Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2023.

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This is still my view despite events in the last few months, discussed at the end of this letter.

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.

There are three things investors are facing, none of which is particularly positive for financial assets.

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.3 trillion in March.¹The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy. (See What to Buy? Bonds. When? Now.²) Because of higher interest rates, bonds

can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.

The only “new” thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.³Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 Barron’s: The Fed’s Balance Sheet Is Shrinking Again. What That Means for Stocks., April 26, 2023, https://www.barrons.com/articles/fed-stocks-balance-sheet-banking-turmoil-cf781ef0

2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.

The CEF Muni Income ETF lost 4.53% over the prior 12 months due both to the significant widening of municipal closed-end fund (CEF) discounts and price decreases in the underlying bonds themselves. During the period, the discount at which CEFs traded fluctuated hugely.

The fund is affected by the discount or premium of closed end funds to their NAV. Starting the fund’s fiscal year at a discount of 7.04% on May 2, 2022, the discount narrowed to a high of 3.11% on August 15, 2022. Thereafter, however, the discount then widened meaningfully to 12.41% on March 27, 2023 and ended the fiscal year on April 28 having narrowed a little to 10.80%.

In the High Yield Muni ETF, healthcare, industrial revenue and education sectors contributed the most to the fund’s loss of 3.11%. In terms of state/U.S. territory, California detracted by far the most from performance and Puerto Rico contributed the most positively to performance, but even then, only minimally.

The local and state sectors were the largest contributors to the 0.43% gain recorded by the Short High Yield Muni ETF, with the hospitals and pollution control sectors detracting the most from performance. In terms of state/U.S. territory, Illinois contributed the most positively to performance and Pennsylvania was the greatest detractor from the fund’s performance.

The HIP Sustainable Muni ETF recorded a 1.74% gain over the 12 months period. The state, local and tax sectors contributed the most to performance, while only the toll & turnpike sector detracted from performance. In terms of state/U.S. territory, California, New York and Massachusetts contributed the most positively to performance and Arizona detracted the most, but then only minimally, to the fund’s performance.

In terms of state/U.S. territory, municipal bonds from California and New York contributed the most to the fund’s total return of 3.59%. Four states detracted from the fund’s total return but each only minimally. The state, local and tax sectors contributed the most to the fund’s performance. The health sector detracted, but only minimally.

The tax, water & sewer and state sectors contributed most to the fund’s gain of 0.40% for the 12 month period. The health sector detracted the most from performance. In terms of state/U.S. territory, municipal bonds issued by California, New York and Illinois contributed the most to performance. Florida, Maryland, Michigan, Missouri and Pennsylvania detracted the most from performance.

The Muni Allocation ETF returned 0.08% over the 12 month period versus 2.60% for the ICE US Broad Municipal Index. The largest contributors to the fund’s performance were intermediate- and short-term bonds. The greatest detractors from performance were high-yield and long-term bonds.

Among short municipal bonds, the state, local, tax and refunded sectors contributed the most to the return of the fund, which overall gained 1.82% for the year. No one sector contributed negatively to performance. In terms of state/U.S. territory, California, New York and Texas contributed the most to the total return of the fund. While no state or U.S. territory detracted from performance, South Dakota contributed the least.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees, if any. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

CEFMXTR is published by S-Network Global Indexes, LLC (“S-Network”). MHYX, MXYT, MBNI, MIBT, MBNL, MLBT, MIHX, MXIT, MBNS, MSBT, MUNI and US00 are published by ICE Data Indices, LLC (“ICE Data”) and its affiliates. LMEHTR, LMT2TR, LMT3TR, LMBITR, BMHYTR, LMT1TR and LBUSTRUU are published by Bloomberg Finance L.P. and its affiliates (“Bloomberg”). Bloomberg, ICE Data and S-Network are referred to herein as the “Index Providers”. Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2022, to April 30, 2023.

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Number of Shares		Value
CLOSED-END FUNDS: 99.9% (a)
Alliance Bernstein National Municipal Income Fund, Inc.		219,889	$	2,368,205
Blackrock Investment Quality Municipal Trust, Inc.		96,703		1,136,260
BlackRock Long-Term Municipal Advantage Trust		70,466		714,525
BlackRock MuniAssets Fund, Inc.		209,454		2,165,754
BlackRock Municipal 2030 Target Term Trust		383,597		8,197,468
BlackRock Municipal Income Fund, Inc.		554,575		6,372,067
BlackRock Municipal Income Quality Trust		181,974		2,096,341
BlackRock Municipal Income Trust		338,934		3,406,287
BlackRock Municipal Income Trust II		334,309		3,516,931
BlackRock MuniHoldings Fund, Inc.		396,404		4,681,531
BlackRock MuniHoldings Quality Fund II, Inc.		168,980		1,671,212
BlackRock MuniVest Fund II, Inc.		161,419		1,711,041
BlackRock MuniVest Fund, Inc.		477,324		3,264,896
BlackRock MuniYield Fund, Inc.		319,897		3,371,714
BlackRock MuniYield Quality Fund II, Inc.		154,641		1,586,617
BlackRock MuniYield Quality Fund III, Inc.		461,516		5,132,058
BlackRock MuniYield Quality Fund, Inc.		498,173		5,883,423
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		97,691		1,089,255
BNY Mellon Municipal Income, Inc.		160,183		1,009,153
BNY Mellon Strategic Municipal Bond Fund, Inc.		374,624		2,195,297
BNY Mellon Strategic Municipals, Inc.		409,938		2,590,808
Delaware Investments National Municipal Income Fund		83,206		866,175
DWS Municipal Income Trust		302,431		2,628,125
Eaton Vance Municipal Bond Fund		487,314		5,019,334
Eaton Vance Municipal Income 2028 Term Trust		56,915		1,054,066

	Number of Shares		Value
Eaton Vance Municipal Income Trust		268,973	$	2,743,525
Eaton Vance National Municipal Opportunities Trust		72,070		1,255,459
Invesco Advantage Municipal Income Trust II		297,517		2,555,671
Invesco Municipal Income Opportunities Trust		171,942		1,108,166
Invesco Municipal Opportunity Trust		456,074		4,360,067
Invesco Municipal Trust		372,129		3,579,881
Invesco Quality Municipal Income Trust		356,427		3,475,163
Invesco Trust for Investment Grade Municipals		363,126		3,565,897
Invesco Value Municipal Income Trust		315,534		3,836,893
MFS High Income Municipal Trust		242,626		856,470
MFS Municipal Income Trust		316,110		1,650,094
Neuberger Berman Municipal Fund, Inc.		128,072		1,362,686
Nuveen AMT-Free Municipal Credit Income Fund		1,402,172		16,545,630
Nuveen AMT-Free Municipal Value Fund		96,315		1,332,036
Nuveen AMT-Free Quality Municipal Income Fund		1,472,445		16,358,864
Nuveen Dynamic Municipal Opportunities Fund		231,667		2,462,620
Nuveen Municipal Credit Income Fund		1,141,223		13,318,072
Nuveen Municipal Credit Opportunities Fund		257,321		2,853,690
Nuveen Municipal High Income Opportunity Fund		512,120		5,530,896
Nuveen Municipal Value Fund, Inc.		958,956		8,438,813
Nuveen Quality Municipal Income Fund		1,408,422		16,154,600
Nuveen Select Tax-Free Income Portfolio		182,518		2,655,637
PIMCO Municipal Income Fund		100,935		1,000,266
PIMCO Municipal Income Fund II		248,364		2,272,531
PIMCO Municipal Income Fund III		132,616		1,079,494

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

	Par (000’s		)	Value
MUNICIPAL BONDS: 98.0%
Alabama: 2.2%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.25%, 06/01/25	$	315		$	309,945
5.75%, 06/01/26 (c)		2,000			1,699,099
5.75%, 06/01/26 (c)		1,400			1,310,740
6.00%, 06/01/26 (c)		5,900			5,048,672
Alabama State Port Authority Docks Facilities, Series A (RB) (AGM) 5.00%, 10/01/27 (c)		1,000			1,052,552
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		1,180			1,298,985
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c)		12,540			12,733,886
Jefferson County, Sewer Revenue, Series D (RB)
6.00%, 10/01/23 (c)		10,000			10,575,833
6.50%, 10/01/23 (c)		9,000			9,532,272
Jefferson County, Sewer Revenue, Series E (RB)
0.00%, 10/01/23 (c) ^		60			24,408
0.00%, 10/01/23 (c) ^		100			47,931
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/26 (c)		1,350			1,344,462
Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p)		1,000			992,578
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p)		13,500			12,177,689
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		3,204			2,938,738
					61,087,790
Alaska: 0.1%
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c)		1,500			1,327,450

	Par (000’s		)	Value
Alaska (continued)
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^	$	3,000		$	380,655
					1,708,105
American Samoa: 0.2%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/31 (c)		4,250			4,225,716
6.50%, 09/01/28		250			267,527
6.62%, 09/01/25 (c)		1,000			1,047,680
					5,540,923
Arizona: 2.5%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c)		1,000			893,856
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			471,193
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)		200			202,724
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/27 (c)		2,940			2,987,178
6.00%, 07/01/27 (c)		1,320			1,358,971
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 09/01/27 (c)		1,545			1,488,125
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/26 (c)		250			250,091
5.25%, 07/01/26 (c)		500			475,667
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/27 (c)		270			247,998
5.00%, 07/01/27 (c)		515			464,704
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		500			459,256

	Par (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 5.25%, 07/01/28 (c)	$	1,000		$	942,309
Arizona Industrial Development Authority, Education Facility, Series A (RB)
4.00%, 07/01/31 (c)		1,500			1,177,825
5.25%, 07/01/23 (c)		2,650			2,623,661
5.50%, 07/01/23 (c)		2,100			1,997,554
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c)		1,000			1,009,113
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.62%, 07/01/27 (d) *		1,000			650,000
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) (d) *		2,000			1,300,000
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)		500			487,034
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c)		1,400			1,019,202
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM-TCRS ST AID WITHHLDG) 5.00%, 07/01/29 (c)		6,990			7,256,303
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/24 (c)		250			235,025
5.00%, 11/15/24 (c)		1,000			859,357
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/26 (c)		1,340			1,103,854
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25		315			309,482
5.00%, 07/01/25 (c)		500			464,537
5.00%, 07/01/25 (c)		900			902,866
5.00%, 07/01/25 (c)		1,000			923,809

	Par (000’s		)	Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)	$	750		$	755,036
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		2,320			2,119,613
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		750			739,225
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c)		5,830			4,839,632
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)		1,000			1,020,774
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/29 (c)		1,400			1,427,382
5.00%, 07/01/29 (c)		1,300			1,330,729
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/29 (c)		500			481,187
5.00%, 07/01/29 (c)		500			438,067
5.00%, 07/01/29 (c)		1,990			1,776,856
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,750			1,649,261
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 (d) *		255			233,464
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/31 (c)		5,000			3,828,471
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB) 5.12%, 02/01/24 (c)		1,000			1,001,296

	Par (000’s		)	Value
Arizona (continued)
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB) 4.00%, 12/01/31 (c)	$	1,000		$	781,114
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/25 (c)		1,250			1,251,022
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/26 (c)		250			249,763
5.38%, 07/01/26 (c)		250			237,704
5.50%, 07/01/26 (c)		250			237,602
Pima County, Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/26 (c)		1,000			1,009,047
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		9,605			9,964,241
5.25%, 12/01/24		305			309,206
5.25%, 12/01/25		265			271,565
5.25%, 12/01/27		215			224,864
5.25%, 12/01/28		245			258,908
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c)		355			289,579
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.00%, 10/01/27 (c)		1,200			851,023
6.12%, 10/01/27 (c)		600			366,158
					70,504,483
Arkansas: 0.9%
Arkansas Development Finance Authority, Big River Steel Project (RB)
4.50%, 09/01/26 (c)		20,570			18,461,949
4.75%, 09/01/27 (c)		5,000			4,665,380
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) 5.45%, 09/01/25 (c)		3,000			2,995,391
					26,122,720
California: 12.1%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/26 (c)		5,000			5,135,156
5.00%, 10/01/26 (c)		3,000			3,119,234
5.00%, 10/01/26 (c)		1,650			1,708,024

	Par (000’s		)	Value
California (continued)
5.00%, 10/01/26 (c)	$	2,230		$	2,299,798
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/23 (c)		615			574,098
4.00%, 09/01/23 (c)		420			380,414
4.00%, 09/01/23 (c)		160			158,552
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM) 5.00%, 09/01/27 (c)		2,000			2,136,209
Antelope Valley Healthcare District, Series A (RB) 5.25%, 03/01/26 (c)		1,480			1,517,334
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 08/01/29 (c) (p)		1,000			1,061,434
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p)		1,500			1,513,905
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		1,695			1,711,295
California Community Housing Agency Senior Essential Housing, Series A-1 (RB) (AGM) 3.00%, 08/01/32 (c)		3,000			1,937,815
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c)		3,100			2,865,740
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		11,735			9,060,609
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c)		8,150			6,640,765
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 3.00%, 08/01/31 (c)		4,000			2,666,217
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c)		3,000			2,149,873

	Par (000’s		)	Value
California (continued)
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c)	$	2,000		$	1,375,801
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)		3,000			2,488,408
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c)		2,000			1,500,475
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c)		4,500			3,715,685
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		6,000			4,456,112
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 05/30/23 (c)		15			15,232
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 05/15/23 (c)		15			14,662
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c)		1,170			1,085,782
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/27 (c)		250			229,219
4.20%, 08/15/27 (c)		500			498,552
5.00%, 08/15/27 (c)		460			479,354
5.00%, 08/15/27 (c)		990			1,014,397
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/27 (c)		590			608,636
California Housing Finance Agency, Series A (RB)
3.50%, 11/20/35		969			918,496
4.00%, 03/20/33		3,782			3,777,085
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) 4.00%, 11/01/31 (c)		2,300			2,084,320

	Par (000’s		)	Value
California (continued)
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/29 (c)	$	1,085		$	1,234,083
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) 5.00%, 07/01/30 (c)		1,000			772,333
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/31 (c)		2,500			1,923,082
California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL) 5.00%, 04/01/25 (c)		1,910			1,787,502
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/25 (c)		500			504,284
6.12%, 11/01/23 (c)		1,000			1,011,244
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c)		1,000			886,463
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c)		500			518,318
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		150			143,205
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)
3.00%, 05/15/31 (c)		3,650			2,834,793
4.00%, 05/15/31 (c)		5,000			4,714,271
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/31 (c)		1,500			1,462,695
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 4.00%, 02/01/27 (c)		1,165			1,121,475

	Par (000’s		)	Value
California (continued)
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c)	$	250		$	265,422
5.00%, 07/01/27 (c)		200			212,367
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/27 (c)		500			444,708
5.00%, 10/01/27 (c)		500			483,668
5.00%, 10/01/27 (c)		500			456,295
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c)		2,390			2,231,975
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28 (c)		500			533,060
5.00%, 06/30/28		65			69,292
5.00%, 06/30/28 (c)		600			639,633
5.00%, 06/30/28 (c)		2,490			2,538,616
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 06/30/28 (c)		1,950			1,877,924
5.00%, 06/30/28 (c)		700			736,079
5.00%, 06/30/28 (c)		1,000			1,034,386
5.00%, 06/30/28 (c)		1,035			1,102,268
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		230			227,062
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/26 (c)		500			468,744
5.00%, 07/01/28 (c)		1,000			894,126
5.00%, 07/01/28 (c)		130			124,456
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) 5.00%, 11/01/29 (c)		2,000			1,949,920
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		250			238,676
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		19,000			18,529,915

	Par (000’s		)	Value
California (continued)
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA) 5.00%, 07/01/23 (c)	$	1,500		$	1,500,589
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			50,000
7.50%, 12/01/29 (c) (d) *		7,000			350,000
7.50%, 05/30/23 (c) (d) *		10,500			525,000
8.00%, 07/01/27 (c) (d) *		6,635			331,750
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,000			130,000
California Pollution Control Financing Authority, Water Furnishing Poseidon Resources (Channelside) LP Desalination Project (RB)
5.00%, 07/01/23 (c)		2,500			2,499,865
5.00%, 07/01/33 (c)		1,000			1,046,183
5.00%, 07/01/33 (c)		1,000			1,042,023
California Public Finance Authority, Enso Village Project, Series A (RB) 5.00%, 06/01/27 (c)		400			361,568
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c)		1,000			924,010
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27 (c)		300			289,957
5.00%, 07/01/27 (c)		1,000			964,814
5.00%, 07/01/27		110			106,787
5.00%, 07/01/27 (c)		485			469,446
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/26 (c)		2,000			2,013,816
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/30 (c)		1,000			897,048
California School Finance Authority, Hawking Steam Charter School Project (RB) 5.50%, 07/01/29 (c)		1,000			982,554
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) 4.00%, 11/01/31 (c)		2,700			1,999,025

	Par (000’s		)	Value
California (continued)
4.00%, 11/01/31 (c)	$	1,000		$	756,154
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/27 (c)		1,000			873,196
6.38%, 07/01/25 (c)		4,425			4,767,599
California School Finance Authority, Rocketship Education, Series A (RB)
5.12%, 06/01/26 (c)		250			231,592
5.25%, 06/01/26 (c)		250			232,762
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		1,500			1,436,592
5.00%, 11/01/27 (c)		1,000			995,222
6.38%, 11/01/23 (c)		1,000			1,008,526
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		250			228,143
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 05/30/23 (c)		32			29,679
5.75%, 05/30/23 (c)		6			5,678
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 05/30/23 (c)		1			833
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/26 (c)		545			558,704
5.00%, 05/15/26 (c)		385			397,557
California Statewide Communities Development Authority, John Muir Health, Series A (RB) 5.00%, 12/01/27 (c)		2,305			2,380,023
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/29 (c)		435			423,730
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c)		75			75,227

	Par (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 06/01/26 (c)	$	1,595		$	1,614,916
5.00%, 06/01/26 (c)		12,445			12,402,897
5.00%, 06/01/26 (c)		350			361,077
5.25%, 12/01/24 (c)		5,300			5,307,789
5.25%, 12/01/24 (c)		1,740			1,777,023
5.25%, 06/01/26 (c)		10,000			9,588,332
5.25%, 06/01/28 (c)		1,000			972,927
5.50%, 12/01/24 (c)		20,180			20,147,647
5.50%, 06/01/28 (c)		7,500			7,464,277
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/28 (c)		2,000			2,123,587
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
5.00%, 06/01/26 (c)		3,230			3,093,175
5.75%, 05/30/23 (c)		125			124,996
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c)		615			570,942
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,170			3,194,442
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 05/30/23 (c)		3,175			3,226,723
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/30/23 (c)		900			914,659
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c)		500			432,600
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		250			253,827
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/23 (c)		250			251,555
4.00%, 09/01/23 (c)		230			232,396

	Par (000’s		)	Value
California (continued)
4.00%, 09/01/23 (c)	$	250		$	252,215
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		750			760,634
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)		2,500			2,148,348
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		180			175,094
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		810			825,453
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/27 (c)		500			477,272
5.00%, 09/01/27 (c)		155			163,507
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/27 (c)		3,450			3,513,699
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		200			204,641
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,045			1,060,997
CMFA Special Finance Agency I, Essential Housing, Series A-2 (RB) 4.00%, 04/01/31 (c)		2,000			1,430,711
CMFA Special Finance Agency VII Essential Housing, The Breakwater Apartments, Series A-1 (RB) 3.00%, 08/01/31 (c)		3,000			1,999,663
CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB) 4.00%, 08/01/31 (c)		1,985			1,531,394
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/31 (c)		6,650			4,408,925
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 02/01/32 (c)		1,000			786,474
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 02/01/32 (c)		2,500			2,061,692
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c)		1,000			982,403
4.50%, 09/01/24 (c)		1,585			1,551,811

	Par (000’s		)	Value
California (continued)
County of Los Angeles Community Facilities District No 2021-01 (ST) 5.00%, 09/01/29 (c)	$	1,000		$	1,016,029
CSCDA Community Improvement Authority Essential Housing, Acacia on Santa Rosa Creek, Series A (RB) (NATL) 4.00%, 10/01/31 (c)		1,000			813,415
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c)		1,000			754,623
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c)		7,750			5,782,486
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c)		3,000			2,469,612
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 12/01/31 (c)		2,000			1,335,368
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)
4.00%, 04/01/32 (c)		1,000			695,176
4.00%, 05/01/32 (c)		1,500			1,047,320
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/31 (c)		1,000			734,922
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB) 3.12%, 06/01/31 (c)		3,000			1,975,830
CSCDA Community Improvement Authority, Link-Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c)		5,350			3,829,234
CSCDA Community Improvement Authority, Millennium South Bay-Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c)		2,000			1,353,483
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c)		2,500			1,893,085

	Par (000’s		)	Value
California (continued)
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c)	$	2,000		$	1,502,591
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c)		1,000			736,960
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c)		1,000			722,491
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c)		500			361,663
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB) 4.00%, 06/01/32 (c)		2,000			1,498,718
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/26 (c)		500			510,873
5.00%, 09/01/26 (c)		500			507,151
5.00%, 09/01/26 (c)		500			519,740
5.00%, 09/01/27 (c)		1,150			1,194,066
5.00%, 09/01/27 (c)		485			494,337
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/27 (c)		1,100			1,155,625
5.00%, 09/01/27 (c)		2,000			2,050,252
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 3.95%, 07/15/27 (c)		100			90,873
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		475			396,175
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) 5.00%, 12/01/31 (c)		2,000			2,095,058
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB) 0.00%, 12/01/31 (c) ^		51,000			5,656,818
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		250			197,468

	Par (000’s		)	Value
California (continued)
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)	$	405		$	413,272
Lammersville Joint Unified School District, Mountain House School Facilities (ST) 5.00%, 09/01/25 (c)		1,000			1,023,543
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 05/30/23 (c)		37			37,070
MSR Energy Authority, Series A (RB)
6.12%, 11/01/29		455			489,721
6.50%, 11/01/39		6,200			7,274,582
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/25 (c)		975			975,719
5.25%, 08/15/25 (c)		455			463,511
Palm Desert California Improvement, Section 29 Assessment District No. 2004-02 (SA) 4.00%, 09/02/28 (c)		1,200			1,149,812
Palomar Health (RB) 5.00%, 11/01/26 (c)		250			261,895
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			115,605
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,000			1,011,648
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		750			774,115
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/26 (c)		500			508,830
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		500			506,332
Roseville California Special Tax, The Ranch at Sierra Vista (ST) (AGM) 4.00%, 09/01/27 (c)		1,000			864,582
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/26 (c)		495			502,424
5.00%, 09/01/26 (c)		345			351,971
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/31 (c)		745			799,611

	Par (000’s		)	Value
California (continued)
San Diego County, California Regional Airport, Series A (RB) 4.00%, 07/01/31 (c)	$	1,050		$	1,036,365
San Francisco California City & County Airport Commission International Airport, SFO Fuel Company LLC, Series A (RB) 5.00%, 01/01/29 (c)		1,475			1,525,272
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS) 5.00%, 05/01/24 (c)		4,750			4,771,525
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		300			306,595
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c)		500			518,990
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		200			203,158
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/32 (c)		2,000			1,879,595
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)
0.00%, 01/15/25 ^		1,000			939,509
0.00%, 01/15/32 ^		145			103,925
0.00%, 01/15/36 ^		105			61,600
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 03/01/26 (c)		500			507,502
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/23 (c)		1,035			1,041,613
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c)		4,500			4,124,133
Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Settlement, Series B-2 (RB) 0.00%, 12/01/30 (c) ^		20,000			3,382,952

	Par (000’s		)	Value
California (continued)
Tobacco Securitization Authority of Southern California, Series A (RB) 5.00%, 12/01/29 (c)	$	1,495		$	1,549,155
Tobacco Securitization Authority of Southern California, Series B (RB) 4.00%, 12/01/30 (c)		1,205			1,181,694
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/25 (c)		100			101,093
5.00%, 09/01/25 (c)		100			101,509
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		750			762,998
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 (d) *		850			280,500
5.30%, 09/01/23 (c) (d) *		530			174,900
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		445			453,414
					340,071,082
Colorado: 3.0%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 5.00%, 12/01/23 (c)		500			487,589
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)		2,010			2,016,557
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 05/30/23 (c)		1,000			1,002,738
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/25 (c)		500			456,251
5.00%, 12/01/25 (c)		500			477,928
Broadway Station Metropolitan District No. 3, Series A (GO) 5.00%, 06/01/24 (c)		1,425			1,107,311
Centerra Metropolitan District No 1 in Larimer County, Colorado, Series A (GO) 5.00%, 12/01/25 (c)		1,000			868,941
Centerra Metropolitan District No. 1 (TA)
5.00%, 05/30/23 (c)		500			493,475
5.00%, 05/30/23 (c)		500			453,766
5.00%, 05/30/23 (c)		500			475,408
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		10,195			10,206,163

	Par (000’s		)	Value
Colorado (continued)
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)	$	2,250		$	2,034,517
Clear Creek Transit Metropolitan District No. 2, Colorado, Series A (GO) 5.00%, 12/01/26 (c)		1,000			867,031
Colorado Bridge Enterprise, Central 70 Project (RB) 4.00%, 12/31/27 (c)		2,700			2,415,944
Colorado Crossing Metropolitan District No. 2, Series A-2 (GO) 5.00%, 12/01/25 (c)		3,000			2,619,580
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c)		1,000			896,215
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		500			458,860
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		510			499,511
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		5			3,635
4.00%, 08/01/29 (c)		4,735			4,294,470
5.00%, 08/01/29 (c)		2,000			2,066,009
Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 06/01/25 (c)		1,000			1,010,895
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/32 (c)		536			134,040
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)
5.00%, 12/31/24 (c)		3,250			3,172,152
5.00%, 12/31/24 (c)		350			344,578
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/26 (c)		500			446,685
5.75%, 12/01/26 (c)		500			436,914

	Par (000’s		)	Value
Colorado (continued)
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/23 (c)	$	1,000		$	1,002,972
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c)		820			768,883
5.25%, 11/01/25 (c)		2,345			2,259,736
5.50%, 11/01/25 (c)		1,865			1,781,333
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,000			963,380
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,000			816,678
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/25 (c)		1,000			801,990
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/24 (c)		1,000			961,000
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c)		540			460,517
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB) 5.00%, 12/15/26 (c)		4,000			3,945,899
Public Authority for Colorado Energy Natural Gas (RB) 6.50%, 11/15/38		2,000			2,397,831
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c)		981			722,872
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c)		5,750			4,042,138
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39		1,500			1,425,847
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40		1,615			1,517,089
Rocky Mountain Rail Park Metropolitan District, Series A (GO)
5.00%, 03/01/26 (c)		2,000			1,152,260
5.00%, 03/01/26 (c)		1,000			671,191

	Par (000’s		)	Value
Colorado (continued)
Southglenn Metropolitan District (GO) 5.00%, 05/30/23 (c)	$	1,000		$	936,843
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		1,200			1,127,471
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) 4.25%, 12/01/25 (c)		1,000			786,783
Transport Metropolitan District No. 3 (GO)
5.00%, 03/01/26 (c)		4,000			3,220,670
5.00%, 03/01/26 (c)		4,200			3,767,859
Tree Farm Metropolitan District, Eagle County, Colorado (GO) 4.75%, 12/01/26 (c)		2,000			1,712,647
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/23 (c)		500			498,036
5.38%, 12/01/23 (c)		1,500			1,494,656
Verve Metropolitan District No. 1 (GO) 5.00%, 03/01/26 (c)		1,025			1,011,052
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.00%, 09/01/26 (c)		1,000			760,113
4.00%, 09/01/26 (c)		1,000			693,148
4.12%, 09/01/26 (c)		2,980			1,820,743
					83,268,800
Connecticut: 0.6%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 05/09/23 (c)		630			612,485
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c)		1,200			969,461
5.00%, 09/01/26 (c)		3,500			2,943,617
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)
5.00%, 07/01/29 (c)		2,630			2,475,646
5.00%, 07/01/29 (c)		1,100			1,057,023
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		8,000			6,234,332
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,000			1,715,275

	Par (000’s		)	Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
4.00%, 07/01/29 (c)	$	500		$	461,639
5.00%, 07/01/29 (c)		1,000			1,031,228
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c)		250			205,635
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c)		250			196,411
					17,902,752
Delaware: 0.2%
County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB) 5.00%, 01/01/28 (c)		1,450			1,344,286
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
4.00%, 06/01/32 (c)		915			676,650
5.00%, 06/01/26 (c)		1,000			914,299
5.00%, 06/01/26 (c)		250			246,920
Delaware State Economic Development Authority (RB) 5.00%, 06/01/26 (c)		1,100			982,870
					4,165,025
District of Columbia: 0.7%
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c)		1,225			1,402,972
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/24 (c)		250			243,532
5.00%, 07/01/24 (c)		1,180			1,046,581
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/30 (c)		2,500			2,285,564
5.00%, 06/01/30 (c)		500			482,169
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^		11,325			5,888,804
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 0.00%, 10/01/37 ^		2,020			1,103,087

	Par (000’s		)	Value
District of Columbia (continued)
4.00%, 10/01/29 (c)	$	250		$	253,545
4.00%, 10/01/29 (c)		7,315			7,060,363
6.50%, 10/01/28 (c)		245			278,638
					20,045,255
Florida: 4.7%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., at the University of Florida Project, Series B (RB) 5.00%, 12/01/24 (c)		1,055			1,071,660
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series A (RB) 4.00%, 12/01/29 (c)		1,000			898,627
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c)		1,000			1,046,291
Broward County Florida Port Facilities, Series B (RB) 4.00%, 09/01/29 (c)		2,150			2,123,041
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		295			204,737
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c)		7,200			6,563,632
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c)		1,335			1,291,252
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c)		500			459,290
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c)		500			486,847
5.12%, 01/01/29 (c)		500			479,537
5.25%, 01/01/29 (c)		500			464,435
5.38%, 01/01/29 (c)		500			467,445
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		260			254,856
5.25%, 06/15/27 (c)		500			475,063
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,054,217
5.25%, 12/01/28 (c)		2,200			2,000,726
5.25%, 12/01/28 (c)		2,000			1,903,291

	Par (000’s		)	Value
Florida (continued)
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) 5.00%, 07/01/30 (c)	$	2,250		$	1,709,513
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		3,000			3,271,574
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27		1,100			1,195,005
5.00%, 11/01/27 (c)		2,500			2,725,755
5.00%, 11/01/27 (c)		500			537,130
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 06/01/25 (c)		230			223,472
5.00%, 06/01/25 (c)		1,210			1,215,879
5.00%, 06/01/25 (c)		300			299,635
Clay County, Florida (RB) 4.00%, 10/01/29 (c)		1,100			1,087,591
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *		590			330,400
8.12%, 05/15/24 (c) (d) *		460			257,600
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c)		2,135			2,200,708
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		1,645			1,721,616
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c)		1,000			1,074,290
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 4.00%, 02/15/30 (c)		2,000			1,787,933
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/01/32 (c)		1,000			956,239
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/27 (c)		2,225			2,214,338
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c)		425			393,650

	Par (000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/28 (c)	$	1,250		$	786,429
5.25%, 06/01/27 (c)		1,000			843,881
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/24 (c)		1,000			1,012,895
6.00%, 06/15/25 (c)		500			505,100
6.12%, 06/15/25 (c)		685			687,028
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/32 (c)		1,000			913,744
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.38%, 01/01/26 (c) (p)		9,695			9,219,518
6.50%, 01/01/29 (c) (p)		9,750			9,201,603
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 3.00%, 06/01/24 (c)		1,500			1,160,708
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/29 (c)		1,500			1,452,911
5.50%, 11/01/29 (c)		2,450			2,330,232
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB)
3.50%, 02/01/31 (c)		1,500			1,176,413
4.00%, 02/01/31 (c)		6,500			6,099,772
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c)		2,000			1,716,616
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 05/30/23 (c)		500			481,866
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c)		1,000			838,410
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		3,000			3,016,707

	Par (000’s		)	Value
Florida (continued)
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 4.00%, 11/15/31 (c)	$	2,500		$	2,276,640
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		1,880			1,893,202
Miami World Center Community Development District (SA)
5.12%, 11/01/27 (c)		750			751,108
5.25%, 11/01/27 (c)		250			246,738
Miami-Dade County Aviation, Series A (RB) (BAM-TCRS) 5.00%, 10/01/24 (c)		3,000			3,025,989
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/29 (c)		1,000			942,364
Miami-Dade County, Florida Expressway Authority Toll System, Series A (RB) 5.00%, 05/30/23 (c)		2,450			2,456,815
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c)		1,360			1,448,056
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/25 (c)		500			510,467
5.00%, 10/01/25 (c)		2,500			2,522,504
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,000			1,005,598
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
4.25%, 05/30/23 (c)		705			704,833
5.00%, 05/30/23 (c)		2,000			1,993,920
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		155			164,141
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/27 (c)		200			192,021
5.00%, 08/01/27 (c)		200			200,134
Osceola County, Florida Transportation Improvement, Refunding Bonds, Series A (RB)
0.00%, 10/01/29 (c) ^		2,905			1,118,420
0.00%, 10/01/29 (c) ^		1,250			512,519

	Par (000’s		)	Value
Florida (continued)
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB) 5.00%, 06/01/25 (c)	$	3,230		$	2,760,151
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 (c)		1,000			961,733
5.00%, 04/01/29 (c)		2,500			2,250,508
Palm Cost Park Community Development District (SA) 5.70%, 05/30/23 (c)		155			155,075
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		5,000			5,045,388
Sawyer’s Landing Community Development District, Miami-Dade County, Florida (SA) 4.12%, 05/01/31 (c)		1,055			887,381
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
5.50%, 11/15/26 (c)		500			387,898
5.75%, 11/15/26 (c)		1,500			1,187,257
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/30/23 (c)		2,600			2,403,071
Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB) 5.00%, 12/01/25 (c)		1,100			1,098,121
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		195			192,360
3.62%, 05/01/26 (c)		1,000			965,901
4.25%, 05/01/28 (c)		920			834,562
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		720			664,146
3.55%, 05/01/29 (c)		2,780			2,301,882
					130,952,011
Georgia: 1.3%
Augusta, Georgia Development Authority, AU Health System, Inc. Project (RB) 5.00%, 01/01/29 (c)		1,100			1,059,763

	Par (000’s		)	Value
Georgia (continued)
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c)	$	6,525		$	5,975,213
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		2,000			1,831,483
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		1,250			1,219,505
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/27 (c)		700			571,774
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c)		2,250			1,823,377
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			441,567
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/27 (c)		2,680			2,663,353
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/27 (c)		250			253,728
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 11/01/27 (c) (p)		7,000			6,735,620
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 (c)		1,000			899,672
5.00%, 11/01/27 (c)		5,000			4,805,543
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c)		375			376,191
Municipal Electric Authority of Georgia, Series A (RB)
5.00%, 01/01/25 (c)		6,000			6,135,462
5.00%, 07/01/28 (c)		1,250			1,263,487
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/26 (c)		500			446,048
5.25%, 10/01/26 (c)		500			425,457
					36,927,243

	Par (000’s		)	Value
Guam: 0.9%
Guam Government (GO) 5.00%, 05/15/29 (c)	$	1,165		$	1,219,152
Guam Government (RB)
4.00%, 01/01/31 (c)		1,000			975,032
5.00%, 12/01/26 (c)		2,290			2,363,509
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/25 (c)		600			537,997
5.00%, 11/15/25 (c)		1,085			1,085,735
5.00%, 11/15/25 (c)		1,100			1,110,719
5.00%, 11/15/25 (c)		1,040			1,054,741
5.00%, 11/15/25 (c)		5,805			5,906,516
Guam Government, Business Privilege Tax, Series F (RB) 4.00%, 01/01/31 (c)		7,000			6,304,963
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			502,770
5.00%, 02/01/30 (c)		500			504,236
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30		750			808,012
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		3,120			3,074,420
Guam Power Authority, Series A (RB) 5.00%, 10/01/27 (c)		500			513,715
					25,961,517
Hawaii: 0.4%
Hawaii State Department Budget and Finance Special Purpose Revenue, Series B (RB) 4.00%, 03/01/27 (c)		5,000			4,803,763
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 05/30/23 (c)		1,775			1,635,048
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 07/01/23 (c)		1,400			1,402,303
6.62%, 07/01/23 (c)		2,085			2,090,165
					9,931,279
Idaho: 0.1%
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/26 (c)		450			409,916
5.00%, 09/01/26 (c)		1,135			1,142,338
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c)		100			84,922
					1,637,176

	Par (000’s		)	Value
Illinois: 10.8%
Board of Education of the City of Chicago, Series A (GO) (AMBAC) 5.50%, 12/01/31	$	1,285		$	1,412,769
Board of Education of the City of Chicago, Series C (GO) (AGM) 5.00%, 12/01/28 (c)		500			538,112
Board of Education of the City of Chicago, Series H (GO) 5.00%, 12/01/27 (c)		4,000			4,061,921
Chicago Board of Education, Series A (GO)
4.00%, 12/01/31 (c)		6,250			5,386,042
4.00%, 12/01/31 (c)		2,975			2,632,314
5.00%, 12/01/28 (c)		1,265			1,321,069
5.00%, 12/01/28 (c)		250			258,924
5.00%, 12/01/29		1,000			1,054,477
5.00%, 12/01/29 (c)		1,195			1,254,218
5.00%, 12/01/30 (c)		100			103,679
5.00%, 12/01/30 (c)		6,350			6,416,937
5.00%, 12/01/30 (c)		3,610			3,686,529
5.00%, 12/01/30 (c)		6,990			7,181,532
5.00%, 12/01/30 (c)		395			410,588
5.00%, 12/01/30 (c)		6,000			6,088,607
5.00%, 12/01/30 (c)		4,100			4,290,984
5.00%, 12/01/30 (c)		5,575			5,849,874
5.00%, 12/01/31 (c)		8,000			7,966,021
5.00%, 05/30/23 (c)		13,755			13,703,398
7.00%, 12/01/25 (c)		5,200			5,598,022
7.00%, 12/01/25 (c)		14,210			14,983,671
7.00%, 12/01/27 (c)		2,250			2,440,295
Chicago Board of Education, Series A (GO) (AGM) 5.00%, 12/01/28 (c)		250			267,059
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			149,041
5.50%, 12/01/26		175			181,902
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/27 ^		760			639,364
0.00%, 12/01/28 ^		390			315,398
0.00%, 12/01/30 ^		55			40,752
5.50%, 12/01/26		355			371,278
Chicago Board of Education, Series B (GO)
4.00%, 12/01/31 (c)		5,000			4,615,343
4.00%, 12/01/31 (c)		5,000			4,590,315
4.00%, 12/01/31 (c)		7,130			6,502,270
5.00%, 12/01/27		1,500			1,567,761
5.00%, 12/01/29 (c)		200			208,251
5.00%, 12/01/30 (c)		3,600			3,778,052
5.00%, 05/30/23 (c)		3,235			3,241,892
5.00%, 05/30/23 (c)		1,105			1,107,634
6.50%, 12/01/26 (c)		4,000			4,204,391

	Par (000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27	$	2,000		$	2,090,348
5.00%, 12/01/27 (c)		3,750			3,857,293
5.25%, 12/01/24 (c)		8,485			8,582,938
5.25%, 12/01/24 (c)		8,040			8,085,112
6.00%, 12/01/24 (c)		1,160			1,190,440
Chicago Board of Education, Series D (GO) (AGM)
5.00%, 12/01/23 (c)		5			4,927
5.00%, 12/01/28 (c)		2,500			2,479,374
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		2,415			2,441,215
Chicago Board of Education, Series G (GO)
5.00%, 12/01/27 (c)		4,960			5,101,913
5.00%, 12/01/27 (c)		3,000			2,984,197
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		7,080			7,021,588
Chicago Midway International Airport, Series A (RB) 5.00%, 01/01/24 (c)		2,500			2,523,944
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		2,500			2,513,563
Chicago O’Hare International Airport (RB)
5.00%, 07/01/28 (c)		3,000			2,979,810
5.50%, 05/30/23 (c)		400			400,654
5.75%, 05/30/23 (c)		8,915			8,926,564
5.75%, 05/30/23 (c)		1,585			1,587,137
Chicago O’Hare International Airport, Series B (RB) 4.00%, 05/30/23 (c)		1,500			1,500,442
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.00%, 12/01/25 ^		355			321,770
0.00%, 12/01/29 ^		1,460			1,131,256
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/24 ^		1,165			1,095,065
0.00%, 12/01/25 ^		1,650			1,495,549
0.00%, 12/01/26 ^		1,630			1,424,031
0.00%, 12/01/27 ^		1,030			866,506
0.00%, 12/01/28 ^		690			558,013
0.00%, 12/01/29 ^		645			499,767
0.00%, 12/01/31 ^		520			367,623
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26		100			105,140
City of Chicago, City Colleges (GO) (NATL) 0.00%, 01/01/28 ^		345			287,303

	Par (000’s		)	Value
Illinois (continued)
0.00%, 01/01/30 ^	$	420		$	321,852
0.00%, 01/01/33 ^		985			656,695
0.00%, 01/01/34 ^		760			482,258
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		235			240,371
City of Chicago, Series A (GO)
5.00%, 01/01/27		200			209,661
5.00%, 01/01/27		1,000			1,048,307
5.00%, 01/01/31 (c)		3,000			3,243,574
5.00%, 01/01/31 (c)		3,000			3,232,946
5.25%, 01/01/24 (c)		1,810			1,819,988
5.50%, 01/01/29 (c)		1,000			1,042,326
6.00%, 01/01/27 (c)		5,000			5,325,073
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			112,019
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,969,345
City of Chicago, Series B (GO) 5.25%, 01/01/25 (c)		2,195			2,243,260
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			135,186
5.00%, 01/01/24		10			10,086
5.00%, 01/01/25		1,760			1,800,223
5.00%, 01/01/26 (c)		250			257,200
5.00%, 01/01/26		380			393,772
City of Chicago, Series D (GO) 5.50%, 01/01/25 (c)		5,000			5,091,012
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		990			1,074,635
City of Harvey, Series A (GO)
5.50%, 05/30/23 (c) (d) *		465			426,056
5.62%, 05/30/23 (c) (d) *		3,600			3,298,500
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26		1,200			1,243,479
Illinois Finance Authority Student Housing and Academic Facility, CHF - Chicago, L.L.C. - University of Illinois at Chicago Project, Series A (RB) 5.00%, 08/15/27 (c)		4,125			3,947,716
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c)		1,000			786,956
Illinois Finance Authority, Admiral Lake Project (RB) 5.12%, 05/15/24 (c)		390			321,071
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 05/30/23 (c)		35			33,395

	Par (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)
5.00%, 07/01/25 (c)	$	1,000		$	951,315
5.00%, 07/01/25 (c)		1,340			1,101,634
Illinois Finance Authority, Christian Homes, Inc. (RB) 5.00%, 05/15/26 (c)		1,875			1,721,966
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
4.75%, 05/15/23 (c)		615			601,547
5.12%, 05/15/23 (c)		230			223,681
5.25%, 05/15/23 (c)		750			728,062
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (d) *		3,000			1,350,000
5.00%, 02/15/27 (c) (d) *		6,500			2,925,000
5.12%, 02/15/27 (c) (d) *		6,130			2,758,500
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		100			84,383
Illinois Finance Authority, Illinois Institute of Technology (RB) 5.00%, 09/01/29 (c)		175			160,558
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		500			513,279
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c)		500			477,559
5.00%, 11/01/26 (c)		5			4,544
5.00%, 11/01/26 (c)		250			236,670
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 05/30/23 (c)		475			460,669
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		1,000			1,029,719
5.00%, 06/15/29 (c)		3,055			3,134,274
5.00%, 06/15/29		1,000			1,031,545
5.00%, 06/15/30		1,000			1,023,852
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c)		1,000			1,013,722
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			606,139
Illinois State, Series A (GO)
5.00%, 12/01/27 (c)		500			534,344
5.00%, 05/01/28 (c)		500			518,866

	Par (000’s		)	Value
Illinois (continued)
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
3.00%, 12/15/24 (c)	$	2,000		$	1,967,072
4.00%, 12/15/31 (c)		75			68,824
5.00%, 12/15/29 (c)		6,500			6,572,630
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/30 ^		475			359,914
0.00%, 12/15/34 ^		590			369,765
0.00%, 06/15/30 ^		745			576,518
0.00%, 06/15/31 ^		125			92,692
0.00%, 06/15/34 ^		190			122,270
0.00%, 06/15/39 ^		115			55,946
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 05/30/23 (c)		585			466,856
Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB) 4.00%, 12/01/26 (c)		2,000			2,028,900
Northern Illinois University Board of Trustees, Auxiliary Facilities System (RB) (BAM) 4.00%, 04/01/31 (c)		1,200			1,160,573
State of Illinois (GO)
3.50%, 06/01/26 (c)		175			173,166
4.00%, 01/01/26 (c)		610			618,646
4.00%, 05/01/24		660			662,607
4.00%, 06/01/26 (c)		460			454,883
4.00%, 06/01/26 (c)		360			362,601
4.00%, 06/01/26 (c)		270			271,062
4.00%, 08/08/23 (c)		150			150,273
4.12%, 11/01/26 (c)		600			612,926
4.12%, 08/08/23 (c)		160			160,344
5.00%, 11/01/24		200			204,195
5.00%, 02/01/24 (c)		375			379,105
5.00%, 02/01/24 (c)		350			353,787
5.00%, 02/01/27		500			529,838
5.00%, 05/01/24 (c)		175			177,106
5.00%, 05/01/24 (c)		100			101,093
5.00%, 06/01/26		125			130,977
5.25%, 07/10/23 (c)		510			511,821
5.25%, 07/10/23 (c)		290			291,035
5.25%, 07/10/23 (c)		550			551,964
5.50%, 07/10/23 (c)		560			562,259
State of Illinois (RB) 3.00%, 06/15/26 (c)		100			94,854
State of Illinois, Series A (GO)
4.00%, 08/08/23 (c)		100			100,182
5.00%, 10/01/28		500			543,367
5.00%, 11/01/28		5			5,440
5.00%, 12/01/27 (c)		100			105,969
5.00%, 05/01/28 (c)		365			380,097

	Par (000’s		)	Value
Illinois (continued)
5.00%, 08/08/23 (c)	$	110		$	110,489
State of Illinois, Series D (GO)
5.00%, 11/01/25		250			259,305
5.00%, 11/01/26		2,000			2,111,772
5.00%, 11/01/27		2,975			3,190,620
5.00%, 11/01/27 (c)		4,935			5,300,024
Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB) 6.00%, 03/01/30 (c)		1,000			969,041
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		500			463,505
Village of Bridgeview (GO) 5.00%, 05/30/23 (c)		360			312,793
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			73,182
0.00%, 01/01/31 ^		245			184,088
0.00%, 01/01/33 ^		540			372,150
					301,481,484
Indiana: 0.8%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 05/30/23 (c)		215			205,182
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		150			150,195
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30		1,500			1,364,922
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/27 (c)		4,000			4,095,210
Indiana Finance Authority, Deaconess Health System, Series A (RB) 5.00%, 09/01/26 (c)		1,000			1,069,105
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		7,000			7,011,385
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		3,500			3,184,819

	Par (000’s		)	Value
Indiana (continued)
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26	$	5,500		$	5,419,825
					22,500,643
Iowa: 0.8%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		1,025			1,012,673
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/27 (c)		4,000			2,970,892
5.00%, 05/15/27 (c)		655			506,226
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 05/30/23 (c)		7,655			7,382,950
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p)		5,605			5,630,192
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		1,660			1,602,185
5.00%, 10/01/25 (c)		2,115			1,907,060
					21,012,178
Kansas: 0.6%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		250			232,586
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/27 (c)		1,000			923,734
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c)		3,000			2,169,195
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/25 (c)		850			849,230
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		250			231,359
Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB) 4.00%, 06/01/28 (c)		1,000			817,290

	Par (000’s		)	Value
Kansas (continued)
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB)
6.25%, 12/01/29 (c)	$	1,000		$	980,047
6.50%, 12/01/29 (c)		1,000			976,839
Wichita Kansas Health Care Facilities, Presbyterian Manors, Inc., Series IV-A (RB) 6.50%, 05/30/23 (c)		2,995			2,983,889
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
5.00%, 09/01/25 (c)		295			282,463
5.75%, 09/01/25 (c)		4,565			4,288,299
6.00%, 09/01/25 (c)		2,125			1,996,172
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^		2,940			1,118,163
					17,849,266
Kentucky: 0.7%
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/26 (c)		100			103,408
City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB) 4.45%, 01/01/32 (c)		2,250			2,116,450
Kentucky Economic Development Finance Authority Hospital, Series A (RB) 5.00%, 06/01/27 (c)		1,315			1,356,691
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 05/30/23 (c)		760			756,334
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/27 (c)		4,655			4,793,309
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)		350			296,630
5.00%, 05/15/26 (c)		2,545			2,322,281
5.00%, 05/15/26 (c)		250			186,550
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) 5.38%, 05/19/23 (c)		400			363,605

	Par (000’s		)	Value
Kentucky (continued)
5.50%, 05/19/23 (c)	$	250		$	205,589
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c)		865			839,953
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			181,753
5.00%, 06/01/27 (c)		990			996,568
5.25%, 06/01/27 (c)		750			771,350
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		500			503,831
Kentucky State Property and Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c)		2,000			2,143,167
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 (c)		1,045			1,099,121
					19,036,590
Louisiana: 0.9%
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/29 (c)		3,800			3,429,879
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/25		100			104,789
Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c)		2,075			1,926,359
Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB) 5.00%, 07/01/29 (c)		500			423,382
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/25 (c)		950			789,354
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c)		2,000			1,747,899

	Par (000’s		)	Value
Louisiana (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL) 4.00%, 11/01/29 (c)	$	2,000		$	1,784,431
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 05/30/23 (c)		175			141,115
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB) 5.00%, 07/01/29 (c)		500			381,470
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/33 (c)		1,500			1,491,297
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) (SAW) 3.00%, 05/15/30 (c)		1,250			915,297
Louisiana Public Facilities Authority, Series A (RB) 4.00%, 12/15/27 (c)		1,940			1,863,211
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *		2,259			23
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) *		1,647			16
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/24 (c) (d) *		1,389			14
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/25 (c)		2,160			2,175,276
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 06/01/25 (p)		750			769,564
6.35%, 06/01/30 (c)		4,000			4,325,902
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c)		1,000			1,081,476

	Par (000’s		)	Value
Louisiana (continued)
Tangipahoa Parish, Louisiana Hospital Service, District No.1, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c)	$	1,530		$	1,523,441
					24,874,195
Maine: 0.3%
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
4.00%, 07/01/26 (c)		1,695			1,447,075
5.00%, 07/01/26 (c)		1,000			993,106
5.00%, 07/01/26 (c)		5,345			4,959,382
					7,399,563
Maryland: 1.6%
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/31 (c)		1,000			960,754
City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/27 (c)		1,000			988,897
5.00%, 09/01/27 (c)		1,000			1,018,464
5.00%, 09/01/27 (c)		2,250			2,168,362
5.00%, 09/01/27 (c)		2,000			1,885,095
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		500			503,813
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c)		250			250,419
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary’s University, Series A (RB) 5.00%, 09/01/27 (c)		1,000			952,697
County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c)		500			515,282
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/30 (c)		2,000			1,749,005
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c)		4,100			3,706,152
Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 (c)		2,000			1,996,910

	Par (000’s		)	Value
Maryland (continued)
Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) 4.62%, 07/01/30 (c)	$	2,000		$	1,949,734
Howard County, Series A (TA) 4.50%, 02/15/26 (c)		2,500			2,272,054
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 05/30/23 (c)		7,785			7,853,236
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c)		100			97,090
4.38%, 01/01/27 (c)		470			443,450
4.50%, 01/01/27 (c)		530			485,960
Maryland Economic Development Corp., Port Covington Project (TA)
3.25%, 09/01/30		1,500			1,383,605
4.00%, 09/01/30 (c)		3,250			2,686,221
4.00%, 09/01/30 (c)		2,250			1,996,856
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.25%, 06/30/32 (c)		3,085			3,132,536
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c)		400			362,582
5.00%, 07/01/26 (c)		250			255,086
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
4.00%, 07/01/25 (c)		210			211,013
4.25%, 07/01/25 (c)		145			145,286
5.00%, 07/01/25 (c)		500			508,164
5.00%, 07/01/25 (c)		1,500			1,517,431
5.00%, 07/01/25 (c)		625			643,099
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c)		750			676,802
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/27 (c)		1,000			905,309
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c)		500			502,328
					44,723,692

	Par (000’s		)	Value
Massachusetts: 1.4%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)	$	365		$	355,136
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB)
4.00%, 07/01/25 (c)		535			490,800
5.00%, 07/01/25 (c)		2,120			2,143,719
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,000			951,632
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)		500			507,727
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c)		1,035			1,042,061
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/31 (c)		2,400			1,963,267
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/27 (c)		1,000			901,271
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/24 (c)		350			322,404
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/25 (c)		500			512,532
5.12%, 11/15/25 (c)		500			508,368
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 05/19/23 (c)		1,000			960,455
4.12%, 05/19/23 (c)		2,500			2,154,595
5.00%, 05/19/23 (c)		1,400			1,308,283
5.00%, 05/19/23 (c)		14,550			13,060,850
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c)		1,500			1,432,152
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/30 (c)		5			4,010

	Par (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)	$	1,930		$	1,907,042
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c)		2,000			1,843,349
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c)		190			199,413
5.00%, 07/01/26 (c)		510			513,568
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 4.00%, 01/01/29 (c)		5,000			4,284,266
Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)		1,250			1,304,697
					38,671,597
Michigan: 1.1%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		290			290,395
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/30 (c)		250			257,544
City of Detroit, Michigan Unlimited Tax, Series A (GO)
5.00%, 04/01/31 (c)		1,475			1,427,372
5.00%, 04/01/31 (c)		135			132,520
Detroit Service Learning Academy, Public School Academy (RB) (AGM Q-SBLF) 4.00%, 07/01/28 (c)		1,000			808,169
Flint Michigan Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		500			427,949
Flint Michigan Hospital Building Authority, Hurley Medical Center, Series A (RB) 5.25%, 07/01/23 (c)		2,000			2,001,618
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 07/01/23 (c)		395			389,538
Michigan Finance Authority, Mid Michigan Health Credit Group (RB) 5.00%, 06/01/24 (c)		1,040			1,061,530

	Par (000’s		)	Value
Michigan (continued)
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
5.25%, 11/15/25 (c)	$	250		$	231,973
5.50%, 11/15/25 (c)		300			263,792
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/24 (c)		215			215,756
5.00%, 07/01/24 (c)		3,575			3,581,605
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c)		2,235			2,281,546
Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30		9,000			9,392,647
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c)		795			803,200
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 12/01/30 (c) ^		15,500			1,561,076
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		100			99,596
Michigan Strategic Fund, Evangelical Homes Project (RB)
5.25%, 05/30/23 (c)		1,000			911,374
5.50%, 05/30/23 (c)		2,000			1,615,564
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c)		700			735,505
5.00%, 12/31/28 (c)		1,250			1,252,539
5.00%, 12/31/28 (c)		600			631,118
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 05/15/23 (c) ^		260			30,267
Summit Academy North, Michigan Public School (RB) 4.00%, 11/01/28 (c)		1,000			827,230
					31,231,423
Minnesota: 0.7%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)		135			127,953
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		500			473,869
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.50%, 07/01/25 (c)		245			214,574

	Par (000’s		)	Value
Minnesota (continued)
5.50%, 07/01/25 (c)	$	250		$	230,364
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/29 (c)		3,000			2,615,655
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/25 (c)		500			500,211
5.50%, 07/01/25 (c)		2,860			2,863,804
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)		500			482,971
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		115			110,726
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) *		2,000			200,000
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
4.00%, 07/01/25 (c)		1,000			1,006,944
5.75%, 09/01/26 (c)		325			325,966
Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		2,000			2,043,113
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		3,730			3,393,259
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/19/23 (c)		975			812,105
Minnesota Higher Education Facilities Authority, Bethel University (RB) 5.00%, 05/01/27 (c)		2,000			1,810,875
Rochester Minnesota Health Care and Housing, Samaritan Bethany, Inc., Project, Series A (RB) 5.00%, 08/01/25 (c)		1,075			887,668
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)		250			213,156
Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB) 4.00%, 07/01/28 (c)		1,150			818,019
					19,131,232

	Par (000’s		)	Value
Mississippi: 0.3%
Mississippi Business Finance Corp., Enviva, Inc. Project, (RB) 7.75%, 07/15/32 (c) (p)	$	4,000		$	4,039,531
Mississippi Business Finance Corp., System Energy Resources Inc. Project (RB) 2.38%, 06/01/26 (c)		2,250			1,429,146
Mississippi Development Bank, Magnolia Regional Health Center Project (RB) 4.00%, 10/01/31 (c)		3,500			2,975,418
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)		1,000			1,016,697
					9,460,792
Missouri: 1.2%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/26 (c)		410			294,119
4.00%, 08/01/26 (c)		565			422,250
5.00%, 08/01/26 (c)		1,000			934,898
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c)		2,750			1,865,241
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c)		1,000			1,036,729
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/23 (c)		15			15,008
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c)		500			463,393
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 05/30/23 (c)		40			38,984
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/26 (c)		250			201,056
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		475			378,950
I-470 Western Gateway Transportation Development District, Series A (RB)
4.50%, 12/01/26 (c)		300			295,128
5.25%, 12/01/26 (c)		1,100			1,101,726

	Par (000’s		)	Value
Missouri (continued)
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46	$	5,352		$	3,997,173
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) 5.00%, 02/01/28 (c)		4,475			3,267,624
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/27 (c)		1,500			1,337,918
5.25%, 05/15/27 (c)		4,000			3,258,690
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/24 (c)		1,550			1,371,580
5.00%, 08/15/25 (c)		2,430			2,253,780
5.00%, 08/15/25 (c)		2,000			1,661,159
Lee’s Summit, Missouri Summit Fair Project (TA) 4.88%, 11/01/27 (c)		2,500			2,257,593
Missouri State Health & Educational Facilities Authority, University of Health Sciences and Pharmacy in St. Louis, Series A (RB) 4.00%, 05/01/33 (c)		2,000			1,760,605
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c)		3,000			2,782,589
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/26 (c)		1,000			724,106
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c)		500			466,922
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		150			142,463
University City of Missouri Industrial Development Authority of University City, Missouri, Series A (RB) 4.88%, 06/15/33 (c)		1,000			1,001,135
					33,330,819

	Par (000’s		)	Value
Montana: 0.2%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 05/30/23 (c)	$	2,000		$	2,000,104
Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB) 4.00%, 06/01/31 (c)		415			394,623
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.12%, 07/01/28 (c)		500			482,549
5.00%, 07/01/28 (c)		1,270			1,278,698
					4,155,974
Nebraska: 0.1%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/34		1,000			1,097,215
5.00%, 09/01/36		500			540,044
5.00%, 09/01/42		1,780			1,856,057
Central Plains Energy Project, Series G (RB) 5.00%, 10/01/29 (c) (p)		235			246,134
					3,739,450
Nevada: 0.3%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/29 (c)		235			201,022
4.00%, 06/01/29 (c)		540			444,024
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 05/30/23 (c)		1,175			1,162,879
Clark County School District, Series A (GO) 5.00%, 06/15/26		2,000			2,130,037
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		170			171,452
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		625			572,643
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c)		230			210,918
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c)		480			450,963
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
5.00%, 12/15/25 (c)		2,000			1,968,653
5.00%, 12/15/25 (c)		500			443,879

	Par (000’s		)	Value
Nevada (continued)
5.00%, 12/15/25 (c)	$	400		$	382,018
5.12%, 12/15/25 (c)		1,000			918,538
					9,057,026
New Hampshire: 0.4%
National Finance Authority, Ascentria Care Alliance Project (RB)
5.00%, 07/01/28 (c)		1,220			952,356
5.00%, 07/01/28 (c)		2,000			1,517,535
National Finance Authority, Covanta Project, Series B (RB) 4.62%, 07/01/23 (c)		4,000			3,376,882
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 07/01/23 (c)		3,375			2,945,500
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p)		1,600			1,197,538
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/25 (c)		1,600			1,449,336
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
6.12%, 07/01/24 (c) (d) *		1,252			275,480
6.12%, 07/01/24 (c) (d) *		835			183,653
6.25%, 07/01/24 (c) (d) *		417			91,826
					11,990,106
New Jersey: 3.0%
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		150			151,433
Casino Reinvestment Development Authority (RB)
5.25%, 11/01/24 (c)		8,450			8,523,843
5.25%, 11/01/24 (c)		1,410			1,427,174
City of Atlantic City, New Jersey Tax Appeal (GO) 5.00%, 12/01/23 (c)		65			64,969
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		470			444,072
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 05/30/23 (c)		1,645			1,655,955
5.50%, 06/20/23 (c)		60			60,644
5.62%, 03/05/24 (c)		2,035			2,065,327
5.62%, 03/05/24 (c)		285			289,247
5.75%, 05/30/23 (c)		4,800			4,813,776

CEF Muni Income ETF	XMPT
High Yield Muni ETF	HYD
HIP Sustainable Muni ETF	SMI
Intermediate Muni ETF	ITM
Long Muni ETF	MLN
Muni Allocation ETF	MAAX
Short High Yield Muni ETF	SHYD
Short Muni ETF	SMB

Average Annual Total Return
	Share Price			NAV			CEFMXTR¹			US00²			LBUSTRUU³
One Year		(4.11	)%		(4.53	)%		(4.12	)%		(0.57	)%		(0.43	)%
Five Year		1.23	%		1.23	%		1.65	%		1.19	%		1.18	%
Ten Year		2.04	%		2.04	%		2.42	%		1.34	%		1.32	%

¹	S-Network Municipal Bond Closed-End Fund Index^SM(CEFMXTR) is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The Index employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market.

²	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.

³	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Average Annual Total Return
	Share Price			NAV			MHYX¹			US00²			LBUSTRUU³
One Year		(2.47	)%		(3.11	)%		0.22	%		(0.57	)%		(0.43	)%
Five Year		0.21	%		0.15	%		2.91	%		1.19	%		1.18	%
Ten Year		1.92	%		1.84	%		3.90	%		1.34	%		1.32	%

¹	ICE Broad High Yield Crossover Municipal Index (MHYX) is comprised of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MHYX. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE High Yield Crossover Municipal Bond Transition Index (MXYT), an interim index that gradually increased exposure to securities based on their weightings in MHYX and proportionally reduced exposure to certain component securities of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR). Index data prior to March 1, 2022 reflects that of the LMEHTR.

²	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.

³	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.


President’s Letter	1
Management Discussion	3
Performance Comparison
CEF Muni Income ETF	4
High Yield Muni ETF	5
HIP Sustainable Muni ETF	6
Intermediate Muni ETF	7
Long Muni ETF	8
Muni Allocation ETF	9
Short High Yield Muni ETF	10
Short Muni ETF	11
About Fund Performance	12
Explanation of Expenses	13
Schedule of Investments
CEF Muni Income ETF	15
High Yield Muni ETF	17
HIP Sustainable Muni ETF	60
Intermediate Muni ETF	63
Long Muni ETF	95
Muni Allocation ETF	110
Short High Yield Muni ETF	112
Short Muni ETF	131
Statements of Assets and Liabilities	143
Statements of Operations	145
Statements of Changes in Net Assets	147
Financial Highlights
CEF Muni Income ETF	151
High Yield Muni ETF	152
HIP Sustainable Muni ETF	153
Intermediate Muni ETF	154
Long Muni ETF	155
Muni Allocation ETF	156
Short High Yield Muni ETF	157
Short Muni ETF	158
Notes to Financial Statements	159
Report of Independent Registered Public Accounting Firm	167
Tax Information	168
Board of Trustees and Officers	169
Funds’ Liquidity Risk Management Program	172

Average Annual Total Return
	Share Price			NAV			MUNI¹
One Year		1.62	%		1.74	%		2.60	%
Life*		(4.15	)%		(4.12	)%		(3.50	)%

*	Inception of Fund: 9/8/21; First Day of Secondary Market Trading: 9/9/21.

¹	ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market.

Average Annual Total Return
	Share Price			NAV			MBNI¹			US00²			LBUSTRUU³
One Year		3.79	%		3.59	%		3.91	%		(0.57	)%		(0.43	)%
Five Year		1.94	%		1.90	%		2.42	%		1.19	%		1.18	%
Ten Year		1.96	%		1.98	%		2.58	%		1.34	%		1.32	%

¹	ICE Intermediate AMT-Free Broad National Municipal Index (MBNI) is comprised of intermediate maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNI. Index data from March 1, 2022 to November 30, 2022 reflects the ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT), an interim index that gradually increased exposure to securities based on their weightings in MBNI and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR). Index data prior to March 1, 2022 reflects that of LMT2TR.

²	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.

³	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Average Annual Total Return
	Share Price			NAV			MBNL¹			US00²			LBUSTRUU³
One Year		1.99	%		0.40	%		1.18	%		(0.57	)%		(0.43	)%
Five Year		1.13	%		0.93	%		1.88	%		1.19	%		1.18	%
Ten Year		1.95	%		1.86	%		2.78	%		1.34	%		1.32	%

¹	ICE Long AMT-Free Broad National Municipal Index (MBNL) is comprised of long maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNL. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE Long AMT-Free Broad National Municipal Transition Index (MLBT), an interim index that gradually increased exposure to securities based on their weightings in MBNL and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR). Index data prior to March 1, 2022 reflects that of LMT3TR.

²	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.

³	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

*	Inception of Fund: 5/15/19; First Day of Secondary Market Trading: 5/16/19.

¹	ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market.

	On September 1, 2022, MUNI replaced the Bloomberg Municipal Bond Index (LMBITR) as the primary performance benchmark index. The MUNI is more representative of broad tax-exempt market exposure.

²	LMBITR is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year.

Average Annual Total Return
	Share Price			NAV			MIHX¹			US00²			LBUSTRUU³
One Year		2.17	%		0.43	%		2.32	%		(0.57	)%		(0.43	)%
Five Year		1.47	%		1.29	%		3.31	%		1.19	%		1.18	%
Life*		1.87	%		1.78	%		3.63	%		1.69	%		1.65	%

^*	Inception of Fund: 1/13/14; First Day of Secondary Market Trading: 1/14/14.

¹	ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX) is comprised of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MIHX. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE 1-12 Year Broad High Yield Crossover Municipal Bond Transition Index (MXIT), an interim index that gradually increased exposure to securities based on their weightings in MIHX and proportionally reduced exposure to certain component securities of the Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR). Index data prior to March 1, 2022 reflects that of the BMHYTR.

²	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.

³	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.


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Average Annual Total Return
	Share Price			NAV			MBNS¹			US00²			LBUSTRUU³
One Year		1.71	%		1.82	%		2.14	%		(0.57	)%		(0.43	)%
Five Year		1.21	%		1.18	%		1.45	%		1.19	%		1.18	%
Ten Year		0.77	%		0.84	%		1.25	%		1.34	%		1.32	%

¹	ICE Short AMT-Free Broad National Municipal Index (MBNS) is comprised of short maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNS. Index data from March 1, 2022 to November 30, 2022 reflects the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT), an interim index that gradually increased exposure to securities based on their weightings in MBNS and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR). Index data prior to March 1, 2022 reflects that of LMT1TR.

²	The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.

	On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.

³	LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

	Beginning Account Value November 1, 2022	Ending Account Value April 30, 2023	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2022 - April 30, 2023(a)
CEF Muni Income ETF
Actual	$1,000.00	$1,102.50	0.41%	$2.14
Hypothetical (b)	$1,000.00	$1,022.76	0.41%	$2.06
High Yield Muni ETF
Actual	$1,000.00	$1,070.10	0.35%	$1.80
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76
HIP Sustainable Muni ETF
Actual	$1,000.00	$1,065.80	0.24%	$1.23
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Intermediate Muni ETF
Actual	$1,000.00	$1,075.90	0.24%	$1.24
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Long Muni ETF
Actual	$1,000.00	$1,109.80	0.24%	$1.26
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Muni Allocation ETF
Actual	$1,000.00	$1,073.50	0.08%	$0.41
Hypothetical (b)	$1,000.00	$1,024.40	0.08%	$0.40
Short High Yield Muni ETF
Actual	$1,000.00	$1,045.40	0.35%	$1.78
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

	Number of Shares		Value
Pioneer Municipal High Income Advantage Fund, Inc.		182,479	$	1,476,255
Pioneer Municipal High Income Fund Trust		174,104		1,528,633
Pioneer Municipal High Income Opportunities Fund, Inc.		126,553		1,351,586
Putnam Managed Municipal Income Trust		181,915		1,100,586
Putnam Municipal Opportunities Trust		126,330		1,299,936
Western Asset Managed Municipals Fund, Inc.		325,313		3,292,168
Total Closed-End Funds: 99.9% (Cost: $248,479,329)				204,130,828
Other assets less liabilities: 0.1%				269,452
NET ASSETS: 100.0%			$	204,400,280

Summary of Investments by Sector		% of Investments				Value
Financials			100.0	%		$	204,130,828

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Closed-End Funds		$	204,130,828			$	—			$	—			$	204,130,828

	Par (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31	$	55		$	54,995
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/24 (c)		655			622,414
5.00%, 01/01/24 (c)		500			454,740
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)