSIP: 687908JD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999375.80    | 0.08%             | 2023-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority                                                                                      | Norfolk Airport Authority                                                                                      | CUSIP: 655857DS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $407985.31    | 0.03%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy                                | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy                                | CUSIP: 54465ADF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1471814.67   | 0.12%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Burlington Airport                                                                                     | City of Burlington Airport                                                                                     | CUSIP: 122064DP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401953.24    | 0.03%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gretna Public Schools                                                                                          | Gretna Public Schools                                                                                          | CUSIP: 803770XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6435498.00   | 0.53%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                                     | Finance Authority of Maine                                                                                     | CUSIP: 56042TBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $539403.02    | 0.04%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                                 | New Jersey Transportation Trust Fund Authority                                                                 | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10785961.00  | 0.89%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Morrow                                                                                                 | Port of Morrow                                                                                                 | CUSIP: 73474TAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5770000 | PA      | $5582650.99   | 0.46%             | 2024-09-01      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                      | Indiana Finance Authority                                                                                      | CUSIP: 45506EBY8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    355000 | PA      | $327795.25    | 0.03%             | 2025-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                                           | State of Connecticut                                                                                           | CUSIP: 20772J2N1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   5120000 | PA      | $5327065.09   | 0.44%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Torrance Unified School District                                                                               | Torrance Unified School District                                                                               | CUSIP: 891381K61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2076149.00   | 0.17%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore                                                                                              | City of Baltimore                                                                                              | CUSIP: 059231V64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1634131.64   | 0.14%             | 2027-07-01      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                                     | Virginia Commonwealth Transportation Board                                                                     | CUSIP: 927793XR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547785.65   | 0.13%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                             | Tennessee Energy Acquisition Corp.                                                                             | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   7650000 | PA      | $7688557.53   | 0.64%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Berwyn                                                                                                 | City of Berwyn                                                                                                 | CUSIP: 086257PQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $732223.58    | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community Redevelopment Agency                                                                         | Compton Community Redevelopment Agency                                                                         | CUSIP: 204713AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010671.30   | 0.08%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                                               | San Joaquin Hills Transportation Corridor Agency                                                               | CUSIP: 798111BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1480949.31   | 0.12%             | 2024-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Morris                                                                                               | County of Morris                                                                                               | CUSIP: 618024BN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2796564.68   | 0.23%             | 2025-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                                          | Northern Tobacco Securitization Corp.                                                                          | CUSIP: 66585VBZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $104351.89    | 0.01%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Allen Park Public School District                                                                              | Allen Park Public School District                                                                              | CUSIP: 018033GV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $648972.95    | 0.05%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                      | New York Transportation Development Corp.                                                                      | CUSIP: 650116DD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3489932.25   | 0.29%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Township High School District No. 225                                                              | Cook County Township High School District No. 225                                                              | CUSIP: 215777KK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1297171.64   | 0.11%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio Electric & Gas Systems                                                                     | City of San Antonio Electric & Gas Systems                                                                     | CUSIP: 79625GFU2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4467945.95   | 0.37%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                                                                    | Warm Springs Reservation Confederated Tribe                                                                    | CUSIP: 934312AS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909945.30    | 0.08%             | 2026-11-01      | Fixed         | 2.17%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                                 | Black Belt Energy Gas District                                                                                 | CUSIP: 09182TBX4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    615000 | PA      | $637669.95    | 0.05%             | 2025-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                     | Illinois Finance Authority                                                                                     | CUSIP: 45204FKY0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    210000 | PA      | $213584.15    | 0.02%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lazy Nine Municipal Utility District No. 1B                                                                    | Lazy Nine Municipal Utility District No. 1B                                                                    | CUSIP: 52109HPM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $323184.12    | 0.03%             | 2025-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Long Beach                                                                                             | City of Long Beach                                                                                             | CUSIP: 542519ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132184.30    | 0.01%             | 2025-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                                                | City of Chicago                                                                                                | CUSIP: 167486UG2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154017.05    | 0.01%             | 2028-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village of Johnson City                                                                                        | Village of Johnson City                                                                                        | CUSIP: 478232NV9<br>LEI: 549300LRO82Q9UD0VD27 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1559283.11   | 0.13%             | 2023-09-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Utility District No. 134B                                                           | Fort Bend County Municipal Utility District No. 134B                                                           | CUSIP: 34683LRB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214908.38    | 0.02%             | 2025-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                                                        | Louisiana Stadium & Exposition District                                                                        | CUSIP: 546410CG4<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6878214.70   | 0.57%             | 2023-07-03      | Fixed         | 1.87%                 | Yes           |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                                          | Industrial Development Authority of the City of Phoenix Arizona (The)                                          | CUSIP: 71885DCN0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50253.50     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                                              | Florida Development Finance Corp.                                                                              | CUSIP: 340618DE4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   8335000 | PA      | $8330119.86   | 0.69%             | 2056-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                                                    | New Jersey Educational Facilities Authority                                                                    | CUSIP: 6460657V8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   8220000 | PA      | $8532123.26   | 0.71%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Berwyn                                                                                                 | City of Berwyn                                                                                                 | CUSIP: 086257PN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $836803.28    | 0.07%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                                     | Tarrant County Cultural Education Facilities Finance Corp.                                                     | CUSIP: 87638RJX6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    875000 | PA      | $931722.84    | 0.08%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Clark Building Corp.                                                                                   | Greater Clark Building Corp.                                                                                   | CUSIP: 39167GHW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $501919.25    | 0.04%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                                | Indianapolis Local Public Improvement Bond Bank                                                                | CUSIP: 45528ULZ2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1504717.18   | 0.12%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Berwyn                                                                                                 | City of Berwyn                                                                                                 | CUSIP: 086257PP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $478056.18    | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Victor Valley Union High School District                                                                       | Victor Valley Union High School District                                                                       | CUSIP: 926055HQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14715000 | PA      | $3254025.07   | 0.27%             | 2049-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                          | Pennsylvania Economic Development Financing Authority                                                          | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8768656.80   | 0.73%             | 2041-06-01      | Floating      | 2.06%                 | No            |                  2 | On Loan: No      |
| Decatur Hospital Authority                                                                                     | Decatur Hospital Authority                                                                                     | CUSIP: 243323CY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1139541.01   | 0.09%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                             | Matching Fund Special Purpose Securitization Corp.                                                             | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   3850000 | PA      | $3950082.29   | 0.33%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Monroe Airport                                                                                       | County of Monroe Airport                                                                                       | CUSIP: 610466AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212769.12    | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                                                      | Orange County Health Facilities Authority                                                                      | CUSIP: 68450LGS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $153209.87    | 0.01%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Decatur Hospital Authority                                                                                     | Decatur Hospital Authority                                                                                     | CUSIP: 243323CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $779538.75    | 0.06%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                                                   | Clark County School District                                                                                   | CUSIP: 181059F50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3780000 | PA      | $4011272.87   | 0.33%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                                               | California Health Facilities Financing Authority                                                               | CUSIP: 13032URT7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    310000 | PA      | $312154.00    | 0.03%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MJC6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265390.85    | 0.02%             | 2025-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                                        | Los Angeles Department of Water & Power                                                                        | CUSIP: 544495F25<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    450000 | PA      | $468624.83    | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                                     | Utah Infrastructure Agency                                                                                     | CUSIP: 917467BA9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1299306.42   | 0.11%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward                                                                                              | County of Broward                                                                                              | CUSIP: 11506KGH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $899757.34    | 0.07%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                                                   | Jefferson Sales Tax District                                                                                   | CUSIP: 474176KU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1653005.70   | 0.14%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clear Lake City Water Authority                                                                                | Clear Lake City Water Authority                                                                                | CUSIP: 18458PAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150162.90    | 0.01%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lazy Nine Municipal Utility District No. 1B                                                                    | Lazy Nine Municipal Utility District No. 1B                                                                    | CUSIP: 52109HPQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $460860.66    | 0.04%             | 2028-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                                        | City of Phoenix Civic Improvement Corp.                                                                        | CUSIP: 71883MPJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3731915.25   | 0.31%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook                                                                                                 | County of Cook                                                                                                 | CUSIP: 213185KG5<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273114.65    | 0.02%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                             | New York State Dormitory Authority                                                                             | CUSIP: 64990GMX7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4222956.17   | 0.35%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reading School District                                                                                        | Reading School District                                                                                        | CUSIP: 755638B44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3412868.45   | 0.28%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                                           | State of Connecticut                                                                                           | CUSIP: 20772KNV7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948507.10    | 0.08%             | 2024-06-01      | Fixed         | 0.51%                 | No            |                  2 | On Loan: No      |
| Seattle Housing Authority                                                                                      | Seattle Housing Authority                                                                                      | CUSIP: 812636ML9<br>LEI: 5493003LM6XXXMFX5M88 | Long             | DBT              | MUN               | US        |    895000 | PA      | $827989.38    | 0.07%             | 2026-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Municipal Assistance Corp.                                                                         | Kansas City Municipal Assistance Corp.                                                                         | CUSIP: 485052UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $875488.06    | 0.07%             | 2023-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                                             | Essex County Improvement Authority                                                                             | CUSIP: 29681CAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $651697.76    | 0.05%             | 2025-08-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Chino Basin Regional Financing Authority                                                                       | Chino Basin Regional Financing Authority                                                                       | CUSIP: 169498FR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2784048.75   | 0.23%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                      | Maryland Health & Higher Educational Facilities Authority                                                      | CUSIP: 57421CBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218275.54    | 0.02%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                                              | Utah Telecommunication Open Infrastructure Agency                                                              | CUSIP: 91756SAB9<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309219.21    | 0.03%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Convention & Visitors Authority                                                                      | Las Vegas Convention & Visitors Authority                                                                      | CUSIP: 51771FAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151388.27    | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rural Water Financing Agency                                                                                   | Rural Water Financing Agency                                                                                   | CUSIP: 781741AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1985605.80   | 0.16%             | 2023-05-01      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                                   | Commonwealth of Pennsylvania                                                                                   | CUSIP: 709144NB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1731987.39   | 0.14%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                                 | Black Belt Energy Gas District                                                                                 | CUSIP: 09182TBY2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    880000 | PA      | $919358.79    | 0.08%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                              | Southeast Energy Authority A Cooperative District                                                              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10892330.00  | 0.90%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                                             | State of Minnesota                                                                                             | CUSIP: 6041294K9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5520000 | PA      | $5749081.10   | 0.48%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Center Grove Community School Corp.                                                                            | Center Grove Community School Corp.                                                                            | CUSIP: 151469FL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2850801.92   | 0.24%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MJF9<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    275000 | PA      | $302583.88    | 0.03%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ennis Independent School District                                                                              | Ennis Independent School District                                                                              | CUSIP: 293443C62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $636480.40    | 0.05%             | 2030-08-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5920000 | PA      | $6325207.42   | 0.52%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                                                               | City of New York                                                                                               | CUSIP: 64966MQL6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   8600000 | PA      | $8066268.52   | 0.67%             | 2027-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                                                            | Los Angeles Unified School District                                                                            | CUSIP: 544646S60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021168.60   | 0.17%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lazy Nine Municipal Utility District No. 1B                                                                    | Lazy Nine Municipal Utility District No. 1B                                                                    | CUSIP: 52109HPN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $401288.54    | 0.03%             | 2026-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Village of Brookfield                                                                                          | Village of Brookfield                                                                                          | CUSIP: 112727PR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $841267.62    | 0.07%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago Wastewater Transmission                                                                        | City of Chicago Wastewater Transmission                                                                        | CUSIP: 167727TN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1135332.02   | 0.09%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                                                    | Southeast Alabama Gas Supply District (The)                                                                    | CUSIP: 84131TAH5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2993113.80   | 0.25%             | 2049-04-01      | Floating      | 2.31%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                                           | State of Connecticut                                                                                           | CUSIP: 20772KFP9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3216351.36   | 0.27%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                                             | Essex County Improvement Authority                                                                             | CUSIP: 29681CAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491219.20    | 0.04%             | 2023-08-01      | Fixed         | 2.37%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                           | Triborough Bridge & Tunnel Authority                                                                           | CUSIP: 89602RGJ8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4405000 | PA      | $4365689.78   | 0.36%             | 2032-01-01      | Floating      | 3.26%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MJH5<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    285000 | PA      | $320451.06    | 0.03%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Village of Brookfield                                                                                          | Village of Brookfield                                                                                          | CUSIP: 112727PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270319.73    | 0.02%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                                                           | Guam Power Authority                                                                                           | CUSIP: 400653JQ5<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |   2500000 | PA      | $2618923.75   | 0.22%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                                  | Main Street Natural Gas, Inc.                                                                                  | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2641641.71   | 0.22%             | 2050-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                                 | New Jersey Transportation Trust Fund Authority                                                                 | CUSIP: 646136EM9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1069269.51   | 0.09%             | 2024-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                                                | City of Chicago                                                                                                | CUSIP: 167486VC0<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    925000 | PA      | $949771.78    | 0.08%             | 2028-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                              | North Carolina Turnpike Authority                                                                              | CUSIP: 65830RCW7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10234808.00  | 0.85%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Ramapo Central School District                                                                            | East Ramapo Central School District                                                                            | CUSIP: 274672JE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6660000 | PA      | $6665844.15   | 0.55%             | 2023-05-31      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Unified School District                                                                               | Pasadena Unified School District                                                                               | CUSIP: 702282QV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1475275.08   | 0.12%             | 2025-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                                                | City of Chicago                                                                                                | CUSIP: 167486WW5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3520000 | PA      | $3563804.29   | 0.29%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                                    | New York City Industrial Development Agency                                                                    | CUSIP: 64971PEZ4<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511260.00    | 0.04%             | 2024-03-01      | Variable      | 7.97%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                                            | State of New Jersey                                                                                            | CUSIP: 646039YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2951048.40   | 0.24%             | 2025-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                                   | Mississippi Development Bank                                                                                   | CUSIP: 60534T2H7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    300000 | PA      | $320868.60    | 0.03%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                                | Indianapolis Local Public Improvement Bond Bank                                                                | CUSIP: 45528UD65<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2635870.20   | 0.22%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Utility District No. 134B                                                           | Fort Bend County Municipal Utility District No. 134B                                                           | CUSIP: 34683LRD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $446506.24    | 0.04%             | 2027-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bay City School District                                                                                       | Bay City School District                                                                                       | CUSIP: 072104GM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029367.60   | 0.09%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                          | Metropolitan Transportation Authority                                                                          | CUSIP: 59261AE78<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.02%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Burlington Airport                                                                                     | City of Burlington Airport                                                                                     | CUSIP: 122064DQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $422051.89    | 0.03%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge Enterprise                                                                                     | Colorado Bridge Enterprise                                                                                     | CUSIP: 19633SAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4084697.77   | 0.34%             | 2026-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Unified School District No. 287 West Franklin                                                  | Franklin County Unified School District No. 287 West Franklin                                                  | CUSIP: 352813AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $309446.66    | 0.03%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth                               | Louisiana Local Government Environmental Facilities & Community Development Auth                               | CUSIP: 54627RAL4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4138821.04   | 0.34%             | 2029-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                                                 | Texas Public Finance Authority                                                                                 | CUSIP: 8827566V6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1082179.02   | 0.09%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                               | Kentucky Public Energy Authority                                                                               | CUSIP: 74440DCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1193844.30   | 0.10%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 4521503D5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4115000 | PA      | $4374400.55   | 0.36%             | 2026-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                                 | New Jersey Transportation Trust Fund Authority                                                                 | CUSIP: 646136EP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891620.30    | 0.07%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                                          | New York State Housing Finance Agency                                                                          | CUSIP: 64987D3H5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   5050000 | PA      | $4764020.52   | 0.39%             | 2025-05-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                                         | New York State Energy Research & Development Authority                                                         | CUSIP: 64986PAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1086531.38   | 0.09%             | 2024-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Greater Clark Building Corp.                                                                                   | Greater Clark Building Corp.                                                                                   | CUSIP: 39167GHY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1286004.08   | 0.11%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                             | Tobacco Settlement Financing Corp.                                                                             | CUSIP: 88880PCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012827.60   | 0.17%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                                                            | Arizona Health Facilities Authority                                                                            | CUSIP: 040507QA6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  15000000 | PA      | $14505600.00  | 1.20%             | 2046-01-01      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                                             | Essex County Improvement Authority                                                                             | CUSIP: 29681CAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476629.00    | 0.04%             | 2024-08-01      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Ironton City School District                                                                                   | Ironton City School District                                                                                   | CUSIP: 463272EG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $627130.28    | 0.05%             | 2024-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                                                   | Northern Illinois University                                                                                   | CUSIP: 665245XZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240910.39    | 0.02%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MJG7<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    275000 | PA      | $306126.32    | 0.03%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Ramon Valley Unified School District                                                                       | San Ramon Valley Unified School District                                                                       | CUSIP: 799408V48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1605392.00   | 0.13%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 489                                                               | Harris County Municipal Utility District No. 489                                                               | CUSIP: 41423LKN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $715980.57    | 0.06%             | 2024-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Waterford School District                                                                                      | Waterford School District                                                                                      | CUSIP: 941468ZF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2293898.37   | 0.19%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 201-U Crete-Monee                                               | Will County Community Unit School District No. 201-U Crete-Monee                                               | CUSIP: 969003TE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $355239.55    | 0.03%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                                              | State of Delaware                                                                                              | CUSIP: 246381LP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1251440.46   | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                                                      | Ohio Turnpike & Infrastructure Commission                                                                      | CUSIP: 67760HNN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2164721.00   | 0.18%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horizon Regional Municipal Utility District                                                                    | Horizon Regional Municipal Utility District                                                                    | CUSIP: 44044TMB5<br>LEI: 5493003MTD7X9G4KHS74 | Long             | DBT              | MUN               | US        |    300000 | PA      | $313648.14    | 0.03%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago Waterworks                                                                                     | City of Chicago Waterworks                                                                                     | CUSIP: 167736ZZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250487.00    | 0.02%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation                                                            | Metropolitan Washington Airports Authority Aviation                                                            | CUSIP: 592647KU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025071.80   | 0.17%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                               | Kentucky Public Energy Authority                                                                               | CUSIP: 74440DAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6514547.00   | 0.54%             | 2048-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                                                   | King County School District No. 411 Issaquah                                                                   | CUSIP: 495224X69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3405073.05   | 0.28%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                                         | California Municipal Finance Authority                                                                         | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5040414.00   | 0.42%             | 2041-10-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                                     | Utah Infrastructure Agency                                                                                     | CUSIP: 917467BS0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    550000 | PA      | $544490.98    | 0.05%             | 2027-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa Water & Wastewater System                                                                        | City of Tampa Water & Wastewater System                                                                        | CUSIP: 875291AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3489297.60   | 0.29%             | 2027-10-01      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| Sayreville School District                                                                                     | Sayreville School District                                                                                     | CUSIP: 805805PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1376878.78   | 0.11%             | 2025-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Manchester Township Board of Education                                                                         | Manchester Township Board of Education                                                                         | CUSIP: 562468HP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $355379.74    | 0.03%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                                                | Kentucky Economic Development Finance Authority                                                                | CUSIP: 49126PET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4245000 | PA      | $4352071.64   | 0.36%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                                        | State of North Carolina                                                                                        | CUSIP: 65829QDU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5081490.29   | 0.42%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                                                   | Clark County School District                                                                                   | CUSIP: 181059F68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4899955.05   | 0.41%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community Redevelopment Agency                                                                         | Compton Community Redevelopment Agency                                                                         | CUSIP: 204713AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1678079.65   | 0.14%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                                         | New York State Urban Development Corp.                                                                         | CUSIP: 6500355Y0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2804973.30   | 0.23%             | 2029-03-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                      | Golden State Tobacco Securitization Corp.                                                                      | CUSIP: 38122NA93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5370000 | PA      | $4803763.57   | 0.40%             | 2027-06-01      | Fixed         | 1.89%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                           | District of Columbia                                                                                           | CUSIP: 254840DR9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1723338.86   | 0.14%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Penn Hills School District                                                                                     | Penn Hills School District                                                                                     | CUSIP: 707487JU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4845000 | PA      | $5264553.74   | 0.44%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                                         | State Public School Building Authority                                                                         | CUSIP: 85732M3Y1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    430000 | PA      | $444667.21    | 0.04%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Green Valley Special Utility District                                                                          | Green Valley Special Utility District                                                                          | CUSIP: 39356ACL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $399766.01    | 0.03%             | 2024-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist                                                                                  | Parish of St John the Baptist                                                                                  | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6525000 | PA      | $6179666.33   | 0.51%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MJD4<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269046.40    | 0.02%             | 2025-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                      | Indiana Finance Authority                                                                                      | CUSIP: 45506EBZ5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    515000 | PA      | $470026.44    | 0.04%             | 2026-11-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| City of Chicago Wastewater Transmission                                                                        | City of Chicago Wastewater Transmission                                                                        | CUSIP: 167727HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12120000 | PA      | $10717903.86  | 0.89%             | 2027-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                     | Illinois Finance Authority                                                                                     | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1093574.93   | 0.09%             | 2042-05-01      | Floating      | 2.36%                 | No            |                  2 | On Loan: No      |
| City of Dallas Hotel Occupancy Tax                                                                             | City of Dallas Hotel Occupancy Tax                                                                             | CUSIP: 235286AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $740071.55    | 0.06%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                      | New York Transportation Development Corp.                                                                      | CUSIP: 650116GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5438954.50   | 0.45%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward                                                                                              | County of Broward                                                                                              | CUSIP: 11506KGG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $739252.15    | 0.06%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                                           | Chicago O'Hare International Airport                                                                           | CUSIP: 167593S60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968606.20    | 0.08%             | 2024-01-01      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                                             | Essex County Improvement Authority                                                                             | CUSIP: 29681CAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $391780.08    | 0.03%             | 2026-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                                                  | New Jersey Turnpike Authority                                                                                  | CUSIP: 646140BK8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3214119.36   | 0.27%             | 2024-01-01      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5263256.50   | 0.44%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System                                                                                | State of Hawaii Airports System                                                                                | CUSIP: 419794ZR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103152.30   | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chichester School District                                                                                     | Chichester School District                                                                                     | CUSIP: 168276KG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $889027.90    | 0.07%             | 2027-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                                 | Black Belt Energy Gas District                                                                                 | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13527388.80  | 1.12%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Yellowstone County School District No. 2 Billings                                                              | Yellowstone County School District No. 2 Billings                                                              | CUSIP: 985743PE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $787259.68    | 0.07%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                           | Guam Government Waterworks Authority                                                                           | CUSIP: 40065FCQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    400000 | PA      | $407004.44    | 0.03%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando Tourist Development Tax                                                                        | City of Orlando Tourist Development Tax                                                                        | CUSIP: 686499BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2845297.72   | 0.24%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                                                              | Antonio B Won Pat International Airport Authority                                                              | CUSIP: 40064REW5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    630000 | PA      | $608984.15    | 0.05%             | 2024-10-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Sacramento City Unified School District                                                                        | Sacramento City Unified School District                                                                        | CUSIP: 785870F43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062190.20   | 0.09%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Pittsburgh-of the Commonwealth System of Higher Education                                        | University of Pittsburgh-of the Commonwealth System of Higher Education                                        | CUSIP: 91335VKV7<br>LEI: 5493002C83QSGL8ETT42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997586.40   | 0.17%             | 2024-02-15      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| City of Dayton                                                                                                 | City of Dayton                                                                                                 | CUSIP: 239835HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1156906.56   | 0.10%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach                                                                                             | City of Long Beach                                                                                             | CUSIP: 542519EE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $321733.14    | 0.03%             | 2026-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee                                                                                              | City of Milwaukee                                                                                              | CUSIP: 602366V52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5840000 | PA      | $6393779.75   | 0.53%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit                                                                                                | City of Detroit                                                                                                | CUSIP: 251237W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13225978.35  | 1.09%             | 2032-07-01      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                                                     | Philadelphia Gas Works Co.                                                                                     | CUSIP: 7178238B7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036244.80   | 0.09%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                                        | Port Authority of New York & New Jersey                                                                        | CUSIP: 73358WPT5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    265000 | PA      | $269621.07    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 4521526T3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    800000 | PA      | $874911.20    | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                                               | Pennsylvania Turnpike Commission                                                                               | CUSIP: 709225FT8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    350000 | PA      | $394249.66    | 0.03%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                                                            | Geisinger Authority                                                                                            | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1739868.65   | 0.14%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Falls Community School District                                                                          | Cedar Falls Community School District                                                                          | CUSIP: 150213FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2489414.15   | 0.21%             | 2024-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                                       | Metropolitan Pier & Exposition Authority                                                                       | CUSIP: 592248FL7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    175000 | PA      | $170200.28    | 0.01%             | 2023-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago Wastewater Transmission                                                                        | City of Chicago Wastewater Transmission                                                                        | CUSIP: 167727HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2090000 | PA      | $1911232.27   | 0.16%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                                                        | Lehigh County General Purpose Authority                                                                        | CUSIP: 52480RFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12445000 | PA      | $12429579.40  | 1.03%             | 2037-11-01      | Floating      | 2.24%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                                              | Utah Telecommunication Open Infrastructure Agency                                                              | CUSIP: 91756SAD5<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538921.70    | 0.04%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                                                  | State of Alaska International Airports System                                                                  | CUSIP: 011842US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2793012.75   | 0.23%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny                                                                                            | County of Allegheny, Series C-59B                                                                              | CUSIP: 01728VFV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $663446.56    | 0.05%             | 2026-11-01      | Floating      | 3.52%                 | No            |                  2 | On Loan: No      |
| Consolidated Municipalities Electric Power Systems Joint Powers Board                                          | Consolidated Municipalities Electric Power Systems Joint Powers Board                                          | CUSIP: 210295EJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $552490.80    | 0.05%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                                               | Pennsylvania Turnpike Commission                                                                               | CUSIP: 709225FS0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    275000 | PA      | $302731.88    | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MJA0<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    555000 | PA      | $573990.82    | 0.05%             | 2024-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                                                    | New Jersey Educational Facilities Authority                                                                    | CUSIP: 646067DN5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082840.30   | 0.09%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 452153AH2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3745000 | PA      | $4080379.73   | 0.34%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                                                                      | Southern Minnesota Municipal Power Agency                                                                      | CUSIP: 843375QM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2130038.10   | 0.18%             | 2025-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of King                                                                                                 | County of King                                                                                                 | CUSIP: 495290EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19487722.00  | 1.61%             | 2040-01-01      | Floating      | 1.89%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                      | Indiana Finance Authority                                                                                      | CUSIP: 45506EDH3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |   1925000 | PA      | $1877906.99   | 0.16%             | 2039-03-01      | Floating      | 1.96%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                                              | Peoria Public Building Commission                                                                              | CUSIP: 71323MEJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061458.60   | 0.09%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation                                                            | Metropolitan Washington Airports Authority Aviation                                                            | CUSIP: 592647FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1134638.92   | 0.09%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                       | Public Finance Authority                                                                                       | CUSIP: 74444VBH2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    195000 | PA      | $191492.20    | 0.02%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                                 | Black Belt Energy Gas District                                                                                 | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10745562.00  | 0.89%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Greater Clark Building Corp.                                                                                   | Greater Clark Building Corp.                                                                                   | CUSIP: 39167GHX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $700215.37    | 0.06%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                                           | Massachusetts Housing Finance Agency                                                                           | CUSIP: 57587GKM6<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1682955.82   | 0.14%             | 2025-12-01      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority                                                                                      | Norfolk Airport Authority                                                                                      | CUSIP: 655857DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $169601.87    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Manitowish Waters                                                                                      | Town of Manitowish Waters                                                                                      | CUSIP: 56355QAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $294965.93    | 0.02%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                                                                | Indiana County Industrial Development Authority                                                                | CUSIP: 45469NDS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112615.86    | 0.01%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                                                  | State of Ohio                                                                                                  | CUSIP: 67759ABG3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11500087.40  | 0.95%             | 2035-11-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                          | Metropolitan Transportation Authority                                                                          | CUSIP: 59261AL54<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  10875000 | PA      | $10808052.41  | 0.89%             | 2032-11-01      | Floating      | 3.68%                 | No            |                  2 | On Loan: No      |
| City of Evansville                                                                                             | City of Evansville                                                                                             | CUSIP: 299337DQ5<br>LEI: 5493004FNKVUBIYGJO12 | Long             | DBT              | MUN               | US        |    535000 | PA      | $535000.00    | 0.04%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority                                                           | Westmoreland County Industrial Development Authority                                                           | CUSIP: 960875AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352988.16    | 0.03%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 452153AF6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    525000 | PA      | $562204.02    | 0.05%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento City Unified School District                                                                        | Sacramento City Unified School District                                                                        | CUSIP: 785870XF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303842.10    | 0.03%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                                         | Ohio Air Quality Development Authority                                                                         | CUSIP: 677525WM5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9710282.00   | 0.80%             | 2028-10-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| City of New Haven                                                                                              | City of New Haven                                                                                              | CUSIP: 6450204G0<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    155000 | PA      | $164235.85    | 0.01%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Kansas City                                                                                            | City of Kansas City                                                                                            | CUSIP: 485106YP7<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118693.70   | 0.09%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                                                     | Antelope Valley Community College District                                                                     | CUSIP: 03667PEQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3990000 | PA      | $2430349.30   | 0.20%             | 2035-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 489                                                               | Harris County Municipal Utility District No. 489                                                               | CUSIP: 41423LKQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1089932.19   | 0.09%             | 2026-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Orange                                                                                                 | City of Orange                                                                                                 | CUSIP: 68417ECL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $468880.87    | 0.04%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Victor Valley Union High School District                                                                       | Victor Valley Union High School District                                                                       | CUSIP: 926055HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6110000 | PA      | $1117794.56   | 0.09%             | 2052-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lake County Consolidated High School District No. 120 Mundelein                                                | Lake County Consolidated High School District No. 120 Mundelein                                                | CUSIP: 509156HJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270201.98    | 0.02%             | 2025-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                                             | Greater Orlando Aviation Authority                                                                             | CUSIP: 392274Y59<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   8895000 | PA      | $9015330.67   | 0.75%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Westport                                                                                               | Town of Westport                                                                                               | CUSIP: 961301J41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410445.36    | 0.03%             | 2029-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                          | Metropolitan Transportation Authority                                                                          | CUSIP: 59261ANC7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1261520.65   | 0.10%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                                                                | Indiana County Industrial Development Authority                                                                | CUSIP: 45469NDR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110504.44    | 0.01%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp.                                                                         | Houston Higher Education Finance Corp.                                                                         | CUSIP: 44237QAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $110383.01    | 0.01%             | 2024-10-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| State of California                                                                                            | State of California                                                                                            | CUSIP: 13063DYT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1147359.81   | 0.09%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                                               | California Pollution Control Financing Authority                                                               | CUSIP: 130536LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5438583.15   | 0.45%             | 2038-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Kansas City                                                                                            | City of Kansas City                                                                                            | CUSIP: 485106YQ5<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    675000 | PA      | $769295.41    | 0.06%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No. 24J                                                                           | Salem-Keizer School District No. 24J                                                                           | CUSIP: 794173FR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $5905247.67   | 0.49%             | 2025-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                                                               | Washington Higher Education Facilities Authority                                                               | CUSIP: 9397813K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256471.53    | 0.02%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                                 | Sales Tax Securitization Corp.                                                                                 | CUSIP: 79467BAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043156.40   | 0.17%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                            | Maryland Economic Development Corp.                                                                            | CUSIP: 57420NCZ2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960358.20    | 0.08%             | 2025-06-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                                      | Central Texas Regional Mobility Authority                                                                      | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10655000 | PA      | $11335218.40  | 0.94%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                                          | California Infrastructure & Economic Development Bank                                                          | CUSIP: 13034A2R0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9999838.00   | 0.83%             | 2050-01-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                                         | Iowa Finance Authority                                                                                         | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1967134.00   | 0.16%             | 2042-01-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                                                  | Massachusetts Educational Financing Authority                                                                  | CUSIP: 57563RLR8<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3100334.10   | 0.26%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                                         | State Public School Building Authority                                                                         | CUSIP: 85732NAP0<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311868.78    | 0.03%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Municipal Energy Acquisition Authority                                                              | New Mexico Municipal Energy Acquisition Authority                                                              | CUSIP: 647207BB4<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |   9490000 | PA      | $9836580.49   | 0.81%             | 2039-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                                           | Chicago O'Hare International Airport                                                                           | CUSIP: 167593KT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $837569.46    | 0.07%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Niagara Frontier Transportation Authority                                                                      | Niagara Frontier Transportation Authority                                                                      | CUSIP: 653544DP8<br>LEI: 2549006J37UHUDTNJV60 | Long             | DBT              | MUN               | US        |    825000 | PA      | $827580.27    | 0.07%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Region Airport Commission                                                                              | Capital Region Airport Commission                                                                              | CUSIP: 140442FX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1055603.66   | 0.09%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Housing Trust Public Facility Corp.                                                                | San Antonio Housing Trust Public Facility Corp.                                                                | CUSIP: 79626VAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2560073.50   | 0.21%             | 2026-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Torrance Unified School District                                                                               | Torrance Unified School District                                                                               | CUSIP: 891381K87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3368077.20   | 0.28%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                                                        | Memphis-Shelby County Airport Authority                                                                        | CUSIP: 586111PT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1911361.00   | 0.16%             | 2025-07-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                                              | Utah Telecommunication Open Infrastructure Agency                                                              | CUSIP: 91756SAA1<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251966.83    | 0.02%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Independent School District                                                                           | Pasadena Independent School District                                                                           | CUSIP: 702334DT7<br>LEI: 549300QY114RR4MXVU24 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3286553.71   | 0.27%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                                                   | New Jersey Housing & Mortgage Finance Agency                                                                   | CUSIP: 646127FG0<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |  10067000 | PA      | $10084047.46  | 0.83%             | 2025-07-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Springfield School District No. R-12                                                                           | Springfield School District No. R-12                                                                           | CUSIP: 851035RW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001692.00   | 0.08%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                                                              | San Diego Unified School District                                                                              | CUSIP: 797355W26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4235000 | PA      | $2507888.65   | 0.21%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                                 | Black Belt Energy Gas District                                                                                 | CUSIP: 09182TBU0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    530000 | PA      | $537650.60    | 0.04%             | 2023-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing                                                     | Wisconsin Housing & Economic Development Authority Housing                                                     | CUSIP: 976904Y30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $707360.18    | 0.06%             | 2050-11-01      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                                  | Commonwealth of Massachusetts                                                                                  | CUSIP: 576004HC2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $12723330.10  | 1.05%             | 2027-01-15      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| City of Wichita                                                                                                | City of Wichita                                                                                                | CUSIP: 967276GA8<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |  10300000 | PA      | $9716135.23   | 0.80%             | 2025-11-01      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                                                  | State of Ohio                                                                                                  | CUSIP: 67756CDN5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    120000 | PA      | $119974.91    | 0.01%             | 2052-01-01      | Floating      | 2.06%                 | No            |                  2 | On Loan: No      |
| City of Hartford                                                                                               | City of Hartford                                                                                               | CUSIP: 416415FR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1438042.94   | 0.12%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                      | Indiana Finance Authority                                                                                      | CUSIP: 45506ECA9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    655000 | PA      | $591844.11    | 0.05%             | 2027-11-15      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                                             | Greater Orlando Aviation Authority                                                                             | CUSIP: 392274Y83<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4538691.04   | 0.38%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 171                                                               | Harris County Municipal Utility District No. 171                                                               | CUSIP: 41423THK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $1064434.20   | 0.09%             | 2026-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                                  | Central Texas Turnpike System                                                                                  | CUSIP: 88283KBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $798980.44    | 0.07%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 452153BQ1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2114228.36   | 0.17%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                                            | State of Washington                                                                                            | CUSIP: 93974DGJ1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10374032.00  | 0.86%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                                                   | Clark County School District                                                                                   | CUSIP: 181059H90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2667753.31   | 0.22%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galesburg                                                                                              | City of Galesburg                                                                                              | CUSIP: 363433AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $188017.92    | 0.02%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston Hotel Occupancy Tax & Special                                                                  | City of Houston Hotel Occupancy Tax & Special                                                                  | CUSIP: 44237NKT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $466716.37    | 0.04%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee                                                                                              | City of Milwaukee                                                                                              | CUSIP: 602366V37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094825.30   | 0.09%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                                                              | Delaware Transportation Authority                                                                              | CUSIP: 246419BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1264357.04   | 0.10%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. II                                                            | Texas Municipal Gas Acquisition and Supply Corp. II                                                            | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  15775000 | PA      | $15627779.81  | 1.29%             | 2027-09-15      | Floating      | 3.84%                 | No            |                  2 | On Loan: No      |
| Genesee Valley Central School District                                                                         | Genesee Valley Central School District                                                                         | CUSIP: 371744DR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1832413.12   | 0.15%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                                               | Pennsylvania Turnpike Commission                                                                               | CUSIP: 709225FR2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    425000 | PA      | $457195.71    | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                                                    | Ohio Higher Educational Facility Commission                                                                    | CUSIP: 67756DZJ8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3995000 | PA      | $3829819.93   | 0.32%             | 2042-12-01      | Floating      | 1.89%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                     | Michigan Finance Authority                                                                                     | CUSIP: 594479FB8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550033.40    | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                                 | New Jersey Transportation Trust Fund Authority                                                                 | CUSIP: 6461363N9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4610000 | PA      | $4947457.07   | 0.41%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Burlington Airport                                                                                     | City of Burlington Airport                                                                                     | CUSIP: 122064DR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $452184.56    | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Imperial Redevelopment District                                                                                | Imperial Redevelopment District                                                                                | CUSIP: 45310CBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $124671.98    | 0.01%             | 2026-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Houston Hotel Occupancy Tax & Special                                                                  | City of Houston Hotel Occupancy Tax & Special                                                                  | CUSIP: 44237NHJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3180000 | PA      | $3294309.55   | 0.27%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                                                | City of Chicago                                                                                                | CUSIP: 167486UE7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173713.36    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                                                       | U.S. Treasury Bills                                                                                            | CUSIP: 912796ZG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1750000 | PA      | $1723429.17   | 0.14%             | 2023-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                        | South Carolina Public Service Authority                                                                        | CUSIP: 837151X79<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1812353.14   | 0.15%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach                                                                                             | City of Long Beach                                                                                             | CUSIP: 542519EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206961.74    | 0.02%             | 2024-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority | CUSIP: 74527EFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    450000 | PA      | $487528.29    | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation                                                            | Metropolitan Washington Airports Authority Aviation                                                            | CUSIP: 592647JW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2362729.82   | 0.20%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee                                                                                              | City of Milwaukee                                                                                              | CUSIP: 602366H58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131458.40   | 0.09%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                                                   | Southern Illinois University                                                                                   | CUSIP: 8431464E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1227716.02   | 0.10%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                                                  | Rhode Island Housing & Mortgage Finance Corp.                                                                  | CUSIP: 76221RX57<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072431.50   | 0.09%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lazy Nine Municipal Utility District No. 1B                                                                    | Lazy Nine Municipal Utility District No. 1B                                                                    | CUSIP: 52109HPP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $430270.28    | 0.04%             | 2027-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Austin Airport System                                                                                  | City of Austin Airport System                                                                                  | CUSIP: 052398GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1721907.88   | 0.14%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Building Commission of Chicago                                                                          | Public Building Commission of Chicago                                                                          | CUSIP: 167664ZK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024770.50   | 0.08%             | 2024-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                                                     | City of Los Angeles Department of Airports                                                                     | CUSIP: 544445TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891214.40    | 0.07%             | 2026-05-15      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Ennis Independent School District                                                                              | Ennis Independent School District                                                                              | CUSIP: 293443XF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1263679.54   | 0.10%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Hartford                                                                                               | City of Hartford                                                                                               | CUSIP: 416415JU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1934764.48   | 0.16%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                             | Tobacco Settlement Financing Corp.                                                                             | CUSIP: 888808GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2945000 | PA      | $2966765.61   | 0.25%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                                                  | Central Plains Energy Project                                                                                  | CUSIP: 154872AU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1507704.69   | 0.12%             | 2049-12-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Houston Hotel Occupancy Tax & Special                                                                  | City of Houston Hotel Occupancy Tax & Special                                                                  | CUSIP: 44237NKS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1614215.98   | 0.13%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Torrance Unified School District                                                                               | Torrance Unified School District                                                                               | CUSIP: 891381K95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1061623.20   | 0.09%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                      | New Jersey Economic Development Authority                                                                      | CUSIP: 6459165D5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523804.25   | 0.13%             | 2023-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                                                    | District of Columbia Housing Finance Agency                                                                    | CUSIP: 25477PPN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4291406.10   | 0.35%             | 2042-08-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10358318.00  | 0.86%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax                                                                               | State of Connecticut Special Tax                                                                               | CUSIP: 207758F73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $770665.84    | 0.06%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee                                                                                              | City of Milwaukee                                                                                              | CUSIP: 602366M86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5130000 | PA      | $5148861.47   | 0.43%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shakopee Independent School District No. 720                                                                   | Shakopee Independent School District No. 720                                                                   | CUSIP: 819190VX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5155000 | PA      | $4248849.98   | 0.35%             | 2029-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                          | Pennsylvania Economic Development Financing Authority                                                          | CUSIP: 70869MAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3522509.64   | 0.29%             | 2023-10-01      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                                              | State of Maryland                                                                                              | CUSIP: 574193TP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8800000 | PA      | $8635157.52   | 0.71%             | 2023-08-01      | Fixed         | 0.41%                 | No            |                  2 | On Loan: No      |
| City of Dayton Airport                                                                                         | City of Dayton Airport                                                                                         | CUSIP: 239835HD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $586039.14    | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chesterfield                                                                                         | County of Chesterfield                                                                                         | CUSIP: 1663934Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1768519.14   | 0.15%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                                                                        | Virgin Islands Public Finance Authority                                                                        | CUSIP: 927676MV5<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    395000 | PA      | $399978.42    | 0.03%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                                           | Pennsylvania Higher Educational Facilities Authority                                                           | CUSIP: 70917RKC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2196010.12   | 0.18%             | 2027-07-01      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Hunt Memorial Hospital District Charitable Health                                                              | Hunt Memorial Hospital District Charitable Health                                                              | CUSIP: 445656EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325234.07    | 0.03%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                                                 | State of Texas                                                                                                 | CUSIP: 882723RA9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2856976.88   | 0.24%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Torrance Unified School District                                                                               | Torrance Unified School District                                                                               | CUSIP: 891381K79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1974361.00   | 0.16%             | 2028-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                                                        | Louisiana Stadium & Exposition District                                                                        | CUSIP: 546410CE9<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10514927.85  | 0.87%             | 2023-07-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community College District                                                                             | Compton Community College District                                                                             | CUSIP: 204709EV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $1175850.88   | 0.10%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Water Control & Improvement District No. 158                                                     | Harris County Water Control & Improvement District No. 158                                                     | CUSIP: 41453EAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $341341.99    | 0.03%             | 2025-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle                                                                                                | Port of Seattle                                                                                                | CUSIP: 735389WC8<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3434784.86   | 0.28%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                                                | City of Chicago                                                                                                | CUSIP: 167486SZ3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504169.45    | 0.04%             | 2030-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist                                                                                  | Parish of St John the Baptist                                                                                  | CUSIP: 79020FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $906467.26    | 0.07%             | 2037-06-01      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Port of Seattle                                                                                                | Port of Seattle                                                                                                | CUSIP: 735389XD5<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4235498.40   | 0.35%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston Hotel Occupancy Tax & Special                                                                  | City of Houston Hotel Occupancy Tax & Special                                                                  | CUSIP: 44237NHH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1018659.36   | 0.08%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No. 24J                                                                           | Salem-Keizer School District No. 24J                                                                           | CUSIP: 794173FS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2130019.69   | 0.18%             | 2026-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Water Control & Improvement District No. 158                                                     | Harris County Water Control & Improvement District No. 158                                                     | CUSIP: 41453EAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $370331.68    | 0.03%             | 2026-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Capital Area Housing Finance Corp.                                                                             | Capital Area Housing Finance Corp.                                                                             | CUSIP: 139726CR2<br>LEI: 549300XICE1XLI0VXV87 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $12320617.40  | 1.02%             | 2039-08-01      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| Grand Island Public Schools                                                                                    | Grand Island Public Schools                                                                                    | CUSIP: 406036HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4121397.60   | 0.34%             | 2035-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago Waterworks                                                                                     | City of Chicago Waterworks                                                                                     | CUSIP: 167736D95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410531.60    | 0.03%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Falls Community School District                                                                          | Cedar Falls Community School District                                                                          | CUSIP: 150213FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2633661.23   | 0.22%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                                           | Chicago O'Hare International Airport                                                                           | CUSIP: 167593Y97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035518.60   | 0.09%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 201-U Crete-Monee                                               | Will County Community Unit School District No. 201-U Crete-Monee                                               | CUSIP: 969003TD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $280908.90    | 0.02%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yale University                                                                                                | Yale University, Series 2020                                                                                   | CUSIP: 98459LAA1<br>LEI: 9SFB6DIM0FRWV0EV8S84 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2780481.93   | 0.23%             | 2025-04-15      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                                              | Utah Telecommunication Open Infrastructure Agency                                                              | CUSIP: 91756SAC7<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    400000 | PA      | $421699.52    | 0.03%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                      | New Jersey Economic Development Authority                                                                      | CUSIP: 645780FS1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1451605.23   | 0.12%             | 2025-12-01      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                                                         | Miami-Dade County Expressway Authority                                                                         | CUSIP: 593338BJ4<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5156618.00   | 0.43%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic Valley Sewerage Commission                                                                             | Passaic Valley Sewerage Commission                                                                             | CUSIP: 702826KR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2233457.05   | 0.18%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                                                            | Arizona Health Facilities Authority                                                                            | CUSIP: 040507PG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2693837.50   | 0.22%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                     | Chicago Board of Education                                                                                     | CUSIP: 167505TY2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4732626.78   | 0.39%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                                                  | State of Ohio                                                                                                  | CUSIP: 6775222Q6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4161786.40   | 0.34%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                                 | Black Belt Energy Gas District                                                                                 | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3920000 | PA      | $3921594.26   | 0.32%             | 2053-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County                                               | Sports & Exhibition Authority of Pittsburgh and Allegheny County                                               | CUSIP: 724799BM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $3126944.35   | 0.26%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                     | Illinois Finance Authority                                                                                     | CUSIP: 45203EAE9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2086987.50   | 0.17%             | 2039-10-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Santa Maria Joint Union High School District                                                                   | Santa Maria Joint Union High School District                                                                   | CUSIP: 802309KU7<br>LEI: 5493006E0NB791MBEL10 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $1109238.78   | 0.09%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Lucas                                                                                                | County of Lucas                                                                                                | CUSIP: 54930AAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12130000 | PA      | $12139949.03  | 1.00%             | 2023-10-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of West Haven                                                                                             | City of West Haven                                                                                             | CUSIP: 953140S50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250425.18    | 0.02%             | 2023-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No. 111                                                            | Watertown-Mayer Independent School District No. 111                                                            | CUSIP: 942078NY8<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $834009.70    | 0.07%             | 2029-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Suffolk                                                                                                | City of Suffolk                                                                                                | CUSIP: 864813G20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5085000 | PA      | $5169267.09   | 0.43%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                                 | American Municipal Power, Inc.                                                                                 | CUSIP: 02765UPQ1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   5710000 | PA      | $5983391.95   | 0.49%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community Redevelopment Agency                                                                         | Compton Community Redevelopment Agency                                                                         | CUSIP: 204713AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4090000 | PA      | $4314264.11   | 0.36%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                                   | Mississippi Development Bank                                                                                   | CUSIP: 60534TNE1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2369943.45   | 0.20%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| J Paul Getty Trust (The)                                                                                       | J Paul Getty Trust (The), Series 2021                                                                          | CUSIP: 374288AB4<br>LEI: 72TDDU3K225INPK3EI14 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4804278.25   | 0.40%             | 2024-01-01      | Fixed         | 0.39%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                                              | State of Delaware                                                                                              | CUSIP: 246381JA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2421246.09   | 0.20%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Mount Pleasant                                                                                      | Village of Mount Pleasant                                                                                      | CUSIP: 622792NW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2902995.99   | 0.24%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MJB8<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524412.20    | 0.04%             | 2024-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                                       | River Islands Public Financing Authority                                                                       | CUSIP: 76827QGB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163345.50    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                                                      | Illinois State University                                                                                      | CUSIP: 452272ZV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2420449.04   | 0.20%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centennial Independent School District No. 12                                                                  | Centennial Independent School District No. 12                                                                  | CUSIP: 172648MT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1041663.75   | 0.09%             | 2033-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City                                                                                            | City of Kansas City                                                                                            | CUSIP: 485106YL6<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039894.80   | 0.09%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd                               | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd                               | CUSIP: 592029AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $586050.37    | 0.05%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                              | Southeast Energy Authority A Cooperative District                                                              | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1960586.35   | 0.16%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee                                                                                              | City of Milwaukee                                                                                              | CUSIP: 602366V45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094825.30   | 0.09%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                       | West Virginia Hospital Finance Authority                                                                       | CUSIP: 956622Q64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $436583.42    | 0.04%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City Airport                                                                                 | City of Salt Lake City Airport                                                                                 | CUSIP: 795576JM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3365000 | PA      | $3738777.81   | 0.31%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avon Community School Building Corp.                                                                           | Avon Community School Building Corp.                                                                           | CUSIP: 054073CX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1235490.23   | 0.10%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                      | Maryland Health & Higher Educational Facilities Authority                                                      | CUSIP: 574218PQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $348665.90    | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                                  | Kentucky State Property & Building Commission                                                                  | CUSIP: 49151FL32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1683582.60   | 0.14%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                                                           | City of Dallas Housing Finance Corp.                                                                           | CUSIP: 235298BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2918507.22   | 0.24%             | 2044-02-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                                                  | Rhode Island Housing & Mortgage Finance Corp.                                                                  | CUSIP: 76221RX65<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1278735.79   | 0.11%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Decatur Hospital Authority                                                                                     | Decatur Hospital Authority                                                                                     | CUSIP: 243323CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $893938.60    | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston Hotel Occupancy Tax & Special                                                                  | City of Houston Hotel Occupancy Tax & Special                                                                  | CUSIP: 44237NHK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034529.80   | 0.09%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                                         | Maine Health & Higher Educational Facilities Authority                                                         | CUSIP: 56042R7V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $220773.16    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA, Inc.                                                                                                     | PEFA, Inc.                                                                                                     | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   7940000 | PA      | $8244265.56   | 0.68%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle                                                                                                | Port of Seattle                                                                                                | CUSIP: 735389VH8<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558892.55   | 0.13%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                                                 | State of Texas                                                                                                 | CUSIP: 882724RE9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2675662.80   | 0.22%             | 2029-10-01      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                                                             | Montgomery County Industrial Development Authority                                                             | CUSIP: 613612AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11385000 | PA      | $11983877.19  | 0.99%             | 2045-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                                                            | Bartow County Development Authority                                                                            | CUSIP: 069643BL7<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2532530.28   | 0.21%             | 2029-09-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                        | South Carolina Public Service Authority                                                                        | CUSIP: 837151X61<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2616904.25   | 0.22%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                               | Raleigh Durham Airport Authority                                                                               | CUSIP: 751073LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1331361.12   | 0.11%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane & DeKalb Counties Community Unit School District No. 302 Kaneland                                         | Kane & DeKalb Counties Community Unit School District No. 302 Kaneland                                         | CUSIP: 483782KK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $424623.69    | 0.04%             | 2027-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith Water & Sewer                                                                               | City of Fort Smith Water & Sewer                                                                               | CUSIP: 348815PA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1416269.40   | 0.12%             | 2025-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                                              | Regional Transportation Authority                                                                              | CUSIP: 759911TK6<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1161131.91   | 0.10%             | 2023-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp.                                                                         | Houston Higher Education Finance Corp.                                                                         | CUSIP: 44237QAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $141063.44    | 0.01%             | 2025-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                       | Public Finance Authority                                                                                       | CUSIP: 74442PJF3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519496.95    | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                                               | Alaska Industrial Development & Export Authority                                                               | CUSIP: 011903FS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $593301.27    | 0.05%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                                         | Ohio Air Quality Development Authority                                                                         | CUSIP: 677525WC7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960536.80    | 0.08%             | 2026-02-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| City of Berwyn                                                                                                 | City of Berwyn                                                                                                 | CUSIP: 086257PM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $333579.61    | 0.03%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                                           | State of Connecticut                                                                                           | CUSIP: 20772KCD9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514377.80   | 0.13%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Islip Union Free School District                                                                          | East Islip Union Free School District                                                                          | CUSIP: 273173MJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10587462.90  | 0.88%             | 2023-06-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crawford Hospital District                                                                                     | Crawford Hospital District                                                                                     | CUSIP: 225022CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $283352.78    | 0.02%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle Drainage & Wastewater                                                                          | City of Seattle Drainage & Wastewater                                                                          | CUSIP: 812631LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2622843.37   | 0.22%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                                         | State Public School Building Authority                                                                         | CUSIP: 85732NAR6<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    325000 | PA      | $353738.26    | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                              | State of Illinois                                                                                              | CUSIP: 452153DS5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10023378.00  | 0.83%             | 2023-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                                     | Utah Infrastructure Agency                                                                                     | CUSIP: 917467BQ4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    565000 | PA      | $547147.02    | 0.05%             | 2025-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Rockford                                                                                               | City of Rockford                                                                                               | CUSIP: 77316QE39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $298061.25    | 0.02%             | 2024-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                                             | Akron Bath Copley Joint Township Hospital District                                                             | CUSIP: 009730PH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $481661.96    | 0.04%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston Combined Utility System                                                                        | City of Houston Combined Utility System                                                                        | CUSIP: 44244CGJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2199380.60   | 0.18%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                                     | Finance Authority of Maine                                                                                     | CUSIP: 56042TBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $502264.10    | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                          | Metropolitan Transportation Authority                                                                          | CUSIP: 59259RWQ3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   7695000 | PA      | $7968968.16   | 0.66%             | 2024-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Broward                                                                                              | County of Broward                                                                                              | CUSIP: 11506KGJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2187135.26   | 0.18%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp.                                                                     | Suffolk Tobacco Asset Securitization Corp.                                                                     | CUSIP: 864809CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $420461.89    | 0.03%             | 2031-06-01      | Fixed         | 0.45%                 | No            |                  2 | On Loan: No      |
| City of Anderson Water & Sewer                                                                                 | City of Anderson Water & Sewer                                                                                 | CUSIP: 034074FF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1446585.45   | 0.12%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                                         | Illinois Housing Development Authority                                                                         | CUSIP: 45203MHZ7<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    545000 | PA      | $555890.95    | 0.05%             | 2023-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                                                | City of Chicago                                                                                                | CUSIP: 167486UC1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151861.85    | 0.01%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                                              | Utah Telecommunication Open Infrastructure Agency                                                              | CUSIP: 91756SAE3<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549250.75    | 0.05%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                         | Patriots Energy Group Financing Agency                                                                         | CUSIP: 70342PAL8<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2185466.13   | 0.18%             | 2048-10-01      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| Sacramento City Unified School District                                                                        | Sacramento City Unified School District                                                                        | CUSIP: 785870F50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1470160.67   | 0.12%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avon Community School Building Corp.                                                                           | Avon Community School Building Corp.                                                                           | CUSIP: 054073CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2659505.50   | 0.22%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Millville                                                                                              | City of Millville                                                                                              | CUSIP: 601464TF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250135.88    | 0.02%             | 2023-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                             | Matching Fund Special Purpose Securitization Corp.                                                             | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |  15430000 | PA      | $15944883.67  | 1.32%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                      | New York Transportation Development Corp.                                                                      | CUSIP: 650116FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106746.80   | 0.09%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                                                  | State of Alaska International Airports System                                                                  | CUSIP: 011842UQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3030000 | PA      | $3289540.10   | 0.27%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                                               | Pennsylvania Turnpike Commission                                                                               | CUSIP: 709225FQ4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    425000 | PA      | $444346.38    | 0.04%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Genesee Valley Central School District                                                                         | Genesee Valley Central School District                                                                         | CUSIP: 371744DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1772492.26   | 0.15%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                                          | New York State Housing Finance Agency                                                                          | CUSIP: 64987JGA3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    960000 | PA      | $882330.05    | 0.07%             | 2025-11-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                                                  | New Jersey Turnpike Authority                                                                                  | CUSIP: 646140BN2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2611471.98   | 0.22%             | 2024-01-01      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                                     | Finance Authority of Maine                                                                                     | CUSIP: 56042TBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096008.50   | 0.09%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Clark Building Corp.                                                                                   | Greater Clark Building Corp.                                                                                   | CUSIP: 39167GJM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232968.58    | 0.02%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                                                  | Miami-Dade County Health Facilities Authority                                                                  | CUSIP: 59334NFF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $594825.27    | 0.05%             | 2024-08-01      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                                       | River Islands Public Financing Authority                                                                       | CUSIP: 76827QGC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $249738.84    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                                                          | School District of Philadelphia (The)                                                                          | CUSIP: 717883TQ5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528555.75    | 0.04%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                             | New York State Dormitory Authority                                                                             | CUSIP: 64990EUU9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2534727.84   | 0.21%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County                                               | Sports & Exhibition Authority of Pittsburgh and Allegheny County                                               | CUSIP: 724799BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1670290.34   | 0.14%             | 2025-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                      | Indiana Finance Authority                                                                                      | CUSIP: 455059AJ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2024621.89   | 0.17%             | 2038-12-01      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 171                                                               | Harris County Municipal Utility District No. 171                                                               | CUSIP: 41423THL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $941110.08    | 0.08%             | 2027-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Upper Illinois River Valley Development Authority                                                              | Upper Illinois River Valley Development Authority                                                              | CUSIP: 91588TBE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1228329.44   | 0.10%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia Airport                                                                                   | City of Philadelphia Airport                                                                                   | CUSIP: 717817XF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1827772.28   | 0.15%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sedona Wastewater Municipal Property Corp.                                                                     | Sedona Wastewater Municipal Property Corp.                                                                     | CUSIP: 81567UAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478753.50    | 0.04%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                                         | Maine Health & Higher Educational Facilities Authority                                                         | CUSIP: 56042R7U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216226.90    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation                                                            | Metropolitan Washington Airports Authority Aviation                                                            | CUSIP: 592647KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1758187.39   | 0.15%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend-Waller Counties Municipal Utility District No. 3                                                     | Fort Bend-Waller Counties Municipal Utility District No. 3                                                     | CUSIP: 34684TDD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175493.24    | 0.01%             | 2023-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                                                                | City of Chicago                                                                                                | CUSIP: 167486SN0<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    405000 | PA      | $408274.26    | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                                                   | King County School District No. 411 Issaquah                                                                   | CUSIP: 4952242Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1825492.32   | 0.15%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 489                                                               | Harris County Municipal Utility District No. 489                                                               | CUSIP: 41423LKP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1061246.21   | 0.09%             | 2025-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Decatur Hospital Authority                                                                                     | Decatur Hospital Authority                                                                                     | CUSIP: 243323CW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $881357.48    | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Clark Building Corp.                                                                                   | Greater Clark Building Corp.                                                                                   | CUSIP: 39167GHV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $339500.88    | 0.03%             | 2025-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority                          | Louisiana Local Government Environmental Facilities & Community Development Authority                          | CUSIP: 5462825U4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1834446.41   | 0.15%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                                         | State Public School Building Authority                                                                         | CUSIP: 85732NAQ8<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266112.53    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                                     | Finance Authority of Maine                                                                                     | CUSIP: 56042TBL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $554684.21    | 0.05%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Elementary School District                                                                         | Chula Vista Elementary School District                                                                         | CUSIP: 171314JY4<br>LEI: 5493007W74ET6MX0FN28 | Long             | DBT              | MUN               | US        |   4140000 | PA      | $4086648.23   | 0.34%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                        | Municipal Electric Authority of Georgia                                                                        | CUSIP: 6262074P6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1031747.97   | 0.09%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kankakee County School District No. 111 Kankakee                                                               | Kankakee County School District No. 111 Kankakee                                                               | CUSIP: 484350KP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $374598.14    | 0.03%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Municipalities Electric Power Systems Joint Powers Board                                          | Consolidated Municipalities Electric Power Systems Joint Powers Board                                          | CUSIP: 210295EE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503966.95    | 0.04%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation                                                            | Metropolitan Washington Airports Authority Aviation                                                            | CUSIP: 592647KY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2953412.28   | 0.24%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                     | Illinois Finance Authority                                                                                     | CUSIP: 45204FKZ7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    215000 | PA      | $219806.35    | 0.02%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                                     | North Carolina State University at Raleigh                                                                     | CUSIP: 658289D42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1779132.78   | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Viridian Municipal Management District                                                                         | Viridian Municipal Management District                                                                         | CUSIP: 92823PHB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $308639.32    | 0.03%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                      | Maryland Health & Higher Educational Facilities Authority                                                      | CUSIP: 57421CBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $389871.30    | 0.03%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                       | New Jersey Higher Education Student Assistance Authority                                                       | CUSIP: 646080TR2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1252518.19   | 0.10%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                         | North Carolina Medical Care Commission                                                                         | CUSIP: 65820YNW2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    650000 | PA      | $680007.84    | 0.06%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jersey City                                                                                            | City of Jersey City                                                                                            | CUSIP: 476576UM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13740957.45  | 1.14%             | 2023-10-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** MAINSTAY FUNDS TRUST

**Signature:** Jack Benintende

**Name of Signer:** Jack Benintende

**Title:** Treasurer