Certain information contained in this President’s Letter 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 October 31, 2022.

Back in July, I said that Market Volatility Has One Final Act.¹Stocks and bonds historically do not perform well when the U.S. Federal Reserve (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. If we’re in the last, third act of the play, the third act may last a very long time.

There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon. But bond prices have dropped significantly, and so you will see at the end of the letter that we are bullish bonds.

The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0% or even negative.

Another component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet—one estimate indicates $279B net out through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big 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, this year, we have seen services inflation increase from 3% to 6%. 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.

Last year when my colleagues and I spoke about inflation,²I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds. And the latest data still shows a strong labor market with low unemployment.

Inflation has caused real take-home pay to shrink over the past year. This should result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.

Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)³Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2022. 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, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.

2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.

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

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, May 1, 2022 to October 31, 2022.

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.		148,178	$	1,514,379
Blackrock Investment Quality Municipal Trust, Inc.		43,109		468,164
BlackRock Long-Term Municipal Advantage Trust		34,873		306,882
BlackRock MuniAssets Fund, Inc.		123,025		1,173,659
BlackRock Municipal 2030 Target Term Trust		318,902		6,559,814
BlackRock Municipal Income Fund, Inc.		379,647		3,952,125
BlackRock Municipal Income Quality Trust		96,076		979,014
BlackRock Municipal Income Trust		229,503		2,079,297
BlackRock Municipal Income Trust II		248,015		2,341,262
BlackRock MuniHoldings Fund, Inc.		247,453		2,657,645
BlackRock MuniHoldings Quality Fund II, Inc.		99,590		933,158
BlackRock MuniVest Fund II, Inc.		109,558		1,045,183
BlackRock MuniVest Fund, Inc.		433,642		2,753,627
BlackRock MuniYield Fund, Inc.		240,946		2,296,215
BlackRock MuniYield Quality Fund II, Inc.		70,556		664,638
BlackRock MuniYield Quality Fund III, Inc.		319,156		3,204,326
BlackRock MuniYield Quality Fund, Inc.		339,065		3,600,870
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		42,791		426,198
BNY Mellon Municipal Income, Inc.		116,593		682,069
BNY Mellon Strategic Municipal Bond Fund, Inc.		229,444		1,238,998
BNY Mellon Strategic Municipals, Inc.		288,341		1,730,046
Delaware Investments National Municipal Income Fund		90,902		945,072
DWS Municipal Income Trust		206,437		1,641,174
Eaton Vance Municipal Bond Fund		369,179		3,488,742
Eaton Vance Municipal Income 2028 Term Trust		28,531		530,249

	Number of Shares		Value
Eaton Vance Municipal Income Trust		182,293	$	1,739,075
Eaton Vance National Municipal Opportunities Trust		58,301		925,237
Invesco Advantage Municipal Income Trust II		208,516		1,636,851
Invesco Municipal Income Opportunities Trust		148,795		821,348
Invesco Municipal Opportunity Trust		343,909		3,022,960
Invesco Municipal Trust		283,867		2,492,352
Invesco Quality Municipal Income Trust ‡		272,219		2,409,138
Invesco Trust for Investment Grade Municipals		278,714		2,525,149
Invesco Value Municipal Income Trust		176,358		1,989,318
MFS High Income Municipal Trust		164,355		539,084
MFS Municipal Income Trust		214,654		1,023,900
Neuberger Berman Municipal Fund, Inc.		96,648		931,687
Nuveen AMT-Free Municipal Credit Income Fund		760,112		8,384,035
Nuveen AMT-Free Municipal Value Fund		82,776		1,091,815
Nuveen AMT-Free Quality Municipal Income Fund		1,025,861		10,586,886
Nuveen Dynamic Municipal Opportunities Fund		211,577		1,995,171
Nuveen Municipal Credit Income Fund		764,953		8,284,441
Nuveen Municipal Credit Opportunities Fund		167,394		1,739,224
Nuveen Municipal High Income Opportunity Fund		327,250		3,223,413
Nuveen Municipal Value Fund, Inc.		749,734		6,260,279
Nuveen Quality Municipal Income Fund		990,489		10,528,898
Nuveen Select Tax-Free Income Portfolio		169,737		2,208,278
PIMCO Municipal Income Fund		63,285		646,140
PIMCO Municipal Income Fund II		151,282		1,340,359
PIMCO Municipal Income Fund III		84,353		673,137

Transactions in securities of affiliates for the period ended October 31, 2022 were as follows:

The summary of inputs used to value the Fund's investments as of October 31, 2022 is as follows:

	Par (000’s		)		Value
MUNICIPAL BONDS: 97.7%
Alabama: 2.2%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.25%, 06/01/25	$	315		$	307,217
5.75%, 06/01/26 (c)		2,000			1,698,271
5.75%, 06/01/26 (c)		1,400			1,270,340
6.00%, 06/01/26 (c)		5,900			5,056,020
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/29 (c) (p)		3,960			3,707,250
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		1,180			1,281,828
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c)		10,040			10,141,972
Jefferson County, Sewer Revenue, Series D (RB)
6.00%, 10/01/23 (c)		10,000			10,666,656
6.50%, 10/01/23 (c)		9,000			9,628,932
Jefferson County, Sewer Revenue, Series E (RB)
0.00%, 10/01/23 (c) ^		100			46,809
0.00%, 10/01/23 (c) ^		60			23,833
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p)		1,000			971,298
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/26 (c)		1,350			1,226,660
Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p)		1,000			900,869
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p)		8,000			7,238,381
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		5,127			4,356,703
					58,523,039
Alaska: 0.2%
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c)		1,500			1,178,896

	Par (000’s		)		Value
Alaska (continued)
Northern Tobacco Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c)	$	4,030		$	3,739,857
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^		3,000			262,363
					5,181,116
American Samoa: 0.2%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/31 (c)		2,750			2,753,888
6.50%, 09/01/28		250			268,751
6.62%, 09/01/25 (c)		1,000			1,049,462
					4,072,101
Arizona: 2.7%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c)		1,000			793,812
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)		200			196,654
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/27 (c)		2,940			2,924,541
6.00%, 07/01/27 (c)		1,320			1,336,973
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 09/01/27 (c)		1,545			1,426,669
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/26 (c)		250			243,078
5.25%, 07/01/26 (c)		500			469,726
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/27 (c)		270			241,503
5.00%, 07/01/27 (c)		515			453,814
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		500			447,228
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) 3.55%, 07/15/27 (c)		1,155			1,030,683

	Par (000’s		)		Value
Arizona (continued)
5.00%, 07/15/27 (c)	$	400		$	361,522
5.00%, 07/15/27 (c)		300			253,967
Arizona Industrial Development Authority, Education Facility, Series A (RB)
5.25%, 07/01/23 (c)		1,050			989,442
5.50%, 07/01/23 (c)		2,100			1,927,999
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c)		1,000			1,004,169
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.62%, 07/01/27		1,000			910,000
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		2,000			1,700,000
Arizona Industrial Development Authority, Leman Academy of Excellence, East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			460,963
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		1,370			1,080,954
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)		500			469,841
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c)		1,400			1,001,732
City of Phoenix Civic Improvement Corp., Series B (RB) (AGM) 4.00%, 07/01/29 (c)		1,040			906,421
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM-TCRS ST AID WITHHLDG) 5.00%, 07/01/29 (c)		6,990			6,710,791
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/24 (c)		250			233,276
5.00%, 11/15/24 (c)		1,000			842,004
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/26 (c)		1,340			1,117,339

	Par (000’s		)		Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25	$	315		$	308,444
5.00%, 07/01/25 (c)		900			874,449
5.00%, 07/01/25 (c)		1,000			904,787
5.00%, 07/01/25 (c)		500			454,555
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)		750			676,844
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		2,320			2,068,416
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		750			708,052
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c)		5,830			4,300,832
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)		1,000			1,005,137
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/29 (c)		1,400			1,353,681
5.00%, 07/01/29 (c)		1,300			1,268,630
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/29 (c)		500			463,134
5.00%, 07/01/29 (c)		500			431,333
5.00%, 07/01/29 (c)		1,990			1,741,047
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,750			1,540,347
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		255			243,757

	Par (000’s		)		Value
Arizona (continued)
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/31 (c)	$	5,000		$	3,331,935
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/25 (c)		1,250			1,163,107
Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG) 5.00%, 06/15/25 (c)		500			418,268
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/26 (c)		250			233,978
5.38%, 07/01/26 (c)		250			223,673
5.50%, 07/01/26 (c)		250			225,318
Pima County, Arizona Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/26 (c)		1,000			968,177
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		9,605			9,478,236
5.25%, 12/01/23		290			293,129
5.25%, 12/01/24		305			310,650
5.25%, 12/01/25		265			271,613
5.25%, 12/01/27		215			221,961
5.25%, 12/01/28		245			253,379
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c)		355			285,588
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM) 5.00%, 12/01/26 (c)		250			204,345
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.00%, 10/01/27 (c)		1,200			1,059,560
6.12%, 10/01/27 (c)		5,300			4,488,327
6.12%, 10/01/27 (c)		600			499,655
					71,809,445
Arkansas: 0.6%
Arkansas Development Finance Authority, Big River Steel Project (RB)
4.50%, 09/01/26 (c)		16,070			12,606,105
4.75%, 09/01/27 (c)		2,000			1,636,439

	Par (000’s		)		Value
Arkansas (continued)
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) 5.45%, 09/01/25 (c)	$	3,000		$	2,714,313
					16,956,857
California: 11.7%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/26 (c)		3,000			3,022,692
5.00%, 10/01/26 (c)		5,000			5,016,283
5.00%, 10/01/26 (c)		1,650			1,659,821
5.00%, 10/01/26 (c)		2,055			2,065,242
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/23 (c)		615			518,973
4.00%, 09/01/23 (c)		160			142,896
4.00%, 09/01/23 (c)		420			338,241
Antelope Valley Healthcare District, Series A (RB)
5.00%, 03/01/26 (c)		1,610			1,399,267
5.25%, 03/01/26 (c)		1,480			1,467,079
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		695			628,712
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c)		3,100			2,550,008
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		11,735			8,117,935
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c)		6,000			4,502,117
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 4.00%, 08/01/31 (c)		2,000			1,351,311
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c)		3,000			1,853,467
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c)		4,000			2,787,961

	Par (000’s		)		Value
California (continued)
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)	$	3,000		$	2,488,123
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c)		2,000			1,371,005
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c)		4,500			3,375,458
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		6,000			4,166,747
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 12/01/22 (c)		15			15,241
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 11/16/22 (c)		15			13,789
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c)		1,170			908,651
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/27 (c)		250			199,924
4.20%, 08/15/27 (c)		500			435,739
4.25%, 11/15/22 (c)		80			80,030
5.00%, 08/15/27 (c)		990			947,384
5.00%, 08/15/27 (c)		460			450,261
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 4.00%, 04/01/30 (c)		3,110			2,400,510
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/27 (c)		2,500			2,475,371
California Housing Finance Agency, Series A (RB)
3.50%, 11/20/35		977			835,849
4.00%, 03/20/33		955			903,915
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/29 (c)		1,085			1,153,611

	Par (000’s		)		Value
California (continued)
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)
5.00%, 01/01/31 (c)	$	2,500		$	1,785,139
5.00%, 07/01/30 (c)		1,000			717,172
California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL) 5.00%, 04/01/25 (c)		1,910			1,734,367
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/25 (c)		500			500,063
6.12%, 11/01/23 (c)		1,000			1,015,771
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c)		1,000			822,297
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c)		500			482,704
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		150			122,005
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)
3.00%, 05/15/31 (c)		3,650			2,341,810
4.00%, 05/15/31 (c)		5,000			4,256,487
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			1,329,628
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c)		200			204,624
5.00%, 07/01/27 (c)		250			255,325
California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c)		2,500			2,478,847
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/27 (c)		500			399,821
5.00%, 10/01/27 (c)		500			412,325

	Par (000’s		)		Value
California (continued)
5.00%, 10/01/27 (c)	$	500		$	442,442
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c)		2,390			2,109,374
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28 (c)		500			510,036
5.00%, 06/30/28 (c)		2,490			2,358,657
5.00%, 06/30/28		65			66,441
5.00%, 06/30/28 (c)		600			612,447
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 06/30/28 (c)		1,950			1,685,687
5.00%, 06/30/28 (c)		3,405			3,158,055
5.00%, 06/30/28 (c)		1,000			979,505
5.00%, 06/30/28 (c)		700			694,406
5.00%, 06/30/28 (c)		2,040			2,015,269
5.00%, 06/30/28 (c)		1,035			1,051,380
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		230			217,555
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/26 (c)		500			452,077
5.00%, 07/01/28 (c)		130			119,884
5.00%, 07/01/28 (c)		1,000			864,146
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		250			203,342
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		12,500			11,608,954
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			600,000
7.50%, 12/01/22 (c) (d) *		10,500			6,300,000
7.50%, 12/01/29 (c) (d) *		7,000			350,000
8.00%, 07/01/27 (c) (d) *		6,635			3,981,000
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,000			680,000

	Par (000’s		)		Value
California (continued)
California Public Finance Authority, Enso Village Project, Series A (RB)
5.00%, 11/15/29 (c)	$	1,000		$	878,322
5.00%, 11/15/29 (c)		1,000			809,478
5.00%, 06/01/27 (c)		400			346,140
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27 (c)		1,000			699,454
5.00%, 07/01/27 (c)		300			223,080
5.00%, 07/01/27 (c)		485			379,989
5.00%, 07/01/27		110			92,632
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/26 (c)		2,000			1,933,965
California School Finance Authority, Charter School Ivy Academia, Series A (RB) 4.00%, 06/01/28 (c)		1,150			868,917
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/30 (c)		1,000			836,825
California School Finance Authority, Hawking Steam Charter School Project (RB) 5.50%, 07/01/29 (c)		1,000			882,460
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)
4.00%, 11/01/31 (c)		1,000			652,939
4.00%, 11/01/31 (c)		2,700			1,710,618
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/27 (c)		1,000			827,418
6.38%, 07/01/25 (c)		2,000			2,160,959
California School Finance Authority, Rocketship Education, Series A (RB)
5.12%, 06/01/26 (c)		250			219,151
5.25%, 06/01/26 (c)		250			219,499
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		1,500			1,415,540
5.00%, 11/01/27 (c)		1,000			963,190
6.38%, 11/01/23 (c)		1,000			1,013,019
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		250			203,619

	Par (000’s		)		Value
California (continued)
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 12/01/22 (c)	$	65		$	60,640
5.75%, 12/01/22 (c)		12			11,602
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 12/01/22 (c)		2			1,702
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/26 (c)		385			391,473
5.00%, 05/15/26 (c)		545			549,200
California Statewide Communities Development Authority, John Muir Health, Series A (RB) 5.00%, 12/01/27 (c)		2,305			2,299,814
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/29 (c)		435			394,782
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c)		75			75,047
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 06/01/26 (c)		1,100			1,100,363
5.00%, 06/01/26 (c)		350			351,678
5.00%, 06/01/26 (c)		2,445			2,240,643
5.00%, 06/01/26 (c)		1,595			1,503,635
5.25%, 12/01/24 (c)		1,740			1,751,980
5.25%, 12/01/24 (c)		8,975			8,891,224
5.25%, 06/01/26 (c)		13,380			12,168,731
5.25%, 06/01/28 (c)		1,000			915,002
5.50%, 12/01/24 (c)		13,005			12,652,878
5.50%, 06/01/28 (c)		6,500			6,081,806
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
5.00%, 06/01/26 (c)		3,230			2,827,094
5.75%, 01/15/23 (c)		125			123,445

	Par (000’s		)		Value
California (continued)
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c)	$	615		$	512,168
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,170			2,974,080
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 12/01/22 (c)		3,175			3,228,889
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 12/01/22 (c)		900			915,273
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c)		500			387,674
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		250			250,108
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/23 (c)		250			228,791
4.00%, 09/01/23 (c)		250			231,349
4.00%, 09/01/23 (c)		230			215,568
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		750			750,247
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)		2,500			2,224,559
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		180			159,282
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		810			814,728
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/27 (c)		500			421,371
5.00%, 09/01/27 (c)		130			131,337
5.00%, 09/01/27 (c)		155			157,208
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/27 (c)		2,000			1,937,116

	Par (000’s		)		Value
California (continued)
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)	$	200		$	202,055
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,045			1,045,453
CMFA Special Finance Agency I, Essential Housing, Series A-2 (RB) 4.00%, 04/01/31 (c)		6,000			4,224,547
CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB) 4.00%, 08/01/31 (c)		1,995			1,332,689
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/31 (c)		6,650			3,992,743
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 02/01/32 (c)		1,000			695,439
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 02/01/32 (c)		2,500			1,872,082
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c)		1,000			963,313
4.50%, 09/01/24 (c)		1,585			1,501,513
County of Los Angeles CA Community Facilities District No 2021-01 (ST) 5.00%, 09/01/29 (c)		1,000			918,032
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c)		1,000			687,566
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c)		7,750			5,346,422
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c)		11,800			9,675,219
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)
4.00%, 04/01/32 (c)		1,000			632,897
4.00%, 05/01/32 (c)		1,500			947,989

	Par (000’s		)		Value
California (continued)
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/31 (c)	$	1,000		$	668,361
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB) 3.12%, 06/01/31 (c)		3,000			1,807,871
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c)		5,350			3,694,309
CSCDA Community Improvement Authority, Millennium South Bay- Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c)		2,000			1,198,346
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c)		2,500			1,714,672
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c)		2,000			1,432,926
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c)		1,000			667,397
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c)		1,000			645,281
CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB) 4.00%, 07/01/31 (c)		8,200			5,741,078
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c)		500			330,937
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/26 (c)		500			500,768
5.00%, 09/01/26 (c)		500			508,220
5.00%, 09/01/26 (c)		500			495,788
5.00%, 09/01/27 (c)		485			459,429
5.00%, 09/01/27 (c)		1,150			1,153,036
Folsom Ranch Financing Authority (ST) 5.00%, 09/01/27 (c)		1,100			1,126,077

	Par (000’s		)		Value
California (continued)
5.00%, 09/01/27 (c)	$	2,000		$	2,026,712
5.00%, 09/01/27 (c)		1,000			976,713
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)
5.75%, 01/15/24 (c)		1,000			1,030,778
6.00%, 01/15/24 (c)		2,860			2,955,364
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 3.95%, 07/15/27 (c)		100			77,968
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		475			337,747
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,000			1,038,593
Foothill/Eastern Transportation Corridor Agency, Toll Road, Series A (RB) 6.00%, 01/15/24 (c)		1,115			1,152,179
Hastings Campus Housing Finance Authority, Series A (RB)
5.00%, 07/01/30 (c)		1,850			1,523,085
5.00%, 07/01/30 (c)		1,000			766,029
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		250			174,329
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)		405			405,176
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 12/01/22 (c)		37			37,075
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/24 (c)		1,600			1,645,420
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		485			522,973
Ontario International Airport Authority, Series A (RB) (AGM) 4.00%, 05/15/31 (c)		1,400			1,185,628
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/25 (c)		975			881,976
5.25%, 08/15/25 (c)		455			456,861
Palomar Health (RB) 5.00%, 11/01/26 (c)		250			253,510
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			111,516

	Par (000’s		)		Value
California (continued)
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)	$	1,000		$	1,000,309
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		750			758,908
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/26 (c)		500			495,701
River Islands Public Financing Authority, Phase 2 Public Improvements (ST) 5.00%, 09/01/26 (c)		750			740,304
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		500			483,192
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/26 (c)		495			485,221
5.00%, 09/01/26 (c)		345			345,205
San Diego County Regional Airport Authority, Series A (RB)
4.00%, 07/01/31 (c)		2,000			1,690,374
5.00%, 07/01/31 (c)		745			733,718
San Diego County Regional Airport Authority, Series B (RB) (AGM) 4.00%, 07/01/31 (c)		2,960			2,402,686
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS) 5.00%, 05/01/24 (c)		4,750			4,684,231
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		300			285,635
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c)		500			519,416
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		200			199,779
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/32 (c)		2,000			1,651,043

	Par (000’s		)		Value
California (continued)
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)
0.00%, 01/15/25 ^	$	1,000		$	910,942
0.00%, 01/15/32 ^		145			91,525
0.00%, 01/15/36 ^		105			51,972
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 03/01/26 (c)		500			490,836
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 03/01/23 (c)		1,035			1,038,155
Three Rivers Levee Improvement Authority. Community Facilities District Nos. 2006-1 and 2006-2, Series A (ST) 4.00%, 09/01/28 (c)		1,290			1,028,663
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c)		4,500			3,578,635
Tobacco Securitization Authority of Southern California, Series A (RB) 5.00%, 12/01/29 (c)		3,495			3,365,772
Tobacco Securitization Authority of Southern California, Series B (RB) 4.00%, 12/01/30 (c)		1,205			1,112,802
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/25 (c)		100			100,331
5.00%, 09/01/25 (c)		100			98,420
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		750			753,938
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 (d) *		850			382,500
5.30%, 03/01/23 (c) (d) *		530			238,500
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		445			441,939
					310,735,095
Colorado: 3.1%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 5.00%, 12/01/23 (c)		500			454,596

	Par (000’s		)		Value
Colorado (continued)
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)	$	2,010		$	1,897,506
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/22 (c)		1,000			950,861
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/25 (c)		500			449,642
5.00%, 12/01/25 (c)		500			429,929
Broadway Station Metropolitan District No. 3, Series A (GO)
5.00%, 06/01/24 (c)		1,425			1,082,346
5.00%, 06/01/24 (c)		4			3,265
Centerra Metropolitan District No. 1 (TA)
5.00%, 12/01/22 (c)		500			454,853
5.00%, 12/01/22 (c)		500			425,199
5.00%, 12/01/22 (c)		500			483,066
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		5,195			5,007,830
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)		4,250			3,705,931
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,035			929,162
Colorado Crossing Metropolitan District No. 2, Series A-2 (GO) 5.00%, 12/01/25 (c)		3,000			2,387,456
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c)		1,000			844,358
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		500			428,876
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
4.00%, 08/01/29 (c)		510			436,383
5.00%, 08/01/29		1,000			1,037,582
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		5			3,205
4.00%, 08/01/29 (c)		7,735			6,031,396
5.00%, 08/01/29 (c)		1,045			997,976

	Par (000’s		)		Value
Colorado (continued)
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/32 (c)	$	536		$	268,081
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)
5.00%, 12/31/24 (c)		250			233,726
5.00%, 12/31/24 (c)		350			330,460
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/26 (c)		500			415,708
5.75%, 12/01/26 (c)		500			402,095
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/23 (c)		1,000			946,733
Dominion Water and Sanitation District (RB) 5.88%, 12/01/28 (c)		1,000			896,252
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c)		840			758,587
5.25%, 11/01/25 (c)		2,345			2,110,431
5.50%, 11/01/25 (c)		1,865			1,644,369
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,000			862,497
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,000			784,112
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/25 (c)		2,000			1,623,372
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/24 (c)		1,000			898,197
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c)		540			439,210
Pueblo Urban Renewal Authority, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c)		5,030			3,885,589
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c)		1,000			681,092
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c)		5,750			3,713,479

	Par (000’s		)		Value
Colorado (continued)
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39	$	1,500		$	1,286,364
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40		1,615			1,367,296
Rocky Mountain Rail Park Metropolitan District, Series A (GO)
5.00%, 03/01/26 (c)		1,000			806,696
5.00%, 03/01/26 (c)		6,850			5,072,367
Southglenn Metropolitan District (GO) 5.00%, 12/01/22 (c)		1,000			871,533
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		1,200			1,039,770
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
4.25%, 12/01/25 (c)		1,000			746,328
5.00%, 12/01/22 (c)		1,000			1,021,375
5.00%, 12/01/22 (c)		500			510,687
5.00%, 12/01/22 (c)		5,000			5,106,874
Transport Metropolitan District No. 3 (GO)
5.00%, 03/01/26 (c)		4,000			2,949,829
5.00%, 03/01/26 (c)		4,200			3,484,026
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/23 (c)		500			472,196
5.38%, 12/01/23 (c)		1,500			1,399,481
Verve Metropolitan District No. 1 (GO) 5.00%, 03/01/26 (c)		1,025			952,371
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.00%, 09/01/26 (c)		1,000			742,070
4.00%, 09/01/26 (c)		1,000			676,284
4.12%, 09/01/26 (c)		4,980			3,107,966
					80,948,921
Connecticut: 0.6%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 11/14/22 (c)		630			603,212
Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c)		2,000			1,517,152

	Par (000’s		)		Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c)	$	3,000		$	2,514,643
5.00%, 09/01/26 (c)		2,500			2,156,647
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)
5.00%, 07/01/29 (c)		2,630			2,162,198
5.00%, 07/01/29 (c)		1,100			929,904
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		3,000			2,583,188
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		1,000			913,022
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,000			1,721,336
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c)		250			186,065
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c)		250			177,745
Connecticut State Health and Educational Facilities, Nuvance Health, Series A (RB) 4.00%, 07/01/29 (c)		500			418,370
					15,883,482
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			1,211,571
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
4.00%, 06/01/32 (c)		915			646,481
5.00%, 06/01/26 (c)		1,000			886,126
5.00%, 06/01/26 (c)		250			237,222
Delaware River & Bay Authority (RB) 4.00%, 01/01/32 (c)		1,540			1,339,400

	Par (000’s		)		Value
Delaware (continued)
Delaware State Economic Development Authority (RB) 5.00%, 06/01/26 (c)	$	1,100		$	955,835
					5,276,635
District of Columbia: 0.7%
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c)		1,975			2,144,461
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/24 (c)		250			230,809
5.00%, 07/01/24 (c)		1,180			998,897
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/30 (c)		500			461,955
5.00%, 06/01/30 (c)		2,500			2,195,199
District of Columbia, Rocketship Education Public Charter School, Series A (RB) 5.00%, 06/01/29 (c)		1,000			861,618
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.01%, 10/01/37		11,325			4,975,541
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)
0.00%, 10/01/37 ^		2,020			927,690
4.00%, 10/01/29 (c)		250			225,668
4.00%, 10/01/29 (c)		7,315			6,122,440
6.50%, 10/01/28 (c)		245			266,054
					19,410,332
Florida: 4.7%
Aqua One Community Development District (SA) 5.75%, 05/01/28 (c)		940			907,080
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c)		1,000			956,348
Broward County, Florida Port Facilities (RB) 5.50%, 09/01/32 (c)		2,985			3,065,940
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		295			255,260
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c)		7,200			6,019,429
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c)		250			233,312

	Par
	(000’s		)	Value
Florida (continued)
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c)	$	500		$	449,263
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c)		500			474,523
5.12%, 01/01/29 (c)		500			453,289
5.25%, 01/01/29 (c)		500			433,140
5.38%, 01/01/29 (c)		500			434,396
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		300			286,969
5.25%, 06/15/27 (c)		500			438,112
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			1,987,870
5.25%, 12/01/28 (c)		2,000			1,758,830
5.25%, 12/01/28 (c)		2,200			1,819,323
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)
5.00%, 01/01/31 (c)		1,850			1,303,714
5.00%, 07/01/30 (c)		2,250			1,592,615
Central Florida Expressway Authority, Senior Lien (RB) (BAM) 5.00%, 07/01/27 (c)		1,745			1,784,565
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27 (c)		2,500			2,645,039
5.00%, 11/01/27 (c)		3,000			3,181,887
5.00%, 11/01/27 (c)		500			520,628
5.00%, 11/01/27		1,100			1,176,769
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 06/01/25 (c)		230			198,558
5.00%, 06/01/25 (c)		300			284,913
5.00%, 06/01/25 (c)		1,210			1,172,057
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *		590			377,600
8.12%, 05/15/24 (c) (d) *		460			294,400
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 5.00%, 02/15/30 (c)		2,650			2,626,280

	Par
	(000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/01/32 (c)	$	1,000		$	853,280
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/27 (c)		2,225			2,018,189
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c)		425			370,761
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/28 (c)		1,600			1,179,017
4.00%, 06/01/28 (c)		1,250			805,058
5.25%, 06/01/27 (c)		1,000			863,399
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/24 (c)		1,000			1,011,930
6.00%, 06/15/25 (c)		500			507,566
6.12%, 06/15/25 (c)		685			693,099
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c)		1,000			894,240
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/32 (c)		3,700			3,152,123
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.25%, 01/01/24 (c) (p)		6,000			5,714,735
6.38%, 01/01/26 (c) (p)		9,695			8,736,698
6.50%, 01/01/29 (c) (p)		9,750			8,590,822
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/29 (c)		1,500			1,384,530
5.50%, 11/01/29 (c)		2,450			2,203,488
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 02/01/31 (c)		6,500			5,156,505
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB) 4.25%, 12/01/22 (c)		2,800			2,610,671

	Par
	(000’s		)	Value
Florida (continued)
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 12/01/22 (c)	$	500		$	485,660
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c)		1,000			818,897
Lee County Industrial Development Authority, Shell Point/Alliance Obligated Group, Shell Point/Waterside Health Project (RB) 5.00%, 11/15/26 (c)		2,500			2,387,488
Lee County, Florida Airport, Series A (RB) 5.00%, 10/01/25		1,000			1,024,138
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		380			372,121
Miami World Center Community Development District (SA)
5.12%, 11/01/27 (c)		750			720,717
5.25%, 11/01/27 (c)		250			234,011
Miami-Dade County Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c)		1,000			800,422
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/29 (c)		1,000			820,828
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c)		1,360			1,423,402
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/25 (c)		500			500,782
5.00%, 10/01/25 (c)		1,500			1,470,249
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,000			967,689
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
4.25%, 05/01/23 (c)		705			701,068
5.00%, 05/01/23 (c)		4,135			3,978,806
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		155			156,389
North Miami Beach Florida Water, Series A (RB) (SAW) 5.00%, 08/01/30 (c)		1,000			1,039,812

	Par
	(000’s		)	Value
Florida (continued)
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/27 (c)	$	200		$	192,708
5.00%, 08/01/27 (c)		200			183,695
Orange County Health Facilities Authority, Orlando Health Obligated Group (RB) 4.00%, 04/01/32 (c)		2,800			2,179,279
Osceola County, Florida Transportation Improvement, Refunding Bonds, Series A (RB)
0.00%, 10/01/29 (c) ^		1,250			425,213
0.00%, 10/01/29 (c) ^		3,905			1,239,340
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 (c)		1,000			872,777
5.00%, 04/01/29 (c)		2,500			2,016,643
Palm Cost Park Community Development District (SA) 5.70%, 12/01/22 (c)		170			170,026
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		5,000			4,867,315
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.50%, 11/15/26 (c)		500			399,368
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 12/01/22 (c)		2,600			2,376,171
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		195			186,578
3.62%, 05/01/26 (c)		2,340			2,142,009
3.88%, 05/01/26 (c)		2,395			1,914,459
4.25%, 05/01/28 (c)		925			786,115
Village Community Development District No. 12 (SA) (SAW) 4.38%, 05/01/28 (c)		10			8,206
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		725			619,941
3.38%, 05/01/29 (c)		970			772,501
3.55%, 05/01/29 (c)		2,795			2,088,891

	Par
	(000’s		)	Value
Florida (continued)
Village Community Development District No. 13 (SA) (SBG) 3.70%, 05/01/29 (c)	$	30		$	20,351
					125,242,285
Georgia: 1.1%
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c)		1,000			805,300
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		2,000			1,610,599
DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB) 5.00%, 01/01/29 (c)		1,000			704,238
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		1,250			1,178,385
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/27 (c)		700			501,410
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c)		2,250			1,696,806
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			424,599
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/27 (c)		250			242,064
Main Street Natural Gas, Inc., Series C (RB)
4.00%, 11/01/27 (c) (p)		7,000			6,467,510
5.00%, 05/15/49		2,405			2,213,854
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 (c)		5,000			4,645,512
5.00%, 11/01/27 (c)		1,000			872,521
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c)		375			346,184
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB) 5.00%, 07/01/28 (c)		4,500			4,039,488

	Par
	(000’s		)	Value
Georgia (continued)
Municipal Electric Authority of Georgia, Series A (RB) (BAM-TCRS) 4.00%, 01/01/32 (c)	$	2,900		$	2,412,418
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/26 (c)		500			416,464
5.25%, 10/01/26 (c)		500			393,085
					28,970,437
Guam: 0.8%
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/25 (c)		600			465,104
5.00%, 11/15/25 (c)		1,040			1,000,436
5.00%, 11/15/25 (c)		1,085			1,007,953
5.00%, 11/15/25 (c)		4,500			4,380,426
5.00%, 11/15/25 (c)		1,100			1,051,871
Guam Government, Business Privilege Tax, Series F (RB) 4.00%, 01/01/31 (c)		4,000			3,144,096
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			457,548
5.00%, 02/01/30 (c)		500			448,460
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30		750			746,138
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		3,120			2,764,473
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.00%, 07/01/26 (c)		1,375			1,336,103
Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c)		3,205			3,042,435
Guam Power Authority, Series A (RB) 5.00%, 10/01/27 (c)		500			501,473
					20,346,516
Hawaii: 0.4%
Hawaii State Department Budget and Finance Special Purpose Revenue, Series B (RB) 4.00%, 03/01/27 (c)		5,000			4,395,856
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 12/01/22 (c)		1,775			1,608,276

	Par
	(000’s		)	Value
Hawaii (continued)
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 07/01/23 (c)	$	1,400		$	1,403,908
6.62%, 07/01/23 (c)		2,085			2,092,461
					9,500,501
Idaho: 0.1%
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/26 (c)		450			362,120
5.00%, 09/01/26 (c)		1,135			1,084,743
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/24 (c)		1,435			1,424,690
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c)		100			83,324
					2,954,877
Illinois: 13.6%
Board of Education of the City of Chicago, Series H (GO) 5.00%, 12/01/27 (c)		2,000			1,876,242
Chicago Board of Education, Series A (GO)
4.00%, 12/01/31 (c)		10,000			7,405,361
4.00%, 12/01/31 (c)		4,975			3,826,697
5.00%, 12/01/22 (c)		15,055			13,356,081
5.00%, 12/01/28 (c)		1,265			1,234,928
5.00%, 12/01/28 (c)		250			239,255
5.00%, 12/01/29		1,000			981,902
5.00%, 12/01/29 (c)		1,195			1,168,157
5.00%, 12/01/30 (c)		5,000			4,541,103
5.00%, 12/01/30 (c)		7,240			6,687,475
5.00%, 12/01/30 (c)		4,100			3,924,159
5.00%, 12/01/30 (c)		5,575			5,380,681
5.00%, 12/01/30 (c)		395			374,088
5.00%, 12/01/30 (c)		1,610			1,476,691
5.00%, 12/01/30 (c)		100			93,602
5.00%, 12/01/30 (c)		5,950			5,430,134
5.00%, 12/01/30 (c)		7,850			7,083,809
5.00%, 12/01/30 (c)		4,300			3,860,139
5.00%, 12/01/31 (c)		8,000			6,905,318
7.00%, 12/01/25 (c)		14,210			14,845,257
7.00%, 12/01/25 (c)		5,200			5,526,771
7.00%, 12/01/27 (c)		2,250			2,389,577
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/23		300			304,198
5.00%, 12/01/25		1,000			1,023,611
5.00%, 12/01/28 (c)		250			251,347
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			149,821
5.50%, 12/01/26		175			182,369
5.50%, 12/01/30		2,500			2,673,787

	Par
	(000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series A (GO) (NATL)
0.01%, 12/01/27	$	760		$	596,403
0.01%, 12/01/28		390			290,070
0.01%, 12/01/30		55			36,627
5.50%, 12/01/26		355			367,689
Chicago Board of Education, Series B (GO)
4.00%, 12/01/22 (c)		150			126,652
4.00%, 12/01/31 (c)		5,000			4,050,484
4.00%, 12/01/31 (c)		4,130			3,253,791
4.00%, 12/01/31 (c)		5,000			3,994,549
5.00%, 12/01/22 (c)		3,235			3,066,188
5.00%, 12/01/22 (c)		1,105			1,059,822
5.00%, 12/01/27		1,500			1,483,489
5.00%, 12/01/29 (c)		200			190,944
5.00%, 12/01/30 (c)		3,600			3,498,954
6.50%, 12/01/26 (c)		1,100			1,136,436
Chicago Board of Education, Series C (GO)
5.00%, 12/01/23		500			502,306
5.00%, 12/01/27 (c)		2,625			2,490,155
5.00%, 12/01/27		2,000			1,977,986
5.25%, 12/01/24 (c)		3,485			3,339,143
5.25%, 12/01/24 (c)		4,430			4,106,804
6.00%, 12/01/24 (c)		1,160			1,184,830
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c)		7,500			6,532,379
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		2,415			2,352,037
Chicago Board of Education, Series G (GO)
5.00%, 12/01/27 (c)		3,600			3,416,083
5.00%, 12/01/27 (c)		3,000			2,642,056
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		5,080			4,431,170
Chicago Midway International Airport, Series A (RB) 5.00%, 01/01/24 (c)		2,500			2,522,091
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		4,000			4,011,291
Chicago O'Hare International Airport (RB)
5.50%, 01/01/23 (c)		400			401,000
5.75%, 01/01/23 (c)		8,915			8,923,412
5.75%, 01/01/23 (c)		1,585			1,586,686
Chicago O'Hare International Airport, Series B (RB) 4.00%, 12/01/22 (c)		1,500			1,449,781
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.01%, 12/01/23		300			286,416
0.01%, 12/01/25		355			308,461
0.01%, 12/01/29		1,460			1,029,295

	Par
	(000’s		)	Value
Illinois (continued)
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/28 ^	$	690		$	513,201
0.00%, 12/01/29 ^		645			454,722
0.01%, 12/01/24		1,165			1,062,031
0.01%, 12/01/25		1,650			1,433,691
0.01%, 12/01/26		1,630			1,346,845
0.01%, 12/01/27		1,030			808,283
0.01%, 12/01/31		520			325,793
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/26		100			102,521
5.00%, 06/01/29		1,000			1,040,466
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/30 ^		420			300,847
0.01%, 01/01/28		345			273,890
0.01%, 01/01/33		985			589,880
0.01%, 01/01/34		760			431,531
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		235			235,879
City of Chicago, Series A (GO)
5.00%, 01/01/27		200			199,861
5.00%, 01/01/27		1,000			999,305
5.00%, 01/01/31 (c)		3,000			2,849,453
5.00%, 01/01/31 (c)		3,000			2,876,125
6.00%, 01/01/27 (c)		5,000			5,094,054
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			105,650
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,756,724
City of Chicago, Series B (GO) 5.25%, 01/01/25 (c)		2,195			2,198,582
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			121,925
5.00%, 01/01/24		1,110			1,113,890
5.00%, 01/01/25		1,760			1,766,967
5.00%, 01/01/26 (c)		250			249,596
5.00%, 01/01/26		380			380,778
City of Chicago, Series D (GO) 5.50%, 01/01/25 (c)		5,000			4,885,650
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		1,020			1,069,250
City of Harvey, Series A (GO)
5.50%, 12/01/22 (c) (d) *		465			426,056
5.62%, 12/01/22 (c) (d) *		3,600			3,298,500
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26		1,200			1,198,828

	Par
	(000’s		)	Value
Illinois (continued)
Illinois Finance Authority Health Services Facility, University of Illinois Health Services (RB) 4.00%, 10/01/30 (c)	$	3,000		$	2,302,457
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c)		1,000			754,154
Illinois Finance Authority, Admiral Lake Project (RB)
5.00%, 05/15/24 (c)		1,120			896,068
5.12%, 05/15/24 (c)		390			290,982
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 12/01/22 (c)		35			32,934
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) 5.00%, 07/01/25 (c)		1,000			887,177
Illinois Finance Authority, Christian Homes, Inc. (RB) 5.00%, 05/15/26 (c)		1,875			1,728,713
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
4.75%, 05/15/23 (c)		615			574,734
5.12%, 05/15/23 (c)		230			205,915
5.25%, 05/15/23 (c)		750			675,548
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (d) *		3,000			1,470,000
5.00%, 02/15/27 (c) (d) *		6,500			3,185,000
5.12%, 02/15/27 (c) (d) *		6,130			3,003,700
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		100			85,251
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		500			508,383
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c)		500			470,135
5.00%, 11/01/26 (c)		250			231,604
5.00%, 11/01/26 (c)		5			4,352
Illinois Finance Authority, Mercy Health Corp. (RB) 5.00%, 06/01/26 (c)		3,000			2,819,558
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 12/01/22 (c)		475			446,367
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c)		5,000			4,849,853

	Par
	(000’s		)	Value
Illinois (continued)
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28	$	1,000		$	988,480
5.00%, 06/15/29		1,000			984,381
5.00%, 06/15/29 (c)		3,055			2,994,956
5.00%, 06/15/30		1,000			977,045
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c)		1,000			1,015,184
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			589,572
Illinois State, Series A (GO)
5.00%, 12/01/27 (c)		1,500			1,492,370
5.00%, 05/01/28 (c)		500			460,015
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
0.00%, 12/15/31 (c) ^		1,125			509,865
0.00%, 12/15/31 (c) ^		1,025			479,316
0.00%, 12/15/31 (c) ^		1,175			513,992
3.00%, 12/15/24 (c)		2,000			1,921,117
4.00%, 12/15/31 (c)		75			60,835
5.00%, 12/15/27 (c)		935			846,932
5.50%, 12/15/25 (c)		1,400			1,379,511
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/34 ^		590			306,881
0.00%, 06/15/29 ^		840			609,780
0.00%, 06/15/31 ^		125			81,090
0.00%, 06/15/34 ^		190			102,143
0.00%, 06/15/39 ^		115			44,649
0.01%, 12/15/30		475			317,635
0.01%, 06/15/30		745			512,421
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^		1,080			826,883
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 12/01/22 (c)		585			445,613
Southwestern Illinois Development Authority (RB) 5.35%, 12/01/22 (c)		230			130,171
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 12/01/22 (c)		2,000			1,926,720
State of Illinois (GO)
3.50%, 06/01/26 (c)		935			858,478
3.50%, 06/01/26 (c)		175			156,489
4.00%, 01/01/26 (c)		500			466,537
4.00%, 12/01/22 (c)		150			147,390

	Par
	(000’s		)	Value
Illinois (continued)
4.00%, 05/01/24	$	660		$	656,350
4.00%, 06/01/26 (c)		460			389,067
4.00%, 06/01/26 (c)		360			315,783
4.00%, 06/01/26 (c)		1,720			1,554,171
4.00%, 06/01/26 (c)		3,000			2,673,528
4.00%, 06/01/26 (c)		270			233,638
4.12%, 11/01/26 (c)		600			552,192
4.12%, 12/01/22 (c)		160			154,017
5.00%, 11/01/24		200			201,776
5.00%, 12/01/24		820			827,054
5.00%, 02/01/24 (c)		350			350,728
5.00%, 02/01/24 (c)		375			376,140
5.00%, 02/01/26		2,750			2,771,085
5.00%, 02/01/27		500			503,382
5.00%, 03/01/28		805			807,559
5.00%, 03/01/31 (c)		1,000			964,553
5.00%, 04/01/24 (c)		1,470			1,470,531
5.00%, 05/01/24 (c)		2,005			2,006,856
5.00%, 05/01/24 (c)		175			171,491
5.00%, 05/01/24 (c)		1,025			1,027,193
5.00%, 05/01/24 (c)		100			97,249
5.00%, 05/01/24 (c)		2,390			2,267,812
5.00%, 05/01/24 (c)		275			275,233
5.00%, 06/01/26 (c)		1,040			1,041,982
5.00%, 06/01/26		125			125,931
5.00%, 06/01/26 (c)		800			803,608
5.25%, 02/01/24 (c)		5,000			5,016,568
5.25%, 07/01/23 (c)		290			290,374
5.25%, 07/01/23 (c)		510			510,872
5.25%, 07/01/23 (c)		550			551,044
5.50%, 07/01/23 (c)		560			560,514
5.50%, 07/01/23 (c)		1,165			1,171,168
6.00%, 05/01/25		500			515,741
6.00%, 05/01/26		880			914,630
State of Illinois (GO) (AGC)
5.50%, 05/01/30		1,500			1,547,170
5.75%, 05/01/30 (c)		3,710			3,721,579
State of Illinois (RB) 3.00%, 06/15/26 (c)		100			86,527
State of Illinois, Series A (GO)
4.00%, 12/01/22 (c)		100			94,127
5.00%, 10/01/28 (c)		7,500			7,391,820
5.00%, 10/01/28		500			501,120
5.00%, 12/01/27 (c)		100			97,428
5.00%, 03/01/30		2,740			2,741,809
5.00%, 03/01/31 (c)		775			766,155
5.00%, 04/01/23 (c)		110			105,438
5.00%, 05/01/28 (c)		365			338,947
5.00%, 05/01/28 (c)		270			253,518
5.00%, 05/01/28 (c)		1,000			969,060
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		13,425			13,436,669
State of Illinois, Series D (GO)
3.25%, 11/01/26		1,755			1,657,425
5.00%, 11/01/23		1,270			1,280,173
5.00%, 11/01/25		1,920			1,935,388
5.00%, 11/01/26		7,715			7,770,478
5.00%, 11/01/27 (c)		9,700			9,716,972

	Par
	(000’s		)	Value
Illinois (continued)
5.00%, 11/01/27	$	6,000		$	6,023,611
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		500			431,774
Village of Bridgeview (GO) 5.00%, 12/01/22 (c)		360			306,900
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			68,700
0.00%, 01/01/31 ^		245			168,997
0.00%, 01/01/33 ^		540			328,427
					361,808,182
Indiana: 0.6%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 12/01/22 (c)		215			197,256
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		150			150,352
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/27 (c)		4,000			3,878,226
Indiana Finance Authority, Deaconess Health System, Series A (RB) 5.00%, 09/01/26 (c)		1,000			1,058,182
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		1,000			929,855
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		3,500			2,972,727
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		5,500			5,267,374
Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24		300			303,329
					14,757,301
Iowa: 1.0%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		1,025			972,660
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 11/15/26 (c)		3,365			2,739,189
5.00%, 05/15/27 (c)		2,770			2,317,335
5.00%, 05/15/27 (c)		655			563,029

	Par
	(000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 12/01/22 (c)	$	7,025		$	6,111,639
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p)		7,500			6,687,204
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		1,660			1,602,315
5.00%, 10/01/25 (c)		990			923,082
5.00%, 10/01/25 (c)		2,115			1,882,114
Iowa Tobacco Settlement Authority, Series B-1 (RB) 4.00%, 06/01/31 (c)		2,500			2,284,081
					26,082,648
Kansas: 0.5%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		250			224,255
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/27 (c)		1,000			909,140
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c)		2,000			1,427,329
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/25 (c)		1,000			977,955
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		250			222,309
Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC) 5.25%, 11/15/23 (c)		1,000			687,181
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c)		810			690,473
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
5.00%, 09/01/25 (c)		315			289,400
5.75%, 09/01/25 (c)		4,565			4,004,243
6.00%, 09/01/25 (c)		2,125			1,851,186

	Par
	(000’s		)	Value
Kansas (continued)
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^	$	7,500		$	2,137,108
					13,420,579
Kentucky: 0.6%
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/26 (c)		100			100,777
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 12/01/22 (c)		1,600			1,521,616
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/27 (c)		4,655			4,447,670
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)		250			196,553
5.00%, 05/15/26 (c)		545			498,079
5.00%, 05/15/26 (c)		350			302,177
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/21/22 (c)		400			359,010
5.50%, 11/21/22 (c)		250			202,297
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c)		3,365			3,048,453
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			180,409
5.00%, 06/01/27 (c)		990			920,381
5.25%, 06/01/27 (c)		750			734,064
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		500			468,853
Kentucky Economic Development Finance Authority, Series A-2 (RB) 5.00%, 08/01/29 (c)		1,000			929,349

	Par
	(000’s		)	Value
Kentucky (continued)
Kentucky State Property & Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c)	$	2,000		$	2,097,512
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 (c)		1,045			1,108,576
					17,115,776
Louisiana: 1.4%
Calcasieu Parish Memorial Hospital Service District (RB)
5.00%, 12/01/29 (c)		1,750			1,727,194
5.00%, 12/01/29 (c)		4,950			4,712,356
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/28		1,000			1,014,185
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)
4.00%, 12/01/28 (c)		3,220			3,048,264
5.00%, 12/01/25		100			103,384
Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB) 4.00%, 02/01/31 (c)		2,075			1,686,308
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			398,304
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			775,136
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c)		2,000			1,381,648
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c)		175			134,949

	Par
	(000’s		)	Value
Louisiana (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c)	$	1,000		$	913,719
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			356,347
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		2,550			2,283,566
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/33 (c)		1,500			1,324,661
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)
7.50%, 07/01/23 (d) *		2,259			22
8.38%, 07/01/24 (c) (d) *		1,389			14
Louisiana Stadium and Exposition District Senior Revenue, Series A (RB) 5.00%, 07/01/23 (c)		2,555			2,570,586
Louisiana Stadium and Exposition District, Series A (RB) 5.00%, 07/01/23 (c)		2,400			2,414,798
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/25 (c)		3,160			3,039,750
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 06/01/25 (p)		750			765,037
6.35%, 06/01/30 (c)		4,000			4,210,756
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c)		3,000			3,158,067
					36,019,067

	Par
	(000’s		)	Value
Maine: 0.2%
Maine Finance Authority, GO Lab Madison, LLC Project (RB) 8.00%, 12/01/36 (c)	$	1,000		$	701,794
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
4.00%, 07/01/26 (c)		1,270			984,857
5.00%, 07/01/26 (c)		3,825			3,463,410
					5,150,061
Maryland: 1.2%
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/31 (c)		1,000			867,714
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		500			478,331
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c)		250			233,354
County of Baltimore, Riderwood Village, Inc. Facility (RB) 4.00%, 01/01/27 (c)		1,000			856,745
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary's University, Series A (RB) 5.00%, 09/01/27 (c)		1,000			923,868
County of Prince George's, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c)		500			511,061
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/30 (c)		2,000			1,571,237
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c)		4,100			3,566,015
Howard County, Series A (TA) 4.50%, 02/15/26 (c)		500			414,721
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 12/01/22 (c)		7,785			7,782,282
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c)		100			94,414
4.38%, 01/01/27 (c)		470			419,346
4.50%, 01/01/27 (c)		530			450,920

	Par
	(000’s		)	Value
Maryland (continued)
Maryland Economic Development Corp., Port Covington Project (TA)
3.25%, 09/01/30	$	500		$	434,977
4.00%, 09/01/30 (c)		500			409,717
4.00%, 09/01/30 (c)		3,250			2,422,331
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Inc., Series A (RB) 5.50%, 01/01/27 (c)		2,675			2,622,889
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c)		400			317,865
5.00%, 07/01/26 (c)		250			245,483
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
4.00%, 07/01/25 (c)		210			196,683
4.25%, 07/01/25 (c)		145			128,697
5.00%, 07/01/25 (c)		1,500			1,422,446
5.00%, 07/01/25 (c)		625			628,617
5.00%, 07/01/25 (c)		500			491,291
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c)		750			588,078
Maryland Stadium Authority Built to Learn Revenue (RB) 4.00%, 06/01/31 (c)		2,700			2,169,421
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/27 (c)		1,000			881,557
Prince George's County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c)		500			482,897
					31,612,957
Massachusetts: 1.2%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		365			331,922
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/25		1,220			1,268,836
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) 4.00%, 07/01/25 (c)		535			412,277
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,000			842,783

	Par
	(000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)	$	500		$	496,900
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c)		1,035			961,228
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/31 (c)		2,400			1,738,462
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/27 (c)		1,000			867,365
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/24 (c)		350			310,638
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/25 (c)		500			491,921
5.12%, 11/15/25 (c)		500			480,223
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 11/21/22 (c)		1,000			965,769
4.12%, 11/21/22 (c)		2,500			2,297,101
5.00%, 11/21/22 (c)		9,820			9,862,004
5.00%, 11/21/22 (c)		1,400			1,412,069
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c)		3,500			3,114,523
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/30 (c)		5			3,768
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,930			1,698,684
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c)		2,000			1,603,062
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c)		510			483,465
5.00%, 07/01/26 (c)		190			196,088

	Par (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)	$	1,000		$	950,582
					30,789,670
Michigan: 1.1%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		290			267,948
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/30 (c)		250			248,789
City of Detroit, Michigan Unlimited Tax, Series A (GO) 5.00%, 04/01/31 (c)		1,150			1,057,012
Detroit Service Learning Academy, Public School Academy (RB) (AGM Q-SBLF) 4.00%, 07/01/28 (c)		1,000			737,121
Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		500			393,722
Flint Michigan Hospital Building Authority (RB) 4.75%, 07/01/23 (c)		30			30,248
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 07/01/23 (c)		395			396,001
Michigan Finance Authority, Mid Michigan Health Credit Group (RB) 5.00%, 06/01/24 (c)		1,040			1,068,321
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
5.25%, 11/15/25 (c)		250			224,423
5.50%, 11/15/25 (c)		300			259,291
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/24 (c)		215			207,799
5.00%, 07/01/24 (c)		3,575			3,362,114
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c)		3,235			3,012,376
Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30		10,000			9,592,932
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c)		795			788,854
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.01%, 12/01/30 (c)		15,500			1,042,766

	Par (000’s		)	Value
Michigan (continued)
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24	$	100		$	98,905
Michigan Strategic Fund, Evangelical Homes Project (RB)
5.25%, 12/01/22 (c)		2,450			2,255,324
5.50%, 12/01/22 (c)		2,000			1,708,303
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c)		600			587,695
5.00%, 12/31/28 (c)		700			675,681
5.00%, 12/31/28 (c)		1,250			1,090,446
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.01%, 11/16/22 (c)		260			24,036
Summit Academy North, Michigan Public School (RB) 4.00%, 11/01/28 (c)		1,000			776,984
					29,907,091
Minnesota: 0.6%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)		135			115,861
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		500			465,969
City of Brooklyn Center, Minnesota Multifamily Housing, Series A (RB) 5.50%, 12/01/22 (c) (d) *		1,900			1,175,141
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.50%, 07/01/25 (c)		245			201,587
5.50%, 07/01/25 (c)		250			216,921
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/29 (c)		3,000			2,755,065
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/25 (c)		500			474,824
5.50%, 07/01/25 (c)		2,860			2,700,948
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)		500			452,358
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		115			96,862
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) *		2,000			1,800,000

	Par (000’s		)	Value
Minnesota (continued)
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
4.00%, 07/01/25 (c)	$	1,000		$	937,099
5.75%, 09/01/26 (c)		325			309,682
City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c)		500			405,674
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		3,730			3,225,442
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 11/21/22 (c)		975			774,590
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)		250			202,426
					16,310,449
Mississippi: 0.2%
Mississippi Business Finance Corp. (RB) 2.38%, 06/01/26 (c)		1,250			747,348
Mississippi Development Bank, Magnolia Regional Health Center Project (RB) 4.00%, 10/01/31 (c)		3,500			2,637,075
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)		1,000			1,021,959
					4,406,382
Missouri: 1.1%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/26 (c)		410			306,126
4.00%, 08/01/26 (c)		565			452,783
5.00%, 08/01/26 (c)		1,000			1,005,632
5.00%, 08/01/26 (c)		1,000			1,009,693
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c)		3,750			2,238,339
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c)		1,000			1,012,638
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c)		70			65,653
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c)		500			440,250

	Par (000’s		)	Value
Missouri (continued)
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 12/01/22 (c)	$	40		$	38,656
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c)		1,000			926,864
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/26 (c)		250			199,245
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		475			366,925
I-470 Western Gateway Transportation Development District, Series A (RB)
4.50%, 12/01/26 (c)		400			380,388
5.25%, 12/01/26 (c)		1,100			1,023,298
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46		5,352			3,913,903
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) 5.00%, 02/01/28 (c)		4,475			2,972,804
Kansas City Missouri, International Airport Terminal Modernization Project, Series B (RB) (AMBAC) 5.00%, 03/01/29 (c)		1,000			984,300
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/27 (c)		1,500			1,303,657
5.25%, 05/15/27 (c)		4,000			3,154,308
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/24 (c)		1,550			1,380,462
5.00%, 08/15/25 (c)		2,000			1,696,046
Lee’s Summit, Missouri Summit Fair Project (TA) 4.88%, 11/01/27 (c)		2,500			2,114,892
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c)		860			745,122

	Par (000’s		)	Value
Missouri (continued)
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/26 (c)	$	1,000		$	740,022
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c)		500			429,588
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		150			141,327
					29,042,921
Montana: 0.2%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 03/01/23 (c)		2,000			1,858,915
Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB) 4.00%, 06/01/31 (c)		1,500			1,256,774
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.12%, 07/01/28 (c)		500			427,966
5.00%, 07/01/28 (c)		1,270			1,198,384
					4,742,039
Nebraska: 0.1%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/34		1,000			998,543
5.00%, 09/01/36		500			494,794
5.00%, 09/01/42		1,780			1,705,390
					3,198,727
Nevada: 0.5%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/29 (c)		245			195,958
4.00%, 06/01/29 (c)		555			430,495
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 12/01/22 (c)		1,175			1,136,793
Clark County School District, Series A (GO) 5.00%, 06/15/26		2,000			2,098,761
Clark County School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c)		1,000			774,654
Clark County, Nevada Airport System Subordinate Lien, Series A-2 (RB) 5.00%, 07/01/27 (c)		1,050			1,067,352

	Par (000’s		)	Value
Nevada (continued)
Clark County, Nevada School District, Series B (GO) (BAM) 3.00%, 06/15/31 (c)	$	2,000		$	1,523,227
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		170			167,432
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		625			540,349
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c)		230			196,024
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c)		480			422,842
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
5.00%, 12/15/25 (c)		2,000			1,903,425
5.00%, 12/15/25 (c)		500			442,213
5.00%, 12/15/25 (c)		400			374,712
5.12%, 12/15/25 (c)		1,000			912,216
					12,186,453
New Hampshire: 0.5%
National Finance Authority, Ascentria Care Alliance Project (RB)
5.00%, 07/01/28 (c)		1,220			934,473
5.00%, 07/01/28 (c)		2,000			1,488,809
National Finance Authority, Covanta Project, Series B (RB)
3.75%, 07/02/40 (c) (p)		2,250			1,690,911
4.62%, 07/01/23 (c)		4,000			3,323,633
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p)		3,665			2,705,047
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/25 (c)		1,600			1,419,549
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
6.12%, 07/01/24 (c) (d) *		1,500			585,000
6.12%, 07/01/24 (c) (d) *		1,000			390,000
6.25%, 07/01/24 (c) (d) *		500			195,000
					12,732,422
New Jersey: 3.6%
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		150			148,857
Casino Reinvestment Development Authority (RB) 5.25%, 11/01/24 (c)		1,410			1,419,957

	Par (000’s		)	Value
New Jersey (continued)
5.25%, 11/01/24 (c)	$	8,450		$	8,484,574
City of Atlantic City, New Jersey Tax Appeal (GO) 5.00%, 12/01/23 (c)		65			64,231
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		470			438,321
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 12/01/22 (c)		5,000			4,921,001
5.50%, 06/20/23 (c)		60			58,450
5.62%, 03/05/24 (c)		285			281,293
5.62%, 03/05/24 (c)		2,035			2,008,534
5.75%, 12/01/22 (c)		4,825			4,827,484
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		55			53,533
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/24 (c)		655			616,157
5.00%, 01/01/24 (c)		500			448,775
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/27 (c)		1,640			1,541,904
4.00%, 07/01/27 (c)		2,000			1,829,207
5.00%, 07/01/27 (c)		1,890			1,909,165
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		515			440,444
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		1,250			1,242,902
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25		120			120,227
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.00%, 12/15/26 (c)		725			727,593
5.00%, 12/15/26 (c)		305			305,101

	Par (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
4.75%, 12/15/26 (c)	$	2,545		$	2,685,833
5.50%, 12/15/26 (c)		165			179,058
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 12/15/28 (c)		2,880			2,756,219
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)
5.00%, 11/28/22 (c)		470			470,311
5.00%, 11/28/22 (c)		10			10,034
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) 5.00%, 11/28/22 (c)		125			125,016
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)
5.00%, 12/15/29 (c)		600			591,714
5.00%, 12/15/29 (c)		2,125			2,090,836
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		500			455,587
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
5.00%, 03/01/23 (c)		15			15,049
5.00%, 03/01/23 (c)		285			286,696

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

President’s Letter	1
Explanation of Expenses	3
Schedule of Investments
CEF Muni Income ETF	5
High Yield Muni ETF	7
HIP Sustainable Muni ETF	50
Intermediate Muni ETF	53
Long Muni ETF	92
Muni Allocation ETF	108
Short High Yield Muni ETF	110
Short Muni ETF	130
Statements of Assets and Liabilities	146
Statements of Operations	148
Statements of Changes in Net Assets	150
Financial Highlights
CEF Muni Income ETF	154
High Yield Muni ETF	155
HIP Sustainable Muni ETF	156
Intermediate Muni ETF	157
Long Muni ETF	158
Muni Allocation ETF	159
Short High Yield Muni ETF	160
Short Muni ETF	161
Notes to Financial Statements	162
Approval of Investment Management Agreements	169

	Beginning Account Value May 1, 2022	Ending Account Value October 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2022 - October 31, 2022(a)
CEF Muni Income ETF
Actual	$1,000.00	$865.90	0.41%	$1.93
Hypothetical (b)	$1,000.00	$1,023.14	0.41%	$2.09
High Yield Muni ETF
Actual	$1,000.00	$905.40	0.35%	$1.68
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79
HIP Sustainable Muni ETF
Actual	$1,000.00	$955.10	0.24%	$1.18
Hypothetical (b)	$1,000.00	$1,024.00	0.24%	$1.22
Intermediate Muni ETF
Actual	$1,000.00	$962.90	0.24%	$1.19
Hypothetical (b)	$1,000.00	$1,024.00	0.24%	$1.22
Long Muni ETF
Actual	$1,000.00	$904.60	0.24%	$1.15
Hypothetical (b)	$1,000.00	$1,024.00	0.24%	$1.22
Muni Allocation ETF
Actual	$1,000.00	$932.30	0.08%	$0.39
Hypothetical (b)	$1,000.00	$1,024.80	0.08%	$0.41
Short High Yield Muni ETF
Actual	$1,000.00	$960.70	0.35%	$1.73
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79

	Beginning Account Value May 1, 2022	Ending Account Value October 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2022 - October 31, 2022(a)
Short Muni ETF
Actual	$1,000.00	$989.80	0.20%	$1.00
Hypothetical (b)	$1,000.00	$1,024.20	0.20%	$1.02

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2022), 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.		122,675	$	912,702
Pioneer Municipal High Income Fund Trust		125,679		1,002,918
Pioneer Municipal High Income Opportunities Fund, Inc.		96,801		919,610
Putnam Managed Municipal Income Trust		154,594		888,916
Putnam Municipal Opportunities Trust		91,629		948,360
Western Asset Managed Municipals Fund, Inc.		224,676		2,132,175
Total Closed-End Funds: 99.9% (Cost: $188,743,312)				131,035,662
Other assets less liabilities: 0.1%				176,169
NET ASSETS: 100.0%			$	131,211,831

(a)	Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov.
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

		Value 4/30/2022		Purchases		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)		Value 10/31/2022
Invesco Quality Municipal Income Trust		$–(a)		$587,578		$(570,228)		$(76,402)		$69,914		$(312,424)		$2,409,138

Summary of Investments by Sector		% of Investments			Value
Financials		100.0%		$	131,035,662

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Closed-End Funds		$	131,035,662			$	—			$	—			$	131,035,662


		800.826.2333	vaneck.com