CITY OF LONDON INVESTMENT MANAGEMENT CO LTD Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAXJ	ISHARES MSCI ALL COUNTRY ASIA EX-JAPAN	42,200	$3,930	0.3%	$93.12	—	MSCI AC ASIA ETF	464288182
MCHI	ISHARES MSCI CHINA ETF	43,743	$2,628	0.2%	$60.07	—	MSCI CHINA ETF	46429B671
—	LIBERTY ALL STAR EQUITY FUND	408,381	$2,565	0.2%	$6.28	—	SH BEN INT	530158104
—	NUVEEN GLOBAL HIGH INCOME FUND	186,000	$2,345	0.2%	$12.61	—	SHS	67075G103
—	PGIM GLOBAL HIGH YIELD FUND	190,000	$2,345	0.2%	$12.34	—	COM	69346J106
ECH	ISHARES MSCI CHILE ETF	21,021	$849	0.1%	$40.40	—	MSCI CHILE ETF	464286640
XLV	HEALTH CARE SELECT SECTOR	4,099	$635	0.0%	$154.80	—	STATE STREET HEA	81369Y209
—	DOUBLELINE YIELD OPPORTUNITIES	19,957	$290	0.0%	$14.54	—	COM	25862D105
—	NYLI CBRE GBL INFRA MEGATRENDS TERM FUND	19,660	$271	0.0%	$13.76	—	COM	56064Q107
—	JOHN HANCOCK FINANCIAL OPPORTUNITIES FUN	7,538	$264	0.0%	$35.08	—	SH BEN INT NEW	409735206
—	CALAMOS STRAT TOT RETURN FD	13,170	$253	0.0%	$19.20	—	COM SH BEN INT	128125101
—	BLACKROCK MULTI-SECTOR INCOME TRUST	15,844	$207	0.0%	$13.06	—	COM	09258A107
—	BLACKROCK TECH & PRIVATE EQU TERM TRUST	21,000	$138	0.0%	$6.59	—	SHS BEN INT	09260Q108
—	BLACKROCK MUNIYIELD QUALITY FUND INC	10,000	$113	0.0%	$11.30	—	COM	09254F100

Increased Positions (26)

EWY ISHARES MSCI KOREA 6.7%

Value ($000) $89,416 (+49.9%) Shares 919,724 (+23.5%) Est. Cost $77.34 Unrealized —

MSFT MICROSOFT CORP 1.6%

Value ($000) $21,686 (+333.7%) Shares 44,841 (+364.5%) Est. Cost $476.99 Unrealized +4.9%

— KOREA FUND 4.4%

Value ($000) $58,306 (+30.9%) Shares 1,605,335 (+10.2%) Est. Cost $32.01 Unrealized —

— INDIA FUND INC 1.8%

Value ($000) $24,044 (+97.6%) Shares 1,753,748 (+111.2%) Est. Cost $14.16 Unrealized —

— KAYNE ANDERSON ENERGY INFRAS FUND INC 2.1%

Value ($000) $27,721 (+30.1%) Shares 2,239,158 (+30.0%) Est. Cost $12.38 Unrealized —

— COHEN & STEERS INFRASTRUCTURE FUND 0.5%

Value ($000) $7,076 (+416.0%) Shares 293,500 (+430.7%) Est. Cost $24.24 Unrealized —

NVDA NVIDIA CORP 5.7%

Value ($000) $76,412 (+5.4%) Shares 409,716 (+5.4%) Est. Cost $154.22 Unrealized +20.7%

— BLACKROCK HEALTH SCIENCES TERM TRUST 0.4%

Value ($000) $4,782 (+347.7%) Shares 317,715 (+328.9%) Est. Cost $14.90 Unrealized —

— MS INDIA INVESTMENT 1.2%

Value ($000) $16,134 (+27.0%) Shares 645,866 (+33.9%) Est. Cost $26.30 Unrealized —

— MEXICO EQUITY & INCOME FUND INC 1.1%

Value ($000) $14,143 (+26.7%) Shares 1,142,425 (+21.5%) Est. Cost $10.20 Unrealized —

— PIMCO DYNAMIC INCOME STRATEGY 0.5%

Value ($000) $6,740 (-19.3%) Shares 358,918 (+7.1%) Est. Cost $24.19 Unrealized —

MUB ISHARES NATIONAL MUNI BOND ETF 1.3%

Value ($000) $16,707 (+9.0%) Shares 155,979 (+8.3%) Est. Cost $105.79 Unrealized —

— NUVEEN CREDIT STRATEGIES INCOME FUND 0.3%

Value ($000) $4,447 (+32.7%) Shares 885,847 (+39.3%) Est. Cost $5.28 Unrealized —

— NEUBERGER BERMAN NEXT GEN 1.0%

Value ($000) $13,948 (+8.4%) Shares 965,954 (+15.5%) Est. Cost $15.15 Unrealized —

— INVESCO SENIOR INCOME TRUST 0.3%

Value ($000) $3,625 (+36.6%) Shares 1,108,507 (+44.5%) Est. Cost $3.40 Unrealized —

— TEMPLETON DRAGON FUND 7.3%

Value ($000) $97,911 (-1.0%) Shares 8,695,510 (+2.5%) Est. Cost $19.13 Unrealized —

— NUVEEN FLOATING RATE INCOME FUND 0.2%

Value ($000) $2,851 (+36.4%) Shares 364,140 (+42.5%) Est. Cost $8.10 Unrealized —

— FEDERATED HERMES PREMIER MUNICIPAL INC 0.1%

Value ($000) $1,419 (+79.5%) Shares 127,714 (+78.4%) Est. Cost $10.95 Unrealized —

— ROYCE SMALL CAP TRUST 0.1%

Value ($000) $1,351 (+29.3%) Shares 83,901 (+29.5%) Est. Cost $15.93 Unrealized —

BX BLACKSTONE INC 0.3%

Value ($000) $3,676 (-6.4%) Shares 23,849 (+3.7%) Est. Cost $61.40 Unrealized +146.7%

— MFS HIGH YIELD MUNICIPAL TRU 0.1%

Value ($000) $1,995 (+10.9%) Shares 568,249 (+9.6%) Est. Cost $3.35 Unrealized —

— ABRDN HEALTHCARE INVESTORS 0.1%

Value ($000) $1,322 (+13.9%) Shares 69,776 (+11.0%) Est. Cost $17.53 Unrealized —

— FIRST TRUST HIGH YIELD OPPORTUNITY 0.5%

Value ($000) $6,009 (-1.2%) Shares 427,084 (+1.8%) Est. Cost $14.09 Unrealized —

KKR KKR & CO INC 0.7%

Value ($000) $9,378 (-0.6%) Shares 73,566 (+1.3%) Est. Cost $33.24 Unrealized +273.9%

— BLACKSTONE STRATEGIC CREDIT 2027 TERM 0.2%

Value ($000) $2,252 (-0.6%) Shares 191,182 (+2.6%) Est. Cost $11.28 Unrealized —

— EATON VANCE SENIOR INCOME TRUST 0.0%

Value ($000) $203 (+4.2%) Shares 38,471 (+8.4%) Est. Cost $5.46 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EWY	ISHARES MSCI KOREA	919,724 (+23.5%)	$89,416 (+49.9%)	6.7%	$77.34	—	MSCI STH KOR ETF	464286772
MSFT	MICROSOFT CORP	44,841 (+364.5%)	$21,686 (+333.7%)	1.6%	$476.99	+4.9%	COM	594918104
—	KOREA FUND	1,605,335 (+10.2%)	$58,306 (+30.9%)	4.4%	$32.01	—	COM NEW	500634209
—	INDIA FUND INC	1,753,748 (+111.2%)	$24,044 (+97.6%)	1.8%	$14.16	—	COM	454089103
—	KAYNE ANDERSON ENERGY INFRAS FUND INC	2,239,158 (+30.0%)	$27,721 (+30.1%)	2.1%	$12.38	—	COM	486606106
—	COHEN & STEERS INFRASTRUCTURE FUND	293,500 (+430.7%)	$7,076 (+416.0%)	0.5%	$24.24	—	COM	19248A109
NVDA	NVIDIA CORP	409,716 (+5.4%)	$76,412 (+5.4%)	5.7%	$154.22	+20.7%	COM	67066G104
—	BLACKROCK HEALTH SCIENCES TERM TRUST	317,715 (+328.9%)	$4,782 (+347.7%)	0.4%	$14.90	—	COM SHS	09260E105
—	MS INDIA INVESTMENT	645,866 (+33.9%)	$16,134 (+27.0%)	1.2%	$26.30	—	COM	61745C105
—	MEXICO EQUITY & INCOME FUND INC	1,142,425 (+21.5%)	$14,143 (+26.7%)	1.1%	$10.20	—	COM	592834105
—	PIMCO DYNAMIC INCOME STRATEGY	358,918 (+7.1%)	$6,740 (-19.3%)	0.5%	$24.19	—	COM SHS BEN INT	69346N107
MUB	ISHARES NATIONAL MUNI BOND ETF	155,979 (+8.3%)	$16,707 (+9.0%)	1.3%	$105.79	—	NATIONAL MUN ETF	464288414
—	NUVEEN CREDIT STRATEGIES INCOME FUND	885,847 (+39.3%)	$4,447 (+32.7%)	0.3%	$5.28	—	COM SHS	67073D102
—	NEUBERGER BERMAN NEXT GEN	965,954 (+15.5%)	$13,948 (+8.4%)	1.0%	$15.15	—	COMMON STOCK	64133Q108
—	INVESCO SENIOR INCOME TRUST	1,108,507 (+44.5%)	$3,625 (+36.6%)	0.3%	$3.40	—	COM	46131H107
—	TEMPLETON DRAGON FUND	8,695,510 (+2.5%)	$97,911 (-1.0%)	7.3%	$19.13	—	COM	88018T101
—	NUVEEN FLOATING RATE INCOME FUND	364,140 (+42.5%)	$2,851 (+36.4%)	0.2%	$8.10	—	COM	67072T108
—	FEDERATED HERMES PREMIER MUNICIPAL INC	127,714 (+78.4%)	$1,419 (+79.5%)	0.1%	$10.95	—	COM	31423P108
—	ROYCE SMALL CAP TRUST	83,901 (+29.5%)	$1,351 (+29.3%)	0.1%	$15.93	—	COM	780910105
BX	BLACKSTONE INC	23,849 (+3.7%)	$3,676 (-6.4%)	0.3%	$61.40	+146.7%	COM	09260D107
—	MFS HIGH YIELD MUNICIPAL TRU	568,249 (+9.6%)	$1,995 (+10.9%)	0.1%	$3.35	—	SH BEN INT	59318E102
—	ABRDN HEALTHCARE INVESTORS	69,776 (+11.0%)	$1,322 (+13.9%)	0.1%	$17.53	—	SH BEN INT	87911J103
—	FIRST TRUST HIGH YIELD OPPORTUNITY	427,084 (+1.8%)	$6,009 (-1.2%)	0.5%	$14.09	—	COM	33741Q107
KKR	KKR & CO INC	73,566 (+1.3%)	$9,378 (-0.6%)	0.7%	$33.24	+273.9%	COM	48251W104
—	BLACKSTONE STRATEGIC CREDIT 2027 TERM	191,182 (+2.6%)	$2,252 (-0.6%)	0.2%	$11.28	—	COM SHS BEN IN	09257R101
—	EATON VANCE SENIOR INCOME TRUST	38,471 (+8.4%)	$203 (+4.2%)	0.0%	$5.46	—	SH BEN INT	27826S103

Exited Positions (10)

XXCHNXX CHINA FUND INC. 3.8%

Value ($000) $50,244 Shares 2,721,771 Est. Cost $17.58 Unrealized —

IEMG ISHARES CORE MSCI EMERGING MARKETS ETF 1.4%

Value ($000) $19,309 Shares 292,917 Est. Cost $65.22 Unrealized —

EMXC ISHARES MSCI EMERGING MKTS EX CHINA ETF 1.2%

Value ($000) $16,642 Shares 246,518 Est. Cost $67.51 Unrealized —

AMZN AMAZON.COM INC 0.2%

Value ($000) $3,050 Shares 13,890 Est. Cost $217.00 Unrealized +5.4%

— BLACKROCK CORE BOND TRUST 0.2%

Value ($000) $2,077 Shares 208,925 Est. Cost $9.94 Unrealized —

XENWX EATON VANCE NEW YORK MUNICIPAL BOND FUND 0.1%

Value ($000) $833 Shares 84,523 Est. Cost $9.57 Unrealized —

IWD ISHARES RUSSELL 1000 VALUE ETF 0.0%

Value ($000) $489 Shares 2,400 Est. Cost $203.59 Unrealized —

XEVMX EATON VANCE CALIFORNIA MUNICIPAL 0.0%

Value ($000) $434 Shares 45,690 Est. Cost $9.33 Unrealized —

— GABELLI DIV & INCOME TRUST 0.0%

Value ($000) $390 Shares 14,376 Est. Cost $20.92 Unrealized —

— COHEN & STEERS INFRASTRUCTURE RIGHTS 0.0%

Value ($000) $4 Shares 55,300 Est. Cost $0.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XXCHNXX	CHINA FUND INC.	2,721,771	$50,244	3.8%	$17.58	—	—	169373107
IEMG	ISHARES CORE MSCI EMERGING MARKETS ETF	292,917	$19,309	1.4%	$65.22	—	—	46434G103
EMXC	ISHARES MSCI EMERGING MKTS EX CHINA ETF	246,518	$16,642	1.2%	$67.51	—	—	46434G764
AMZN	AMAZON.COM INC	13,890	$3,050	0.2%	$217.00	+5.4%	—	023135106
—	BLACKROCK CORE BOND TRUST	208,925	$2,077	0.2%	$9.94	—	—	09249E101
XENWX	EATON VANCE NEW YORK MUNICIPAL BOND FUND	84,523	$833	0.1%	$9.57	—	—	27827Y109
IWD	ISHARES RUSSELL 1000 VALUE ETF	2,400	$489	0.0%	$203.59	—	—	464287598
XEVMX	EATON VANCE CALIFORNIA MUNICIPAL	45,690	$434	0.0%	$9.33	—	—	27828A100
—	GABELLI DIV & INCOME TRUST	14,376	$390	0.0%	$20.92	—	—	36242H104
—	COHEN & STEERS INFRASTRUCTURE RIGHTS	55,300	$4	0.0%	$0.08	—	—	19248A117

Decreased Positions (19)

FXI ISHARES CHINA LARGE-CAP ETF 1.4%

Value ($000) $18,716 (-54.2%) Shares 488,793 (-50.8%) Est. Cost $37.75 Unrealized —

AAPL APPLE INC 3.8%

Value ($000) $50,392 (-20.9%) Shares 185,361 (-25.9%) Est. Cost $174.43 Unrealized +53.8%

— TAIWAN FUND 9.0%

Value ($000) $120,262 (-7.5%) Shares 2,252,935 (-6.2%) Est. Cost $17.48 Unrealized —

INDA ISHARES MSCI INDIA ETF 0.7%

Value ($000) $9,895 (-35.2%) Shares 183,073 (-37.6%) Est. Cost $52.01 Unrealized —

— MEXICO FUND 5.0%

Value ($000) $66,395 (-5.2%) Shares 3,296,675 (-7.3%) Est. Cost $15.35 Unrealized —

— ABRDN EMERGING MARKETS EX CHINA 6.0%

Value ($000) $79,580 (+2.4%) Shares 11,368,507 (-5.2%) Est. Cost $6.53 Unrealized —

— JAPAN SMALLER CAPITALIZATION FUND, INC 2.9%

Value ($000) $38,547 (+3.9%) Shares 3,479,014 (-1.2%) Est. Cost $9.15 Unrealized —

EWT ISHARES MSCI TAIWAN 4.8%

Value ($000) $64,578 (-2.2%) Shares 1,016,502 (-2.1%) Est. Cost $50.90 Unrealized —

— LIBERTY ALL-STAR GROWTH FUND 0.0%

Value ($000) $660 (-56.7%) Shares 124,484 (-54.6%) Est. Cost $5.43 Unrealized —

IGSB ISHARES 1-5 YEAR INVST GD CORP BOND ETF 0.0%

Value ($000) $419 (-66.3%) Shares 7,927 (-66.2%) Est. Cost $52.38 Unrealized —

GREK GLOBAL X MSCI GREECE ETF 0.0%

Value ($000) $356 (-51.1%) Shares 5,400 (-52.2%) Est. Cost $41.39 Unrealized —

— PGIM SHORT DURATION HIGH YIELD 0.6%

Value ($000) $8,570 (-4.1%) Shares 520,958 (-2.5%) Est. Cost $15.81 Unrealized —

— BLACKROCK ENHANCED INTERNATIONAL 0.8%

Value ($000) $10,989 (-3.2%) Shares 1,868,913 (-5.3%) Est. Cost $5.52 Unrealized —

ARGT GLOBAL X FTSE ARGENTINA 20 ETF 0.2%

Value ($000) $2,651 (-8.4%) Shares 29,000 (-30.1%) Est. Cost $41.01 Unrealized —

— WESTERN ASSET MANAGED MUNICIPALS FUND 0.3%

Value ($000) $3,934 (-4.4%) Shares 376,788 (-5.3%) Est. Cost $10.58 Unrealized —

EPU ISHARES MSCI ALL PERU CAPPED INDEX FUND 0.1%

Value ($000) $1,158 (-8.6%) Shares 16,000 (-22.3%) Est. Cost $52.73 Unrealized —

— BLACKROCK RESOURCES AND COMMODITIES 0.3%

Value ($000) $3,713 (-1.8%) Shares 338,191 (-9.1%) Est. Cost $9.56 Unrealized —

TUR ISHARES MSCI TURKEY ETF 0.1%

Value ($000) $1,081 (-4.9%) Shares 31,400 (-5.4%) Est. Cost $33.32 Unrealized —

EPOL ISHARES MSCI POLAND ETF 0.1%

Value ($000) $1,108 (+2.2%) Shares 31,500 (-6.5%) Est. Cost $32.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FXI	ISHARES CHINA LARGE-CAP ETF	488,793 (-50.8%)	$18,716 (-54.2%)	1.4%	$37.75	—	CHINA LG-CAP ETF	464287184
AAPL	APPLE INC	185,361 (-25.9%)	$50,392 (-20.9%)	3.8%	$174.43	+53.8%	COM	037833100
—	TAIWAN FUND	2,252,935 (-6.2%)	$120,262 (-7.5%)	9.0%	$17.48	—	COM	874036106
INDA	ISHARES MSCI INDIA ETF	183,073 (-37.6%)	$9,895 (-35.2%)	0.7%	$52.01	—	MSCI INDIA ETF	46429B598
—	MEXICO FUND	3,296,675 (-7.3%)	$66,395 (-5.2%)	5.0%	$15.35	—	COM	592835102
—	ABRDN EMERGING MARKETS EX CHINA	11,368,507 (-5.2%)	$79,580 (+2.4%)	6.0%	$6.53	—	COM	00301W105
—	JAPAN SMALLER CAPITALIZATION FUND, INC	3,479,014 (-1.2%)	$38,547 (+3.9%)	2.9%	$9.15	—	COM	47109U104
EWT	ISHARES MSCI TAIWAN	1,016,502 (-2.1%)	$64,578 (-2.2%)	4.8%	$50.90	—	MSCI TAIWAN ETF	46434G772
—	LIBERTY ALL-STAR GROWTH FUND	124,484 (-54.6%)	$660 (-56.7%)	0.0%	$5.43	—	COM	529900102
IGSB	ISHARES 1-5 YEAR INVST GD CORP BOND ETF	7,927 (-66.2%)	$419 (-66.3%)	0.0%	$52.38	—	ISHS 1-5YR INVS	464288646
GREK	GLOBAL X MSCI GREECE ETF	5,400 (-52.2%)	$356 (-51.1%)	0.0%	$41.39	—	MSCI GREECE ETF	37954Y319
—	PGIM SHORT DURATION HIGH YIELD	520,958 (-2.5%)	$8,570 (-4.1%)	0.6%	$15.81	—	COM	69355J104
—	BLACKROCK ENHANCED INTERNATIONAL	1,868,913 (-5.3%)	$10,989 (-3.2%)	0.8%	$5.52	—	COM BENE INTER	092524107
ARGT	GLOBAL X FTSE ARGENTINA 20 ETF	29,000 (-30.1%)	$2,651 (-8.4%)	0.2%	$41.01	—	GB MSCI AR ETF	37950E259
—	WESTERN ASSET MANAGED MUNICIPALS FUND	376,788 (-5.3%)	$3,934 (-4.4%)	0.3%	$10.58	—	COM	95766M105
EPU	ISHARES MSCI ALL PERU CAPPED INDEX FUND	16,000 (-22.3%)	$1,158 (-8.6%)	0.1%	$52.73	—	MSCI PERU AND GL	464289842
—	BLACKROCK RESOURCES AND COMMODITIES	338,191 (-9.1%)	$3,713 (-1.8%)	0.3%	$9.56	—	SHS	09257A108
TUR	ISHARES MSCI TURKEY ETF	31,400 (-5.4%)	$1,081 (-4.9%)	0.1%	$33.32	—	MSCI TURKEY ETF	464286715
EPOL	ISHARES MSCI POLAND ETF	31,500 (-6.5%)	$1,108 (+2.2%)	0.1%	$32.24	—	MSCI POLAND ETF	46429B606

Unchanged Positions (28)

GOOGL ALPHABET INC 2.6%

Value ($000) $34,396 Shares 109,891 Est. Cost $138.88 Unrealized +105.6%

— MS CHINA A SHARE 8.0%

Value ($000) $106,186 Shares 6,116,700 Est. Cost $18.96 Unrealized —

— TEMPLETON EMERGING MARKETS FD 5.3%

Value ($000) $71,264 Shares 4,184,623 Est. Cost $13.85 Unrealized —

— NEUBERGER BERMAN ENERGY INFRAS & INCOME 2.1%

Value ($000) $27,417 Shares 3,225,547 Est. Cost $6.10 Unrealized —

CG THE CARLYLE GROUP INC 0.4%

Value ($000) $5,895 Shares 99,723 Est. Cost $25.60 Unrealized +119.9%

— BLACKROCK MUNICIPAL TARGET TERM TRUST 1.1%

Value ($000) $15,124 Shares 662,759 Est. Cost $21.04 Unrealized —

— PIMCO MUNICIPAL INCOME FUND II 0.3%

Value ($000) $3,479 Shares 461,349 Est. Cost $7.91 Unrealized —

MELI MERCADOLIBRE INC 0.1%

Value ($000) $957 Shares 475 Est. Cost $2400.46 Unrealized -12.5%

— BROOKFIELD REAL ASSETS INCOME 0.3%

Value ($000) $3,892 Shares 300,319 Est. Cost $13.08 Unrealized —

— BLACKROCK MUNIHOLDINGS CA QU 0.3%

Value ($000) $3,933 Shares 371,024 Est. Cost $10.66 Unrealized —

— BLACKROCK MUNIYIELD QUALITY FUND III 0.3%

Value ($000) $4,251 Shares 391,043 Est. Cost $11.70 Unrealized —

— BLACKROCK MUNIYIELD FUND INC 0.4%

Value ($000) $5,868 Shares 559,426 Est. Cost $10.72 Unrealized —

— BNY MELLON STRATEGIC MUNICIPAL 0.1%

Value ($000) $1,722 Shares 270,829 Est. Cost $6.06 Unrealized —

— NYLI MACKAY DEFINEDTERM MUNI O 0.1%

Value ($000) $1,298 Shares 87,267 Est. Cost $16.33 Unrealized —

— EATON VANCE MUNICIPAL BOND FUND 0.1%

Value ($000) $802 Shares 82,382 Est. Cost $10.86 Unrealized —

— BLACKROCK MUNIVEST FUND INC 0.1%

Value ($000) $1,496 Shares 215,857 Est. Cost $6.86 Unrealized —

— ALLIANCEBERNSTEIN NATIONAL MUNI 0.4%

Value ($000) $4,908 Shares 453,640 Est. Cost $11.37 Unrealized —

— FRANKLIN LTD DURATION INCOME TRUST 0.0%

Value ($000) $368 Shares 59,915 Est. Cost $6.26 Unrealized —

SUB ISHARES SHORT TERM NATIONAL MUNI BOND 1.0%

Value ($000) $13,903 Shares 130,304 Est. Cost $106.34 Unrealized —

— NEW GERMANY 0.2%

Value ($000) $2,913 Shares 255,067 Est. Cost $13.27 Unrealized —

— MFS HIGH INCOME MUNICIPAL TRUST 0.1%

Value ($000) $725 Shares 195,885 Est. Cost $3.18 Unrealized —

— BLACKROCK MUNIHOLDINGS FUND 0.3%

Value ($000) $4,358 Shares 371,247 Est. Cost $11.72 Unrealized —

— BLACKROCK MUNIYIELD NY QUAL 0.1%

Value ($000) $1,117 Shares 112,750 Est. Cost $9.93 Unrealized —

— PIMCO CALIFORNIA MUNICIPAL INCOME FUND 0.1%

Value ($000) $1,760 Shares 201,590 Est. Cost $8.72 Unrealized —

— BLACKROCK MUNICIPAL INCOME TRUST 0.1%

Value ($000) $967 Shares 96,407 Est. Cost $10.05 Unrealized —

XBNYX BLACKROCK NEW YORK MUNICIPAL 0.0%

Value ($000) $540 Shares 53,221 Est. Cost $10.12 Unrealized —

— DTF TAX FREE INCOME 2028 TERM 0.1%

Value ($000) $811 Shares 71,012 Est. Cost $12.72 Unrealized —

— BLACKROCK MUNIHOLDINGS NEW YORK 0.0%

Value ($000) $580 Shares 56,695 Est. Cost $10.22 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	109,891	$34,396	2.6%	$138.88	+105.6%	CAP STK CL A	02079K305
—	MS CHINA A SHARE	6,116,700	$106,186	8.0%	$18.96	—	COM	617468103
—	TEMPLETON EMERGING MARKETS FD	4,184,623	$71,264	5.3%	$13.85	—	COM	880191101
—	NEUBERGER BERMAN ENERGY INFRAS & INCOME	3,225,547	$27,417	2.1%	$6.10	—	COM	64129H104
CG	THE CARLYLE GROUP INC	99,723	$5,895	0.4%	$25.60	+119.9%	COM	14316J108
—	BLACKROCK MUNICIPAL TARGET TERM TRUST	662,759	$15,124	1.1%	$21.04	—	COM SHS BEN IN	09257P105
—	PIMCO MUNICIPAL INCOME FUND II	461,349	$3,479	0.3%	$7.91	—	COM	72200W106
MELI	MERCADOLIBRE INC	475	$957	0.1%	$2400.46	-12.5%	COM	58733R102
—	BROOKFIELD REAL ASSETS INCOME	300,319	$3,892	0.3%	$13.08	—	SHS BEN INT	112830104
—	BLACKROCK MUNIHOLDINGS CA QU	371,024	$3,933	0.3%	$10.66	—	COM	09254L107
—	BLACKROCK MUNIYIELD QUALITY FUND III	391,043	$4,251	0.3%	$11.70	—	COM	09254E103
—	BLACKROCK MUNIYIELD FUND INC	559,426	$5,868	0.4%	$10.72	—	COM	09253W104
—	BNY MELLON STRATEGIC MUNICIPAL	270,829	$1,722	0.1%	$6.06	—	COM	05588W108
—	NYLI MACKAY DEFINEDTERM MUNI O	87,267	$1,298	0.1%	$16.33	—	COM	56064K100
—	EATON VANCE MUNICIPAL BOND FUND	82,382	$802	0.1%	$10.86	—	COM	27827X101
—	BLACKROCK MUNIVEST FUND INC	215,857	$1,496	0.1%	$6.86	—	COM	09253R105
—	ALLIANCEBERNSTEIN NATIONAL MUNI	453,640	$4,908	0.4%	$11.37	—	COM	01864U106
—	FRANKLIN LTD DURATION INCOME TRUST	59,915	$368	0.0%	$6.26	—	COM	35472T101
SUB	ISHARES SHORT TERM NATIONAL MUNI BOND	130,304	$13,903	1.0%	$106.34	—	SHRT NAT MUN ETF	464288158
—	NEW GERMANY	255,067	$2,913	0.2%	$13.27	—	COM	644465106
—	MFS HIGH INCOME MUNICIPAL TRUST	195,885	$725	0.1%	$3.18	—	SH BEN INT	59318D104
—	BLACKROCK MUNIHOLDINGS FUND	371,247	$4,358	0.3%	$11.72	—	COM	09253N104
—	BLACKROCK MUNIYIELD NY QUAL	112,750	$1,117	0.1%	$9.93	—	COM	09255E102
—	PIMCO CALIFORNIA MUNICIPAL INCOME FUND	201,590	$1,760	0.1%	$8.72	—	COM	72200N106
—	BLACKROCK MUNICIPAL INCOME TRUST	96,407	$967	0.1%	$10.05	—	SH BEN INT	09248F109
XBNYX	BLACKROCK NEW YORK MUNICIPAL	53,221	$540	0.0%	$10.12	—	SH BEN INT	09248L106
—	DTF TAX FREE INCOME 2028 TERM	71,012	$811	0.1%	$12.72	—	COM	23334J107
—	BLACKROCK MUNIHOLDINGS NEW YORK	56,695	$580	0.0%	$10.22	—	COM	09255C106