# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195829
**Filing Date:** 2025-8
**Character Count:** 473095
**Document Hash:** cf21dcdd30960d27db7d4df80fbec928
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195829.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195829

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153

**ORGANIZATION NAME:**
- **EIN:** 061158764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251238614

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361
- **BUSINESS PHONE:** 5059840200

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIMITED TERM TRUST
- **DATE OF NAME CHANGE:** 19870816

## Series and Classes Contracts Data

### Thornburg Limited Term Municipal Fund (Series ID: S000000540)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000001427 | Thornburg Limited Term Municipal Fund - Class A  | LTMFX           |
| C000001438 | Thornburg Limited Term Municipal Fund - Class C  | LTMCX           |
| C000001449 | Thornburg Limited Term Municipal Fund - Class I  | LTMIX           |
| C000222321 | Thornburg Limited Term Municipal Fund - Class C2 | LTMQX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **Long-Term Municipal Bonds — 96.6%** |  |  |
|  | &nbsp;&nbsp;**Alabama — 3.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alabama Special Care Facilities Financing Authority-Birmingham (Children's Hospital of Alabama Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2032 | &nbsp;&nbsp;$905000 | &nbsp;&nbsp;$905081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3470000 | &nbsp;&nbsp;&nbsp;&nbsp; 3472866 |
|  | &nbsp;&nbsp;&nbsp;Alabama State University (AG), 5.00% due 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 647543 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Canadian Imperial Bank), Series E, 5.00% due 5/1/2053 (put 6/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1813719 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series F, 5.50% due 11/1/2053 (put 12/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 4825000 | &nbsp;&nbsp;&nbsp;&nbsp; 5069874 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series C-1, 5.25% due 2/1/2053 (put 6/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;13240000 | &nbsp;&nbsp;&nbsp;&nbsp; 13889621 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1841882 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2053 (put 12/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4256924 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series D1, 4.00% due 7/1/2052 (put 6/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14594424 |
|  | &nbsp;&nbsp;&nbsp;Chatom (Powersouth Energy Cooperative Projects) (AG) IDB, 5.00% due 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 425666 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.80% due 8/1/2037 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4500684 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Mobile Alabama (Alabama Power Co.) IDB, Series C, 3.78% due 6/1/2034 (put 6/16/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007344 |
|  | &nbsp;&nbsp;&nbsp;County of Jefferson, 5.00% due 9/15/2032 - 9/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7375000 | &nbsp;&nbsp;&nbsp;&nbsp; 7575062 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B-1, 5.75% due 4/1/2054 (put 11/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7651504 |
|  | &nbsp;&nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons I LLC), Series A, 5.25% due 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 276098 |
|  | &nbsp;&nbsp;&nbsp;Jacksonville Public Educational Building Authority (Jacksonville State University) (BAM), Series A, 5.00% due 8/1/2033 - 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 3377114 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029064 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Goldman Sachs Groups, Inc.), Series B-1, 5.00% due 5/1/2053 (put 8/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5173930 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3738948 |
|  | &nbsp;&nbsp;&nbsp;UAB Medicine Finance Authority (UAB Medicine Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B2, 5.00% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 575352 |
|  | &nbsp;&nbsp;**Arizona — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arizona (Banner Health Obligated Group) HFA, Series B, 2.17% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 629224 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arizona (Ironwood Ranch Apartments LP) IDA, 5.00% due 2/1/2058 (put 9/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3265418 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arizona (TWG Glendale LP) IDA, 5.00% due 3/1/2045 (put 9/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1234286 |
|  | &nbsp;&nbsp;&nbsp;Arizona HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 128878 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3240000 | &nbsp;&nbsp;&nbsp;&nbsp; 3234359 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA, 3.80% due 12/1/2035 (put 6/15/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7574535 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.00% due 6/1/2049 (put 6/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 4740000 | &nbsp;&nbsp;&nbsp;&nbsp; 4736791 |
|  | &nbsp;&nbsp;&nbsp;County of Pima (TMC HealthCare Obligated Group) IDA, Series A, 4.00% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 484507 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County (Banner Health Obligated Group) IDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2031 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp;&nbsp; 3258347 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;12960000 | &nbsp;&nbsp;&nbsp;&nbsp; 14003137 |
|  | &nbsp;&nbsp;**California — 5.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 2.33% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3933260 |
|  | &nbsp;&nbsp;&nbsp;California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2028 - 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3167904 |
|  | &nbsp;&nbsp;&nbsp;California (Providence St. Joseph Health Obligated Group) HFFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1573085 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2039 (put 10/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032969 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;16955000 | &nbsp;&nbsp;&nbsp;&nbsp; 17738711 |
|  | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;13175000 | &nbsp;&nbsp;&nbsp;&nbsp; 13093368 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;15005000 | &nbsp;&nbsp;&nbsp;&nbsp; 15768319 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: New York Life Insurance Co.) (Green Bond), Series 2024H, 5.00% due 1/1/2056 (put 8/1/2033) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2159844 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Alexander Napa LP) (FNMA), Series A, 3.60% due 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1920900 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Biola University), 5.00% due 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301238 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC) (BAM), 5.00% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2905000 | &nbsp;&nbsp;&nbsp;&nbsp; 3038377 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management of California, Inc.; Guaranty: Waste Management Holdings) AMT, Series 2020-B, 3.95% due 10/1/2045 (put 9/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2982219 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 11/1/2046 (put 9/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001713 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 12/1/2044 (put 12/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000357 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.85% due 11/1/2041 (put 6/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000026 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (CHF-Irvine LLC), Series A, 5.00% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514775 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.00% due 5/15/2034 - 5/15/2035 | &nbsp;&nbsp;$6000000 | &nbsp;&nbsp;$6519244 |
|  | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 2960245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260377 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2053942 |
|  | &nbsp;&nbsp;&nbsp;Lammersville Joint (BAM) USD, 5.00% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497289 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (2111 Firestone LP) (HUD), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2479466 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series B, 5.00% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067199 |
|  | &nbsp;&nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) (AG) USD GO, Series A, 4.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501560 |
|  | &nbsp;&nbsp;&nbsp;Riverside County Public Financing Authority (Redevelopment Project Area No. 1) (AG), Series A, 5.00% due 10/1/2033 - 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1823375 |
|  | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority AMT, Series B, 5.00% due 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032662 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2034 - 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10750000 | &nbsp;&nbsp;&nbsp;&nbsp; 11632074 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara County Financing Authority, Series Q, 4.00% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001050 |
|  | &nbsp;&nbsp;&nbsp;Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 362287 |
|  | &nbsp;&nbsp;&nbsp;Semitropic Water Storage Improvement District (Irrigation Water System) (AG), Series A, 5.00% due 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121198 |
|  | &nbsp;&nbsp;&nbsp;State of California GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2033 - 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3513657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2035 - 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4110336 |
|  | &nbsp;&nbsp;&nbsp;Tustin (Community Facilities) (BAM) USD, Series A, 5.00% due 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504766 |
|  | &nbsp;&nbsp;&nbsp;University of California, Series AV, 5.00% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030317 |
|  | &nbsp;&nbsp;**Colorado — 2.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3513237 |
|  | &nbsp;&nbsp;&nbsp;Boulder Valley School District No. Re-2 Boulder (State Aid Withholding) GO, Series A, 5.00% due 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1541286 |
|  | &nbsp;&nbsp;&nbsp;Colorado (AdventHealth Obligated Group) HFA, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2059 (put 11/15/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3039713 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2049 (put 11/19/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7159250 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Colorado (Adventhealth Obligation Group) HFA, Series A-2, 5.00% due 11/15/2057 (put 11/15/2033) | &nbsp;&nbsp;&nbsp;&nbsp; 3260000 | &nbsp;&nbsp;&nbsp;&nbsp; 3582199 |
|  | &nbsp;&nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2029 - 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4550000 | &nbsp;&nbsp;&nbsp;&nbsp; 4910179 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 898245 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 8/1/2049 (put 8/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 5475000 | &nbsp;&nbsp;&nbsp;&nbsp; 5538154 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Colorado (Intermountain Healthcare Obligated Group) HFA, Series B, 5.00% due 5/15/2062 (put 8/17/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1622538 |
|  | &nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014924 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 1/15/2030 - 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2690000 | &nbsp;&nbsp;&nbsp;&nbsp; 2875750 |
|  | &nbsp;&nbsp;&nbsp;STC Metropolitan District No. 2 (AG) GO, Series A, 5.00% due 12/1/2033 - 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10505000 | &nbsp;&nbsp;&nbsp;&nbsp; 11246110 |
|  | &nbsp;&nbsp;**Connecticut — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of New Haven (AG) GO, Series B, 5.00% due 2/1/2028 - 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570990 |
|  | &nbsp;&nbsp;&nbsp;City of New Haven (BAM) GO, 5.00% due 8/1/2032 - 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227240 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority (Green Bond), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series D2, 3.85% due 11/15/2064 (put 5/15/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8502805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series F-1, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2450694 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp;&nbsp; 2697656 |
|  | &nbsp;&nbsp;&nbsp;New Canaan Housing Authority (HANC Lakeview LLC) (FNMA), Series A, 4.00% due 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5508000 | &nbsp;&nbsp;&nbsp;&nbsp; 5491035 |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8615000 | &nbsp;&nbsp;&nbsp;&nbsp; 8766753 |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138159 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 970928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4860000 | &nbsp;&nbsp;&nbsp;&nbsp; 5075755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.00% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp;&nbsp; 2349673 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2560000 | &nbsp;&nbsp;&nbsp;&nbsp; 2740401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2514800 |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes), Series A, 5.00% due 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 705832 |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes) (BAM), Series A, 5.00% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;11600000 | &nbsp;&nbsp;&nbsp;&nbsp; 11832302 |
|  | &nbsp;&nbsp;**Delaware — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Delaware State (Beebe Medical Center, Inc.) HFA, 5.00% due 6/1/2031 - 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3482555 |
|  | &nbsp;&nbsp;&nbsp;Delaware State Housing Authority (FHLMC, FNMA, GNMA), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 657417 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 556468 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048201 |
|  | &nbsp;&nbsp;**District of Columbia — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (Barry Farm Building 1A LLC), 5.00% due 12/1/2028 (put 12/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3904856 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC), Series B, 5.00% due 3/1/2029 (put 2/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2061376 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (Benning Corridor Titleholder LLC), 4.00% due 9/1/2040 (put 9/1/2025) | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2000704 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (Cascade Park Community Partners II LLC), 3.55% due 8/1/2042 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999770 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (ECD Edgewood Commons 5 LP) (FHA, HUD), 5.00% due 6/1/2027 (put 6/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012570 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (Wesley Hawaii LLC), 3.65% due 7/1/2028 (put 7/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3726748 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023188 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/1/2034 - 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2705371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2109704 |
|  | &nbsp;&nbsp;**Florida — 4.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Broward County Housing Finance Authority (Pinnacle 441 Phase 2 LLC), 4.05% due 9/1/2056 (put 3/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2159991 |
|  | &nbsp;&nbsp;&nbsp;Broward County School Board (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000854 |
|  | &nbsp;&nbsp;&nbsp;Broward County School Board COP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2029 - 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4345000 | &nbsp;&nbsp;&nbsp;&nbsp; 4382375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005429 |
|  | &nbsp;&nbsp;&nbsp;City of Orlando (Senior Tourist Development) (AG), Series A, 5.00% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1686532 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series B-1, 4.625% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 742250 |
|  | &nbsp;&nbsp;&nbsp;County of Broward Airport System Revenue AMT, Series A, 5.00% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1574825 |
|  | &nbsp;&nbsp;&nbsp;County of Broward Port Facilities Revenue AMT, Series B, 5.00% due 9/1/2034 - 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3925000 | &nbsp;&nbsp;&nbsp;&nbsp; 4023288 |
|  | &nbsp;&nbsp;&nbsp;County of Lee Airport Revenue, 5.00% due 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3305000 | &nbsp;&nbsp;&nbsp;&nbsp; 3317691 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, Series A, 5.00% due 10/1/2034 - 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10195000 | &nbsp;&nbsp;&nbsp;&nbsp; 10881629 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Transit System, 4.00% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2963517 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Okeechobee (Waste Management, Inc.), Series A, 3.80% due 7/1/2039 (put 7/2/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4095764 |
|  | &nbsp;&nbsp;&nbsp;Duval County Public Schools (AG) COP, Series A, 5.00% due 7/1/2025 - 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;11390000 | &nbsp;&nbsp;&nbsp;&nbsp; 11873677 |
|  | &nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2026 - 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 564963 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (Hermosa NFTM 41 II Ltd.), Series L, 3.50% due 7/1/2058 (put 7/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002015 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (Vineland Family Apartments Ltd.), Series E, 3.80% due 6/1/2042 (put 6/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5277389 |
|  | &nbsp;&nbsp;&nbsp;JEA Electric System Revenue, Series III-B, 5.00% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2191431 |
|  | &nbsp;&nbsp;&nbsp;JEA Water & Sewer System Revenue, Series A, 4.00% due 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3655000 | &nbsp;&nbsp;&nbsp;&nbsp; 3669130 |
|  | &nbsp;&nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, Series B-2, 4.375% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1511892 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County (Nicklaus Children's Hospital) HFA, 5.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038069 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Miami-Dade County (Waste Management, Inc.) IDA AMT, 4.25% due 11/1/2041 (put 11/3/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2497645 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Expressway Authority (Toll System), Series B, 5.00% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3350171 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (Quail Roost Transit Village I Ltd.) (HUD), 5.00% due 9/1/2026 (put 9/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002659 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Transit System, 4.00% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp;&nbsp; 3433497 |
|  | &nbsp;&nbsp;&nbsp;Orange County School Board COP, Series C, 5.00% due 8/1/2033 (pre-refunded 8/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049214 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2028 - 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486340 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Polk County Housing Finance Authority (Episcopal Catholic Apartments Owner LLLP) (HUD), 4.15% due 12/1/2040 (put 6/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014842 |
|  | &nbsp;&nbsp;&nbsp;School Board of Miami-Dade County COP, Series C, 5.00% due 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5220000 | &nbsp;&nbsp;&nbsp;&nbsp; 5260669 |
|  | &nbsp;&nbsp;&nbsp;Town of Davie (Nova Southeastern University, Inc.), 5.00% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 416802 |
|  | &nbsp;&nbsp;&nbsp;Volusia County School Board (BAM) COP, Series A, 5.00% due 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 958539 |
|  | &nbsp;&nbsp;**Georgia — 8.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 3128266 |
|  | &nbsp;&nbsp;&nbsp;City of Atlanta (Airport Passenger Facility) (Green Bond) AMT, Series D, 4.00% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3460012 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Columbus County Housing Authority (HACG RAD II LP) (HUD), 3.30% due 11/1/2028 (put 11/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 526243 |
|  | &nbsp;&nbsp;&nbsp;Development Authority of Burke County (Georgia Power Co.), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 1994, 3.80% due 10/1/2032 (put 5/21/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1995, 2.20% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074413 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Development Authority of Burke County (Oglethorpe Power Corp.), Series A, 3.60% due 1/1/2040 (put 2/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010944 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Development Authority of Monroe County (Georgia Power Co.), Series 1, 3.875% due 6/1/2042 (put 3/6/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2085740 |
|  | &nbsp;&nbsp;&nbsp;Forsyth County School District GO, 5.00% due 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044218 |
|  | &nbsp;&nbsp;&nbsp;Gwinnett County School District GO, 4.00% due 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003162 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 9/1/2052 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;29500000 | &nbsp;&nbsp;&nbsp;&nbsp; 29620507 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2052 (put 6/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 805187 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00% due 5/1/2052 (put 12/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 5160000 | &nbsp;&nbsp;&nbsp;&nbsp; 5184237 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;47530000 | &nbsp;&nbsp;&nbsp;&nbsp; 49931121 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2425583 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 7/1/2052 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;12645000 | &nbsp;&nbsp;&nbsp;&nbsp; 12736588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2053 (put 3/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;26675000 | &nbsp;&nbsp;&nbsp;&nbsp; 28089095 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5309590 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 9/1/2053 (put 9/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583209 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;25250000 | &nbsp;&nbsp;&nbsp;&nbsp; 26692709 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Savannah (International Paper Co.) EDA, Series A, 3.45% due 11/1/2033 (put 10/1/2031) | &nbsp;&nbsp;$830000 | &nbsp;&nbsp;$816939 |
|  | &nbsp;&nbsp;&nbsp;State of Georgia GO, Series A, 4.00% due 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500317 |
|  | &nbsp;&nbsp;**Illinois — 8.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Boone Mchenry & Dekalb Counties Community Unit School District 100 (AG) GO, Series A, 5.00% due 1/1/2032 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2615846 |
|  | &nbsp;&nbsp;&nbsp;Bureau Whiteside & Lee Counties Community Unit School District No. 340 (BAM) GO, 5.00% due 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 351645 |
|  | &nbsp;&nbsp;&nbsp;Chicago Midway International Airport AMT, Series A, 4.00% due 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3463824 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2043402 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, Series C, 5.00% due 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537002 |
|  | &nbsp;&nbsp;&nbsp;Chicago Park District GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2032 - 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2286771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.00% due 1/1/2034 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2045885 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport Customer Facility Charge Revenue) (BAM), 5.00% due 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085314 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport), Series C, 5.00% due 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504296 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Wastewater Transmission System) (AG), Series B, 5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1401041 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Water System), 5.00% due 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1277451 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago GO, 5.00% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245304 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Chicago Heights (Olympic Village LLC) (FHA, GNMA, HUD), 2.875% due 8/1/2027 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497124 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago Wastewater Transmission Revenue, Series B, 5.00% due 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp;&nbsp; 2763520 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1278069 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1522988 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue (AG), Series B, 5.00% due 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1337039 |
|  | &nbsp;&nbsp;&nbsp;City of Joliet (Rock Run Crossing Project) (BAM) GO, 5.00% due 12/15/2031 - 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2237317 |
|  | &nbsp;&nbsp;&nbsp;Illinois (FHLMC, FNMA, GNMA) HDA (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1796908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1980000 | &nbsp;&nbsp;&nbsp;&nbsp; 2102326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1753689 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% due 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060507 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Illinois (South Shore HHDC LIHTC LLC) (HUD) HDA, 5.00% due 2/1/2027 (put 2/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008276 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Illinois (Waste Management, Inc.; Guaranty: Waste Management Holdings) DFA AMT, Series A, 4.25% due 11/1/2044 (put 11/3/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6780544 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series 2020-REMK, 3.875% due 5/1/2040 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2532045 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2033 (pre-refunded 2/15/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 212508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 410459 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Carle Foundation Obligated Group), Series B, 5.00% due 8/15/2053 (put 8/15/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 561762 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series A, 5.00% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 874046 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Peoples Gas Light & Coke Co.), 3.90% due 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5003335 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Rush Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2029 - 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2275722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 805181 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 712803 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023097 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 1/1/2031 - 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1965007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502068 |
|  | &nbsp;&nbsp;&nbsp;Illinois State University (AG) COP, 5.00% due 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2291308 |
|  | &nbsp;&nbsp;&nbsp;Madison-Macoupin Etc Counties Community College District No. 536 (AG) GO, Series A, 5.00% due 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1653176 |
|  | &nbsp;&nbsp;&nbsp;Marshall Putnam & Bureau Counties Community Unit School District No. 5 Henry (BAM) GO, 5.00% due 12/1/2033 - 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 758607 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2027 - 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6249232 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO, Series B, 5.00% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 793233 |
|  | &nbsp;&nbsp;&nbsp;Peoria Metropolitan Airport Authority GO, Series D, 5.00% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2047492 |
|  | &nbsp;&nbsp;&nbsp;Peoria Tazewell Etc Counties Community College District No. 514 GO, Series B, 6.25% due 12/1/2027 - 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5474287 |
|  | &nbsp;&nbsp;&nbsp;Rock Island County School District No. 41 Milan (AG) GO, Series A, 5.00% due 1/1/2033 - 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 612849 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2028 - 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6445000 | &nbsp;&nbsp;&nbsp;&nbsp; 6709083 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3158097 |
|  | &nbsp;&nbsp;&nbsp;Sangamon County School District No. 186 Springfield (AG) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2175649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1685891 |
|  | &nbsp;&nbsp;&nbsp;Southern Illinois University (BAM), Series A, 5.00% due 4/1/2028 - 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3941144 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2032 - 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3385255 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2030 | &nbsp;&nbsp;$1050000 | &nbsp;&nbsp;$1128961 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/1/2031 - 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8170000 | &nbsp;&nbsp;&nbsp;&nbsp; 8894603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2033 - 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6430000 | &nbsp;&nbsp;&nbsp;&nbsp; 6413517 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/1/2029 - 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2689575 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2027 - 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35470000 | &nbsp;&nbsp;&nbsp;&nbsp; 36868489 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2026 - 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20771485 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM), Series A, 5.00% due 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260476 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM, NPFG), 6.00% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 242006 |
|  | &nbsp;&nbsp;&nbsp;Yorkville-Bristol Sanitation District (BAM) (Green Bond) GO, 5.00% due 12/15/2033 - 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227986 |
|  | &nbsp;&nbsp;**Indiana — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Indianapolis Department of Public Utilities Gas Utility Revenue, Series A, 5.00% due 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6865000 | &nbsp;&nbsp;&nbsp;&nbsp; 7196202 |
|  | &nbsp;&nbsp;&nbsp;City of Rockport (AEP Generating Co.; Guaranty: American Electric Power Co.), Series A, 3.125% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999981 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Rockport (Indiana Michigan Power Co.), Series A, 3.70% due 6/1/2047 (put 6/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010634 |
|  | &nbsp;&nbsp;&nbsp;Clark-Pleasant Community School Building Corp. (State Intercept), 5.00% due 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043170 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (CWA Authority, Inc.) (Green Bond), Series A, 5.00% due 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1456591 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Department of Transportation), Series C, 5.00% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150966 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/1/2057 (put 10/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4429344 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 10/1/2060 (put 7/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;13395000 | &nbsp;&nbsp;&nbsp;&nbsp; 14501172 |
|  | &nbsp;&nbsp;&nbsp;Mount Vernon of Hancock County Multi-School Building Corp. (State Intercept), 5.00% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 545706 |
|  | &nbsp;&nbsp;&nbsp;Noblesville Redevelopment Authority, 5.00% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 316495 |
|  | &nbsp;&nbsp;&nbsp;North Lawrence Community Schools Building Corp. (North Lawrence Community School Improvement Corp.) (State Intercept), 5.00% due 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 266657 |
|  | &nbsp;&nbsp;&nbsp;Warsaw Community Schools (State Intercept) GO, 5.00% due 7/15/2025 - 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3790000 | &nbsp;&nbsp;&nbsp;&nbsp; 3812634 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;West Lafayette Redevelopment Authority (City of West Lafayette Redevelopment Commission), 5.00% due 2/1/2035 - 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4970000 | &nbsp;&nbsp;&nbsp;&nbsp; 5355211 |
|  | &nbsp;&nbsp;**Iowa — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Clinton Community School District/IA Infrastructure Sales Services & Use Tax (AG), 5.00% due 7/1/2032 - 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 3330513 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), 4.00% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001150 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.00% due 12/1/2033 - 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013455 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;48720000 | &nbsp;&nbsp;&nbsp;&nbsp; 49441056 |
|  | &nbsp;&nbsp;**Kansas — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Burlington (Evergy Metro, Inc.), 4.30% due 3/1/2045 (put 6/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 7740000 | &nbsp;&nbsp;&nbsp;&nbsp; 7814087 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Kansas (Terrace Pointe LP) DFA, Series K-2, 5.00% due 9/1/2028 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035252 |
|  | &nbsp;&nbsp;**Kentucky — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4989630 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2380122 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2052 (put 8/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;18690000 | &nbsp;&nbsp;&nbsp;&nbsp; 18811971 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13898508 |
|  | &nbsp;&nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2027 - 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7220000 | &nbsp;&nbsp;&nbsp;&nbsp; 7352282 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 10/1/2047 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8682351 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 10/1/2047 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 6575000 | &nbsp;&nbsp;&nbsp;&nbsp; 7009516 |
|  | &nbsp;&nbsp;**Louisiana — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Shreveport (AG) GO, Series A, 5.00% due 3/1/2031 - 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2166487 |
|  | &nbsp;&nbsp;&nbsp;City of Shreveport (Water & Sewer System) (BAM), Series C, 5.00% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1575469 |
|  | &nbsp;&nbsp;&nbsp;Lake Charles Harbor & Terminal District AMT, Series B, 5.00% due 1/1/2032 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2435801 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Louisiana Offshore Terminal Authority (Loop LLC), Series A-R, 4.20% due 9/1/2033 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016142 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 5.00% due 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3620000 | &nbsp;&nbsp;&nbsp;&nbsp; 3649224 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 938189 |
|  | &nbsp;&nbsp;&nbsp;State of Louisiana (Garvee), 5.00% due 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204180 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 3.573% (SOFR + 0.50%) due 5/1/2043 (put 5/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2885000 | &nbsp;&nbsp;&nbsp;&nbsp; 2881945 |
|  | &nbsp;&nbsp;**Maryland — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;County of Howard GO, Series A, 4.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516644 |
|  | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group), 5.00% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4110863 |
|  | &nbsp;&nbsp;&nbsp;Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) (State Intercept), 5.00% due 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3245000 | &nbsp;&nbsp;&nbsp;&nbsp; 3280656 |
|  | &nbsp;&nbsp;&nbsp;Maryland State Transportation Authority Passenger Facility Charge Revenue AMT, 4.00% due 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2935725 |
|  | &nbsp;&nbsp;&nbsp;State of Maryland Department of Transportation (Maryland Aviation Administration) (AG) AMT, Series A, 5.00% due 8/1/2034 - 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp;&nbsp; 2472989 |
|  | &nbsp;&nbsp;**Massachusetts — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Massachusetts (Brandeis University) DFA, Series T, 5.00% due 10/1/2055 (put 10/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3120337 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929762 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series B-2, 5.00% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1986142 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Massachusetts (Jordan Hospital & Milton Hospital) DFA, Series H-1, 5.00% due 7/1/2032 | &nbsp;&nbsp;$355000 | &nbsp;&nbsp;$355197 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Massachusetts (Mass General Brigham, Inc.) DFA, Series T-1, 2.52% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3744109 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Port Authority AMT, Series A, 5.00% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1555894 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority, Series D, 4.75% due 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2704325 |
|  | &nbsp;&nbsp;**Michigan — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 238902 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Bronson Health Care Group Obligated Group), Series B, 5.00% due 11/15/2044 (put 11/16/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754696 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), Series A, 5.00% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000916 |
|  | &nbsp;&nbsp;&nbsp;Michigan State (Green Bond) HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2034 - 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2492021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1352697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 372295 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Michigan State Hospital Finance Authority (Corewell Health Obligated Group), Series B2, 5.00% due 8/15/2055 (put 6/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5410555 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1972222 |
|  | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Waste Management of Michigan, Inc.; Guaranty: Waste Management, Inc.) AMT, 4.125% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4290794 |
|  | &nbsp;&nbsp;&nbsp;Wayne State University, Series A, 4.00% due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1879119 |
|  | &nbsp;&nbsp;**Mississippi — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. (Waste Management, Inc.) AMT, 4.25% due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2512455 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Home Corp. (FHLMC, FNMA, GNMA), Series A, 3.80% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1280064 |
|  | &nbsp;&nbsp;**Missouri — 0.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group), Series C, 5.00% due 4/1/2059 (put 4/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4376972 |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.00% due 2/1/2026 - 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254617 |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (SSM Health Care Obligated Group), Series A, 5.00% due 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 740513 |
|  | &nbsp;&nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484242 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1417595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% due 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 621041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1618636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% due 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497979 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Missouri State Environmental Improvement & Energy Resources Authority (Evergy Metro, Inc.) AMT, 4.05% due 5/1/2038 (put 7/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028060 |
|  | &nbsp;&nbsp;&nbsp;Poplar Bluff R-I School District (AG) COP, 5.00% due 3/1/2031 - 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1722424 |
|  | &nbsp;&nbsp;**Montana — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Forsyth (Avista Corp.), Series A, 3.875% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6350000 | &nbsp;&nbsp;&nbsp;&nbsp; 6199390 |
|  | &nbsp;&nbsp;&nbsp;City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012515 |
|  | &nbsp;&nbsp;&nbsp;Montana Facility Finance Authority (Intermountain Healthcare Obligated Group), Series A, 4.00% due 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1595000 | &nbsp;&nbsp;&nbsp;&nbsp; 1581682 |
|  | &nbsp;&nbsp;**Nebraska — 1.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Bank of Montreal), Series A, 5.00% due 5/1/2054 (put 11/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12077093 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 7825000 | &nbsp;&nbsp;&nbsp;&nbsp; 8129776 |
|  | &nbsp;&nbsp;&nbsp;Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025623 |
|  | &nbsp;&nbsp;**Nevada — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2027 - 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107960 |
|  | &nbsp;&nbsp;&nbsp;City of Las Vegas GO, Series C, 5.00% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010954 |
|  | &nbsp;&nbsp;&nbsp;Clark County School District GO, Series A, 4.00% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2508047 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002092 |
|  | &nbsp;&nbsp;&nbsp;County of Clark GO, Series C, 4.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042815 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028496 |
|  | &nbsp;&nbsp;&nbsp;Reno-Tahoe Airport Authority AMT, Series A, 5.00% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198096 |
|  | &nbsp;&nbsp;&nbsp;Truckee Meadows Water Authority, 5.00% due 7/1/2033 (pre-refunded 7/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 5070000 | &nbsp;&nbsp;&nbsp;&nbsp; 5185378 |
|  | &nbsp;&nbsp;**New Hampshire — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (United Illuminating Co.), Series A, 4.50% due 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6977579 |
|  | &nbsp;&nbsp;**New Jersey — 3.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Camden County Improvement Authority (HUD), 5.00% due 3/1/2027 (put 3/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3237741 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2029 - 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3630000 | &nbsp;&nbsp;&nbsp;&nbsp; 4005251 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) EDA, 5.00% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 950024 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 (pre-refunded 6/15/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1566013 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-BB-2, 5.00% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306554 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2032 - 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7100000 | &nbsp;&nbsp;&nbsp;&nbsp; 7533870 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2033 | &nbsp;&nbsp;$1425000 | &nbsp;&nbsp;$1499965 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;29985000 | &nbsp;&nbsp;&nbsp;&nbsp; 30502151 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation System), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2025 - 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;26665000 | &nbsp;&nbsp;&nbsp;&nbsp; 28135439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2641187 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series G, 4.00% due 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2537192 |
|  | &nbsp;&nbsp;**New Mexico — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Albuquerque Bernalillo County Water Utility Authority, 5.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1629747 |
|  | &nbsp;&nbsp;&nbsp;Albuquerque Bernalillo County Water Utility Authority (2005 NMFA Loan & Joint Water & Sewer System Improvements), Series A, 5.00% due 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002986 |
|  | &nbsp;&nbsp;&nbsp;Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series 2017, 5.00% due 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 562703 |
|  | &nbsp;&nbsp;&nbsp;City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 890489 |
|  | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 0.875% due 6/1/2040 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 964492 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 3.90% due 6/1/2040 (put 6/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022618 |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 720017 |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (Public Facilities) GRT, 5.00% due 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 951359 |
|  | &nbsp;&nbsp;&nbsp;County of Sandoval GO, 5.00% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 219149 |
|  | &nbsp;&nbsp;&nbsp;Hobbs School District No. 16 (State Aid Withholding) ETM GO, 5.00% due 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 264814 |
|  | &nbsp;&nbsp;&nbsp;Hobbs School District No. 16 (State Aid Withholding) GO, 5.00% due 9/15/2028 - 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187679 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority (Public Project Revolving Fund), Series A, 5.00% due 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001224 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533344 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3690000 | &nbsp;&nbsp;&nbsp;&nbsp; 3588651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054465 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 8/1/2049 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4906551 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 718327 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series A Class I, 3.95% due 3/1/2035 - 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 697460 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (JLG NM ABQ 2023 LLLP) (HUD), 5.00% due 2/1/2042 (put 9/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3103701 |
|  | &nbsp;&nbsp;&nbsp;Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1515008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1538604 |
|  | &nbsp;&nbsp;&nbsp;Village of Los Ranchos de Albuquerque (Albuquerque Academy), 5.00% due 9/1/2029 - 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121009 |
|  | &nbsp;&nbsp;**New York — 5.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of New York GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1439647 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B1, 5.00% due 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C1, 5.00% due 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series G-1, 5.00% due 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1407891 |
|  | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1388677 |
|  | &nbsp;&nbsp;&nbsp;Long Island Power Authority, 5.00% due 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 422144 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 1683564 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1258190 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C1, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076673 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 11/15/2028 - 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;16100000 | &nbsp;&nbsp;&nbsp;&nbsp; 16204187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00% due 11/15/2028 - 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4990000 | &nbsp;&nbsp;&nbsp;&nbsp; 5017879 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062660 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A2, 5.00% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3531951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2025 - 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp;&nbsp; 6770963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C1, 5.00% due 11/15/2025 - 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4840000 | &nbsp;&nbsp;&nbsp;&nbsp; 4930474 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund (Green Bond), Series B-2, 4.00% due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 493821 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp. (Andrews Terrace Community Partners LP) (HUD), Series B-2, 5.00% due 7/1/2028 (put 7/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4136460 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bond), Series D, 4.30% due 11/1/2063 (put 11/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254610 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System), Series AA-2, 5.00% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4495000 | &nbsp;&nbsp;&nbsp;&nbsp; 4728196 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Revenue (State Aid Withholding), Series S, 5.00% due 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058253 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00% due 8/1/2031 - 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3506268 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00% due 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035422 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series F-1, 5.00% due 5/1/2030 | &nbsp;&nbsp;$3705000 | &nbsp;&nbsp;$3834901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series F-3, 4.00% due 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4011544 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 379429 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2028 (pre-refunded 9/15/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 832138 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (AG), Series A, 5.00% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 424116 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (BAM), Series A, 5.00% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3827442 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041873 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Personal Income Tax Revenue), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2034 - 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4755000 | &nbsp;&nbsp;&nbsp;&nbsp; 4771089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 796473 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4545000 | &nbsp;&nbsp;&nbsp;&nbsp; 5060921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221758 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Sales Tax Revenue), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/15/2032 - 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3465000 | &nbsp;&nbsp;&nbsp;&nbsp; 3550651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 3/15/2029 (pre-refunded 9/15/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2135000 | &nbsp;&nbsp;&nbsp;&nbsp; 2284555 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency (325 Kent LLC) (FNMA), Series A, 3.95% due 11/1/2050 (put 1/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 4365000 | &nbsp;&nbsp;&nbsp;&nbsp; 4324405 |
|  | &nbsp;&nbsp;&nbsp;New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series C-2, 5.00% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4715000 | &nbsp;&nbsp;&nbsp;&nbsp; 4898989 |
|  | &nbsp;&nbsp;&nbsp;Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 355005 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027236 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 207, 5.00% due 9/15/2032 - 9/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2975713 |
|  | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, Series 248, 4.05% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999457 |
|  | &nbsp;&nbsp;&nbsp;Tompkins County Development Corp. (Ithaca College), 5.00% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 258669 |
|  | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 750903 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4170000 | &nbsp;&nbsp;&nbsp;&nbsp; 4315262 |
|  | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) (Green Bond), Series E, 5.00% due 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245700 |
|  | &nbsp;&nbsp;&nbsp;Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), 4.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 962245 |
|  | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority, 5.00% due 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2891353 |
|  | &nbsp;&nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205007 |
|  | &nbsp;&nbsp;**North Carolina — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% due 1/15/2048 (put 6/15/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353502 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/15/2049 (put 12/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7657657 |
|  | &nbsp;&nbsp;&nbsp;Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), 4.20% due 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015842 |
|  | &nbsp;&nbsp;&nbsp;County of Harnett, 5.00% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 605503 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority (American Titanium Metal LLC) AMT, 3.75% due 12/1/2027 (put 11/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999228 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency (Green Bond), Series 51, 3.85% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484831 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.75% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 407499 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 4.50% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 615367 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, 5.00% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 526319 |
|  | &nbsp;&nbsp;&nbsp;Raleigh Durham Airport Authority AMT, Series A, 5.00% due 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2240855 |
|  | &nbsp;&nbsp;**North Dakota — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1819926 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2129579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249356 |
|  | &nbsp;&nbsp;**Ohio — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2027 - 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2585000 | &nbsp;&nbsp;&nbsp;&nbsp; 2719786 |
|  | &nbsp;&nbsp;&nbsp;City of Cincinnati Water System Revenue, Series C, 4.00% due 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013733 |
|  | &nbsp;&nbsp;&nbsp;City of Columbus GO, Series A, 4.00% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 610148 |
|  | &nbsp;&nbsp;&nbsp;City of Delaware GO, 4.50% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3650091 |
|  | &nbsp;&nbsp;&nbsp;Columbus Metropolitan Housing Authority, 4.00% due 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2517227 |
|  | &nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority AMT, Series A, 5.00% due 1/1/2034 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3676576 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority (Dering Family Homes Owner LLC), 5.00% due 7/1/2045 (put 2/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042806 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00% due 10/1/2049 (put 8/3/2027) | &nbsp;&nbsp;$3765000 | &nbsp;&nbsp;$3896349 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 10/1/2051 (put 6/4/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 6590000 | &nbsp;&nbsp;&nbsp;&nbsp; 7061930 |
|  | &nbsp;&nbsp;&nbsp;County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2031 - 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 644594 |
|  | &nbsp;&nbsp;&nbsp;County of Hamilton Sales Tax Revenue, Series A, 4.00% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109388 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority (Duke Energy Corp.), Series B, 4.00% due 9/1/2030 (put 6/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 4515000 | &nbsp;&nbsp;&nbsp;&nbsp; 4558330 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Case Western Reserve University), 4.00% due 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259006 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (At Main LLC), 3.70% due 11/1/2047 (put 5/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004712 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority, 4.00% due 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014188 |
|  | &nbsp;&nbsp;&nbsp;State of Ohio (Cleveland Clinic Health System Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1176730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 833745 |
|  | &nbsp;&nbsp;**Oklahoma — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Caddo County Educational Facilities Authority (Fort Cobb-Broxton Public Schools Project) ISD, 5.00% due 9/1/2027 - 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3730000 | &nbsp;&nbsp;&nbsp;&nbsp; 3962623 |
|  | &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series A, 5.00% due 9/1/2032 - 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12186000 |
|  | &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Yukon Public Schools Project) ISD, 5.00% due 9/1/2027 - 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10850000 | &nbsp;&nbsp;&nbsp;&nbsp; 11506917 |
|  | &nbsp;&nbsp;&nbsp;Chouteau Educational Facilities Authority (Mayes County ISD No. 32 Chouteau-Mazie), 4.00% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 975519 |
|  | &nbsp;&nbsp;&nbsp;Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, 4.00% due 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4156972 |
|  | &nbsp;&nbsp;&nbsp;Cleveland County Educational Facilities Authority (Norman Public Schools) ISD, Series A, 5.00% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2765462 |
|  | &nbsp;&nbsp;&nbsp;Clinton Public Works Authority, 5.00% due 10/1/2029 - 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4295000 | &nbsp;&nbsp;&nbsp;&nbsp; 4691569 |
|  | &nbsp;&nbsp;&nbsp;Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4663652 |
|  | &nbsp;&nbsp;&nbsp;Love County Educational Facilities Authority (Love County ISD No. 4 Thackerville), 4.50% due 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 340187 |
|  | &nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 483254 |
|  | &nbsp;&nbsp;&nbsp;Oklahoma (Oklahoma State Regents for Higher Education) DFA, Series A, 5.00% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 425648 |
|  | &nbsp;&nbsp;&nbsp;Oklahoma County Finance Authority (Oklahoma County ISD No. 41 Western Heights), 5.00% due 9/1/2030 - 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4899845 |
|  | &nbsp;&nbsp;&nbsp;Texas County Development Authority (Texas County ISD No. 8 Guymon), 5.00% due 10/1/2032 - 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289323 |
|  | &nbsp;&nbsp;**Oregon — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B2, 5.00% due 7/1/2046 (put 2/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;11780000 | &nbsp;&nbsp;&nbsp;&nbsp; 12839163 |
|  | &nbsp;&nbsp;**Pennsylvania — 5.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Allegheny County Airport Authority (AG) AMT, Series A, 5.00% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3728053 |
|  | &nbsp;&nbsp;&nbsp;Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2520000 | &nbsp;&nbsp;&nbsp;&nbsp; 2663456 |
|  | &nbsp;&nbsp;&nbsp;Allegheny County Sanitary Authority (BAM), 5.00% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2830000 | &nbsp;&nbsp;&nbsp;&nbsp; 2849954 |
|  | &nbsp;&nbsp;&nbsp;Allentown City School District (BAM, State Aid Withholding) GO, Series B, 5.00% due 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4017026 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 14, 5.00% due 10/1/2031 - 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106129 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works) (AG), Series A, 5.00% due 8/1/2030 - 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1892034 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2033 - 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6119760 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia GO, Series B, 5.00% due 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061708 |
|  | &nbsp;&nbsp;&nbsp;City of Scranton (BAM) GO, 5.00% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp;&nbsp; 2149243 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority (Tobacco Master Settlement Paym) (BAM), 5.00% due 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10508080 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO, 5.00% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9930000 | &nbsp;&nbsp;&nbsp;&nbsp; 10705384 |
|  | &nbsp;&nbsp;&nbsp;Dauphin County General Authority (UPMC Obligated Group), Series A, 5.00% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1388628 |
|  | &nbsp;&nbsp;&nbsp;Geisinger Authority (Geisinger Health System Obligated group), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 4/1/2043 (put 2/15/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 3615000 | &nbsp;&nbsp;&nbsp;&nbsp; 3685174 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 4/1/2043 (put 4/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 3530000 | &nbsp;&nbsp;&nbsp;&nbsp; 3775038 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5104515 |
|  | &nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2027 - 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3825000 | &nbsp;&nbsp;&nbsp;&nbsp; 3924481 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania (Republic Services, Inc.) EDFA AMT, Series B-2, 4.20% due 4/1/2049 (put 7/15/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3994456 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (UPMC Obligated Group) EDFA, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.00% due 3/15/2060 (put 3/15/2035) | &nbsp;&nbsp;&nbsp;&nbsp;12550000 | &nbsp;&nbsp;&nbsp;&nbsp; 13501340 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 579657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1228836 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961072 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, Series A, 4.25% due 8/1/2038 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp; 16501304 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond), 4.55% due 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4110000 | &nbsp;&nbsp;&nbsp;&nbsp; 4123719 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1787914 |
|  | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority (AG), Series B, 5.00% due 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119179 |
|  | &nbsp;&nbsp;&nbsp;School District of Philadelphia (State Aid Withholding) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 9/1/2027 - 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499621 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016316 |
|  | &nbsp;&nbsp;&nbsp;Sports & Exhibition Authority of Pittsburgh & Allegheny County (Allegheny County Hotel Room Excise Tax Revenue) (AG), Series A, 5.00% due 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4382436 |
|  | &nbsp;&nbsp;&nbsp;State Public School Building Authority (School District of Philadelphia) (AG, State Aid Withholding), Series A, 5.00% due 6/1/2030 - 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7550000 | &nbsp;&nbsp;&nbsp;&nbsp; 7723016 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Rhode Island — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. (FHA) (Green Bond), Series 1-A, 3.60% due 10/1/2054 (put 10/1/2027) | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$2984289 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Student Loan Authority AMT, Series B, 5.00% due 12/1/2032 - 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311765 |
|  | &nbsp;&nbsp;**South Carolina — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Lancaster County School District GO, 4.00% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2520518 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;10090000 | &nbsp;&nbsp;&nbsp;&nbsp; 10697125 |
|  | &nbsp;&nbsp;&nbsp;SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002166 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Bon Secours Mercy Health, Inc.), Series B-2, 5.00% due 11/1/2049 (put 11/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 907555 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: Federal Home Loan Mtg Corp.) (FHLMC), 4.00% due 3/1/2062 (put 3/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132857 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500941 |
|  | &nbsp;&nbsp;**Tennessee — 3.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Jackson Health Educational & Housing Facility Board (Cottages of Bluecreek LLC) (HUD), 4.00% due 4/1/2045 (put 4/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014516 |
|  | &nbsp;&nbsp;&nbsp;Johnson City Health & Educational Facilities Board (Ballad Health Obligated Group) (AG), Series B, 5.00% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp;&nbsp; 3619906 |
|  | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (BAM), Series B-1, 5.00% due 7/1/2031 - 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3570000 | &nbsp;&nbsp;&nbsp;&nbsp; 3864160 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Gleason Partners LP) (HUD), 3.95% due 12/1/2027 (put 12/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501629 |
|  | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Provident Group - UTK Properties LLC) (BAM), Series A-1, 5.00% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 161877 |
|  | &nbsp;&nbsp;&nbsp;Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1776829 |
|  | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291984 |
|  | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare) (AG), 5.00% due 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7499905 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;14730000 | &nbsp;&nbsp;&nbsp;&nbsp; 14811413 |
|  | &nbsp;&nbsp;&nbsp;Tennessee (FHLMC, FNMA, GNMA) (Green Bond) HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1356125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 695208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 466722 |
|  | &nbsp;&nbsp;&nbsp;Tennessee (Green Bond) HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% due 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 392822 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 491770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 490838 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 985509 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;30310000 | &nbsp;&nbsp;&nbsp;&nbsp; 31853294 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Williamson County (ECG Wood Duck LP) (HUD) IDB, 5.00% due 5/1/2042 (put 5/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046848 |
|  | &nbsp;&nbsp;**Texas — 11.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp. (Harmony Public Schools) (PSF-GTD), Series 2021C, 4.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 470096 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Austin Affordable PFC, Inc. (1000 Collinwood West Drive Owner LP) (FNMA), Series B, 5.00% due 9/1/2028 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 832968 |
|  | &nbsp;&nbsp;&nbsp;Bexar County Hospital District (CTFS Obligation) GO, 5.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 838657 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Bexar County Housing Finance Corp. (Culebra Road Apartments LP), 4.05% due 3/1/2028 (put 3/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2502665 |
|  | &nbsp;&nbsp;&nbsp;City of Aubrey Jackson Ridge Public Improvement District (BAM), 5.00% due 9/1/2026 - 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1304430 |
|  | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051182 |
|  | &nbsp;&nbsp;&nbsp;City of Austin Electric Utility Revenue, Series A, 5.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005055 |
|  | &nbsp;&nbsp;&nbsp;City of Austin Water & Wastewater System Revenue, 5.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080416 |
|  | &nbsp;&nbsp;&nbsp;City of Conroe GO, Series B, 5.00% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856057 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Dallas Housing Finance Corp. (Ash Creek Housing LLC) (FHA), 5.00% due 7/1/2026 (put 12/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1510612 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Dallas Housing Finance Corp. (Mondello Apartments LLC) (FHA), 5.00% due 8/1/2027 (put 8/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp;&nbsp; 1818478 |
|  | &nbsp;&nbsp;&nbsp;City of Galveston Wharves & Terminal Revenue AMT, Series A, 5.00% due 8/1/2032 - 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6685000 | &nbsp;&nbsp;&nbsp;&nbsp; 6998254 |
|  | &nbsp;&nbsp;&nbsp;City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2980282 |
|  | &nbsp;&nbsp;&nbsp;City of Houston Combined Utility System Revenue, Series B, 4.00% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1735876 |
|  | &nbsp;&nbsp;&nbsp;City of Hutto (AG) GO, 5.00% due 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 437932 |
|  | &nbsp;&nbsp;&nbsp;City of Mansfield GO, Series A, 5.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101518 |
|  | &nbsp;&nbsp;&nbsp;City of Port Arthur (CTFS Obligation) (BAM) GO, 5.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1140139 |
|  | &nbsp;&nbsp;&nbsp;City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2155000 | &nbsp;&nbsp;&nbsp;&nbsp; 2413316 |
|  | &nbsp;&nbsp;&nbsp;City of San Antonio Electric & Gas Systems Revenue, 4.00% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4130828 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Clear Creek (PSF-GTD) ISD GO, Series B, 3.60% due 2/15/2035 (put 8/15/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501365 |
|  | &nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp. (IDEA Public Schools) (PSF-GTD), 4.00% due 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000530 |
|  | &nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp. (International Leadership of Texas, Inc.) (PSF-GTD), 5.00% due 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2476312 |
|  | &nbsp;&nbsp;&nbsp;Conroe (PSF-GTD) ISD GO, Series A, 4.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054857 |
|  | &nbsp;&nbsp;&nbsp;County of Bexar GO, 4.00% due 6/15/2033 - 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4790175 |
|  | &nbsp;&nbsp;&nbsp;County of Harris (Harris County Toll Road Revenue), Series B, 5.00% due 8/15/2030 - 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp;&nbsp; 3376149 |
|  | &nbsp;&nbsp;&nbsp;County of Hays GO, 4.00% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 854282 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Dickinson (PSF-GTD) ISD GO, 3.50% due 8/1/2037 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045450 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Eagle Mountain & Saginaw (PSF-GTD) ISD GO, 4.00% due 8/1/2050 (put 8/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1742485 |
|  | &nbsp;&nbsp;&nbsp;Fort Bend (PSF-GTD) ISD GO, |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% due 8/1/2055 (put 8/1/2028) | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1029473 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2054 (put 8/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10249850 |
|  | &nbsp;&nbsp;&nbsp;Franklin (PSF-GTD) ISD GO, 4.00% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001082 |
|  | &nbsp;&nbsp;&nbsp;Frisco (PSF-GTD) ISD GO, 5.00% due 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1558880 |
|  | &nbsp;&nbsp;&nbsp;Glasscock County (PSF-GTD) ISD GO, 5.00% due 2/15/2034 - 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1246611 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/1/2050 (put 12/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2357093 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2054 (put 7/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 692208 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Services Corp.), 4.00% due 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104052 |
|  | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority (AG), Series B, 5.00% due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107765 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2709958 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Houston Housing Finance Corp. (Summerdale Apartments LP), 5.00% due 8/1/2041 (put 8/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3695092 |
|  | &nbsp;&nbsp;&nbsp;Hutto (PSF-GTD) ISD GO, Series C, 4.00% due 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297045 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Jacksboro (PSF-GTD) ISD GO, 4.00% due 2/15/2048 (put 8/15/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2589747 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lakeside Place PFC (Brookside Gardens Apartments LLC) (FHA), 4.15% due 11/1/2026 (put 11/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5001080 |
|  | &nbsp;&nbsp;&nbsp;Laredo College District Combined Fee Revenue (BAM), 4.00% due 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1185509 |
|  | &nbsp;&nbsp;&nbsp;Las Varas Public Facility Corp. (Sosa At Palo Alto LP), 3.75% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000334 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority (LCRA Transmission Services Corp.), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 747263 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2031 - 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 997507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 391593 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Memorial City Redevelopment Authority (Houston Reinvestment Zone No. 17) (AG), 5.00% due 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 435146 |
|  | &nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Bella Vida Forefront Living Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025B-2, 4.625% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1954070 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025B-3, 4.25% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 985025 |
|  | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Abilene Christian University), Series A, 4.00% due 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | &nbsp;&nbsp;&nbsp;&nbsp; 1765467 |
|  | &nbsp;&nbsp;&nbsp;North East (PSF-GTD) ISD GO, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 8/1/2049 (put 8/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5362822 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508838 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority (North Texas Tollway System), Series B, 4.00% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503527 |
|  | &nbsp;&nbsp;&nbsp;Northside (PSF-GTD) ISD GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1510398 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.45% due 8/1/2054 (put 8/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2538630 |
|  | &nbsp;&nbsp;&nbsp;Prosper (PSF-GTD) ISD GO, 5.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102581 |
|  | &nbsp;&nbsp;&nbsp;San Antonio (PSF-GTD) ISD GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2395207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2080000 | &nbsp;&nbsp;&nbsp;&nbsp; 2302527 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;San Antonio Housing Trust Public Facility Corp. (Palladium San Antonio Ltd.), 3.45% due 7/1/2029 (put 7/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000972 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;San Antonio Housing Trust Public Facility Corp. (PV Country Club Village LP), 4.00% due 8/1/2026 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000352 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;San Antonio Municipal Facilities Corp. (City of San Antonio), 5.00% due 8/1/2050 (put 8/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3977422 |
|  | &nbsp;&nbsp;&nbsp;Southwest (PSF-GTD) ISD GO, 5.00% due 2/1/2032 - 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2878879 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Christus Health Obligated Group), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2053 (put 7/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5812847 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2032 - 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10990000 | &nbsp;&nbsp;&nbsp;&nbsp; 11426973 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Tarrant County Housing Finance Corp. (4450 Marine Creek Parkway Owner LP), Series B, 5.00% due 9/1/2028 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034072 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Housing & Community Affairs (GNMA), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1442545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500891 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 724800 |
|  | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2025 - 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;69065000 | &nbsp;&nbsp;&nbsp;&nbsp; 72808744 |
|  | &nbsp;&nbsp;&nbsp;Texas Public Finance Authority (Texas Southern University) (BAM), 5.00% due 5/1/2032 - 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1874457 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Texas State Affordable Housing Corp. (FC Juniper Creek Housing LP), 3.75% due 7/1/2044 (put 7/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007236 |
|  | &nbsp;&nbsp;&nbsp;Texas State Technical College (AG), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2031 - 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4717512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575167 |
|  | &nbsp;&nbsp;&nbsp;Texas Water Development Board (State Water Implementation Revenue Fund for Texas), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2884966 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/15/2034 - 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7288270 |
|  | &nbsp;&nbsp;&nbsp;Texas Woman's University, Series A, 5.00% due 7/1/2031 - 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4275000 | &nbsp;&nbsp;&nbsp;&nbsp; 4771436 |
|  | &nbsp;&nbsp;&nbsp;Viridian Municipal Management District (BAM) GO, 4.00% due 12/1/2034 - 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328497 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Utah — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Salt Lake City Airport Revenue AMT, Series A, 5.00% due 7/1/2033 - 7/1/2035 | &nbsp;&nbsp;$1950000 | &nbsp;&nbsp;$1990541 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Utah Housing Corp., 3.70% due 8/1/2043 (put 8/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957416 |
|  | &nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency, 5.25% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 561237 |
|  | &nbsp;&nbsp;**Virginia — 1.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fairfax County Redevelopment & Housing Authority (Apah Tysons North Four LP), 5.00% due 1/1/2045 (put 1/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068960 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 8350000 | &nbsp;&nbsp;&nbsp;&nbsp; 8467902 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Harrisonburg Redevelopment & Housing Authority, 4.00% due 12/1/2028 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1630412 |
|  | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2518885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3945000 | &nbsp;&nbsp;&nbsp;&nbsp; 4119957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011144 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Virginia HDA, Series F, 3.625% due 7/1/2055 (put 4/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3375000 | &nbsp;&nbsp;&nbsp;&nbsp; 3375267 |
|  | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2029 - 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3640000 | &nbsp;&nbsp;&nbsp;&nbsp; 3828441 |
|  | &nbsp;&nbsp;**Washington — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Seattle GO, 4.00% due 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000418 |
|  | &nbsp;&nbsp;&nbsp;Clark County Public Utility District No. 1, 5.00% due 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 524244 |
|  | &nbsp;&nbsp;&nbsp;County of Spokane Airport Revenue AMT, Series B, 5.00% due 1/1/2032 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7650000 | &nbsp;&nbsp;&nbsp;&nbsp; 8095983 |
|  | &nbsp;&nbsp;&nbsp;King County School District No. 414 (School Bond Guaranteed) GO, 4.00% due 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014052 |
|  | &nbsp;&nbsp;&nbsp;Port of Seattle AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4228172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1521402 |
|  | &nbsp;&nbsp;&nbsp;State of Washington COP, Series B, 5.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 686440 |
|  | &nbsp;&nbsp;&nbsp;University of Washington, Series C, 4.00% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003084 |
|  | &nbsp;&nbsp;&nbsp;Vancouver Housing Authority, 4.00% due 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4852565 |
|  | &nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), Series A1, 5.00% due 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 818564 |
|  | &nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (Providence St. Joseph Health Obligated Group), Series B, 5.00% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2628527 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016287 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Camas Flats Oak Harbor 1 LLLP), Series B, 5.00% due 2/1/2028 (put 2/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027859 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.125% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 774469 |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (SRMAHMILL LLC) (FNMA), 4.15% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1414406 |
|  | &nbsp;&nbsp;**Wisconsin — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Milwaukee (AG) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2032 - 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4845000 | &nbsp;&nbsp;&nbsp;&nbsp; 5355470 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series N3, 5.00% due 4/1/2031 - 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6550000 | &nbsp;&nbsp;&nbsp;&nbsp; 7195294 |
|  | &nbsp;&nbsp;&nbsp;County of Waushara GO, Series A, 4.50% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1261147 |
|  | &nbsp;&nbsp;&nbsp;Peshtigo School District, 4.75% due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5240000 | &nbsp;&nbsp;&nbsp;&nbsp; 5245292 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (Duke Energy Progress LLC), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 3.30% due 10/1/2046 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3005000 | &nbsp;&nbsp;&nbsp;&nbsp; 2986733 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 3.70% due 10/1/2046 (put 10/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1425239 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (Providence St. Joseph Health Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 (pre-refunded 10/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691878 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 (put 10/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2499181 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Public Finance Authority (St. John's College), 3.00% due 10/1/2045 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523762 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 415858 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), Series B1, 5.00% due 8/15/2054 (put 7/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 381815 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (East Washington Apartments LLC), Series I, 5.00% due 11/1/2058 (put 2/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2312683 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP), Series F, 5.00% due 12/1/2027 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024256 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA) (Green Bond), Series B, 3.90% due 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1783677 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Housing Revenue (HUD), Series B, 3.75% due 5/1/2054 (put 11/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2250529 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds — 96.6% (Cost $2,061,672,994) |  | &nbsp;&nbsp;&nbsp;&nbsp;2101719511 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **SHORT-TERM INVESTMENTS — 3.3%** |  |  |
|  | **Municipal Bonds — 3.3%** |  |  |
|  | &nbsp;&nbsp;**New York — 3.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of New York (SPA JP Morgan Chase Bank NA) GO, Series 1, 4.00% due 3/1/2040 (put 7/1/2025) | &nbsp;&nbsp;$33055000 | &nbsp;&nbsp;$33055000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA JP Morgan Chase Bank NA), Series AA-2, 4.00% due 6/15/2050 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5300000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank NA), Series C4, 4.00% due 11/1/2036 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;33800000 | &nbsp;&nbsp;&nbsp;&nbsp; 33800000 |
|  | &nbsp;&nbsp;&nbsp;Total Municipal Bonds — 3.3% (Cost $72,155,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 72155000 |
|  | **Mutual Fund — 0.0%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.20% | &nbsp;&nbsp;&nbsp;&nbsp; 28636 | &nbsp;&nbsp;&nbsp;&nbsp; 28636 |
|  | &nbsp;&nbsp;&nbsp;Total Mutual Fund — 0.0% (Cost $28,636) |  | &nbsp;&nbsp;&nbsp;&nbsp; 28636 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments — 3.3% (Cost $72,183,636) |  | &nbsp;&nbsp;&nbsp;&nbsp; 72183636 |
|  | **Total Investments — 99.9% (Cost $2,133,856,630)** |  | &nbsp;&nbsp;$2173903147 |
|  | **Other Assets Less Liabilities — 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493441 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$2176396588 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025. |
| b | When-issued security. |
| c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $10,896,194, representing 0.50% of the Fund's net assets. |
| d | Rate represents the money market fund annualized seven-day yield at June 30, 2025. |

---

#### Portfolio Abbreviations<br> To simplify the listings of securities, abbreviations are used per the table below:

---

| | |
|:---|:---|
| AG | Insured by Assured Guaranty, Inc. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| COP | Certificates of Participation |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| ETM | Escrowed to Maturity |
| FHA | Insured by Federal Housing Administration |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
| FNMA | Collateralized by Federal National Mortgage Association |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| GRT | Gross Receipts Tax |
| HDA | Housing Development Authority |
| HFA | Health Facilities Authority |

---

---

| | |
|:---|:---|
| HFFA | Health Facilities Financing Authority |
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| IDB | Industrial Development Board |
| ISD | Independent School District |
| JEA | Jacksonville Electric Authority |
| Mtg | Mortgage |
| MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
| NMFA | New Mexico Finance Authority |
| NPFG | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Guaranteed by Permanent School Fund |
| SOFR | Secured Overnight Financing Rate |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |
| USD | Unified School District |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Limited Term Municipal Fund (the "Fund") is a diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers four classes of shares of beneficial interest: Class A, Class C, Class C2 and Institutional Class ("Class I").

#### NOTE 2 – SECURITY VALUATION
Valuation of the Fund's portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund's "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the "Valuation Policy and Procedures").

In its capacity as the Fund's valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the "Committee"), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund's investments. The Committee provides reports on its activities to the Trustees' Audit Committee, which is responsible for overseeing the Committee's and the Advisor's work in discharging the functions under the Valuation Policy and Procedures.

In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund's financial statements. The Committee's calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.

<u>Valuation of Securities:</u> Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** THORNBURG INVESTMENT TRUST

- **b. Investment Company Act file number:** 811-05201

- **c. CIK number of Registrant:** 0000816153

- **d. LEI of Registrant:** 5493001XM52H8S4WYY82

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

  - **Street Address 1:** 2300 NORTH RIDGETOP ROAD

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506-8361

  - **Telephone number:** 505-984-0200

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

- **a. Name of Series:** Thornburg Limited Term Municipal Fund

- **b. EDGAR series identifier (if any):** S000000540

- **c. LEI of Series:** 54930020DO8TQEMPJO87

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

- **a. Date of fiscal year-end:** 2025-09-30

- **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:** $2198609093.87

**Total Liabilities:** $27082718.92

**Net Assets:** $2171526374.95

**Delayed Delivery Securities:** $18870774.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6744.22000000 | **1-Year:** -133059.63000000 | **5-Year:** -407747.59000000 | **10-Year:** -235839.74000000 | **30-Year:** -11130.24000000

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

- **3-Month:** -122.10000000 | **1-Year:** -943.00000000 | **5-Year:** -2304.28000000 | **10-Year:** -2946.73000000 | **30-Year:** -941.60000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222321 | -0.51%               | 0.61%                | 0.68%                |
| Class ID C000001438 | -0.57%               | 0.70%                | 0.70%                |
| Class ID C000001449 | -0.52%               | 0.67%                | 0.74%                |
| Class ID C000001427 | -0.54%               | 0.65%                | 0.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4107032.27             | $-14031849.64                              |
| Month 2  | $-703087.45              | $9288858.63                                |
| Month 3  | $-223825.49              | $10170156.59                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $626430.88    | 0.03%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                         | CUSIP: 050197AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $224709.98    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp                                              | DALLAS TX HSG FIN CORP                                       | CUSIP: 235298BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1818477.68   | 0.08%             | 2027-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1128961.05   | 0.05%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | DUVAL CNTY FL SCH BRD COPS                                   | CUSIP: 267169HG8<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1561177.30   | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Economic Development Authority                                          | SAVANNAH GA ECON DEV AUTH                                    | CUSIP: 80483CRH6<br>LEI: 549300Q7LO1N6BCXOD30 | Long             | DBT              | MUN               | US        |    830000 | PA      | $816939.12    | 0.04%             | 2033-11-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772JY63<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   8615000 | PA      | $8766753.23   | 0.40%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Lafayette Redevelopment Authority                                           | WEST LAFAYETTE REDEV AUTH LEASE RENTAL                       | CUSIP: 95370EAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1511200.60   | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                           | CUSIP: 85780TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3635542.08   | 0.17%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854J29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003341.00   | 0.05%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AUN3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    370000 | PA      | $379428.71    | 0.02%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE      | CUSIP: 97689QUN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1783676.73   | 0.08%             | 2033-09-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County/The                                       | MONROE CNTY GA DEV AUTH POLL CONTROL REVENUE                 | CUSIP: 610530FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2085740.20   | 0.10%             | 2042-06-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5309590.00   | 0.24%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KX6<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007960.00   | 0.05%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caddo County Educational Facilities Authority                                    | CADDO CNTY OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE   | CUSIP: 127218DT9<br>LEI: 5493002KIL3BLNPQ1H28 | Long             | DBT              | MUN               | US        |    460000 | PA      | $493958.12    | 0.02%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366E6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   8100000 | PA      | $8622441.90   | 0.40%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UWB0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2053955.10   | 0.09%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District                                       | LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX                     | CUSIP: 513533GU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1497288.98   | 0.07%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447T3M3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    215000 | PA      | $238901.55    | 0.01%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | BEXAR CNTY TX                                                | CUSIP: 088281L24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017886.00   | 0.09%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTQ9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    410000 | PA      | $407499.41    | 0.02%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Hutto Independent School District                                                | HUTTO TX INDEP SCH DIST                                      | CUSIP: 448492Z27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1297044.74   | 0.06%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PQ54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9930000 | PA      | $10705384.05  | 0.49%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH MF HSG REVENUE                      | CUSIP: 45203LEM1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008276.00   | 0.05%             | 2027-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                         | CUSIP: 050197BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547215.50    | 0.03%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Laredo College District Combined Fee Revenue                                     | LAREDO TX CMNTY CLG DIST COMBINED FEE REVENUE                | CUSIP: 516826KK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1185509.42   | 0.05%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 57421CJN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4110862.50   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UUP1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032969.00   | 0.05%             | 2039-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LCE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6575000 | PA      | $7009515.45   | 0.32%             | 2047-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE                  | CUSIP: 25477PQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999770.00   | 0.09%             | 2042-08-01      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA Airport Revenue                                             | SPOKANE CNTY WA ARPT REVENUE                                 | CUSIP: 848661JG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2276166.06   | 0.10%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000026.00   | 0.05%             | 2041-11-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | TEXAS ST TECH CLG SYS FING SYS REVENUE                       | CUSIP: 88276RFB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2490678.00   | 0.11%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028WR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4545000 | PA      | $5060921.13   | 0.23%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GJA8<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1497978.53   | 0.07%             | 2035-11-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325H75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501560.00   | 0.07%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                               | JACKSONVILLE PUBLIC EDUCTNL BLDG AUTH                        | CUSIP: 469480BL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538119.50    | 0.02%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE  | CUSIP: 499526AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $221810.21    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | BIRMINGHAM AL SPL CARE FACS FING AUTH HLTH CARE FAC          | CUSIP: 090929GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3472866.22   | 0.16%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252JL4<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502068.50   | 0.07%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1972222.00   | 0.09%             | 2049-10-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084419.00   | 0.05%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10508080.00  | 0.48%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peshtigo School District                                                         | PESHTIGO WI SCH DIST                                         | CUSIP: 715777FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5240000 | PA      | $5245292.40   | 0.24%             | 2027-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LGZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3765000 | PA      | $3896349.56   | 0.18%             | 2049-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | BEXAR CNTY TX                                                | CUSIP: 088281A59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2772288.75   | 0.13%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3530000 | PA      | $3775038.48   | 0.17%             | 2043-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FLR4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    800000 | PA      | $874046.40    | 0.04%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854XV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2884965.53   | 0.13%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGJ6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4147904.00   | 0.19%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION MF HSG REVENUE              | CUSIP: 93978PPU5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016287.00   | 0.05%             | 2043-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Tazewell Etc Counties Community College District No 514                   | PEORIA TAZEWELL ETC CNTYS IL CMNTY CLG DIST #514             | CUSIP: 713244EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2775415.00   | 0.13%             | 2028-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509146.00    | 0.02%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736W60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1337038.75   | 0.06%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399UU8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3620000 | PA      | $3649224.26   | 0.17%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562QL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3463824.00   | 0.16%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWF7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1352432.50   | 0.06%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DDX7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  29500000 | PA      | $29620507.50  | 1.36%             | 2052-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FP41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1326381.74   | 0.06%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE                  | CUSIP: 25477PPQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000704.00   | 0.09%             | 2040-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | NEW HAVEN CT                                                 | CUSIP: 6450208B7<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    495000 | PA      | $520723.17    | 0.02%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007344.00   | 0.09%             | 2034-06-01      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9640000 | PA      | $10067823.20  | 0.46%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | COLUMBUS OH REGL ARPT AUTH REVENUE                           | CUSIP: 199546CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1393779.40   | 0.06%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                  | CUSIP: 85732GUG3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534548.00   | 0.07%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750F31<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1442544.60   | 0.07%             | 2034-01-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | FRISCO TX INDEP SCH DIST                                     | CUSIP: 35880CZN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1558880.13   | 0.07%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412GX34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030317.00   | 0.05%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1622537.76   | 0.07%             | 2062-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Municipal Facilities Corp                                            | SAN ANTONIO TX MUNI FACS CORP LEASE REVENUE                  | CUSIP: 796312DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3977422.00   | 0.18%             | 2050-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE FUTURE TAX    | CUSIP: 64971QV26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  33800000 | PA      | $33800000.00  | 1.56%             | 2036-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    775000 | PA      | $805187.03    | 0.04%             | 2052-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE       | CUSIP: 647370JT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4906551.30   | 0.23%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                        | ILLINOIS ST UNIV COPS                                        | CUSIP: 452259EL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2291307.55   | 0.11%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | ALBUQUERQUE BERNALILLO CNTY NM WTR UTILITY AUTH JT WTR & SWR | CUSIP: 013493FQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002986.00   | 0.09%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207Z57<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1484831.01   | 0.07%             | 2032-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFM8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  13395000 | PA      | $14501172.50  | 0.67%             | 2060-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                           | JEFFERSON CNTY AL                                            | CUSIP: 472628RB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3399333.30   | 0.16%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | BIRMINGHAM AL SPL CARE FACS FING AUTH HLTH CARE FAC          | CUSIP: 090929GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $905081.45    | 0.04%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GB86<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   4495000 | PA      | $4728196.11   | 0.22%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                               | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727ZC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2763519.79   | 0.13%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000357.00   | 0.23%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                             | MILWAUKEE WI                                                 | CUSIP: 602366Y59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2665768.77   | 0.12%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13898508.00  | 0.64%             | 2054-04-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227PC9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5231580.00   | 0.24%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005VN5<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001382.00   | 0.05%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250FH2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082016.00   | 0.10%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forsyth County School District                                                   | FORSYTH CNTY GA SCH DIST                                     | CUSIP: 346604KL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044218.00   | 0.05%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UJX7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    285000 | PA      | $291738.26    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972E7D5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2254610.25   | 0.10%             | 2063-11-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                            | MIAMI-DADE CNTY FL SCH BRD COPS                              | CUSIP: 59333MV77<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   5220000 | PA      | $5260669.02   | 0.24%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052485.00   | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AXN7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4376972.00   | 0.20%             | 2059-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ANG8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4805000 | PA      | $4839850.67   | 0.22%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                              | ROCKPORT IN POLL CONTROL REVENUE                             | CUSIP: 773835BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999981.00    | 0.05%             | 2025-07-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Clinton Community School District/IA Infrastructure Sales Services & Use Tax     | CLINTON IA CMNTY SCH DIST SCHINFRASTRUCTURE SALES SVCS       | CUSIP: 18735EBW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1492972.85   | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE       | CUSIP: 647370JG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054465.00   | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memorial City Redevelopment Authority                                            | MEMORIAL CITY REDEVELOPMENT AUTH TX                          | CUSIP: 58602FAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $435146.40    | 0.02%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N7K4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4170000 | PA      | $4315261.95   | 0.20%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                       | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                 | CUSIP: 772436FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $347994.36    | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | CHICAGO IL PARK DIST                                         | CUSIP: 167615W58<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    375000 | PA      | $375800.63    | 0.02%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                     | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | CUSIP: 64988YRX7<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1999456.69   | 0.09%             | 2031-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | NEW HAVEN CT                                                 | CUSIP: 645021CX2<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    500000 | PA      | $558960.50    | 0.03%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KG7<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    375000 | PA      | $396005.25    | 0.02%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HP55<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000082.00   | 0.05%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   4515000 | PA      | $4558330.46   | 0.21%             | 2030-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Woman's University                                                         | TEXAS ST WOMANS UNIV FING SYSREVENUE                         | CUSIP: 882874MR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1415081.70   | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Housing Trust Public Facility Corp                                   | SAN ANTONIO TX HSG TRUST PUBLIC FAC CORP MF HSG REVENUE      | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000972.00   | 0.09%             | 2029-07-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE       | CUSIP: 83703EMU6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    835000 | PA      | $907554.82    | 0.04%             | 2049-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961072.00    | 0.04%             | 2033-12-01      | Floating      | 0.95%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                 | RALEIGH DURHAM NC ARPT AUTH ARPT REVENUE                     | CUSIP: 751073MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2240854.70   | 0.10%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albuquerque NM                                                           | ALBUQUERQUE NM                                               | CUSIP: 0135185M3<br>LEI: 549300MV7H0GASZUCG39 | Long             | DBT              | MUN               | US        |    870000 | PA      | $890488.50    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971W6T2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3705000 | PA      | $3834901.01   | 0.18%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE  | CUSIP: 499526AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1113561.03   | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353892G2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4228172.00   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | MIAMI-DADE CNTY FL EXPRESSWAY AUTH TOLL SYS REVENUE          | CUSIP: 593338AL0<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3350170.85   | 0.15%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PCE3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1523762.27   | 0.07%             | 2045-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| West Lafayette Redevelopment Authority                                           | WEST LAFAYETTE REDEV AUTH LEASE RENTAL                       | CUSIP: 95370EAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $3031629.72   | 0.14%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Noblesville Redevelopment Authority                                              | NOBLESVILLE IN REDEV AUTH                                    | CUSIP: 655164HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $316495.50    | 0.01%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FP99<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2606257.11   | 0.12%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                       | TROY NY CAPITAL RESOURCE CORP REVENUE                        | CUSIP: 897579BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962245.00    | 0.04%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                         | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE               | CUSIP: 249189DG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014924.00   | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XDS2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1535873.55   | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV WTR FAC REVENUE                               | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028496.00   | 0.09%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FXC3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7159250.00   | 0.33%             | 2049-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE  | CUSIP: 499526AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $161877.45    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3673995.50   | 0.17%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                 | HUTTO TX                                                     | CUSIP: 448474WR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $437932.40    | 0.02%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065YG3<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1005429.14   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gwinnett County School District                                                  | GWINNETT CNTY GA SCH DIST                                    | CUSIP: 403755S93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3003162.00   | 0.14%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North East Independent School District/TX                                        | NORTH EAST TX INDEP SCH DIST                                 | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5362822.50   | 0.25%             | 2049-08-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                          | HOMEWOOD AL EDUCTNL BLDG AUTH LEASE REVENUE                  | CUSIP: 43788VAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $276098.42    | 0.01%             | 2034-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                         | LOS ANGELES CNTY CA DEV AUTH MULTIFAMILY HSG MTG REV         | CUSIP: 54465JAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2479466.15   | 0.11%             | 2043-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                 | DELAWARE ST HSG AUTH REVENUE                                 | CUSIP: 246395P92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $657416.50    | 0.03%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KAT0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2164831.92   | 0.10%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418062L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $470095.99    | 0.02%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153CS6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3820000 | PA      | $4154379.88   | 0.19%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848L92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2042815.11   | 0.09%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH GAS SPLYREVENUE                         | CUSIP: 45202WAH3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003335.00   | 0.23%             | 2030-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772JP22<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514800.00   | 0.12%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hobbs School District No 16                                                      | HOBBS MUNI SCH DIST #16                                      | CUSIP: 43385QCB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $519841.98    | 0.02%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                              | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE               | CUSIP: 762323DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526204.50    | 0.02%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND EXEMPT FACS REVENUE               | CUSIP: 59468PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4290793.70   | 0.20%             | 2027-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                | OKLAHOMA CNTY OK FIN AUTH EDUCTNL FACS LEASE REVENUE         | CUSIP: 67868UKE2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044841.00   | 0.05%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523166.50    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH Water System Revenue                                       | CINCINNATI OH WTR SYS REVENUE                                | CUSIP: 172311ML3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013733.00   | 0.05%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Burlington KS                                                            | BURLINGTON KS ENVRN IMPT REVENUE                             | CUSIP: 121822BE9<br>LEI: 549300TTCJ3UTB6QDT32 | Long             | DBT              | MUN               | US        |   7740000 | PA      | $7814087.28   | 0.36%             | 2045-03-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                       | CHICAGO IL MET WTR RECLAMATION DIST GREATER CHICAGO          | CUSIP: 167560TK7<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |    775000 | PA      | $793232.65    | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH                         | CUSIP: 60635H3S6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    760000 | PA      | $775867.28    | 0.04%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI POLL CONTROL REVENUE                      | CUSIP: 74447HAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1425239.13   | 0.07%             | 2046-10-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521525N7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000820.00   | 0.05%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                              | HOWARD CNTY MD                                               | CUSIP: 44256PHF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516644.00   | 0.07%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                               | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1686532.38   | 0.08%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warsaw Community Schools                                                         | WARSAW IN CMNTY SCHS                                         | CUSIP: 936376DP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1821288.56   | 0.08%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of New Mexico/The                                                     | UNIV OF NEW MEXICO NM                                        | CUSIP: 9146922A5<br>LEI: 549300WZXG6PIBC7KB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515007.50   | 0.07%             | 2035-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GHZ5<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1618635.59   | 0.07%             | 2035-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Bexar County Housing Finance Corp                                                | BEXAR CNTY TX HSG FIN CORP                                   | CUSIP: 088379ZF2<br>LEI: 549300PNUZ5DCWVF3E76 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502665.00   | 0.12%             | 2028-03-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654B61<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    950000 | PA      | $944855.75    | 0.04%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GHY8<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    630000 | PA      | $621040.77    | 0.03%             | 2034-11-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                                           | WAYNE MI ST UNIV REVENUES                                    | CUSIP: 946303VR2<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1879119.38   | 0.09%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12960000 | PA      | $14003137.44  | 0.64%             | 2053-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                | UTAH ST TELECOMMUNICATION OPEN INFRASTRUCTURE AGY SALES TAX  | CUSIP: 91756SAL7<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $561237.00    | 0.03%             | 2033-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE  | CUSIP: 499526AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $1004551.85   | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                  | CUSIP: 85732GUE8<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3638309.80   | 0.17%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2401538.40   | 0.11%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022618.00   | 0.09%             | 2040-06-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TV67<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301238.10    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                       | SAN ANTONIO TX INDEP SCH DIST                                | CUSIP: 796269H92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2395206.95   | 0.11%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Margarita Water District                                                   | SANTA MARGARITA CA WTR DIST SPL TAX                          | CUSIP: 802242FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362286.40    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526Y2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2136007.80   | 0.10%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                          | MEMPHIS-SHELBY CNTY TN ARPT AUTH ARPT REVENUE                | CUSIP: 586111PE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1776829.52   | 0.08%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tompkins County Development Corp                                                 | TOMPKINS CNTY NY DEV CORP REVENUE                            | CUSIP: 890096CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258669.00    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                 | DELAWARE ST HSG AUTH REVENUE                                 | CUSIP: 246395Q91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1048201.44   | 0.05%             | 2035-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HN99<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275171.33    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin Independent School District/TX                                          | FRANKLIN TX INDEP SCH DIST                                   | CUSIP: 354802HQ6<br>LEI: 54930008AT585HB9RJ37 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001082.00   | 0.09%             | 2032-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP                          | CUSIP: 76221SEX5<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2984289.00   | 0.14%             | 2054-10-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                  | TRUCKEE MEADOWS NV WTR AUTH WTR REVENUE                      | CUSIP: 897825GQ2<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |   5070000 | PA      | $5185377.99   | 0.24%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gretna Public Schools                                                            | SARPY CNTY NE SCH DIST #37                                   | CUSIP: 803770XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3025623.00   | 0.14%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                             | HARNETT CNTY NC LIMITED OBLIG                                | CUSIP: 41333TCQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $605502.84    | 0.03%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Valley School District No Re-2 Boulder                                   | BOULDER VLY CO SCH DIST #RE-2 BOULDER                        | CUSIP: 101547VH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1541286.00   | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Los Ranchos de Albuquerque NM                                         | LOS RANCHOS DE ALBUQUERQUE NM EDUCTNL FACS REVENUE           | CUSIP: 545610BA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $318179.01    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGG2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    840000 | PA      | $877436.28    | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Charles Harbor & Terminal District                                          | LAKE CHARLES LA HARBOR & TERMINAL DIST                       | CUSIP: 507739BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $646453.80    | 0.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MQW2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060936.00   | 0.09%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y6D6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  11100000 | PA      | $11170607.10  | 0.51%             | 2029-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH IN WSTWTR UTIL REVENUE                      | CUSIP: 45505MFB7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1456590.85   | 0.07%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | CLEVELAND CNTY OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVEN | CUSIP: 18604TEE4<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4156972.00   | 0.19%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | ALLEGHENY CNTY PA SAN AUTH                                   | CUSIP: 017357A38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2849954.33   | 0.13%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caddo County Educational Facilities Authority                                    | CADDO CNTY OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE   | CUSIP: 127218DP7<br>LEI: 5493002KIL3BLNPQ1H28 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1247887.52   | 0.06%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WK29<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027236.00   | 0.09%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                               | MONTANA ST FAC FIN AUTH REVENUE                              | CUSIP: 61204KMW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1581681.75   | 0.07%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                           | CUSIP: 85780TAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3436208.70   | 0.16%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County School Board                                                      | VOLUSIA CNTY FL SCH BRD COPS                                 | CUSIP: 92884EJJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $958538.60    | 0.04%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Semitropic Improvement District of the Semitropic Water Storage District         | SEMITROPIC CA IMPT DIST SEMITROPIC WTR STORAGE DIST          | CUSIP: 81684KCD8<br>LEI: 254900JCJX7RNF7DVB37 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1121197.68   | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XDG3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    355000 | PA      | $355196.67    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051182.00   | 0.05%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                               | FORSYTH MT POLL CONTROL REVENUE                              | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012515.00   | 0.05%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KQJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $466722.44    | 0.02%             | 2035-01-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Yorkville-Bristol Sanitation District                                            | YORKVILLE-BRISTOL IL SANTN DIST                              | CUSIP: 987342BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $279563.50    | 0.01%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH HLTH FACS REVENUE                           | CUSIP: 462466GD9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525157.00    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                            | NORTHSIDE TX INDEP SCH DIST                                  | CUSIP: 66702RMB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510398.00   | 0.07%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP MF REVENUE                                  | CUSIP: 917434DF6<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1957415.85   | 0.09%             | 2043-08-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                | HAYS CNTY TX                                                 | CUSIP: 421020J74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $854282.30    | 0.04%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                            | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029473.00   | 0.05%             | 2055-08-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| City of Joliet IL                                                                | JOLIET IL                                                    | CUSIP: 479754NF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103818.00   | 0.05%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                        | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                   | CUSIP: 158862CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7574535.00   | 0.35%             | 2035-12-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250FG4<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4167216.00   | 0.19%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2111774.70   | 0.10%             | 2032-10-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund                            | State Street Institutional Treasury Money Market Fund        | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | EC               | RF                | US        |     28636 | NS      | $28636.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| County of Jefferson AL                                                           | JEFFERSON CNTY AL                                            | CUSIP: 472628RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2647447.63   | 0.12%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BQV3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    400000 | PA      | $424116.40    | 0.02%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 65889BBX1<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1249355.80   | 0.06%             | 2035-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QF21<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1439647.30   | 0.07%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGH0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   6150000 | PA      | $6401633.40   | 0.29%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                                | MISSISSIPPI ST BUSINESS FIN CORP SOL WST DISP REVENUE        | CUSIP: 60527MAM1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2512455.00   | 0.12%             | 2027-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Owen KY                                                                | OWEN CNTY KY WTR FACS REVENUE                                | CUSIP: 69068WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2380122.30   | 0.11%             | 2040-06-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QDY9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014188.00   | 0.09%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $574745.79    | 0.03%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TEH5<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205006.60    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | TEXAS ST PUBLIC FIN AUTH REVENUE                             | CUSIP: 88277PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $771346.80    | 0.04%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                   | CARSON CITY NV HOSP REVENUE                                  | CUSIP: 145810DK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $367529.04    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461365U1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2641187.50   | 0.12%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UVZ8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    510000 | PA      | $537042.24    | 0.02%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3405000 | PA      | $3476501.60   | 0.16%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A4R4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2663456.04   | 0.12%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BZF1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    400000 | PA      | $445035.60    | 0.02%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y6C8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5033580.00   | 0.23%             | 2028-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Joliet IL                                                                | JOLIET IL                                                    | CUSIP: 479754NE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1133498.52   | 0.05%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461365W7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1499964.98   | 0.07%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakeside Place PFC                                                               | LAKESIDE PLACE PUB FACS CORP TX MF HSG REVENUE               | CUSIP: 512179AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5001080.00   | 0.23%             | 2026-11-01      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Sangamon County School District No 186 Springfield                               | SANGAMON CNTY IL SCH DIST #186 SPRINGFIELD                   | CUSIP: 800766NA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2175649.20   | 0.10%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No 1 Electric Revenue                       | CLARK CNTY WA PUBLIC UTILITY DIST #1 ELEC REVENUE            | CUSIP: 181108C33<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524244.00    | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $840226.20    | 0.04%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBG2<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |  38965000 | PA      | $41190447.01  | 1.90%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ANK9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1931111.69   | 0.09%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                    | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 59334NDT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1038069.30   | 0.05%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AFD2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511569.00    | 0.02%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority  | CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999228.00    | 0.05%             | 2027-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | COLUMBUS OH REGL ARPT AUTH REVENUE                           | CUSIP: 199546CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2282796.90   | 0.11%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp for Pickens School District                    | SCAGO SC EDUCTNL FACS CORP FOR PICKENS SCH DIST              | CUSIP: 80585TCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002166.00   | 0.09%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $398107.13    | 0.02%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chatom Industrial Development Board                                              | CHATOM AL INDL DEV BRD REVENUE                               | CUSIP: 162296AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500684.00   | 0.21%             | 2037-08-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | CHICAGO IL PARK DIST                                         | CUSIP: 167615WX7<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257762.50   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Waushara WI                                                            | WAUSHARA CNTY WI                                             | CUSIP: 943445CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1261146.60   | 0.06%             | 2027-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH MF HSG REVENUE                   | CUSIP: 64719HEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3103701.40   | 0.14%             | 2042-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FMN1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $796473.00    | 0.04%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warsaw Community Schools                                                         | WARSAW IN CMNTY SCHS                                         | CUSIP: 936376DQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1991344.95   | 0.09%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH                                  | CUSIP: 6472012D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $405667.07    | 0.02%             | 2035-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775H3D3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2450693.82   | 0.11%             | 2034-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | CUSIP: 93978LGL4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    735000 | PA      | $774468.77    | 0.04%             | 2033-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FN68<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    205000 | PA      | $212508.33    | 0.01%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glasscock County Independent School District                                     | GLASSCOCK CNTY TX INDEP SCH DIST                             | CUSIP: 377208EH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520334.00    | 0.02%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005VL9<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1352675.70   | 0.06%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GHX0<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1417594.89   | 0.07%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BZG9<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    350000 | PA      | $391593.30    | 0.02%             | 2033-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AVP4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    680000 | PA      | $740513.20    | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Los Ranchos de Albuquerque NM                                         | LOS RANCHOS DE ALBUQUERQUE NM EDUCTNL FACS REVENUE           | CUSIP: 545610BC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $532317.87    | 0.02%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | NEW MEXICO ST FIN AUTH ST TRANSPRTN REVENUE                  | CUSIP: 64711RMA1<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1533343.50   | 0.07%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE            | CUSIP: 821697Z44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7499905.00   | 0.35%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421141.60    | 0.02%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8682350.50   | 0.40%             | 2047-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000YH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2704325.40   | 0.12%             | 2032-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MRT0<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2102326.38   | 0.10%             | 2032-04-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST GRANT ANTICIPATION REVENUE                      | CUSIP: 54641CBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1204179.60   | 0.06%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority    | COLUMBUS CNTY NC INDL FACS & POLL CONTROL FING AUTH REVENUE  | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015842.00   | 0.09%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | CONROE TX INDEP SCH DIST                                     | CUSIP: 208418A94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1054857.30   | 0.05%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JEF6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    375000 | PA      | $381815.25    | 0.02%             | 2054-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                         | CUSIP: 050197AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311423.10    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104MP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1470908.60   | 0.07%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Charles Harbor & Terminal District                                          | LAKE CHARLES LA HARBOR & TERMINAL DIST                       | CUSIP: 507739BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $648027.60    | 0.03%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION MF TAX-EXEMPT MTGE-BACKED   | CUSIP: 93979AAC3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1414406.00   | 0.07%             | 2034-07-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y6M6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3519061.00   | 0.16%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450FX3<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964492.00    | 0.04%             | 2040-06-01      | Floating      | 0.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3994456.00   | 0.18%             | 2049-04-01      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE   | CUSIP: 135521CY6<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2957692.95   | 0.14%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854A93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252813.75   | 0.06%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1583209.50   | 0.07%             | 2053-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE                  | CUSIP: 25477PPY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012570.00   | 0.09%             | 2027-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Woman's University                                                         | TEXAS ST WOMANS UNIV FING SYSREVENUE                         | CUSIP: 882874MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2232330.00   | 0.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison-Macoupin Etc Counties Community College District No 536/IL               | MADISON MACOUPIN ETC CNTYS ILCMNTY CLG DIST #536             | CUSIP: 557738NG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1653175.98   | 0.08%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063762.00   | 0.10%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261APR2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2100185.06   | 0.10%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority            | MISSOURI ST ENVRNMNTL IMPT & ENERGY RESOURCES AUTH           | CUSIP: 606907BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2028059.78   | 0.09%             | 2038-05-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BCZ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1986142.00   | 0.09%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Housing Finance Corp                                                     | HOUSTON TX HSG FIN CORP MF HSG REVENUE                       | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2709957.60   | 0.12%             | 2048-02-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364D0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4838629.60   | 0.22%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Metropolitan Airport Authority                                            | PEORIA IL MET ARPT AUTH                                      | CUSIP: 71319RCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047492.00   | 0.09%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 3733842E5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500316.50    | 0.02%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                            | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RBP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2891352.80   | 0.13%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461368B0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1306554.00   | 0.06%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059XE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508047.50   | 0.12%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTR7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    625000 | PA      | $615366.88    | 0.03%             | 2029-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BKT4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $3120336.80   | 0.14%             | 2055-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7651504.00   | 0.35%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                               | WISCONSIN ST HSG & ECON DEV AUTH MF HSG                      | CUSIP: 97689RFF6<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2312682.75   | 0.11%             | 2058-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Housing Trust Public Facility Corp                                   | SAN ANTONIO TX HSG TRUST PUBLIC FAC CORP MF HSG REVENUE      | CUSIP: 79626VAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000352.00   | 0.05%             | 2026-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654B87<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    375000 | PA      | $372295.50    | 0.02%             | 2035-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009RT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2357093.25   | 0.11%             | 2050-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HX65<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8502805.00   | 0.39%             | 2064-11-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626PT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4852565.00   | 0.22%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1813719.25   | 0.08%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KDU0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2740400.64   | 0.13%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA Inc                                                                         | PEFA INC IA GAS PROJ REVENUE                                 | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |  48720000 | PA      | $49441056.00  | 2.28%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AK5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2555704.90   | 0.12%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043402.00   | 0.09%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153BW8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2157270.00   | 0.10%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EYY8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509633.50    | 0.02%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227PA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5182860.00   | 0.24%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yorkville-Bristol Sanitation District                                            | YORKVILLE-BRISTOL IL SANTN DIST                              | CUSIP: 987342BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $464861.46    | 0.02%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  47530000 | PA      | $49931120.54  | 2.30%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  25250000 | PA      | $26692709.25  | 1.23%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5410555.00   | 0.25%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MRR4<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1796908.50   | 0.08%             | 2031-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511892.00   | 0.07%             | 2029-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7C2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    900000 | PA      | $950023.80    | 0.04%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4596930.00   | 0.21%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153DJ5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532304.50    | 0.02%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883TH5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016316.00   | 0.05%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3738948.50   | 0.17%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE               | CUSIP: 64987JY96<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4365000 | PA      | $4324405.50   | 0.20%             | 2050-11-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576LS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522244.00    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                              | BARTOW CNTY GA DEV AUTH                                      | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   3060000 | PA      | $3128265.54   | 0.14%             | 2032-12-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI POLL CONTROL REVENUE                      | CUSIP: 74447HAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3005000 | PA      | $2986732.61   | 0.14%             | 2046-10-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HUV5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2628527.50   | 0.12%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005VK1<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1022091.00   | 0.05%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE                 | CUSIP: 759151BG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $357211.84    | 0.02%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FYP3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3039712.50   | 0.14%             | 2059-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                     | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853VD6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7657657.00   | 0.35%             | 2049-01-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | NEW HAVEN CT                                                 | CUSIP: 645021CW4<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    600000 | PA      | $668279.40    | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XDR4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2426204.00   | 0.11%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12550000 | PA      | $13501340.20  | 0.62%             | 2060-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Broward County Housing Finance Authority                                         | BROWARD CNTY FL HSG FIN AUTH MF HSG REVENUE                  | CUSIP: 115027RA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2159991.05   | 0.10%             | 2056-09-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $596119.15    | 0.03%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County School District/SC                                              | LANCASTER CNTY SC SCH DIST                                   | CUSIP: 514120LP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2520517.50   | 0.12%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Vernon of Hancock County Multi-School Building Corp                        | MOUNT VERNON OF HANCOCK CNTY IN MULTI-SCH BLDG CORP          | CUSIP: 623619LL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545706.50    | 0.03%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153CT4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2184518.00   | 0.10%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447T4A8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1754695.75   | 0.08%             | 2044-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                     | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853VT1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1353501.90   | 0.06%             | 2048-01-15      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA Airport Revenue                                             | SPOKANE CNTY WA ARPT REVENUE                                 | CUSIP: 848661JJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2468047.07   | 0.11%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  29985000 | PA      | $30502151.30  | 1.40%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KCK3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   4860000 | PA      | $5075754.84   | 0.23%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ABP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $182978.95    | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH MF HSG REVENUE                      | CUSIP: 04062PCC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3265417.60   | 0.15%             | 2058-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2982219.00   | 0.14%             | 2045-10-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA Airport Revenue                                             | SPOKANE CNTY WA ARPT REVENUE                                 | CUSIP: 848661JF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2167313.67   | 0.10%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | DUVAL CNTY FL SCH BRD COPS                                   | CUSIP: 267169HE3<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2179388.00   | 0.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261APW1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2830288.64   | 0.13%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342NR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010944.00   | 0.09%             | 2040-01-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KF9<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    235000 | PA      | $248588.88    | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sangamon County School District No 186 Springfield                               | SANGAMON CNTY IL SCH DIST #186 SPRINGFIELD                   | CUSIP: 800766LA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1685891.12   | 0.08%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AAJ6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1062660.36   | 0.05%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YGG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4429344.00   | 0.20%             | 2057-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4825000 | PA      | $5069873.58   | 0.23%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KEJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $490837.55    | 0.02%             | 2033-07-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Houston Housing Finance Corp                                                     | HOUSTON TX HSG FIN CORP MF HSG REVENUE                       | CUSIP: 442396EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3695092.10   | 0.17%             | 2041-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION                           | CUSIP: 67756DJU1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1259005.96   | 0.06%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE                 | CUSIP: 759151BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $639208.80    | 0.03%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | HAMILTON CNTY OH SALES TAX                                   | CUSIP: 407287MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1109388.50   | 0.05%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Boone Mchenry & Dekalb Counties Community Unit School District 100               | BOONE MCHENRY & DEKALB CNTYS IL CMNTY UNIT SCH DIST #100     | CUSIP: 099032HU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $662134.80    | 0.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  15005000 | PA      | $15768319.36  | 0.73%             | 2054-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 7962535R9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4130827.90   | 0.19%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813SJ9<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1061707.66   | 0.05%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971WWQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2504470.00   | 0.12%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXM6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7566538.00   | 0.35%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KQH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $695207.87    | 0.03%             | 2034-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883VB5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040620.00   | 0.05%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                                 | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RAX8<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1388677.50   | 0.06%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas County Development Authority                                               | TEXAS CNTY OK DEV AUTH EDUCATIONAL FACS LEASE REVENUE        | CUSIP: 88236QAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $623287.28    | 0.03%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBY4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526319.50    | 0.02%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | OHIO ST HSG FIN AGY MF HSG REVENUE                           | CUSIP: 676900XP3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004712.00   | 0.05%             | 2047-11-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA Airport Revenue                                             | SPOKANE CNTY WA ARPT REVENUE                                 | CUSIP: 848661JH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1184456.00   | 0.05%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775H3F8<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2697655.95   | 0.12%             | 2035-05-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077076.00   | 0.10%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1606049.55   | 0.07%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                           | JEFFERSON CNTY AL                                            | CUSIP: 472628RE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528281.00   | 0.07%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp                                        | MONROE CNTY NY INDL DEV AGY MF HSG REVENUE                   | CUSIP: 61075NAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4136460.00   | 0.19%             | 2028-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Caddo County Educational Facilities Authority                                    | CADDO CNTY OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE   | CUSIP: 127218DW2<br>LEI: 5493002KIL3BLNPQ1H28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079046.00   | 0.05%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Davie FL                                                                 | DAVIE FL EDUCTNL FACS REVENUE                                | CUSIP: 23867PBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $416802.40    | 0.02%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | ALBUQUERQUE BERNALILLO CNTY NM WTR UTILITY AUTH JT WTR & SWR | CUSIP: 013493HN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1629747.00   | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HP63<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000469.00   | 0.05%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                           | CUSIP: 85780TAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3875000 | PA      | $4174359.25   | 0.19%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBH0<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    935000 | PA      | $989227.20    | 0.05%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431464X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $700451.70    | 0.03%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clinton Public Works Authority                                                   | CLINTON OK PUBLIC WKS AUTH EDUCTNL FACS LEASE REVENUE        | CUSIP: 188411AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $949835.55    | 0.04%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | NEW HAVEN CT                                                 | CUSIP: 6450208C5<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    525000 | PA      | $561637.13    | 0.03%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GNK4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041873.00   | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                            | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10249850.00  | 0.47%             | 2054-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Conroe TX                                                                | CONROE TX                                                    | CUSIP: 208399R31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1856057.00   | 0.09%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH HLTH FACS REVENUE                           | CUSIP: 462466GC1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    730000 | PA      | $769614.18    | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                       | N ESTRN PA HOSP & EDU AUTH                                   | CUSIP: 664551DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1466550.44   | 0.07%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FJT3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    525000 | PA      | $561762.08    | 0.03%             | 2053-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854A85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5032115.00   | 0.23%             | 2034-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH                                   | CUSIP: 721901KP0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    485000 | PA      | $484506.76    | 0.02%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                       | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                 | CUSIP: 772436FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $264854.88    | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $12077093.00  | 0.56%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BYK1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    700000 | PA      | $747262.60    | 0.03%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA DEV FIN AUTH LEASE REVENUE                          | CUSIP: 67884FXS0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425648.13    | 0.02%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oneida County Local Development Corp                                             | ONEIDA CO NY LOCAL DEV CORP REVENUE                          | CUSIP: 682440BZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $355004.62    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065YK4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000854.00   | 0.09%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | TEXAS ST PUBLIC FIN AUTH REVENUE                             | CUSIP: 88277PAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103110.00   | 0.05%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Viridian Municipal Management District                                           | VIRIDIAN TX MUNI MGMT DIST                                   | CUSIP: 92823PTJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $738021.75    | 0.03%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE       | CUSIP: 647370KG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $718327.26    | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UFJ2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1573084.80   | 0.07%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BNT1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3827442.50   | 0.18%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AUM5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    810000 | PA      | $832138.11    | 0.04%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1954070.00   | 0.09%             | 2030-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBD9<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1438423.68   | 0.07%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445SQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2451099.35   | 0.11%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654B53<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1547165.05   | 0.07%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBA5<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1795688.58   | 0.08%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                               | MIAMI-DADE CNTY FL INDL DEV AUTH SOL WST DISP REVENUE        | CUSIP: 59333GAL2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2497645.00   | 0.12%             | 2041-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159844.00   | 0.10%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WF84<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503526.50    | 0.02%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBP4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    420000 | PA      | $415858.38    | 0.02%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MRS2<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1802042.50   | 0.08%             | 2031-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1074413.20   | 0.05%             | 2032-10-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue               | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE                 | CUSIP: 9769043W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250528.75   | 0.10%             | 2054-05-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Hobbs School District No 16                                                      | HOBBS MUNI SCH DIST #16                                      | CUSIP: 43385QCD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $264814.13    | 0.01%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Los Ranchos de Albuquerque NM                                         | LOS RANCHOS DE ALBUQUERQUE NM EDUCTNL FACS REVENUE           | CUSIP: 545610AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270512.00    | 0.01%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 0524762U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080416.00   | 0.10%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364A6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1640439.40   | 0.08%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367W5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544721.50    | 0.03%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP THERMAL UTILITY RE | CUSIP: 41401PCP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1104052.40   | 0.05%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SGK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2191431.23   | 0.10%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750F49<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1127395.46   | 0.05%             | 2034-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Johnson City Health & Educational Facilities Board                               | JOHNSON CITY TN HLTH & EDUCTNL FACS BRD HOSP REVENUE         | CUSIP: 478271KT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3619906.47   | 0.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178238J0<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017776.00   | 0.05%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990APJ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2284554.62   | 0.11%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH WTR FAC REVENUE                         | CUSIP: 45203EAG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2532045.00   | 0.12%             | 2040-05-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521525P2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1180046.84   | 0.05%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736G76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1522987.90   | 0.07%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $956918.12    | 0.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BZE4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    500000 | PA      | $552470.50    | 0.03%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                         | CUSIP: 050197AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $221080.65    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp                                   | N LAWRENCE IN CMNTY SCHS BLDGCORP                            | CUSIP: 66042REN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $266656.80    | 0.01%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                   | UAB MEDICINE FIN AUTH AL REVENUE                             | CUSIP: 902562CA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $575352.40    | 0.03%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama State University                                                         | ALABAMA ST UNIV REVENUE                                      | CUSIP: 010632QG5<br>LEI: 549300JCR3DWTI08FS98 | Long             | DBT              | MUN               | US        |    600000 | PA      | $647542.80    | 0.03%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 65889BBU7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517569.50   | 0.07%             | 2034-01-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                                                      | TRISTATE INSURED CASH SWEEP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     20559 | NS      | $20558.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Peoria Tazewell Etc Counties Community College District No 514                   | PEORIA TAZEWELL ETC CNTYS IL CMNTY CLG DIST #514             | CUSIP: 713244EV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2698872.50   | 0.12%             | 2027-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Caddo County Educational Facilities Authority                                    | CADDO CNTY OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE   | CUSIP: 127218DU6<br>LEI: 5493002KIL3BLNPQ1H28 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1141732.36   | 0.05%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                | VENICE FL                                                    | CUSIP: 922687AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $742249.50    | 0.03%             | 2030-01-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XCQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035422.00   | 0.05%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | LOUISIANA ST GAS & FUELS TAX REVENUE                         | CUSIP: 546475VU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2881944.79   | 0.13%             | 2043-05-01      | Floating      | 3.57%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024XU1<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3933260.00   | 0.18%             | 2056-04-01      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | SHREVEPORT LA WTR & SWR REVENUE                              | CUSIP: 825485WK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1575469.50   | 0.07%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $585303.56    | 0.03%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ABN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155625.60    | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | TEXAS ST TECH CLG SYS FING SYS REVENUE                       | CUSIP: 88276RFD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2575167.40   | 0.12%             | 2033-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                               | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727ZL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1401041.13   | 0.06%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YCQ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $3038377.27   | 0.14%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095676.00   | 0.10%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MBM6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    750000 | PA      | $815735.25    | 0.04%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AGF6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1005697.88   | 0.05%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  26675000 | PA      | $28089095.10  | 1.29%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA JOBS-ECON DEV AUTH ENVRNMNTL IMPT REVENUE     | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500941.00    | 0.02%             | 2033-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 414 Lake Washington                               | KING CNTY WA SCH DIST #414 LAKE WASHINGTON                   | CUSIP: 495260F22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014052.00   | 0.09%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3685174.38   | 0.17%             | 2043-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Independent School District/TX                                        | NORTH EAST TX INDEP SCH DIST                                 | CUSIP: 659155KR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508838.00   | 0.07%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Eagle Mountain & Saginaw Independent School District                             | EAGLE MOUNTAIN & SAGINAW TX INDEP SCH DIST                   | CUSIP: 269696SH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1742484.70   | 0.08%             | 2050-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504295.50    | 0.02%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Housing Finance Corp                                              | TARRANT CNTY TX HSG FIN CORP                                 | CUSIP: 876394UN5<br>LEI: 54930055IA4O4ZTEN156 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034072.00   | 0.05%             | 2028-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3814083.88   | 0.18%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Varas Public Facility Corp                                                   | LAS VARAS PUBLIC FAC CORP TX MF HSG REVENUE                  | CUSIP: 51766AAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000334.00   | 0.09%             | 2025-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM Gross Receipts Tax Revenue                                   | SANTA FE NM GROSS RECPTS TAX REVENUE                         | CUSIP: 802072RW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $951359.45    | 0.04%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736E29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1278068.75   | 0.06%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  18690000 | PA      | $18811970.94  | 0.87%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH REVENUE                   | CUSIP: 413890HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107765.00   | 0.05%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  33055000 | PA      | $33055000.00  | 1.52%             | 2040-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                   | BEXAR CNTY TX HOSP DIST                                      | CUSIP: 088365GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $838657.46    | 0.04%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EZA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203169.40    | 0.01%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1009673.27   | 0.05%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654B46<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1583665.43   | 0.07%             | 2033-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                       | DELAWARE ST HLTH FACS AUTH REVENUE                           | CUSIP: 246388TF9<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2245185.80   | 0.10%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PHH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2963516.90   | 0.14%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3744108.75   | 0.17%             | 2049-07-01      | Floating      | 2.52%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                              | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE               | CUSIP: 762323DK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $785560.50    | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065ZA5<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2381521.03   | 0.11%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                        | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2029063.58   | 0.09%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ABQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $936375.23    | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williamson County Industrial Development Board                                   | WILLIAMSON CNTY TN INDL DEV BRD MF REVENUE                   | CUSIP: 969878AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046848.00   | 0.09%             | 2042-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Clinton Public Works Authority                                                   | CLINTON OK PUBLIC WKS AUTH EDUCTNL FACS LEASE REVENUE        | CUSIP: 188411AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1746385.92   | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1260376.78   | 0.06%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Okeechobee FL                                                          | OKEECHOBEE CNTY FL SOL WST REVENUE                           | CUSIP: 678438AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4095764.00   | 0.19%             | 2039-07-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Riverside County Public Financing Authority                                      | RIVERSIDE CNTY CA PUBLIC FINGAUTH                            | CUSIP: 76912TNX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $682413.00    | 0.03%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576FS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1468297.55   | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                               | BOONE CNTY KY POLL CONTROL REVENUE                           | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4989630.00   | 0.23%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                               | WISCONSIN ST HSG & ECON DEV AUTH MF HSG                      | CUSIP: 97689RFC3<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024256.00   | 0.05%             | 2027-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWG5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624770.00   | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486V30<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2245304.49   | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No 12                                      | ALBUQUERQUE NM MUNI SCH DIST #12                             | CUSIP: 013595US0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $562703.35    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TAS2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000916.00   | 0.05%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GHW2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1484242.50   | 0.07%             | 2033-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                        | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                   | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4740000 | PA      | $4736791.02   | 0.22%             | 2049-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL52<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1691878.40   | 0.08%             | 2041-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE      | CUSIP: 64972HG55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058253.00   | 0.05%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1132857.45   | 0.05%             | 2062-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Clinton Public Works Authority                                                   | CLINTON OK PUBLIC WKS AUTH EDUCTNL FACS LEASE REVENUE        | CUSIP: 188411AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $969815.88    | 0.04%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN                                | CUSIP: 57421FBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1750630.20   | 0.08%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |  22500000 | PA      | $23720962.50  | 1.09%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MRV5<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060507.00   | 0.05%             | 2033-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE       | CUSIP: 647370HS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3588650.46   | 0.17%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ENERGY ACQUISITION CORP COMMODITY PROJECT REVENUE  | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  30310000 | PA      | $31853294.27  | 1.47%             | 2052-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE            | CUSIP: 821697S34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1291983.84   | 0.06%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $692207.75    | 0.03%             | 2054-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Marshall Putnam & Bureau Counties Community Unit School District No 5 Henry      | MARSHALL PUTNAM & BUREAU CNTYS IL CMNTY UNIT SCH DIST #5     | CUSIP: 572652CH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $361411.70    | 0.02%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                               | OREGON ST HLTH & SCIENCE UNIV REVENUE                        | CUSIP: 685869HJ1<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |  11780000 | PA      | $12839163.36  | 0.59%             | 2046-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| West Lafayette Redevelopment Authority                                           | WEST LAFAYETTE REDEV AUTH LEASE RENTAL                       | CUSIP: 95370EAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $812379.75    | 0.04%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVJ1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    780000 | PA      | $818563.98    | 0.04%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Charles Harbor & Terminal District                                          | LAKE CHARLES LA HARBOR & TERMINAL DIST                       | CUSIP: 507739BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529740.50    | 0.02%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227ND9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1260476.40   | 0.06%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 6500356R4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   4715000 | PA      | $4898988.73   | 0.23%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145VD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2476312.48   | 0.11%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $700369.56    | 0.03%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675933T7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085314.00   | 0.05%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985025.00    | 0.05%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HIGHWAY REVENUE                          | CUSIP: 45470RCU8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1150965.76   | 0.05%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cushing Educational Facilities Authority                                         | CUSHING OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE      | CUSIP: 231634AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4663652.40   | 0.21%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CGP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1735876.13   | 0.08%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  25830000 | PA      | $26800665.57  | 1.23%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5475000 | PA      | $5538154.13   | 0.26%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                           | PORT ARTHUR TX                                               | CUSIP: 733488X39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1140139.28   | 0.05%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366C0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6035000 | PA      | $6212935.94   | 0.29%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Public Financing Authority                                      | RIVERSIDE CNTY CA PUBLIC FINGAUTH                            | CUSIP: 76912TNY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1140962.00   | 0.05%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE   | CUSIP: 135521DD1<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6650940.00   | 0.31%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago Heights IL                                                       | CHICAGO HEIGHTS IL MF REVENUE                                | CUSIP: 167403AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497124.50   | 0.07%             | 2027-08-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647EL1<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023188.00   | 0.09%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harrisonburg Redevelopment & Housing Authority                                   | HARRISONBURG VA REDEV & HSG AUTH MF HSG REVENUE              | CUSIP: 415690NW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1630411.95   | 0.08%             | 2028-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams County Housing Authority                                                   | MAIKER HSG PARTNERS CO MF HSG REV                            | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3513237.00   | 0.16%             | 2042-05-01      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 5444952J2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1067199.00   | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $740486.60    | 0.03%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BCE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3158097.00   | 0.15%             | 2035-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654B79<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1352696.80   | 0.06%             | 2035-06-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HS29<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    805000 | PA      | $805181.13    | 0.04%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority Passenger Facility Charge Revenue        | MARYLAND ST TRANSPRTN AUTH PASSENGER FAC CHARGE              | CUSIP: 57429NCY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2935725.00   | 0.14%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp                                              | DALLAS TX HSG FIN CORP                                       | CUSIP: 235298BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510612.50   | 0.07%             | 2026-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Affordable Pfc Inc                                                        | AUSTIN TX AFFORDABLE PUBLIC FACILITY CORP INC MF HSG REVENUE | CUSIP: 05217TAU8<br>LEI: 529900LKLIWOHOEBOF89 | Long             | DBT              | MUN               | US        |    800000 | PA      | $832968.00    | 0.04%             | 2028-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                 | FAIRFAX CNTY VA REDEV & HSG AUTH MF HSG REVENUE              | CUSIP: 303833LG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068960.00   | 0.10%             | 2045-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483GU8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1920900.00   | 0.09%             | 2034-11-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ABR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211360.20    | 0.01%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                       | MARYLAND ST STADIUM AUTH REVENUE                             | CUSIP: 574296AS8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3280656.06   | 0.15%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                          | CAMDEN CNTY NJ IMPT AUTH MF REVENUE                          | CUSIP: 13281RAF0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3237740.80   | 0.15%             | 2027-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152E23<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983717.00    | 0.05%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NEW HAMPSHIRE ST BUSINESS FINAUTH POLL CONTROL REVENUE       | CUSIP: 64468CBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6977579.00   | 0.32%             | 2033-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV POLL CONTROL REVENUE                           | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002092.00   | 0.05%             | 2036-01-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                 | DELAWARE ST HSG AUTH REVENUE                                 | CUSIP: 246395Q75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $556468.00    | 0.03%             | 2034-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KEK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $985508.70    | 0.05%             | 2034-01-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | CHICAGO IL PARK DIST                                         | CUSIP: 1676152H5<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    935000 | PA      | $1029007.71   | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971WVW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001798.00   | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE                  | CUSIP: 25477PQA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3705000 | PA      | $3726748.35   | 0.17%             | 2028-07-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Lake Charles Harbor & Terminal District                                          | LAKE CHARLES LA HARBOR & TERMINAL DIST                       | CUSIP: 507739BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $611578.65    | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | NEW HAVEN CT                                                 | CUSIP: 6450208D3<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    450000 | PA      | $488630.25    | 0.02%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080596.00   | 0.05%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $629224.22    | 0.03%             | 2046-01-01      | Floating      | 2.17%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SLR5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1407891.25   | 0.06%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5173930.00   | 0.24%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX REVENUE                           | CUSIP: 650348AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1765466.56   | 0.08%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KZ1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    950000 | PA      | $957047.10    | 0.04%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AEW3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1683563.70   | 0.08%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                               | JACKSONVILLE PUBLIC EDUCTNL BLDG AUTH                        | CUSIP: 469480BM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1640219.85   | 0.08%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WS96<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    895000 | PA      | $911951.30    | 0.04%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                                  | HALIFAX CNTY VA INDL DEV AUTH REVENUE                        | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8350000 | PA      | $8467902.00   | 0.39%             | 2041-12-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | AUSTIN TX ELEC UTILITY SYS REVENUE                           | CUSIP: 052414PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005055.00   | 0.05%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ADL8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3531951.30   | 0.16%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tustin Unified School District                                                   | TUSTIN CA UNIF SCH DIST                                      | CUSIP: 901073GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504765.50   | 0.07%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Development Finance Authority                                           | ILLINOIS ST DEV FIN AUTH SOL WST DISP REVENUE                | CUSIP: 451889AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6780543.75   | 0.31%             | 2044-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AFC4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1990000 | PA      | $2033383.99   | 0.09%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104MS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1305047.92   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140CL5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2537192.50   | 0.12%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PGG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3433497.43   | 0.16%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE  | CUSIP: 499526AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1524236.59   | 0.07%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE                 | CUSIP: 759151BH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1879329.47   | 0.09%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clinton Public Works Authority                                                   | CLINTON OK PUBLIC WKS AUTH EDUCTNL FACS LEASE REVENUE        | CUSIP: 188411AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $1025530.53   | 0.05%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boone Mchenry & Dekalb Counties Community Unit School District 100               | BOONE MCHENRY & DEKALB CNTYS IL CMNTY UNIT SCH DIST #100     | CUSIP: 099032HW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1263998.71   | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                             | MILWAUKEE WI                                                 | CUSIP: 602366N93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2036581.11   | 0.09%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FKH6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    850000 | PA      | $898245.15    | 0.04%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Gas Utility Revenue          | INDIANAPOLIS IN GAS UTILITY REVENUE                          | CUSIP: 455398NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6865000 | PA      | $7196201.93   | 0.33%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Independent School District                                            | S W TX INDEP SCH DIST                                        | CUSIP: 845267F24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1486734.75   | 0.07%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333P7M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3921876.70   | 0.18%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EEV6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410458.80    | 0.02%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624774.50   | 0.07%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Housing Authority                                                | COLUMBUS GA HSG AUTH                                         | CUSIP: 199123CM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $526243.20    | 0.02%             | 2028-11-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWE0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075585.00   | 0.05%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA                                                            | SHREVEPORT LA                                                | CUSIP: 8254345R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085738.00   | 0.05%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | CLEVELAND CNTY OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVEN | CUSIP: 18604TFB9<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2765462.50   | 0.13%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                   | CARSON CITY NV HOSP REVENUE                                  | CUSIP: 145810DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $740430.97    | 0.03%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                         | UNIV OF WASHINGTON WA UNIV REVENUES                          | CUSIP: 91523NPR1<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003084.00   | 0.05%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UJW9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    270000 | PA      | $273225.42    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                               | FORSYTH MT POLL CONTROL REVENUE                              | CUSIP: 346668DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6350000 | PA      | $6199390.70   | 0.29%             | 2032-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QV26<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   4110000 | PA      | $4123719.18   | 0.19%             | 2036-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Jackson Health Educational & Housing Facility Board                              | JACKSON TN HLTH EDUCTNL & HSG FAC BRD MF REVENUE             | CUSIP: 468741BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014516.00   | 0.09%             | 2045-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Woman's University                                                         | TEXAS ST WOMANS UNIV FING SYSREVENUE                         | CUSIP: 882874MQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124024.00   | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boone Mchenry & Dekalb Counties Community Unit School District 100               | BOONE MCHENRY & DEKALB CNTYS IL CMNTY UNIT SCH DIST #100     | CUSIP: 099032HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $497131.20    | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bureau Whiteside & Lee Counties Community Unit School District No 340 Bureau Vly | BUREAU LEE ETC CNTYS IL CMNTYSCH DIST #340                   | CUSIP: 121158CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $351645.45    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                             | MILWAUKEE WI                                                 | CUSIP: 602366N85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4705000 | PA      | $5158712.56   | 0.24%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    700000 | PA      | $726362.70    | 0.03%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442331U36<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2980282.50   | 0.14%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN                                | CUSIP: 57421FBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $722359.35    | 0.03%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | DUVAL CNTY FL SCH BRD COPS                                   | CUSIP: 267169GY0<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5750310.50   | 0.26%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772J6Q0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1138159.00   | 0.05%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                              | ROCKPORT IN POLL CONTROL REVENUE                             | CUSIP: 773835BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010634.00   | 0.05%             | 2047-06-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                       | DELAWARE ST HLTH FACS AUTH REVENUE                           | CUSIP: 246388TC6<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1237369.20   | 0.06%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh & Allegheny County                   | PITTSBURGH & ALLEGHENY CNTY PA SPORTS & EXHIBITION AUTH HOTE | CUSIP: 724791BW7<br>LEI: 254900JJT7A9Y409G258 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4382436.00   | 0.20%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA FL WTR & SWR REVENUE                                     | CUSIP: 46613P3S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3669130.23   | 0.17%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                   | UAB MEDICINE FIN AUTH AL REVENUE                             | CUSIP: 902562DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049566.00   | 0.05%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5160000 | PA      | $5184236.52   | 0.24%             | 2052-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Jacksboro Independent School District                                            | JACKSBORO TX INDEP SCH DIST                                  | CUSIP: 466430LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2589747.50   | 0.12%             | 2048-02-15      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |  10090000 | PA      | $10697125.39  | 0.49%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                           | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577KY2<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001050.00   | 0.05%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FXE9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3582198.84   | 0.16%             | 2057-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickinson Independent School District                                            | DICKINSON TX INDEP SCH DIST                                  | CUSIP: 253363UD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1045450.40   | 0.05%             | 2037-08-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AEY9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1258190.37   | 0.06%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                       | N ESTRN PA HOSP & EDU AUTH                                   | CUSIP: 664551DF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1139143.05   | 0.05%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C6M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007492.00   | 0.09%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH MF HSG REVENUE                      | CUSIP: 04062PCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1234285.70   | 0.06%             | 2045-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772J2T8<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2349672.90   | 0.11%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 65889BBW3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2129578.69   | 0.10%             | 2035-01-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3135000 | PA      | $3296527.74   | 0.15%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N2Y9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750903.00    | 0.03%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XMH1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1929761.60   | 0.09%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Public Facilities Corp                                               | SAN ANTONIO TX PUB FACS CORP LEASE REVENUE                   | CUSIP: 796334BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2413315.54   | 0.11%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                               | JACKSONVILLE PUBLIC EDUCTNL BLDG AUTH                        | CUSIP: 469480BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1198774.13   | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | COLUMBUS-FRANKLIN CNTY OH FIN AUTH MF HSG REVENUE            | CUSIP: 19910XAA4<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042806.00   | 0.09%             | 2045-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | DUVAL CNTY FL SCH BRD COPS                                   | CUSIP: 267169HF0<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1288824.74   | 0.06%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                             | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3460012.50   | 0.16%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST HOSP FAC REVENUE                                     | CUSIP: 677561KJ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    800000 | PA      | $833744.80    | 0.04%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Scranton PA                                                              | SCRANTON PA                                                  | CUSIP: 810759QK9<br>LEI: 549300L3VEEX7ZRPMU24 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2149243.02   | 0.10%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $794605.34    | 0.04%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE   | CUSIP: 135521DC3<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5535060.00   | 0.25%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  12645000 | PA      | $12736587.74  | 0.59%             | 2052-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y5S4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1076672.52   | 0.05%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown City School District                                                   | ALLENTOWN PA CITY SCH DIST                                   | CUSIP: 018411UC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4017026.25   | 0.18%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750F56<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    370000 | PA      | $373496.13    | 0.02%             | 2035-01-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | KANSAS ST DEV FIN AUTH MF HSG REVENUE                        | CUSIP: 48542TBM1<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035252.00   | 0.05%             | 2028-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Marshall Putnam & Bureau Counties Community Unit School District No 5 Henry      | MARSHALL PUTNAM & BUREAU CNTYS IL CMNTY UNIT SCH DIST #5     | CUSIP: 572652CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $397194.84    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | ORANGE CNTY FL SCH BRD COPS                                  | CUSIP: 684517RW7<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049214.00   | 0.09%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                         | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59259N7K3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493820.50    | 0.02%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hobbs School District No 16                                                      | HOBBS MUNI SCH DIST #16                                      | CUSIP: 43385QCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $667837.34    | 0.03%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                             | MILWAUKEE WI                                                 | CUSIP: 602366Y67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2689701.39   | 0.12%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46247SBK9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001150.00   | 0.05%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                 | PHILADELPHIA PA MUNI AUTH REVENUE                            | CUSIP: 717904LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1787913.75   | 0.08%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | TEXAS ST TECH CLG SYS FING SYS REVENUE                       | CUSIP: 88276RFC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2226834.00   | 0.10%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5434825.00   | 0.25%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas County Development Authority                                               | TEXAS CNTY OK DEV AUTH EDUCATIONAL FACS LEASE REVENUE        | CUSIP: 88236QAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $666036.00    | 0.03%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758UF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $705831.90    | 0.03%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST HOSP FAC REVENUE                                     | CUSIP: 677561KL5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1176729.84   | 0.05%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clinton Community School District/IA Infrastructure Sales Services & Use Tax     | CLINTON IA CMNTY SCH DIST SCHINFRASTRUCTURE SALES SVCS       | CUSIP: 18735EBV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1837539.68   | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LHA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6590000 | PA      | $7061929.67   | 0.33%             | 2051-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GGC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032662.00   | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RGT1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514775.00    | 0.02%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dauphin County General Authority                                                 | DAUPHIN CNTY PA GEN AUTH HLTHSYS REVENUE                     | CUSIP: 23825EDW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1388627.63   | 0.06%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sandoval NM                                                            | SANDOVAL CNTY NM                                             | CUSIP: 80004PEZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $219149.28    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252LH0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3023097.00   | 0.14%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  13240000 | PA      | $13889620.60  | 0.64%             | 2053-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | CHICAGO IL PARK DIST                                         | CUSIP: 167615W41<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1670084.50   | 0.08%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | COLUMBUS OH                                                  | CUSIP: 199492TQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $610147.80    | 0.03%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971WG87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4011544.00   | 0.18%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JCY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1228835.95   | 0.06%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp                                                            | MISSISSIPPI ST HOME CORP SF MTGE REVENUE                     | CUSIP: 60535QY53<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1280064.40   | 0.06%             | 2033-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Polk County Housing Finance Authority                                            | POLK CNTY FL HSG FIN AUTH MF HSG REVENUE                     | CUSIP: 731903BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014842.00   | 0.09%             | 2040-12-01      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KEH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $491769.63    | 0.02%             | 2033-01-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | BROWARD CNTY FL ARPT SYS REVENUE                             | CUSIP: 114894YH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1574824.50   | 0.07%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | DUVAL CNTY FL SCH BRD COPS                                   | CUSIP: 267169HD5<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093976.00   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL60<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2499181.30   | 0.12%             | 2041-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Clear Creek Independent School District                                          | CLEAR CREEK TX INDEP SCH DIST                                | CUSIP: 184541CR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501365.00   | 0.07%             | 2035-02-15      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XAS5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43172.84     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CS76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506165.00   | 0.07%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KEF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $392821.58    | 0.02%             | 2032-01-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2425583.05   | 0.11%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | VIRGINIA ST CMWLTH TRANSPRTN BRD FEDERAL TRANSPRTRN GRANT    | CUSIP: 92778UCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3945000 | PA      | $4119956.81   | 0.19%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA                                                            | SHREVEPORT LA                                                | CUSIP: 8254345Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080749.00   | 0.05%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION MF HSG REVENUE              | CUSIP: 93978PPV3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027859.00   | 0.05%             | 2028-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367X3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2695240.00   | 0.12%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389ZW1<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521402.00   | 0.07%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | MIAMI-DADE CNTY FL HSG FIN AUTH MF HSG REVENUE               | CUSIP: 593344BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002659.00   | 0.05%             | 2026-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227MJ7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    235000 | PA      | $242005.59    | 0.01%             | 2026-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | CUSIP: 34074HHF2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002015.00   | 0.05%             | 2058-07-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Love County Educational Facilities Authority                                     | LOVE CNTY OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE    | CUSIP: 54713PBS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $340186.81    | 0.02%             | 2034-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                       | N ESTRN PA HOSP & EDU AUTH                                   | CUSIP: 664551DE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1318787.86   | 0.06%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE             | CUSIP: 25477TAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3904856.25   | 0.18%             | 2028-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | NEW MEXICO ST FIN AUTH REVENUE                               | CUSIP: 64711NXL4<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001224.00   | 0.05%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |  14730000 | PA      | $14811412.71  | 0.68%             | 2051-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southwest Independent School District                                            | S W TX INDEP SCH DIST                                        | CUSIP: 845267E90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1392143.75   | 0.06%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C6S4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033260.00   | 0.09%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2248674.44   | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                               | CUSIP: 802170AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $720017.28    | 0.03%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                            | NORTHSIDE TX INDEP SCH DIST                                  | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2538630.00   | 0.12%             | 2054-08-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638THC0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   5520000 | PA      | $5812847.04   | 0.27%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Port Facilities Revenue                                     | BROWARD CNTY FL PORT FACS REVENUE                            | CUSIP: 11506KFC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1978957.75   | 0.09%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                              | PROSPER TX INDEP SCH DIST                                    | CUSIP: 743600Y28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102581.00   | 0.05%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366B2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4065000 | PA      | $4103414.25   | 0.19%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y6L8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1498817.82   | 0.07%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GCN2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5300000.00   | 0.24%             | 2050-06-15      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Viridian Municipal Management District                                           | VIRIDIAN TX MUNI MGMT DIST                                   | CUSIP: 92823PSQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $590474.95    | 0.03%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647MT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109704.00   | 0.10%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Affordable Housing Corp                                              | TEXAS ST AFFORDABLE HSG CORP MF HSG REVENUE                  | CUSIP: 88271FFP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007236.00   | 0.09%             | 2044-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH                                  | CUSIP: 6472012E1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $291792.60    | 0.01%             | 2035-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FK37<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2221758.00   | 0.10%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LKM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3728053.00   | 0.17%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3234359.16   | 0.15%             | 2046-01-01      | Floating      | 2.17%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   7825000 | PA      | $8129775.93   | 0.37%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA HSG DEV AUTH                                        | CUSIP: 92812XFJ6<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3375266.63   | 0.16%             | 2055-07-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367V7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5715000 | PA      | $6285122.69   | 0.29%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  13175000 | PA      | $13093367.70  | 0.60%             | 2052-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  16955000 | PA      | $17738710.97  | 0.82%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470GA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3305000 | PA      | $3317691.20   | 0.15%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526X4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2096642.02   | 0.10%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UWA2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    540000 | PA      | $576906.84    | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16500000 | PA      | $16501303.50  | 0.76%             | 2038-08-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWD2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    800000 | PA      | $857391.20    | 0.04%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2790000 | PA      | $2894998.86   | 0.13%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Offshore Terminal Authority                                            | LOUISIANA ST OFFSHORE TERMINAL AUTH DEEPWATER PORT REVENUE   | CUSIP: 546510FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016142.00   | 0.09%             | 2033-09-01      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| City of Mansfield TX                                                             | MANSFIELD TX                                                 | CUSIP: 564378LT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101518.00   | 0.05%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065XS8<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000854.00   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reno-Tahoe Airport Authority                                                     | RENO-TAHOE NV ARPT AUTH ARPT REVENUE                         | CUSIP: 759874BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1198095.75   | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14594424.00  | 0.67%             | 2052-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Yorkville-Bristol Sanitation District                                            | YORKVILLE-BRISTOL IL SANTN DIST                              | CUSIP: 987342BG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $483561.32    | 0.02%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $128877.58    | 0.01%             | 2046-01-01      | Floating      | 2.17%                 | No            |                  2 | On Loan: No      |
| Clark-Pleasant Community School Building Corp                                    | CLARK-PLEASANT IN CMNTY SCH BLDG CORP                        | CUSIP: 181503GF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1043170.38   | 0.05%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Canaan Housing Authority                                                     | NEW CANAAN CT HSG AUTH REVENUE MF HSG REVENUE                | CUSIP: 643146AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5508000 | PA      | $5491035.36   | 0.25%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXL8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4065536.25   | 0.19%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691BP4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    400000 | PA      | $422144.00    | 0.02%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                | OKLAHOMA CNTY OK FIN AUTH EDUCTNL FACS LEASE REVENUE         | CUSIP: 67868UKK8<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3855003.75   | 0.18%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883UU4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    440000 | PA      | $459000.52    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QGY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089194.00   | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP                                      | CUSIP: 34073JVE6<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5277389.25   | 0.24%             | 2042-06-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE             | CUSIP: 25477TBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061376.00   | 0.09%             | 2029-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Poplar Bluff R-I School District                                                 | POPLAR BLUFF MO #R-I SCH DIST LEASE COPS                     | CUSIP: 733056CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $327746.10    | 0.02%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227NZ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5091380.00   | 0.23%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145HA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000530.00   | 0.09%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD MF HSG REVENUE       | CUSIP: 499652AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501629.00   | 0.07%             | 2027-12-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST COPS                                           | CUSIP: 939720YW2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    650000 | PA      | $686439.65    | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boone Mchenry & Dekalb Counties Community Unit School District 100               | BOONE MCHENRY & DEKALB CNTYS IL CMNTY UNIT SCH DIST #100     | CUSIP: 099032HT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $192580.85    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001713.00   | 0.14%             | 2046-11-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| New Mexico State University                                                      | NEW MEXICO ST UNIV                                           | CUSIP: 647429Y37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538604.00   | 0.07%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH EXEMPT FACS REVENUE         | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5104515.00   | 0.24%             | 2053-04-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BL28<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1566013.50   | 0.07%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HEY9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2245700.00   | 0.10%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | MUSKOGEE OK INDL TRUST EDUCTNL FACS LEASE REVENUE            | CUSIP: 62813NAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $483253.60    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399KJ4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    875000 | PA      | $938189.00    | 0.04%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896TH8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555894.50   | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772JD90<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    970000 | PA      | $970928.29    | 0.04%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE   | CUSIP: 135521DA7<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8549224.00   | 0.39%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                  | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2550157.50   | 0.12%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV                                                             | LAS VEGAS NV                                                 | CUSIP: 5176965C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010954.00   | 0.05%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                               | PITTSBURGH PA WTR & SWR AUTH                                 | CUSIP: 725304VE6<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119179.00   | 0.05%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Delaware OH                                                              | DELAWARE OH                                                  | CUSIP: 246181UN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3650091.25   | 0.17%             | 2025-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445LW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053942.00   | 0.09%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736F77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277451.25   | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KQG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1356125.04   | 0.06%             | 2034-01-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793E54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011144.00   | 0.09%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Poplar Bluff R-I School District                                                 | POPLAR BLUFF MO #R-I SCH DIST LEASE COPS                     | CUSIP: 733056CH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541642.50    | 0.02%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glasscock County Independent School District                                     | GLASSCOCK CNTY TX INDEP SCH DIST                             | CUSIP: 377208EJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $726277.30    | 0.03%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MBP9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076299.00   | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poplar Bluff R-I School District                                                 | POPLAR BLUFF MO #R-I SCH DIST LEASE COPS                     | CUSIP: 733056CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $853036.30    | 0.04%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NCS7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1841882.00   | 0.08%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MRU7<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1753689.30   | 0.08%             | 2032-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chouteau Educational Facilities Authority                                        | CHOUTEAU OK EDUCTNL FACS AUTHEDUCTNL FACS LEASE REVENUE      | CUSIP: 170446AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $975518.70    | 0.04%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                               | SEATTLE WA                                                   | CUSIP: 8126265A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000418.00   | 0.05%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6959751.50   | 0.32%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758WS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11600000 | PA      | $11832301.60  | 0.54%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH HLTH FACS REVENUE                           | CUSIP: 462466GB3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    680000 | PA      | $718683.84    | 0.03%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH                         | CUSIP: 60635H3R8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    475000 | PA      | $478749.65    | 0.02%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793ZK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518885.00   | 0.12%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675935K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537002.00   | 0.07%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2078636.45   | 0.10%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $579657.00    | 0.03%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522830.00   | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                       | SAN ANTONIO TX INDEP SCH DIST                                | CUSIP: 796269L55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2302526.72   | 0.11%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178238K7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1088352.64   | 0.05%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 65889BBV5<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1819926.00   | 0.08%             | 2034-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Port Facilities Revenue                                     | BROWARD CNTY FL PORT FACS REVENUE                            | CUSIP: 11506KFD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044330.00   | 0.09%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                          | COLUMBUS OH MET HSG AUTH GEN REVENUE                         | CUSIP: 19951AAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2517227.50   | 0.12%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227PB1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5265665.00   | 0.24%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4256924.00   | 0.20%             | 2053-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Chatom Industrial Development Board                                              | CHATOM AL INDL DEV BRD GULF OPPORTUNITY ZONE                 | CUSIP: 16229PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425665.98    | 0.02%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750F64<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    720000 | PA      | $724799.52    | 0.03%             | 2035-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin