Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2022.

At the start of the year, we believed three themes¹would shape the investment world in 2022: sell growth, buy commodity equities and the Fed tightening will hurt—not crash—the markets. I discussed these themes in an October talk²While these thoughts seemed obvious, I had forgotten how much damage could be done to investment grade bonds and how far growth stocks could fall. This sell-off, while painful, has been orderly. But the market adjustments are probably not over, so we like to focus on the longer term trends of resource transition and blockchain disruption as the markets adjust to higher interest rates and higher commodity prices.

The global economy remains “hot”, fueled by the biggest stimulus seen since WWII. While commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, a key driver of persistent inflation. It tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down, and we won’t really know the answer to the inflation-persistency question until the second half of 2022.

While China has been a large driver of global growth over the past 20 years, its economy has slowed. The jury remains out on just how long China’s slow-down may last and its depth. The question, then, is Will Chinese policymakers stimulate the economy if growth slows too much? And, if they do, will they stimulate enough to keep being a driver of global growth.

Turning to the Fed, the question revolves around its possible actions. Short term, markets do not like Fed uncertainty and may continue to correct. However, I do not think the Fed will hit the brakes too hard by raising rates further than they have already indicated. If market seizes up, though, we may see positive Fed statements and a relief rally. We live in an era in which the Fed keeps an eye on the financial markets. We still see little reason why that would change.

Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting multi-year investment themes.

The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.

As the economy and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.

The second theme is crypto, in particular, the use of blockchain in a large variety of industries and most especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course, as with all growth, there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 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.

¹VanEck: 2022 Outlook Q&A: Crypto, Inflation and Energy Transition, December 31, 2021, https://www.vaneck.com/us/en/blogs/investment-outlook/2022-outlook-qa-crypto-inflation-and-energy-transition/

²Capital Link Inc.: 2021 Capital Link’s 20th Annual CEF & Global ETFs Forum - Keynote Address - Jan van Eck, October 6, 2021, https://www.youtube.com/watch?v=HQxm6B7umNA

The CEF Muni Income ETF lost 15.82% over the prior 12 months due both to widening municipal closed-end fund (CEF) discounts and price decreases in the underlying bonds themselves. During the period the discount at which CEFs traded fluctuated hugely. Starting the fund’s fiscal year at a discount of 2.49% on May 3, 2021, this then narrowed and “flipped” to become a premium and reach a high of 0.94% on August 27, 2021. Thereafter, having remained at a premium for most of the month, from September 23, the premium became a discount and started to widen in fits and starts, before widening significantly from early-January, to 5.86% on January 24, 2022. Then, fluctuating wildly, the discount continued to widen, hitting a high on April 18 of 8.60% and ending the 12 month period at 6.64%.

In the High Yield Muni ETF, the industrial revenue, healthcare and housing sectors contributed the most to the fund’s loss of 8.62%. In terms of state/U.S. territory, the three states detracting the most from performance were California, Illinois and New York. A single state/U.S. territory, the Virgin Islands, contributed positively to performance.

The industrial revenue, healthcare and special tax sectors were the largest contributors to the 6.58% loss recorded by the Short High Yield Muni ETF. A single state/U.S. territory, the Virgin Islands, contributed positively to performance. Grouped by state/U.S. territory, Illinois, New York and New Jersey were the greatest detractors from the fund’s performance.

The HIP Sustainable Muni ETF commenced on September 8, 2021 and had, therefore, not traded for a full 12 months by April 30, 2022. However, in the period in which it did trade before its fiscal year end, the fund was down 8.26%.

In terms of state/U.S. territory, municipal bonds from California, New York and Texas contributed the most to the fund’s negative total return of 9.99%. Kansas was the only state or U.S. territory to contribute positively to the fund’s total return. California, New York and Texas detracted the most. The state, local and transportation sectors detracted the most from the fund’s performance.

The healthcare, local and special tax sectors contributed most to the fund’s loss of 13.26% for the 12 month period. No one sector contributed positively to performance. In terms of state/U.S. territory, municipal bonds issued by New York, California and Texas detracted the most from performance. Not one state or U.S. territory made any significant positive contribution to performance.

The Muni Allocation ETF returned -11.03% over the 12 month period versus -7.88% for the Bloomberg Barclays Municipal Bond Index. The largest detractors from the fund’s performance were intermediate-term investment grade bonds, followed by high yield bonds. Those bonds detracting least from performance were short-term investment grade bonds and long-term investment grade bonds.

The fund introduced individual closed-end funds to the portfolio in June 2021 due to the attractive yields that this segment of the municipal bond universe offers. The fund started to get more defensive in October 2021, as interest rate risk started to rise and put downward pressure on bonds with longer duration. Since then, interest rates have moved significantly. The yield on the U.S 10-year Treasury note increased from 1.46% at the beginning of October 2021 to 2.93% on April 30, 2022. The doubling of this key benchmark rate, in reaction to the extremely high inflation in the U.S., has put significant downward pressure on fixed income investments.

Among short municipal bonds, the state, industrial revenue and local sectors detracted most from the return of the fund, which overall lost 5.27% for the year. No one sector contributed positively to performance. In terms of state/U.S. territory, no one state contributed positively to the total return of the fund. The three states to detract the most from performance were California, New York and Texas.

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

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

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

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

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

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

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2021, to April 30, 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: 99.8% (a)
Alliance Bernstein National Municipal Income Fund, Inc.		145,062	$	1,687,071
Blackrock Investment Quality Municipal Trust, Inc.		49,040		742,466
BlackRock Long-Term Municipal Advantage Trust		46,330		483,222
BlackRock MuniAssets Fund, Inc.		149,813		1,782,775
BlackRock Municipal 2030 Target Term Trust		272,037		6,041,942
BlackRock Municipal Income Fund, Inc.		399,682		4,900,101
BlackRock Municipal Income Quality Trust		131,683		1,609,166
BlackRock Municipal Income Trust		157,659		1,843,034
BlackRock Municipal Income Trust II		201,661		2,290,869
BlackRock MuniHoldings Fund, Inc.		270,300		3,478,761
BlackRock MuniHoldings Quality Fund II, Inc.		113,357		1,235,591
BlackRock MuniVest Fund II, Inc.		86,639		1,030,138
BlackRock MuniVest Fund, Inc.		328,701		2,517,850
BlackRock MuniYield Fund, Inc.		261,184		2,985,333
BlackRock MuniYield Quality Fund II, Inc.		111,954		1,240,450
BlackRock MuniYield Quality Fund III, Inc.		378,111		4,465,491
BlackRock MuniYield Quality Fund, Inc.		364,882		4,670,490
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		90,550		1,049,475
BNY Mellon Municipal Income, Inc.		117,528		830,923
BNY Mellon Strategic Municipal Bond Fund, Inc.		245,256		1,633,405
BNY Mellon Strategic Municipals, Inc.		315,815		2,207,547
DWS Municipal Income Trust		218,468		2,112,586
Eaton Vance Municipal Bond Fund		369,211		3,972,710
Eaton Vance Municipal Income 2028 Term Trust		36,704		766,012
Eaton Vance Municipal Income Trust		194,873		2,194,270

	Number of Shares		Value
Eaton Vance National Municipal Opportunities Trust		62,640	$	1,125,641
Invesco Advantage Municipal Income Trust II		174,988		1,641,387
Invesco Municipal Income Opportunities Trust		177,428		1,130,216
Invesco Municipal Opportunity Trust		342,709		3,574,455
Invesco Municipal Trust		282,508		2,943,733
Invesco Quality Municipal Income Trust		268,399		2,780,614
Invesco Trust for Investment Grade Municipals		275,972		2,994,296
Invesco Value Municipal Income Trust		189,908		2,453,611
MainStay MacKay DefinedTerm Municipal Opportunities Fund		93,482		1,701,372
MFS High Income Municipal Trust		176,302		698,156
MFS Municipal Income Trust		230,333		1,276,045
Neuberger Berman Municipal Fund, Inc.		63,238		756,959
Nuveen AMT-Free Municipal Credit Income Fund		842,010		11,602,898
Nuveen AMT-Free Municipal Value Fund		87,817		1,264,565
Nuveen AMT-Free Quality Municipal Income Fund		1,102,643		13,738,932
Nuveen Dynamic Municipal Opportunities Fund		208,665		2,393,388
Nuveen Enhanced Municipal Value Fund		125,211		1,502,532
Nuveen Intermediate Duration Municipal Term Fund		181,480		2,400,980
Nuveen Intermediate Duration Quality Municipal Term Fund		50,386		650,987
Nuveen Municipal Credit Income Fund		569,323		7,515,064
Nuveen Municipal Credit Opportunities Fund		210,080		2,668,016
Nuveen Municipal High Income Opportunity Fund		333,211		4,071,838
Nuveen Municipal Value Fund, Inc.		1,006,343		9,248,292

	Number of Shares		Value
Nuveen Quality Municipal Income Fund		1,063,308	$	13,610,342
Nuveen Select Tax-Free Income Portfolio		226,838		3,107,681
PIMCO Municipal Income Fund		72,172		797,501
PIMCO Municipal Income Fund II		175,456		1,901,943
PIMCO Municipal Income Fund III		93,661		858,871
Pioneer Municipal High Income Advantage Fund, Inc.		133,672		1,196,364
Pioneer Municipal High Income Fund Trust		129,386		1,238,224
Pioneer Municipal High Income Opportunities Fund, Inc.		98,948		1,247,734
Putnam Managed Municipal Income Trust		194,344		1,251,575
Putnam Municipal Opportunities Trust		136,333		1,457,400
RiverNorth Flexible Municipal Income Fund II, Inc.		124,302		1,864,530
Western Asset Managed Municipals Fund, Inc.		242,189		2,688,298
Total Closed-End Funds: 99.8% (Cost: $209,245,916)				169,126,118
Other assets less liabilities: 0.2%				281,078
NET ASSETS: 100.0%			$	169,407,196

The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:

	Par (000’s		)	Value
MUNICIPAL BONDS: 98.0%
Alabama: 1.7%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.25%, 06/01/25	$	410		$	411,121
5.75%, 06/01/26 (c)		2,000			1,967,281
5.75%, 06/01/26 (c)		1,400			1,401,937
6.00%, 06/01/26 (c)		5,900			5,910,476
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		1,500			1,717,232
Jefferson County, Sewer Revenue, Series D (RB)
6.00%, 10/01/23 (c)		10,000			10,969,015
6.50%, 10/01/23 (c)		9,000			9,927,623
Jefferson County, Sewer Revenue, Series E (RB)
0.00%, 10/01/23 (c) ^		60			23,715
0.00%, 10/01/23 (c) ^		100			46,579
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)
4.50%, 05/01/29 (c)		11,148			10,730,660
5.25%, 05/01/29 (c)		7,000			6,919,014
					50,024,653
Alaska: 0.1%
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c)		1,000			928,235
Northern Tobacco Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c)		1,000			910,316
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^		3,000			366,029
					2,204,580
American Samoa: 0.1%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/31 (c)		2,750			2,992,217
6.50%, 09/01/28		250			280,859
6.62%, 09/01/25 (c)		1,000			1,091,537
					4,364,613
Arizona: 2.2%
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c)		1,000			923,349

	Par (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)	$	200		$	207,298
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/27 (c)		2,940			3,183,596
6.00%, 07/01/27 (c)		1,320			1,445,793
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/26 (c)		250			259,504
5.25%, 07/01/26 (c)		500			516,353
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/27 (c)		515			525,997
5.00%, 07/01/27 (c)		270			276,390
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		500			511,833
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB)
5.00%, 07/15/27 (c)		400			410,647
5.00%, 07/15/27 (c)		300			304,919
Arizona Industrial Development Authority, Education Facility, Series A (RB)
5.25%, 07/01/23 (c)		1,050			1,100,122
5.50%, 07/01/23 (c)		2,100			2,186,793
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c)		1,000			1,062,149
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)
6.62%, 07/01/27		1,000			1,058,132
7.75%, 07/01/27 (c)		2,000			2,208,672
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		4,000			4,293,563
Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		500			488,405
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		445			403,096

	Par (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c)	$	500		$	487,955
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c)		600			511,883
Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c)		250			246,580
Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB)
5.00%, 11/15/26 (c)		600			496,410
5.25%, 11/15/26 (c)		700			542,504
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25		400			402,751
5.00%, 07/01/25 (c)		900			923,201
5.00%, 07/01/25 (c)		1,000			1,018,355
5.00%, 07/01/25 (c)		500			509,325
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)		750			795,180
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		675			689,389
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		750			775,831
Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB) 5.25%, 07/01/22 (c)		1,000			1,016,358
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c)		3,830			3,498,098
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)		1,000			1,089,397

	Par (000’s		)	Value
Arizona (continued)
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/29 (c)	$	1,400		$	1,499,849
5.00%, 07/01/29 (c)		1,300			1,397,161
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/29 (c)		500			511,136
5.00%, 07/01/29 (c)		500			509,609
5.00%, 07/01/29 (c)		500			518,539
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,750			1,794,088
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		255			249,374
Pima County Industrial Development Authority, American Leadership Academy Project (RB)
4.12%, 06/15/22 (c)		1,250			1,253,981
4.75%, 06/15/22 (c)		2,000			2,007,817
5.00%, 06/15/22 (c)		2,000			2,008,397
5.62%, 06/15/25 (c)		1,250			1,285,276
Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG) 5.00%, 06/15/25 (c)		500			502,262
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/26 (c)		250			252,815
5.38%, 07/01/26 (c)		250			250,979
5.50%, 07/01/26 (c)		250			250,464
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		9,355			10,248,083
5.25%, 12/01/23		290			300,304
5.25%, 12/01/24		305			320,742
5.25%, 12/01/25		265			282,727
5.25%, 12/01/27		215			233,985
5.25%, 12/01/28		245			268,370
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c)		355			360,128
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM) 5.00%, 12/01/26 (c)		250			254,247

	Par (000’s		)	Value
Arizona (continued)
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.12%, 10/01/27 (c)	$	3,900		$	3,907,659
6.12%, 10/01/27 (c)		600			599,548
					65,437,368
Arkansas: 0.3%
Arkansas Development Finance Authority Healthcare Facilities, Carti Surgery Center Project, Series B (RB) 3.50%, 07/01/28 (c)		1,085			860,572
Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB) 4.00%, 12/01/27 (c)		815			664,338
Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c)		7,820			7,253,607
Arkansas Development Finance Authority, Charter School Project, Series A (RB) 3.62%, 12/01/28 (c)		1,000			719,941
					9,498,458
California: 13.4%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/26 (c)		5,000			5,270,310
5.00%, 10/01/26 (c)		1,650			1,742,490
5.00%, 10/01/26 (c)		2,055			2,167,883
5.00%, 10/01/26 (c)		3,000			3,170,405
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/23 (c)		420			394,365
4.00%, 09/01/23 (c)		615			593,743
4.00%, 09/01/23 (c)		160			158,641
Antelope Valley Healthcare District, Series A (RB)
5.00%, 03/01/26 (c)		300			308,374
5.25%, 03/01/26 (c)		1,480			1,551,959
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		695			701,038
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c)		3,100			2,951,255
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		11,735			9,691,939

	Par (000’s		)	Value
California (continued)
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c)	$	6,000		$	5,292,386
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB)
3.00%, 08/01/31 (c)		1,000			709,302
4.00%, 08/01/31 (c)		2,000			1,616,261
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c)		3,000			2,313,097
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c)		4,000			3,289,169
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)		10,000			9,454,777
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c)		2,000			1,521,722
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c)		4,500			4,004,066
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		6,000			4,847,764
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 05/31/22 (c)		25			25,349
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 05/16/22 (c)		15			14,703
California County Tobacco Securitization Agency, Series A (RB)
4.00%, 06/01/30 (c)		4,740			4,602,342
5.00%, 05/16/22 (c)		4,115			4,026,758
California Enterprise Development Authority Charter School, Rocketship Public Schools Group No. 2, Series A (RB) 4.00%, 06/01/31 (c)		1,000			907,213

	Par (000’s		)	Value
California (continued)
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/27 (c)	$	250		$	253,470
4.20%, 08/15/27 (c)		500			515,706
4.25%, 11/15/22 (c)		80			80,503
5.00%, 08/15/27 (c)		460			500,380
5.00%, 08/15/27 (c)		990			1,070,843
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB)
3.00%, 04/01/30 (c)		1,000			813,043
4.00%, 04/01/30 (c)		1,715			1,681,993
4.00%, 04/01/30 (c)		6,325			5,978,284
California Housing Finance Agency, Series A (RB)
3.50%, 11/20/35		984			985,185
4.00%, 03/20/33		964			990,380
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)
5.00%, 01/01/31 (c)		5,000			4,727,853
5.00%, 07/01/30 (c)		1,000			947,645
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/25 (c)		500			529,921
6.12%, 11/01/23 (c)		1,000			1,045,784
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c)		1,000			984,598
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c)		500			531,148
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		150			146,724
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)
3.00%, 05/15/31 (c)		5,150			3,937,447
4.00%, 05/15/31 (c)		5,000			4,915,458
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			1,504,053

	Par (000’s		)	Value
California (continued)
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c)	$	250		$	270,739
5.00%, 07/01/27 (c)		200			217,252
California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c)		2,500			2,568,420
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/27 (c)		500			481,919
5.00%, 10/01/27 (c)		500			500,682
5.00%, 10/01/27 (c)		500			473,825
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c)		2,390			2,349,092
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28 (c)		600			643,304
5.00%, 06/30/28		65			70,074
5.00%, 06/30/28 (c)		2,490			2,604,469
5.00%, 06/30/28 (c)		500			535,286
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 06/30/28 (c)		1,950			1,792,214
5.00%, 06/30/28 (c)		700			739,009
5.00%, 06/30/28 (c)		3,405			3,539,902
5.00%, 06/30/28 (c)		1,035			1,100,787
5.00%, 06/30/28 (c)		1,000			1,053,452
5.00%, 06/30/28 (c)		2,040			2,151,759
California Municipal Finance Authority, Multifamily Housing, Series A (RB) 4.00%, 11/01/31 (c)		1,000			912,242
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		230			246,202
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/26 (c)		500			510,502
5.00%, 07/01/28 (c)		130			133,950
5.00%, 07/01/28 (c)		1,000			1,016,359
California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c)		930			952,711

	Par (000’s		)	Value
California (continued)
California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c)	$	1,500		$	1,511,368
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		250			244,540
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		10,500			10,154,502
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			600,000
7.50%, 12/01/29 (c) (d) *		7,000			350,000
7.50%, 07/01/22 (c) (d) *		10,500			6,300,000
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		1,000			850,000
California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB) 7.50%, 12/01/24 (c)		2,350			1,578,400
California Public Finance Authority, Enso Village Project, Series A (RB)
5.00%, 11/15/29 (c)		1,000			1,001,484
5.00%, 11/15/29 (c)		1,500			1,536,549
5.00%, 11/15/29 (c)		500			492,708
5.00%, 06/01/27 (c)		400			417,084
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27 (c)		1,000			773,722
5.00%, 07/01/27 (c)		485			400,942
5.00%, 07/01/27		210			181,278
5.00%, 07/01/27 (c)		300			240,904
California School Finance Authority, Charter School Ivy Academia, Series A (RB) 4.00%, 06/01/28 (c)		1,150			995,533
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)
4.00%, 11/01/31 (c)		1,000			871,313
4.00%, 11/01/31 (c)		2,700			2,306,009

	Par (000’s		)	Value
California (continued)
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/27 (c)	$	1,000		$	977,528
6.38%, 07/01/25 (c)		2,000			2,111,613
California School Finance Authority, Rocketship Education, Series A (RB)
5.12%, 06/01/26 (c)		250			255,566
5.25%, 06/01/26 (c)		250			256,250
California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 3.50%, 03/01/28 (c)		1,050			1,012,072
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		2,500			2,552,061
5.00%, 11/01/27 (c)		1,000			1,057,984
6.38%, 11/01/23 (c)		1,000			1,043,586
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		250			226,239
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 05/31/22 (c)		167			157,304
5.75%, 05/31/22 (c)		32			30,096
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 05/31/22 (c)		5			4,414
California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c)		920			960,606
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/26 (c)		385			412,077
5.00%, 05/15/26 (c)		545			579,291
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) (BAM)
3.00%, 05/15/31 (c)		1,000			763,561
3.00%, 05/15/31 (c)		1,000			781,387

	Par (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)
5.00%, 06/01/29 (c)	$	435		$	451,515
5.00%, 06/01/29 (c)		1,940			1,984,003
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c)		75			77,217
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 06/01/26 (c)		1,595			1,665,822
5.00%, 06/01/26 (c)		350			379,852
5.00%, 06/01/26 (c)		2,445			2,539,440
5.00%, 06/01/26 (c)		1,100			1,164,599
5.25%, 12/01/24 (c)		690			712,561
5.25%, 12/01/24 (c)		1,740			1,810,963
5.25%, 06/01/26 (c)		8,380			8,687,214
5.25%, 06/01/28 (c)		1,000			1,050,425
5.50%, 12/01/24 (c)		9,705			10,026,595
5.50%, 06/01/28 (c)		6,500			6,884,502
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
5.00%, 06/01/26 (c)		3,230			3,332,979
5.75%, 01/15/23 (c)		125			126,219
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c)		615			591,824
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,170			3,333,840
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 05/31/22 (c)		3,175			3,227,652
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/31/22 (c)		900			914,923
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c)		500			456,227

	Par (000’s		)	Value
California (continued)
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)	$	250		$	259,416
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/23 (c)		230			234,158
4.00%, 09/01/23 (c)		1,000			1,016,101
4.00%, 09/01/23 (c)		250			254,237
4.00%, 09/01/23 (c)		250			254,029
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		750			783,315
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)		6,000			6,126,048
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		180			177,942
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		840			873,584
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/27 (c)		500			468,319
5.00%, 09/01/27 (c)		135			142,795
5.00%, 09/01/27 (c)		155			164,243
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		200			208,246
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,045			1,085,683
CMFA Special Finance Agency (RB)
3.00%, 12/01/31 (c)		6,000			4,124,757
4.00%, 02/01/32 (c)		2,500			2,195,681
CMFA Special Finance Agency I (RB) 4.00%, 04/01/31 (c)		6,000			5,111,080
CMFA Special Finance Agency VII (RB) 4.00%, 08/01/31 (c)		2,000			1,565,633
CMFA Special Finance Agency XII (RB) 4.38%, 02/01/32 (c)		1,000			793,325
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c)		1,000			1,009,930
4.50%, 09/01/24 (c)		1,585			1,603,776
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c)		1,000			809,259

	Par (000’s		)	Value
California (continued)
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c)	$	8,750		$	7,257,397
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c)		11,800			11,416,882
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)
4.00%, 04/01/32 (c)		1,000			734,010
4.00%, 05/01/32 (c)		1,500			1,117,020
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-1 (RB) 2.88%, 08/01/31 (c)		995			861,933
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB) 3.12%, 08/01/31 (c)		7,000			5,094,707
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c)		5,350			4,380,089
CSCDA Community Improvement Authority, Millennium South Bay- Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c)		8,000			5,922,758
CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-1 (RB) 3.40%, 10/01/31 (c)		2,000			1,657,834
CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-2 (RB) 4.00%, 10/01/31 (c)		7,075			6,162,073
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c)		2,500			1,900,469
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c)		2,000			1,769,482
CSCDA Community Improvement Authority, Park Crossing Apartments, Series A (RB) 3.25%, 06/01/32 (c)		3,500			2,466,730

	Par (000’s		)	Value
California (continued)
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c)	$	1,000		$	758,627
CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB) 2.65%, 12/01/31 (c)		2,000			1,614,152
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c)		1,000			752,859
CSCDA Community Improvement Authority, Union South Bay, Series A-1 (RB) 3.10%, 07/01/31 (c)		3,000			2,351,939
CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB) 4.00%, 07/01/31 (c)		15,000			12,993,788
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series A (RB) 3.25%, 04/01/32 (c)		2,200			1,617,636
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c)		4,000			3,294,747
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-1 (RB) 3.00%, 06/01/32 (c)		1,000			704,866
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB) 4.00%, 06/01/32 (c)		5,780			4,738,919
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/26 (c)		500			528,293
5.00%, 09/01/26 (c)		500			537,289
5.00%, 09/01/26 (c)		500			532,015
5.00%, 09/01/27 (c)		1,150			1,223,303
5.00%, 09/01/27 (c)		1,840			1,930,040
Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c)		1,300			1,361,967
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/27 (c)		2,000			2,127,483
5.00%, 09/01/27 (c)		1,100			1,175,941

	Par (000’s		)	Value
California (continued)
5.00%, 09/01/27 (c)	$	1,000		$	1,047,956
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)
5.75%, 01/15/24 (c)		1,000			1,058,129
6.00%, 01/15/24 (c)		2,860			3,036,622
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)
3.95%, 07/15/27 (c)		100			91,666
6.00%, 01/15/24 (c)		1,115			1,183,858
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		475			388,824
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,000			1,061,582
Hastings Campus Housing Finance Authority, Series A (RB)
5.00%, 07/01/30 (c)		4,350			4,581,963
5.00%, 07/01/30 (c)		3,000			3,107,552
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		250			212,136
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/27 (c)		1,000			1,047,008
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)		405			420,639
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 05/31/22 (c)		46			46,156
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/24 (c)		1,600			1,680,543
MSR Energy Authority, Series A (RB)
6.12%, 11/01/29		485			541,167
6.50%, 11/01/39		1,575			1,957,988
Ontario California Special Tax, Community Facilities District No. 53 (ST) (FHA 542(C)) 4.00%, 09/01/28 (c)		1,375			1,242,246
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/25 (c)		975			981,318
5.25%, 08/15/25 (c)		455			475,403
Palomar Health (RB) 5.00%, 11/01/26 (c)		250			270,003

	Par (000’s		)	Value
California (continued)
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^	$	125		$	111,979
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,000			1,033,626
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		750			783,250
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)
5.00%, 09/01/26 (c)		500			525,694
5.00%, 09/01/26 (c)		500			535,088
5.50%, 09/01/22 (c)		3,000			3,074,089
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) (AGM) 5.00%, 09/01/26 (c)		500			529,652
River Islands Public Financing Authority, Community Facilities District No. 2019-1 (ST) 4.00%, 09/01/28 (c)		1,000			913,967
River Islands Public Financing Authority, Phase 2 Public Improvements (ST)
4.00%, 09/01/26 (c)		1,000			929,085
5.00%, 09/01/26 (c)		750			797,035
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		500			527,746
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/26 (c)		495			516,809
5.00%, 09/01/26 (c)		345			362,159
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/31 (c)		745			809,969
San Diego County Regional Airport Authority, Series B (RB) 4.00%, 07/01/31 (c)		1,500			1,401,900
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		300			317,755
San Joaquin Hills Transportation Corridor Agency (RB) (NATL) 0.00%, 01/15/25 ^		1,000			915,720

	Par (000’s		)	Value
California (continued)
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c)	$	500		$	533,304
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) (NATL)
0.00%, 01/15/32 ^		145			96,742
0.00%, 01/15/36 ^		105			57,396
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		200			208,421
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/32 (c)		2,000			1,892,223
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)
5.00%, 03/01/26 (c)		500			521,452
5.00%, 03/01/26 (c)		500			518,790
Silicon Valley Tobacco Securitization Authority, Series A (RB) 0.00%, 05/31/22 (c) ^		7,000			3,206,376
Silicon Valley Tobacco Securitization Authority, Series C (RB) 0.00%, 05/16/22 (c) ^		8,015			955,349
South California Tobacco Securitization Authority, Series C (RB) 0.00%, 05/16/22 (c) ^		3,055			469,282
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/22 (c)		1,035			1,040,788
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			1,193,113
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c)		3,000			2,969,056
Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 05/16/22 (c) ^		8,440			1,108,569

	Par (000’s		)	Value
California (continued)
Transbay Joint Powers Authority, Tax Allocation, Series B (TA) 2.40%, 04/01/30 (c)	$	3,920		$	3,768,644
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/25 (c)		100			104,020
5.00%, 09/01/25 (c)		100			103,577
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		750			777,120
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
4.00%, 09/01/21 (d) *		850			442,000
5.30%, 09/01/22 (c) (d) *		530			275,600
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		445			464,622
					403,190,754
Colorado: 3.7%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO)
5.00%, 12/01/23 (c)		500			506,382
5.12%, 12/01/23 (c)		750			754,426
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)		2,010			2,138,332
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 05/31/22 (c)		1,000			1,017,888
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/25 (c)		500			506,690
5.00%, 12/01/25 (c)		500			500,257
Broadway Station Metropolitan District No. 3, Series A (GO)
5.00%, 06/01/24 (c)		2,500			2,492,476
5.00%, 06/01/24 (c)		1,249			1,267,412
Canyon Pines Metropolitan District, Colorado Special Improvement District No. 1, Series A (SA) 3.75%, 09/01/26 (c)		1,000			811,080
Centerra Metropolitan District No. 1 (TA)
5.00%, 12/01/22 (c)		500			509,574
5.00%, 12/01/22 (c)		500			503,066
5.00%, 12/01/22 (c)		500			497,193
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		5,195			5,309,500

	Par (000’s		)	Value
Colorado (continued)
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)	$	4,250		$	4,287,244
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,035			1,036,540
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c)		1,000			992,998
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		500			503,274
Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) 5.00%, 01/01/26 (c)		605			625,021
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
4.00%, 08/01/29 (c)		510			495,381
5.00%, 08/01/29		1,000			1,105,754
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		5			4,006
4.00%, 08/01/29 (c)		7,000			6,635,047
5.00%, 08/01/29 (c)		1,045			1,126,931
Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.30%, 05/31/22 (c)		1,160			971,706
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)
5.00%, 12/31/24 (c)		350			361,957
5.00%, 12/31/24 (c)		250			258,494
Colorado International Center, Metropolitan District No 7 (GO) 5.25%, 12/01/26 (c)		5,000			3,109,807
Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c)		2,500			2,552,011
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/26 (c)		500			454,321
5.75%, 12/01/26 (c)		500			446,318

	Par (000’s		)	Value
Colorado (continued)
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)
5.62%, 12/01/23 (c)	$	1,000		$	1,027,471
5.75%, 12/01/23 (c)		1,500			1,533,042
Dominion Water and Sanitation District (RB)
5.25%, 05/31/22 (c)		785			801,986
5.75%, 05/31/22 (c)		3,500			3,575,593
6.00%, 05/31/22 (c)		397			405,558
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c)		870			827,408
5.25%, 11/01/25 (c)		2,345			2,228,101
5.50%, 11/01/25 (c)		1,865			1,795,184
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,000			1,002,014
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,000			907,628
Johnstown Plaza Metropolitan District, in the Town of Johnstown Larimer County, Colorado (GO) (SAW) 4.25%, 03/01/27 (c)		1,000			864,643
North Range Metropolitan District No. 3 (GO) 5.00%, 12/01/25 (c)		2,000			2,010,921
Painted Prairie Public Improvement Authority (RB)
5.00%, 12/01/24 (c)		1,500			1,488,840
5.00%, 12/01/24 (c)		1,000			1,008,333
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c)		540			481,612
Pueblo Urban Renewal Authority, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c)		4,030			3,774,441
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c)		1,000			783,161
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c)		5,750			4,482,769
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40		615			596,900

	Par (000’s		)	Value
Colorado (continued)
Rocky Mountain Rail Park Metropolitan District, Series A (GO) 5.00%, 03/01/26 (c)	$	6,850		$	5,749,455
Siena Lake Metropolitan District, in the Town of Gypsum, Colorado (GO) 4.00%, 09/01/26 (c)		1,000			809,207
Southglenn Metropolitan District (GO) 5.00%, 05/31/22 (c)		1,000			983,286
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		1,200			1,201,687
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
4.25%, 12/01/25 (c)		1,000			863,264
5.00%, 12/01/22 (c)		1,000			1,025,809
5.00%, 12/01/22 (c)		500			510,395
5.00%, 12/01/22 (c)		5,000			5,077,052
Transport Metropolitan District No. 3 (GO)
5.00%, 03/01/26 (c)		4,000			3,926,921
5.00%, 03/01/26 (c)		4,200			4,268,423
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/23 (c)		500			511,407
5.38%, 12/01/23 (c)		1,500			1,535,627
5.50%, 12/01/23 (c)		3,500			3,576,446
Verve Metropolitan District No 1 (GO) 5.00%, 03/01/26 (c)		1,025			1,039,726
Village Metropolitan District (GO) 5.00%, 12/01/25 (c)		1,250			1,290,228
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.12%, 09/01/26 (c)		4,980			3,854,406
Windler Public Improvement Authority, Series A-2 (RB) 4.63%, 09/01/26 (c)		7,375			4,321,022
					111,921,052
Connecticut: 0.8%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 05/10/22 (c)		630			606,237
Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c)		2,000			1,830,151
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c)		2,500			2,526,949

	Par (000’s		)	Value
Connecticut (continued)
5.00%, 09/01/26 (c)	$	3,000		$	3,022,997
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		3,000			3,052,519
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,000			2,034,366
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 4.00%, 07/01/29 (c)		2,000			1,877,656
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB)
4.25%, 07/01/22 (c)		935			939,313
4.50%, 07/01/22 (c)		655			658,284
5.00%, 07/01/22 (c)		380			382,209
5.00%, 07/01/22 (c)		4,470			4,495,985
5.00%, 07/01/22 (c)		100			100,581
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c)		250			230,164
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c)		250			224,096
Connecticut State Health and Educational Facilities, Nuvance Health, Series A (RB) 4.00%, 07/01/29 (c)		500			501,351
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c)		500			485,129
					22,967,987
Delaware: 0.1%
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
5.00%, 06/01/26 (c)		250			257,227
5.00%, 06/01/26 (c)		1,000			1,018,776
Delaware River and Bay Authority, Series A (RB) 5.00%, 01/01/23 (c)		730			743,812
					2,019,815

	Par (000’s		)	Value
District of Columbia: 1.1%
District of Columbia Tobacco Settlement Financing Corp. (RB) 0.00%, 05/31/22 (c) ^	$	24,055		$	5,048,098
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/24 (c)		1,180			1,159,331
5.00%, 07/01/24 (c)		250			252,701
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/30 (c)		500			515,049
5.00%, 06/01/30 (c)		2,500			2,536,386
District of Columbia, Rocketship Education Public Charter School, Series A (RB) 5.00%, 06/01/29 (c)		1,000			1,021,108
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^		11,825			5,588,120
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)
0.00%, 10/01/37 ^		5,520			2,873,750
4.00%, 10/01/29 (c)		7,315			7,360,085
4.00%, 10/01/29 (c)		250			254,979
5.00%, 10/01/29 (c)		3,150			3,396,123
6.50%, 10/01/28 (c)		245			290,380
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (SAW) 4.00%, 10/01/29 (c)		1,675			1,654,233
					31,950,343
Florida: 5.7%
Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c)		300			313,607
Aqua One Community Development District (SA) 5.75%, 05/01/28 (c)		1,000			1,021,513
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		295			295,475
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c)		5,500			5,576,256
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c)		250			252,906

	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		$	502,595
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c)		500			502,129
5.12%, 01/01/29 (c)		500			506,578
5.25%, 01/01/29 (c)		500			502,193
5.38%, 01/01/29 (c)		500			504,276
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		390			391,220
5.25%, 06/15/27 (c)		500			507,652
Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB) 6.00%, 07/01/25 (c)		1,000			300,000
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,184,864
5.25%, 12/01/28 (c)		2,000			2,090,302
5.25%, 12/01/28 (c)		2,200			2,271,418
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)
5.00%, 01/01/31 (c)		1,850			1,708,758
5.00%, 07/01/30 (c)		2,250			2,083,257
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27		1,100			1,236,364
5.00%, 11/01/27 (c)		500			549,603
City of Pompano Beach, John Knox Village Project, Series A (RB) 4.00%, 09/01/27 (c)		1,000			889,144
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 06/01/25 (c)		230			230,353
5.00%, 06/01/25 (c)		460			487,775
5.00%, 06/01/25 (c)		300			317,208
City of Tampa, Florida, H. Lee Moffitt Cancer Center Project, Series A (RB) (AGC) 0.00%, 09/01/30 (c) ^		1,000			462,395
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *		590			401,200

	Par
	(000’s		)	Value
Florida (continued)
8.12%, 05/15/24 (c) (d) *	$	460		$	312,800
Florida Development Finance Corp., Brightline Passenger Rail Project, Series B (RB) 7.38%, 01/01/24 (c)		19,035			19,498,375
Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) 6.12%, 06/15/27 (c)		1,000			971,852
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c)		425			419,367
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/28 (c)		1,600			1,388,649
4.00%, 06/01/28 (c)		1,250			999,335
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/24 (c)		1,000			1,041,529
6.00%, 06/15/25 (c)		500			524,519
6.12%, 06/15/22 (c)		3,000			3,017,189
6.12%, 06/15/25 (c)		685			715,778
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c)		1,000			1,021,160
Florida Development Finance Corp., The Mayl Ower Retirement Community Project, Series A (RB) 5.25%, 06/01/27 (c)		1,000			1,023,746
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.25%, 01/01/24 (c) (p)		11,000			10,962,965
6.38%, 01/01/26 (c) (p)		15,195			14,991,817
6.50%, 01/01/29 (c) (p)		28,000			27,348,300
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 3.00%, 06/01/24 (c)		1,000			927,156
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/29 (c)		1,500			1,477,597
5.50%, 11/01/29 (c)		2,450			2,385,796
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 02/01/31 (c)		7,500			7,242,879

	Par
	(000’s		)	Value
Florida (continued)
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB) 4.25%, 05/31/22 (c)	$	3,500		$	3,447,746
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/22 (c)		500			500,448
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c)		1,000			988,842
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		380			395,383
Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM)
3.00%, 11/15/31 (c)		3,170			2,289,323
4.00%, 11/15/31 (c)		2,530			2,354,524
Miami World Center Community Development District (SA)
5.12%, 11/01/27 (c)		750			785,159
5.25%, 11/01/27 (c)		250			260,024
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c)		1,360			1,490,782
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/25 (c)		500			521,724
5.00%, 10/01/25 (c)		500			523,853
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,000			1,036,945
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
4.25%, 05/01/23 (c)		1,035			1,042,318
5.00%, 05/01/23 (c)		1,480			1,488,739
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		155			169,044
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/27 (c)		200			208,884
5.00%, 08/01/27 (c)		200			205,643

	Par
	(000’s		)	Value
Florida (continued)
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c)	$	310		$	317,662
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series B (RB) 2.62%, 06/01/25		550			533,408
Palm Beach County, Lynn University Housing Project, Series A (RB) 5.00%, 06/01/31 (c)		3,920			4,032,216
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 (c)		2,500			2,499,888
5.00%, 04/01/29 (c)		1,000			1,015,128
Palm Cost Park Community Development District (SA) 5.70%, 05/31/22 (c)		180			180,118
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		5,000			5,327,962
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.50%, 11/15/26 (c)		500			466,503
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/31/22 (c)		2,600			2,471,104
Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c)		750			750,000
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		245			242,249
3.62%, 05/01/26 (c)		2,365			2,288,240
3.88%, 05/01/26 (c)		2,420			2,213,186
4.25%, 05/01/28 (c)		935			909,623
Village Community Development District No. 12 (SA) (SAW) 4.38%, 05/01/28 (c)		1,170			1,145,310
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		730			692,017
3.38%, 05/01/29 (c)		980			899,409

	Par
	(000’s		)	Value
Florida (continued)
3.55%, 05/01/29 (c)	$	2,820		$	2,525,173
Village Community Development District No. 13 (SA) (SBG) 3.70%, 05/01/29 (c)		4,625			3,972,858
					172,551,285
Georgia: 1.1%
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c)		1,000			959,576
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			760,404
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB)
6.25%, 12/01/24 (c)		4,000			3,522,610
6.50%, 12/01/24 (c)		1,000			893,885
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		1,250			1,201,295
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB)
4.00%, 04/01/28 (c)		1,000			863,116
4.00%, 04/01/28 (c)		1,500			1,213,107
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG)
5.00%, 04/01/26 (c)		500			499,270
5.00%, 04/01/26 (c)		1,000			987,383
Gainesville & Hall County Development Authority (RB) 5.00%, 03/01/27 (c)		1,500			1,146,061
Gainesville & Hall County Development Authority (RB) (BAM) 5.00%, 03/01/27 (c)		700			572,991
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 4.00%, 02/15/30 (c)		1,050			1,037,127
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) (AGM) 4.00%, 02/15/31 (c)		1,175			1,146,867

	Par
	(000’s		)	Value
Georgia (continued)
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c)	$	1,000		$	903,487
George L Smith II World Congress Center Authority, Series B (RB) 5.00%, 01/01/31 (c)		4,780			4,574,769
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			437,916
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)
5.75%, 06/15/27 (c)		250			258,928
6.00%, 06/15/27 (c)		1,000			1,031,396
Main Street Natural Gas, Inc. (RB) 5.00%, 05/15/49		1,000			1,104,562
Marietta Development Authority, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 (c)		1,000			1,013,893
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)
5.00%, 01/01/30 (c)		1,250			1,335,961
5.00%, 07/01/25 (c)		375			393,165
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB) 5.00%, 07/01/28 (c)		1,000			1,050,169
Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c)		1,000			825,291
Paulding County Hospital Authority, WellStar Health System, Inc., Series A (RB) 4.00%, 04/01/32 (c)		1,085			1,086,382
Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c)		3,850			3,639,261
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/26 (c)		500			456,635
5.25%, 10/01/26 (c)		500			438,321
					33,353,828
Guam: 0.5%
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/25 (c)		600			599,234
5.00%, 11/15/25 (c)		1,100			1,157,182
5.00%, 11/15/25 (c)		500			526,634

	Par
	(000’s		)	Value
Guam (continued)
5.00%, 11/15/25 (c)	$	585		$	614,116
Guam Government, Business Privilege Tax, Series F (RB) 4.00%, 01/01/31 (c)		3,000			2,746,026
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			496,665
5.00%, 02/01/30 (c)		500			511,787
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30		750			799,626
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		620			652,801
Guam Government, Waterworks Authority, Water and Wastewater System (RB)
5.00%, 07/01/26 (c)		1,375			1,454,086
5.25%, 07/01/23 (c)		550			568,802
5.50%, 07/01/23 (c)		1,000			1,037,033
Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c)		3,205			3,466,524
Guam Power Authority, Series A (RB)
5.00%, 10/01/22 (c)		345			349,851
5.00%, 10/01/27 (c)		500			522,038
					15,502,405
Hawaii: 0.2%
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 05/31/22 (c)		1,775			1,686,250
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 07/01/23 (c)		1,400			1,439,479
6.62%, 07/01/23 (c)		2,085			2,143,714
					5,269,443
Idaho: 0.1%
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/26 (c)		450			413,620
5.00%, 09/01/26 (c)		1,135			1,200,859
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c)		100			87,773
					1,702,252
Illinois: 13.1%
Chicago Board of Education, Series A (GO)
4.00%, 12/01/31 (c)		4,500			4,034,904

	Par
	(000’s		)	Value
Illinois (continued)
4.00%, 12/01/31 (c)	$	8,500		$	7,440,308
5.00%, 12/01/22 (c)		10,055			10,167,945
5.00%, 12/01/28 (c)		250			263,116
5.00%, 12/01/29		1,000			1,067,888
5.00%, 12/01/29 (c)		4,000			4,256,451
5.00%, 12/01/30 (c)		1,600			1,673,787
5.00%, 12/01/30 (c)		395			415,813
5.00%, 12/01/30 (c)		4,100			4,324,969
5.00%, 12/01/30 (c)		100			105,022
5.00%, 12/01/30 (c)		7,850			8,198,350
5.00%, 12/01/30 (c)		5,950			6,234,939
5.00%, 12/01/30 (c)		2,300			2,398,427
5.00%, 12/01/30 (c)		3,475			3,677,079
5.00%, 12/01/30 (c)		100			105,147
5.00%, 12/01/30 (c)		2,860			3,002,075
5.00%, 12/01/31 (c)		5,000			5,169,006
7.00%, 12/01/25 (c)		5,200			5,835,822
7.00%, 12/01/25 (c)		14,210			15,662,158
7.00%, 12/01/27 (c)		2,250			2,573,563
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/23		300			311,917
5.00%, 12/01/25		1,000			1,072,144
5.00%, 12/01/28 (c)		250			273,879
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			156,985
5.50%, 12/01/26		175			192,691
5.50%, 12/01/30		2,500			2,886,702
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/27 ^		760			620,014
0.00%, 12/01/28 ^		390			304,704
0.00%, 12/01/30 ^		55			39,208
5.50%, 12/01/26		355			379,727
Chicago Board of Education, Series B (GO)
4.00%, 12/01/22 (c)		150			150,631
5.00%, 12/01/22 (c)		1,105			1,117,666
5.00%, 12/01/22 (c)		3,235			3,271,150
5.00%, 12/01/27		1,500			1,599,920
5.00%, 12/01/29 (c)		200			211,347
5.00%, 12/01/30		1,650			1,765,829
5.00%, 12/01/30 (c)		100			105,022
5.00%, 12/01/30 (c)		100			106,153
6.50%, 12/01/26 (c)		1,100			1,216,559
Chicago Board of Education, Series C (GO)
5.00%, 12/01/23		500			517,386
5.00%, 12/01/27 (c)		2,625			2,756,594
5.00%, 12/01/27		2,000			2,133,227
5.25%, 12/01/24 (c)		4,430			4,587,669
5.25%, 12/01/24 (c)		3,485			3,616,051
6.00%, 12/01/24 (c)		1,160			1,227,246
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c)		2,500			2,591,097

	Par
	(000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)	$	2,415		$	2,501,809
Chicago Board of Education, Series G (GO) 5.00%, 12/01/27 (c)		1,100			1,155,144
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		12,080			12,508,635
Chicago Illinois Board of Education Unlimited Tax, Series B (GO)
4.00%, 12/01/31 (c)		5,000			4,569,162
4.00%, 12/01/31 (c)		2,380			2,163,360
4.00%, 12/01/31 (c)		5,000			4,601,750
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c)		4,000			4,105,154
Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c)		400			407,649
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.00%, 12/01/23 ^		300			285,886
0.00%, 12/01/25 ^		355			313,960
0.00%, 12/01/29 ^		1,460			1,090,980
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/24 ^		1,165			1,069,962
0.00%, 12/01/25 ^		1,650			1,459,250
0.00%, 12/01/26 ^		1,630			1,386,683
0.00%, 12/01/27 ^		1,030			840,282
0.00%, 12/01/28 ^		690			539,093
0.00%, 12/01/29 ^		645			481,974
0.00%, 12/01/31 ^		520			352,773
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/26		100			107,399
5.00%, 06/01/29		1,000			1,110,231
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/28 ^		345			281,430
0.00%, 01/01/30 ^		420			314,379
0.00%, 01/01/33 ^		1,985			1,292,480
0.00%, 01/01/34 ^		760			471,835
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25		235			246,198
City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c)		1,585			1,615,256
City of Chicago, Series A (GO)
5.00%, 01/01/27		1,000			1,062,784

	Par
	(000’s		)	Value
Illinois (continued)
5.00%, 01/01/27	$	200		$	212,559
5.00%, 01/01/31 (c)		3,000			3,208,554
5.00%, 01/01/31 (c)		3,000			3,198,841
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			109,509
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,969,855
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			127,401
5.00%, 01/01/24		1,110			1,147,252
5.00%, 01/01/25		1,760			1,843,863
5.00%, 01/01/26 (c)		250			263,826
5.00%, 01/01/26		380			400,799
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		1,020			1,133,413
City of Harvey, Series A (GO)
5.50%, 05/31/22 (c) (d) *		465			390,600
5.62%, 05/31/22 (c) (d) *		3,600			3,024,000
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26		1,200			1,256,694
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c)		1,000			889,856
Illinois Finance Authority, Admiral Lake Project (RB)
5.00%, 05/15/24 (c)		1,120			1,035,648
5.12%, 05/15/24 (c)		390			351,811
5.25%, 05/15/24 (c)		2,350			1,975,471
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 05/31/22 (c)		35			35,017
Illinois Finance Authority, Charter Schools, Art in Motion Project, Series A (RB) 5.00%, 07/01/31 (c)		1,000			808,191
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)
5.00%, 07/01/25 (c)		1,000			916,153
5.00%, 07/01/25 (c)		1,000			866,984
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
4.75%, 05/15/23 (c)		615			620,111
5.12%, 05/15/23 (c)		230			232,079
5.25%, 05/15/23 (c)		750			757,114
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (c)		6,500			4,277,645
5.00%, 02/15/27		3,000			2,177,178
5.12%, 02/15/27 (c)		6,130			3,895,090

	Par
	(000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)	$	100		$	77,257
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		500			527,381
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c)		250			260,460
5.00%, 11/01/26 (c)		1,525			1,544,962
5.00%, 11/01/26 (c)		500			511,284
5.00%, 11/01/26 (c)		500			525,162
5.00%, 11/01/26 (c)		4,710			4,702,994
Illinois Finance Authority, Park Place Elmhurst Project (RB) 5.12%, 05/15/26 (c)		1,616			1,342,630
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 05/31/22 (c)		475			475,147
Illinois Finance Authority, Roosevelt University, Series A (RB)
6.00%, 10/01/28 (c)		1,600			1,691,487
6.12%, 10/01/28 (c)		8,000			8,467,380
6.12%, 10/01/28 (c)		4,500			4,738,827
Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c)		2,695			2,483,771
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		1,000			1,051,659
5.00%, 06/15/29 (c)		3,055			3,238,126
5.00%, 06/15/29		1,000			1,053,655
5.00%, 06/15/30		1,000			1,056,119
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c)		1,000			1,038,703
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			596,760
Illinois State, Series A (GO) 4.00%, 03/01/31 (c)		1,000			928,855
Illinois State, Series C 4.00%, 10/01/40		1,000			943,188
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
0.00%, 12/15/31 (c) ^		1,500			773,211
0.00%, 12/15/56 ^		1,300			198,715
3.00%, 12/15/24 (c)		2,000			1,989,943
4.00%, 12/15/29 (c)		16,000			14,730,541
4.00%, 12/15/31 (c)		3,000			2,822,810
5.00%, 12/15/27 (c)		250			258,113

	Par
	(000’s		)	Value
Illinois (continued)
5.00%, 12/15/29 (c)	$	8,225		$	8,543,375
5.00%, 06/15/22 (c)		3,210			3,222,903
5.50%, 12/15/25 (c)		1,400			1,461,503
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/30 ^		475			334,343
0.00%, 12/15/34 ^		590			340,734
0.00%, 06/15/29 ^		840			635,171
0.00%, 06/15/30 ^		745			537,111
0.00%, 06/15/31 ^		125			85,808
0.00%, 06/15/34 ^		190			112,538
0.00%, 06/15/37 ^		800			405,803
0.00%, 06/15/38 ^		2,325			1,116,132
0.00%, 06/15/39 ^		115			52,183
0.00%, 06/15/40 ^		1,500			642,727
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)
0.00%, 12/15/54 ^		5,540			949,910
4.25%, 06/15/22 (c)		1,000			1,003,151
5.00%, 06/15/22 (c)		3,765			3,780,133
5.00%, 06/15/22 (c)		290			291,166
5.00%, 06/15/22 (c)		1,450			1,455,828
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL)
0.00%, 06/15/28 ^		1,080			854,613
5.70%, 06/15/23		410			425,431
Northeastern Illinois University (CP) 4.00%, 10/01/22 (c)		585			509,288
Southwestern Illinois Development Authority (RB) 5.35%, 05/31/22 (c)		230			130,530
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c)		1,500			1,505,684
State of Illinois (GO)
3.50%, 06/01/26 (c)		935			929,185
3.50%, 06/01/26 (c)		175			168,390
4.00%, 01/01/26 (c)		500			503,634
4.00%, 03/01/31 (c)		1,000			944,163
4.00%, 05/01/24		660			673,928
4.00%, 06/01/26 (c)		360			351,874
4.00%, 06/01/26 (c)		270			262,217
4.00%, 06/01/26 (c)		460			440,753
4.00%, 06/01/26 (c)		1,220			1,206,452
4.00%, 06/01/26 (c)		220			219,161
4.00%, 08/01/22 (c)		150			150,816
4.12%, 11/01/26 (c)		600			605,762
4.12%, 05/31/22 (c)		160			160,263
5.00%, 01/01/26 (c)		1,200			1,231,458
5.00%, 11/01/24		200			209,594

	Par
	(000’s		)	Value
Illinois (continued)
5.00%, 12/01/24	$	820		$	859,747
5.00%, 02/01/24 (c)		375			387,200
5.00%, 02/01/24 (c)		350			361,068
5.00%, 02/01/26		2,750			2,926,237
5.00%, 02/01/27		500			537,250
5.00%, 03/01/28		805			870,326
5.00%, 03/01/31 (c)		1,500			1,624,458
5.00%, 03/01/31 (c)		1,000			1,063,533
5.00%, 04/01/24 (c)		1,470			1,513,396
5.00%, 05/01/23		335			342,986
5.00%, 05/01/24 (c)		175			179,070
5.00%, 05/01/24 (c)		100			103,164
5.00%, 05/01/24 (c)		2,005			2,073,604
5.00%, 05/01/24 (c)		5,035			5,131,294
5.00%, 05/01/24 (c)		1,025			1,061,687
5.00%, 05/01/24 (c)		275			282,532
5.00%, 05/31/22 (c)		250			250,627
5.00%, 05/31/22 (c)		100			100,246
5.00%, 05/31/22 (c)		140			140,389
5.00%, 05/31/22 (c)		305			305,726
5.00%, 06/01/26 (c)		800			851,706
5.00%, 06/01/26		125			133,485
5.00%, 06/01/26 (c)		1,040			1,100,802
5.00%, 07/01/23		475			487,895
5.00%, 08/01/22 (c)		1,830			1,846,783
5.25%, 07/01/23 (c)		510			523,994
5.25%, 07/01/23 (c)		290			297,783
5.25%, 07/01/23 (c)		550			565,116
5.50%, 07/01/23 (c)		1,165			1,201,419
5.50%, 07/01/23 (c)		560			576,108
6.00%, 05/01/25		500			541,458
6.00%, 05/01/26		880			971,704
State of Illinois (GO) (AGC)
5.50%, 05/01/30		1,500			1,673,788
5.75%, 05/01/30 (c)		3,710			4,070,876
State of Illinois Sales Tax (RB) 3.00%, 06/15/26 (c)		100			89,308
State of Illinois, Series A (GO)
4.00%, 03/01/31 (c)		1,000			933,775
4.00%, 05/31/22 (c)		100			100,147
4.00%, 05/31/22 (c)		320			320,529
5.00%, 10/01/28		500			542,125
5.00%, 12/01/27 (c)		100			104,748
5.00%, 03/01/30		2,740			2,984,682
5.00%, 03/01/31 (c)		1,250			1,308,959
5.00%, 03/01/31 (c)		3,000			3,227,987
5.00%, 04/01/23 (c)		110			111,902
5.00%, 05/01/28 (c)		365			379,778
5.00%, 05/01/28 (c)		1,000			1,047,196
5.00%, 05/01/28 (c)		270			281,239
State of Illinois, Series C (GO)
5.00%, 11/01/27 (c)		8,425			8,999,802
State of Illinois, Series D (GO)
3.25%, 11/01/26		1,755			1,747,362
5.00%, 11/01/23		1,270			1,312,300
5.00%, 11/01/25		3,955			4,196,662
5.00%, 11/01/26		12,715			13,632,984
5.00%, 11/01/27		7,000			7,557,006

	Par
	(000’s		)	Value
Illinois (continued)
5.00%, 11/01/27 (c)	$	9,700		$	10,421,539
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		500			468,159
Village of Bridgeview (GO) 5.00%, 12/01/22 (c)		360			323,965
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			68,807
0.00%, 01/01/31 ^		245			170,075
0.00%, 01/01/33 ^		540			340,053
					394,390,700
Indiana: 0.4%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/22 (c)		215			199,441
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		50			51,308
Indiana Finance Authority, Baptist Healthcare System (RB) 5.00%, 08/15/27 (c)		4,000			4,313,053
Indiana Finance Authority, Deaconess Health System Obligated Group, Series A (RB) 5.00%, 09/01/26 (c)		1,000			1,095,488
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 5.00%, 06/01/22 (c)		1,620			1,621,770
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		3,500			3,144,082
Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24		400			410,397
					10,835,539
Iowa: 1.4%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		1,025			999,415
Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c)		1,500			1,159,573
Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)
5.00%, 12/01/42 (c) (p)		10,000			10,272,011
5.25%, 12/01/23 (c)		5,195			5,483,343

	Par
	(000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/37 (c) (p)	$	8,550		$	9,101,895
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/27 (c)		655			660,784
5.00%, 05/15/27 (c)		4,960			4,966,460
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		2,095			2,087,672
5.00%, 10/01/25 (c)		990			996,739
5.00%, 10/01/25 (c)		2,115			2,121,016
Iowa Tobacco Settlement Authority, Series A-2 (RB) 4.00%, 06/01/31 (c)		1,000			920,689
Iowa Tobacco Settlement Authority, Series B-1 (RB) 4.00%, 06/01/31 (c)		5,300			5,026,955
					43,796,552
Kansas: 0.4%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		250			257,571
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c)		1,000			887,803
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		250			247,767
Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC) 5.25%, 11/15/23 (c)		1,000			766,254
Overland Park, Prairiefire at LionsGate Project (RB) 6.00%, 12/15/22 (c)		2,550			1,335,831
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c)		850			770,582
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
5.00%, 09/01/25 (c)		315			297,906
6.00%, 09/01/25 (c)		2,125			1,949,415
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^		7,500			2,165,430

	Par
	(000’s		)	Value
Kansas (continued)
Wyandotte County-Kansas City Unified Government (RB) 5.75%, 09/01/25 (c)	$	4,565		$	4,193,900
					12,872,459
Kentucky: 0.4%
Christian County, Jennie Stuart Medical Center (RB)
5.38%, 02/01/26 (c)		1,100			1,172,597
5.50%, 02/01/26 (c)		1,000			1,065,114
Kentucky Economic Development Finance Authority, Christian Care Communities, Inc. (RB) 5.12%, 07/01/29 (c)		1,000			918,854
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)		350			343,558
5.00%, 05/15/26 (c)		250			233,753
5.00%, 05/15/26 (c)		545			545,579
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/15/22 (c)		400			384,598
5.50%, 11/15/22 (c)		250			226,188
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c)		4,365			4,483,758
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			188,855
5.00%, 06/01/27 (c)		990			1,056,423
5.25%, 06/01/27 (c)		750			812,588
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		500			534,525
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/23		265			273,908
Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c)		335			348,754
					12,589,052

	Par
	(000’s		)	Value
Louisiana: 0.7%
Calcasieu Parish Memorial Hospital Service District (RB)
5.00%, 12/01/29 (c)	$	3,950		$	4,137,450
5.00%, 12/01/29 (c)		1,750			1,855,337
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)
4.00%, 12/01/28 (c)		3,235			3,370,151
4.00%, 12/01/28 (c)		1,470			1,527,857
5.00%, 12/01/25		100			108,206
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			449,315
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/25 (c)		975			931,925
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c)		2,000			1,626,741
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c)		175			141,471
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			1,015,438
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			416,164
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) *		1,647			16

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

Average Annual Total Return
	Share Price	NAV	CEFMXTR¹	LBUSTRUU²
One Year	(16.02)%	(15.82)%	(15.51)%	(8.51)%
Five Year	1.78%	1.88%	2.25%	1.20%
Ten Year	3.16%	3.24%	3.61%	1.73%

Average Annual Total Return
	Share Price	NAV	MXYT¹	LBUSTRUU²	LMEHTR³
One Year	(9.26)%	(8.62)%	(6.61)%	(8.51)%	(6.88)%
Five Year	1.86%	1.87%	4.10%	1.20%	4.04%
Ten Year	3.13%	3.19%	5.02%	1.73%	4.99%


¹	ICE High Yield Crossover Municipal Bond Transition Index (MXYT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Broad High Yield Crossover Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR).

	ICE Broad High Yield Crossover Municipal Index, the final index effective December 1, 2022, tracks the performance of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	Index data prior to March 1, 2022 reflects that of the LMEHTR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MXYT.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

³	LMEHTR is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market.

Average Annual Total Return
	Share Price	NAV	MUNI¹
Life*	(8.21)%	(8.26)%	(8.06)%


President’s Letter	1
Management Discussion	3
Performance Comparison
CEF Muni Income ETF	5
High Yield Muni ETF	6
HIP Sustainable Muni ETF	7
Intermediate Muni ETF	8
Long Muni ETF	9
Muni Allocation ETF	10
Short High Yield Muni ETF	11
Short Muni ETF	12
About Fund Performance	13
Explanation of Expenses	14
Schedule of Investments
CEF Muni Income ETF	16
High Yield Muni ETF	18
HIP Sustainable Muni ETF	62
Intermediate Muni ETF	65
Long Muni ETF	110
Muni Allocation ETF	126
Short High Yield Muni ETF	128
Short Muni ETF	150
Statements of Assets and Liabilities	168
Statements of Operations	170
Statements of Changes in Net Assets	172
Financial Highlights
CEF Muni Income ETF	176
High Yield Muni ETF	177
HIP Sustainable Muni ETF	178
Intermediate Muni ETF	179
Long Muni ETF	180
Muni Allocation ETF	181
Short High Yield Muni ETF	182
Short Muni ETF	183
Notes to Financial Statements	184
Report of Independent Registered Public Accounting Firm	192
Tax Information	194
Board of Trustees and Officers	195
Funds’ Liquidity Risk Management Program	198


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

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.


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

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


¹	ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Intermediate AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR).

	ICE Intermediate AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance of intermediate maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	Index data prior to March 1, 2022 reflects that of LMT2TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MIBT.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

³	LMT2TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.


¹	ICE Long AMT-Free Broad National Municipal Transition Index (MLBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Long AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR).

	ICE Long AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance of long maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	Index data prior to March 1, 2022 reflects that of LMT3TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MLBT.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

³	LMT3TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.


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

¹	Bloomberg Barclays Municipal Bond Index (LMBITR) is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year.


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

¹	ICE 1-12 Year Broad High Yield Crossover Municipal Bond Transition Index (MXIT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE 1-12 Year Broad High Yield Crossover Municipal Bond Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR).

	ICE 1-12 Year Broad High Yield Crossover Municipal Index, the final index effective December 1, 2022, tracks the performance of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	Index data prior to March 1, 2022 reflects that of BMHYTR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MXIT.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

³	BMHYTR is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market.


¹	ICE Short AMT-Free Broad National Municipal Transition Index (MSBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Short AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR).

	ICE Short AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance of short maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.

	Index data prior to March 1, 2022 reflects that of LMT1TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MSBT.

²	Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

³	LMT1TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.

	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period November 1, 2021 - April 30, 2022(a)
CEF Muni Income ETF
Actual	$1,000.00	$827.80	0.40%	$1.81
Hypothetical (b)	$1,000.00	$1,022.81	0.40%	$2.01
High Yield Muni ETF
Actual	$1,000.00	$905.20	0.35%	$1.65
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76
HIP Sustainable Muni ETF
Actual	$1,000.00	$923.90	0.24%	$1.14
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Intermediate Muni ETF
Actual	$1,000.00	$903.20	0.24%	$1.13
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Long Muni ETF
Actual	$1,000.00	$866.80	0.24%	$1.11
Hypothetical (b)	$1,000.00	$1,023.60	0.24%	$1.20
Muni Allocation ETF
Actual	$1,000.00	$888.60	0.09%	$0.42
Hypothetical (b)	$1,000.00	$1,024.35	0.09%	$0.45
Short High Yield Muni ETF
Actual	$1,000.00	$926.40	0.35%	$1.67
Hypothetical (b)	$1,000.00	$1,023.06	0.35%	$1.76


^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 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


	800.826.2333	vaneck.com

Summary of Investments by Sector		% of Investments				Value
Financials			100.0	%		$	169,126,118

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Closed-End Funds		$	169,126,118			$	—			$	—			$	169,126,118