MMD NYLI MacKay DefinedTerm Muni Opportunities Fund

NYLI MacKay DefinedTerm Muni Opportunities Fund

Portfolio of Investments August 31, 2024^†(Unaudited)

	Principal Amount	Value
Municipal Bonds 138.9%
Arizona 0.3%  (0.2% of Managed Assets)
Industrial Development Authority of the City of Phoenix (The), Espiritu Community Development Corp., Revenue Bonds
Series A
6.25%, due 7/1/36	$    1,555,000	$   1,538,218
California 13.5%  (9.6% of Managed Assets)
Calexico Unified School District, Election of 2020, Unlimited General Obligation
Insured: BAM
3.00%, due 8/1/52	3,600,000	2,821,899
California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds
4.00%, due 7/15/29 (a)	2,305,000	2,311,997
Los Angeles Water and Power Department, Water System, Revenue Bonds
Series A
5.00%, due 7/1/48 (b)	15,000,000	15,620,755
Regents of the University of California, Medical Center Pooled, Revenue Bonds
Series P
5.00%, due 5/15/47	1,220,000	1,334,411
Sacramento City Unified School District, Election of 2020, Unlimited General Obligation
Series A, Insured: BAM
5.50%, due 8/1/52	6,000,000	6,587,784
San Diego County Regional Airport Authority, Revenue Bonds
Series A
5.00%, due 7/1/56 (b)	5,500,000	5,880,269
Series B
5.00%, due 7/1/46 (a)	3,250,000	3,394,856
Series B
5.00%, due 7/1/51 (a)	2,705,000	2,805,607
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds
Series B
5.00%, due 5/1/46 (a)(b)	9,500,000	9,609,445
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series
Series C
5.00%, due 5/1/33 (a)	3,000,000	3,348,473
Southern California Public Power Authority, Linden Wind Energy Project Refunding, Revenue Bonds
Series A
3.50%, due 7/1/35 (c)	400,000	400,000
Trustees of the California State University, Systemwide, Revenue Bonds
Series A
5.25%, due 11/1/53 (b)	8,780,000	9,901,399
		64,016,895
Colorado 2.5%  (1.8% of Managed Assets)
Colorado Bridge & Tunnel Enterprise, Senior Infrastructure, Revenue Bonds
Series A, Insured: AGM
5.50%, due 12/1/54	6,400,000	7,255,823
Copper Ridge Metropolitan District, Revenue Bonds
5.00%, due 12/1/39	3,950,000	3,847,818

	Principal Amount	Value
Colorado
Sterling Ranch Community Authority Board, Metropolitan District No. 2, Revenue Bonds
Series A
4.25%, due 12/1/50	$    1,000,000	$     924,196
		12,027,837
District of Columbia 0.5%  (0.4% of Managed Assets)
Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Second Lien
Series C, Insured: AGC
6.50%, due 10/1/41 (d)	2,400,000	2,588,152
Florida 10.9%  (7.8% of Managed Assets)
City of Miami Beach, Unlimited General Obligation
4.00%, due 5/1/49	10,000,000	9,743,932
County of Broward, Airport System, Revenue Bonds
Series 2017
5.00%, due 10/1/42 (a)	4,500,000	4,607,752
County of Broward, Convention Center Expansion Project, Revenue Bonds
4.00%, due 9/1/51	3,500,000	3,358,505
Insured: BAM
4.00%, due 9/1/51	2,750,000	2,681,975
Hillsborough County Port District, Tampa Port Authority Project, Revenue Bonds
Series A
5.25%, due 6/1/48	6,295,000	6,543,885
Orange County Convention Center, Revenue Bonds
Series B
4.00%, due 10/1/33	24,900,000	24,957,828
		51,893,877
Georgia 1.6%  (1.1% of Managed Assets)
Main Street Natural Gas, Inc., Revenue Bonds
Series C
5.00%, due 12/1/54	3,750,000	4,014,395
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds
Series A, Insured: AGM
5.00%, due 7/1/55	3,200,000	3,388,984
		7,403,379
Illinois 24.3%  (17.3% of Managed Assets)
Chicago Board of Education, Unlimited General Obligation
Series A
7.00%, due 12/1/44	2,880,000	2,962,889
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds
5.75%, due 4/1/34	8,000,000	8,423,488
Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation (e)
Series A
7.00%, due 12/1/46	4,000,000	4,295,375
Series B
7.00%, due 12/1/42	3,500,000	3,780,013

	Principal Amount	Value
Illinois
Chicago O'Hare International Airport, General Airport, Revenue Bonds, Senior Lien
Series A, Insured: AGM
5.25%, due 1/1/45 (a)(b)	$   30,000,000	$  32,058,041
City of Chicago, Unlimited General Obligation
Series A
5.25%, due 1/1/27	3,000,000	3,018,156
Series A
5.50%, due 1/1/49	5,000,000	5,206,742
Series A
6.00%, due 1/1/38	7,180,000	7,456,859
Series E
5.50%, due 1/1/42	2,000,000	2,003,395
City of Chicago, Wastewater Transmission, Revenue Bonds, Second Lien
Series C
5.00%, due 1/1/32	7,120,000	7,154,471
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds
Series A
5.00%, due 6/15/57	4,665,000	4,748,960
Series B-1, Insured: AGM
(zero coupon), due 6/15/43	10,000,000	4,434,095
Sales Tax Securitization Corp., Revenue Bonds
Series C, Insured: BAM
5.25%, due 1/1/48 (b)	11,000,000	11,551,588
State of Illinois, Unlimited General Obligation
5.50%, due 5/1/30	2,500,000	2,730,210
5.50%, due 5/1/39 (b)	8,380,000	9,154,170
Will County School District No. 114, Manhattan, Unlimited General Obligation
Insured: BAM
5.50%, due 9/1/52	6,000,000	6,550,072
		115,528,524
Kentucky 1.3%  (0.9% of Managed Assets)
Kentucky Development Corp. Industrial Building, Communications Network Authority, Revenue Bonds
Insured: BAM
5.00%, due 9/1/44 (b)	5,975,000	6,293,265
Massachusetts 3.3%  (2.4% of Managed Assets)
Commonwealth of Massachusetts, Consolidated Loan, Unlimited General Obligation
Series C
5.00%, due 10/1/52	3,500,000	3,781,114
Commonwealth of Massachusetts Transportation Fund, Revenue Bonds
Series A
5.00%, due 6/1/53 (b)	3,535,000	3,846,968
Massachusetts School Building Authority, Senior Dedicated Sales Tax, Revenue Bonds
Series A
5.00%, due 8/15/45 (b)	7,500,000	8,067,629
		15,695,711

	Principal Amount	Value
Michigan 2.8%  (2.0% of Managed Assets)
Michigan Finance Authority, Bronson Health Care Group Obligated Group, Revenue Bonds
Series A
5.00%, due 5/15/54	$    5,000,000	$   5,064,054
State of Michigan, Trunk Line, Revenue Bonds
Series 2023
5.50%, due 11/15/44 (b)	7,000,000	8,070,354
		13,134,408
Missouri 2.4%  (1.7% of Managed Assets)
Kansas City Industrial Development Authority, Missouri Airport, Revenue Bonds
Series B
5.00%, due 3/1/54 (a)	10,000,000	10,191,995
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Co., Revenue Bonds
Series A
2.90%, due 9/1/33	1,225,000	1,121,580
		11,313,575
Nebraska 0.5%  (0.4% of Managed Assets)
Omaha Public Power District, Electric System, Revenue Bonds
Series A
5.00%, due 2/1/47	2,300,000	2,482,859
Nevada 4.4%  (3.1% of Managed Assets)
County of Clark, Regional Transportation Commission of Southern Nevada Motor Fuel Tax, Revenue Bonds
3.00%, due 7/1/42	4,090,000	3,591,003
Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds
Series B
5.00%, due 7/1/43	5,000,000	5,217,433
Las Vegas Valley Water District, Water, Limited General Obligation
Series A
5.00%, due 6/1/53 (b)	11,000,000	11,897,189
		20,705,625
New Jersey 4.4%  (3.1% of Managed Assets)
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds
5.25%, due 9/15/29	5,000,000	5,004,757
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds
Series A
4.00%, due 11/1/39	3,400,000	3,417,427
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds
Series AA
5.25%, due 6/15/43	4,595,000	4,821,320
Series BB
4.00%, due 6/15/44	1,000,000	976,730
State of New Jersey, COVID-19 General Obligation Emergency Bonds, Unlimited General Obligation
Series A
4.00%, due 6/1/31	2,900,000	3,115,992

	Principal Amount	Value
New Jersey
Tobacco Settlement Financing Corp., Revenue Bonds
Series B
5.00%, due 6/1/46	$    3,630,000	$   3,664,250
		21,000,476
New York 20.2%  (14.3% of Managed Assets)
Metropolitan Transportation Authority, Revenue Bonds
Series A-1
5.00%, due 11/15/45 (b)	22,695,000	22,834,719
Series C-1
5.25%, due 11/15/56	7,100,000	7,232,211
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds
Series D-1
5.50%, due 11/1/45	7,000,000	7,927,352
New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds
Series A
5.00%, due 3/15/41 (b)	9,450,000	10,400,656
Series E
4.00%, due 3/15/38	2,000,000	2,061,901
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds
Series A, Insured: AGM
4.00%, due 7/1/36 (a)	15,000,000	14,951,724
Port Authority of New York & New Jersey, Revenue Bonds
Series 231
5.50%, due 8/1/52 (a)(b)	10,000,000	10,847,210
Riverhead Industrial Development Agency, Riverhead Charter School Project, Revenue Bonds
Series A
7.00%, due 8/1/43	3,395,000	3,402,113
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Revenue Bonds
Series A
5.00%, due 11/15/49 (b)	7,000,000	7,429,151
Series A
5.50%, due 5/15/63	5,000,000	5,564,421
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Revenue Bonds, Senior Lien
Series D-2
5.25%, due 5/15/47	2,700,000	2,985,884
		95,637,342
Pennsylvania 5.3%  (3.7% of Managed Assets)
Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds
5.00%, due 5/1/42 (e)	1,000,000	1,006,179
City of Philadelphia, Unlimited General Obligation
Insured: AGM
5.00%, due 8/1/25	3,000,000	3,059,600
Pennsylvania Economic Development Financing Authority, PennDOT Major Bridges Package One Project (The), Revenue Bonds
Insured: AGM
5.75%, due 12/31/62 (a)(b)	12,465,000	13,670,218

	Principal Amount	Value
Pennsylvania
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program, Revenue Bonds
5.25%, due 6/1/43 (b)	$    6,500,000	$   7,228,927
		24,964,924
Puerto Rico 10.4%  (7.4% of Managed Assets)
Children's Trust Fund, Asset-Backed, Revenue Bonds
5.50%, due 5/15/39	9,605,000	9,654,653
Commonwealth of Puerto Rico, Restructured, Unlimited General Obligation
Series A-1
4.00%, due 7/1/33	8,500,000	8,437,183
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien
Series A
5.00%, due 7/1/33 (e)	2,500,000	2,654,833
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, Insured: AGM
5.00%, due 8/1/27	1,280,000	1,288,004
Series A, Insured: AGM
5.00%, due 8/1/30	1,685,000	1,695,537
Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds
Series A-1
4.55%, due 7/1/40	2,500,000	2,505,951
Series A-1
5.00%, due 7/1/58	22,940,000	23,041,452
		49,277,613
South Carolina 3.0%  (2.1% of Managed Assets)
South Carolina Public Service Authority, Santee Cooper, Revenue Bonds
Series A, Insured: BAM
4.00%, due 12/1/52	5,000,000	4,800,135
Series E, Insured: AGM
5.75%, due 12/1/52 (b)	8,500,000	9,525,464
		14,325,599
Texas 11.3%  (8.1% of Managed Assets)
Central Texas Turnpike System, Revenue Bonds
Series C
5.00%, due 8/15/42	4,180,000	4,192,667
City of Georgetown, Utility System, Revenue Bonds
Insured: AGM
5.25%, due 8/15/52 (b)	7,500,000	8,065,556
City of Lubbock, Electric Light & Power System, Revenue Bonds
Insured: AGM-CR
4.00%, due 4/15/51	10,000,000	9,497,053
Denton Independent School District, Unlimited General Obligation
Insured: PSF-GTD
5.00%, due 8/15/53	10,000,000	10,829,143
Harris County Cultural Education Facilities Finance Corp., Houston Methodist Hospital Obligated Group, Revenue Bonds
Series B
4.00%, due 12/1/59 (c)	5,000,000	5,000,000

	Principal Amount	Value
Texas
Harris County-Houston Sports Authority, Revenue Bonds, Senior Lien
Series A, Insured: AGM, NATL-RE
(zero coupon), due 11/15/38	$      175,000	$      83,803
Harris County-Houston Sports Authority, Revenue Bonds, Junior Lien
Series H, Insured: NATL-RE
(zero coupon), due 11/15/38	210,000	99,035
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC, Revenue Bonds, Senior Lien
Series 2023
5.50%, due 12/31/58 (a)(b)	10,000,000	10,879,458
Texas Water Development Board, State Water Implementation Fund, Revenue Bonds
Series A
5.00%, due 10/15/45	5,000,000	5,069,516
		53,716,231
U.S. Virgin Islands 3.5%  (2.5% of Managed Assets)
Matching Fund Special Purpose Securitization Corp., United States Virgin Islands Federal Excise Tax, Revenue Bonds
Series A
5.00%, due 10/1/30	1,570,000	1,681,301
Series A
5.00%, due 10/1/32	1,570,000	1,681,609
Series A
5.00%, due 10/1/39	4,710,000	4,911,492
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds
Series A
5.00%, due 10/1/29 (e)	2,980,000	2,918,129
Series A
5.00%, due 10/1/32	2,825,000	2,735,203
Series A, Insured: AGM-CR
5.00%, due 10/1/32	2,500,000	2,523,427
		16,451,161
Utah 5.0%  (3.6% of Managed Assets)
City of Salt Lake, International Airport, Revenue Bonds
Series A
5.00%, due 7/1/47 (a)(b)	23,590,000	23,873,995
Virginia 2.3%  (1.6% of Managed Assets)
Hampton Roads Transportation Accountability Commission, Roads Transportation, Revenue Bonds, Senior Lien
Series A
5.25%, due 7/1/60 (b)	10,000,000	10,703,385
Washington 1.5%  (1.1% of Managed Assets)
State of Washington, Various Purpose, Unlimited General Obligation
Series C
5.00%, due 2/1/46	6,500,000	7,044,361

	Principal Amount		Value
West Virginia 1.0%  (0.7% of Managed Assets)
West Virginia Hospital Finance Authority, Vandalia Heath Group, Revenue Bonds
Series B, Insured: AGM
5.375%, due 9/1/53	$    4,500,000		$   4,937,327
Wisconsin 2.7%  (1.9% of Managed Assets)
Public Finance Authority, Moses H Cone Memorial Hospital Obligated Group, Revenue Bonds
Series B
4.00%, due 10/1/55 (c)	4,900,000		4,900,000
Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds
Series A
5.00%, due 10/1/39 (e)	5,750,000		5,855,494
Wisconsin Health & Educational Facilities Authority, Medical College of Wisconsin, Revenue Bonds
Series B
3.80%, due 12/1/33 (c)	1,900,000		1,900,000
			12,655,494
Total Investments (Cost $637,184,726)	138.9%		659,210,233
Floating Rate Note Obligations (f)	(40.1)		(190,510,000)
Other Assets, Less Liabilities	1.2		5,976,033
Net Assets Applicable to Common Shares	100.0%		$ 474,676,266

    

†	Percentages indicated are based on Fund net assets applicable to Common shares.
(a)	Interest on these securities was subject to alternative minimum tax.
(b)	All or portion of principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB Residuals and cash.
(c)	Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.
(d)	Step coupon—Rate shown was the rate in effect as of August 31, 2024.
(e)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(f)	Face value of Floating Rate Notes issued in TOB transactions.

"Managed Assets" is defined as the Fund’s total assets minus the sum of its accrued liabilities (other than Fund liabilities incurred for the purpose of creating effective leverage (i.e. tender option bonds) or Fund liabilities related to liquidation preference of any preferred shares issued), which was $666,884,332 as of August 31, 2024.

Abbreviation(s):

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corp.

BAM—Build America Mutual Assurance Co.

CR—Custodial Receipts

MTA—Metropolitan Transportation Authority

NATL-RE—National Public Finance Guarantee Corp.

PSF-GTD—Permanent School Fund Guaranteed

The following is a summary of the fair valuations according to the inputs used as of August 31, 2024, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Municipal Bonds	$ —		$ 659,210,233		$ —		$ 659,210,233

    

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

NYLI MacKay DefinedTerm Muni Opportunities Fund

Notes to Portfolio of Investments August 31, 2024 (Unaudited)

Securities Valuation.

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

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

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

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

•	Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability
•	Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)
•	Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund’s assets and liabilities as of August 31, 2024, is included at the end of the Portfolio of Investments.

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

• Benchmark yields	• Reported trades
• Broker/dealer quotes	• Issuer spreads
• Two-sided markets	• Benchmark securities
• Bids/offers	• Reference data (corporate actions or material event notices)
• Industry and economic events	• Comparable bonds
• Monthly payment information

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the period ended August 31, 2024, there were no material changes to the fair value methodologies.

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

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

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