# EDGAR Filing Document

**Accession Number:** 0000866700
**File Stem:** 0001193125-26-020435
**Filing Date:** 2026-1
**Character Count:** 236114
**Document Hash:** fd1858e6fe2728c07ada18bdd1105d43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-020435.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-020435

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Municipal Securities Income Trust
- **CENTRAL INDEX KEY:** 0000866700

**ORGANIZATION NAME:**
- **EIN:** 251695291
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06165
- **FILM NUMBER:** 26553639

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED MUNICIPAL SECURITIES INCOME TRUST
- **DATE OF NAME CHANGE:** 19991029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNICIPAL SECURITIES INCOME TRUST
- **DATE OF NAME CHANGE:** 19921023

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED MUNICIPAL INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Federated Hermes Municipal High Yield Advantage Fund (Series ID: S000012747)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000034361 | Class A Shares       | FMOAX           |
| C000034363 | Class C Shares       | FMNCX           |
| C000034364 | Class F Shares       | FHTFX           |
| C000130166 | Institutional Shares | FMYIX           |
| C000188346 | Class T Shares       |  |

## Nport-Ex

Federated Hermes Municipal High Yield Advantage Fund

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—99.0% |  |
|  | **Alabama—2.5%** |  |
| $2000000 | Birmingham, AL Special Care Facilities Financing Authority (Children's Hospital of Alabama), Revenue Bonds (Series 2025A), <br> 5.250%, 6/1/2055<br>| &nbsp;&nbsp; $2114675 |
| &nbsp;&nbsp; 500000<br><sup>1,2</sup> <br>| Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facilities Revenue Bonds <br> (Series 2011A), (Original Issue Yield: 7.625%), 7.500%, 1/1/2047<br>| &nbsp;&nbsp; 356875 |
| &nbsp;&nbsp; 1500000<br><sup>1,2</sup> <br>| Huntsville, AL Special Care Facilities Financing Authority (Redstone Village), Retirement Facility Revenue Bonds <br> (Series 2007), (Original Issue Yield: 5.600%), 5.500%, 1/1/2043<br>| &nbsp;&nbsp; 1070625 |
| &nbsp;&nbsp; 2000000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.250%, 10/1/2049 | &nbsp;&nbsp; 2078570 |
| &nbsp;&nbsp; 2000000 | Jefferson County, AL (Jefferson County, AL Sewer System), Sewer Revenue Warrants (Series 2024), 5.500%, 10/1/2053 | &nbsp;&nbsp; 2106297 |
| &nbsp;&nbsp; 1000000 | Mobile County, AL IDA (AM/NS Calvert LLC), Solid Waste Disposal Revenue Bonds (Series 2024A), 5.000%, 6/1/2054 | &nbsp;&nbsp; 969514 |
| &nbsp;&nbsp; 1000000 | Mobile County, AL IDA (AM/NS Calvert LLC), Solid Waste Disposal Revenue Bonds (Series 2024B), (Original Issue Yield: <br> 4.875%), 4.750%, 12/1/2054<br>| &nbsp;&nbsp; 932767 |
| &nbsp;&nbsp; 1335000<br><sup>3</sup> <br>| The IDA of Baldwin County (Novelis Corporation), Solid Waste Disposal Revenue Bonds (Series 2025A), (Novelis Corporation <br> GTD), 5.000%, Mandatory Tender 6/1/2032<br>| &nbsp;&nbsp; 1364624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 10993947 |
|  | **Arizona—2.1%** |  |
| &nbsp;&nbsp; 650000<br><sup>3</sup> <br>| Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D), 5.000%, 7/1/2051 | &nbsp;&nbsp; 595429 |
| &nbsp;&nbsp; 500000<br><sup>3</sup> <br>| Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), 5.000%, 7/1/2051 | &nbsp;&nbsp; 458022 |
| &nbsp;&nbsp; 1000000 | Chandler, AZ IDA (Intel Corp.), Industrial Development Revenue Bonds (Series 2022-2), 5.000%, Mandatory Tender 9/1/2027 | &nbsp;&nbsp; 1016498 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| Maricopa County, AZ, IDA (Commercial Metals Corp.), Exempt Facilities Revenue Bonds (Series 2022), 4.000%, 10/15/2047 | &nbsp;&nbsp; 849874 |
| &nbsp;&nbsp; 750000 | Phoenix, AZ IDA (GreatHearts Arizona), Education Revenue Bonds (Series 2025A), (Original Issue Yield: 5.220%), <br> 5.000%, 7/1/2045<br>| &nbsp;&nbsp; 757238 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 6.250%, 11/15/2035 | &nbsp;&nbsp; 1098915 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 7.000%, 11/15/2057 | &nbsp;&nbsp; 1075018 |
| &nbsp;&nbsp; 3000000 | Salt Verde Financial Corp., AZ, Senior Gas Revenue Bonds (Series 2007), (Original Issue Yield: 5.100%), (Citigroup, Inc. GTD), <br> 5.000%, 12/1/2037<br>| &nbsp;&nbsp; 3254801 |
| &nbsp;&nbsp; 400000 | Tempe, AZ IDA (Mirabella at ASU), Revenue Bonds (Series 2017A), 6.125%, 10/1/2047 | &nbsp;&nbsp; 265907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9371702 |
|  | **Arkansas—0.3%** |  |
| &nbsp;&nbsp; 1250000 | Arkansas Development Finance Authority (United States Steel Corp.), Environmental Improvement Revenue Bonds <br> (Series 2022), 5.450%, 9/1/2052<br>| &nbsp;&nbsp; 1254643 |
|  | **California—5.5%** |  |
| &nbsp;&nbsp; 1445000<br><sup>3</sup> <br>| California Infrastructure & Economic Development Bank (Brightline West Passenger Rail Project), Senior Subordinated <br> Secured Revenue Bonds (Series 2025B), 12.000%, Mandatory Tender 11/2/2026<br>| &nbsp;&nbsp; 908250 |
| &nbsp;&nbsp; 2000000 | California Municipal Finance Authority (LINXS APM Project), Senior Lien Revenue Bonds (Series 2018A), 5.000%, 12/31/2043 | &nbsp;&nbsp; 2011667 |
| &nbsp;&nbsp; 2250000 | California Municipal Finance Authority (Republic Services, Inc.), Solid Waste Disposal Revenue Bonds (Series 2023A), <br> 4.375%, Mandatory Tender 9/1/2033<br>| &nbsp;&nbsp; 2348845 |
| &nbsp;&nbsp; 1250000<br><sup>3</sup> <br>| California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), <br> 5.000%, 11/15/2046<br>| &nbsp;&nbsp; 1147067 |
| &nbsp;&nbsp; 2000000<br><sup>3</sup> <br>| California Public Finance Authority (Sunrise of Manhattan Beach), Senior Living Rental Housing Revenue Bonds <br> (Series 2025-A1), (Original Issue Yield: 7.000%), 6.750%, 7/1/2065<br>| &nbsp;&nbsp; 2139696 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group), Charter School <br> Revenue Bonds (Series 2017), 5.000%, 6/1/2037<br>| &nbsp;&nbsp; 1000499 |
| &nbsp;&nbsp; 500000<br><sup>3</sup> <br>| California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds <br> (Series 2017G), 5.000%, 6/1/2047<br>| &nbsp;&nbsp; 462857 |
| &nbsp;&nbsp; 580000<br><sup>3</sup> <br>| California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), <br> (United States Treasury PRF 6/1/2027@100), 5.000%, 6/1/2053<br>| &nbsp;&nbsp; 598640 |
| &nbsp;&nbsp; 520000<br><sup>3</sup> <br>| California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), (Series 2017), <br> 5.000%, 6/1/2053<br>| &nbsp;&nbsp; 465420 |
| &nbsp;&nbsp; 2250000<br><sup>3</sup> <br>| California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds <br> (Series 2016A), 5.000%, 12/1/2046<br>| &nbsp;&nbsp; 2250769 |

---

**1**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **California—continued** |  |
| $14000000<br><sup>4</sup> <br>| Golden State, CA Tobacco Securitization Corp., Subordinate Tobacco Settlement Asset-Backed Bonds (Series 2021B-2), <br> 0.000%, 6/1/2066<br>| &nbsp;&nbsp; $1500996 |
| &nbsp;&nbsp; 1000000 | Los Angeles, CA Department of Airports, Subordinate Revenue and Refunding Revenue Bonds (Series 2025A), <br> 5.250%, 5/15/2043<br>| &nbsp;&nbsp; 1084031 |
| &nbsp;&nbsp; 2000000 | Los Angeles, CA Department of Airports, Subordinate Revenue and Refunding Revenue Bonds (Series 2025E), <br> 5.250%, 5/15/2055<br>| &nbsp;&nbsp; 2151186 |
| &nbsp;&nbsp; 2500000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034 | &nbsp;&nbsp; 3049897 |
| &nbsp;&nbsp; 1000000 | Orange County, CA Community Facilities District No. 2023-1 (Rienda Phase 2B), Special Tax Bonds (Series 2023A), (Original <br> Issue Yield: 5.550%), 5.500%, 8/15/2053<br>| &nbsp;&nbsp; 1045082 |
| &nbsp;&nbsp; 1600000 | San Diego County, CA Regional Airport Authority, Senoir Airport Revenue Bonds (Series 2025B), 5.250%, 7/1/2050 | &nbsp;&nbsp; 1687396 |
| &nbsp;&nbsp; 600000 | San Francisco, CA City & County Airport Commission, Second Series Revenue Refunding Bonds (Series 2024A), <br> 5.250%, 5/1/2044<br>| &nbsp;&nbsp; 639103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 24491401 |
|  | **Colorado—3.5%** |  |
| &nbsp;&nbsp; 1000000 | Banning Lewis Ranch Metropolitan District No. 4, LT GO Bonds (Series 2018A), 5.750%, 12/1/2048 | &nbsp;&nbsp; 1001792 |
| &nbsp;&nbsp; 1000000 | Banning Lewis Ranch Regional Metropolitan District, LT GO Bonds (Series 2018A), 5.375%, 12/1/2048 | &nbsp;&nbsp; 975741 |
| &nbsp;&nbsp; 1500000 | Base Village Metropolitan District No. 2, LT GO Refunding Bonds (Series 2016A), 5.750%, 12/1/2046 | &nbsp;&nbsp; 1500490 |
| &nbsp;&nbsp; 500000 | Colorado Educational & Cultural Facilities Authority (Aspen View Academy), Charter School Revenue Bonds (Series 2021), <br> 4.000%, 5/1/2061<br>| &nbsp;&nbsp; 399213 |
| &nbsp;&nbsp; 1750000 | Colorado Educational & Cultural Facilities Authority (James Irwin Educational Foundation), Charter School Revenue Bonds <br> (Series 2022), 5.000%, 9/1/2057<br>| &nbsp;&nbsp; 1708871 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue Bonds <br> (Series 2016), 5.000%, 7/1/2036<br>| &nbsp;&nbsp; 1004840 |
| &nbsp;&nbsp; 1000000 | Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement <br> Revenue Bonds (Series 2015), (Original Issue Yield: 5.020%), 5.000%, 12/15/2045<br>| &nbsp;&nbsp; 976997 |
| &nbsp;&nbsp; 1500000 | Colorado Health Facilities Authority (Christian Living Communities), Revenue Refunding Bonds (Series 2016), <br> 5.000%, 1/1/2031<br>| &nbsp;&nbsp; 1500840 |
| &nbsp;&nbsp; 750000 | Denver, CO City & County Department of Aviation, Airport System Subordinate Revenue Bonds (Series 2023B), <br> 5.500%, 11/15/2040<br>| &nbsp;&nbsp; 833672 |
| &nbsp;&nbsp; 750000 | Denver, CO Health & Hospital Authority, Revenue Bonds (Series 2025A), 6.000%, 12/1/2055 | &nbsp;&nbsp; 811721 |
| &nbsp;&nbsp; 325000 | Eagle County, CO Air Terminal Corporation, Revenue Refunding Bonds (Series 2011A), 6.000%, 5/1/2027 | &nbsp;&nbsp; 325439 |
| &nbsp;&nbsp; 2500000 | North Range, CO Metropolitan District No. 2, LT GO and Special Revenue Refunding and Improvement Bonds <br> (Series 2017A), 5.750%, 12/1/2047<br>| &nbsp;&nbsp; 2499993 |
| &nbsp;&nbsp; 1305000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds (Series 2008), (Original Issue Yield: 6.630%), <br> (Bank of America Corp. GTD), 6.250%, 11/15/2028<br>| &nbsp;&nbsp; 1379763 |
| &nbsp;&nbsp; 735000 | Sterling Ranch, CO Community Authority Board (Sterling Ranch, CO Metropolitan District No.4 Subdistrict-A), LT Supported <br> and Special Revenue Refunding Improvement Bonds (Series 2024A), 6.500%, 12/1/2054<br>| &nbsp;&nbsp; 764071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 15683443 |
|  | **Connecticut—0.5%** |  |
| &nbsp;&nbsp; 1000000 | Stamford, CT Housing Authority (Mozaic Concierge Living), Revenue Bonds (Series 2025A), 6.500%, 10/1/2055 | &nbsp;&nbsp; 1020224 |
| &nbsp;&nbsp; 1000000 | Steel Point Infrastructure Improvement District, Steelpointe Harbor Special Obligation Revenue Bonds (Series 2024), <br> (Original Issue Yield: 6.090%), 6.000%, 4/1/2052<br>| &nbsp;&nbsp; 1067727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2087951 |
|  | **Delaware—1.0%** |  |
| &nbsp;&nbsp; 1600000 | Delaware EDA (Newark Charter School, Inc.), Charter School Revenue Bonds (Series 2021), 4.000%, 9/1/2041 | &nbsp;&nbsp; 1479897 |
| &nbsp;&nbsp; 3000000<br><sup>3</sup> <br>| Millsboro, DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding Bonds <br> (Series 2018), (Original Issue Yield: 5.140%), 5.125%, 7/1/2038<br>| &nbsp;&nbsp; 3016475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4496372 |
|  | **District of Columbia—1.5%** |  |
| &nbsp;&nbsp; 1000000 | District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2046 | &nbsp;&nbsp; 998604 |
| &nbsp;&nbsp; 1000000 | District of Columbia (Ingleside at Rock Creek), Project Revenue Bonds (Series 2017A), (Original Issue Yield: 5.250%), <br> 5.000%, 7/1/2052<br>| &nbsp;&nbsp; 927227 |
| &nbsp;&nbsp; 1000000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2019), 4.000%, 7/1/2039 | &nbsp;&nbsp; 969472 |
| &nbsp;&nbsp; 1500000 | District of Columbia Income Tax Revenue, Income Tax Secured Revenue and Refunding Bonds (Series 2025A), <br> 5.250%, 6/1/2050<br>| &nbsp;&nbsp; 1620483 |

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**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **District of Columbia—continued** |  |
| $2000000 | Washington Metropolitan Area Transit Authority, Dedicated Revenue Ronds (Series 2024A), (Original Issue Yield: 4.530%), <br> 4.375%, 7/15/2059<br>| &nbsp;&nbsp; $1935114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6450900 |
|  | **Florida—11.4%** |  |
| &nbsp;&nbsp; 1245000 | Alta Lakes, FL CDD, Special Assessment Bonds (Series 2019), 4.625%, 5/1/2049 | &nbsp;&nbsp; 1172036 |
| &nbsp;&nbsp; 115000 | Arborwood, FL CDD, Special Assessment Revenue Bonds (Series 2014A-1), (Original Issue Yield: 6.900%), 6.900%, 5/1/2036 | &nbsp;&nbsp; 115099 |
| &nbsp;&nbsp; 1000000 | Ave Maria Stewardship Community District, FL (Phase 5 Master Improvements Project), Capital Improvement Revenue Bonds <br> (Series 2025), 5.600%, 5/1/2056<br>| &nbsp;&nbsp; 1001214 |
| &nbsp;&nbsp; 1360000 | Boggy Branch CDD, FL, Special Assessment Bonds (Series 2021), 4.000%, 5/1/2051 | &nbsp;&nbsp; 1103053 |
| &nbsp;&nbsp; 1500000<br><sup>3</sup> <br>| Capital Projects Finance Authority, FL (Trilogy Community Development Foundation, Inc.), Millenia Moments Orlando <br> Project Revenue Bonds (Series 2025A), (Original Issue Yield: 7.400%), 7.125%, 1/1/2065<br>| &nbsp;&nbsp; 1540173 |
| &nbsp;&nbsp; 1000000 | Capital Trust Authority (Convivial St. Petersburg), Revenue Bond Anticipation Notes (Series 2024A), 12.000%, 10/3/2029 | &nbsp;&nbsp; 1156588 |
| &nbsp;&nbsp; 2000000 | Central Florida Expressway Authority, Senior Lien Revenue Bonds (Series 2024A), (Assured Guaranty, Inc. INS), <br> 5.000%, 7/1/2054<br>| &nbsp;&nbsp; 2093659 |
| &nbsp;&nbsp; 665000 | Florida Development Finance Corp. (GFL Solid Waste Southeast LLC), Solid Waste Disposal Revenue Bonds (Series 2024A), <br> (GFL Environmental, Inc. GTD), 4.375%, Mandatory Tender 10/1/2031<br>| &nbsp;&nbsp; 674360 |
| &nbsp;&nbsp; 1000000 | Florida Development Finance Corp. (Mayflower Retirement Community), Senior Living Revenue Bonds (Series 2021A), <br> 4.000%, 6/1/2055<br>| &nbsp;&nbsp; 721243 |
| &nbsp;&nbsp; 1000000 | Florida Development Finance Corp. (Tampa General Hospital), Healthcare Facilities Revenue Bonds (Series 2024A), <br> 5.250%, 8/1/2055<br>| &nbsp;&nbsp; 1028096 |
| &nbsp;&nbsp; 1735000 | Florida Local Government Finance Commission (Ponte Vedra Pine Company LLC), Fleet Landing at Nocatee Senior Living <br> Revenue Bonds (Series 2025A), (Original Issue Yield: 6.970%), 6.875%, 11/15/2064<br>| &nbsp;&nbsp; 1814512 |
| &nbsp;&nbsp; 1000000 | Greater Orlando, FL Aviation Authority (United Airlines, Inc.), Special Purpose Airport Facilities Revenue Bonds <br> (Series 2025), 5.500%, 11/1/2037<br>| &nbsp;&nbsp; 1077836 |
| &nbsp;&nbsp; 500000 | Hacienda North CDD, Special Assessment Bonds (Series 2023), 6.300%, 5/1/2043 | &nbsp;&nbsp; 537385 |
| &nbsp;&nbsp; 1000000 | Hacienda North CDD, Special Assessment Bonds (Series 2023), 6.500%, 5/1/2053 | &nbsp;&nbsp; 1067909 |
| &nbsp;&nbsp; 1000000 | Harbor Bay, FL CDD, Special Assessment District Area One (Series 2019A-1), (Original Issue Yield: 4.140%), <br> 4.100%, 5/1/2048<br>| &nbsp;&nbsp; 885770 |
| &nbsp;&nbsp; 1000000 | Hillsborough County, FL Aviation Authority, Revenue Bonds (Series 2024B), 5.500%, 10/1/2054 | &nbsp;&nbsp; 1060220 |
| &nbsp;&nbsp; 265000 | Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-1), 4.100%, 5/1/2051 | &nbsp;&nbsp; 218584 |
| &nbsp;&nbsp; 15000 | Lakes of Sarasota CDD, Improvement Revenue Bonds Phase 1 Project (Series 2021A-2), (Original Issue Yield: 3.960%), <br> 3.875%, 5/1/2031<br>| &nbsp;&nbsp; 15119 |
| &nbsp;&nbsp; 555000 | Lakewood Ranch, FL Stewardship District (Indigo Expansion Area Project), Special Assessment Revenue Bonds (Series 2019), <br> 4.000%, 5/1/2049<br>| &nbsp;&nbsp; 473136 |
| &nbsp;&nbsp; 1000000 | Lakewood Ranch, FL Stewardship District (Lakewood National & Polo Run), Special Assessment Bonds, (Original Issue Yield: <br> 5.400%), 5.375%, 5/1/2047<br>| &nbsp;&nbsp; 1005193 |
| &nbsp;&nbsp; 1000000 | Lakewood Ranch, FL Stewardship District (Lakewood Ranch Southeast Project), Special Assement Revenue Bonds <br> (Series 2025), (Original Issue Yield: 6.080%), 6.000%, 5/1/2056<br>| &nbsp;&nbsp; 1036870 |
| &nbsp;&nbsp; 750000 | Lakewood Ranch, FL Stewardship District (Northeast Sector Phase-2B), Special Assessment Revenue Bonds (Series 2020), <br> 4.000%, 5/1/2050<br>| &nbsp;&nbsp; 628759 |
| &nbsp;&nbsp; 1000000 | Lakewood Ranch, FL Stewardship District (Northeast Sector Project - Phase 1B), Special Assessment Revenue Bonds <br> (Series 2018), 5.450%, 5/1/2048<br>| &nbsp;&nbsp; 1013336 |
| &nbsp;&nbsp; 760000 | Lakewood Ranch, FL Stewardship District (Palm Grove Project), Special Assessment Revenue Bonds (Series 2024), (Original <br> Issue Yield: 5.530%), 5.500%, 5/1/2055<br>| &nbsp;&nbsp; 765727 |
| &nbsp;&nbsp; 1000000 | Lakewood Ranch, FL Stewardship District (Taylor Ranch), Special Assessment Revenue Bonds (Series 2023), <br> 6.300%, 5/1/2054<br>| &nbsp;&nbsp; 1055191 |
| &nbsp;&nbsp; 1075000 | Lakewood Ranch, FL Stewardship District (Villages of Lakewood Ranch South), Special Assessment Revenue Bonds <br> (Series 2016), (Original Issue Yield: 5.160%), 5.125%, 5/1/2046<br>| &nbsp;&nbsp; 1075478 |
| &nbsp;&nbsp; 1000000 | Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities Revenue Bonds (Series 2022A), 5.250%, 10/1/2057 | &nbsp;&nbsp; 926008 |
| &nbsp;&nbsp; 1600000 | Lee County, FL Port Authority, Airport Revenue Bonds (Series 2024), 5.250%, 10/1/2049 | &nbsp;&nbsp; 1660961 |
| &nbsp;&nbsp; 1000000 | LT Ranch, FL CDD, Capital Improvement Revenue Bonds Phase IIA (Series 2022-2), (Original Issue Yield: 5.740%), <br> 5.700%, 5/1/2053<br>| &nbsp;&nbsp; 1025475 |
| &nbsp;&nbsp; 500000 | LT Ranch, FL CDD, Capital Improvement Revenue Bonds Phase IIB (Series 2024), 5.500%, 5/1/2044 | &nbsp;&nbsp; 514371 |
| &nbsp;&nbsp; 500000 | LT Ranch, FL CDD, Capital Improvement Revenue Bonds Phase IIB (Series 2024), 5.850%, 5/1/2054 | &nbsp;&nbsp; 514128 |
| &nbsp;&nbsp; 810000 | LT Ranch, FL CDD, Capital Improvement Revenue Bonds Phase IIB Assessment Area (Series 2019), 4.000%, 5/1/2050 | &nbsp;&nbsp; 687032 |
| &nbsp;&nbsp; 1500000 | Miami-Dade County, FL Aviation Department, Aviation Revenue Bonds (Series 2025A), 5.500%, 10/1/2055 | &nbsp;&nbsp; 1580326 |

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**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Florida—continued** |  |
| $1000000 | North River Ranch Improvement Stewardship District, Special Assessment Revenue Bonds (Series 2023A-1), <br> 5.800%, 5/1/2043<br>| &nbsp;&nbsp; $1026787 |
| &nbsp;&nbsp; 1000000 | North River Ranch Improvement Stewardship District, Special Assessment Revenue Bonds (Series 2023A-1), <br> 6.000%, 5/1/2054<br>| &nbsp;&nbsp; 1021729 |
| &nbsp;&nbsp; 1000000 | Orange County, FL, Health Facilities Authority (Orlando Health Obligated Group), Hospital Revenue Bonds (Series 2025A), <br> 5.250%, 10/1/2056<br>| &nbsp;&nbsp; 1046369 |
| &nbsp;&nbsp; 2500000 | Palm Beach County, FL Health Facilities Authority (Jupiter Medical Center), Hospital Revenue Bonds (Series 2025), (Original <br> Issue Yield: 5.510%), 5.250%, 11/1/2055<br>| &nbsp;&nbsp; 2554134 |
| &nbsp;&nbsp; 1750000<br><sup>1,2,3,5</sup> <br>| Polk County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds <br> (Series 2020), 5.875%, 1/1/2033<br>| &nbsp;&nbsp; 332500 |
| &nbsp;&nbsp; 145000<br><sup>1,2</sup> <br>| Reunion, FL East CDD, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; 1125000 | River Landing CDD, Capital Improvement Revenue Bonds (Series 2020A), (Original Issue Yield: 4.360%), 4.350%, 5/1/2051 | &nbsp;&nbsp; 1002430 |
| &nbsp;&nbsp; 900000 | Rivers Edge III CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051 | &nbsp;&nbsp; 735346 |
| &nbsp;&nbsp; 1250000 | Seminole County, FL IDA (Legacy Pointe at UCF), Retirement Facilities Revenue Bonds (Series 2019A), 5.750%, 11/15/2054 | &nbsp;&nbsp; 1179706 |
| &nbsp;&nbsp; 1000000 | Shadowlawn, FL CDD, Special Assessment Revenue Bonds (Series 2024), 5.850%, 5/1/2054 | &nbsp;&nbsp; 1002804 |
| &nbsp;&nbsp; 585000 | Southern Grove, FL CDD #5, Special Assessment District Revenue Refunding Bonds (Series 2019), 4.000%, 5/1/2043 | &nbsp;&nbsp; 524616 |
| &nbsp;&nbsp; 495000 | Talavera, FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.350%, 5/1/2040 | &nbsp;&nbsp; 480361 |
| &nbsp;&nbsp; 770000 | Talavera, FL CDD, Capital Improvement Revenue Bonds (Series 2019), 4.500%, 5/1/2050 | &nbsp;&nbsp; 700546 |
| &nbsp;&nbsp; 500000 | Three Rivers CDD, Special Assessment Refunding Bonds (Series 2023), (Original Issue Yield: 5.600%), 5.550%, 5/1/2043 | &nbsp;&nbsp; 512898 |
| &nbsp;&nbsp; 600000 | Three Rivers CDD, Special Assessment Refunding Bonds (Series 2023), (Original Issue Yield: 5.800%), 5.750%, 5/1/2053 | &nbsp;&nbsp; 610587 |
| &nbsp;&nbsp; 900000 | Tolomato, FL CDD, Special Assessment Refunding Bonds (Series 2019C), 4.400%, 5/1/2040 | &nbsp;&nbsp; 902145 |
| &nbsp;&nbsp; 1000000 | Tolomato, FL CDD, Special Assessment Refunding Bonds Subordinate Lien (Series 2019A-2), 4.250%, 5/1/2037 | &nbsp;&nbsp; 1007985 |
| &nbsp;&nbsp; 1250000 | Venice, FL (Village on the Isle), Retirement Community Revenue Improvement Bonds (Series 2024), 5.625%, 1/1/2060 | &nbsp;&nbsp; 1237909 |
| &nbsp;&nbsp; 825000 | Verandah West, FL CDD, Capital Improvement Revenue Refunding Bonds (Series 2013), (Original Issue Yield: 5.125%), <br> 5.000%, 5/1/2033<br>| &nbsp;&nbsp; 825649 |
| &nbsp;&nbsp; 1500000 | Viera Stewardship District (Viera Stewardship District Village 2), Special Assessment Revenue Bonds (Series 2021), <br> 4.000%, 5/1/2053<br>| &nbsp;&nbsp; 1214761 |
| &nbsp;&nbsp; 1330000 | Windward at Lakewood Ranch, FL CDD, Capital Improvement Revenue Bonds (Series 2022), 4.250%, 5/1/2052 | &nbsp;&nbsp; 1138217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 50302327 |
|  | **Georgia—2.9%** |  |
| &nbsp;&nbsp; 2000000 | Atlanta, GA Development Authority (Westside Gulch Area Project (Spring Street Atlanta)), Senior Revenue Bonds <br> (Series 2024A-2), 5.500%, 4/1/2039<br>| &nbsp;&nbsp; 2057690 |
| &nbsp;&nbsp; 1985000 | Fayette County, GA Development Authority (United States Soccer Federation, Inc.), Revenue Bonds (Series 2024), <br> 5.250%, 10/1/2054<br>| &nbsp;&nbsp; 2055437 |
| &nbsp;&nbsp; 1000000 | Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation, Inc.), Retirement Facility Refunding Revenue <br> Bonds (Series 2016), 5.000%, 7/1/2036<br>| &nbsp;&nbsp; 1004548 |
| &nbsp;&nbsp; 3000000 | Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue Bonds (Series 2025A), 5.000%, 7/1/2055 | &nbsp;&nbsp; 3173913 |
| &nbsp;&nbsp; 475000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Bonds (Series 2021A), 5.000%, 1/1/2056 | &nbsp;&nbsp; 476849 |
| &nbsp;&nbsp; 1500000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M Revenue Refunding Bonds (Series 2023A), <br> 5.250%, 7/1/2064<br>| &nbsp;&nbsp; 1557163 |
| &nbsp;&nbsp; 500000 | Rockdale County, GA Development Authority (Pratt Industries, Inc.), Revenue Refunding Bonds (Series 2018), <br> 4.000%, 1/1/2038<br>| &nbsp;&nbsp; 491685 |
| &nbsp;&nbsp; 1800000<br><sup>3</sup> <br>| Savannah-Georgia Convention Center Authority, Convention Center Hotel Second Tier Revenue Bonds (Series 2025B), <br> (Original Issue Yield: 6.450%), 6.250%, 6/1/2061<br>| &nbsp;&nbsp; 1810119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12627404 |
|  | **Guam—0.2%** |  |
| &nbsp;&nbsp; 1000000 | Guam Waterworks Authority, Water and Wastewater System Revenue Bonds (Series 2025A), 5.500%, 7/1/2055 | &nbsp;&nbsp; 1048798 |
|  | **Hawaii—0.2%** |  |
| &nbsp;&nbsp; 750000 | Hawaii State Airports System, Revenue Bonds (Series 2025A), 5.500%, 7/1/2054 | &nbsp;&nbsp; 803634 |
|  | **Idaho—1.2%** |  |
| &nbsp;&nbsp; 2000000 | Idaho Health Facilities Authority (North Canyon Medical Center), Revenue and Refunding Bonds (Series 2023), <br> 7.125%, 11/1/2057<br>| &nbsp;&nbsp; 2142837 |
| &nbsp;&nbsp; 3000000 | Idaho Health Facilities Authority (Terraces of Boise), Exchange Revenue Refunding Bonds (Series 2021A), 4.550%, 10/1/2056 | &nbsp;&nbsp; 2583150 |

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**4**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Idaho—continued** |  |
| $490000 | Idaho Health Facilities Authority (Terraces of Boise), Taxable Exchange Revenue Refunding Bonds (Series 2021B), <br> 8.000%, 10/1/2028<br>| &nbsp;&nbsp; $486552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5212539 |
|  | **Illinois—6.6%** |  |
| &nbsp;&nbsp; 1125000 | Chicago, IL (TrIPs Obligated Group), Chicago O'Hare International Airport Senior Special Facilities Revenue Bonds <br> (Series 2018), 5.000%, 7/1/2048<br>| &nbsp;&nbsp; 1120150 |
| &nbsp;&nbsp; 2000000 | Chicago, IL Board of Education, UT GO Bonds (Series 2023A), 6.000%, 12/1/2049 | &nbsp;&nbsp; 2014290 |
| &nbsp;&nbsp; 1000000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds (Series 2017A), (Original Issue Yield: 7.650%), <br> 7.000%, 12/1/2046<br>| &nbsp;&nbsp; 1027093 |
| &nbsp;&nbsp; 1000000 | Chicago, IL Midway Airport, Senior Lien Airport Revenue and Revenue Refunding Bonds (Series 2023A), 5.750%, 1/1/2048 | &nbsp;&nbsp; 1072462 |
| &nbsp;&nbsp; 1000000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2022A), 5.500%, 1/1/2055 | &nbsp;&nbsp; 1035993 |
| &nbsp;&nbsp; 1250000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2024A), 5.500%, 1/1/2059 | &nbsp;&nbsp; 1299537 |
| &nbsp;&nbsp; 1000000 | Chicago, IL Transit Authority, Sales Tax Receipt Revenue Refunding Bonds (Series 2024A), 5.000%, 12/1/2049 | &nbsp;&nbsp; 1030647 |
| &nbsp;&nbsp; 3250000 | Chicago, IL, UT GO Bonds (Series 2025A), 6.000%, 1/1/2050 | &nbsp;&nbsp; 3413186 |
| &nbsp;&nbsp; 313000 | DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036 | &nbsp;&nbsp; 313174 |
| &nbsp;&nbsp; 2000000 | Illinois Finance Authority (Admiral at the Lake), Revenue Refunding Bonds (Series 2017), (Original Issue Yield: 5.350%), <br> 5.250%, 5/15/2042<br>| &nbsp;&nbsp; 1744170 |
| &nbsp;&nbsp; 2625000<br><sup>3</sup> <br>| Illinois Finance Authority (CenterPoint Joliet Terminal Railroad), Surface Freight Transfer Facilities Revenue Bonds <br> (Series 2017), (CenterPoint Properties Trust GTD), 4.800%, Mandatory Tender 7/2/2035<br>| &nbsp;&nbsp; 2707257 |
| &nbsp;&nbsp; 8000000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2028 | &nbsp;&nbsp; 8299053 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series 2022A), 5.500%, 3/1/2042 | &nbsp;&nbsp; 1076973 |
| &nbsp;&nbsp; 1000000 | Illinois State, UT GO Bonds (Series 2024B), 5.250%, 5/1/2045 | &nbsp;&nbsp; 1051874 |
| &nbsp;&nbsp; 2000000<br><sup>4</sup> <br>| Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2017A), (Original Issue Yield: <br> 5.250%), 0.000%, 12/15/2056<br>| &nbsp;&nbsp; 426737 |
| &nbsp;&nbsp; 1500000 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2024B), 5.000%, 6/15/2053 | &nbsp;&nbsp; 1478376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 29110972 |
|  | **Indiana—1.5%** |  |
| &nbsp;&nbsp; 915000 | Indiana State Finance Authority (KIPP Indianapolis), Revenue Bonds (Series 2020A), 5.000%, 7/1/2055 | &nbsp;&nbsp; 823115 |
| &nbsp;&nbsp; 1000000 | Indiana State Finance Authority Hospital Revenue (Methodist Hospital of Indiana), Hospital Revenue Refunding Bonds <br> (Series 2024A), 5.500%, 9/15/2044<br>| &nbsp;&nbsp; 1040346 |
| &nbsp;&nbsp; 1670000 | Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Senior Revenue Bonds <br> (Series 2023E), (Original Issue Yield: 6.170%), 6.000%, 3/1/2053<br>| &nbsp;&nbsp; 1747280 |
| &nbsp;&nbsp; 1000000 | Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Senior Revenue Bonds <br> (Series 2023E), (Original Issue Yield: 6.270%), 6.125%, 3/1/2057<br>| &nbsp;&nbsp; 1052661 |
| &nbsp;&nbsp; 1000000 | Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention Center Hotel), Subordinate Revenue Bonds <br> (Series 2023F-2), (Original Issue Yield: 8.200%), 7.750%, 3/1/2067<br>| &nbsp;&nbsp; 1107039 |
| &nbsp;&nbsp; 750000 | Valparaiso, IN (Pratt Paper (IN), LLC), Exempt Facilities Revenue Bonds (Series 2024), 5.000%, 1/1/2054 | &nbsp;&nbsp; 744238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6514679 |
|  | **Iowa—1.3%** |  |
| &nbsp;&nbsp; 2930000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Refunding Bonds (Series 2022), (United <br> States Treasury PRF 12/1/2032@100), 5.000%, 12/1/2050<br>| &nbsp;&nbsp; 3367458 |
| &nbsp;&nbsp; 2930000 | Tobacco Settlement Financing Corp., IA, Asset-Backed Senior Current Interest Bonds (Series 2021A-2 Class 1), <br> 4.000%, 6/1/2049<br>| &nbsp;&nbsp; 2497142 |
| &nbsp;&nbsp; 10000 | Xenia Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), (United States Treasury PRF <br> 12/1/2026@100), 5.000%, 12/1/2041<br>| &nbsp;&nbsp; 10241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5874841 |
|  | **Kentucky—1.1%** |  |
| &nbsp;&nbsp; 375000 | Henderson, KY (Pratt Paper (KY), LLC), Exempt Facilities Revenue Bonds (Series 2022), 4.700%, 1/1/2052 | &nbsp;&nbsp; 357036 |
| &nbsp;&nbsp; 650000 | Kenton County, KY Airport Board, Revenue Bonds (Series 2024A), 5.250%, 1/1/2054 | &nbsp;&nbsp; 671155 |
| &nbsp;&nbsp; 2000000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2051 | &nbsp;&nbsp; 1581465 |
| &nbsp;&nbsp; 1000000 | Louisville & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds <br> (Series 2023A), 5.000%, 10/1/2040<br>| &nbsp;&nbsp; 1085530 |

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**5**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Kentucky—continued** |  |
| $1000000 | Louisville & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), Health System Revenue Bonds <br> (Series 2023A), 5.000%, 10/1/2041<br>| &nbsp;&nbsp; $1075873 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4771059 |
|  | **Louisiana—1.7%** |  |
| &nbsp;&nbsp; 1000000 | Louisiana Public Facilities Authority (Calcasieu Bridge Partners LLC), I-10 Calcasieu River Bridge Senior Lien Revenue Bonds <br> (Series 2024), 5.500%, 9/1/2054<br>| &nbsp;&nbsp; 1022026 |
| &nbsp;&nbsp; 1000000 | Louisiana Public Facilities Authority (Calcasieu Bridge Partners LLC), I-10 Calcasieu River Bridge Senior Lien Revenue Bonds <br> (Series 2024), 5.500%, 9/1/2059<br>| &nbsp;&nbsp; 1021316 |
| &nbsp;&nbsp; 30000 | Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Refunding Revenue Bonds (Series 2016), <br> (United States Treasury PRF 5/15/2026@100), 5.000%, 5/15/2047<br>| &nbsp;&nbsp; 30321 |
| &nbsp;&nbsp; 600000 | Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.000%, 7/1/2048 | &nbsp;&nbsp; 616708 |
| &nbsp;&nbsp; 2000000 | Louisiana Stadium and Exposition District, Senior Revenue Bonds (Series 2023A), 5.250%, 7/1/2053 | &nbsp;&nbsp; 2072586 |
| &nbsp;&nbsp; 1700000 | New Orleans, LA Aviation Board, General Airport Revenue Refunding Bonds (Series 2024B), 5.250%, 1/1/2045 | &nbsp;&nbsp; 1784975 |
| &nbsp;&nbsp; 1000000 | St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2008), 6.100%, Mandatory Tender 6/1/2030 | &nbsp;&nbsp; 1097610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7645542 |
|  | **Maine—0.1%** |  |
| &nbsp;&nbsp; 500000<br><sup>3</sup> <br>| Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2024), 4.625%, <br> Mandatory Tender 6/1/2035<br>| &nbsp;&nbsp; 503960 |
|  | **Maryland—1.3%** |  |
| &nbsp;&nbsp; 955000 | Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), <br> 5.000%, 9/1/2038<br>| &nbsp;&nbsp; 963957 |
| &nbsp;&nbsp; 500000 | Baltimore, MD (Harbor Point), Special Obligation Refunding Bonds (Series 2016), (Original Issue Yield: 5.160%), <br> 5.125%, 6/1/2043<br>| &nbsp;&nbsp; 500848 |
| &nbsp;&nbsp; 1680000 | Frederick County, MD (Jefferson Technology Park), Tax Increment & Special Tax Limited Obligation Refunding Bonds <br> (Series 2020B), 4.625%, 7/1/2043<br>| &nbsp;&nbsp; 1639536 |
| &nbsp;&nbsp; 1000000 | Maryland State Economic Development Corp. (Port Covington District), Special Obligation Bonds (Series 2020), <br> 4.000%, 9/1/2050<br>| &nbsp;&nbsp; 853322 |
| &nbsp;&nbsp; 1000000 | Rockville, MD Mayor & City Council (Ingleside at King Farm), EDR Bonds (Series 2017B), 5.000%, 11/1/2042 | &nbsp;&nbsp; 967611 |
| &nbsp;&nbsp; 1000000 | Westminster, MD (Lutheran Village at Miller's Grant, Inc.), Revenue Bonds (Series 2014A), (Original Issue Yield: 6.300%), <br> 6.250%, 7/1/2044<br>| &nbsp;&nbsp; 1000197 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5925471 |
|  | **Massachusetts—0.6%** |  |
| &nbsp;&nbsp; 1540000 | Commonwealth of Massachusetts, UT GO Bonds (Series 2024B), 5.000%, 5/1/2054 | &nbsp;&nbsp; 1607284 |
| &nbsp;&nbsp; 1000000 | Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group), Revenue Bonds <br> (Series 2025N-1), 5.250%, 7/1/2050<br>| &nbsp;&nbsp; 1021084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2628368 |
|  | **Michigan—1.1%** |  |
| &nbsp;&nbsp; 1000000 | Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2050 | &nbsp;&nbsp; 1025034 |
| &nbsp;&nbsp; 250000 | Detroit, MI, UT GO Bonds (Series 2023A), 6.000%, 5/1/2043 | &nbsp;&nbsp; 276118 |
| &nbsp;&nbsp; 2000000 | Grand Rapids, MI EDR (Michigan Christian Home Obligated Group), Beacon Hill at Eastgate Project Revenue Bonds <br> (Series 2025A), (Original Issue Yield: 6.170%), 6.125%, 11/1/2060<br>| &nbsp;&nbsp; 1990053 |
| &nbsp;&nbsp; 1000000 | Michigan State Finance Authority (Provident Group - HFH Energy LLC), Act 38 Facilities Senior Revenue Bonds (Series 2024), <br> 5.500%, 2/28/2057<br>| &nbsp;&nbsp; 1047691 |
| &nbsp;&nbsp; 1500000<br><sup>1,2</sup> <br>| Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, <br> 5.625%, 11/1/2035<br>| &nbsp;&nbsp; 600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4938896 |
|  | **Minnesota—2.8%** |  |
| &nbsp;&nbsp; 750000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), <br> 4.000%, 8/1/2041<br>| &nbsp;&nbsp; 651699 |
| &nbsp;&nbsp; 1100000 | Baytown Township, MN (St. Croix Preparatory Academy), Charter School Lease Revenue Refunding Bonds (Series 2016A), <br> 4.250%, 8/1/2046<br>| &nbsp;&nbsp; 919535 |
| &nbsp;&nbsp; 1700000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2014A), <br> 5.750%, 8/1/2044<br>| &nbsp;&nbsp; 1700421 |
| &nbsp;&nbsp; 1000000 | Forest Lake, MN (Lakes International Language Academy), Charter School Lease Revenue Bonds (Series 2018A), <br> 5.375%, 8/1/2050<br>| &nbsp;&nbsp; 976599 |

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**6**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Minnesota—continued** |  |
| $3000000<br><sup>3</sup> <br>| Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A), (Original Issue Yield: <br> 5.150%), 5.000%, 12/1/2047<br>| &nbsp;&nbsp; $2654147 |
| &nbsp;&nbsp; 2000000 | St. Cloud, MN (Stride Academy), Lease Revenue Bonds (Series 2016A), 5.000%, 4/1/2046 | &nbsp;&nbsp; 1618116 |
| &nbsp;&nbsp; 2000000 | St. Paul, MN Housing & Redevelopment Authority (Twin Cities Academy), Charter School Lease Revenue Bonds <br> (Series 2015A), 5.375%, 7/1/2050<br>| &nbsp;&nbsp; 2001475 |
| &nbsp;&nbsp; 1000000 | St. Paul, MN Housing & Redevelopment Authority (Twin Cities Academy), Charter School Lease Revenue Refunding Bonds <br> (Series 2025A), 5.875%, 7/1/2055<br>| &nbsp;&nbsp; 983230 |
| &nbsp;&nbsp; 325000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.500%, 6/1/2036 | &nbsp;&nbsp; 295555 |
| &nbsp;&nbsp; 750000 | Winona, MN Port Authority (Bluffview Montessori School Project), Lease Revenue Bonds (Series 2016A), 4.750%, 6/1/2046 | &nbsp;&nbsp; 618091 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12418868 |
|  | **Mississippi—0.7%** |  |
| &nbsp;&nbsp; 2000000 | Gulfport, Mississippi (Memorial Hospital at Gulfport Project), Hospital Revenue Bonds (Series 2025), 5.500%, 7/1/2055 | &nbsp;&nbsp; 2089222 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| Mississippi Business Finance Corp. (Waste Pro USA, Inc.), Solid Waste Disposal Revenue Bonds (Series 2025), 4.375%, <br> Mandatory Tender 8/2/2027<br>| &nbsp;&nbsp; 999685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3088907 |
|  | **Missouri—0.6%** |  |
| &nbsp;&nbsp; 2000000<br><sup>3</sup> <br>| Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds <br> (Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050<br>| &nbsp;&nbsp; 1976604 |
| &nbsp;&nbsp; 1000000 | Kirkwood, MO IDA (Aberdeen Heights Project), Retirement Community Revenue Bonds (Series 2017A), 5.250%, 5/15/2050 | &nbsp;&nbsp; 884451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2861055 |
|  | **Montana—0.5%** |  |
| &nbsp;&nbsp; 900000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), <br> 5.250%, 5/15/2047<br>| &nbsp;&nbsp; 836992 |
| &nbsp;&nbsp; 1425000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), <br> 5.250%, 5/15/2052<br>| &nbsp;&nbsp; 1295687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2132679 |
|  | **Nevada—1.2%** |  |
| &nbsp;&nbsp; 1445000<br><sup>3</sup> <br>| Director of the State of Nevada Department of Business and Industry (Brightline West Passenger Rail Project), Senior <br> Subordinated Secured Revenue Bonds (Series 2025B), 12.000%, Mandatory Tender 11/2/2026<br>| &nbsp;&nbsp; 908250 |
| &nbsp;&nbsp; 905000<br><sup>3</sup> <br>| Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter School <br> Revenue Bonds (Series 2017A), 5.000%, 7/15/2047<br>| &nbsp;&nbsp; 844161 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| Director of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter School <br> Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2038<br>| &nbsp;&nbsp; 999988 |
| &nbsp;&nbsp; 450000 | Las Vegas, NV SID No. 613, Sunstone Phases III and IV Local Improvement Bonds (Series 2024), (Original Issue Yield: <br> 5.330%), 5.250%, 12/1/2047<br>| &nbsp;&nbsp; 451364 |
| &nbsp;&nbsp; 500000 | Las Vegas, NV SID No. 613, Sunstone Phases III and IV Local Improvement Bonds (Series 2024), 5.500%, 12/1/2053 | &nbsp;&nbsp; 507745 |
| &nbsp;&nbsp; 1130000 | Las Vegas, NV SID No. 814 (Summerlin Villages 21 & 24A), Local Improvement Bonds (Series 2019), 4.000%, 6/1/2049 | &nbsp;&nbsp; 960101 |
| &nbsp;&nbsp; 600000 | North Las Vegas, NV SID No. 64 (Valley Vista), Local Improvement Bonds (Series 2019), 4.625%, 6/1/2049 | &nbsp;&nbsp; 559219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5230828 |
|  | **New Hampshire—1.2%** |  |
| &nbsp;&nbsp; 900000<br><sup>3</sup> <br>| National Finance Authority, NH (Bridgeland Water & Utility District 490, 491, & 158), Special Revenue Bonds (Series 2024), <br> 5.375%, 12/15/2035<br>| &nbsp;&nbsp; 899166 |
| &nbsp;&nbsp; 700000<br><sup>3</sup> <br>| National Finance Authority, NH (Highlands Project MUDs), Special Revenue Bonds (Series 2024), 5.125%, 12/15/2030 | &nbsp;&nbsp; 698978 |
| &nbsp;&nbsp; 800000 | National Finance Authority, NH (Princeton Area Projects MUD), Special Revenue Bonds (Series 2025), 5.500%, 12/1/2030 | &nbsp;&nbsp; 798806 |
| &nbsp;&nbsp; 1000000 | National Finance Authority, NH (Winston-Salem Sustainable Energy Partners LLC), Revenue Bonds (Series 2025A), <br> 5.500%, 6/1/2055<br>| &nbsp;&nbsp; 1049129 |
| &nbsp;&nbsp; 972008 | National Finance Authority, NH, Municipal Certificates (Series 2023-2 Class A), (Original Issue Yield: 4.650%), <br> 3.875%, 1/20/2038<br>| &nbsp;&nbsp; 938193 |
| &nbsp;&nbsp; 490245 | National Finance Authority, NH, Municipal Certificates (Series 2024-1 Class A), (Original Issue Yield: 4.510%), <br> 4.250%, 7/20/2041<br>| &nbsp;&nbsp; 489489 |
| &nbsp;&nbsp; 497117 | National Finance Authority, NH, Municipal Certificates (Series 2025-1 Class A-1), (Original Issue Yield: 4.510%), <br> 4.168%, 1/20/2041<br>| &nbsp;&nbsp; 493147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5366908 |

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**7**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **New Jersey—2.3%** |  |
| $185000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2018EEE), (United States <br> Treasury PRF 12/15/2028@100), 5.000%, 6/15/2043<br>| &nbsp;&nbsp; $198441 |
| &nbsp;&nbsp; 1335000 | New Jersey EDA (Port Newark Container Terminal LLC), Special Facilities Revenue and Refunding Bonds (Series 2017), <br> 5.000%, 10/1/2047<br>| &nbsp;&nbsp; 1335341 |
| &nbsp;&nbsp; 1500000<br><sup>3</sup> <br>| New Jersey EDA (Repauno Port & Rail Terminal), Dock and Wharf Facility Revenue Bonds (Series 2025), (Original Issue Yield: <br> 6.516%), 6.375%, 1/1/2035<br>| &nbsp;&nbsp; 1555920 |
| &nbsp;&nbsp; 1000000 | New Jersey EDA (UMM Energy Partners LLC), Energy Facility Revenue Bonds (Series 2012A), (Original Issue Yield: 5.190%), <br> 5.125%, 6/15/2043<br>| &nbsp;&nbsp; 999948 |
| &nbsp;&nbsp; 575000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), <br> 5.000%, 12/15/2034<br>| &nbsp;&nbsp; 607312 |
| &nbsp;&nbsp; 1000000 | Newark, NJ, Mass Transit Access Tax Revenue Bonds (Series 2022), (Assured Guaranty, Inc. INS), 6.000%, 11/15/2062 | &nbsp;&nbsp; 1116340 |
| &nbsp;&nbsp; 500000 | South Jersey Port Corp., Subordinate Marine Terminal Revenue Bonds (Series 2017B), 5.000%, 1/1/2048 | &nbsp;&nbsp; 500996 |
| &nbsp;&nbsp; 3770000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), <br> 5.000%, 6/1/2046<br>| &nbsp;&nbsp; 3659798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9974096 |
|  | **New York—8.1%** |  |
| &nbsp;&nbsp; 1835000 | Albany Capital Resource Corporation (KIPP Capital Region Public Charter Schools), Revenue Bonds (Series 2024), <br> 5.000%, 6/1/2064<br>| &nbsp;&nbsp; 1771067 |
| &nbsp;&nbsp; 800000<br><sup>3</sup> <br>| Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), 5.500%, 9/1/2045 | &nbsp;&nbsp; 790399 |
| &nbsp;&nbsp; 1000000 | Build NYC Resource Corporation (KIPP NYC Canal West), Revenue Bonds (Series 2022), 5.250%, 7/1/2062 | &nbsp;&nbsp; 1004336 |
| &nbsp;&nbsp; 1000000 | Build NYC Resource Corporation (TrIPs Obligated Group), Senior Airport Facilities Revenue Bonds (Series 2025), <br> 5.500%, 7/1/2055<br>| &nbsp;&nbsp; 1039154 |
| &nbsp;&nbsp; 4455000<br><sup>4</sup> <br>| Glen Cove, NY Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation Revenue <br> Bonds (Series 2016B), (Original Issue Yield: 6.000%), 0.000%, 1/1/2045<br>| &nbsp;&nbsp; 1287447 |
| &nbsp;&nbsp; 1365028<br><sup>1,5</sup> <br>| Nassau County, NY IDA, Amsterdam at Harborside - Escrow, 5.000%, 12/31/2099 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp; 4000000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds <br> (Series 2024CC-1), 5.250%, 6/15/2054<br>| &nbsp;&nbsp; 4229015 |
| &nbsp;&nbsp; 500000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2020C-1), 4.000%, 5/1/2045 | &nbsp;&nbsp; 471192 |
| &nbsp;&nbsp; 3000000 | New York City, NY, UT GO Bonds (Series 2025C-1), 4.000%, 9/1/2052 | &nbsp;&nbsp; 2740599 |
| &nbsp;&nbsp; 665000 | New York Transportation Development Corporation (American Airlines, Inc.), Special Facilities Revenue Refunding Bonds <br> (Series 2021), 3.000%, 8/1/2031<br>| &nbsp;&nbsp; 630447 |
| &nbsp;&nbsp; 1000000 | New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities <br> Revenue Bonds (Series 2018), 5.000%, 1/1/2033<br>| &nbsp;&nbsp; 1025766 |
| &nbsp;&nbsp; 1500000 | New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities <br> Revenue Bonds (Series 2020), (Original Issue Yield: 4.550%), 4.375%, 10/1/2045<br>| &nbsp;&nbsp; 1413445 |
| &nbsp;&nbsp; 2250000 | New York Transportation Development Corporation (Delta Air Lines, Inc.), LaGuardia Airport Terminals Special Facilities <br> Revenue Bonds (Series 2023), 6.000%, 4/1/2035<br>| &nbsp;&nbsp; 2483084 |
| &nbsp;&nbsp; 1000000 | New York Transportation Development Corporation (Empire State Thruway Partners LLC), Exempt Facility Revenue Bonds <br> (Series 2021), 4.000%, 10/31/2046<br>| &nbsp;&nbsp; 897384 |
| &nbsp;&nbsp; 2000000 | New York Transportation Development Corporation (JFK Airport Terminal 6 Redevelopment Project), Special Facilities <br> Revenue Bonds (Series 2024A), 5.500%, 12/31/2054<br>| &nbsp;&nbsp; 2051550 |
| &nbsp;&nbsp; 1800000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds <br> (Series 2020C), 4.000%, 12/1/2040<br>| &nbsp;&nbsp; 1782208 |
| &nbsp;&nbsp; 500000 | New York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities <br> Revenue Bonds (Series 2023), 6.000%, 6/30/2054<br>| &nbsp;&nbsp; 519858 |
| &nbsp;&nbsp; 1000000 | New York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities <br> Revenue Bonds (Series 2024), 5.500%, 6/30/2060<br>| &nbsp;&nbsp; 1012889 |
| &nbsp;&nbsp; 2000000 | New York Transportation Development Corporation (JFK International Airport New Terminal One Project), Special Facilities <br> Revenue Bonds (Series 2025), 6.000%, 6/30/2059<br>| &nbsp;&nbsp; 2125075 |
| &nbsp;&nbsp; 1000000 | Niagara Area,NY Development Corporation (Reworld Holding Corp.), Solid Waste Disposal Facility Revenue Refunding <br> Bonds (Series 2018A), 4.750%, 11/1/2042<br>| &nbsp;&nbsp; 896284 |
| &nbsp;&nbsp; 2100000 | Suffolk County, NY Off-Track Betting Corp., Revenue Bonds (Series 2024), (Original Issue Yield: 6.100%), 6.000%, 12/1/2053 | &nbsp;&nbsp; 2131644 |
| &nbsp;&nbsp; 2000000 | Triborough Bridge & Tunnel Authority, NY Real Estate Transfer Tax, TBTA Lockbox Fund Revenue Bonds (Series 2025A), <br> 5.500%, 12/1/2059<br>| &nbsp;&nbsp; 2154277 |
| &nbsp;&nbsp; 1000000 | TSASC, Inc. NY, Tobacco Settlement Asset Backed Senior Refunding Bonds (Series 2017A), 5.000%, 6/1/2041 | &nbsp;&nbsp; 1002460 |

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**8**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **New York—continued** |  |
| $2850000 | TSASC, Inc. NY, Tobacco Settlement Asset Backed Subordinate Refunding Bonds (Series 2017B), 5.000%, 6/1/2048 | &nbsp;&nbsp; $2506992 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 35966708 |
|  | **North Carolina—0.4%** |  |
| &nbsp;&nbsp; 1665000 | North Carolina Medical Care Commission (Penick Village), Retirement Facilities First Mortgage Revenue Bonds (Series 2024), <br> 5.500%, 9/1/2054<br>| &nbsp;&nbsp; 1658489 |
|  | **Ohio—2.8%** |  |
| &nbsp;&nbsp; 5600000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds <br> (Series 2020B-2 Class 2), 5.000%, 6/1/2055<br>| &nbsp;&nbsp; 4715548 |
| &nbsp;&nbsp; 1500000 | Columbus, OH Regional Airport Authority, Airport Revenue Bonds (Series 2025A), 5.500%, 1/1/2055 | &nbsp;&nbsp; 1586729 |
| &nbsp;&nbsp; 500000 | Montgomery County, OH (Solvita), Health Care Facilities Revenue Refunding and Improvement Bonds (Series 2024), <br> 5.250%, 9/1/2054<br>| &nbsp;&nbsp; 513362 |
| &nbsp;&nbsp; 2000000 | Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), (Original Issue Yield: <br> 5.080%), 5.000%, 2/15/2044<br>| &nbsp;&nbsp; 1986355 |
| &nbsp;&nbsp; 1000000 | Ohio Air Quality Development Authority (Pratt Paper (OH), LLC), Exempt Facilities Revenue Bonds (Series 2017), <br> 4.500%, 1/15/2048<br>| &nbsp;&nbsp; 934832 |
| &nbsp;&nbsp; 1000000 | Ohio State Treasurer (Portsmouth Gateway Group LLC), Private Activity Revenue Bonds (Series 2015), 5.000%, 6/30/2053 | &nbsp;&nbsp; 991799 |
| &nbsp;&nbsp; 1695000 | West Central Ohio Port Authority (Global Impact STEM Academy), Revenue Bonds (Series 2025A), 5.500%, 12/1/2062 | &nbsp;&nbsp; 1715704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12444329 |
|  | **Oklahoma—1.1%** |  |
| &nbsp;&nbsp; 2315000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 | &nbsp;&nbsp; 2319385 |
| &nbsp;&nbsp; 500000 | Trustees of the Tulsa Municipal Airport Trust (American Airlines, Inc.), Revenue Bonds (Series 2025), 6.250%, 12/1/2035 | &nbsp;&nbsp; 576559 |
| &nbsp;&nbsp; 1750000 | Tulsa County, OK Industrial Authority (Montereau, Inc.), Senior Living Community Revenue Refunding Bonds (Series 2017), <br> 5.250%, 11/15/2045<br>| &nbsp;&nbsp; 1750213 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4646157 |
|  | **Oregon—0.5%** |  |
| &nbsp;&nbsp; 1000000 | Oregon State, UT GO Bonds (Series 2025A), 5.250%, 5/1/2050 | &nbsp;&nbsp; 1086514 |
| &nbsp;&nbsp; 1000000 | Port of Portland, OR International Airport, Airport Revenue Bonds (Series Thirty A), 5.250%, 7/1/2054 | &nbsp;&nbsp; 1039185 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2125699 |
|  | **Pennsylvania—2.6%** |  |
| &nbsp;&nbsp; 800000<br><sup>3</sup> <br>| Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds <br> (Series 2024), 5.000%, 5/1/2042<br>| &nbsp;&nbsp; 819090 |
| &nbsp;&nbsp; 2000000 | Bucks County, PA IDA (School Lane Charter School), (Series 2016A), 5.125%, 3/15/2046 | &nbsp;&nbsp; 1949134 |
| &nbsp;&nbsp; 1200000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2047 | &nbsp;&nbsp; 1167697 |
| &nbsp;&nbsp; 800000 | Chester County, PA IDA (Avon Grove Charter School), Revenue Bonds (Series 2017A), 5.000%, 12/15/2051 | &nbsp;&nbsp; 761893 |
| &nbsp;&nbsp; 2000000 | Pennsylvania Economic Development Financing Authority (National Gypsum Co.), Exempt Facilities Refunding Revenue <br> Bonds (Series 2014), 5.500%, 11/1/2044<br>| &nbsp;&nbsp; 2000698 |
| &nbsp;&nbsp; 1250000 | Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Tax-Exempt Private <br> Activity Revenue Bonds (Series 2015), 5.000%, 12/31/2038<br>| &nbsp;&nbsp; 1254657 |
| &nbsp;&nbsp; 2000000 | Pennsylvania Economic Development Financing Authority (The Penndot Major Bridges Package One Project), Revenue <br> Bonds (Series 2022), (Original Issue Yield: 5.080%), 6.000%, 6/30/2061<br>| &nbsp;&nbsp; 2121295 |
| &nbsp;&nbsp; 1000000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University Obligated Group), Revenue Bonds <br> (Series 2024B-1), (Assured Guaranty, Inc. INS), 5.000%, 11/1/2051<br>| &nbsp;&nbsp; 1034864 |
| &nbsp;&nbsp; 610000 | Philadelphia, PA Authority for Industrial Development (PresbyHomes Germantown/Morrisville), Senior Living Revenue Bonds <br> (Series 2005A), 5.625%, 7/1/2035<br>| &nbsp;&nbsp; 610825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11720153 |
|  | **Puerto Rico—6.1%** |  |
| &nbsp;&nbsp; 3673582<br><sup>4</sup> <br>| Commonwealth of Puerto Rico, Clawback CVI Bonds, 0.000%, 11/1/2051 | &nbsp;&nbsp; 2139862 |
| &nbsp;&nbsp; 2314286<br><sup>4</sup> <br>| Commonwealth of Puerto Rico, GO CVI Bonds, 0.000%, 11/1/2043 | &nbsp;&nbsp; 1481143 |
| &nbsp;&nbsp; 1000000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2037 | &nbsp;&nbsp; 960282 |
| &nbsp;&nbsp; 1000000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2041 | &nbsp;&nbsp; 923481 |
| &nbsp;&nbsp; 1000000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 4.000%, 7/1/2046 | &nbsp;&nbsp; 888386 |
| &nbsp;&nbsp; 2000000 | Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A), 5.750%, 7/1/2031 | &nbsp;&nbsp; 2201797 |
| &nbsp;&nbsp; 4000000<br><sup>3</sup> <br>| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Refunding Bonds (Series 2021B), 4.000%, 7/1/2042 | &nbsp;&nbsp; 3664797 |

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**9**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Puerto Rico—continued** |  |
| $4000000<br><sup>1,2</sup> <br>| Puerto Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2010 XX), 5.250%, 7/1/2040 | &nbsp;&nbsp; $2660000 |
| &nbsp;&nbsp; 995000<br><sup>1,2</sup> <br>| Puerto Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2012A), 5.050%, 7/1/2042 | &nbsp;&nbsp; 661675 |
| &nbsp;&nbsp; 310000<br><sup>1,2</sup> <br>| Puerto Rico Electric Power Authority, Power Revenue Bonds PSA (Series 2013A), 7.000%, 7/1/2033 | &nbsp;&nbsp; 206150 |
| &nbsp;&nbsp; 195000<br><sup>1,2</sup> <br>| Puerto Rico Electric Power Authority, Power Revenue Bonds RSA (Series 2013A), (Original Issue Yield: 7.070%), <br> 7.000%, 7/1/2040<br>| &nbsp;&nbsp; 129675 |
| &nbsp;&nbsp; 2500000<br><sup>1,2</sup> <br>| Puerto Rico Electric Power Authority, Power Revenue Bonds RSA (Series 2013A), (Original Issue Yield: 7.120%), <br> 7.000%, 7/1/2043<br>| &nbsp;&nbsp; 1662500 |
| &nbsp;&nbsp; 5000000<br><sup>4</sup> <br>| Puerto Rico Sales Tax Financing Corp., Restructured Capital Appreciation Sales Tax Bonds (Series 2019A-1), (Original Issue <br> Yield: 5.375%), 0.000%, 7/1/2046<br>| &nbsp;&nbsp; 1696249 |
| &nbsp;&nbsp; 6764000<br><sup>4</sup> <br>| Puerto Rico Sales Tax Financing Corp., Restructured Capital Appreciation Sales Tax Bonds (Series 2019A-1), <br> 0.000%, 7/1/2051<br>| &nbsp;&nbsp; 1677069 |
| &nbsp;&nbsp; 4340000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), <br> 5.000%, 7/1/2058<br>| &nbsp;&nbsp; 4221145 |
| &nbsp;&nbsp; 2000000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | &nbsp;&nbsp; 1899650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 27073861 |
|  | **South Carolina—0.9%** |  |
| &nbsp;&nbsp; 1000000 | Berkeley County, SC (Nexton Improvement District), Assessment Revenue Bonds (Series 2019), (Original Issue Yield: <br> 4.280%), 4.250%, 11/1/2040<br>| &nbsp;&nbsp; 941785 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds (Series 2023A), <br> 7.500%, 11/15/2053<br>| &nbsp;&nbsp; 1060131 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds TEMPS -75 (Series 2023B-1), <br> 5.750%, 11/15/2029<br>| &nbsp;&nbsp; 1000085 |
| &nbsp;&nbsp; 1000000 | South Carolina Jobs-EDA (South Carolina Episcopal Home at Still Hopes), Residential Care Facilities Revenue and Revenue <br> Refunding Bonds (Series 2018A), 5.000%, 4/1/2038<br>| &nbsp;&nbsp; 1004882 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4006883 |
|  | **South Dakota—0.4%** |  |
| &nbsp;&nbsp; 1000000 | Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.050%), <br> 5.000%, 11/1/2042<br>| &nbsp;&nbsp; 934722 |
| &nbsp;&nbsp; 1000000 | Sioux Falls, SD Health Facilities Revenue (Dow Rummel Village), (Series 2017), (Original Issue Yield: 5.200%), <br> 5.125%, 11/1/2047<br>| &nbsp;&nbsp; 896058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1830780 |
|  | **Texas—7.9%** |  |
| &nbsp;&nbsp; 1100000 | Arlington, TX Higher Education Finance Corp. (Uplift Education), Revenue Bonds (Series 2016A), 5.000%, 12/1/2046 | &nbsp;&nbsp; 1095612 |
| &nbsp;&nbsp; 1000000 | Board of Managers, Joint Guadalupe County-City of Seguin, TX, Hospital Mortgage Revenue Refunding & Improvement <br> Bonds (Series 2015), (Original Issue Yield: 5.080%), 5.000%, 12/1/2045<br>| &nbsp;&nbsp; 947441 |
| &nbsp;&nbsp; 1000000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding and Improvement Bonds (Series 2023B), <br> 5.000%, 11/1/2047<br>| &nbsp;&nbsp; 1050926 |
| &nbsp;&nbsp; 1000000 | Harris County, TX Hospital District, LT GO Bonds (Series 2025), 5.250%, 2/15/2055 | &nbsp;&nbsp; 1064139 |
| &nbsp;&nbsp; 2920000 | Harris County, TX IDC (Energy Transfer LP), Marine Terminal Refunding Revenue Bonds (Series 2023), 4.050%, Mandatory <br> Tender 6/1/2033<br>| &nbsp;&nbsp; 3019743 |
| &nbsp;&nbsp; 1500000 | Houston, TX (United Airlines, Inc.), Airport System Special Facilities Revenue Bonds (Series 2024B), 5.500%, 7/15/2039 | &nbsp;&nbsp; 1611681 |
| &nbsp;&nbsp; 1500000 | Houston, TX (United Airlines, Inc.), Special Facilities Revenue & Refunding Bonds (Series 2011), (Original Issue Yield: <br> 6.875%), 6.625%, 7/15/2038<br>| &nbsp;&nbsp; 1501021 |
| &nbsp;&nbsp; 500000 | Houston, TX (United Airlines, Inc.), Terminal Improvement Bonds (Series 2025B), 5.500%, 7/15/2038 | &nbsp;&nbsp; 535588 |
| &nbsp;&nbsp; 3000000 | Houston, TX Airport System, Subordinate Lien Revenue Refunding Bonds (Series 2025A), 5.500%, 7/1/2050 | &nbsp;&nbsp; 3207184 |
| &nbsp;&nbsp; 2000000 | New Hope Cultural Education Facilities Finance Corporation (Brazos Presbyterian Homes Holding, Inc.), Retirement Facilities <br> Revenue Bonds (Series 2017), 5.000%, 1/1/2042<br>| &nbsp;&nbsp; 1995371 |
| &nbsp;&nbsp; 1622944 | New Hope Cultural Education Facilities Finance Corporation (Buckingham Senior Living Community), Retirement Facilities <br> Revenue Exchange Bonds (Series 2021B), 2.000%, 11/15/2061<br>| &nbsp;&nbsp; 697899 |
| &nbsp;&nbsp; 2000000<br><sup>3</sup> <br>| New Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue Refunding <br> Bonds (Series 2021), 4.000%, 8/15/2046<br>| &nbsp;&nbsp; 1618605 |
| &nbsp;&nbsp; 1000000 | New Hope Cultural Education Facilities Finance Corporation (MRC Langford), Retirement Facility Revenue Bonds <br> (Series 2016A), 5.500%, 11/15/2046<br>| &nbsp;&nbsp; 873312 |
| &nbsp;&nbsp; 1500000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2024A), 5.000%, 1/1/2041 | &nbsp;&nbsp; 1639137 |
| &nbsp;&nbsp; 1000000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), Hospital Revenue <br> Bonds (Series 2022D), 5.500%, 11/15/2047<br>| &nbsp;&nbsp; 1064907 |

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**10**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Texas—continued** |  |
| $2655000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living-Ventana Project), Retirement Facility <br> Revenue Bonds (Series 2017A), (Original Issue Yield: 6.770%), 6.750%, 11/15/2052<br>| &nbsp;&nbsp; $2673494 |
| &nbsp;&nbsp; 1500000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks Project), Retirement Facilities Revenue <br> Bonds (Series 2020A), 6.875%, 11/15/2055<br>| &nbsp;&nbsp; 1367438 |
| &nbsp;&nbsp; 3000000 | Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners Segments 3, LLC), Senior Lien <br> Revenue Bonds (Series 2019), 5.000%, 6/30/2058<br>| &nbsp;&nbsp; 2928001 |
| &nbsp;&nbsp; 1000000 | Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners Segments 3, LLC), Senior Lien <br> Revenue Refunding Bonds (Series 2023), 5.500%, 6/30/2040<br>| &nbsp;&nbsp; 1055079 |
| &nbsp;&nbsp; 2000000 | Texas Private Activity Bonds Surface Transportation Corporation (NTE Mobility Partners, LLC), Senior Lien Revenue Bonds <br> (Series 2023), 5.500%, 12/31/2058<br>| &nbsp;&nbsp; 2084401 |
| &nbsp;&nbsp; 1195000 | Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A), <br> 5.000%, 8/1/2057<br>| &nbsp;&nbsp; 1212324 |
| &nbsp;&nbsp; 2000000 | Texas Water Development Board (Texas State Water Implementation Revenue Fund), Revenue Bonds (Series 2024A), <br> 4.375%, 10/15/2059<br>| &nbsp;&nbsp; 1917955 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 35161258 |
|  | **Utah—1.5%** |  |
| &nbsp;&nbsp; 2000000<br><sup>3</sup> <br>| Panorama Public Infrastructure District No. 1, LT GO Bonds (Series 2025A), 6.250%, 3/1/2055 | &nbsp;&nbsp; 2011808 |
| &nbsp;&nbsp; 1000000 | Salt Lake City, UT Department of Airports, Airport Revenue Bonds (Series 2017A), 5.000%, 7/1/2042 | &nbsp;&nbsp; 1009736 |
| &nbsp;&nbsp; 1500000 | Salt Lake City, UT Department of Airports, Airport Revenue Bonds (Series 2025A), 5.500%, 7/1/2055 | &nbsp;&nbsp; 1584598 |
| &nbsp;&nbsp; 2000000<br><sup>3</sup> <br>| Utah State Charter School Finance Authority (Freedom Academy Foundation), Revenue Refunding Bonds (Series 2017), <br> (Original Issue Yield: 5.300%), 5.250%, 6/15/2037<br>| &nbsp;&nbsp; 1950941 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6557083 |
|  | **Vermont—0.2%** |  |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013), 4.625%, Mandatory <br> Tender 4/3/2028<br>| &nbsp;&nbsp; 1011661 |
|  | **Virginia—1.2%** |  |
| &nbsp;&nbsp; 750000 | Henrico County, VA EDA (Bon Secours Mercy Health), Health Facilities Revenue Bonds (Series 2025A), 5.000%, 11/1/2048 | &nbsp;&nbsp; 783276 |
| &nbsp;&nbsp; 3000000 | Tobacco Settlement Financing Corp., VA, Tobacco Settlement Asset-Backed Bonds (Series 2007B-1), (Original Issue Yield: <br> 5.120%), 5.000%, 6/1/2047<br>| &nbsp;&nbsp; 2486358 |
| &nbsp;&nbsp; 1365000 | Virginia Beach, VA Development Authority (Westminster-Canterbury on Chesapeake Bay), Residential Care Facility Revenue <br> Bonds (Series 2023A), 7.000%, 9/1/2059<br>| &nbsp;&nbsp; 1494976 |
| &nbsp;&nbsp; 370000 | Virginia Small Business Financing Authority (Reworld Holding Corp.), Solid Waste Disposal Revenue Bonds (Series 2018), <br> 5.000%, Mandatory Tender 7/1/2038<br>| &nbsp;&nbsp; 352072 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5116682 |
|  | **Washington—2.6%** |  |
| &nbsp;&nbsp; 1000000 | Port of Seattle, WA IDC (Delta Air Lines, Inc.), Special Facilities Revenue Refunding Bonds (Series 2012), (Original Issue <br> Yield: 5.310%), 5.000%, 4/1/2030<br>| &nbsp;&nbsp; 1000215 |
| &nbsp;&nbsp; 2000000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2025B), 5.500%, 10/1/2050 | &nbsp;&nbsp; 2134406 |
| &nbsp;&nbsp; 3000000 | Public Hospital District No. 4 King County, Washington (Snoqualmie Valley Health), Hospital Revenue and Refunding Bonds <br> (Series 2025A), 7.000%, 12/1/2060<br>| &nbsp;&nbsp; 3075765 |
| &nbsp;&nbsp; 2500000 | Washington State Health Care Facilities Authority (CommonSpirit Health), Revenue Bonds (Series 2025A), 5.500%, 9/1/2055 | &nbsp;&nbsp; 2667070 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| Washington State Housing Finance Commission (Horizon House Project), Nonprofit Housing Revenue and Refunding <br> Revenue Bonds, 6.250%, 1/1/2061<br>| &nbsp;&nbsp; 990221 |
| &nbsp;&nbsp; 1631193 | Washington State Housing Finance Commission, Municipal Certificates (Series 2023-1 Class A), (Original Issue Yield: <br> 5.067%), 3.375%, 4/20/2037<br>| &nbsp;&nbsp; 1542113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11409790 |
|  | **West Virginia—0.7%** |  |
| &nbsp;&nbsp; 1000000 | West Virginia EDA (Commercial Metals Corp.), Solid Waste Disposal Facilities Revenue Bonds (Series 2025), 4.625%, <br> Mandatory Tender 5/15/2032<br>| &nbsp;&nbsp; 1015091 |
| &nbsp;&nbsp; 1000000<br><sup>3</sup> <br>| West Virginia EDA (Core Natural Resources, Inc.), Solid Waste Disposal Facility Revenue Bonds (Series 2025), 5.450%, <br> Mandatory Tender 3/27/2035<br>| &nbsp;&nbsp; 1068369 |
| &nbsp;&nbsp; 1000000 | West Virginia State Hospital Finance Authority (Vandalia Health), Hospital Refunding and Improvement Revenue Bonds <br> (Series 2023B), 6.000%, 9/1/2053<br>| &nbsp;&nbsp; 1086256 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3169716 |

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**11**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | MUNICIPAL BONDS—continued |  |
|  | **Wisconsin—4.6%** |  |
| $1500000<br><sup>3</sup> <br>| Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds (Series 2017), <br> 7.000%, 12/1/2050<br>| &nbsp;&nbsp; $1200000 |
| &nbsp;&nbsp; 1375000<br><sup>3</sup> <br>| Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), 5.000%, 6/15/2054 | &nbsp;&nbsp; 1257027 |
| &nbsp;&nbsp; 2000000<br><sup>3</sup> <br>| Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.500%, 12/1/2052 | &nbsp;&nbsp; 2066772 |
| &nbsp;&nbsp; 1500000<br><sup>3</sup> <br>| Public Finance Authority, WI (Mater Academy of Nevada), East Las Vegas Campus Revenue Bonds (Series 2024A), <br> 5.000%, 12/15/2054<br>| &nbsp;&nbsp; 1367372 |
| &nbsp;&nbsp; 1000000 | Public Finance Authority, WI (National Gypsum Co.), Exempt Facilities Refunding Revenue Bonds (Series 2016), <br> 4.000%, 8/1/2035<br>| &nbsp;&nbsp; 971783 |
| &nbsp;&nbsp; 3000000<br><sup>3</sup> <br>| Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), <br> 5.000%, 10/1/2053<br>| &nbsp;&nbsp; 2804545 |
| &nbsp;&nbsp; 2000000 | Public Finance Authority, WI (SR 400 Peach Partners, LLC), Senior Lien Toll Revenue Bonds (Series 2025), <br> 6.500%, 12/31/2065<br>| &nbsp;&nbsp; 2211223 |
| &nbsp;&nbsp; 2000000<br><sup>4</sup> <br>| Public Finance Authority, WI Revenue (Alpha Ranch Project MUD), Capital Appreciation Bonds (Series 2024), (Original Issue <br> Yield: 6.125%), 0.000%, 12/15/2038<br>| &nbsp;&nbsp; 921883 |
| &nbsp;&nbsp; 1000000<br><sup>3,4</sup> <br>| Public Finance Authority, WI Revenue (Anthem/Freedom, TX Municipal Utility District), Revenue Anticipation Capital <br> Appreciation Bonds (Series 2025), (Original Issue Yield: 5.750%), 0.000%, 12/15/2037<br>| &nbsp;&nbsp; 510631 |
| &nbsp;&nbsp; 700000<br><sup>3</sup> <br>| Public Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023), <br> 9.000%, 11/1/2028<br>| &nbsp;&nbsp; 745657 |
| &nbsp;&nbsp; 2000000<br><sup>3,4</sup> <br>| Public Finance Authority, WI Revenue (Briarwood and Park Place Projects), Capital Appreciation Bonds (Series 2025), <br> (Original Issue Yield: 6.750%), 0.000%, 12/15/2036<br>| &nbsp;&nbsp; 975073 |
| &nbsp;&nbsp; 1500000 | Public Finance Authority, WI Revenue (Fargo-Moorhead Metropolitan Area Flood Risk Management Project), Senior Revenue <br> Bonds (Series 2021) Green Bonds, 4.000%, 3/31/2056<br>| &nbsp;&nbsp; 1212757 |
| &nbsp;&nbsp; 2000000 | Public Finance Authority, WI Revenue (Puerto Rico Toll Roads Monetization Project), Senior Lien Revenue Bonds <br> (Series 2024), 5.750%, 7/1/2054<br>| &nbsp;&nbsp; 2081372 |
| &nbsp;&nbsp; 2000000 | Wisconsin Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Revenue Bonds (Series 2025), <br> 5.250%, 8/15/2055<br>| &nbsp;&nbsp; 2075071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 20401166 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS <br>(IDENTIFIED COST $442,134,063)<br>| &nbsp;&nbsp; 438112605 |
|  | WARRANTS—0.0% |  |
|  | **Industrials—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000<br><sup>1,5</sup> <br>| Brightline Holdings LLC, Warrants <br>(IDENTIFIED COST $240)<br>| &nbsp;&nbsp; 240 |
| <sup>6</sup> <br>| SHORT-TERM MUNICIPALS—0.2% |  |
|  | **Alabama—0.1%** |  |
| $200000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp; 200000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp; 200000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 200000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |
|  | **Ohio—0.1%** |  |
| &nbsp;&nbsp; 200000 | Hamilton County, OH (Block 3 Community Urban Redevelopment Corporation), (Series 2004) Weekly VRDNs, (Citizens Bank, <br> N.A. LOC), 2.870%, 12/4/2025<br>| &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp; 400000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LIQ), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM MUNICIPALS <br>(IDENTIFIED COST $1,200,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.2% <br>(IDENTIFIED COST $443,334,303)<br>| &nbsp;&nbsp; 439312845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.8%<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3323285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $442636130 |

---

**12**

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Securities that are subject to the federal alternative minimum tax (AMT) represent 21.8% of the Fund's portfolio as calculated based upon total market value.

---

| | |
|:---|:---|
| 1 | *Non-income-producing security.* |
| 2 | *Security in default.* |
| 3 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under* <br> *the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2025, these restricted securities amounted to* <br> *$63,780,487, which represented 14.4% of net assets.*<br>|

---

Additional information on restricted securities held at November 30, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Allentown, PA Neighborhood Improvement Zone Development Authority, City Center Project Tax Revenue Bonds <br> (Series 2024), 5.000%, 5/1/2042<br>| &nbsp;&nbsp; 1/18/2024 | &nbsp;&nbsp; $800000 | &nbsp;&nbsp; $819090 |
| Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017D), <br> 5.000%, 7/1/2051<br>| &nbsp;&nbsp; 10/12/2017 | &nbsp;&nbsp; $653328 | &nbsp;&nbsp; $595429 |
| Arizona State IDA (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017G), <br> 5.000%, 7/1/2051<br>| &nbsp;&nbsp; 12/15/2017 | &nbsp;&nbsp; $504159 | &nbsp;&nbsp; $458022 |
| Build NYC Resource Corporation (Albert Einstein School of Medicine, Inc.), Revenue Bonds (Series 2015), <br> 5.500%, 9/1/2045<br>| &nbsp;&nbsp; 1/14/2016 | &nbsp;&nbsp; $800000 | &nbsp;&nbsp; $790399 |
| California Infrastructure & Economic Development Bank (Brightline West Passenger Rail Project), Senior <br> Subordinated Secured Revenue Bonds (Series 2025B), 12.000%, Mandatory Tender 11/2/2026<br>| &nbsp;&nbsp; 11/7/2025 | &nbsp;&nbsp; $1445000 | &nbsp;&nbsp; $908250 |
| California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds <br> (Series 2021A), 5.000%, 11/15/2046<br>| &nbsp;&nbsp; 5/27/2021 | &nbsp;&nbsp; $1240863 | &nbsp;&nbsp; $1147067 |
| California Public Finance Authority (Sunrise of Manhattan Beach), Senior Living Rental Housing Revenue Bonds <br> (Series 2025-A1), (Original Issue Yield: 7.000%), 6.750%, 7/1/2065<br>| &nbsp;&nbsp;&nbsp; 2/6/2025 | &nbsp;&nbsp; $1933051 | &nbsp;&nbsp; $2139696 |
| California State School Finance Authority Charter School Revenue (Bright Star Schools-Obligated Group), Charter <br> School Revenue Bonds (Series 2017), 5.000%, 6/1/2037<br>| &nbsp;&nbsp; 4/20/2020 | &nbsp;&nbsp; $1002418 | &nbsp;&nbsp; $1000499 |
| California State School Finance Authority Charter School Revenue (Rocketship Public Schools), Revenue Bonds <br> (Series 2017G), 5.000%, 6/1/2047<br>| &nbsp;&nbsp; 12/4/2017 | &nbsp;&nbsp; $503657 | &nbsp;&nbsp; $462857 |
| California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), <br> (Series 2017), (United States Treasury PRF 6/1/2027@100), 5.000%, 6/1/2053<br>| &nbsp;&nbsp; 9/26/2018 | &nbsp;&nbsp; $589090 | &nbsp;&nbsp; $598640 |
| California State School Finance Authority Charter School Revenue (Summit Public Schools Obligated Group), <br> (Series 2017), 5.000%, 6/1/2053<br>| &nbsp;&nbsp; 9/26/2018 | &nbsp;&nbsp; $559754 | &nbsp;&nbsp; $465420 |
| California Statewide Communities Development Authority (Loma Linda University Medical Center), Revenue Bonds <br> (Series 2016A), 5.000%, 12/1/2046<br>| &nbsp;&nbsp; 5/19/2020 | &nbsp;&nbsp; $2251063 | &nbsp;&nbsp; $2250769 |
| Capital Projects Finance Authority, FL (Trilogy Community Development Foundation, Inc.), Millenia Moments <br> Orlando Project Revenue Bonds (Series 2025A), (Original Issue Yield: 7.400%), 7.125%, 1/1/2065<br>| &nbsp;&nbsp; 4/21/2025 | &nbsp;&nbsp; $1447291 | &nbsp;&nbsp; $1540173 |
| Colorado Educational & Cultural Facilities Authority (Loveland Classical School), School Improvement Revenue <br> Bonds (Series 2016), 5.000%, 7/1/2036<br>| &nbsp;&nbsp; 4/17/2020 | &nbsp;&nbsp; $946760 | &nbsp;&nbsp; $1004840 |
| Director of the State of Nevada Department of Business and Industry (Brightline West Passenger Rail Project), <br> Senior Subordinated Secured Revenue Bonds (Series 2025B), 12.000%, Mandatory Tender 11/2/2026<br>| &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; $1445000 | &nbsp;&nbsp; $908250 |
| Director of the State of Nevada Department of Business and Industry (Doral Academy of Nevada CS), Charter <br> School Revenue Bonds (Series 2017A), 5.000%, 7/15/2047<br>| &nbsp;&nbsp; 8/31/2017 | &nbsp;&nbsp; $905000 | &nbsp;&nbsp; $844161 |
| Director of the State of Nevada Department of Business and Industry (Somerset Academy of Las Vegas), Charter <br> School Lease Revenue Bonds (Series 2018A), 5.000%, 12/15/2038<br>| &nbsp;&nbsp; 11/8/2022 | &nbsp;&nbsp; $936840 | &nbsp;&nbsp; $999988 |
| Illinois Finance Authority (CenterPoint Joliet Terminal Railroad), Surface Freight Transfer Facilities Revenue Bonds <br> (Series 2017), (CenterPoint Properties Trust GTD), 4.800%, Mandatory Tender 7/2/2035<br>| &nbsp;&nbsp; 6/25/2025 | &nbsp;&nbsp; $2625000 | &nbsp;&nbsp; $2707257 |
| Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue <br> Bonds (Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050<br>| &nbsp;&nbsp; 1/10/2018 | &nbsp;&nbsp; $1978034 | &nbsp;&nbsp; $1976604 |
| Maine State Finance Authority Solid Waste Disposal (Casella Waste Systems, Inc.), Revenue Bonds (Series 2024), <br> 4.625%, Mandatory Tender 6/1/2035<br>| &nbsp;&nbsp; 12/18/2024 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $503960 |
| Maricopa County, AZ, IDA (Commercial Metals Corp.), Exempt Facilities Revenue Bonds (Series 2022), <br> 4.000%, 10/15/2047<br>| &nbsp;&nbsp; 2/11/2022 | &nbsp;&nbsp; $1030851 | &nbsp;&nbsp; $849874 |
| Millsboro, DE Special Obligations (Plantation Lakes Special Development District), Special Tax Revenue Refunding <br> Bonds (Series 2018), (Original Issue Yield: 5.140%), 5.125%, 7/1/2038<br>| &nbsp;&nbsp; 5/22/2020 | &nbsp;&nbsp; $2863159 | &nbsp;&nbsp; $3016475 |
| Minneapolis, MN Charter School Lease Revenue (Twin Cities International School), (Series 2017A), (Original Issue <br> Yield: 5.150%), 5.000%, 12/1/2047<br>| &nbsp;&nbsp; 12/8/2017 | &nbsp;&nbsp; $2941078 | &nbsp;&nbsp; $2654147 |
| Mississippi Business Finance Corp. (Waste Pro USA, Inc.), Solid Waste Disposal Revenue Bonds (Series 2025), <br> 4.375%, Mandatory Tender 8/2/2027<br>| &nbsp;&nbsp; 11/7/2025 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $999685 |

---

**13**

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition**<br> **Date**<br>| **Cost** | **Value** |
| National Finance Authority, NH (Bridgeland Water & Utility District 490, 491, & 158), Special Revenue Bonds <br> (Series 2024), 5.375%, 12/15/2035<br>| &nbsp;&nbsp; 9/13/2024 | &nbsp;&nbsp; $900000 | &nbsp;&nbsp; $899166 |
| National Finance Authority, NH (Highlands Project MUDs), Special Revenue Bonds (Series 2024), <br> 5.125%, 12/15/2030<br>| &nbsp;&nbsp; 10/9/2024 | &nbsp;&nbsp; $700000 | &nbsp;&nbsp; $698978 |
| New Hope Cultural Education Facilities Finance Corporation (Jubilee Academic Center), Education Revenue <br> Refunding Bonds (Series 2021), 4.000%, 8/15/2046<br>| &nbsp;&nbsp; 3/24/2023 | &nbsp;&nbsp; $1480320 | &nbsp;&nbsp; $1618605 |
| New Jersey EDA (Repauno Port & Rail Terminal), Dock and Wharf Facility Revenue Bonds (Series 2025), (Original <br> Issue Yield: 6.516%), 6.375%, 1/1/2035<br>| &nbsp;&nbsp; 5/16/2025 | &nbsp;&nbsp; $1485586 | &nbsp;&nbsp; $1555920 |
| Panorama Public Infrastructure District No. 1, LT GO Bonds (Series 2025A), 6.250%, 3/1/2055 | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2011808 |
| Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 6.250%, 11/15/2035 | &nbsp;&nbsp; 10/6/2022 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1098915 |
| Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue Bonds (Series 2022A), 7.000%, 11/15/2057 | &nbsp;&nbsp; 10/6/2022 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1075018 |
| Polk County, FL IDA (Mineral Development, LLC), Secondary Phosphate Tailings Recovery Project Revenue Bonds <br> (Series 2020), 5.875%, 1/1/2033<br>| &nbsp;&nbsp; 10/23/2020 | &nbsp;&nbsp; $1750000 | &nbsp;&nbsp; $332500 |
| Public Finance Authority, WI (American Dream at Meadowlands), Limited Obligation PILOT Revenue Bonds <br> (Series 2017), 7.000%, 12/1/2050<br>| &nbsp;&nbsp; 6/22/2017 | &nbsp;&nbsp; $1510348 | &nbsp;&nbsp; $1200000 |
| Public Finance Authority, WI (Eno River Academy), Charter School Revenue Bonds (Series 2020A), <br> 5.000%, 6/15/2054<br>| &nbsp;&nbsp; 6/12/2020 | &nbsp;&nbsp; $1393349 | &nbsp;&nbsp; $1257027 |
| Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds (Series 2022A), 7.500%, 12/1/2052 | &nbsp;&nbsp;&nbsp; 2/2/2023 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2066772 |
| Public Finance Authority, WI (Mater Academy of Nevada), East Las Vegas Campus Revenue Bonds (Series 2024A), <br> 5.000%, 12/15/2054<br>| &nbsp;&nbsp; 9/25/2024 | &nbsp;&nbsp; $1514960 | &nbsp;&nbsp; $1367372 |
| Public Finance Authority, WI (Southminster), Retirement Facilities First Mortgage Revenue Bonds (Series 2018), <br> 5.000%, 10/1/2053<br>| &nbsp;&nbsp; 11/15/2022 | &nbsp;&nbsp; $2416980 | &nbsp;&nbsp; $2804545 |
| Public Finance Authority, WI Revenue (Anthem/Freedom, TX Municipal Utility District), Revenue Anticipation <br> Capital Appreciation Bonds (Series 2025), (Original Issue Yield: 5.750%), 0.000%, 12/15/2037<br>| &nbsp;&nbsp; 2/28/2025 | &nbsp;&nbsp; $510236 | &nbsp;&nbsp; $510631 |
| Public Finance Authority, WI Revenue (Aurora Integrated Oncology Foundation), Revenue Bonds (Series 2023), <br> 9.000%, 11/1/2028<br>| &nbsp;&nbsp; 12/14/2023 | &nbsp;&nbsp; $700000 | &nbsp;&nbsp; $745657 |
| Public Finance Authority, WI Revenue (Briarwood and Park Place Projects), Capital Appreciation Bonds <br> (Series 2025), (Original Issue Yield: 6.750%), 0.000%, 12/15/2036<br>| &nbsp;&nbsp;&nbsp; 5/9/2025 | &nbsp;&nbsp; $972690 | &nbsp;&nbsp; $975073 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Refunding Bonds (Series 2021B), <br> 4.000%, 7/1/2042<br>| &nbsp;&nbsp; 3/21/2024 | &nbsp;&nbsp; $3820200 | &nbsp;&nbsp; $3664797 |
| Savannah-Georgia Convention Center Authority, Convention Center Hotel Second Tier Revenue Bonds <br> (Series 2025B), (Original Issue Yield: 6.450%), 6.250%, 6/1/2061<br>| &nbsp;&nbsp; 9/11/2025 | &nbsp;&nbsp; $1749819 | &nbsp;&nbsp; $1810119 |
| South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds (Series 2023A), <br> 7.500%, 11/15/2053<br>| &nbsp;&nbsp; 7/21/2023 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1060131 |
| South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement Community Revenue Bonds TEMPS -75 <br> (Series 2023B-1), 5.750%, 11/15/2029<br>| &nbsp;&nbsp; 7/21/2023 | &nbsp;&nbsp; $965713 | &nbsp;&nbsp; $1000085 |
| The IDA of Baldwin County (Novelis Corporation), Solid Waste Disposal Revenue Bonds (Series 2025A), (Novelis <br> Corporation GTD), 5.000%, Mandatory Tender 6/1/2032<br>| &nbsp;&nbsp;&nbsp; 6/6/2025 | &nbsp;&nbsp; $1335000 | &nbsp;&nbsp; $1364624 |
| Utah State Charter School Finance Authority (Freedom Academy Foundation), Revenue Refunding Bonds <br> (Series 2017), (Original Issue Yield: 5.300%), 5.250%, 6/15/2037<br>| &nbsp;&nbsp; 4/27/2020 | &nbsp;&nbsp; $1867636 | &nbsp;&nbsp; $1950941 |
| Vermont EDA (Casella Waste Systems, Inc.), Solid Waste Disposal Revenue Bonds (Series 2013), 4.625%, <br> Mandatory Tender 4/3/2028<br>| &nbsp;&nbsp; 3/28/2018 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1011661 |
| Washington State Housing Finance Commission (Horizon House Project), Nonprofit Housing Revenue and <br> Refunding Revenue Bonds, 6.250%, 1/1/2061<br>| &nbsp;&nbsp; 11/13/2025 | &nbsp;&nbsp; $970920 | &nbsp;&nbsp; $990221 |
| West Virginia EDA (Core Natural Resources, Inc.), Solid Waste Disposal Facility Revenue Bonds (Series 2025), <br> 5.450%, Mandatory Tender 3/27/2035<br>| &nbsp;&nbsp; 3/20/2025 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1068369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 4 | *Zero coupon bond.* |
| 5 | *Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established* <br> *by and under the supervision of the Fund's Adviser acting through its Valuation Committee.*<br>|
| 6 | *Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are* <br> *not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do* <br> *not indicate a reference rate and spread in their description above.*<br>|
| 7 | *Assets, other than investments in securities, less liabilities.* |

---

Note: The categories of investments are shown as a percentage of net assets at November 30, 2025.

**14**

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**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.

■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

**15**

------

The following is a summary of the inputs used, as of November 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $437779969 | &nbsp;&nbsp; $332636 | &nbsp;&nbsp; $438112605 |
| Short-Term Municipals | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| **Equity Security:** |  |  |  |  |
| Warrants |  |  |  |  |
| &nbsp;&nbsp; Domestic | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $— | &nbsp;&nbsp; $438979969 | &nbsp;&nbsp; $332876 | &nbsp;&nbsp; $439312845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| CDD | —Community Development District |
| CVI | —Contingent-Value Instruments |
| EDA | —Economic Development Authority |
| EDR | —Economic Development Revenue |
| GO | —General Obligation |
| GTD | —Guaranteed |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| IDC | —Industrial Development Corporation |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| LP | —Limited Partnership |
| LT | —Limited Tax |
| PCRB | —Pollution Control Revenue Bond(s) |
| PILOT | —Payment in Lieu of Taxes |
| PRF | —Pre-refunded |
| SID | —Special Improvement District |
| TEMPS | —Tax Exempt Mandatory Paydown Securities |
| UT | —Unlimited Tax |
| VRDNs | —Variable Rate Demand Notes |

---

**16**

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## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes Municipal Securities Income Trust

- **b. Investment Company Act file number:** 811-06165

- **c. CIK number of Registrant:** 0000866700

- **d. LEI of Registrant:** 254900RAQHES8ITD1U55

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes Municipal High Yield Advantage Fund

- **b. EDGAR series identifier (if any):** S000012747

- **c. LEI of Series:** 549300HL3E2CQPWLHH76

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $447325741.96

**Total Liabilities:** $4649706.67

**Net Assets:** $442676035.29

**Delayed Delivery Securities:** $4477240.00

**Cash Not Reported:** $888881.80

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -300.048989100000 | **1-Year:** -6821.632260600000 | **5-Year:** -30316.630581700000 | **10-Year:** -85900.105274200000 | **30-Year:** -41586.740194200000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -524.716812600000 | **1-Year:** -10089.779324000000 | **5-Year:** -34095.726645000000 | **10-Year:** -83114.690021600000 | **30-Year:** -44249.796020300000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034361 | 3.18%                | 1.22%                | 0.35%                |
| Class ID C000034363 | 3.13%                | 1.03%                | 0.40%                |
| Class ID C000034364 | 3.19%                | 1.09%                | 0.33%                |
| Class ID C000130166 | 3.22%                | 1.24%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-360288.55              | $12575368.18                               |
| Month 2  | $-592571.33              | $4070547.30                                |
| Month 3  | $-521529.07              | $848809.45                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LAKEWOOD RANCH FL STEWARDSHIP  | LAKEWOOD RANCH STEWARDSHIP DISTRICT                                          | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075477.84   | 0.24%             | 2046-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA INCOME TAX SE | District of Columbia Income Tax Revenue                                      | CUSIP: 25477GYP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1620483.30   | 0.37%             | 2050-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WILSONVILLE AL INDL DEV BRD SO | Wilsonville Industrial Development Board                                     | CUSIP: 97247RAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2030-12-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST | Orange County Community Facilities District                                  | CUSIP: 68423PA91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045081.50   | 0.24%             | 2053-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN | Industrial Development Authority of the County of Pima/The                   | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075017.70   | 0.24%             | 2057-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR | Florida Development Finance Corp                                             | CUSIP: 34061WBN3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $721243.10    | 0.16%             | 2055-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182VB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $833671.58    | 0.19%             | 2040-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION  | Hillsborough County Aviation Authority                                       | CUSIP: 432308X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060219.70   | 0.24%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | CITY OF MINNEAPOLIS MN                                                       | CUSIP: 60375CAW4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2654146.80   | 0.60%             | 2047-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                  | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   1632905 | PA      | $1543730.67   | 0.35%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH  | CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                              | CUSIP: 165588DR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $761893.28    | 0.17%             | 2051-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIERA STEWARDSHIP DIST FL SPL  | Viera Stewardship District                                                   | CUSIP: 92670TAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1214760.75   | 0.27%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH            | Atlanta Development Authority/The                                            | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057689.60   | 0.46%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDL AUTH SENIOR | TULSA COUNTY INDUSTRIAL AUTHORITY                                            | CUSIP: 899530BA6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750212.80   | 0.40%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | LOUISIANA PUBLIC FACILITIES AUTHORITY                                        | CUSIP: 546399DE3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30321.13     | 0.01%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARBORWOOD FL CDD CAPITAL IMPT  | ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT                                     | CUSIP: 038926AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115098.77    | 0.03%             | 2036-05-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712JMT7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075071.00   | 0.47%             | 2055-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN | M-S-R ENERGY AUTHORITY                                                       | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $3049897.50   | 0.69%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                              | CUSIP: 45528U7L9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107039.60   | 0.25%             | 2067-03-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH SOLID | VERMONT ECONOMIC DEVELOPMENT AUTHORITY                                       | CUSIP: 924157AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011661.30   | 0.23%             | 2036-04-01      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                        | CUSIP: 70869PJY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254656.63   | 0.28%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | VIRGINIA SMALL BUSINESS FINANCING AUTHORITY                                  | CUSIP: 928106AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $352071.87    | 0.08%             | 2048-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JAMES PARISH LA REVENUE  | Parish of St James LA                                                        | CUSIP: 790103AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097609.50   | 0.25%             | 2038-06-01      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN | California Public Finance Authority                                          | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1147067.13   | 0.26%             | 2046-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| POLK CNTY FL INDL DEV AUTH     | Polk County Industrial Development Authority                                 | CUSIP: 731120NQ0<br>LEI: 549300UTRO4TAORRAL04 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $332500.00    | 0.08%             | 2033-01-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GLEN COVE NY LOCAL ECON ASSIST | GLEN COVE LOCAL ECONOMIC ASSISTANCE CORP                                     | CUSIP: 377450AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4455000 | PA      | $1287446.89   | 0.29%             | 2045-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | DISTRICT OF COLUMBIA                                                         | CUSIP: 25483VQY3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998603.40    | 0.23%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT | Allentown Neighborhood Improvement Zone Development Authority                | CUSIP: 018444CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $819090.48    | 0.19%             | 2042-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                           | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3413185.75   | 0.77%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5600000 | PA      | $4715547.76   | 1.07%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST  | Southern Groves Community Development District No 5                          | CUSIP: 843021AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $524616.24    | 0.12%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HACIENDA NORTH CDD FL SPL ASSM | Hacienda North Community Development District                                | CUSIP: 404511AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537384.65    | 0.12%             | 2043-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923481.10    | 0.21%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH E | OHIO AIR QUALITY DEVELOPMENT AUTHORITY                                       | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934832.30    | 0.21%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                      | CUSIP: 12008ETZ9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004335.90   | 0.23%             | 2062-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO | California Municipal Finance Authority                                       | CUSIP: 13048RAM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2348845.43   | 0.53%             | 2053-09-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST | Tulsa Municipal Airport Trust Trustees/OK                                    | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $576559.00    | 0.13%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | PUBLIC FINANCE AUTHORITY                                                     | CUSIP: 74442PF75<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081372.40   | 0.47%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                                    | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016498.30   | 0.23%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE | Public Finance Authority                                                     | CUSIP: 74442ELV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1367371.95   | 0.31%             | 2054-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HACIENDA NORTH CDD FL SPL ASSM | Hacienda North Community Development District                                | CUSIP: 404511AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067909.00   | 0.24%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025765.70   | 0.23%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                            | CUSIP: 452153DA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076973.00   | 0.24%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT &S | Puerto Rico Commonwealth Aqueduct & Sewer Authority                          | CUSIP: 745160TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3664796.80   | 0.83%             | 2042-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| XENIA IA RURAL WTR DIST        | XENIA RURAL WATER DISTRICT                                                   | CUSIP: 98410ADE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10241.47     | 0.00%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | METROPOLITAN PIER & EXPOSITION AUTHORITY                                     | CUSIP: 592250CK8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $426737.20    | 0.10%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                          | CUSIP: 13058TTB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $465419.66    | 0.11%             | 2053-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH | Seminole County Industrial Development Authority                             | CUSIP: 81669TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1179705.75   | 0.27%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC INC/NY                                                                 | CUSIP: 898526FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002459.60   | 0.23%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YCZ6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    995000 | PA      | $661675.00    | 0.15%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI | Golden State Tobacco Securitization Corp                                     | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $1500996.00   | 0.34%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                           | CUSIP: 83704CAX6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004881.70   | 0.23%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | CHICAGO BOARD OF EDUCATION                                                   | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027093.10   | 0.23%             | 2046-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                | Tolomato Community Development District                                      | CUSIP: 889560DX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $902145.33    | 0.20%             | 2040-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960282.50    | 0.22%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS | Ohio Higher Educational Facility Commission                                  | CUSIP: 67756DBD7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.09%             | 2039-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY INDL DEV AGY CC | Nassau County Industrial Development Agency                                  | CUSIP: 631ESCAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1365028 | PA      | $136.50       | 0.00%             | 2058-01-01      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3673582 | PA      | $2139861.65   | 0.48%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| STEEL POINT INFRASTRUCTURE IMP | Steel Point Infrastructure Improvement District                              | CUSIP: 85814YAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067726.90   | 0.24%             | 2052-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $897383.80    | 0.20%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THREE RIVERS CDD FL            | Three Rivers Community Development District                                  | CUSIP: 88563MAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $610587.18    | 0.14%             | 2053-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP  | Lakewood Ranch Stewardship District                                          | CUSIP: 51265KGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036869.90   | 0.23%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA AL INDL DEV BRD POLL  | Columbia Industrial Development Board                                        | CUSIP: 197210AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2028-06-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE   | New Hampshire Business Finance Authority                                     | CUSIP: 63607YCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049128.80   | 0.24%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AVE MARIA FL STEWARDSHIP CMNTY | Ave Maria Stewardship Community District                                     | CUSIP: 05355ACB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001214.30   | 0.23%             | 2056-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| HARBOR BAY FL CDD CAPITAL IMPT | Harbor Bay Community Development District                                    | CUSIP: 411466AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885770.00    | 0.20%             | 2048-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | ARLINGTON HIGHER EDUCATION FINANCE CORP                                      | CUSIP: 041806HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1095612.43   | 0.25%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S | SALT VERDE FINANCIAL CORP                                                    | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3254801.10   | 0.74%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU | County of Berkeley SC                                                        | CUSIP: 084220AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941785.10    | 0.21%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WINONA MN PORT AUTH CHRT SCH L | WINONA PORT AUTHORITY                                                        | CUSIP: 975243AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $295554.84    | 0.07%             | 2036-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $630447.40    | 0.14%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH DO | New Jersey Economic Development Authority                                    | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555920.45   | 0.35%             | 2035-01-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp/NJ                                         | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3659798.00   | 0.83%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L | Central Florida Expressway Authority                                         | CUSIP: 153476JH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093658.60   | 0.47%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH  | KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY                              | CUSIP: 49126PFH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1581465.00   | 0.36%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION | Louisiana Stadium & Exposition District                                      | CUSIP: 546410CY5<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072586.20   | 0.47%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                         | CUSIP: 25483VWB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969472.20    | 0.22%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                     | CUSIP: 04052BTH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757237.65    | 0.17%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A | Palm Beach County Health Facilities Authority                                | CUSIP: 69651ACZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2554133.75   | 0.58%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF | Florida Development Finance Corp                                             | CUSIP: 34061QCU9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028096.50   | 0.23%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                        | CUSIP: 546399SX5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022026.40   | 0.23%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                    | CUSIP: 87638RKH9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1367438.10   | 0.31%             | 2055-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP      | SOUTH JERSEY PORT CORP                                                       | CUSIP: 838530RH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500995.50    | 0.11%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | FOREST LAKE MN 5.375 8/50                                                    | CUSIP: 345856AV0<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976598.90    | 0.22%             | 2050-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| THREE RIVERS CDD FL            | Three Rivers Community Development District                                  | CUSIP: 88563MAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512897.60    | 0.12%             | 2043-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue                                      | CUSIP: 419794J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $803633.93    | 0.18%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                    | CUSIP: 64578CCF6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1335341.23   | 0.30%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY GA DEV AUTH REVEN | Fayette County Development Authority                                         | CUSIP: 31222PAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2055437.53   | 0.46%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                  | CUSIP: 939783Z58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990221.20    | 0.22%             | 2061-01-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009735.90   | 0.23%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                      | CUSIP: 23503CDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050926.00   | 0.24%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 593340AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580325.75   | 0.36%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                     | CUSIP: 74442PB53<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $745656.66    | 0.17%             | 2028-11-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| BANNING LEWIS RANCH REGL MET D | BANNING LEWIS 5.375 12/48                                                    | CUSIP: 066639AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975740.70    | 0.22%             | 2048-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                     | CUSIP: 74442PYS8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066772.20   | 0.47%             | 2052-12-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                          | CUSIP: 64966SHL3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2740599.00   | 0.62%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                              | CUSIP: 45528U6X4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1747280.09   | 0.39%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542QCH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1618605.40   | 0.37%             | 2046-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TOLOMATO FL CDD                | Tolomato Community Development District                                      | CUSIP: 889560DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007984.80   | 0.23%             | 2037-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN | Industrial Development Authority of the County of Pima/The                   | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098915.40   | 0.25%             | 2035-11-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012889.00   | 0.23%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS | New Hampshire Business Finance Authority                                     | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |    497117 | PA      | $493147.04    | 0.11%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106296.60   | 0.48%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                   | CUSIP: 5444452Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084030.60   | 0.24%             | 2043-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TWP MN LEASE           | TOWNSHIP OF BAYTOWN MN                                                       | CUSIP: 073225AY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $919534.88    | 0.21%             | 2046-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RIVERS EDGE III CDD FL CAPITAL | Rivers Edge III Community Development District                               | CUSIP: 76882NAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $735346.26    | 0.17%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2201796.80   | 0.50%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MN CHRT SCH LEASE REV | CITY OF ST CLOUD MN                                                          | CUSIP: 788326AD8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1618115.80   | 0.37%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE | City of Valparaiso IN                                                        | CUSIP: 92028RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $744238.35    | 0.17%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121295.00   | 0.48%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON KY EXEMPT FACS REVEN | City of Henderson KY                                                         | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    375000 | PA      | $357035.78    | 0.08%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WEST CENTRL OHIO PORT AUTH OH  | West Central Ohio Port Authority                                             | CUSIP: 95184BAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1715703.58   | 0.39%             | 2062-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DWW5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    600000 | PA      | $639103.26    | 0.14%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                    | CUSIP: 87638RJE8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2673494.20   | 0.60%             | 2052-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                     | CUSIP: 63608TAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $798806.56    | 0.18%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1413444.90   | 0.32%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH ACT 38 FA | MICHIGAN FINANCE AUTHORITY                                                   | CUSIP: 59447NBE5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047691.30   | 0.24%             | 2057-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | TRIBOROUGH BRIDGE & TUNNEL AUTHORITY                                         | CUSIP: 896032BD0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2154277.40   | 0.49%             | 2059-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD  | Sterling Ranch Community Authority Board                                     | CUSIP: 85950NAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $764071.46    | 0.17%             | 2054-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH SOL WST DISP | FINANCE AUTHORITY OF MAINE                                                   | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503959.60    | 0.11%             | 2047-12-01      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                    | CUSIP: 64577XEG7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    185000 | PA      | $198440.81    | 0.04%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP SPL  | Maryland Economic Development Corp                                           | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $853321.90    | 0.19%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                      | City of Venice FL                                                            | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1237908.75   | 0.28%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                     | City of Detroit MI                                                           | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $276118.15    | 0.06%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| W JEFFERSON AL INDL DEV BRD SO | West Jefferson Industrial Development Board                                  | CUSIP: 95345PAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2038-12-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH STUDENT REVEN | County of Hamilton OH                                                        | CUSIP: 407311AC3<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2036-08-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                            | CUSIP: 25490LAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999988.40    | 0.23%             | 2038-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | CALIFORNIA SCHOOL FINANCE AUTHORITY                                          | CUSIP: 13058TFZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462857.15    | 0.10%             | 2047-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV | Columbus Regional Airport Authority                                          | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1586729.40   | 0.36%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CO | Mississippi Business Finance Corp                                            | CUSIP: 60527MBD0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999684.50    | 0.23%             | 2048-02-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE | Chicago Midway International Airport                                         | CUSIP: 167562SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072462.00   | 0.24%             | 2048-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                     | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1212756.75   | 0.27%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH RIVER RANCH IMPT STEWARD | North River Ranch Improvement Stewardship District                           | CUSIP: 66200PAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026787.00   | 0.23%             | 2043-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO AVIATION AUTH FL S | Greater Orlando Aviation Authority                                           | CUSIP: 39227AAD4<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077836.30   | 0.24%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOC GOVT FIN COMMISSIO | Florida Local Government Finance Commission                                  | CUSIP: 34077UAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1814512.27   | 0.41%             | 2064-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR | Albany Capital Resource Corp                                                 | CUSIP: 012432EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1771067.32   | 0.40%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                     | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $899165.70    | 0.20%             | 2035-12-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                | CUSIP: 57582R8A7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1607283.52   | 0.36%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                         | CUSIP: 1675934T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1299536.63   | 0.29%             | 2059-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP  | Lakewood Ranch Stewardship District                                          | CUSIP: 51265KFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $765726.52    | 0.17%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055078.50   | 0.24%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BASE VLG MET DIST #2 CO        | BASE VILLAGE METROPOLITAN DISTRICT NO 2                                      | CUSIP: 069781AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500490.20   | 0.34%             | 2046-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES  | Chicago Transit Authority Sales Tax Receipts Fund                            | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030646.60   | 0.23%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                       | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2319384.84   | 0.52%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TALAVERA CDD FL CAPITAL IMPT R | TALAVERA CDD 4.35 5/40                                                       | CUSIP: 87410PAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $480360.97    | 0.11%             | 2040-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN | Indiana Finance Authority                                                    | CUSIP: 45471AUT7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040345.80   | 0.24%             | 2044-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD TAX INCR & S | County of Frederick MD                                                       | CUSIP: 355612AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1639536.02   | 0.37%             | 2043-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP  | LAKEWOOD RANCH STEWARDSHIP DISTRICT                                          | CUSIP: 51265KBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005192.70   | 0.23%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | ILLINOIS FINANCE AUTHORITY                                                   | CUSIP: 45204EC30<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1744170.00   | 0.39%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81 | City of Las Vegas NV Special Improvement District No 814                     | CUSIP: 51778UAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $960100.88    | 0.22%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP  | Lakewood Ranch Stewardship District                                          | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055191.40   | 0.24%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC  | Public Finance Authority                                                     | CUSIP: 74444VAH3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2804544.90   | 0.63%             | 2053-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGA | PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY                        | CUSIP: 708686DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000698.00   | 0.45%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE    | Indiana Finance Authority                                                    | CUSIP: 45506EAC7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    915000 | PA      | $823114.79    | 0.19%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                     | CUSIP: 63608TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $698978.49    | 0.16%             | 2030-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1782207.54   | 0.40%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                        | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1228250.00   | 0.28%             | 2065-01-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A | South Carolina Jobs-Economic Development Authority                           | CUSIP: 83704EAE4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000084.80   | 0.23%             | 2029-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NEWARK NJ MASS TRANSIT ACCESS  | City of Newark NJ Mass Transit Access Tax Revenue                            | CUSIP: 650360AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116340.20   | 0.25%             | 2062-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA | Iowa Finance Authority                                                       | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2930000 | PA      | $3367458.08   | 0.76%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH  | ORANGE COUNTY HEALTH FACILITIES AUTHORITY                                    | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046369.50   | 0.24%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S | Mobile County Industrial Development Authority                               | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932767.10    | 0.21%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NIAGARA NY AREA DEV CORP SOLID | NIAGARA AREA DEVELOPMENT CORP                                                | CUSIP: 653542AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $896284.00    | 0.20%             | 2042-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YFE0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    310000 | PA      | $206150.00    | 0.05%             | 2033-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SE | California Public Finance Authority                                          | CUSIP: 13057TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2139696.40   | 0.48%             | 2065-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MILLSBORO DE SPL OBLG          | MILLSBORO SPL 5.125 7/38                                                     | CUSIP: 601266AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3016474.50   | 0.68%             | 2038-07-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| WASHINGTON DC MET AREA TRANSIT | Washington Metropolitan Area Transit Authority Dedicated Revenue             | CUSIP: 93878YDY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1935114.00   | 0.44%             | 2059-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                            | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8299053.60   | 1.87%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OH HLTH CARE F | County of Montgomery OH                                                      | CUSIP: 613518DJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513361.75    | 0.12%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2084400.60   | 0.47%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TALAVERA CDD FL CAPITAL IMPT R | TALAVERA CDD 4.5 5/50                                                        | CUSIP: 87410PAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $700546.39    | 0.16%             | 2050-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                         | CUSIP: 19645UGH1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $399213.15    | 0.09%             | 2061-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINDWARD AT LAKEWOOD RANCH CDD | Windward at Lakewood Ranch Community Development District                    | CUSIP: 97382EAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1138216.53   | 0.26%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PANORAMA PUBLIC INFRASTRUCTURE | Panorama Public Infrastructure District No 1                                 | CUSIP: 69862YAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011808.40   | 0.45%             | 2055-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | DISTRICT OF COLUMBIA                                                         | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927226.70    | 0.21%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LT RANCH CDD FL CAPITAL IMPT R | LT Ranch Community Development District                                      | CUSIP: 54912EAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025475.40   | 0.23%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576NB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584597.90   | 0.36%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DESERTXPRESS ENTERPRISES LLC   | DesertXpress Enterprises LLC                                                 | CUSIP: 05594N118<br>LEI: 254900UTS074X7B9VE11 | Long             | EC               | CORP              | US        |     24000 | NS      | $240.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                   | CUSIP: 5444457H6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2151185.80   | 0.49%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2314286 | PA      | $1481142.86   | 0.33%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                    | CUSIP: 442349JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3207184.20   | 0.72%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250FV1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1478376.45   | 0.33%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S | Mobile County Industrial Development Authority                               | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969513.90    | 0.22%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD    | New Orleans Aviation Board                                                   | CUSIP: 64763HMS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1784975.01   | 0.40%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                    | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611681.45   | 0.36%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LT RANCH CDD FL CAPITAL IMPT R | LT RANCH CDD FL CA 4 5/50                                                    | CUSIP: 54912EAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $687031.79    | 0.16%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH  | CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                              | CUSIP: 165588DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1167696.48   | 0.26%             | 2047-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                              | CUSIP: 64972GH98<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4229015.20   | 0.96%             | 2054-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP  | Lakewood Ranch Stewardship District                                          | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $628759.35    | 0.14%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE | Tempe Industrial Development Authority                                       | CUSIP: 87972MAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $265906.48    | 0.06%             | 2047-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051550.40   | 0.46%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANNING LEWIS RANCH MET DIST N | BANNING LEWIS 5.75 12/48                                                     | CUSIP: 066637AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001792.40   | 0.23%             | 2048-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL SPL SVC AREA # | DU PAGE COUNTY SPECIAL SERVICE AREA NO 31                                    | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    313000 | PA      | $313174.15    | 0.07%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                            | CUSIP: 451295B24<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    490000 | PA      | $486552.31    | 0.11%             | 2028-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALTA LAKES CMNTY DEV DIST FL S | Alta Lakes Community Development District                                    | CUSIP: 021304AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1172036.40   | 0.26%             | 2049-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MET ATLANTA RAPID TRANSIT AUTH | Metropolitan Atlanta Rapid Transit Authority                                 | CUSIP: 591746CA8<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3173912.70   | 0.72%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                          | CUSIP: 13058TSQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $598639.52    | 0.14%             | 2053-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                            | CUSIP: 451295D97<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142837.00   | 0.48%             | 2057-11-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH | West Virginia Economic Development Authority                                 | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015090.50   | 0.23%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                            | CUSIP: 451295A90<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2583149.70   | 0.58%             | 2056-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542UDW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1995370.60   | 0.45%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA | Pennsylvania Higher Educational Facilities Authority                         | CUSIP: 70917TRX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034863.70   | 0.23%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN CNTY AL INDL DEV AUTH  | Baldwin County Industrial Development Authority                              | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1364624.32   | 0.31%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| EAGLE CNTY CO ARPT TERMINAL CO | EAGLE COUNTY AIRPORT TERMINAL CORP                                           | CUSIP: 26947EAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325438.78    | 0.07%             | 2027-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST NO  | City of Las Vegas NV Special Improvement District No 613                     | CUSIP: 51779CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $451363.50    | 0.10%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $888386.60    | 0.20%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION | Louisiana Stadium & Exposition District                                      | CUSIP: 546410CX7<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |    600000 | PA      | $616708.20    | 0.14%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EXEMPT FACS | PUBLIC FINANCE AUTHORITY                                                     | CUSIP: 74443QAF9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971783.40    | 0.22%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                         | CUSIP: 19645UNR1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1708870.98   | 0.39%             | 2057-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville/Jefferson County Metropolitan Government                          | CUSIP: 54659LCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075872.60   | 0.24%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519857.70    | 0.12%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville/Jefferson County Metropolitan Government                          | CUSIP: 54659LCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085530.30   | 0.25%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                   | CUSIP: 167505ZG4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014289.60   | 0.46%             | 2049-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                     | CUSIP: 57585BEX2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021084.10   | 0.23%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N RANGE CO MET DIST #2         | NORTH RANGE METROPOLITAN DISTRICT NO 2                                       | CUSIP: 66176MAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2499992.75   | 0.56%             | 2047-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST NO  | City of Las Vegas NV Special Improvement District No 613                     | CUSIP: 51779CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507744.70    | 0.11%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP  | Lakewood Ranch Stewardship District                                          | CUSIP: 51265KBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013336.30   | 0.23%             | 2048-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota           | CUSIP: 852297ED8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983229.80    | 0.22%             | 2055-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | COLORADO EDUCATIONAL & CULTURAL FACILITIES AUTHORITY                         | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976997.30    | 0.22%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA RSDL CARE FACS  | FULTON COUNTY RESIDENTIAL CARE FACILITIES FOR THE ELDERLY AUTHORITY          | CUSIP: 360059AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004548.10   | 0.23%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOGGY BRANCH CMNTY DEV DIST FL | Boggy Branch Community Development District                                  | CUSIP: 09720PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1103053.16   | 0.25%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | CITY OF BALTIMORE MD                                                         | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $963956.95    | 0.22%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA           | Municipal Electric Authority of Georgia                                      | CUSIP: 62620HHP0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557162.90   | 0.35%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KIRKWOOD MO INDL DEV AUTH RETM | KIRKWOOD INDUSTRIAL DEVELOPMENT AUTHORITY                                    | CUSIP: 497609BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884451.40    | 0.20%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078570.40   | 0.47%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION  | Texas Transportation Commission                                              | CUSIP: 88283NAZ5<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1212323.68   | 0.27%             | 2057-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                    | CUSIP: 442349KK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535588.35    | 0.12%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LT RANCH CDD FL CAPITAL IMPT R | LT Ranch Community Development District                                      | CUSIP: 54912EAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514128.30    | 0.12%             | 2054-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH | West Virginia Hospital Finance Authority                                     | CUSIP: 956622X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086256.30   | 0.25%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD | Virginia Beach Development Authority                                         | CUSIP: 92774NBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1494976.39   | 0.34%             | 2059-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SIOUX FALLS SD HLTH FACS REVEN | CITY OF SIOUX FALLS SD                                                       | CUSIP: 829566CS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $896058.10    | 0.20%             | 2047-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                       | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1658489.02   | 0.37%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WINONA MN PORT AUTH CHRT SCH L | WINONA PORT AUTHORITY                                                        | CUSIP: 975243AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $618090.83    | 0.14%             | 2046-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROCKDALE CNTY GA DEV AUTH      | ROCKDALE COUNTY DEVELOPMENT AUTHORITY                                        | CUSIP: 773008AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491684.80    | 0.11%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6764000 | PA      | $1677068.87   | 0.38%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM | Arkansas Development Finance Authority                                       | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254643.00   | 0.28%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1622944 | PA      | $697898.54    | 0.16%             | 2061-11-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX INDL DEV CORP   | Harris County Industrial Development Corp                                    | CUSIP: 414189AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $3019742.82   | 0.68%             | 2050-11-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A | South Carolina Jobs-Economic Development Authority                           | CUSIP: 83704EAC8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060131.20   | 0.24%             | 2053-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1696249.00   | 0.38%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH | West Virginia Economic Development Authority                                 | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068368.80   | 0.24%             | 2055-01-01      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| SIOUX FALLS SD HLTH FACS REVEN | CITY OF SIOUX FALLS SD                                                       | CUSIP: 829566CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934721.70    | 0.21%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HOSP DIST CTFS  | Harris County Hospital District                                              | CUSIP: 41415UCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064139.20   | 0.24%             | 2055-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A | Washington Health Care Facilities Authority                                  | CUSIP: 93978HF75<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2667070.25   | 0.60%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REUNION E FL CDD SPL ASSMNT    | REUNION EAST COMMUNITY DEVELOPMENT DISTRICT                                  | CUSIP: 761311AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $1.45         | 0.00%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE                                    | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501020.90   | 0.34%             | 2038-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LT RANCH CDD FL CAPITAL IMPT R | LT Ranch Community Development District                                      | CUSIP: 54912EAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514370.65    | 0.12%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA ECON DEV AUTH  | Henrico County Economic Development Authority                                | CUSIP: 42605XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $783276.15    | 0.18%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                      | CUSIP: 12008QAG4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039153.90   | 0.23%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RIVER LANDING CDD FL CAP IMPT  | River Landing Community Development District                                 | CUSIP: 76828JAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1002430.13   | 0.23%             | 2051-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                         | CUSIP: 19648FAY0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500840.15   | 0.34%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTSVILLE-REDSTONE VLY AL SPL | HUNTSVILLE-REDSTONE VILLAGE SPECIAL CARE FACILITIES FINANCING AUTHORITY      | CUSIP: 447297AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1070625.00   | 0.24%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT | Utah Charter School Finance Authority                                        | CUSIP: 91754TUW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1950941.00   | 0.44%             | 2037-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH | Lee County Industrial Development Authority/FL                               | CUSIP: 52349EEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926007.70    | 0.21%             | 2057-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE     | Port of Seattle WA                                                           | CUSIP: 7353894D7<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134406.40   | 0.48%             | 2050-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MUSKINGUM CNTY OH HOSP FACS    | COUNTY OF MUSKINGUM OH                                                       | CUSIP: 628077CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1986355.20   | 0.45%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS | New Hampshire Business Finance Authority                                     | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |    490789 | PA      | $490031.78    | 0.11%             | 2051-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                  | CUSIP: 79739GTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1687396.00   | 0.38%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY INDL DEV AUTH EX | Maricopa County Industrial Development Authority                             | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $849874.20    | 0.19%             | 2047-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL REVENUE  | Capital Trust Authority                                                      | CUSIP: 14055AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1156587.70   | 0.26%             | 2029-10-03      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4340000 | PA      | $4221144.76   | 0.95%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                     | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $921882.80    | 0.21%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                          | CUSIP: 13058TGD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000498.90   | 0.23%             | 2037-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ROCKVILLE MD MAYOR & COUNCIL E | City of Rockville MD                                                         | CUSIP: 774223BV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967611.30    | 0.22%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                         | CUSIP: 167593Y48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035992.80   | 0.23%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                            | CUSIP: 25457VBV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1228250.00   | 0.28%             | 2065-01-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                            | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051874.40   | 0.24%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                       | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011667.40   | 0.45%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE      | Texas Water Development Board                                                | CUSIP: 88285AGC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1917954.80   | 0.43%             | 2059-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN  | NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP                          | CUSIP: 64542UCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873312.40    | 0.20%             | 2046-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                                 | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2506991.96   | 0.57%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                    | CUSIP: 87638QSD2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064906.80   | 0.24%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB | Iowa Tobacco Settlement Authority                                            | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $2497141.72   | 0.56%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHADOWLAWN CDD FL SPL ASSMNT R | Shadowlawn Community Development District                                    | CUSIP: 818820AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002804.40   | 0.23%             | 2054-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WS | Florida Development Finance Corp                                             | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    665000 | PA      | $674359.61    | 0.15%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                              | CUSIP: 45528U6Y2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052660.80   | 0.24%             | 2057-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2928000.90   | 0.66%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TWP MN LEASE           | TOWNSHIP OF BAYTOWN MN                                                       | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $651699.60    | 0.15%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                                   | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2707256.74   | 0.61%             | 2043-12-01      | Variable      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| SAVANNAH GEORGIA CONVENTION CT | Savannah Georgia Convention Center Authority                                 | CUSIP: 804828AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1810119.42   | 0.41%             | 2061-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                     | CUSIP: 744396FN7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1257026.79   | 0.28%             | 2054-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT | Delaware State Economic Development Authority                                | CUSIP: 246372AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1479897.12   | 0.33%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1899650.20   | 0.43%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO LAND CLEARANCE  | KANSAS CITY LAND CLEARANCE REDEVELOPMENT AUTHORITY                           | CUSIP: 48504MAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1976604.00   | 0.45%             | 2050-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                     | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $510631.20    | 0.12%             | 2037-12-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN | STATE OF OHIO                                                                | CUSIP: 67759YAQ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991799.00    | 0.22%             | 2053-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | CHICAGO O'HARE INTERNATIONAL AIRPORT                                         | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1120150.46   | 0.25%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY ARPT BRD        | Kenton County Airport Board                                                  | CUSIP: 491026WK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $671155.42    | 0.15%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH RIVER RANCH IMPT STEWARD | North River Ranch Improvement Stewardship District                           | CUSIP: 66200PAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021728.60   | 0.23%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                        | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021316.10   | 0.23%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNTSVILLE-REDSTONE VLY AL SPL | HUNTSVILLE-REDSTONE VILLAGE SPECIAL CARE FACILITIES FINANCING AUTHORITY      | CUSIP: 447297AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $356875.00    | 0.08%             | 2047-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    575000 | PA      | $607312.18    | 0.14%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                     | CUSIP: 04052BCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $595428.67    | 0.13%             | 2051-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS | Guam Government Waterworks Authority                                         | CUSIP: 40065FFK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048798.00   | 0.24%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA PUBLIC HOSP DIST  | King County Public Hospital District No 4                                    | CUSIP: 494796AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3075764.70   | 0.69%             | 2060-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YFF7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    195000 | PA      | $129675.00    | 0.03%             | 2040-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT | Denver Health & Hospital Authority                                           | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $811720.80    | 0.18%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                         | CUSIP: 19645RY54<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004839.80   | 0.23%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471191.95    | 0.11%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN | PUBLIC AUTHORITY FOR COLORADO ENERGY                                         | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1379763.19   | 0.31%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | CITY OF FOREST LAKE MN                                                       | CUSIP: 345856AJ7<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700420.92   | 0.38%             | 2044-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN | Port of Portland OR Airport Revenue                                          | CUSIP: 7352404H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039184.50   | 0.23%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MI ECON DEV CORP  | Grand Rapids Economic Development Corp                                       | CUSIP: 386246HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990053.00   | 0.45%             | 2060-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| KALISPELL MT HSG & HLTHCARE FA | CITY OF KALISPELL MT                                                         | CUSIP: 48342YAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $836991.90    | 0.19%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU | Public Finance Authority                                                     | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2211223.40   | 0.50%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PLYMOUTH MI EDUCTNL CENTER CHR | PLYMOUTH EDUCATIONAL CENTER CHARTER SCHOOL                                   | CUSIP: 729693AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $600000.00    | 0.14%             | 2035-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                     | CUSIP: 74442PP33<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $975072.80    | 0.22%             | 2036-12-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| OREGON ST                      | STATE OF OREGON                                                              | CUSIP: 68609UPR0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086514.10   | 0.25%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH    | BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY                                | CUSIP: 118612MC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949134.00   | 0.44%             | 2046-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2483084.48   | 0.56%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                     | City of Detroit MI                                                           | CUSIP: 2510934Q0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025033.90   | 0.23%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YFG5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1662500.00   | 0.38%             | 2043-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | TOBACCO SETTLEMENT FINANCING CORP/VA                                         | CUSIP: 88880NAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2486357.40   | 0.56%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDU | NEVADA DEPARTMENT OF BUSINESS & INDUSTRY                                     | CUSIP: 641454AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $844161.38    | 0.19%             | 2047-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT  | Lakes of Sarasota Community Development District                             | CUSIP: 51206YAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $218584.06    | 0.05%             | 2051-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH           | Stamford Housing Authority                                                   | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020223.70   | 0.23%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA           | Municipal Electric Authority of Georgia                                      | CUSIP: 62620HAX0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    475000 | PA      | $476849.27    | 0.11%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                         | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2660000.00   | 0.60%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL SPL CARE FACS FI | Alabama Special Care Facilities Financing Authority-Birmingham AL            | CUSIP: 090929HA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114674.80   | 0.48%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | HOUSING & REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA           | CUSIP: 852297AY6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001475.20   | 0.45%             | 2050-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH SENI | Capital Projects Finance Authority/FL                                        | CUSIP: 14043HAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540172.85   | 0.35%             | 2065-01-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                                | CUSIP: 66285WR32<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1639137.00   | 0.37%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP  | Lakewood Ranch Stewardship District                                          | CUSIP: 51265KCP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $473135.61    | 0.11%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRD OF MANAGERS TX JT GUADALUP | BOARD OF MANAGERS JOINT GUADALUPE COUNTY-CITY OF SEGUIN HOSPITAL             | CUSIP: 09659MAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947441.20    | 0.21%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING | Suffolk Regional Off-Track Betting Co                                        | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2131643.85   | 0.48%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | BUILD NYC RESOURCE CORP                                                      | CUSIP: 12008ELT1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    800000 | PA      | $790398.80    | 0.18%             | 2045-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH EN | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                    | CUSIP: 64577QAG6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999947.50    | 0.23%             | 2043-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT  | Lakes of Sarasota Community Development District                             | CUSIP: 51206YAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15119.22     | 0.00%             | 2031-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY                                     | CUSIP: 04052BEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458022.05    | 0.10%             | 2051-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT  | N LAS VEGAS IM 4.625 6/49                                                    | CUSIP: 66041HGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $559219.38    | 0.13%             | 2049-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KALISPELL MT HSG & HLTHCARE FA | CITY OF KALISPELL MT                                                         | CUSIP: 48342YAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1295687.09   | 0.29%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS | NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY                                     | CUSIP: 63607WAN4<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |    972008 | PA      | $938192.80    | 0.21%             | 2038-01-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL  | PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT                            | CUSIP: 717824AL0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    610000 | PA      | $610825.21    | 0.14%             | 2035-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2125075.00   | 0.48%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL ARPT REVENUE       | County of Lee FL Airport Revenue                                             | CUSIP: 523470HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1660961.28   | 0.38%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE   | CITY OF GULFPORT MS                                                          | CUSIP: 402682DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2089222.20   | 0.47%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI LIMITED OBL | PUBLIC FINANCE AUTHORITY                                                     | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1200000.00   | 0.27%             | 2050-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | CITY OF BALTIMORE MD                                                         | CUSIP: 05923TBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500847.85    | 0.11%             | 2043-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WESTMINSTER MD PROJ REVENUE    | CITY OF WESTMINSTER MD                                                       | CUSIP: 960735AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000197.40   | 0.23%             | 2044-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                       | CUSIP: 13080SMK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250768.83   | 0.51%             | 2046-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VERANDAH FL W CDD REVENUE      | VERANDAH WEST COMMUNITY DEVELOPMENT DISTRICT                                 | CUSIP: 922947AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $825649.36    | 0.19%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA INDL DEV CORP  | PORT OF SEATTLE INDUSTRIAL DEVELOPMENT CORP                                  | CUSIP: 735385AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000214.90   | 0.23%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Federated Hermes Municipal Securities Income Trust

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Municipal Securities Income Trust

**Title:** Chief Compliance Officer