# EDGAR Filing Document

**Accession Number:** 0000035373
**File Stem:** 0001752724-25-198472
**Filing Date:** 2025-8
**Character Count:** 159236
**Document Hash:** f0dd766b1656c3554ee0f3af91778ed3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-198472.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001752724-25-198472

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000035373

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02628
- **FILM NUMBER:** 251243278

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNICIPAL BOND FUND/MA/
- **DATE OF NAME CHANGE:** 19860327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19850503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND LTD
- **DATE OF NAME CHANGE:** 19770201

## Series and Classes Contracts Data

### Fidelity Flex Conservative Income Municipal Bond Fund (Series ID: S000059246)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000194468 | Fidelity Flex Conservative Income Municipal Bond Fund | FUEMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Fidelity Municipal Trust

- **b. Investment Company Act file number:** 811-02628

- **c. CIK number of Registrant:** 0000035373

- **d. LEI of Registrant:** MC33ZH3HL1S8YN987650

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

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

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

- **a. Name of Series:** Fidelity Flex Conservative Income Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000059246

- **c. LEI of Series:** 54930075HJRZVG5XWY95

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $226468756.67

**Total Liabilities:** $5182422.47

**Net Assets:** $221286334.20

**Delayed Delivery Securities:** $4632189.00

**Cash Not Reported:** $1003.98

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1859.15757150 | **1-Year:** 7127.71618850 | **5-Year:** 3985.37218950 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 302.24285600 | **1-Year:** 807.09141400 | **5-Year:** 277.33371500 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194468 | 0.20%                | 0.36%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2732.03                | $-336121.12                                |
| Month 2  | $10022.33                | $244979.64                                 |
| Month 3  | $0.00                    | $209511.88                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA ST MFA SW 3.85% MT @                                                   | CUSIP: 13048RAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $801077.04    | 0.36%             | 2041-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL                                                                      | COOK CY IL 5% 11/15/2025                                                  | CUSIP: 213185MT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $256697.38    | 0.12%             | 2025-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HEALTH CARE AUTH FOR BAPT HLTH ALA                                                | HLTH BAPTIST AL 2013B V7                                                  | CUSIP: 42219UBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.14%             | 2042-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX SPL TAX REV                                                        | FORT WRTH TEX 5% 3/1/2029                                                 | CUSIP: 349507DE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $962375.22    | 0.43%             | 2029-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA CMNTY CHOICE FIN AUTH 2022-XF3007-NUV Q=MO D7                          | CUSIP: 88035DDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2005000.00   | 0.91%             | 2053-05-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR REV                                                              | AMERICAN MUN OH 5% 2/15/2026                                              | CUSIP: 02765URM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303837.33    | 0.14%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL TRANSIT SALES TX 2024-XF3290-BNY Q=WF D7                       | CUSIP: 88035J4S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.18%             | 2049-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CNTY FLA TRANSN REV                                                       | OSCEOLA FL TRAN 0% 10/1/2025                                              | CUSIP: 688031EE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123768.91    | 0.06%             | 2025-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV                            | MA SCH BLDG 5% 8/15/2027                                                  | CUSIP: 576000RT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300351.69    | 0.14%             | 2027-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV AGY MULTI-FAMILY HSG REV                                 | MONRO NY 61075N 5% 7/1/2028                                               | CUSIP: 61075NAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93445.46     | 0.04%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 3/1/2026                                               | CUSIP: 56035DGW6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $353342.96    | 0.16%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | AZ IDA MF HSG ROERS FLAGSTAFF 2023-MIZ9157 MZ/MZ D35                      | CUSIP: 60700HUK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2063-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 8/1/2025 @                                                | CUSIP: 735389T73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150184.50    | 0.07%             | 2025-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ALBANY NY                                                                         | ALBANY CITY NY 3/20/26 BAN                                                | CUSIP: 012429CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2511622.00   | 1.14%             | 2026-03-20      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY and CNTY ARPT                                                      | DENVER CO ARPT 5% 12/1/2027 @                                             | CUSIP: 249182LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $286092.90    | 0.13%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DALLAS TX ISD                                                                     | DALLAS TX ISD 25A-1 G=PSF MT                                              | CUSIP: 235308Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1211752.32   | 0.55%             | 2055-02-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OH UNIV HOSP SYS R-FLOAT V7                                               | CUSIP: 67756CCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2033-01-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX HSG TR PUB FACCORP MULTIFAMILY HSG REV                            | SAN ANTONI TXS 3.45% MT                                                   | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $513108.50    | 0.23%             | 2029-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REV                                                           | HOUSTON TX ARPT 5% 7/1/2025@                                              | CUSIP: 442349FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH ENVIRONMENTAL FACS REV                          | VA SM BUS PURE SALMON LLC PRE MT@                                         | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400115.20    | 0.18%             | 2052-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WAYNE ST UNIV MI UNIV REVS                                                        | WAYNE ST U MI 5% 11/15/2026                                               | CUSIP: 946303H31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515384.65    | 0.23%             | 2026-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2027 @                                            | CUSIP: 592647MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $555424.96    | 0.25%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST INDS AUTH EDL FACSLEASE REV                                           | OKLAHOMA ST IND 5% 4/1/2026                                               | CUSIP: 67910FAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $532791.47    | 0.24%             | 2026-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH and EDL FACS AUTH REVENUE                                   | CONN ST HEALTH 2.80% 7/1/2057                                             | CUSIP: 20775DUY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1093813.60   | 0.49%             | 2057-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 2/15/2026                                               | CUSIP: 97712JKC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404178.28    | 0.18%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LIBERTY NY DEV CORP REV                                                           | LIBERTY NY DEV 2015-XM0106 LIQ MORGAN STANLEY                             | CUSIP: 531127AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.14%             | 2035-10-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| HEARD CNTY GA DEV AU POLLU CTL                                                    | GA PWR - SOUTHERN CO 07-1 V1@                                             | CUSIP: 422230BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2037-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 3.7% MT                                                      | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156889.70    | 0.07%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DALLAS TEX HSG FIN CORP MULTI FAMILY HSG REV                                      | DALLAS MHSG 5% MT                                                         | CUSIP: 235298BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190541.63    | 0.09%             | 2026-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REV                                                     | SC NUCOR 97 V7@                                                           | CUSIP: 084185DD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.14%             | 2030-04-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NJ MF HSG 609 ROAD ST 2025-CF7019 CI/CI D7                                | CUSIP: 88035MQX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2029-06-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 5/1/2027 @                                                | CUSIP: 735389C63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257823.63    | 0.12%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BEXAR MGMT and DEV CORP TEX MULTIFAMILY HSG REV                                   | BEXAR MGMT and DE 3.02% MT                                                | CUSIP: 08857CAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $994970.70    | 0.45%             | 2045-05-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY GO                                                                  | NYC NY 5% 8/1/2027                                                        | CUSIP: 64966LW23<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3670906.51   | 1.66%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SULLIVAN WEST CENT SCH DIST NY                                                    | SULLIVAN WEST NY CSD 6/25/26 BAN                                          | CUSIP: 865353DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006205.20   | 0.45%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PAWTUCKET R I                                                                     | PAWTUCKET CITY RI 24-2 10/24/25 BAN                                       | CUSIP: 7041654L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300473.55    | 0.14%             | 2025-10-24      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | NASHVILLE and DAVIDSON TN HLTH and EDUC EWING HGTS 2024-MIZ9163 MZ/MZ D35 | CUSIP: 60700HVD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2062-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IDB POLLUTN CTL REV                                                     | MOBILE AL IDB 3.65% MT                                                    | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500302.05    | 0.23%             | 2034-07-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2026@                                              | CUSIP: 64763HLX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $282695.45    | 0.13%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                                                         | DALLAS TX 5% 2/15/2026                                                    | CUSIP: 235219VZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012701.80   | 0.46%             | 2026-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NORTH TX TWY AUTH REV                                                             | NORTH TX TOLL 5% 1/1/2026                                                 | CUSIP: 66285WE77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65708.06     | 0.03%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COLORADO HSG and FIN AUTH MULTIFAMILY HSG REV                                     | CO HSG and FIN 3.5% 11/1/2043                                             | CUSIP: 19647PDN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400589.40    | 0.18%             | 2043-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2025 @                                               | CUSIP: 646080WH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251449.98    | 0.11%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                          | NY TRANS CORP 5% 12/1/2026 @                                              | CUSIP: 650116FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $337159.65    | 0.15%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2025                                                   | CUSIP: 56678PBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $362789.53    | 0.16%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OHIO FIN AUTH MULTIFAMILY HSG REV                          | COLUMBUS HSG RE 5% 7/1/2045 MT                                            | CUSIP: 19910XAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132775.28    | 0.06%             | 2045-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA HFA MSHG MISSION GATEWAY APTS 2025-CF7034 CI/CI D7 - for cash          | CUSIP: 88035PYD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.59%             | 2055-03-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH PCR                                                       | MONROE GA PCR (GEORGIA PWR CO PLT SCHERER) 3.88% 10/1/48                  | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170377.04    | 0.08%             | 2048-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 12/1/2026 @                                                 | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    565000 | PA      | $579079.91    | 0.26%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2025                                                  | CUSIP: 472682YU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90377.39     | 0.04%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BRAZOS TX HSG FIN CORP 2023-XF3129-AMR MZ/MZ D7                           | CUSIP: 88035GQP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2041-09-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                      | CA SOLID WASTE REPUBLIC SEVICES 21A MT@                                   | CUSIP: 13048RAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1099576.28   | 0.50%             | 2041-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY IDA REV                                                          | NYC IDA 5% 1/1/2026                                                       | CUSIP: 64971PKU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35313.90     | 0.02%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TEX HSG FIN CORP MULTIFAMILY HSG                                      | TRVS TX MHSG 3.75% MT                                                     | CUSIP: 89438UBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30002.22     | 0.01%             | 2026-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | MD MF HSG WOODINGTON GARDENS 2024-XF3222-AMR MZ/MZ D7                     | CUSIP: 88035HK96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.14%             | 2054-04-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA MF HSG FIN AGY 2023-XF3127-AMR MZ/MZ D7                                | CUSIP: 88035F4X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2030-06-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 2.875% MT                                                    | CUSIP: 121342QD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $209703.10    | 0.09%             | 2049-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE                                                                       | TX ST VET 07A Q=SS V7@                                                    | CUSIP: 882724HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.36%             | 2037-06-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAINT LOUIS MO IDA HAWKINS VILLAGE APTS 2023-MIZ9153 MZ/MZ D35            | CUSIP: 60700HTX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2063-10-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL OHARE INTL ARPT REV                                                    | CHICAGO OHARE 5% 1/1/2026 @                                               | CUSIP: 1675937E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $413539.57    | 0.19%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REV                                                         | MI ST BLDG AUTH 24-I V1                                                   | CUSIP: 594615LS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.14%             | 2059-04-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.25% 12/1/2025                                            | CUSIP: 09182TBY2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95608.90     | 0.04%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS SLD WASTE                                                     | PFA WI SD WSTE 1.9% MT@                                                   | CUSIP: 74445MAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700429.42   | 0.77%             | 2025-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTHRV                                                               | ILLINOIS FN RV 5% 1/1/2026                                                | CUSIP: 45204FF83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351533.60    | 0.16%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2026                                                    | CUSIP: 2510936G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162165.39    | 0.07%             | 2026-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DIRECTOR ST NV DPT BUS and IND SOLID WASTE DISP REV                               | NV SLD WST 1.875% 12/1/2026 @ MT                                          | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200039.88    | 0.09%             | 2026-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HONOLULU HI CITY and CNTY MFR                                                     | HONOLULU HI MFR 5% 12/1/2026 MT                                           | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $375799.49    | 0.17%             | 2027-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BROWARD CTY FL HSG AUT HSG REV                                                    | BROWARD HSG 3.15% MT                                                      | CUSIP: 115027RE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $389670.57    | 0.18%             | 2028-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRANS 2022-XF1355-NUV Q=JPMC BK D7                                 | CUSIP: 88035DDN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 1.04%             | 2043-11-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE CNTY WI ARPT REV                                                        | MILWAUKEE WI AR 5% 12/1/2025 @                                            | CUSIP: 602248ME3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $806065.84    | 0.36%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | TX ST MF HSG ROERS BOERNE 2023-MIZ9124 MZ/MZ D35                          | CUSIP: 60700HQD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.59%             | 2062-10-01      | Variable      | 0.02%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | EL PASO TX HSG FIN 2022-MIZ9104 MZ/MZ D35                                 | CUSIP: 60700HNE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2062-08-01      | Variable      | 0.02%                 | Yes           |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 2/15/2028                                               | CUSIP: 97712JKE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $548476.01    | 0.25%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | TAMPA FL INTL ARPT 2024-XF1740-MFS Q=JP D7@                               | CUSIP: 88035JME9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1805000.00   | 0.82%             | 2054-10-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TEXAS A and M UNIVERSITY REVS                                                     | TX A and M UNIV 4% 5/15/2027                                              | CUSIP: 88213AGU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010010.80   | 0.46%             | 2027-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY GO                                                                  | NYC NY 5% 8/1/2028                                                        | CUSIP: 64966SKE5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2411107.34   | 1.09%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ                                                                         | NEWARK CITY ESSEX CNTY NJ 9/25/25 BAN                                     | CUSIP: 650367TA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1302294.11   | 0.59%             | 2025-09-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IND LOC PUB IMPTBD BK                                                | INDIANAPOLIS BK 5% 1/1/2026 @                                             | CUSIP: 45528VAX7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65603.11     | 0.03%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH MULTIFAMILY HSG REV                                         | ILLINOIS HDA MU 5% 2/1/2027 MT                                            | CUSIP: 45203LEL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90876.75     | 0.04%             | 2027-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 3.95% MT@                                                      | CUSIP: 708692CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600189.44   | 0.72%             | 2049-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUS FIN CORP MS RV                                                    | MS PWR - SOUTHERN CO 99 V1@                                               | CUSIP: 605279MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.54%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IND LOC PUB IMPTBD BK                                                | INDIANAPOLIS BK 5% 1/1/2027 @                                             | CUSIP: 45528VAY5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133116.43    | 0.06%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR 3.8% 10/1/2032 MT                                            | CUSIP: 121342QJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200875.74    | 0.09%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX WTR REV                                                            | SAN ANTONIO WTR 1% MT                                                     | CUSIP: 79642GNB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965837.10    | 0.44%             | 2043-05-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH MULTIFAMILY REV                                         | CAMDE NJ 13281R 5% MT                                                     | CUSIP: 13281RAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $556206.53    | 0.25%             | 2027-03-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TN PUBLIC BLDG ATH                                                    | CLARKSVILLE TN PBA POOLED FING-TENN MUN BOND FND LOC BANK OF AMERICA NA   | CUSIP: 182564AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.05%             | 2031-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CO ST COMMONSPIRIT HLTH 2022-XM1059-ALL Q=JPMC BK D7                      | CUSIP: 88035DT54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2280000.00   | 1.03%             | 2042-11-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                  | NEW JERSEY ECN 5% 3/1/2026                                                | CUSIP: 64577XEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $364717.01    | 0.16%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CO FL IDA SLD WASTE DISP REV                                           | MIAMI-DADE SLW 4.50% 11/1/2048 MT @                                       | CUSIP: 59333GAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000882.30   | 1.36%             | 2048-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 7/15/2026                                                        | CUSIP: 70914PP97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204785.12    | 0.09%             | 2026-07-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | SAN FRAN CA MHSG FD HAYNES APTS 2025-CF7033 CI/CI D7- FOR CASH            | CUSIP: 88035PYA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.50%             | 2053-07-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 11/1/2026                                                        | CUSIP: 452152Q61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87081.01     | 0.04%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 12/1/2026                                              | CUSIP: 56035DFN7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76660.84     | 0.03%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MOBILE AL IDB POLLUTN CTL REV                                                     | MOBILE AL IDB 3.78% MT                                                    | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100205.27    | 0.05%             | 2034-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | BALTIMORE MD OAK CREST VLG BC22-032 BC/BC D42                             | CUSIP: 76252PVZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2050-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY 2022-XF3073-NUV Q=MO D7                              | CUSIP: 88035EPR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.45%             | 2053-02-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | VA NATL SENIOR CAMPUS BC22-028 BC/BC DR42                                 | CUSIP: 76252PVB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.18%             | 2045-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REV                                                       | KY NUCOR 20A1 V1@                                                         | CUSIP: 583022AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.50%             | 2060-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                               | MIAMI-DADE MFH 3.55% MT                                                   | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290168.26    | 0.13%             | 2027-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2026                                                  | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56340.33     | 0.03%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY WYO ENVIRONMENTAL IMPT REV                                           | WY PACIFICORP-BRK LIN 95 V7@                                              | CUSIP: 533477AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.41%             | 2025-11-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CO NY                                                                  | WASHINGTON CNTY NY 3/20/26 BAN                                            | CUSIP: 938123HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $603776.10    | 0.27%             | 2026-03-20      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GEISINGER AUTH PA HLTH SYS REV                                                    | GEISINGER PA 5% 4/1/2043 MT                                               | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $418124.89    | 0.19%             | 2043-04-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                | CUSIP: 5444453E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $822339.54    | 0.37%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW MT@                                                            | CUSIP: 708692BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.81%             | 2044-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | OMAHA NE ARPT 2024-XG0593-MST E-AGC/Q=BA D7@                              | CUSIP: 88035JY22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2049-12-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY and CNTY ARPT                                                      | DENVER CO ARPT 5% 11/15/2025 @                                            | CUSIP: 249182QA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $166026.04    | 0.08%             | 2025-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 9/15/25@                                                    | CUSIP: 73358WR55<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145422.94    | 0.07%             | 2025-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY CNTY TN ARPT AU                                                    | MEMPH-SHELBY TN 1.875% 7/1/2025 @                                         | CUSIP: 586111PT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.04%             | 2025-07-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MICH ARPT AUTH REV                                                     | WAYNE CO MI AAR 5% 12/1/2026@                                             | CUSIP: 944514TC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55082.24     | 0.02%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA ST MFH KENSINGTON APTS 2022-MIZ9113 MZ/MZ D35                          | CUSIP: 60700HPB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.36%             | 2052-11-01      | Variable      | 0.02%                 | Yes           |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV REVS                                            | PA THO JFFRSN U 17B RFLOAT7                                               | CUSIP: 71781XCR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.66%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GENESEE COUNTY FUNDING CORP/THE                                                   | GENESEE COUNT 5% 12/1/2025                                                | CUSIP: 371669AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175811.39    | 0.08%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TEX SPL TAX REV                                                        | FORT WRTH TEX 5% 3/1/2026                                                 | CUSIP: 349507DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405111.92    | 0.18%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FD LTD OBLIG REV                                            | MI STRAT FND 3.35% MT@                                                    | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $719578.37    | 0.33%             | 2049-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                  | OH UNIV HOSP HLTH SVCS 15B V7                                             | CUSIP: 67756CCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.41%             | 2045-01-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES and TERMINAL REVENUE                                         | GALVESTON TX ST 5.25% 8/1/2025 @                                          | CUSIP: 364568HV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250220.60    | 0.11%             | 2025-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL PARK DIST 2022-XM1304-MST BAMAC/RC D7                          | CUSIP: 88035DNG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.36%             | 2044-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HEALTH CARE SYS REV                                                | GRD FORKS ND HL 5% 12/1/2025                                              | CUSIP: 38546WCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25055.04     | 0.01%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REV                                                               | ATLANTA GA ARPT 5% 7/1/2025 @                                             | CUSIP: 04780MXE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.03%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECONOMIC and INDL DEV AUTH SOLID WASTE DISP REV                    | AL PWR - SOUTHERN CO 07 V1@                                               | CUSIP: 931542AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.45%             | 2036-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | MD RIDERWOOD VLG BC22-029 BC/BC DR42                                      | CUSIP: 76252PVG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.18%             | 2045-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL OHARE INTL ARPT REV                                                    | CHICAGO OHARE 5% 1/1/2028 @                                               | CUSIP: 1675935L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $946133.92    | 0.43%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX FIN CORP MFHR                                                         | HOUSTON TX MF 5% 8/1/2041                                                 | CUSIP: 442396EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111560.36    | 0.05%             | 2041-08-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| OK DEV FIN AUTH HEALTH SYS REV                                                    | OK INTEGRIS HLTH 20B V7                                                   | CUSIP: 67884XCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $625000.00    | 0.28%             | 2031-08-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                        | BURKE GA PCR MT 11/1/2048                                                 | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $84849.33     | 0.04%             | 2048-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                           | NYS_HFA 3.375% MT                                                         | CUSIP: 64987JQ38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $925294.34    | 0.42%             | 2063-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BROWARD CTY FL HSG AUT HSG REV                                                    | BROWARD HSG 4.05% 9/1/2056 MT                                             | CUSIP: 115027RA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125634.80    | 0.06%             | 2056-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BOERNE TX ISD                                                                     | BOERNE TX ISD 0% 2/1/2053                                                 | CUSIP: 097067NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $784244.67    | 0.35%             | 2053-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 5/1/2027                                                         | CUSIP: 452153JJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129060.09    | 0.06%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL                                    | LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY/FL V7                         | CUSIP: 52350LAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.68%             | 2049-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH SLD DISP WST REV                                                    | IA MIDAMERICAN - BRK 08A V7@                                              | CUSIP: 46245EAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.36%             | 2038-07-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| EAST SYRACUSE-MINOA NY CENT SD                                                    | E SYRACUSE MINOA NY CSD 6/25/26 BAN                                       | CUSIP: 275443EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $805641.28    | 0.36%             | 2026-06-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | ARIZONA IND DEV AUTH MF HSG 2023-MIZ9149 MZ/MZ D35                        | CUSIP: 60700HTK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2040-07-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 5/1/2028                                                         | CUSIP: 452153JK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89022.23     | 0.04%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| YUMA AZ INDL DEV AUTH HOSP REV                                                    | YUMA AZ HOSP 5% 8/1/2025                                                  | CUSIP: 988514CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300427.62    | 0.14%             | 2025-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH RE                                                              | MICHIGAN FIN AU 5% 4/15/2026                                              | CUSIP: 59447T3F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $269116.32    | 0.12%             | 2026-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA HSG FIN MULT                                                    | DISTRICT COLUMBIA HSG FIN MULT 3.05% 09/01/2041 MT                        | CUSIP: 25477PQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $599638.68    | 0.27%             | 2041-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REV                                                         | JEFF AL W+S 5% 10/1/2027                                                  | CUSIP: 472682YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52164.51     | 0.02%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ED LN AUTH ED LN                                                    | MA ED LN AUTH 5% 7/1/2025@                                                | CUSIP: 57563RPC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.04%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ED LN AUTH ED LN                                                    | MA ED LN AUTH 5% 7/1/2025 @                                               | CUSIP: 57563RSW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.03%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2027                                                    | CUSIP: 2510936H8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $169832.78    | 0.08%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REV                                                             | CHARLOTTE NC AP 5% 7/1/2027 @                                             | CUSIP: 161036VS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $568745.10    | 0.26%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX FIN CORP MFHR                                                         | HOUSTON TX MF 3.65% MT                                                    | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $447568.81    | 0.20%             | 2048-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH and EDL BLDG CORP HIGHER ED FAC REV                           | RI HLTH and EDL 5% 11/1/2025                                              | CUSIP: 762197J77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503003.70    | 0.23%             | 2025-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | SAN ANTONIO E and G SIFMA+87 MT                                           | CUSIP: 79625GFV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $454822.32    | 0.21%             | 2048-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| WHITING IND ENVIRONMENTAL FACS                                                    | WHITING IN ENV 5% MT@                                                     | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $373296.74    | 0.17%             | 2044-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CVC IMP CRP APR REV                                                    | PHX CVC APT REV 5% 7/1/2026 @                                             | CUSIP: 71883MQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $188160.71    | 0.09%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 4.6% 10/1/2046 MT @                                            | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014752.80   | 0.91%             | 2046-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES and TERMINAL REVENUE                                         | GALVESTON TX ST 5.25% 8/1/2026 @                                          | CUSIP: 364568HW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $239044.04    | 0.11%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 12/1/2025 @                                                 | CUSIP: 73358XJT0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    275000 | PA      | $276742.26    | 0.13%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ITHACA CITY NEW YORK                                                              | ITHACA CITY NY 2/13/26 BAN                                                | CUSIP: 465650U72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003275.60   | 0.45%             | 2026-02-13      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2025                                                   | CUSIP: 837151ZC6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352682.93    | 0.16%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PROSPER TEX INDPT SCH DIST                                                        | PROSPER TX ISD 4% 2/15/2050 MT                                            | CUSIP: 7436002V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110832.08    | 0.05%             | 2050-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UT HSG CORP MULTIFAMILY REV                                                       | UT HSG MF 3.7% MT                                                         | CUSIP: 917434DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236166.75    | 0.11%             | 2043-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN MULTIFAMILY HSG REV                                   | WA HFC MF 5% MT                                                           | CUSIP: 93978PPU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $137297.77    | 0.06%             | 2043-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BINGHAMTON NY                                                                     | BINGHAMTON CITY NY 4/10/26 BAN                                            | CUSIP: 0904912K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2314569.81   | 1.05%             | 2026-04-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MAIKER HSG PARTNERS COLO MULTIFAMILY HSG REV                                      | MAIKER HSG PART 4.5% MT                                                   | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201491.16    | 0.09%             | 2042-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SWEETWATER CNTY WY ENV IMP REV                                                    | WY PACIFICORP-BRK SWE 95 V1@                                              | CUSIP: 870481AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.32%             | 2025-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% MT                                                      | CUSIP: 97712JGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $335163.58    | 0.15%             | 2054-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN                                                      | OH HI ED COM 1.625% MT                                                    | CUSIP: 67756DVP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $68040.04     | 0.03%             | 2034-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| BOERNE TX ISD                                                                     | BOERNE TX ISD 4% MT                                                       | CUSIP: 097067NQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $179144.98    | 0.08%             | 2054-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2027                                                   | CUSIP: 56678PBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $382790.21    | 0.17%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                               | MIAMI-DADE MFH 5% MT                                                      | CUSIP: 593344BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250668.38    | 0.11%             | 2026-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD HSG MULTIFAMILYHSG REV                                             | MONTANA ST BRD HSG 3.32% MT                                               | CUSIP: 61212VAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $660525.76    | 0.30%             | 2046-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA STATEWIDE MFH 2023-MIZ9121 G=FHLM/MZ D1@                               | CUSIP: 60700HPW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.95%             | 2033-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MET AIRPORT COMMIS                                                    | MN MAC PORT REV 5% 1/1/2026 @                                             | CUSIP: 603827N28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353247.51    | 0.16%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | LYNCHBURG VA EDA CENTRA HLTH 2018-XL0075-NUV Q=JPMC BK D7                 | CUSIP: 88034MXT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.90%             | 2055-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                                      | OH AIR QUAL 3.20% 5/1/2026                                                | CUSIP: 677525WY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $477481.73    | 0.22%             | 2026-05-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 3.95% MT@                                                  | CUSIP: 605155BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000101.40   | 0.45%             | 2055-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| LINCOLN NEB ARPT AUTH                                                             | LINCOLN NEB ARP 5% 7/1/2025 @                                             | CUSIP: 534247QM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550000.00    | 0.25%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA WTR and SWR AU                                                  | DC W and S 3% MT                                                          | CUSIP: 254845TJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $118401.70    | 0.05%             | 2057-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2026                                                   | CUSIP: 8371515X3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133878.16    | 0.06%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACS AUTH REV                                         | WISCONSIN ST HT 4% 11/15/2046                                             | CUSIP: 97712D7E0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    885000 | PA      | $892300.90    | 0.40%             | 2046-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| LOUISIANA HOUSING CORP                                                            | RIDGE COMMONS COLLAT SOFT PUTS 3.75% MT                                   | CUSIP: 54627CBV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $373808.30    | 0.17%             | 2028-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AL SE ENERGY G=MO 2022-XG0410-NUV Q=MO D7                                 | CUSIP: 88035DL94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.72%             | 2053-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | SC CONWAY HOSP BC22-019 BC/BC DR42                                        | CUSIP: 76252PTY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.14%             | 2047-07-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                                                         | AK ST 5% 8/1/2028                                                         | CUSIP: 0117706D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $101563.19    | 0.05%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2027                                              | CUSIP: 407288H44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63365.37     | 0.03%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SANTA FE CNTY N MEX MULTIFAMILY REV                                               | SANTA NM 3.29% 12/10/2049 MT                                              | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $754457.38    | 0.34%             | 2049-12-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP MLTFMY RV                                                    | FL HFC MF 3.8% 6/1/2042 MT                                                | CUSIP: 34073JVE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185719.19    | 0.08%             | 2042-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2028@                                              | CUSIP: 64763HLZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $618046.19    | 0.28%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5.50% 6/1/2027                                             | CUSIP: 09182TCV7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82890.34     | 0.04%             | 2027-06-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV                                                        | SLT LAKE U 5% 7/1/2027 @                                                  | CUSIP: 795576LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61939.01     | 0.03%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FLORIDA INS ASSISTANCE INTERLOCAL AGY FLA INS ASSMT REV                           | FL INSURANCE 2023 A2 Q=FL V7                                              | CUSIP: 34074EAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3120000.00   | 1.41%             | 2032-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TEXAS MUN GAS ACQUISITION and SUPPLY CORP IV GAS SUPPLY REV                       | TEXAS GAS IV 5.25% 1/1/2027                                               | CUSIP: 88256PAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $236250.18    | 0.11%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                         | MARICOPA C 5% 12/1/2026                                                   | CUSIP: 56678PBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $468509.50    | 0.21%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                           | CALIFORNIA CMY 5% 11/1/2028                                               | CUSIP: 13013JFY7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    350000 | PA      | $366995.02    | 0.17%             | 2028-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ATRIUM HEALTH                                                                     | ATRIUM HEALTH 3.45% MT                                                    | CUSIP: 160853TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $335169.01    | 0.15%             | 2048-01-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HEALTH CARE SYS REV                                                | GRD FORKS ND HL 5% 12/1/2026                                              | CUSIP: 38546WCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213975.20    | 0.10%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                            | LA NUCOR 10A1 V7                                                          | CUSIP: 790103AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8695000 | PA      | $8695000.00   | 3.93%             | 2040-11-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SOLID WASTE DISP REV                                        | NATIONAL FN AT 2.15% MT@                                                  | CUSIP: 63608RAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1409745.96   | 0.64%             | 2027-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH MULTIFAMILY HSG REV                                         | ILLINOIS HDA MU 0% 2/1/2027                                               | CUSIP: 45203LEM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100974.17    | 0.05%             | 2027-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE(MO) 5.25% 6/1/29MT 53                                      | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    155000 | PA      | $163000.02    | 0.07%             | 2053-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HEALTH FACS AUTH REV                                               | ORANGE CNTY FL 0% 11/15/2052                                              | CUSIP: 68450LGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $194512.52    | 0.09%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PRT ARTHR TX MTVA10E Q=SELF V7                                            | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.81%             | 2040-11-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                | CUSIP: 5444452F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1619298.23   | 0.73%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUT                                                    | NJ ST TRANSN TR FD AUTH CAP APPREC-TRANSN SYS-SER A                       | CUSIP: 646136WE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $152817.24    | 0.07%             | 2025-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                | CUSIP: 544445XP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203046.80    | 0.09%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 9/1/2026                                                         | CUSIP: 70914P2V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $800999.86    | 0.36%             | 2026-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ORANGE TWP NJ                                                                     | ORANGE TWP CITY ESSEX CNTY NJ 3/18/26 BAN                                 | CUSIP: 685312NP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1105775.44   | 0.50%             | 2026-03-18      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                                                         | DALLAS TX 5% 2/15/2027                                                    | CUSIP: 235219WA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036026.60   | 0.47%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FLA SPL REV                                                          | JACKSONVILLE F 5% 10/1/2025                                               | CUSIP: 469487TA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25116.43     | 0.01%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 5% 6/1/2026                                               | CUSIP: 56035DEA6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1926126.52   | 0.87%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WEST HAVEN CT                                                                     | W HAVEN CITY CT 3/26/26 BAN                                               | CUSIP: 9531402P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301855.41    | 0.14%             | 2026-03-26      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO OHARE 2023 XF1457 D1 @                                            | CUSIP: 88035E5E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.08%             | 2059-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC                                                                | CUMBERLAND CNTY NC PROJECT AERO PRE MT@                                   | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500193.05    | 0.23%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | MIAMI-DADE FL AVIATION 2025-XF1827-FE Q=JP D7@                            | CUSIP: 88035MNR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $525000.00    | 0.24%             | 2055-10-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FL ORLANDO HLTH 2025-XF1917-FE Q=JP D7                                    | CUSIP: 88035PGD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2056-10-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| FLA HSG FIN CORP MULTIFAMILY MTG REV                                              | FL MHSG 5% MT                                                             | CUSIP: 34074HGY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75479.33     | 0.03%             | 2026-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX AIRPORT SYS                                                            | AUSTIN TX ARPT 5% 11/15/2025@                                             | CUSIP: 052398HA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105672.48    | 0.05%             | 2025-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                           | NYS HFA 3.8% MT                                                           | CUSIP: 64987JP54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115032.96    | 0.05%             | 2063-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL ARPT SYS                                                       | PALM BCH ARPT 5% 10/1/2027 @                                              | CUSIP: 696499FB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $358171.24    | 0.16%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH DC ARPTS ATH                                                    | MTRO WA DC ARPT 5% 10/1/2026 @                                            | CUSIP: 592647MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $240716.47    | 0.11%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ALASKA ST                                                                         | AK ST 5% 8/1/2026                                                         | CUSIP: 0117706B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $123021.50    | 0.06%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG and CMNTY DEV                                | MARYLAND ST CMN 3.50% 1/1/2026                                            | CUSIP: 57419T3S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $495921.24    | 0.22%             | 2026-01-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | MD HLTH INTEGRACE BC22-024 BC/BC DR42                                     | CUSIP: 76252PUP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.18%             | 2049-11-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 2.05/VAR MT@                                               | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600156.66    | 0.27%             | 2026-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOM DEV AUTH REV                                                    | NJ EDA REV 5.25% 9/1/26                                                   | CUSIP: 64577B6K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $184939.90    | 0.08%             | 2026-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FNG AUTH REV                                               | CALIFORNIA HLTH 0% 10/1/2039 MT                                           | CUSIP: 13032UB80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201021.68    | 0.09%             | 2039-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA STATEWIDE MFH 2023-MIZ9122 G=FHLM/MZ D1@                               | CUSIP: 60700HPY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.18%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BAY SHORE NY UN FREE SCH DIST                                                     | BAY SHORE NY UFSD 7/15/25 BAN                                             | CUSIP: 072581LA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700539.75   | 0.77%             | 2025-07-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HSG and EDA HSG REV                                                     | WI HSG EDA 3.875% MT                                                      | CUSIP: 9769044P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115260.19    | 0.05%             | 2054-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | PA EDFA SW 2.15% MT@                                                      | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605789.88    | 0.27%             | 2041-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                                   | PHILA PA 5% 8/1/2027                                                      | CUSIP: 717813C23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $569423.74    | 0.26%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                                  | MISSION TX EDC 4.25% 6/1/2048 MT @                                        | CUSIP: 605155BU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302535.78    | 0.14%             | 2048-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV                                                        | SLT LAKE U 5% 7/1/2025 @                                                  | CUSIP: 795576LG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.02%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | LOS ANGELES MFH HOLLYWOOD and VINE APTS 2022-MIZ9089 FRE/MZ D1@           | CUSIP: 60700HKS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3805000 | PA      | $3805000.00   | 1.72%             | 2042-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NY HSG 42ND and 10TH BC22-003 BC/BC DR42                                  | CUSIP: 76252PRU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.18%             | 2041-11-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| PORT AUTH NY and NJ                                                               | PORT NY NJ 5% 10/15/2025 AMT                                              | CUSIP: 73358WYA6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    265000 | PA      | $266117.82    | 0.12%             | 2025-10-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SWR REV                                                              | KING CNTY SWR 1/1/2042 MT                                                 | CUSIP: 495290BD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $319550.01    | 0.14%             | 2042-01-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2027                                                 | CUSIP: 118106KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $573788.60    | 0.26%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2025                                                 | CUSIP: 118106KJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650000.00    | 0.29%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE CNTY TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSGREV                 | KNOXV TN 3.1% MT                                                          | CUSIP: 499652AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $336192.90    | 0.15%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAINS ENERGY PROJ NE GAS PROJ REV                                        | CENTRAL PLAINS 2.5% MT                                                    | CUSIP: 154872AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $434727.47    | 0.20%             | 2049-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLLUTION CTL                                                    | MARICOPA AZ PUB SVC 09E V7                                                | CUSIP: 566854ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.18%             | 2029-05-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NYS HFA 42ND and 10TH BC22-007 L=BC/BC DR42@                              | CUSIP: 76252PSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 1.17%             | 2041-11-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA REV                                                               | PORT SEATTLE 5% 8/1/2026                                                  | CUSIP: 735389T81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96913.24     | 0.04%             | 2026-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | KANSAS CITY MO ARPT 2023-XM1108-MST AGM/JPMC BK D1@                       | CUSIP: 88035FZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.05%             | 2057-03-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PTY and BLDGS COMMN                                                   | KY ST PROP 132A 4/1/26                                                    | CUSIP: 49151F4M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $335193.54    | 0.15%             | 2026-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL OHARE ARPT 2022-XM1078-MST AGM/JPMC BK D7@                     | CUSIP: 88035ENZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.86%             | 2053-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| INDIANA ST DEV FIN AUTH ENVR R                                                    | INDIANA ST DEV FIN AUTH ENVIRONMENTAL REV VAR-PSI ENERGY INC PROJS-SER B  | CUSIP: 454912AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.05%             | 2038-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSG                       | CHATT TN HEHA 3.6% MT                                                     | CUSIP: 162404DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $916581.12    | 0.41%             | 2048-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TEXARKANA TEX INDPT SCH DIST                                                      | TEXAR TX 4% 2/15/2053 MT                                                  | CUSIP: 881847VM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $447145.08    | 0.20%             | 2053-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY REV                                    | KENTUCKY INC KY 5% 12/1/2026                                              | CUSIP: 74440DFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $301902.94    | 0.14%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2027@                                                | CUSIP: 646080XU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $427663.68    | 0.19%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV                               | NJ STUD LOAN 5% 12/1/2027 @                                               | CUSIP: 646080XM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154577.24    | 0.07%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEVADA HSG DIV                                                                    | NV MHSG 5% MT                                                             | CUSIP: 641272HR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $269799.66    | 0.12%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 8/1/2027                                                | CUSIP: 97712JHF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $345122.64    | 0.16%             | 2027-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.80% 7/1/2026                                              | CUSIP: 64469MQL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170406.22    | 0.08%             | 2026-07-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                    | SC PUB SVC 5% 12/1/2028                                                   | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    190000 | PA      | $203078.78    | 0.09%             | 2028-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | DENVER CO ARPT 2018-XM0715-MST Q=MO D7                                    | CUSIP: 88034NE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.50%             | 2043-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | CA MHG FIDDIMENT AFFORDABLE 2024-MIZ9162 MZ/MZ D35                        | CUSIP: 60700HVA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.05%             | 2062-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.625% 4/1/2026                                             | CUSIP: 64469MRK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35090.66     | 0.02%             | 2026-04-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | NM HAVERLAND CARTER BC22-034 BC/BC D42                                    | CUSIP: 76252PWP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195000.00    | 0.09%             | 2042-07-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ED LN AUTH ED LN                                                    | MA ED LN AUTH 5% 7/1/2025 @                                               | CUSIP: 57563RPV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.05%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BELLEVILLE NJ TAN                                                                 | BELLEVILLE TWP ESSEX CNTY NJ 7/7/26 BAN                                   | CUSIP: 079098GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2112480.09   | 0.95%             | 2026-07-07      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2028                                                 | CUSIP: 118106KM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $398627.55    | 0.18%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                               | MIAMI-DADE MFH 5% 10/1/2026 MT                                            | CUSIP: 593344BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $421590.20    | 0.19%             | 2026-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| TEXAS ST AFFORDABLE HSG CORP MULTIFAMILY HSG REV                                  | TX AHC MF 3.625% MT                                                       | CUSIP: 88271FFR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131022.03    | 0.06%             | 2045-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                                                      | Fidelity Municipal Cash Central Fund                                      | CUSIP: 31635A204<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  10039592 | NS      | $10041599.50  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| OKLAHOMA CO OK IDS 89 OKLA CTY                                                    | OKLAHOMA CTY OK 3% 7/1/2026                                               | CUSIP: 678841LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $702387.28    | 0.32%             | 2026-07-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NH NATL FIN AUTH UNIV HOSP HOME CARE 2024-MS0023 MO DT                    | CUSIP: 88035HM37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2030-12-15      | Variable      | 0.02%                 | Yes           |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FL ORLANDO HLTH 2025-XF3302-NUV Q=WF D7                                   | CUSIP: 88035MEG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.72%             | 2056-10-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE WI                                                                      | MILWAUKEE 2% 3/1/2027                                                     | CUSIP: 602366VT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $186051.52    | 0.08%             | 2027-03-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | MIAMI-DADE CNTY FL MFH SUPERIOR MANOR APTS 2022-MIZ9087 MZ/MZ D35         | CUSIP: 60700HKP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2061-11-01      | Variable      | 0.02%                 | Yes           |                  2 | On Loan: No      |
| HARTFORD CT                                                                       | HARTFORD CT 5% 7/15/2025                                                  | CUSIP: 416415HV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105085.03    | 0.05%             | 2025-07-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CT                                                                      | NEW_HAVEN CT 5% 8/1/2028                                                  | CUSIP: 645021DL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $409301.20    | 0.18%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED and HEALTH AUTH REV                                  | PA THO JFFRSN U 18D RFLOAT V7                                             | CUSIP: 613603ZL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.36%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GUAM POWER AUTH.                                                                  | GUAM POWER AUTH 5% 10/1/2025 Q                                            | CUSIP: 400653JQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85293.53     | 0.04%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GEORGIA MUN ELEC AUTH PWR REV                                                     | GA MEAG 5% 1/1/2028                                                       | CUSIP: 626207Q49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $286089.58    | 0.13%             | 2028-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2025                                              | CUSIP: 407288H28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95787.08     | 0.04%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AZ MFH SAFFORD PRJ 2023-XF3174-AMR MZ/MZ D7                               | CUSIP: 88035GT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.63%             | 2041-11-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | AL SE ENERGY G=MO 2022-XM1062-ALL Q=MO D7                                 | CUSIP: 88035DX26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2053-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| PORT PORTLAND OR ARPT REV                                                         | PORTLND OR ARPT 5% 7/1/2025 @                                             | CUSIP: 735240Z71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.13%             | 2025-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHATANOOGA TN HEALTH ED and HSG FAC BRD REV                                       | CHTNOOGA TN COMNSPIRIT HLTH V7                                            | CUSIP: 162410CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.63%             | 2039-05-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH PCR                                                      | GA OGLETHORPE PWR HATCH 13A V7                                            | CUSIP: 038315EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.41%             | 2038-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUSINESS FIN CORPMISS SOLID WASTE DISP FAC and WASTEWATER FAC REV     | MS PWR - SOUTHERN CO 22-1 V1@                                             | CUSIP: 60528EAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $320000.00    | 0.14%             | 2052-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PORT ARTHUR NAV DIST TX ENVIR VAR-REF-MOTIVA ENTERPRISES PJ ***AMT***     | CUSIP: 735220AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 2.71%             | 2027-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA VA REDV and HSG AU MFH                                                 | ALEXANDRIA MFH 3.4% MT                                                    | CUSIP: 015330FB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $475020.47    | 0.21%             | 2054-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UTAH HOSP REV                                                           | UT CNTY UT HOSP 5% MT                                                     | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $163006.70    | 0.07%             | 2060-05-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDPT SCH DIST                                                       | NTHSIDE TX ISD 3.45% G=PSF 8/1/2054 MT                                    | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $642358.72    | 0.29%             | 2054-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY MULTIFAMILY HSG REV                                    | NC HSG FIN AGY 3.2% MT                                                    | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999747.80   | 0.90%             | 2056-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BUCKEYE ARIZ UN HIGH SCH DIST NO 201                                              | BUCKEYE AZ SD 5% 7/1/2026                                                 | CUSIP: 118106KK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $893458.30    | 0.40%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | ANCHORAGE AK PORT REV 2025-XF3381-INV E-AGC/Q=WF D7@                      | CUSIP: 88035PJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.32%             | 2050-02-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | OK MFH DUNCAN PL 2022-MIZ9103 MZ/MZ D35                                   | CUSIP: 60700HNB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    114268 | PA      | $114268.00    | 0.05%             | 2062-08-01      | Variable      | 0.02%                 | Yes           |                  2 | On Loan: No      |
| PORT PORT ARTHUR TX NAV DIST E                                                    | PRT ARTHR TX MTVA10D Q=SELF V7                                            | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3350000.00   | 1.51%             | 2040-11-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDPT SCH DIST                                                       | NTHSIDE TX ISD 3% MT                                                      | CUSIP: 66702RH54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1617629.33   | 0.73%             | 2053-08-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BUFORD GA MF HSG AUTH 2023-XF3118-AMR MZ/MZ D7                            | CUSIP: 88035FN48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2041-03-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL ED FACS FIN CORP HOSP REV                                | TARRANT EFFC HO 5% MT                                                     | CUSIP: 87638QSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227709.47    | 0.10%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| HALIFAX CNTY VA INDL DEV AUTH POLLUTION CTL REV VRDO IAM COML PAPER 3/A2 SER 1992 | HALIFAX CNTY VA 3.8% MT                                                   | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136900.91    | 0.06%             | 2041-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                        | DETROIT MI 5% 5/1/2028                                                    | CUSIP: 2510936J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93897.48     | 0.04%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                     | LA CA AIRPT 5% 5/15/2026 @                                                | CUSIP: 544445W54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55837.87     | 0.03%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY 2022-ZL0396-BLK Q=MO D7                              | CUSIP: 88035EQD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.14%             | 2053-02-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                                                   | PA ST 5% 9/1/2027                                                         | CUSIP: 70914P2A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1909708.35   | 0.86%             | 2027-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUMBLE TX INDPT SCH DIST                                                          | HUMBLE TX ISD 0% 2/15/2029                                                | CUSIP: 445047NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1900279.39   | 0.86%             | 2029-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                     | WASTE MANAGEMENT PUTS 1.7% 8/3/2020@                                      | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600315.04   | 0.72%             | 2037-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO PLANNED INDL EXPANSION AUTH MULTIFAMILY HSG REV                    | KANSAS CITY MSR 5% MT                                                     | CUSIP: 48507MAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154227.54    | 0.07%             | 2045-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PCF SOLID WST DISP                                                     | CAL PCR SWDR 4.25% 7/1/2043 MT @                                          | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1099395.44   | 0.50%             | 2043-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | NY MTA TRANSP 2022-XF1321-LA Q=JPMC BK D7                                 | CUSIP: 88035AUM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225000.00    | 0.10%             | 2055-11-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP                                          | NY TRANS CORP 5% 12/1/2025 @                                              | CUSIP: 650116DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45249.24     | 0.02%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BOARD                                                     | N ORLEANS AVIAT 5% 1/1/2027@                                              | CUSIP: 64763HLY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $323202.51    | 0.15%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLLUTION CTL                                                    | MARICOPA AZ PUB SVC 09D V7                                                | CUSIP: 566854ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.23%             | 2029-05-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FINGAUTH UPMC REV                                       | PENNSYLVANIA EC 5% 5/15/2026                                              | CUSIP: 70870JET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508266.30    | 0.23%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL AREA HSG FIN CORP TEX MULTI FAMILY HSG REV                                | CAP AREA HFC TX 3.125% MT                                                 | CUSIP: 139726CZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $386571.53    | 0.17%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NJ HLTH CARE FACS FING AUTH DEPT HUMAN SVCS LEASE                                 | NJ HLTH CARE FA 5% 9/15/2027                                              | CUSIP: 64579XEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78415.93     | 0.04%             | 2027-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH HSG AUTH REV                                                         | SEATTLE WA HSG 5% 6/1/2027                                                | CUSIP: 812636PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81643.54     | 0.04%             | 2027-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA KENNESTONE HOSP                                                      | GA WELLSTAR HLTH 25A L=BA V7                                              | CUSIP: 190813TK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.63%             | 2047-04-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                  | NEW JERSEY ECN 5% 6/15/2026                                               | CUSIP: 64577XET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $244774.92    | 0.11%             | 2026-06-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LAS VARAS PUB FAC CORP TEX MULTIFAMILY HSG REV                                    | LAS VARAS PUB F 3.75% 11/1/2025                                           | CUSIP: 51766AAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500086.80    | 0.23%             | 2025-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| INLIVIAN N C MULTIFAMILY REV                                                      | INLIVIAN N C MU 11/1/2058 MT                                              | CUSIP: 45753CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605238.00    | 0.27%             | 2058-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVIRONMENTAL FACS REV                                            | TRIMBLE CNTY KY 0% 6/1/2054 @                                             | CUSIP: 896221AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $807264.24    | 0.36%             | 2054-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                        | BLACK BELT ENE 5% 6/1/2026                                                | CUSIP: 09182TBH9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126651.00    | 0.06%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC and GAS REV                                                   | SAN ANTONIO E and G 5% 2/1/2026                                           | CUSIP: 79625GED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50594.73     | 0.02%             | 2026-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FHLMC FL GALLERY SMATHERS PLZ 2025-CF7017 CI/CI D7                        | CUSIP: 88035MKR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2037-04-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                               | MIAMI-DADE MFH 5% 3/1/2027 MT                                             | CUSIP: 593344BR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135283.42    | 0.06%             | 2027-03-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA HSG FIN MULT                                                    | DC HSG MF 3.65% MT                                                        | CUSIP: 25477PQA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344039.78    | 0.16%             | 2028-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                    | NEW HAMPSHIRE 3.70% 1/1/2027                                              | CUSIP: 64469MRL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115539.21    | 0.05%             | 2027-01-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                           | WV UNIV HLTH 18E RFLOAT V7                                                | CUSIP: 956622P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.14%             | 2033-06-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH SWR SYS REV                                                      | HAMILTON OH SWR 5% 12/1/2026                                              | CUSIP: 407288H36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97993.12     | 0.04%             | 2026-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | FL GT ORLANDO ARPT 2022-XM1093-ALL Q=JPMC BK D1@                          | CUSIP: 88035EZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.08%             | 2036-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT                                 | SOUTHEAST EN AL 5% 1/1/2027                                               | CUSIP: 84136HBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $713090.07    | 0.32%             | 2027-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTH                                                     | GT ORLANDO ARPT 5% 10/1/2028 @                                            | CUSIP: 392275EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $473778.95    | 0.21%             | 2028-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR REV                                                              | AMERICAN MUN OH 5% 2/15/2027                                              | CUSIP: 02765URN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $491609.66    | 0.22%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                            | MAIN STR NAT GA 4% 12/1/2025                                              | CUSIP: 56035DDS8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70119.55     | 0.03%             | 2025-12-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH and EDL BLDG CORP HIGHER ED FAC REV                           | RI HLTH and EDL 5% 11/1/2026                                              | CUSIP: 762197J85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $359661.37    | 0.16%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAN FRANCISCO CA CITY and CNTY MF HSG 2022-MIZ9115 MZ/MZ D35              | CUSIP: 60700HPG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.99%             | 2052-12-01      | Variable      | 0.02%                 | Yes           |                  2 | On Loan: No      |
| LONG BEACH N Y                                                                    | LONG BEACH CITY NY 24B 9/26/25 BAN                                        | CUSIP: 542519FZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000924.50   | 0.45%             | 2025-09-26      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CA MFH LITTLE TOKYO TWRS 2025-CF7013 CI/CI D7                             | CUSIP: 88035MDN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    599614 | PA      | $599614.00    | 0.27%             | 2052-07-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRPORT                                                                    | AK AIRPORT 5% 10/1/2025 @                                                 | CUSIP: 011842UN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1416037.20   | 0.64%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEVE AUTH IDR                                                    | CHANDLER AZ IDR(INTEL) 5% 9/1/27MT@                                       | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $849843.38    | 0.38%             | 2052-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | CHICAGO IL 2022-XF3045-NUV BC/BC D7                                       | CUSIP: 88035D3N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2038-01-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| NJ HLTH CARE FACS FING AUTH DEPT HUMAN SVCS LEASE                                 | NJ HLTH CARE FA 5% 9/15/2026                                              | CUSIP: 64579XEB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82035.38     | 0.04%             | 2026-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NORTH EAST INDPT SCH DIST TX                                                      | NE TX ISD 3.75% 8/1/2049 MT                                               | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $237674.56    | 0.11%             | 2049-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                       | IL ST 5% 3/1/2026                                                         | CUSIP: 452153DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344089.59    | 0.16%             | 2026-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | BLACK BELT AL ENERGY GAS DIST 2023-XM1110-ALL G=RC Q=RC D7                | CUSIP: 88035FC24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.32%             | 2053-12-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                                      | OH AIR QUAL 3.65% 12/1/2027 @                                             | CUSIP: 677525XB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $522461.99    | 0.24%             | 2027-12-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                     | IL PLYMOUTH PLACE BC25-002 BC/BC D35                                      | CUSIP: 76252PG45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $820000.00    | 0.37%             | 2056-05-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH and EDL FACSAUTH REV                                          | WISCONSIN ST H 5% 10/1/2025 Q                                             | CUSIP: 97712JFJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $361496.02    | 0.16%             | 2025-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER / RESIDUAL TR VAR STS                                              | SAINT PAUL MN MF HSG PLATO APTS 2023-MIZ9145 MZ/MZ D35                    | CUSIP: 60700HSW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.27%             | 2063-06-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                             | HI ST ARPT 2022-XG0386-MST Q=MO D7@                                       | CUSIP: 88035DAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2048-07-01      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH SOLID WASTE DISP REV                                   | PHX IDA SW 4.25% 12/01/2035 MT@                                           | CUSIP: 71884RAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900166.50    | 0.41%             | 2035-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Laura M. Del Prato

**Signature:** Laura M. Del Prato

**Name of Signer:** Laura M. Del Prato

**Title:** President and Treasurer