# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-25-000882
**Filing Date:** 2025-12
**Character Count:** 95465
**Document Hash:** 2dd7677b016df2d62f2a899f3172fb8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-25-000882.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000898745-25-000882

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000898745

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 251596301

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-235-9328

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20211220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 20080616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL INVESTORS FUND INC
- **DATE OF NAME CHANGE:** 20001012

## Series and Classes Contracts Data

### Tax-Exempt Bond Fund formerly Tax-Exempt Bond Fund I (Series ID: S000014237)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038734 | Class A             | PTEAX           |
| C000038736 | Class C             | PTBCX           |
| C000158782 | Institutional Class | PITEX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Principal Funds, Inc

- **b. Investment Company Act file number:** 811-07572

- **c. CIK number of Registrant:** 0000898745

- **d. LEI of Registrant:** 549300HZGBXSW6DSXF23

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

  - **Street Address 1:** 801 Grand Ave

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

  - **Telephone number:** 515-235-1719

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

- **a. Name of Series:** Tax-Exempt Bond Fund

- **b. EDGAR series identifier (if any):** S000014237

- **c. LEI of Series:** 6BYFT28JGHOUTUDNKO44

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $498547623.62

**Total Liabilities:** $4714268.10

**Net Assets:** $493833355.52

**Delayed Delivery Securities:** $1464360.00

**Cash Not Reported:** $2425.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 821.35050000 | **1-Year:** 2257.69770000 | **5-Year:** 55804.17880000 | **10-Year:** 118613.04590000 | **30-Year:** 91367.94320000

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

- **3-Month:** 167.57650000 | **1-Year:** 460.62800000 | **5-Year:** 11385.47870000 | **10-Year:** 24200.09290000 | **30-Year:** 18641.39560000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000038736 | 0.90%                | 2.55%                | 0.92%                |
| Class ID C000158782 | 0.85%                | 2.65%                | 1.04%                |
| Class ID C000038734 | 0.82%                | 2.64%                | 1.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-607407.29              | $3479874.72                                |
| Month 2  | $227489.44               | $11033635.92                               |
| Month 3  | $-262565.50              | $3414982.35                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Port of Beaumont Navigation District                                                  | Port of Beaumont Navigation District                                                  | CUSIP: 73360CAC8<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4222528.52   | 0.86%             | 2035-01-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030881.40   | 0.41%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit MI                                                                    | CUSIP: 2510934Q0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027945.40   | 0.21%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                             | Central Texas Regional Mobility Authority                                             | CUSIP: 155498GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2770820.07   | 0.56%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority                                              | CUSIP: 63607YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $828886.20    | 0.17%             | 2045-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                              | CUSIP: 592250FA7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4789665.50   | 0.97%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                 | California Infrastructure & Economic Development Bank                                 | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6000000.00   | 1.21%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| State of California                                                                   | State of California                                                                   | CUSIP: 13063ENB8<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5471203.00   | 1.11%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       899 | PA      | $996.82       | 0.00%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago IL                                                                    | CUSIP: 167486X79<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573834.35   | 0.32%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                        | Lower Alabama Gas District/The                                                        | CUSIP: 547804AF1<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5434056.50   | 1.10%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                  | Mida Mountain Village Public Infrastructure District                                  | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058570.40   | 0.42%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| iShares National Muni Bond ETF                                                        | iShares National Muni Bond ETF                                                        | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             | EC               | RF                | US        |       528 | NS      | $56749.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| San Diego Unified School District/CA                                                  | San Diego Unified School District/CA                                                  | CUSIP: 797355Q64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4124224.50   | 0.84%             | 2032-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                        | Lower Alabama Gas District/The                                                        | CUSIP: 547804AE4<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3723660.54   | 0.75%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                         | New Jersey Turnpike Authority                                                         | CUSIP: 646140FX6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071667.70   | 0.22%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                           | George L Smith II Congress Center Authority                                           | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1752400 | PA      | $1791014.83   | 0.36%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                   | California State Public Works Board                                                   | CUSIP: 13068L8D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2864950.50   | 0.58%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit MI                                                                    | CUSIP: 2510935F3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004730.40   | 0.20%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority Future Tax Secured Revenue               | CUSIP: 64972JBY3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3395806.56   | 0.69%             | 2042-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                 | Pennsylvania Economic Development Financing Authority                                 | CUSIP: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4280090.45   | 0.87%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88035RAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2774049.87   | 0.56%             | 2055-07-01      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District                                     | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5352573.50   | 1.08%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                      | Fairfax County Redevelopment & Housing Authority                                      | CUSIP: 303835DR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3116603.40   | 0.63%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission                                                      | CUSIP: 709224N21<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2176935.20   | 0.44%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston TX Airport System Revenue                                             | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5770000 | PA      | $5770109.05   | 1.17%             | 2038-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    182745 | PA      | $180659.26    | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority                                                        | CUSIP: 54811BN72<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   4055000 | PA      | $4303828.18   | 0.87%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                                | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                                | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1796795.30   | 0.36%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 64990GZQ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1312827.00   | 0.27%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                       | Texas Municipal Gas Acquisition & Supply Corp V                                       | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4650309.20   | 0.94%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74444VAF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1489927.65   | 0.30%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                           | Kentucky Turnpike Authority                                                           | CUSIP: 491552R80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6550000 | PA      | $7352982.84   | 1.49%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                         | Sales Tax Securitization Corp                                                         | CUSIP: 79467BBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3071181.90   | 0.62%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    256701 | PA      | $245644.63    | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                              | Metropolitan Pier & Exposition Authority                                              | CUSIP: 592248EE4<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1871640.33   | 0.38%             | 2029-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority | CUSIP: 54628CJB9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1517507.84   | 0.31%             | 2044-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       229 | PA      | $235.43       | 0.00%             | 2027-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3270711.36   | 0.66%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority Future Tax Secured Revenue               | CUSIP: 64971X2Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $3163709.46   | 0.64%             | 2038-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                         | Palm Beach County Health Facilities Authority                                         | CUSIP: 696507VS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109641.50   | 0.22%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                           | Main Street Natural Gas Inc                                                           | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4496171.52   | 0.91%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority                                             | CUSIP: 64577HMH1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1010889.20   | 0.20%             | 2031-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority                                                 | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    410000 | PA      | $379725.11    | 0.08%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88035G8P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $686761.93    | 0.14%             | 2055-08-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $619612.74    | 0.13%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                                 | County of Cuyahoga OH                                                                 | CUSIP: 232263NP4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2769073.14   | 0.56%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                           | California Educational Facilities Authority                                           | CUSIP: 130179TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3430413.90   | 0.69%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                                    | Montana Facility Finance Authority                                                    | CUSIP: 612043KW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016084.80   | 0.41%             | 2038-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                             | Tulsa Municipal Airport Trust Trustees/OK                                             | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2882997.00   | 0.58%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp                                                    | Kentwood Economic Development Corp                                                    | CUSIP: 491740EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999019.20    | 0.20%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                              | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102282.90   | 0.22%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VanEck High Yield Muni ETF                                                            | VanEck High Yield Muni ETF                                                            | CUSIP: 92189H409<br>LEI: 549300UT41BWOPGYSE94 | Long             | EC               | RF                | US        |      2363 | NS      | $120843.82    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| California Public Finance Authority                                                   | California Public Finance Authority                                                   | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7778851.20   | 1.58%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                                    | Tuscaloosa County Industrial Development Authority                                    | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2997000 | PA      | $3016411.87   | 0.61%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   7155000 | PA      | $7057158.24   | 1.43%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                      | Florida Development Finance Corp                                                      | CUSIP: 34061XAF9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4033529.60   | 0.82%             | 2032-07-01      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                      | Kentucky Public Energy Authority                                                      | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3258701.10   | 0.66%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                     | Tobacco Settlement Financing Corp                                                     | CUSIP: 888808HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5195000 | PA      | $5158738.38   | 1.04%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency                                                            | CUSIP: 917467AU6<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1216771.80   | 0.25%             | 2040-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3484732.65   | 0.71%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88035RQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $2067777.90   | 0.42%             | 2031-01-01      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                | Ohio Air Quality Development Authority                                                | CUSIP: 67754AAD6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002696.00   | 0.20%             | 2038-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority                                                                | CUSIP: 46247SFF6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $554820.75    | 0.11%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority                                        | CUSIP: 118217CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1778201.50   | 0.36%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                                  | County of Trimble KY                                                                  | CUSIP: 896224BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933971.20    | 0.19%             | 2044-09-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                                    | City of Whiting IN                                                                    | CUSIP: 96634RAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $726511.30    | 0.15%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Collier County Industrial Development Authority                                       | Collier County Industrial Development Authority                                       | CUSIP: 194641BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561571.55   | 0.32%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Industrial Development Authority                                     | Allegheny County Industrial Development Authority                                     | CUSIP: 01730PAB5<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1717664.50   | 0.35%             | 2030-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                                    | Maryland Economic Development Corp                                                    | CUSIP: 57421HAB9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3165441.60   | 0.64%             | 2048-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority                                                 | CUSIP: 59261A3Q8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    735000 | PA      | $687806.83    | 0.14%             | 2044-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                             | Tarrant County Cultural Education Facilities Finance Corp                             | CUSIP: 87638QTK5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937069.50    | 0.19%             | 2054-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                                  | County of Fairfax VA                                                                  | CUSIP: 30382AMX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5140167.50   | 1.04%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago IL                                                                    | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4720425.30   | 0.96%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1372423 | PA      | $876635.41    | 0.18%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                     | Atlanta Development Authority/The                                                     | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5650000 | PA      | $5767419.43   | 1.17%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority                                               | CUSIP: 8371515T2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2930000 | PA      | $3098133.95   | 0.63%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago IL                                                                    | CUSIP: 167486X61<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053690.10   | 0.21%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                             | Tarrant County Cultural Education Facilities Finance Corp                             | CUSIP: 87638RGV3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2072971.61   | 0.42%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                                  | City of Lakeland FL Department of Electric Utilities                                  | CUSIP: 51166FCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5742728.03   | 1.16%             | 2036-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                          | State of Oregon Department of Transportation                                          | CUSIP: 68607DXB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5609381.40   | 1.14%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88035MJW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1166148.35   | 0.24%             | 2049-10-01      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                 | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                 | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3281115.60   | 0.66%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority | Louisiana Local Government Environmental Facilities & Community Development Authority | CUSIP: 54628CES7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1769073.95   | 0.36%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency                                              | CUSIP: 57584YWJ4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139901.60   | 0.23%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency                                                            | CUSIP: 917467AH5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518068.55   | 0.31%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                              | Montana Board of Housing                                                              | CUSIP: 61213TBC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $783068.10    | 0.16%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                        | General Authority of Southcentral Pennsylvania                                        | CUSIP: 84129NNH8<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3156769.44   | 0.64%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                      | Florida Development Finance Corp                                                      | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2087500.00   | 0.42%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2072020.28   | 0.42%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650110AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946161.40    | 0.19%             | 2041-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                    | State of Minnesota                                                                    | CUSIP: 60412AQ63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5096518.50   | 1.03%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Convention & Visitors Authority                                             | Las Vegas Convention & Visitors Authority                                             | CUSIP: 51771FAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5471397.92   | 1.11%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                      | Oneida Indian Nation of New York                                                      | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2045380.59   | 0.41%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education                                                            | CUSIP: 167505D29<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467381.15   | 0.30%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority                                                | CUSIP: 13049YEN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2382407.10   | 0.48%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                   | State of New Jersey                                                                   | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5360236.00   | 1.09%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                             | Philadelphia Gas Works Co                                                             | CUSIP: 71783MDF9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054491.50   | 0.21%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                     | California Housing Finance Agency                                                     | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   6812003 | PA      | $6893201.90   | 1.40%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88033MQP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1512000 | PA      | $1642199.47   | 0.33%             | 2040-01-01      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority                                                 | CUSIP: 59261AH42<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3101943.60   | 0.63%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                               | Georgia Ports Authority                                                               | CUSIP: 373586HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3585000 | PA      | $3870043.71   | 0.78%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp                                                                | South Jersey Port Corp                                                                | CUSIP: 838530RG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5064759.50   | 1.03%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                      | Parish of St John the Baptist LA                                                      | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024327.40   | 0.41%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                      | Florida Development Finance Corp                                                      | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4550000 | PA      | $4526559.31   | 0.92%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State Street SPDR Nuveen ICE High Yield Municipal Bond ETF                            | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF                            | CUSIP: 78464A284<br>LEI: 54930036TY0W1EQHEK50 | Long             | EC               | RF                | US        |         4 | NS      | $100.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ohio Air Quality Development Authority                                                | Ohio Air Quality Development Authority                                                | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    850000 | PA      | $790435.57    | 0.16%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority                                        | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4190196.00   | 0.85%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                       | City of Galveston TX Wharves & Terminal Revenue                                       | CUSIP: 364568KC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1926804.24   | 0.39%             | 2041-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                 | Illinois State Toll Highway Authority                                                 | CUSIP: 452252LH0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5216822.00   | 1.06%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1595176.95   | 0.32%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority                                       | CUSIP: 64972GE83<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2130921.80   | 0.43%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650116JK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4347331.60   | 0.88%             | 2050-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    428210 | PA      | $308891.98    | 0.06%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority                                    | CUSIP: 837031WN9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444875.45   | 0.29%             | 2052-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sacramento Area Flood Control Agency                                                  | Sacramento Area Flood Control Agency                                                  | CUSIP: 785840HD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1341295.11   | 0.27%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Ultra-Short Municipal Income ETF                                             | JPMorgan Ultra-Short Municipal Income ETF                                             | CUSIP: 46641Q654<br>LEI: 549300C27W430AWFZC05 | Long             | EC               | RF                | US        |        99 | NS      | $5036.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Navajo Nation                                                                         | Navajo Nation                                                                         | CUSIP: 639185AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $1992307.60   | 0.40%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                          | Detroit City School District                                                          | CUSIP: 251130FS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2124615.00   | 0.43%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency                                              | CUSIP: 57584XYD7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |  10770000 | PA      | $12751718.77  | 2.58%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                     | CUSIP: 452153EQ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6855000 | PA      | $7300936.26   | 1.48%             | 2044-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority                                              | CUSIP: 63607YAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898950.20    | 0.18%             | 2042-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago IL                                                                    | CUSIP: 16752QAB4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    346335 | PA      | $204337.82    | 0.04%             | 2026-02-15      | Fixed         | 7.46%                 | No            |                  2 | On Loan: No      |
| Tompkins County Development Corp                                                      | Tompkins County Development Corp                                                      | CUSIP: 890096BB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $23000.00     | 0.00%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University/The                                                             | Ohio State University/The                                                             | CUSIP: 677632Q61<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5800117.50   | 1.17%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    362971 | PA      | $320366.88    | 0.06%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority Inc                                         | Casino Reinvestment Development Authority Inc                                         | CUSIP: 14760RBR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067704.90   | 0.22%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                                  | City of Atlanta GA Airport Passenger Facility Charge                                  | CUSIP: 04780TEM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9235000 | PA      | $10334147.85  | 2.09%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                            | Lancaster Industrial Development Authority                                            | CUSIP: 51434NAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $818054.80    | 0.17%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport          | San Francisco City & County Airport Comm-San Francisco International Airport          | CUSIP: 79766DRY7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554017.70   | 0.31%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650116CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5145491.50   | 1.04%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health & Educational Facilities Authority                           | CUSIP: 20775DZU9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2337074.00   | 0.47%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority                                                 | CUSIP: 59261AJ73<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098471.20   | 0.22%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                 | City of Farmington NM                                                                 | CUSIP: 311450FW5<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |    600000 | PA      | $522422.88    | 0.11%             | 2033-04-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       270 | PA      | $288.34       | 0.00%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 64990C6Q9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038445.60   | 0.21%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority                                       | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5287988.00   | 1.07%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                   | County of Cook IL Sales Tax Revenue                                                   | CUSIP: 213248BY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563307.35   | 0.32%             | 2035-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                             | Tarrant County Cultural Education Facilities Finance Corp                             | CUSIP: 87638QTG4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127166.40   | 0.43%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88035JKU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2495000 | PA      | $3382196.25   | 0.68%             | 2050-10-01      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority                                              | CUSIP: 63607WAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    382689 | PA      | $390389.56    | 0.08%             | 2034-01-20      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                         | Sales Tax Securitization Corp                                                         | CUSIP: 79467BCW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2856096.99   | 0.58%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority                                              | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $535447.99    | 0.11%             | 2059-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88034NML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1802000 | PA      | $1883779.08   | 0.38%             | 2043-07-01      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                     | Atlanta Development Authority/The                                                     | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2568443.50   | 0.52%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050043.70   | 0.21%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton OH                                                                 | CUSIP: 40727RBS6<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1436668.47   | 0.29%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                    | Port of Seattle WA                                                                    | CUSIP: 735389U48<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5733448.88   | 1.16%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority                                    | CUSIP: 83704DAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $495000.00    | 0.10%             | 2051-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                            | City of Los Angeles Department of Airports                                            | CUSIP: 544445JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1340568.38   | 0.27%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                     | Tobacco Settlement Financing Corp                                                     | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5012663.00   | 1.02%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                          | City of Long Beach CA Airport System Revenue                                          | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1699047.41   | 0.34%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                      | Raleigh Durham Airport Authority                                                      | CUSIP: 751073MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1616955.75   | 0.33%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency                                              | CUSIP: 57585BGU6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5849329.50   | 1.18%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 65000B7Y8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3217309.50   | 0.65%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                              | New York Transportation Development Corp                                              | CUSIP: 650116FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914330.60    | 0.19%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                               | Georgia Ports Authority                                                               | CUSIP: 373586HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047645.90   | 0.21%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority                                                 | CUSIP: 54640TAJ8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    658760 | PA      | $6.59         | 0.00%             | 2039-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority                                | CUSIP: 13078RHR4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2198357.80   | 0.45%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                                      | Rib Floater Trust Various States                                                      | CUSIP: 76252PWW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.40%             | 2042-12-15      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp                                              | New York Energy Finance Development Corp                                              | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2203737.09   | 0.45%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mohegan Tribal Finance Authority                                                      | Mohegan Tribal Finance Authority                                                      | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3930566.25   | 0.80%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                           | Commonwealth of Puerto Rico                                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    349015 | PA      | $320303.60    | 0.06%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Phenix City Industrial Development Board                                              | Phenix City Industrial Development Board                                              | CUSIP: 717346AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2958578.40   | 0.60%             | 2035-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 64990F6U3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065203.90   | 0.22%             | 2049-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| iShares Short-Term National Muni Bond ETF                                             | iShares Short-Term National Muni Bond ETF                                             | CUSIP: 464288158<br>LEI: 5493006UX6BTVQQ8GI65 | Long             | EC               | RF                | US        |       374 | NS      | $39845.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority                                    | CUSIP: 83704DAK2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $110000.00    | 0.02%             | 2031-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority                                                    | CUSIP: 65000B7V4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062902.80   | 0.22%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                                   | City of St Louis MO Airport Revenue                                                   | CUSIP: 791638H77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1121474.09   | 0.23%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88035R2Y9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.40%             | 2029-06-01      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                             | Westchester County Local Development Corp                                             | CUSIP: 95737TFM3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2262938.15   | 0.46%             | 2048-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                                 | Parish of St James LA                                                                 | CUSIP: 790103AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099552.00   | 0.22%             | 2040-12-01      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88034YTB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1608548.39   | 0.33%             | 2036-05-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                               | City of Philadelphia PA                                                               | CUSIP: 717813XM6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118718.60   | 0.43%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                      | Kentucky Public Energy Authority                                                      | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5215474.50   | 1.06%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                               | Energy Southeast A Cooperative District                                               | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3535960.89   | 0.72%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority                                        | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1110201.19   | 0.22%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia                                                                  | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2256730.80   | 0.46%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                     | Mission Economic Development Corp                                                     | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2600729.75   | 0.53%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority                                                            | CUSIP: 59447TVA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3269862.05   | 0.66%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority                                                 | CUSIP: 54640TAE9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    416831 | PA      | $4.17         | 0.00%             | 2039-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                           | Virginia Small Business Financing Authority                                           | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3480000 | PA      | $2845183.62   | 0.58%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village of Gilberts IL Special Service Area No 24                                     | Village of Gilberts IL Special Service Area No 24                                     | CUSIP: 37546QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    123932 | PA      | $119889.47    | 0.02%             | 2034-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency                                                            | CUSIP: 917467AF9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4485372.65   | 0.91%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88034M3A2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1816072.56   | 0.37%             | 2044-05-15      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Collier County Health Facilities Authority                                            | Collier County Health Facilities Authority                                            | CUSIP: 19463VAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3067636.02   | 0.62%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United City of Yorkville IL                                                           | United City of Yorkville IL                                                           | CUSIP: 987361AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300048.75    | 0.06%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority                                    | CUSIP: 837031WL3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1799863.56   | 0.36%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority                                      | CUSIP: 56682HCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6070731.66   | 1.23%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Municipal Credit Income Fund                                          | Nuveen AMT-Free Municipal Credit Income Fund                                          | CUSIP: 67071L825<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.03%             | 2029-03-01      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                | Permanent University Fund - University of Texas System                                | CUSIP: 915130BH0<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   6305000 | PA      | $7461995.87   | 1.51%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                | Arkansas Development Finance Authority                                                | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004325.70   | 0.20%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                        | Tender Option Bond Trust Receipts/Certificates                                        | CUSIP: 88035GWF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1780578.28   | 0.36%             | 2042-10-01      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development                                     | CUSIP: 717901CA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $977429.46    | 0.20%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Principal Funds, Inc

**Signature:** Megan Hoffmann

**Name of Signer:** /s/ Megan Hoffmann

**Title:** Vice President and Treasurer